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
9036
Attachments
Submission date and time
30.08.2021 17:41:26
Content of announcement in Estonian
Title
Nordic Fibreboard AS 2021. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
Nordic Fibreboard AS auditeerimata 2021. majandusaasta teise kvartali tulemused
?Nordic Fibreboard AS konsolideeritud müügitulu oli 2021. aasta 2. kvartalis
2,58 miljonit eurot (2020 2. kvartalis 2,48 miljonit eurot). Müügitulu tõusu
põhjuseks 2021. aasta 2. kvartalis oli elavnemine ehitussektoris, mis tõi kaasa
suurenenud nõudluse ehitusmaterjalide järele. Puitkiudplaadi müügitulu 2021.
aasta 2. kvartalis oli 2,51 miljonit eurot (2020 2. kvartalis 2,43 miljonit
eurot). Kinnisvarahalduse müügitulu koos kommunaalkulude vahendusega oli 2021.
aasta 2. kvartalis 64 tuhat eurot, mis oli 45% tõusu võrreldes eelmise aasta
sama perioodiga (2020 2 kv. 44 tuhat eurot). Mööbli jaemüügi müügitulu 2021.
aasta 2. kvartalis puudus, kuna Skano Furniture lõpetas aktiivse tegevuse 2020.
aasta alguses, kui toimusid ka viimased allahindluskampaania müügid, millest
saadi 2020 aasta 2. kvartalis müügitulu 8 tuhat eurot.
Kontserni EBITDA oli 2021. aasta 2. kvartalis positiivne 502 tuhat eurot (2020
2. kv: positiivne 347 tuhat eurot), millest kiudplaadi segmendi EBITDA oli 497
tuhat eurot (2020 2. kv: 342 tuhat eurot). 2021. aasta 2. kvartalis saadi
erakorralist finantstulu 257 tuhat eurot börsil noteeritud kinnisvaraettevõtte
Trigon Property Development AS aktsiatelt nende akstiahinna tugeva tõusu tõttu.
Kontserni puhaskasum oli 2021. aasta 2. kvartalis 606 tuhat eurot (2020 2. kv:
puhaskasum 194 tuhat eurot).
Menetluses on Skano Furiture OÜ likvideerimisprotsess (meie varasem mööbli
jaemüügi üksus), mistõttu oli mööbli jaemüügi 2021. aasta 2. kvartali tulemuseks
kasum 485 tuhat eurot, millest põhiosa 471 tuhat eurot tulenes kontsernisiseste
kohustuste mahakandmisest ning on konsolideeritud aruandes ellimineeritud (vaata
allolevat tabelit: Kasum ärisegmentide lõikes).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR II kv 2021 | II kv 2020 | 6k 2021 | 6k 2020
-------------------------------------------+------------+---------+---------
Kiudplaadi tootmine ja müük 2 513 | 2 426 | 5 269 | 5 517
-------------------------------------------+------------+---------+---------
Kinnisvara haldamine 64 | 44 | 153 | 113
-------------------------------------------+------------+---------+---------
Mööbli jaemüük 0 | 8 | 0 | 55
-------------------------------------------+------------+---------+---------
Elimineerimine 0 | 0 | 0 | (0)
-------------------------------------------+------------+---------+---------
KOKKU 2 576 | 2 479 | 5 422 | 5 685
KASUM ÄRISEGMENTIDE LÕIKES
tuh EUR II kv 2021|II kv 2020 6k 2021|6k 2020
--------------------------------------------+------------------+-------
EBITDA ärisegmentide lõikes: | |
--------------------------------------------+------------------+-------
Kiudplaadi tootmine ja müük 497| 342 993| 88
--------------------------------------------+------------------+-------
Mööbli jaemüük 485*| 8 474*| (39)
--------------------------------------------+------------------+-------
Kinnisvara haldamine (9)| (1) (1)| (3)
--------------------------------------------+------------------+-------
Elimineerimine (471)*| (2) (480)*| (9)
--------------------------------------------+------------------+-------
Kokku EBITDA 502| 347 986| 37
--------------------------------------------+------------------+-------
Põhivara kulum ja amortisatsioon (123)| (135) (256)| (287)
--------------------------------------------+------------------+-------
Kokku ÄRIKASUM (-KAHJUM) 379| 212 730| (250)
--------------------------------------------+------------------+-------
Neto finantstulud (kulud) 227**| (18) 427**| (90)
--------------------------------------------+------------------+-------
PUHASKASUM (-KAHJUM) 606| 194 1 157| (340)
* Sisaldab 2021. aasta 2. kvartalis mööbli jaemüügis Skano Furniture OÜ
likvideerimise tõttu kontsernisiseste kohustuste mahakandmisest saadud muud
äritulu summas 485 tuhat eurot.
**Sisaldab finantstulu 2021. aasta 2. kvartalis 257 tuhat eurot ja t 2021. aasta
6 kuu jooksul 482 tuhat euro, mis on saadud Nordic Fibreboard Ltd OÜ omanduses
olevate kinnisvara-arendusettevõtte Trigon Property Development AS aktsiate
ümberhindlusest.
NORDIC FIBREBOARD LTD: Kiudplaadi tootmine ja müük
Puitkiudplaadi müügitulu oli 2021. aasta 2. kvartalis 2,51 miljonit eurot (2020
2. kv: 2,43 miljonit eurot). Müügitulu tõusu põhjuseks oli üleüldine elavnemine
ehitussektoris 2021 aastal, mis tõi kaasa suurenenud nõudluse ehitusmaterjalide
järele. Suurenenud nõudlus on toonud kaasa Pärnu tehase täiel võimsusel
töötamise ning prioriteediks on peamiste klientide, milleks on Põhjamaad,
Baltkumi ja Venemaa, tellimused. Seetõttu on Aasia, Lähis-Ida ja Aafrika
tellimused edasi lükatud, kuna oma võimsuse suunamisega kohalikule turule ei ole
me nende piirkondade klientidele suutnud oma toodangut pakkuda.
2021. aasta 2. kvartali EBITDA oli 497 tuhat eurot, mis on võrreldes eelmise
aasta sama perioodiga suurenenud 45 % (2020 1 kv: 342 tuhat eurot). Paranemine
on saavutatud Pärnu tehase masinate täieliku kasutusvõimsuse rakendamiste
tulemusel saavutatud efektiivsuse parendamise ning ehitusmaterjalide turul
suurenenud nõudluse tulemusel.
Puitkiudplaadi 2021. aasta 2. kvartali puhaskasum oli 603 tuhat eurot (2020 2
kv: puhaskasum 195 tuhat eurot). Tulemus sisaldab puidkiudplaadi osaluse
väärtuse korrigeerimist Trigon Property Development AS-is summas 257 tuhat
eurot.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR
-------------+------------+--------+---------
II kv 2021 | II kv 2020 | 6k 202 | 6k 2020
----------------------------+------------+--------+---------
Euroopa Liit 2 094 | 2 115 | 4 253 | 4 856
----------------------------+------------+--------+---------
Venemaa 381 | 276 | 814 | 486
----------------------------+------------+--------+---------
Aasia 22 | 22 | 124 | 60
----------------------------+------------+--------+---------
Lähis-Ida 0 | 6 | 0 | 45
----------------------------+------------+--------+---------
Aafrika 0 | 0 | 46 | 34
----------------------------+------------+--------+---------
Teised 16 | 7 | 32 | 36
----------------------------+------------+--------+---------
Kokku 2 513 | 2 426 | 5 269 | 5 517
PÄRNU RIVERSIDE DEVELOPMENT: Kinnisvarahaldus
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud, 2021. aasta 2. kvartali
renditulu koos kommunaalkulude vahendusega oli 64 tuhat eurot (2020. aasta 2.
kvartalis 44 tuhat eurot).
Kinnisvarahalduse 2021. aasta 2. kvartali EBITDA oli negatiivne 9 tuhat eurot
(2020 2.kv: negatiivne 1 tuhat eurot). Kinnisvarahalduse 2021. aasta 2. kvartali
puhaskahjum oli 9 tuhat eurot (2020 2. kv: puhaskahjum 1 tuhat eurot).
Skano Furniture: Mööbli jaemüük
Skano Furniture lõpetas aktiivse tegevuse 31.01.2020, kui sulges kaks viimast
mööblisalongi, seetõttu ei olnud ka mööbli jaemüügil 2021. aasta 2. kvartalis
müügitulu (2020. aasta 2. kvartali müügitulu oli 8 tuhat eurot).
Mööbli jaemüügi EBITDA oli 2021. aasta 2. kvartalis positiivne 485 tuhat eurot,
mis tulenes Skano Furniture OÜ likvideerimise alustamise tõttu Skano Furniture
OÜ-s emaettevõttele ning teise samasse konsolideerimisgruppi kuuluvale
ettevõttele olnud kohustuste maha kandmisest summas 489 tuhat eurot (2020. 2. kv
EBITDA: positiivne 8 tuhat eurot). 2021. aasta 2. kvartali puhaskasum oli 485
tuhat eurot (2020. 2 kv: puhaskasum 7 tuhat eurot).
Bilanss ja rahavoogude aruanne
Seisuga 30.06.2021 olid Nordic Fibreboard AS varad kokku 8,1 miljonit eurot
(30.06.2020: 8,1 miljonit eurot). Kontserni kohustised kokku olid seisuga
30.06.2021 4,3 miljonit eurot (30.06.2020: 6,9 miljonit eurot), milledest
Kontsernil võlgnevusi tarnijatele on 0,5 miljonit eurot (30.06.2020: 1,6
miljonit eurot) ja laenukohustisi 3,2 miljonit eurot seisuga 30.06.2021
(30.06.2020: 4,5 miljonit).
Nõuded ja ettemaksed olid kokku 1,0 miljonit eurot seisuga 30.06.2021
(30.06.2020: 1,2 miljonit eurot). Varud seisuga 30.06.2021 0,5 miljonit eurot
(30.06.2020 0,4 miljonit eurot). Kontserni põhivara kokku seisuga 30.06.2021 oli
6,6 miljonit eurot (30.06.2020 seisuga 6,5 miljonit eurot).
Kontserni äritegevuse tulemuseks 6 kuu jooksul 2021. aastal oli raha sissevool
summas 110 tuhat eurot (2020 6 kuud: raha sissevool summas 104 tuhat eurot).
Investeerimistegevusest tulenevalt toimus 2021. aasta 6 kuu jooksul raha
väljavool summas 58 tuhat eurot, võrreldes raha väljavooluga 53 tuhat eurot
2020. aasta 6 kuud. Finantseerimistegevuse tulemuseks oli 2021. aasta 6 kuu
kestel raha väljavool summas 40 tuhat eurot (2020 6 kuud: raha väljavool 53
tuhat eurot). Netorahavoo tulemuseks oli 2021. aasta 6 kuu raha sissevool summas
12 tuhat eurot (2020 6 kuud: raha väljavool 2 tuhat eurot).
TULEVIKU VÄLJAVAADE
NORDIC FIBREBOARD LTD
Nõudlus puitkiudplaatide järele on jätkuvalt tugev, mis peegeldab kasvu
ehitusmaterjalide turul ja näitab klientide teadlikkuse suurenemist pehme
tihedusega puitkiudplaadite roheliste omaduste kohta, mida Nordic Fibreboard Ltd
toodab.
PÄRNU RIVERSIDE DEVELOPMENT
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Loodatakse, et Suur-Jõe 48 maatükil hetkel käimasolev elamuarenduse
detailplaneeringu taotlus jõuab järgmise paari kuu jooksul edukalt lõpuni.
TÖÖTAJAD
Seisuga 30.06.2021 töötas Kontsernis 93 inimest (97 inimest 30.06.2020 seisuga
võrreldes). Töötajate keskmine arv oli 2021 2. kvartalis 93 (2. kvartalis
2020: 116).
2021. aasta esimese kuue kuu jooksul olid tööjõukulud koos maksukuludega kokku
1,0 miljonit eurot (2020 esimese kuue kuu jooksul 1,1 miljonit eurot). Kõigi
kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 110 tuhat eurot 2020. aasta esimese kuue kuu
jooksul ning 104 tuhat eurot võrreldes 2020. aasta esimese kuue kuuga.
FINANTSSUHTARVUD
tuh EUR
| | | |
Kasumiaruanne |II kv 2021|II kv 2020| 6k 2021| 6k 2020
-----------------------------------+----------+----------+----------+----------
Müügitulu | 2 576| 2 479| 5 422| 5 685
-----------------------------------+----------+----------+----------+----------
EBITDA | 502| 347| 986| 37
-----------------------------------+----------+----------+----------+----------
EBITDA rentaablus | 19%| 14%| 18%| 1%
-----------------------------------+----------+----------+----------+----------
Ärikasum/-kahjum (EBIT) | 378| 211| 730| (250)
-----------------------------------+----------+----------+----------+----------
Ärirentaablus (EBIT rentaablus) | 15%| 9%| 13%| (4%)
-----------------------------------+----------+----------+----------+----------
Puhaskasum/-kahjum | 606| 194| 1 157| (340)
-----------------------------------+----------+----------+----------+----------
Puhasrentaablus | 24%| 8%| 21%| (6%)
| | | |
| | | |
Bilanss |30.06.2021|31.12.2020|30.06.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Koguvarad | 8 140| 7 650| 8 077| 9 045
-----------------------------------+----------+----------+----------+----------
Koguvarade puhasrentaablus | 14%| 14%| (4%)| (12%)
-----------------------------------+----------+----------+----------+----------
Omakapital | 3 805| 2 648| 1 222| 1 542
-----------------------------------+----------+----------+----------+----------
Omakapitali puhasrentaablus | 30%| 41%| (28%)| (73%)
-----------------------------------+----------+----------+----------+----------
Võlakordaja | 53%| 65%| 85%| 83%
| | | |
| | | |
Aktsia |30.06.2021|31.12.2020|30.06.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Aktsia viimane hind (EUR)* | 1,74| 0,45| 0,32| 0,41
-----------------------------------+----------+----------+----------+----------
Puhaskasum aktsia kohta (EUR) | 0,26| 0,24| (0,08)| (0,31)
-----------------------------------+----------+----------+----------+----------
Hind-tulu (PE) suhtarv | 6,77| 1,89| (4,26)| (1,32)
-----------------------------------+----------+----------+----------+----------
Aktsia raamatupidamisväärtus (EUR)| 0,85| 0,59| 0,27| 0,34
-----------------------------------+----------+----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 2,06| 0,76| 1,19| 1,20
-----------------------------------+----------+----------+----------+----------
Turukapitalisatsioon tuh EUR | 7 828| 2 025| 1 449| 1 845
-----------------------------------+----------+----------+----------+----------
Aktsiate arv tk | 4 499 061| 4 499 061| 4 499 061| 4 499 061
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus (EBIT rentaablus) = 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 kokku
*http://www.nasdaqbaltic.com/
Konsolideeritud finantsseisundi aruanne
tuh EUR |30.06.2021|31.12.2020|30.06.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2)| 38| 26| 5| 7
-----------------------------------+----------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 977| 794| 1 175| 1 394
-----------------------------------+----------+----------+----------+----------
Varud (Lisa 4) | 526| 544| 443| 894
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku käibevarad | 1 541| 1 364| 1 623| 2 296
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 1 136| 1 134| 1 125| 1 121
-----------------------------------+----------+----------+----------+----------
Finantsvarad õiglases väärtuses | | | |
muutustega läbi kasumiaruande | | | |
(Lisa 8) | 933| 451| 414| 397
-----------------------------------+----------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 4 527| 4 695| 4 902| 5 212
-----------------------------------+----------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 3| 6| 12| 19
-----------------------------------+----------+----------+----------+----------
Kokku põhivarad | 6 599| 6 286| 6 454| 6 749
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku varad | 8 140| 7 650| 8 077| 9 045
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Võlakohustised (Lisas 9) | 70| 756| 4 462| 4 547
-----------------------------------+----------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 927| 1 574| 2 158| 2 665
-----------------------------------+----------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 9| 18| 9| 20
-----------------------------------+----------+----------+----------+----------
Kokku lühiajalised kohustised | 1 006| 2 348| 6 629| 7 232
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Pikaajalised võlakohustised (Lisas| | | |
9) | 3 168| 2 493| 47| 92
-----------------------------------+----------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 161| 161| 179| 179
-----------------------------------+----------+----------+----------+----------
Kokku pikaajalised kohustised | 3 329| 2 654| 226| 271
-----------------------------------+----------+----------+----------+----------
Kokku kohustised | 4 335| 5 002| 6 855| 7 503
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) | | | |
(Lisa 12) | 450| 450| 2 699| 2 699
-----------------------------------+----------+----------+----------+----------
Ülekurss | 0| 0| 0| 364
-----------------------------------+----------+----------+----------+----------
kohustuslik reservkapital | 0| 0| 0| 288
-----------------------------------+----------+----------+----------+----------
Muud reservid | 0| 0| 104| 84
-----------------------------------+----------+----------+----------+----------
Jaotamata kasum (kahjum) | 3 355| 2 198| (1 582)| (1 894)
-----------------------------------+----------+----------+----------+----------
Kokku omakapital | 3 805| 2 648| 1 222| 1 542
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku kohustised ja omakapital | 8 140| 7 650| 8 077| 9 045
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 27.
Konsolideeritud kasumi- ja muu koondkasumiaruanne
tuh EUR |II kv 2021|II kv 2020|6k 2021|6k 2020
-----------------------------------------+----------+----------+-------+-------
Müügitulu (Lisa 14) | 2 576| 2 479| 5 422| 5 685
-----------------------------------------+----------+----------+-------+-------
Müüdud toodangu kulu (Lisa 15) | 1 750| 1 798| 3 729| 4 617
-----------------------------------------+----------+----------+-------+-------
Brutokasum | 826| 681| 1 693| 1 068
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Turustuskulud (Lisa 16) | 298| 306| 640| 733
-----------------------------------------+----------+----------+-------+-------
Üldhalduskulud (Lisa 17) | 142| 129| 314| 304
-----------------------------------------+----------+----------+-------+-------
Muud äritulud (Lisa 19) | 1| 1| 3| 2
-----------------------------------------+----------+----------+-------+-------
Muud ärikulud (Lisa 19) | 8| 35| 12| 283
-----------------------------------------+----------+----------+-------+-------
Ärikasum (-kahjum) (Lisa 11) | 379| 212| 730| (250)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Finantstulud (Lisa 20) | 257| 36| 483| 37
-----------------------------------------+----------+----------+-------+-------
Finantskulud (Lisa 20) | 30| 54| 56| 127
-----------------------------------------+----------+----------+-------+-------
KASUM (KAHJUM) ENNE TULUMAKSUSTAMIST | 606| 194| 1 157| (340)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
ARUANDEPERIOODI PUHASKASUM (-KAHJUM) | 606| 194| 1 157| (340)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Tava perioodi puhaskasum (-kahjum) | | | |
aktsia kohta (Lisa 13) | 0,13| 0,04| 0,26| (0,08)
-----------------------------------------+----------+----------+-------+-------
Lahustatud perioodi puhaskasum (-kahjum)| | | |
aktsia kohta (Lisa 13) | 0,13| 0,04| 0,26| (0,08)
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 27.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Content of announcement in English
Title
Unaudited financial results of Nordic Fibreboard AS for the second quarter and 6 months of 2021
Message
MANAGEMENT REPORT
NORDIC FIBREBOARD AS UNAUDITED RESULTS FOR SECOND QUARTER AND 6 MONTH OF 2021
Consolidated net sales for Q2 2021 were EUR 2.58 million (Q2 2020: EUR 2.48
million). The reason for the increase in sales revenue in Q2 2021 was the
recovery in the construction sector, which led to increased demand for
construction materials. Fibreboard sales revenue for Q2 2021 were EUR 2.51 million
(Q2 2020: EUR 2.43 million). Real Estate Management sales, including the resale of
utilities, in Q2 2021 were EUR 64 thousand, which was a 45% increase over the same
period last year (Q2 2020: EUR 44 thousand). There was no sales from furniture
retail in the Q2 2021, as Skano Furniture terminated its active operations at
the beginning of 2020, when the last sales of the discount campaign took place,
which generated sales revenue of EUR 8 thousand in the Q2 2020.
Group EBITDA for Q2 2021 was positive EUR 502 thousand (Q2 2020: EUR 347 thousand),
of which the fibreboard division EBITDA was EUR 497 thousand (Q2 2020: EUR 342
thousand). We recorded extraordinary financial income of EUR 257 thousand in Q2
2021 from the shares we own in the listed property company Trigon Property
Development AS due to its strong share price appreciation during Q2 2021. Group
net profit for Q2 2021 was EUR 606 thousand (Q2 2020 net profit EUR 194 thousand).
We are in the process of liquidating Skano Furniture OÜ (our previous furniture
retail unit) which led us to book a gain of EUR 485 thousand in write-off of
intra-group liabilities in Q2 2021 (see table below, Profit by Business Segment)
for Skano Furniture OÜ, such gain being mostly offset by corresponding loss of EUR
471 thousand in Group transactions.
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand Q2 2021 | Q2 2020 | 6M 2021 | 6M 2020
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 2,513 | 2,426 | 5,269 | 5,517
---------------------------------------------+---------+---------+---------
Real Estate Management 64 | 44 | 153 | 113
---------------------------------------------+---------+---------+---------
Furniture retail 0 | 8 | 0 | 55
---------------------------------------------+---------+---------+---------
Group transactions 0 | 0 | 0 | (0)
---------------------------------------------+---------+---------+---------
TOTAL 2,576 | 2,479 | 5,422 | 5,685
Profit by business segments
EUR thousand Q2 2021 | Q2 2020 6M 2021 | 6M 2020
---------------------------------------------+-------------------+---------
EBITDA by business units: | |
---------------------------------------------+-------------------+---------
Fibreboards production and sales 497 | 342 993 | 88
---------------------------------------------+-------------------+---------
Furniture retail 485* | 8 474* | (39)
---------------------------------------------+-------------------+---------
Real Estate Management (9) | (1) (1) | (3)
---------------------------------------------+-------------------+---------
Group transactions (471)* | (2) (480)* | (9)
---------------------------------------------+-------------------+---------
TOTAL EBITDA 502 | 347 986 | 37
---------------------------------------------+-------------------+---------
Depreciation (123) | (135) (256) | (287)
---------------------------------------------+-------------------+---------
TOTAL OPERATING PROFIT/ LOSS 379 | 212 730 | (250)
---------------------------------------------+-------------------+---------
Net financial costs 227 | (18) 427 | (90)
---------------------------------------------+-------------------+---------
NET PROFIT/ LOSS 606 | 194 1.157 | (340)
* Includes other operating income from the write-off of intra-group liabilities
in the retail sale of furniture in the Q2 of 2021 due to the liquidation of
Skano Furniture OÜ in the amount of EUR 485 thousand.
**Includes financial income of EUR 257 thousand in Q2 of 2021 and EUR 482 thousand
in the first 6 months of 2021, received from the revaluation of the shares of
thereal estate development company Trigon Property Development AS owned by
Nordic Fibreboard Ltd OÜ.
NORDIC FIBREBOARD LTD: Fibreboard production and sales
Fibreboard sales in Q2 2021 were EUR 2.51 million (2020: EUR 2.43 million). The
reason for the increase in sales revenue was the general growth in the
construction sector in 2021, which led to increased demand for construction
materials. Increased demand has led to the Pärnu factory operating at full
capacity, and us prioritising the orders from our key customers in the Nordic,
Baltic, and Russia. Thus, customers in Asia, Middle East and Africa have had
their orders postponed since we have not been able to offer them any boards due
to our capacity being mainly dedicated for customers in our local markets.
EBITDA in Q2 2021 was EUR 497 thousand, which is an increase of 45% compared to
the same period in last year (Q2 2020 EUR 342 thousand). The improvement has been
achieved due to increased efficiency by achieving full machine utilisation in
the Pärnu factory and a result of increased demand in the construction materials
market.
Fibreboard net profit for Q2 2021 was EUR 603 thousand (Q2 2020: net profit EUR 195
thousand). The result includes the EUR 257 thousand upward value adjustment to
Fibreboard's shareholding in Trigon Property Development.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand
----------+---------+---------+---------
Q2 2021 | Q2 2020 | 6M 2021 | 6M 2020
---------------------------+---------+---------+---------
European Union 2,094 | 2,115 | 4,253 | 4,856
---------------------------+---------+---------+---------
Russia 381 | 276 | 814 | 486
---------------------------+---------+---------+---------
Asia 22 | 22 | 124 | 60
---------------------------+---------+---------+---------
Middle East 0 | 6 | 0 | 45
---------------------------+---------+---------+---------
Africa 0 | 0 | 46 | 34
---------------------------+---------+---------+---------
Other 16 | 7 | 32 | 36
---------------------------+---------+---------+---------
TOTAL 2,513 | 2,426 | 5,269 | 5,517
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, including the resale of utilities, was EUR 64 thousand in Q2 2021, (Q2
2020: EUR 44 thousand).
The real estate management EBITDA for Q2 2021 were negative EUR 9 thousand (Q2
2020: negative EUR 1 thousand). The real estate management net loss for Q2 2021
was EUR 9 thousand (Q2 2020: net loss EUR 1 thousand).
SKANO FURNITURE: Retail sales
Skano Furniture finished its activities on 31.01.2020, when it closed the last
two furniture showrooms, thus the retail sale of furniture did not have any
sales revenue in Q2 2021 (Q2 2020 sales revenue was EUR 8 thousand).
EBITDA for furniture retail for Q2 2021 were positive EUR 485 thousand, which was
due to write-off of liabilities in the amount of EUR 489 thousand due to start of
liquidation of Skano Furniture OÜ to the parent company and another company
belonging to the same consolidation group (Q2 2020 EBITDA was positive EUR 8
thousand). The furniture retail net profit for Q2 2021 was EUR 485 thousand (Q2
2020 net profit was EUR 7 thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 30.06.2021 the total assets of Nordic Fibreboard AS were EUR 8.1 million
(30.06.2020: EUR 8.1 million). The liabilities of the company as of 30.06.2021
were EUR 4.3 million (30.06.2020: EUR 6.9 million), of which Group has payables
amounted to EUR 0.5 million as at 30.06.2021 (30.06.2020: EUR 1.6 million) and
borrowings of EUR 3.2 million as at 30.06.2021 (30.06.2020: EUR 4.5 million).
Receivables and prepayments amounted to EUR 1.0 million as at 30.06.2021
(30.06.2020: EUR 1.2 million). Inventories were EUR 0.5 million as of 30.06.2021
(30.06.2020: EUR 0.4 million). Fixed assets were EUR 6.6 million as of 30.06.2021 (EUR
6.5 million as of 30.06.2020).
During 6M 2021, the Group's cash flows from operating activities totalled cash
inflow of EUR 110 thousand (6M 2020: cash inflow EUR 104 thousand). Investment
activities resulted in cash outflows in amount of EUR 58 thousand during 6M 2021,
compared to outflows in amount EUR 53 thousand during 6M 2020. Financing
activities also resulted in cash outflows of EUR 40 thousand during 6M 2021 (6M
2020: cash outflow EUR 53 thousand). Net cash effect during 6M 2021 showed cash
inflows of EUR 12 thousand, (6M 20120: cash outflows EUR 2 thousand).
OUTLOOK
NORDIC FIBREBOARD LTD
Demand for fibreboards continue to be strong, reflecting the growth in the
building material market, as well as the growing awareness of the green
credentials of soft density fibreboards, as produced by Nordic Fibreboard Ltd.
PÄRNU RIVERSIDE DEVELOPMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu. We expect the current detail planning application for residential
development of the Suur-Jõe 48 landplot to be nearing its successful conclusion
within the next few months.
PEOPLE
On the 30th of June 2021, the Group employed 93 people (compared to 97 people as
of 30.06.2020). The average number of personnel in Q2 2021 was 93 (Q2 2020: 97
people).
For six months of 2021, wages and salaries with taxes amounted to EUR 1.0 million
(six months 2020: EUR 1.1 million). Payments made to management board members of
all group companies including all subsidiaries with relevant taxes were EUR 110
thousand during 6M 2020 and EUR 104 thousand during 6M 2020.
FINANCIAL HIGHLIGHTS
EUR thousand
| | | |
Income statement | Q2 2021| Q2 2020| 6M 2021| 6M 2020
----------------------------------+----------+----------+----------+----------
Revenue | 2,576| 2,479| 5,422| 5,685
----------------------------------+----------+----------+----------+----------
EBITDA | 502| 347| 986| 37
----------------------------------+----------+----------+----------+----------
EBITDA margin | 19%| 14%| 18%| 1%
----------------------------------+----------+----------+----------+----------
Operating profit (EBIT) | 378| 211| 730| (250)
----------------------------------+----------+----------+----------+----------
Operating margin (EBIT margin) | 15%| 9%| 13%| (4%)
----------------------------------+----------+----------+----------+----------
Net profit | 606| 194| 1,157| (340)
----------------------------------+----------+----------+----------+----------
Net margin | 24%| 8%| 21%| (6%)
| | | |
| | | |
Statement of financial position |30.06.2021|31.12.2020|30.06.2020|31.12.2019
----------------------------------+----------+----------+----------+----------
Total assets | 8,140| 7,650| 8,077| 9,045
----------------------------------+----------+----------+----------+----------
Return on assets | 14%| 14%| (4%)| (12%)
----------------------------------+----------+----------+----------+----------
Equity | 3,805| 2,648| 1,222| 1,542
----------------------------------+----------+----------+----------+----------
Return on equity | 30%| 41%| (28%)| (73%)
----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 53%| 65%| 85%| 83%
| | | |
| | | |
Share |30.06.2021|31.12.2020|30.06.2020|31.12.2019
----------------------------------+----------+----------+----------+----------
Last Price* | 1.74| 0.45| 0.32| 0.41
----------------------------------+----------+----------+----------+----------
Earnings per share | 0.26| 0.24| (0.08)| (0.31)
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | 6.77| 1.89| (4.26)| (1.32)
----------------------------------+----------+----------+----------+----------
Book value of a share | 0.85| 0.59| 0.27| 0.34
----------------------------------+----------+----------+----------+----------
Market to book ratio | 2.06| 0.76| 1.19| 1.20
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 7,828| 2,025| 1,449| 1,845
----------------------------------+----------+----------+----------+----------
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 (EBIT margin) = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total number of shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial positions
EUR thousand |30.06.2021|31.12.2020|30.06.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Cash and cash equivalents (Note 2)| 38| 26| 5| 7
-----------------------------------+----------+----------+----------+----------
Receivables and prepayments (Note | | | |
3) | 977| 794| 1,175| 1,394
-----------------------------------+----------+----------+----------+----------
Inventories (Note 4) | 526| 544| 443| 894
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Total current assets | 1,541| 1,364| 1,623| 2,296
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Investment property (Note 5) | 1,136| 1,134| 1,125| 1,121
-----------------------------------+----------+----------+----------+----------
Financial assets at fair value | | | |
through profit or loss (Note 8) | 933| 451| 414| 397
-----------------------------------+----------+----------+----------+----------
Property, plant and equipment | | | |
(Note 6) | 4,527| 4,695| 4,902| 5,212
-----------------------------------+----------+----------+----------+----------
Intangible assets (Note 7) | 3| 6| 12| 19
-----------------------------------+----------+----------+----------+----------
Total non-current assets | 6,599| 6,286| 6,454| 6,749
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL ASSETS | 8,140| 7,650| 8,077| 9,045
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Borrowings (Notes 9) | 70| 756| 4,462| 4,547
-----------------------------------+----------+----------+----------+----------
Payables and prepayments (Notes | | | |
10) | 927| 1,574| 2,158| 2,665
-----------------------------------+----------+----------+----------+----------
Short-term provisions (Note 11) | 9| 18| 9| 20
-----------------------------------+----------+----------+----------+----------
Total current liabilities | 1,006| 2,348| 6,629| 7,232
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Long-term borrowings (Notes 9) | 3,168| 2,493| 47| 92
-----------------------------------+----------+----------+----------+----------
Long-term provisions (Note 11) | 161| 161| 179| 179
-----------------------------------+----------+----------+----------+----------
Total non-current liabilities | 3,329| 2,654| 226| 271
-----------------------------------+----------+----------+----------+----------
Total liabilities | 4,335| 5,002| 6,855| 7,503
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Share capital (at nominal value) | | | |
(Note 12) | 450| 450| 2,699| 2,699
-----------------------------------+----------+----------+----------+----------
Share premium | 0| 0| 0| 364
-----------------------------------+----------+----------+----------+----------
Statutory reserve capital | 0| 0| 0| 288
-----------------------------------+----------+----------+----------+----------
Other reserves | 0| 0| 104| 84
-----------------------------------+----------+----------+----------+----------
Retained earnings (loss) | 3,355| 2,198| (1,582)| (1,894)
-----------------------------------+----------+----------+----------+----------
Total equity | 3,805| 2,648| 1,222| 1,542
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 8,140| 7,650| 8,077| 9,045
*The notes to the financial statements presented on pages 14 to 28 are an
integral part of these consolidated financial statements.
Consolidated statement of profit or loss and other comprehensive income
EUR thousand | Q2 2021 | Q2 2020 | 6M 2021 | 6M 2020
---------------------------------------+---------+---------+---------+---------
Revenue (Note 14) | 2,576 | 2,479 | 5,422 | 5,685
---------------------------------------+---------+---------+---------+---------
Cost of goods sold (Note 15) | 1,750 | 1,798 | 3,729 | 4,617
---------------------------------------+---------+---------+---------+---------
Gross profit | 826 | 681 | 1,693 | 1,068
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Distribution costs (Note 16) | 298 | 306 | 640 | 733
---------------------------------------+---------+---------+---------+---------
Administrative expenses (Note 17) | 142 | 129 | 314 | 304
---------------------------------------+---------+---------+---------+---------
Other operating income (Note 19) | 1 | 1 | 3 | 2
---------------------------------------+---------+---------+---------+---------
Other operating expenses (Note 19) | 8 | 35 | 12 | 283
---------------------------------------+---------+---------+---------+---------
Operating profit (loss) | 379 | 212 | 730 | (250)
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Finance income (Note 20) | 257 | 36 | 483 | 37
---------------------------------------+---------+---------+---------+---------
Finance costs (Note 20) | 30 | 54 | 56 | 127
---------------------------------------+---------+---------+---------+---------
PROFIT (LOSS) BEFORE INCOME TAX | 606 | 194 | 1,157 | (340)
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
NET PROFIT (LOSS) FOR THE PERIOD | 606 | 194 | 1,157 | (340)
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Basic earnings per share (Note 13) | 0.13 | 0.04 | 0.26 | (0.08)
---------------------------------------+---------+---------+---------+---------
Diluted earnings per share (Note 13) | 0.13 | 0.04 | 0.26 | (0.08)
*The notes to the financial statements presented on pages 14 to 28 are an
integral part of these consolidated financial statements.
TORFINN LOSVIK
Chairman of the board
Phone: +372 56 99 0988
[email protected]
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