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
9185
Attachments
Submission date and time
22.11.2021 17:33:48
Content of announcement in Estonian
Title
Nordic Fibreboard AS 2021. aasta III kvartali auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
Nordic Fibreboard AS konsolideeritud müügitulu oli 2021. aasta 3. kvartalis
2,33 miljonit eurot (2020 3. kvartalis 2,51 miljonit eurot), millest
puitkiudplaadi müügitulu oli 2,27 miljonit eurot ja kinnisvarahalduse müügitulu
0,06 miljonit eurot. Puitkiudplaadi müük 2021. aasta 3. kvartalis vähenes
võrreldes 2020. aasta 3. kvartaliga 8%, vähenemise peamiseks põhjuseks oli
tavapärasest pikemast hooldusperioodist tingitud väiksem tootmisvõimsus. 2021.
aasta 3. kvartalis oli tootmises hooldustöödest tingitud kahenädalane seisak,
mida 2020. aasta 3. kvartalis ei olnud. Kinnisvarahalduse 2021. aasta 3.
kvartali müügitulu kasvas, võrreldes eelmise aasta sama perioodiga, 81%.
Müügitulu kasvu tingis Pärnus asuva Suur-Jõe 48 kinnistule üürnike lisandumine.
Mööbli jaemüügil ei olnud müügitulu nii 2021. aasta 3. kvartalis kui ka 2020.
aasta 3. kvartalis, mööbli jaemüügi ettevõte on aruande avalikustamise hetkel
likvideerimisel.
Kontserni EBITDA oli 2021. aasta 3. kvartalis 356 tuhat eurot (2020 3. kv: 366
tuhat eurot), millest kiudplaadi segmendi EBITDA oli 344 tuhat eurot (2020 3.
kv: 370 tuhat eurot) ning kinnisvarahalduse EBITDA oli 11 tuhat eurot (2020 3.
kv: 1 tuhat eurot).
Kontserni kasum 2021. aasta 3. kvartalis peale amortisatsiooni- ning Kontserni
laenude intressikulu oli 202 tuhat eurot (2020 3 kv: 179 tuhat eurot).
Kontserni 2021. aasta 3. kvartali puhaskasum pärast 129 tuhande suurust
kahjumit, mis tekkis Tallinna Väärtpaberibörsil noteeritud kinnisvaraettevõtte
Trigon Property Development AS (TPD) oleva osaluse ümberhindlusest, oli 73 tuhat
eurot (2020 3. kv: puhaskasum 183 tuhat eurot). TPD akstiate ümberhindlusest
tulenev finantsmõju Kontsernile 2021. aasta esimese 9 kuu jooksul on
finantstulu 354 tuhat eurot.
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR | tuh EUR
--------------+-------------+---------+---------
III kv 2021 | III kv 2020 | 9k 2021 | 9k 2020
------------------------------+-------------+-------------+---------+---------
Kiudplaadi tootmine ja müük | 2 270 | 2 477 | 7 539 | 7 994
------------------------------+-------------+-------------+---------+---------
Kinnisvara haldamine | 65 | 36 | 218 | 148
------------------------------+-------------+-------------+---------+---------
Mööbli jaemüük | 0 | 0 | 0 | 55
------------------------------+-------------+-------------+---------+---------
Elimineerimine | 0 | 0 | 0 | (0)
------------------------------+-------------+-------------+---------+---------
Kokku | 2 334 | 2 512 | 7 757 | 8 197
KASUM ÄRISEGMENTIDE LÕIKES
tuh EUR | tuh EUR
+-----------+-----------+-------+-------
tuh EUR |III kv 2021|III kv 2020|9k 2021|9k 2020
----------------------------------+-----------+-----------+-------+-------
EBITDA ärisegmentide lõikes | | | |
----------------------------------+-----------+-----------+-------+-------
Kiudplaadi tootmine ja müük | 344| 370| 1 337| 458
----------------------------------+-----------+-----------+-------+-------
Kinnisvara haldamine | 11| 1| 10| (2)
----------------------------------+-----------+-----------+-------+-------
Mööbli jaemüük | 0| (0)| 474| (39)
----------------------------------+-----------+-----------+-------+-------
Elimineerimine | 1| (5)| (479)| (13)
----------------------------------+-----------+-----------+-------+-------
Kokku EBITDA | 356| 366| 1 341| 403
----------------------------------+-----------+-----------+-------+-------
Põhivara kulum ja väärtuse langus| (123)| (135)| (380)| (422)
----------------------------------+-----------+-----------+-------+-------
Kokku ÄRIKASUM/-KAHJUM | 232| 231| 962| (19)
----------------------------------+-----------+-----------+-------+-------
Neto finantstulud/-kulud | (159)*| (49)| 267*| (139)
----------------------------------+-----------+-----------+-------+-------
PUHASKASUM/-KAHJUM | 73| 183| 1 229| (158)
*Sisaldab 2021. aasta 3. kvartalis finantskulu 129 tuhat eurot ja 2021. aasta 9
kuu jooksul finantstulu 354 tuhat eurot, mis on saadud Kontserni omanduses
olevate kinnisvara-arendusettevõtte Trigon Property Development AS aktsiate
ümberhindlusest.
NORDIC FIBREBOARD LTD: KIUDPLAADI MÜÜK
Piirkondlik nõudlus ehitusmaterjalide, sh meie Pärnu tehases toodetud
puitkiudplaatide järele on 2021. aasta 3. kvartali jooksul olnud väga stabiilne.
Selle tulemusel töötas meie tehas täisvõimsusel ning pikendas ka meie toodete
tarneaegu.
Puitkiudplaadi müük 2021. aasta 3. kvartalis oli 2,27 miljonit eurot, mis on 8%
väiksem kui 2020. aasta 3. kvartalis. Languse ainsaks põhjuseks oli 2021. aasta
3. kvartalis olnud hooldusperiood tehases kui see oli 2020. aasta 3. kvartalis.
Müük meie peamistel Põhja-Euroopa turgudel püsis stabiilsena, kuid vähenes
teistel turgudel. See tulenes sellest, et pidime eelistama kohalike turgude
tellimusi.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR
+-------------+-------------+---------+
| III kv 2021 | III kv 2020 | 9k 2021 | 9k 2020
---------------+-------------+-------------+---------+---------
Euroopa Liit | 1 980 | 2 003 | 6 233 | 6 693
---------------+-------------+-------------+---------+---------
Venemaa | 269 | 360 | 1 083 | 934
---------------+-------------+-------------+---------+---------
Aasia | 0 | 62 | 124 | 140
---------------+-------------+-------------+---------+---------
Lähis-Ida | 13 | 10 | 13 | 55
---------------+-------------+-------------+---------+---------
Aafrika | 0 | 8 | 46 | 96
---------------+-------------+-------------+---------+---------
Teised | 8 | 32 | 40 | 77
---------------+-------------+-------------+---------+---------
Kokku | 2 270 | 2 477 | 7 539 | 7 994
PÄRNU RIVERSIDE DEVELOPMENT: KINNISVARA HALDUS
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud, 2021. aasta 3. kvartali
renditulu koos kommunaalkulude vahendusega oli 65 tuhat eurot (2020. aasta 3.
kvartalis 36 tuhat eurot). Müügitulu suurenemise põhjuseks oli üürnike
lisandumine äripinnale.
Kinnisvarahalduse 2021. aasta 3. kvartali EBITDA oli positiivne 11 tuhat eurot
(2020. aasta 3. kvartalis positiivne 1 tuhat eurot). Kinnisvarahalduse
puhaskasum 2021. aasta 3. kvartalis oli 11 tuhat eurot (2020. aasta 3. kvartali
puhaskasum oli 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 nii 2021. aasta 3.
kvartalis kui ka 2020. aasta 3. kvartalis müügitulu.
Skano Furniture OÜ on aruande avalikustamise hetkel likvideerimisel.
KONSOLIDEERITUD FINANTSSEISUNDI JA RAHAVOOGUDE ARUANNE
Seisuga 30.09.2021 olid Nordic Fibreboard AS varad kokku 8,3 miljonit eurot
(30.09.2020: 7,8 miljonit eurot). Kontserni kohustised kokku olid seisuga
30.09.2021 4,4 miljonit eurot (30.09.2020: 6,3 miljonit eurot), milledest
Kontsernil võlgnevusi tarnijatele oli 0,6 miljonit eurot seisuga 30.09.2021
(30.09.2020: 1,2 miljonit eurot) ning laenukohustisi 3,3 miljonit eurot seisuga
30.09.2020 (30.09.2020: 4,5 miljonit).
Nõuded ja ettemaksed olid kokku 1,1 miljonit eurot seisuga 30.09.2021
(30.09.2020: 1,0 miljonit eurot). Varud seisuga 30.09.2021 olid 0,4 miljonit
eurot (30.09.2020 0,4 miljonit eurot). Kontserni põhivara kokku seisuga
30.09.2021 oli 6,6 miljonit eurot (30.09.2020: 6,3 miljonit).
Kontserni äritegevuse tulemuseks 9 kuu jooksul 2021. aastal oli raha sissevool
summas 512 tuhat eurot (2020 9 kuud: raha sissevool summas 115 tuhat eurot).
Investeerimistegevusest tulenevalt toimus 2021. aasta 9 kuu raha väljavool
summas 243 tuhat eurot, võrreldes raha väljavooluga 39 tuhat eurot 2020. aasta
9 kuud. Finantseerimistegevuse tulemuseks oli 2021. aasta 9 kuu raha väljavool
summas 91 tuhat eurot (2020 9 kuud: raha väljavool 79 tuhat eurot). Netorahavoo
tulemuseks oli 2021. aasta 9 kuu raha sissevool summas 178 tuhat eurot (2020 9
kuud: raha väljavool 3 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.
Juhtkond tegeleb Pärnus asuva tehase katlamaja ettevalmistustöödega, et
katlamaja vastaks 2024. aastal jõustuvatele uutele heitmenõuetele.
Samuti tehakse ettevalmistusi ka teise, Püssis asuva kiudplaaditehase,
uuendamiseks, et tagada tehase piisav tehniline võimsus tehase
taaskaäivitamiseks. Püssi tehase peamiseks energiaallikaks on gaas, siis
praeguste kõrgete gaasihindade tõttu muutub tehase taaskäivitamise kaalumine
lähitulevikus vastuvõetamatuks.
PÄRNU RIVERSIDE DEVELOPMENT
Juhtkond kaalub kinnisvarahalduse tegevusalaga tütarettevõtte Pärnu Riverside
Development OÜ tulevikku, ning on sõlminud maaklerfirmaga lepingu, mille
kohaselt kaalutakse selle tütarettevõtte võimalikku võõrandamist.
TÖÖTAJAD
Seisuga 30.09.2021 töötas Kontsernis 93 inimest (99 inimest võrreldes
30.09.2020 seisuga). Töötajate keskmine arv oli 2021 3. kvartalis 90 (3.
kvartalis 2020: töötajate keskmine arv 94).
2021. aasta esimese üheksa kuu jooksul olid tööjõukulud koos maksukuludega kokku
1,5 miljonit eurot (2020 esimese üheksa kuu jooksul 1,6 miljonit eurot). Kõigi
kontserni ettevõtete s.h. tütarettevõtete juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 166 tuhat eurot 2021. aasta esimese üheksa kuu
jooksul ning võrreldes 158 tuhat eurot 2020. aasta esimese üheksa kuuga.
FINANTSSUHTARVUD
tuh EUR
| | | |
Kasumiaruanne |III kv 2021|III kv 2020| 9k 2021| 9k 2020
---------------------------------+-----------+-----------+----------+----------
Müügitulu | 2 334| 2 512| 7 757| 8 197
---------------------------------+-----------+-----------+----------+----------
EBITDA | 356| 366| 1 341| 403
---------------------------------+-----------+-----------+----------+----------
EBITDA rentaablus | 15%| 15%| 17%| 5%
---------------------------------+-----------+-----------+----------+----------
Ärikasum/-kahjum | 232| 231| 962| (19)
---------------------------------+-----------+-----------+----------+----------
Ärirentaablus | 10%| 9%| 12%| (0%)
---------------------------------+-----------+-----------+----------+----------
Puhaskasum/-kahjum | 73| 183| 1 229| (158)
---------------------------------+-----------+-----------+----------+----------
Puhasrentaablus | 3%| 7%| 16%| (2%)
| | | |
| | | |
Bilanss | 30.09.2021| 31.12.2020|30.09.2020|31.12.2019
---------------------------------+-----------+-----------+----------+----------
Koguvarad | 8 301| 7 650| 7 753| 9 045
---------------------------------+-----------+-----------+----------+----------
Koguvarade puhasrentaablus | 15%| 14%| (2%)| (12%)
---------------------------------+-----------+-----------+----------+----------
Omakapital | 3 878| 2 648| 1 414| 1 542
---------------------------------+-----------+-----------+----------+----------
Omakapitali puhasrentaablus | 32%| 41%| (11%)| (73%)
---------------------------------+-----------+-----------+----------+----------
Võlakordaja | 53%| 65%| 82%| 83%
| | | |
| | | |
Aktsia | 30.09.2021| 31.12.2020|30.09.2020|31.12.2019
---------------------------------+-----------+-----------+----------+----------
Aktsia viimane hind (EUR)* | 2,20| 0,45| 0,40| 0,41
---------------------------------+-----------+-----------+----------+----------
Puhaskasum aktsia kohta (EUR) | 0,55| 0,24| (0,05)| (0,31)
---------------------------------+-----------+-----------+----------+----------
Hind-tulu (PE) suhtarv | 4,02| 1,89| (7,79)| (1,32)
---------------------------------+-----------+-----------+----------+----------
Aktsia raamatupidamisväärtus| | | |
(EUR) | 0,86| 0,59| 0,31| 0,34
---------------------------------+-----------+-----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 2,55| 0,76| 1,28| 1,20
---------------------------------+-----------+-----------+----------+----------
Turukapitalisatsioon tuh EUR | 9 898| 2 025| 1 809| 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 = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = jooksva viimase 12 kuu puhaskasum(-kahjum) /
aktsiate arv
Hind-tulu (PE) suhtarv = aktsia viimane hind / jooksva viimase 12 kuu
puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |30.09.2021|31.12.2020|30.09.2020
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid | 204| 26| 4
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 1 118| 794| 1 008
----------------------------------------------+----------+----------+----------
Varud (Lisa 3) | 390| 544| 410
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 1 712| 1 364| 1 423
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 1 139| 1 134| 1 126
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiaruande (Lisa 7) | 805| 451| 418
----------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 5) | 4 642| 4 695| 4 777
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 3| 6| 10
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 589| 6 286| 6 331
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku varad | 8 301| 7 650| 7 753
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisa 8) | 36| 756| 4 436
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 1 002| 1 574| 1 674
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 4| 18| 4
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 1 042| 2 348| 6 114
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisa 8) | 3 220| 2 493| 47
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 161| 161| 179
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 3 381| 2 654| 226
----------------------------------------------+----------+----------+----------
Kokku kohustised | 4 423| 5 002| 6 340
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 11) | 450| 450| 450
----------------------------------------------+----------+----------+----------
Muud reservid | 0| 0| 114
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 3 428| 2 198| 850
----------------------------------------------+----------+----------+----------
Kokku omakapital | 3 878| 2 648| 1 414
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku kohustised ja omakapital | 8 301| 7 650| 7 753
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 25.
KONSOLIDEERITUD KASUMI-JA MUU KOONDKASUMIARUANNE
tuh EUR |III kv 2021|III kv 2020|9k 2021|9k 2020
---------------------------------------+-----------+-----------+-------+-------
Müügitulu (Lisa 13) | 2 334| 2 512| 7 757| 8 197
---------------------------------------+-----------+-----------+-------+-------
Müüdud toodangu kulu (Lisa 14) | 1 721| 1 892| 5 451| 6 508
---------------------------------------+-----------+-----------+-------+-------
Brutokasum | 613| 620| 2 306| 1 689
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Turustuskulud (Lisa 15) | 251| 282| 891| 1 015
---------------------------------------+-----------+-----------+-------+-------
Üldhalduskulud (Lisa 16) | 131| 126| 445| 430
---------------------------------------+-----------+-----------+-------+-------
Muud äritulud (Lisa 18) | 2| 22| 5| 24
---------------------------------------+-----------+-----------+-------+-------
Muud ärikulud (Lisa 18) | 1| 3| 13| 287
---------------------------------------+-----------+-----------+-------+-------
Ärikasum (-kahjum) | 232| 231| 962| (19)
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Finantstulud (Lisa 19) | 0| 4| 354| 21
---------------------------------------+-----------+-----------+-------+-------
Finantskulud (Lisa 19) | 159| 52| 87| 160
---------------------------------------+-----------+-----------+-------+-------
Kasum (kahjum) enne tulumaksustamist | 73| 183| 1 229| (158)
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Aruandeperioodi puhaskasum (-kahjum) | 73| 183| 1 229| (158)
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Tava perioodi puhaskasum (-kahjum) | | | |
aktsia kohta (Lisa 12) | 0,02| 0,04| 0,27| (0,04)
---------------------------------------+-----------+-----------+-------+-------
Lahustatud perioodi puhaskasum (- | | | |
kahjum) aktsia kohta (Lisa 12) | 0,02| 0,04| 0,27| (0,04)
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 25.
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 third quarter of 2021
Message
Management report
Consolidated net sales for Q3 2021 were EUR 2.33 million (Q3 2020: EUR 2.51
million), of which fibreboard sales accounted for EUR 2.27 million and real estate
management for EUR 0.06 million. Fibreboard sales for Q3 2021 decreased with 8%
compared to Q3 2020, the main reason being less production output due to longer
maintenance period in Q3 2021. We had 2 week maintenance stop in Q3 2021, which
we did not have in Q3 2020. Real estate management sales for Q3 2021 increased
with 81% compared to Q3 2020 due to more rental tenants occupation in our
property in Suur-Jõe 48, Pärnu. There was no sales revenue from furniture retail
in both the Q3 2021 and the Q3 2020, the furniture retail company is in process
of being liquidated at the time of publishing this report.
Group EBITDA for Q3 2021 was EUR 356 thousand (Q3 2020: EUR 366 thousand), of which
the fibreboard division EBITDA was EUR 344 thousand (Q3 2020: EUR 370 thousand) and
real estate management EBITDA of EUR 11 thousand (Q3 2020: EUR 1 thousand).
Group profit for Q3 2021, after depreciation and interest cost from group loans,
was EUR 202 thousand (Q3 2020: EUR 179 thousand).
Group net profit for Q3 2021, after recording a loss of EUR 129 thousand from the
revaluation of the Group's shareholding in the Nasdaq listed real estate company
Trigon Property Development AS ("TPD"), was EUR 73 thousand (Q3 2020: EUR 183
thousand, including a revaluation profit from the TPD shares of EUR 4 thousand).
The financial impact for the first 9 months of 2021 from the group's
shareholding in TPD shows financial income of EUR 354 thousand from the
revaluation profit of the TPD shares.
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 2,270 | 2,477 | 7,539 | 7,994
---------------------------------------------+---------+---------+---------
Real Estate Management 65 | 36 | 218 | 148
---------------------------------------------+---------+---------+---------
Furniture retail 0 | 0 | 0 | 55
---------------------------------------------+---------+---------+---------
Group transactions 0 | 0 | 0 | (0)
---------------------------------------------+---------+---------+---------
TOTAL 2,334 | 2,512 | 7,757 | 8,197
Profit by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020
---------------------------------------------+---------+---------+---------
EBITDA by business units: | | |
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 344 | 370 | 1,337 | 458
---------------------------------------------+---------+---------+---------
Real Estate Management 11 | 1 | 10 | (2)
---------------------------------------------+---------+---------+---------
Furniture retail 0 | (0) | 474 | (39)
---------------------------------------------+---------+---------+---------
Group transactions 1 | (5) | (479) | (13)
---------------------------------------------+---------+---------+---------
TOTAL EBITDA 356 | 366 | 1,341 | 403
---------------------------------------------+---------+---------+---------
Depreciation (123) | (135) | (380) | (422)
---------------------------------------------+---------+---------+---------
TOTAL OPERATING PROFIT/ LOSS 232 | 231 | 962 | (19)
---------------------------------------------+---------+---------+---------
Net financial income/ costs (159)* | (49) | 267* | (139)
---------------------------------------------+---------+---------+---------
NET PROFIT/ LOSS 73 | 183 | 1,229 | (158)
* Includes financial cost of EUR 129 thousand in Q3 of 2021 and financial income EUR
354 thousand in the first 9 months of 2021, received from the revaluation of the
shareholding owned by the group in the real estate development company Trigon
Property Development AS.
NORDIC FIBREBOARD LTD: FIBREBOARD SALE
The regional demand for construction materials, including the fibreboards
produced in our Pärnu factory, has been very steady during Q3 2021. This
resulted in our factory running at full capacity utilisation, and also had the
effect of extending the delivery times for our products.
Fibreboard sales in Q3 2021 was EUR 2.27 million, a decrease of 8% from Q3 2020.
The decline was only due to us having longer maintenance period during Q3 2021
than was the case in Q3 2020. Sales in our key north European markets remained
steady while sales fell to customers elsewhere, this being due to us having to
prioritise the orders from our local markets.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand
+---------+---------+---------+---------
| Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020
-----------------+---------+---------+---------+---------
European Union | 1,980 | 2,003 | 6,233 | 6,693
-----------------+---------+---------+---------+---------
Russia | 269 | 360 | 1,083 | 934
-----------------+---------+---------+---------+---------
Asia | 0 | 62 | 124 | 140
-----------------+---------+---------+---------+---------
Middle East | 13 | 10 | 13 | 55
-----------------+---------+---------+---------+---------
Africa | 0 | 8 | 46 | 96
-----------------+---------+---------+---------+---------
Other | 8 | 32 | 40 | 77
-----------------+---------+---------+---------+---------
TOTAL | 2,270 | 2,477 | 7,539 | 7,994
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 65 thousand in Q3 2021, (Q3
2020: EUR 36 thousand). The reason for the increase in sales revenue was the
addition of tenants to the commercial space.
The real estate management EBITDA for Q3 2021 were positive EUR 11 thousand (Q3
2020: positive EUR 1 thousand). The real estate management net profit for Q3 2021
was EUR 11 thousand (Q3 2020: net profit 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 Q3 2021 and in Q3 2020.
Skano Furniture OÜ is in the process of being liquidation at the time of
publishing the reports.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 30.09.2021 the total assets of Nordic Fibreboard AS were EUR 8.3 million
(30.09.2020: EUR 7.8 million). The liabilities of the company as of 30.09.2021
were EUR 4.4 million (30.09.2020: EUR 6.3 million), of which the Group has payables
of EUR 0.6 million as at 30.09.2021 (30.09.2020: EUR 1.2 million) and borrowings of
EUR 3.3 million as at 30.09.2021 (30.09.2020: EUR 4.5 million).
Receivables and prepayments amounted to EUR 1.1 million as at 30.09.2021
(30.09.2020: EUR 1.0 million). Inventories were EUR 0.4 million as of 30.09.2021
(30.09.2020: EUR 0.4 million). Fixed assets were EUR 6.6 million as of 30.09.2021 (EUR
6.3 million as of 30.09.2020).
During 2020 9M, the group's cash flows from operating activities totalled cash
inflow of EUR 512 thousand (2020 9M: cash inflow EUR 115 thousand). Investment
activities resulted in cash outflows in amount of EUR 243 thousand during
2021 9M, compared to outflows in amount EUR 39 thousand during 9M 2020. Financing
activities also resulted in cash outflows of EUR 91 thousand during 9M 2021 (2020
9M: cash outflow EUR 79 thousand). Net cash effect during 2021 9M showed cash
inflows of EUR 178 thousand, (2020 9M: cash outflows EUR 3 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.
Management is working on preparing the Pärnu based factory's boiler house to
meet the new emission requirements coming into force in 2024.
Preparations is also being undertaken in upgrading the company's second factory,
located in Püssi, so that the factory's technical capabilities is adequate for
possible restarting of the factory. The factory's main energy source is gas, and
the current high gas prices is therefore making it untenable to consider
restarting this factory in the near future.
PÄRNU RIVERSIDE DEVELOPMENT
Management is considering the future of its real estate development subsidiary
Pärnu Riverside Development, and has entered into an agreement with a brokerage
firm whereby possible disposal of this subsidiary is being considered.
PEOPLE
On the 30th of September 2021, the Group employed 93 people (compared to 99
people as of 30.09.2020). The average number of personnel in Q3 2021 was 90 (Q3
2020: the average number of personnel was 94).
For nine months of 2021, wages and salaries with taxes amounted to EUR 1.5 million
(nine months 2020: EUR 1.6 million). Payments made to management board members of
all group companies including all subsidiaries with relevant taxes were EUR 166
thousand during 9M 2021 and EUR 158 thousand during 9M 2020.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement | Q3 2021| Q3 2020 9M 2021| 9M 2020
----------------------------------+----------+----------+----------+----------
Revenue | 2,334| 2,512| 7,757| 8,197
----------------------------------+----------+----------+----------+----------
EBITDA | 356| 366| 1,341| 403
----------------------------------+----------+----------+----------+----------
EBITDA margin | 15%| 15%| 17%| 5%
----------------------------------+----------+----------+----------+----------
Operating profit | 232| 231| 962| (19)
----------------------------------+----------+----------+----------+----------
Operating margin | 10%| 9%| 12%| (0%)
----------------------------------+----------+----------+----------+----------
Net profit | 73| 183| 1,229| (158)
----------------------------------+----------+----------+----------+----------
Net margin | 3%| 7%| 16%| (2%)
| | | |
| | | |
Statement of financial position |30.09.2021|31.12.2020|30.09.2020|31.12.2019
----------------------------------+----------+----------+----------+----------
Total assets | 8,301| 7,650| 7,753| 9,045
----------------------------------+----------+----------+----------+----------
Return on assets | 15%| 14%| (2%)| (12%)
----------------------------------+----------+----------+----------+----------
Equity | 3,878| 2,648| 1,414| 1,542
----------------------------------+----------+----------+----------+----------
Return on equity | 32%| 41%| (11%)| (73%)
----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 53%| 65%| 82%| 83%
| | | |
| | | |
Share |30.09.2021|31.12.2020|30.09.2020|31.12.2019
----------------------------------+----------+----------+----------+----------
Last Price* | 2.20| 0.45| 0.40| 0.41
----------------------------------+----------+----------+----------+----------
Earnings per share | 0.55| 0.24| (0.05)| (0.31)
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | 4.02| 1.89| (7.79)| (1.32)
----------------------------------+----------+----------+----------+----------
Book value of a share | 0.86| 0.59| 0.31| 0.34
----------------------------------+----------+----------+----------+----------
Market to book ratio | 2.55| 0.76| 1.28| 1.20
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 9,898| 2,025| 1,809| 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 = 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 = Trailing twelve months (TTM) net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial positions
EUR thousand |30.09.2021|31.12.2020|30.09.2020
---------------------------------------------+----------+----------+----------
Cash and cash equivalents | 204| 26| 4
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 2) | 1,118| 794| 1,008
---------------------------------------------+----------+----------+----------
Inventories (Note 3) | 390| 544| 410
---------------------------------------------+----------+----------+----------
Total current assets | 1,712| 1,364| 1,423
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 4) | 1,139| 1,134| 1,126
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 7)| 805| 451| 418
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 5) | 4,642| 4,695| 4,777
---------------------------------------------+----------+----------+----------
Intangible assets (Note 6) | 3| 6| 10
---------------------------------------------+----------+----------+----------
Total non-current assets | 6,589| 6,286| 6,331
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 8,301| 7,650| 7,753
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 8) | 36| 756| 4,436
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 9) | 1,002| 1,574| 1,674
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 10) | 4| 18| 4
---------------------------------------------+----------+----------+----------
Total current liabilities | 1,042| 2,348| 6,114
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 8) | 3,220| 2,493| 47
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 10) | 161| 161| 179
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 3,381| 2,654| 226
---------------------------------------------+----------+----------+----------
Total liabilities | 4,424| 5,002| 6,340
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 11) | 450| 450| 450
---------------------------------------------+----------+----------+----------
Other reserves | 0| 0| 114
---------------------------------------------+----------+----------+----------
Retained earnings (loss) | 3,428| 2,198| 850
---------------------------------------------+----------+----------+----------
Total equity | 3,878| 2,648| 1,414
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 8,301| 7,650| 7,753
*The notes to the financial statements presented on pages 14 to 25 are an
integral part of these consolidated financial statements
Consolidated statement of profit or loss and other comprehensive income
EUR thousand | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020
---------------------------------------+---------+---------+---------+---------
Revenue (Note 13) | 2,334 | 2,512 | 7,757 | 8,197
---------------------------------------+---------+---------+---------+---------
Cost of goods sold (Note 14) | 1,721 | 1,892 | 5,451 | 6,508
---------------------------------------+---------+---------+---------+---------
Gross profit | 613 | 620 | 2,306 | 1,689
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Distribution costs (Note 15) | 251 | 282 | 891 | 1,015
---------------------------------------+---------+---------+---------+---------
Administrative expenses (Note 16) | 131 | 126 | 445 | 430
---------------------------------------+---------+---------+---------+---------
Other operating income (Note 18) | 2 | 22 | 5 | 24
---------------------------------------+---------+---------+---------+---------
Other operating expenses (Note 18) | 1 | 3 | 13 | 287
---------------------------------------+---------+---------+---------+---------
Operating profit (loss) | 232 | 231 | 962 | (19)
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Finance income (Note 19) | 0 | 4 | 354 | 21
---------------------------------------+---------+---------+---------+---------
Finance costs (Note 19) | 159 | 52 | 87 | 160
---------------------------------------+---------+---------+---------+---------
Profit (loss) before income tax | 73 | 183 | 1,229 | (158)
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Net profit (loss) for the period | 73 | 183 | 1,229 | (158)
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Basic earnings per share (Note 12) | 0.02 | 0.04 | 0.27 | (0.04)
---------------------------------------+---------+---------+---------+---------
Diluted earnings per share (Note 12) | 0.02 | 0.04 | 0.27 | (0.04)
*The notes to the financial statements presented on pages 14 to 25 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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