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
9337
Attachments
Submission date and time
18.02.2022 15:52:27
Content of announcement in Estonian
Title
Nordic Fibreboard AS 2021. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
Nordic Fibreboard AS auditeerimata 2021. majandusaasta neljanda kvartali ja 12
kuu tulemused
Nordic Fibreboard AS konsolideeritud müügitulu oli 2021. aasta 4. kvartalis
2,34 miljonit eurot, mis oli eelmise aasta sama perioodiga võrreldes 13% suurem
(2020. aasta 4. kvartalis 2,07 miljonit eurot), millest puitkiudplaadi müügitulu
oli 2,30 miljonit eurot ja kinnisvarahalduse müügitulu oli 0,04 miljonit eurot.
Kogu 2021. aasta konsolideeritd müügikäive oli 10,10 miljonit eurot, mis on
kerge langus võrreldes 2020. aasta 10,27 miljoni suuruse müügituluga. Languse
peamiseks põhjuseks oli teise kiudplaaditehase sulgemine 2020. aasta märtsis
COVID-19 pandeemia tõttu, mis omakorda tõi kaasa 2021. aastal puitkiudplaadi
müügi vähenemise 0,16 miljoni euro võrra võrreldes 2020. aastaga.
Puitkiudplaadi 2021. aasta 4. kvartali müük 2,31 miljonit eurot ületas 2020.
aasta 4. kvartali käivet 0,29 miljoni euro võrra, mis tulenes sellest, et 2021.
aasta 4. kvartalis oli tehases vähem hoolduspäevi kui 2020. aasta 4. kvartalis.
Kinnisvarahaldusega tegeleva tütarettevõtte Pärnu Riverside Development OÜ
2021. aasta 4. kvartali müük oli 0,04 miljonit eurot, mis oli 0,03 miljonit
eurot väiksem kui 2020. aasta 4. kvartalis. Müügi vähenemise tingis ühe suurima
üürniku lahkumine üüripinnalt 2021. aasta 4. kvartalis.
Nordic Fibreboard AS konsolideeritud EBITDA oli 2021. aasta 4. kvartalis 215
tuhat eurot (2020. aasta 4. kvartalis 137 tuhat eurot). EBITDA paranemine 2021.
aasta 4. kvartalis tulenes puitkiudplaadi divisjonis veidi paranenud
brutomarginaalist ning väiksematest üldkuludest võrreldes 2020. aasta 4.
kvartaliga. 2021. aasta 4. kvartali üldkulud olid madalamad, kuna 2020. aasta
4. kvartali üldkulud sisaldasid ühekordseid kulusid kasutuseta seisnud
kiudplaadi amortiseerunud büroohoone lammutamisest.
Kontserni 2021. aasta 4. kvartali puhaskahjum oli 27 tuhat eurot (2020. aasta
4. kvartalis puhaskasum 1 231 tuhat eurot.). Kasumi muutuse peamiseks põhjuseks
on 2020. aasta lõpus toimunud laenude ja arvelduskrediidi refinantseerimine,
millest saadi 2020. aasta 4. kvartalis ühekordset finatstulu 1 237 tuhat eurot,
lisaks sisaldab 2021. aasta 4. kvartali puhaskahjum Tallinna Väärtpaberibörsil
noteeritud kinnisvaraettevõtte Trigon Property Development AS (TPD) oleva
osaluse ümberhindlusest saadud kahjumit summas 89 tuhat eurot (2020. aasta 4.
kvartalis saadi TPD akstiate ümberhindlusest kasumit 32 tuhat eurot).
Kogu 2021. aasta puhaskasum oli 1,20 miljonit eurot (2020 koguaasta: 1,07
miljonit eurot, mis sisaldab 2020. aasta lõpus toimunud laenude
refinantseerimisest saadud ühekordset finantstulu 1,24 miljonit eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR IV kv 2021 | IV kv 2020 | 12k 2021 | 12k 2020
-------------------------------------------+------------+----------+----------
Kiudplaadi tootmine ja müük 2 304 | 2 007 | 9 842 | 10 001
-------------------------------------------+------------+----------+----------
Kinnisvara haldamine 36 | 64 | 254 | 212
-------------------------------------------+------------+----------+----------
Mööbli jaemüük 0 | 1 | 0 | 56
-------------------------------------------+------------+----------+----------
Elimineerimine (0) | 0 | (0) | (0)
-------------------------------------------+------------+----------+----------
KOKKU 2 339 | 2 072 | 10 096 | 10 269
KASUM ÄRISEGMENTIDE LÕIKES
tuh EUR IV kv 2021|IV kv 2020|12k 2021|12k 2020
--------------------------------------------+----------+--------+--------
EBITDA ärisegmentide lõikes | | |
--------------------------------------------+----------+--------+--------
Kiudplaadi tootmine ja müük 218| 139| 1 555| 597
--------------------------------------------+----------+--------+--------
Kinnisvara haldamine 5| 3| 15| 0
--------------------------------------------+----------+--------+--------
Mööbli jaemüük 0| (1)| 474| (40)
--------------------------------------------+----------+--------+--------
Elimineerimine (8)| (4)| (487)| (18)
--------------------------------------------+----------+--------+--------
KOKKU EBITDA 215| 137| 1 557| 540
--------------------------------------------+----------+--------+--------
Põhivara kulum ja amortisatsioon (118)| (136)| (498)| (558)
--------------------------------------------+----------+--------+--------
KOKKU ÄRIKASUM/-KAHJUM 97| 0| 1 059| (19)
--------------------------------------------+----------+--------+--------
Neto finantskulud (124)| 1 231*| 143| 1 092*
--------------------------------------------+----------+--------+--------
PUHASKASUM/-KAHJUM (27)| 1 231 1 202| 1 074
* Neto finantskulu sisaldab 2020. aasta 4. kvartalis (samuti 12k 2020 veerus)
laenude refinantseerimisest saadud erakorralist finantstulu 1 237 tuhat eurot.
NORDIC FIBREBOARD LTD: FIBREBOARD
Puitkiudplaadi müük 2021. aasta 4. kvartalis oli 2,30 miljonit eurot, mis
kajastab Pärnu tehase täielikku tootmisvõimsust. Lisaks igakuistele
tavapärastele ühepäevastele hooldusperioodidele oli 2021. aasta 4. kvartalis ka
tavapärane pikem aastalõpu 14-päevane hooldusperiood, mis võimaldab teha
ulatuslikumaid tootmismasinate hooldusi ja uuendusi. Nõudlus püsis 2021. aasta
4. kvartali jooksul tugev ning peamiseks prioriteediks olid meie tavapärased
võtmekliendid Soome, Taani, Eesti, Venemaa ja Läti kohalikel turgudel. Müük
nendele võtmeklientidele moodustas 90% 2021. aasta 4. kvartali müügitulust.
Nordic Fibreboard Ltd EBITDA 2021. aasta 4. kvartalis oli 218 tuhat eurot (2020.
aasta 4. kvartalis 139 tuhat eurot), puitkiudplaadi 2021 terve aasta EBITDA oli
1,555 tuhat eurot (2020. aastal 597 tuhat eurot). Kogu 2021. aasta EBITDA
paranemise peamisteks põhjusteks olid brutomarginaali tõus ja madalamad
üldkulud. Brutomarginaali paranemine tulenes masinate kasutusvõimsuse paremast
rakendamisest, kuna keskenduti rohkem õhemate plaatide tootmisele, mis võimaldas
erinevate paksustega toodangut tootes kasutada järjestikku pikemaid
tootmisperioode parandades sellisel viisil tootmise kasumlikkust.
Üldhalduskulude vähenemine 2021. aastal võrreldes 2020. aastaga tulenes
peamiselt kahjumit tootva Püssi tehase sulgemisest 2020. aasta märtsis ning
Pärnus puitkiudplaadi territooriumil asuva amortiseerunud kasutuseta seisva
büroohoone ühekordsetest lammutuskuludest 2020. aastal.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR
-------------+------------+----------+----------
IV kv 2021 | IV kv 2020 | 12k 2021 | 12k 2020
----------------------------+------------+----------+----------
Euroopa Liit 1 992 | 1 633 | 8 225 | 8 327
----------------------------+------------+----------+----------
Venemaa 273 | 307 | 1 356 | 1 240
----------------------------+------------+----------+----------
Aasia 23 | 49 | 147 | 189
----------------------------+------------+----------+----------
Aafrika 0 | 0 | 46 | 95
----------------------------+------------+----------+----------
Lähis-Ida 0 | 10 | 13 | 65
----------------------------+------------+----------+----------
Teised 16 | 9 | 55 | 85
----------------------------+------------+----------+----------
KOKKU 2 304 | 2 007 | 9 842 | 10 001
PÄRNU RIVERSIDE DEVELOPMENT: KINNISVARAHALDUS
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud, 2021. aasta 4. kvartali
renditulu koos kommunaalkulude vahendusega oli 36 tuhat eurot (2020. aasta 4.
kvartalis 64 tuhat eurot). Müügitulu vähenemise põhjuseks oli suurima üürnikuga
üürilepingu lõppemine.
Kinnisvarahalduse 2021. aasta 4. kvartali EBITDA oli positiivne 5 tuhat eurot
(2020. aasta 4. kvartalis positiivne 3 tuhat eurot). Kinnisvarahalduse
puhaskasum 2021. aasta 4. kvartalis oli 5 tuhat eurot (2020. aasta 4. kvartali
puhaskasum oli 3 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 4. kvartalis
müügitulu (2020. aasta 4. kvartali müügitulu oli 1 eurot). Hetkel on käimas
Skano Furniture OÜ likvideerimisprotsess.
KONSOLIDEERITUD FINANTSSEISUNDI JA RAHAVOOGUDE ARUANNE
Seisuga 31.12.2021 olid Nordic Fibreboard AS varad kokku 8,1 miljonit eurot
(31.12.2020: 7,7 miljonit eurot). Kontserni kohustised kokku seisuga 31.12.2021
olid 4,2 miljonit eurot (31.12.2020: 5,0 miljonit eurot), milledest kontsernil
võlgnevusi tarnijatele oli 0,4 miljonit eurot seisuga 31.12.2021 (31.12.2020:
1,1 miljonit eurot) ning laenukohustisi 3,2 miljonit eurot seisuga 31.12.2021
(31.12.2020: samuti 3,2 miljonit eurot).
Nõuded ja ettemaksed olid kokku 0,9 miljonit eurot seisuga 31.12.2021
(31.12.2020: 0,8 miljonit eurot). Varud seisuga 31.12.2021 olid 0,4 miljonit
eurot (31.12.2020: 0,5 miljonit eurot). Kontserni põhivarad kokku seisuga
31.12.2021 olid 6,7 miljonit eurot (31.12.2020: 6,3 miljonit eurot).
Kontserni äritegevuse tulemuseks 2021. aasta jooksul oli raha sissevool 730
tuhat eurot (2020. aasta jooksul raha sissevool 150 tuhat eurot).
Investeerimistegevustelt tulenevalt toimus 2021. aasta jooksul raha väljavool
summas 587 tuhat eurot, mis peamiselt tulenes tootmisseadmete parendustest
(2020. aastal raha väljavool 56 tuhat eurot). Finantseerimisetegevustelt oli
raha väljavool 2021. aastal 112 tuhat eurot (2020. aastal oli raha väljavool 75
tuhat eurot). Netorahavoo tulemuseks oli 2021. aastal raha sissevool summas 31
tuhat eurot võrdluseks 2020. aastal raha sissevooluga 19 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 01.01.2025 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
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
TÖÖTAJAD
Seisuga 31.12.2021 töötas Kontsernis 91 inimest (võrreldes 97 inimesega seisuga
31.12.2020). Töötajate keskmine arv oli 2021. aasta 4. kvartalis 96 (4.
kvartalis 2020: 96).
2021. aasta kaheteistkümne kuu jooksul moodustasid tööjõukulud koos
maksukuludega kokku 2,0 miljonit eurot (kaksteist kuud 2020: samuti 2,0 miljonit
eurot). Kõigi kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele
arvestatud tasud koos maksukuludega olid kokku 245 tuhat eurot 2021 aasta
kaheteistkümne kuu jooksul ning 217 tuhat eurot kaheteistkümne kuu jooksul 2020
aastal.
FINANTSSUHTARVUD
tuh EUR
| | | |
Kasumiaruanne | IV kv 2021 | IV kv 2020 | 12k 2021 | 12k 2020
---------------------+------------+------------+----------+----------
Müügitulu | 2 339 | 2 072 | 10 096 | 10 269
---------------------+------------+------------+----------+----------
EBITDA | 215 | 137 | 1 557 | 540
---------------------+------------+------------+----------+----------
EBITDA rentaablus | 9% | 7% | 15% | 5%
---------------------+------------+------------+----------+----------
Ärikasum/-kahjum | 97 | 0 | 1 059 | (19)
---------------------+------------+------------+----------+----------
Ärirentaablus | 4% | 0% | 10% | (0%)
---------------------+------------+------------+----------+----------
Puhaskasum/-kahjum | (27) | 1 231 | 1 202 | 1 074
---------------------+------------+------------+----------+----------
Puhasrentaablus | (1%) | 59% | 12% | 10%
Bilanss | 31.12.2021 | 31.12.2020
-------------------------------------------+------------+------------
Koguvarad | 8 063 | 7 650
-------------------------------------------+------------+------------
Koguvarade puhasrentaablus | 15% | 14%
-------------------------------------------+------------+------------
Omakapital | 3 850 | 2 648
-------------------------------------------+------------+------------
Omakapitali puhasrentaablus | 31% | 41%
-------------------------------------------+------------+------------
Võlakordaja | 52% | 65%
| |
| |
Aktsia | 31.12.2021 | 31.12.2020
-------------------------------------------+------------+------------
Aktsia viimane hind (EUR)* | 1,95 | 0,45
-------------------------------------------+------------+------------
Puhaskasum aktsia kohta (EUR) | 0,27 | 0,24
-------------------------------------------+------------+------------
Hind-tulu (PE) suhtarv | 7,30 | 1,89
-------------------------------------------+------------+------------
Aktsia raamatupidamisväärtus (EUR) | 0,86 | 0,59
-------------------------------------------+------------+------------
Turuhinna ja raamatupidamisväärtuse suhe | 2,28 | 0,76
-------------------------------------------+------------+------------
Turukapitalisatsioon tuh EUR | 8 773 | 2 025
-------------------------------------------+------------+------------
Aktsiate arv tk | 4 499 061 | 4 499 061
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = jooksva viimase 12 kuu puhaskasum(-kahjum) /
aktsiate arv
Hind-tulu (PE) suhtarv = aktsia viimane hind / jooksva viimase 12 kuu
puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |31.12.2021|31.12.2020|31.12.2019
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid | 57| 26| 7
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 902| 794| 1 394
----------------------------------------------+----------+----------+----------
Varud (Lisa 3) | 390| 544| 894
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 1 349| 1 364| 2 296
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 1 152| 1 134| 1 121
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiaruande (Lisa 7) | 644| 451| 397
----------------------------------------------+----------+----------+----------
Materiaalne põhivara ja vara kasutusõigus | | |
(Lisa 5) | 4 915| 4 695| 5 212
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 3| 6| 19
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 714| 6 286| 6 749
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
KOKKU VARAD | 8 063| 7 650| 9 045
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisa 8) | 146| 756| 4 547
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 829| 1 574| 2 665
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 19| 18| 20
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 994| 2 348| 7 232
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisas 8) | 3 074| 2 493| 92
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 145| 161| 179
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 3 219| 2 654| 271
----------------------------------------------+----------+----------+----------
Kokku kohustised | 4 213| 5 002| 7 503
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 11) | 450| 450| 2 699
----------------------------------------------+----------+----------+----------
Ülekurss | 0| 0| 364
----------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 0| 0| 288
----------------------------------------------+----------+----------+----------
Muud reservid | 0| 0| 84
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 3 400| 2 198| (1 894)
----------------------------------------------+----------+----------+----------
Kokku omakapital | 3 850| 2 648| 1 542
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
KOKKU KOHUSTISED JA OMAKAPITAL | 8 063| 7 650| 9 045
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 26.
KONSOLIDEERITUD KASUMI-JA MUU KOONDKASUMI ARUANNE
tuh EUR |IV kv 2021|IV kv 2020|12k 2021|12k 2020
---------------------------------------+----------+----------+--------+--------
Müügitulu (Lisa 13) | 2 339| 2 072| 10 096| 10 269
---------------------------------------+----------+----------+--------+--------
Müüdud toodangu kulu (Lisa 14) | 1 843| 1 591| 7 294| 8 099
---------------------------------------+----------+----------+--------+--------
Brutokasum | 496| 481| 2 802| 2 170
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
Turustuskulud (Lisa 15) | 277| 268| 1 168| 1 283
---------------------------------------+----------+----------+--------+--------
Üldhalduskulud (Lisa 16) | 120| 176| 565| 605
---------------------------------------+----------+----------+--------+--------
Muud äritulud (Lisa 18) | 0| 18| 5| 42
---------------------------------------+----------+----------+--------+--------
Muud ärikulud (Lisa 18) | 2| 55| 15| 342
---------------------------------------+----------+----------+--------+--------
Ärikasum (-kahjum) | 97| 0| 1 059| (19)
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
Finantstulud (Lisa 19) | 0| 1 269| 265| 1 291
---------------------------------------+----------+----------+--------+--------
Finantskulud (Lisa 19) | 124| 38| 122| 199
---------------------------------------+----------+----------+--------+--------
Kasum (-kahjum) enne tulumaksustamist | (27)| 1 231| 1 202| 1 074
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
ARUANDEPERIOODI PUHASKASUM (-KAHJUM) | | | |
KOKKU | (27)| 1 231| 1 202| 1 074
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
Tava perioodi puhaskasum (-kahjum) | | | |
aktsia kohta (Lisa 12) | (0,01)| 0,27| 0,27| 0,24
---------------------------------------+----------+----------+--------+--------
Lahustatud perioodi puhaskasum (- | | | |
kahjum) aktsia kohta (Lisa 12) | (0,01)| 0,27| 0,27| 0,24
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 26.
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 fourth quarter and 12 months of 2021
Message
MANAGEMENT REPORT
NORDIC FIBREBOARD AS UNAUDITED RESULTS FOR FOURTH QUARTER AND 12 MONTHS OF2021
Consolidated net sales for Q4 2021 were EUR 2.34 million, which was 13% higher
than in the same period of previous year (Q4 2020: EUR 2.07 million), of which the
sales revenue of fibreboard was EUR 2.30 million and the sales revenue of real
estate management was EUR 0.04 million.
Consolidated sales for the full year 2021 was EUR 10.10 million, a slight decline
from 2020 full year sales of EUR 10.27 million. Main reason for such decline was
due to the closure of the second fibreboard factory in March 2020 triggered by
the COVID-19 pandemic, which led to a decline of fibreboard sales in year 2021
from year 2020 of EUR 0.16 million.
Fibreboard sales in Q4 2021 of EUR 2.31 million was ahead of Q4 2020 sales with EUR
0.29 million, which was due to fewer production maintenance days during Q4 2021
compared to Q4 2020. In the real estate management subsidiary Pärnu Riverside
Development, sales in Q4 2021 of EUR 0.04 million was a decrease of EUR 0.03 million
from Q4 2020, this being caused by the loss of the largest rental tenant in Q4
2021.
The consolidated EBITDA of Nordic Fibreboard AS was EUR 215 thousand for Q4 2021
(Q4 2020: EBITDA was EUR 137 thousand). The improvement in EBITDA was due to
slightly improved gross margin as well as less overhead costs in the fibreboard
division during Q4 2021 compared to Q4 2020. Overhead costs were lower due to
the one-off expense incurred in Q4 2020 for the removal of the old unused office
building located at the fibreboard site in Pärnu.
Consolidated net loss for Q4 2021 was EUR 27 thousand (Q4 2020: net profit EUR
1,231 thousand). The main reasons for the change in net profit is the
refinancing of loans and overdrafts at the end of 2020, which generated a one-
off financial income of EUR 1,237 thousand in Q4 2020. In addition, the net loss
for the Q4 2021 includes the loss from the revaluation of the Group's
shareholding in the Nasdaq listed real estate company Trigon Property
Development AS ("TPD") in the amount of EUR 89 thousand (TPD shareholding showed a
profit of EUR 32 thousand during Q4 2020).
Net profit for full year 2021 was EUR 1.20 million (full year 2020: EUR 1.07
million, after adjusting for the one-off financial income of EUR 1.24 million from
the refinancing at the end of year 2020).
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020
---------------------------------------------+---------+----------+----------
Fibreboards production and sales 2,304 | 2,007 | 9,842 | 10,001
---------------------------------------------+---------+----------+----------
Real Estate Management 36 | 64 | 254 | 212
---------------------------------------------+---------+----------+----------
Furniture retail 0 | 1 | 0 | 56
---------------------------------------------+---------+----------+----------
Group transactions (0) | 0 | (0) | (0)
---------------------------------------------+---------+----------+----------
TOTAL 2,339 | 2,072 | 10,096 | 10,269
Profit by business segments
EUR thousand Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020
---------------------------------------------+---------+----------+----------
EBITDA by business units: | | |
---------------------------------------------+---------+----------+----------
Fibreboards production and sales 218 | 139 | 1,555 | 597
---------------------------------------------+---------+----------+----------
Real Estate Management 5 | 3 | 15 | 0
---------------------------------------------+---------+----------+----------
Furniture retail 0 | (1) | 474 | (40)
---------------------------------------------+---------+----------+----------
Group transactions (8) | (4) | (487) | (18)
---------------------------------------------+---------+----------+----------
TOTAL EBITDA 215 | 137 | 1,557 | 540
---------------------------------------------+---------+----------+----------
Depreciation (118) | (136) | (498) | (558)
---------------------------------------------+---------+----------+----------
TOTAL OPERATING PROFIT/ LOSS 97 | 0 | 1,059 | (19)
---------------------------------------------+---------+----------+----------
Net financial costs (124) | 1,231* | 143 | 1,092*
---------------------------------------------+---------+----------+----------
NET PROFIT/ LOSS (27) | 1,231 1,202 | 1,074
* Net financial costs in Q4 2020 (also 12M 2020) include extraordinary income EUR
1,237 thousand from loan refinancing.
NORDIC FIBREBOARD LTD: FIBREBOARD
Fibreboard sales in Q4 2021 was EUR 2.30 million reflects full capacity
utilisation of our Pärnu factory. Apart from having usual monthly one-day
maintenance periods, we also had the usual year-end longer maintenance period of
14 days, allowing us to make more extensive production machinery maintenance and
updates. Demand remained strong during Q4 2021 period, and main priority was
given to our usual key customers in the local markets of Finland, Denmark,
Estonia, Russia, Sweden, and Latvia. Customers in these key markets accounted
for about 90% of our total sales in Q4 2021.
The EBITDA of the fibreboard division in Q4 2021 was EUR 218 thousand (Q4 2020: EUR
139 thousand), the EBITDA of fibreboard for the full year in 2021 was EUR 1,555
thousand (full year in 2020: EUR 597 thousand). The main reasons for such annual
EBITDA improvement were due to an increase in gross margin and lower overhead
costs. Gross margin improvement was due to higher capacity utilisation caused by
focusing on fewer product thicknesses, which allowed for longer production runs
for each produced thickness, which let to improved production profitability.
Overhead costs was reduced in 2021 compared to 2020 mainly due to the March
2020 closure of the loss-making Püssi factory, as well as the one-off expense
incurred when demolishing the old unused office building located on the Pärnu
fibreboard site.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand
----------+---------+----------+----------
Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020
---------------------------+---------+----------+----------
European Union 1,992 | 1,633 | 8,225 | 8,327
---------------------------+---------+----------+----------
Russia 273 | 307 | 1,356 | 1,240
---------------------------+---------+----------+----------
Asia 23 | 49 | 147 | 189
---------------------------+---------+----------+----------
Africa 0 | 0 | 46 | 95
---------------------------+---------+----------+----------
Middle East 0 | 10 | 13 | 65
---------------------------+---------+----------+----------
Other 16 | 9 | 55 | 85
---------------------------+---------+----------+----------
TOTAL 2,304 | 2,007 | 9,842 | 10,001
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. Sales in Q4 2021 was EUR 36
thousand (2020 Q4: EUR 64 thousand). The reason for the decrease in sales revenue
was caused by the loss of the largest tenant.
The real estate management EBITDA for Q4 2021 were positive EUR 5 thousand (Q4
2020: positive EUR 3 thousand). The real estate management net profit for Q4 2021
was EUR 5 thousand (Q4 2020: net profit EUR 3 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 Q4 2021 (Q4 2020, the revenue was EUR 1 thousand). We are in the
process of liquidating Skano Furniture OÜ.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH-FLOW
As of 31.12.2021 the total assets of Nordic Fibreboard AS were EUR 8.1 million
(31.12.2020: EUR 7.7 million). The liabilities of the company as of 31.12.2021
were EUR 4.2 million (31.12.2020: EUR 5.0 million), of which the Group has payables
of EUR 0.4 million as at 31.012.2021 (31.12.2020: EUR 1.1 million) and borrowings of
EUR 3.2 million as at 31.12.2021 (31.12.2020: also EUR 3.2 million).
Receivables and prepayments amounted to EUR 0.9 million as at 31.12.2021
(31.12.2020: EUR 0.8 million). Inventories were EUR 0.4 million as of 31.12.2021
(31.12.2020: EUR 0.5 million). Fixed assets were EUR 6.7 million as of 31.12.2021 (EUR
6.3 million as of 31.12.2020).
During 2021 twelve months, the Group's cash flows from operating activities
totalled EUR 730 thousand (2020 twelve months: EUR 150 thousand). Investment
activities resulted in cash outflows in amount of EUR 587 thousand during 2021
twelve months, which was mainly due to improvements in production machinery
(2020 twelve months: outflow EUR 56 thousand). Financing activities also resulted
in cash outflows of EUR 112 thousand during twelve months 2021 (2020 twelve
months: cash outflow EUR 75 thousand). Net cash effect during 2021 twelve months
cash inflow of EUR 31 thousand, which compares to 2020 twelve months cash inflows
of EUR 19 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 01.01.2025.
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.
REAL ESTATE MANAGEMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu.
PEOPLE
On the 31st of December 2021, the Group employed 91 people (compared to 97
people as of 31.12.2020). The average number of personnel in Q4 2021 was 96 (Q4
2020: 96).
For twelve months of 2021, wages and salaries with taxes amounted to EUR 2.0
million (twelve months 2019: also EUR 2.0 million). Payments made to management
board members of all group companies including all subsidiaries with relevant
taxes were EUR 245 thousand in twelve months 2021 and EUR 217 thousand in twelve
months 2020.
FINANCIAL HIGHLIGHTS
EUR thousand
| | | |
Income statement | Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020
-------------------+---------+---------+----------+----------
Revenue | 2,339 | 2,072 | 10,096 | 10,269
-------------------+---------+---------+----------+----------
EBITDA | 215 | 137 | 1,557 | 540
-------------------+---------+---------+----------+----------
EBITDA margin | 9% | 7% | 15% | 5%
-------------------+---------+---------+----------+----------
Operating profit | 97 | 0 | 1,059 | (19)
-------------------+---------+---------+----------+----------
Operating margin | 4% | 0% | 10% | (0%)
-------------------+---------+---------+----------+----------
Net profit | (27) | 1,231 | 1,202 | 1,074
-------------------+---------+---------+----------+----------
Net margin | (1%) | 59% | 12% | 10%
Statement of financial position | 31.12.2021 | 31.12.2020
------------------------------------+------------+------------
Total assets | 8,063 | 7,650
------------------------------------+------------+------------
Return on assets | 15% | 14%
------------------------------------+------------+------------
Equity | 3,850 | 2,648
------------------------------------+------------+------------
Return on equity | 31% | 41%
------------------------------------+------------+------------
Debt-to-equity ratio | 52% | 65%
| |
| |
Share | 31.12.2021 | 31.12.2020
------------------------------------+------------+------------
Last Price* | 1.95 | 0.45
------------------------------------+------------+------------
Earnings per share | 0.27 | 0.24
------------------------------------+------------+------------
Price-earnings ratio | 7.30 | 1.89
------------------------------------+------------+------------
Book value of a share | 0.86 | 0.59
------------------------------------+------------+------------
Market to book ratio | 2.28 | 0.76
------------------------------------+------------+------------
Market capitalization, EUR thousand | 8,773 | 2,025
------------------------------------+------------+------------
Number of shares, piece | 4,499,061 | 4,499,061
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-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 POSITION
EUR thousand |31.12.2021|31.12.2020|31.12.2019
----------------------------------------------+----------+----------+----------
Cash and cash equivalents | 57| 26| 7
----------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 2) | 902| 794| 1,394
----------------------------------------------+----------+----------+----------
Inventories (Note 3) | 390| 544| 894
----------------------------------------------+----------+----------+----------
Total current assets | 1,349| 1,364| 2,296
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Investment property (Note 4) | 1,152| 1,134| 1,121
----------------------------------------------+----------+----------+----------
Financial assets at fair value through profit| | |
or loss (Note 7) | 644| 451| 397
----------------------------------------------+----------+----------+----------
Property, plant, equipment and right-of-use | | |
assets (Note 5) | 4,915| 4,695| 5,212
----------------------------------------------+----------+----------+----------
Intangible assets (Note 6) | 3| 6| 19
----------------------------------------------+----------+----------+----------
Total non-current assets | 6,714| 6,286| 6,749
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL ASSETS | 8,063| 7,650| 9,045
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Borrowings (Notes 8) | 146| 756| 4,547
----------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 9) | 829| 1,574| 2,665
----------------------------------------------+----------+----------+----------
Short-term provisions (Note 10) | 19| 18| 20
----------------------------------------------+----------+----------+----------
Total current liabilities | 994| 2,348| 7,232
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 8) | 3,074| 2,493| 92
----------------------------------------------+----------+----------+----------
Long-term provisions (Note 10) | 145| 161| 179
----------------------------------------------+----------+----------+----------
Total non-current liabilities | 3,219| 2,654| 271
----------------------------------------------+----------+----------+----------
Total liabilities | 4,213| 5,002| 7,503
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 11) | 450| 450| 2,699
----------------------------------------------+----------+----------+----------
Share premium | 0| 0| 364
----------------------------------------------+----------+----------+----------
Statutory reserve capital | 0| 0| 288
----------------------------------------------+----------+----------+----------
Other reserves | 0| 0| 84
----------------------------------------------+----------+----------+----------
Retained earnings (loss) | 3,400| 2,198| (1,894)
----------------------------------------------+----------+----------+----------
Total equity | 3,850| 2,648| 1,542
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 8,063| 7,650| 9,045
*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 |Q4 2021|Q4 2020|12M 2021|12M 2020
-------------------------------------+-------+-------+--------+--------
Revenue (Note 13) | 2,339| 2,072| 10,096| 10,269
-------------------------------------+-------+-------+--------+--------
Cost of goods sold (Note 14) | 1,843| 1,591| 7,294| 8,099
-------------------------------------+-------+-------+--------+--------
Gross profit | 496| 481| 2,802| 2,170
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
Distribution costs (Note 15) | 277| 268| 1,168| 1,283
-------------------------------------+-------+-------+--------+--------
Administrative expenses (Note 16) | 120| 176| 565| 605
-------------------------------------+-------+-------+--------+--------
Other operating income (Note 18) | 0| 18| 5| 42
-------------------------------------+-------+-------+--------+--------
Other operating expenses (Note 18) | 2| 55| 15| 342
-------------------------------------+-------+-------+--------+--------
Operating profit (loss) | 97| 0| 1,059| (19)
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
Finance income (Note 19) | 0| 1,269| 265| 1,291
-------------------------------------+-------+-------+--------+--------
Finance costs (Note 19) | 124| 38| 122| 199
-------------------------------------+-------+-------+--------+--------
Profit (Loss) before income tax | (27)| 1,231| 1,202| 1,074
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE PERIOD | (27)| 1,231| 1,202| 1,074
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
Basic earnings per share (Note 12) | (0.01)| 0.27| 0.27| 0.24
-------------------------------------+-------+-------+--------+--------
Diluted earnings per share (Note 12)| (0.01)| 0.27| 0.27| 0.24
*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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