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
9601
Attachments
Submission date and time
27.05.2022 15:00:45
Content of announcement in Estonian
Title
Nordic Fibreboard AS 2022. aasta I kvartali auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
Nordic Fibreboard AS auditeerimata 2022. majandusaasta esimese kvartali
tulemused
Nordic Fibreboard AS konsolideeritud müügitulu oli 2022. aasta 1. kvartalis
2,60 miljonit eurot (8% vähem kui 2021. aasta 1. kvartalis). Kontserni peamine
tegevusala on puitkiudplaadi tootmine ja hulgimüük, mille müügitulu 2021. aasta
1. kvartalis oli 2,59 miljonit eurot (6% vähem kui 2021. aasta 1. kvartalis).
Ülejäänud segmendiks on Pärnus Suur-Jõe tänaval oleva kinnisvara haldamine,
mille müügitulu 2022. aasta 1. kvartalis oli 0,01 miljonit eurot (2021. aasta 1
kvartali müügitulust 0,08 miljonit eurot vähem).
Puitkiudplaatide tootmise ja müügitulu vähenemise põhjuseks 2022. aasta 1.
kvartalis võrreldes 2021. aasta 1. kvartaliga oli tootmisliinidel tekkinud
seisakutest tingitud väiksem toodangumaht. Nõudlus meie puitkiudplaatide järele
oli 2022. aasta 1. kvartalis väga tugev ja tootmine töötas täisvõimsusel.
Tarneajad meie võtmeklientidele olid keskmiselt 3 kuud, mis on olnud tavapärane
aeg viimase kahe aasta jooksul. 2022. aasta 1. kvartali EBITDA oli 279 tuhat
eurot (mis on 11% müügitulust), mis on langus võrreldes 2021. 1 kvartali EBITDA-
ga 496 tuhat eurot (mis on 18% müügitulust). Kasumlikkuse vähenemise peamiseks
põhjuseks oli 2022. aasta 1. kvartalis aset leidnud tooraine, põhiliselt
hakkepuidu- ja energiahindade järsk tõus.
Kinnisvara halduse segmendis lahkus eelmise aasta lõpus üüripinnalt üks
suuremaid üürnikke, mistõttu oli 2022. aasta 1. kvartalis müügitulu väiksem kui
2021. aasta 1. kvartalis (9 tuhat eurot võtteldes 89 tuhande euroga). See andis
2022. aasta 1 kvartali tulemuseks ärikahjumi 10 tuhat eurot (2021. asta 1.
kvartal: ärikasum 8 tuhat eurot).
2022. aasta 1. kvartali finantstulu mõjutas positiivselt Nordic Fibreboardile
kuuluvate Tallinna Väärtpaberibörsil noteeritud kinnisvaraettevõtte Trigon
Property Development (TPD) aktsiate väärtuse kasv 52 tuhande euro võrra.
Aktsiate väärtuseks hinnati 2022. aastal 1. kvartali alguses 644 tuhat eurot ja
2022. aasta 1. kvartali lõpus oli nende väärtus 696 tuhat eurot (2021. aasta 1.
kvartalis kasvas aktsiate väärtus 255 tuhande euro võrra).
Kontserni 2022. aasta 1. kvartali konsolideeritud puhaskasum oli 152 tuhat eurot
(2021 1 kv: puhaskasum 550 tuhat eurot).
ÄRIVALDKONDADE ÜLEVAADE
Müügitulu ärisegmentide lõikes
tuh EUR I kv 2022 | I kv 2021
------------------------------------------+-----------
Kiudplaadi tootmine ja müük 2 591 | 2 757
------------------------------------------+-----------
Kinnisvara haldamine 9 | 89
------------------------------------------+-----------
KOKKU 2 600 | 2 846
Kasum ärisegmentide lõikes
tuh EUR I kv 2022 | I kv 2021
-----------------------------------------------+-----------
EBITDA ärisegmentide lõikes |
-----------------------------------------------+-----------
Kiudplaadi tootmine ja müük 279 | 496
-----------------------------------------------+-----------
Kinnisvara haldamine (10) | 8
-----------------------------------------------+-----------
Elimineerimine (14) | (20)
-----------------------------------------------+-----------
Kokku EBITDA 255 | 484
-----------------------------------------------+-----------
Põhivara kulum ja amortisatsioon (121) | (133)
-----------------------------------------------+-----------
Kokku ÄRIKASUM/-KAHJUM 134 | 351
-----------------------------------------------+-----------
Neto finantskulud 18* | 199*
-----------------------------------------------+-----------
PUHASKASUM/-KAHJUM 152 | 550
*Sisaldab väärtuse ülespoole korrigeerimist Nordic Fibreboardi osalusest
kinnisvaraarendusettevõttes TPD seoses aktsia hinna kallinemisega 2022. aasta
1. kvartalis ja 2021. aasta 1. kvartalis. TPD AS omab Pärnus äripargi
arendusala.
Nordic Fibreboard Ltd: kiudplaadi tootmine ja müük
Puitkiudplaadi müügitulu 2022. aasta 1. kvartalis oli 2,59 miljonit eurot.
Tellimuste maht püsis tugevana kogu 2022. aasta 1. kvartali jooksul, mistõttu
seadsime oma prioriteediks lähiturgude võtmekliendid. 2022. aasta 1. kvartali
EBITDA oli 279 tuhat eurot, mis millest müügitulu osakaal moodustas 11%.
Võrreldes 2021. aasta 1. kvartaliga on müügitulu osakaal EBITDA-st langenud,
siis moodustas müügitulu EBITDA-st 18%. Langus tulenes peamiselt meie peamise
tooraine ehk hakkepuidu hinna kiirest tõusust, mis väljendus soojusenergia
kuludena, 2022. aasta 1. kvartalis
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR I kv 2022 | I kv 2021
---------------------------+-----------
Euroopa Liit 2 259 | 2 159
---------------------------+-----------
Venemaa 269 | 433
---------------------------+-----------
Aasia 41 | 102
---------------------------+-----------
Lähis-Ida 13 | 0
---------------------------+-----------
Teised 9 | 16
---------------------------+-----------
Aafrika 0 | 47
---------------------------+-----------
Kokku 2 591 | 2 757
Pärnu Riverside Development: kinnisvarahaldus
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud ning kinnisvarahaldusest saadud
renditulu oli 2022. aasta 1. kvartalis 9 tuhat eurot (2021 1. kv: 89 tuhat
eurot). Müügitulu vähenemise tingis ühe suurima üürniku lahkumine üüripinnalt
2021 aasta lõpus.
Kinnisvarahalduse 2022. aasta 1. kvartali EBITDA oli negatiivne 10 tuhat eurot
(2021 1.kv: positiivne 8 tuhat eurot).
Bilanss ja rahavoogude aruanne
Seisuga 31.03.2022 olid Nordic Fibreboard AS varad kokku 8,6 miljonit eurot
(31.03.2021: 7,8 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.03.2022 4,6 miljonit eurot (31.03.2021: samuti 4,6 miljonit eurot), milledest
Kontsernil võlgnevusi tarnijatele oli 0,8 miljonit eurot 31.03.2022 seisuga
(31.03.2021: 0,9 miljonit eurot) ning laenukohustisi 3,2 miljonit eurot seisuga
31.03.2022 (31.03.2021: samuti 3,2 miljonit eurot).
Nõuded ja ettemaksed olid kokku 1,4 miljonit eurot seisuga 31.03.2022
(31.03.2021: 1,0 miljonit eurot). Varud seisuga 31.03.2022 0,4 miljonit eurot
(31.03.2021 0,3 miljonit eurot). Kontserni põhivarad kokku seisuga 31.03.2022
oli 6,7 miljonit eurot (6,4 miljonit seisuga 31.03.2021).
2022. aasta 1. kvartalis oli Kontserni sissetulev rahavoog äritegevusest kokku
78 tuhat eurot (2021 1. kv: sissetulev rahavoog 196 tuhat eurot).
Investeerimistegevusest oli väljaminev rahavoog 2022. aasta 1. kvartalis 98
tuhat eurot, mis peamiselt tulenes tootmisseadmete parendustest (2021 1 kv:
väljuv rahavoog 27 tuhat eurot). Finantseerimistegevustest oli väljaminev
rahavoog 2022. aasta 1. kvartalis 35 tuhat eurot (2021 1. kv: väljuv rahavoog
64 tuhat eurot). Netorahavoo tulemuseks oli 2022. aasta 1. kvartalis väljaminev
rahavoog summas 55 tuhat eurot (2021 1 kv: sissetulev rahavoog 105 tuhat eurot).
TULEVIKU VÄLJAVAADE
Nordic Fibreboard Ltd
Nõudlus puitkiudplaatidele on jätkuvalt tugev. Toorainehinna tõus pani meid
2022. aasta 2. kvartali jooksul ka hinda tõstma, mis peaks kulude kasvu suures
osas kompenseerima.
Juhtkond tegeleb Pärnu tehase katlamaja ettevalmistustöödega, et vastata uutele
heitmenõuetele mis jõustuvad 01.01.2025. Meie teise tehase, mis asub Püssis,
peamiseks energiaallikaks on gaas ning praegune kõrge gaasihindmuudab tehase
lähitulevikus taaskäivitamise prognoosimatuks.
Ukrainas toimuva sõja tagajärjel me ei tarni enam oma Venemaa klientidele
puitkiudplaate ja on mõistetav, et Ukraina kliendid ei saa veel oma äritegevust
taastada. Kuid tugev nõudlus kiudplaatidele jätkub ja tagab meile tugeva
tellimuste portfelli, mistõttu müügi vähenemine Venemaa ja Ukraina klientidele
meie kogukäibele negatiivset mõju ei avalda.
Pärnu Riverside Development
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Töötajad
Seisuga 31.03.2022 töötas Kontsernis 95 inimest (võrreldes 97 inimesega seisuga
31.03.2021). Töötajate keskmine arv oli 2022 1. kvartalis 93 (1. kvartalis
2021: 95).
2022. aasta esimese kolme kuu jooksul olid tööjõukulud koos maksukuludega kokku
484 tuhat eurot (2021 esimese kolme kuu jooksul 460 tuhat eurot). Kõigi
kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 65 tuhat eurot 2022. aasta 1. kvartalis ning 55
tuhat eurot 2021. aasta 1. kvartalis.
FINANTSSUHTARVUD
tuh EUR
| |
Kasumiaruanne | I kv 2022 | I kv 2021
-------------------------------------------+------------+------------
Müügitulu | 2 600 | 2 846
-------------------------------------------+------------+------------
EBITDA | 255 | 484
-------------------------------------------+------------+------------
EBITDA rentaablus | 10% | 17%
-------------------------------------------+------------+------------
Ärikasum/-kahjum | 134 | 351
-------------------------------------------+------------+------------
Ärirentaablus | 5% | 12%
-------------------------------------------+------------+------------
Puhaskasum/-kahjum | 152 | 550
-------------------------------------------+------------+------------
Puhasrentaablus | 6% | 19%
| |
| |
Bilanss | 31.03.2022 | 31.03.2021
-------------------------------------------+------------+------------
Koguvarad | 8 580 | 7 839
-------------------------------------------+------------+------------
Koguvarade puhasrentaablus | 2% | 7%
-------------------------------------------+------------+------------
Omakapital | 4 002 | 3 199
-------------------------------------------+------------+------------
Omakapitali puhasrentaablus | 4% | 17%
-------------------------------------------+------------+------------
Võlakordaja | 53% | 59%
| |
| |
Aktsia | 31.03.2022 | 31.03.2021
-------------------------------------------+------------+------------
Aktsia viimane hind (EUR)* | 1,83 | 0,71
-------------------------------------------+------------+------------
Puhaskasum aktsia kohta (EUR) | 0,18 | 0,48
-------------------------------------------+------------+------------
Hind-tulu (PE) suhtarv | 10,25 | 1,48
-------------------------------------------+------------+------------
Aktsia raamatupidamisväärtus (EUR) | 0,89 | 0,71
-------------------------------------------+------------+------------
Turuhinna ja raamatupidamisväärtuse suhe | 2,06 | 1,00
-------------------------------------------+------------+------------
Turukapitalisatsioon tuh EUR | 8 233 | 3 194
-------------------------------------------+------------+------------
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 kokku
*http://www.nasdaqbaltic.com/
Konsolideeritud finantsseisundi aruanne
tuh EUR |31.03.2022|31.12.2021|31.03.2021|31.12.2020
-----------------------------------+----------+----------+----------+----------
Raha ja raha ekvivalendid | 2| 57| 131| 26
-----------------------------------+----------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 1 401| 902| 975| 794
-----------------------------------+----------+----------+----------+----------
Varud (Lisa 3) | 436| 390| 329| 544
-----------------------------------+----------+----------+----------+----------
Kokku käibevarad | 1 839| 1 349| 1 435| 1 364
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 1 152| 1 152| 1 134| 1 134
-----------------------------------+----------+----------+----------+----------
Finantsvarad õiglases väärtuses | | | |
muutustega läbi kasumiaruande | | | |
(Lisa 7) | 696| 644| 676| 451
-----------------------------------+----------+----------+----------+----------
Materiaalne põhivara (Lisa 5) | 4 890| 4 915| 4 591| 4 695
-----------------------------------+----------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 3| 3| 3| 6
-----------------------------------+----------+----------+----------+----------
Kokku põhivarad | 6 741| 6 714| 6 404| 6 286
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku varad | 8 580| 8 063| 7 839| 7 650
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Võlakohustised (Lisa 8) | 114| 146| 691| 756
-----------------------------------+----------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 1 234| 829| 1 282| 1 574
-----------------------------------+----------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 14| 19| 13| 18
-----------------------------------+----------+----------+----------+----------
Kokku lühiajalised kohustised | 1 362| 994| 1 986| 2 348
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Pikaajalised võlakohustised (Lisa | | | |
8) | 3 071| 3 074| 2 493| 2 493
-----------------------------------+----------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 145| 145| 161| 161
-----------------------------------+----------+----------+----------+----------
Kokku pikaajalised kohustised | 3 216| 3 219| 2 654| 2 654
-----------------------------------+----------+----------+----------+----------
Kokku kohustised | 4 578| 4 213| 4 640| 5 002
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) | | | |
(Lisa 11) | 450| 450| 450| 450
-----------------------------------+----------+----------+----------+----------
Jaotamata kasum (kahjum) | 3 552| 3 400| 2 749| 2 198
-----------------------------------+----------+----------+----------+----------
Kokku omakapital | 4 002| 3 850| 3 199| 2 648
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku kohustised ja omakapital | 8 580| 8 063| 7 839| 7 650
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 24.
Konsolideeritud kasumi- ja muu koondkasumiaruanne
tuh EUR |I kv 2022|I kv 2021
-------------------------------------------------------+---------+---------
Müügitulu (Lisa 13) | 2 600| 2 846
-------------------------------------------------------+---------+---------
Müüdud toodangu kulu (Lisa 14) | 2 060| 1 979
-------------------------------------------------------+---------+---------
Brutokasum | 540| 867
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
Turustuskulud (Lisa 15) | 284| 342
-------------------------------------------------------+---------+---------
Üldhalduskulud (Lisa 16) | 121| 172
-------------------------------------------------------+---------+---------
Muud äritulud (Lisa 18) | 0| 2
-------------------------------------------------------+---------+---------
Muud ärikulud (Lisa 18) | 1| 4
-------------------------------------------------------+---------+---------
Ärikasum | 134| 351
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
Finantstulud (Lisa 19) | 52| 225
-------------------------------------------------------+---------+---------
Finantskulud (Lisa 19) | 34| 26
-------------------------------------------------------+---------+---------
KASUM ENNE TULUMAKSUSTAMIST | 152| 550
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
ARUANDEPERIOODI PUHASKASUM | 152| 550
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
Tava perioodi puhaskahjum aktsia kohta (Lisa 12) | 0,03| 0,12
-------------------------------------------------------+---------+---------
Lahustatud perioodi puhaskahjum aktsia kohta (Lisa 12)| 0,03| 0,12
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 24.
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 first quarter of 2022
Message
MANAGEMENT REPORT
Nordic Fibreboard AS unaudited results for first quarter of 2022
Consolidated net sales for Q1 2022 were EUR 2.60 million (down 8% compared to Q1
2021). The main business area is the production and wholesale of fibreboard,
which recorded sales in Q1 2022 of EUR 2.59 million (down 6% compared to Q1
2021). The remaining business area is real estate management of the property
owned in Suur-Jõe street in Pärnu, who recorded sales of EUR 0.01 million in Q1
2022 (down from sales of EUR 0.08 million in Q1 2021).
Sales from production of fibreboards in Q1 2022 experienced a decline from Q1
2021 due to less volume sold as a consequence of more stoppages on the
production line. Demand for our fibreboards during Q1 2022 was very strong, and
production was running at full capacity. Delivery times to our key customers was
on average 3 months, which has been the norm during the last 2 years. Operating
profit, ie EBITDA, for Q1 2022 was EUR 279 thousand (ie 11% of sales), down from
being EUR 496 thousand in Q1 2021 (ie 18% of sales). The main reason for this
reduction in profitability is due to the sharp increase in raw material costs,
ie woodchips and energy, experienced during Q1 2022.
Real estate management lost its largest tenant end of last year, which thus
resulted in less sales in Q1 2022 compared to Q1 2021 (EUR 9 thousand compared to
EUR 89 thousand). This resulted in an operating loss of EUR 10 thousand in Q1 2022
(Q1 2021: EUR 8 thousand operating profit).
Financial income in Q1 2022 was positively affected by an increase of EUR 52
thousand in value of the shares owned by Nordic Fibreboard in the real estate
company Trigon Property Development (TPD), listed on the stock exchange Nasdaq
Tallinn. The shares were valued at EUR 644 thousand at start of Q1 2022, and ended
up being valued at EUR 696 thousand at end of Q1 2022 (in Q1 2021, the shares
value increased with EUR 255 thousand).
Group`s consolidated net profit therefore for Q1 2022 was EUR 152 thousand (Q1
2021: profit EUR 550 thousand).
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand Q1 2022 | Q1 2021
---------------------------------------------+---------
Fibreboards production and sales 2,591 | 2,757
---------------------------------------------+---------
Real Estate Management 9 | 89
---------------------------------------------+---------
TOTAL 2,600 | 2,846
Profit by business segments
EUR thousand Q1 2022 | Q1 2021
---------------------------------------------+---------
EBITDA by business units: |
---------------------------------------------+---------
Fibreboards production and sales 279 | 496
---------------------------------------------+---------
Real Estate Management (10) | 8
---------------------------------------------+---------
Group transactions (14) | (20)
---------------------------------------------+---------
TOTAL EBITDA 255 | 484
---------------------------------------------+---------
Depreciation (121) | (133)
---------------------------------------------+---------
TOTAL OPERATING PROFIT/ LOSS 134 | 351
---------------------------------------------+---------
Net financial costs 18* | 199*
---------------------------------------------+---------
NET PROFIT/ LOSS 152 | 550
* Includes upward value adjustment from Fibreboard's shareholding in real estate
development company TPD due to its share price appreciation during Q1 2022 and
Q1 2021. TPD owns a business park development area in Pärnu.
Nordic Fibreboard Ltd: Fibreboard productions and sales
Fibreboard sales for Q1 2022 were 2.59 EUR million. The order backlog remained
strong throughout Q1 2022, which led us to prioritise our key customers in the
nearby markets. EBITDA of EUR 279 thousand was 11% of sales in Q1 2022, down from
18% of sales in Q1 2021, such decrease being mainly due to the rapid rise during
Q1 2022 in the cost of our main raw material, ie woodchips, as well as heating
costs.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand Q1 2022 | Q1 2021
---------------------------+---------
European Union 2,259 | 2,159
---------------------------+---------
Russia 269 | 433
---------------------------+---------
Asia 41 | 102
---------------------------+---------
Middle East 13 | 0
---------------------------+---------
Other 9 | 16
---------------------------+---------
Africa 0 | 47
---------------------------+---------
TOTAL 2,591 | 2,757
Pärnu Riverside Development: Real estate management
Pärnu Riverside Development owns the property located at Suur-Jõe 48 in Pärnu.
The property has some rental tenants and rental income from real estate
management was EUR 9 thousand in Q1 2022, (Q1 2021: EUR 89 thousand). The reason for
the decrease in sales revenue was caused by the loss of the largest tenant at
the end of 2021.
The real estate management EBITDA for Q1 2022 were negative EUR 10 thousand (Q1
2021: positive EUR 8 thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.03.2022 the total assets of Nordic Fibreboard AS were EUR 8.6 million
(31.03.2021: EUR 7.8 million). The liabilities of the company as of 31.03.2022
were EUR 4.6 million (31.03.2021: also EUR 4.6 million), of which Group has payables
of EUR 0.8 million as at 31.03.2022 (31.03.2021: EUR 0.9 million) and borrowings of
EUR 3.2 million as at 31.03.2022 (31.03.2021: also EUR 3.2 million).
Receivables and prepayments amounted to EUR 1.4 million as at 31.03.2022
(31.03.2021: EUR 1.0 million). Inventories were EUR 0.4 million as of 31.03.2022
(31.03.2021: EUR 0.3 million). Fixed assets were EUR 6.7 million as of 31.03.2022 (EUR
6.4 million as of 31.03.2021).
During 2022 Q1, the Group's cash flows from operating activities totalled EUR 78
thousand (2021 Q1: EUR 196 thousand). Investment activities resulted in cash
outflows in amount of EUR 98 thousand in 2022 Q1, which was mainly due to
improvements in production machinery (2021 Q1: outflow EUR 27 thousand). Financing
activities also resulted in cash outflows of EUR 35 thousand in Q1 2022 (2021 Q1:
cash outflow EUR 64 thousand). Net cash effect during 2022 Q1 cash outflow of EUR
55 thousand (2021 Q1: cash inflow EUR 105 thousand).
OUTLOOK
Nordic Fibreboard Ltd
Demand for fibreboards continue to be strong. The increase in our raw materials
costing led us to implement price increases during Q2 2022, which should largely
offset the cost increases.
Management is working on preparing the Pärnu factory's boiler house to meet the
new emission requirements coming into force in 01.01.2025. Our second factory,
located in Püssi, is using gas as its main energy source and the current high
gas prices is currently making it untenable to consider restarting this factory
in the near future.
The ongoing war in Ukraine has resulted in us ending our sales of fibreboards to
our Russian customers, and our Ukrainian customers is understandably still
unable to restart their business. However, the current strong demand picture is
resulting in a strong order book, thus the loss of sales to Russian and
Ukrainian customers is not having any negative impact on our total sales.
Pärnu Riverside Development
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu.
People
On the 31.03.2022, the Group employed 95 people (compared to 97 people as of
31.03.2021). The average number of personnel in Q1 2022 was 93 (Q1 2021: 95).
For three months of 2022, wages and salaries with taxes amounted to EUR 484
thousand (three months 2021: EUR 460 thousand). Payments made to management board
members of all group companies including all subsidiaries with relevant taxes
were EUR 65 thousand in Q1 2022 and EUR 55 thousand in Q1 2021.
FINANCIAL HIGHLIGHTS
EUR thousand
| |
Income statement | Q1 2022 | Q1 2021
-------------------------------------+------------+------------
Revenue | 2,600 | 2,846
-------------------------------------+------------+------------
EBITDA | 255 | 484
-------------------------------------+------------+------------
EBITDA margin | 10% | 17%
-------------------------------------+------------+------------
Operating profit | 134 | 351
-------------------------------------+------------+------------
Operating margin | 5% | 12%
-------------------------------------+------------+------------
Net profit | 152 | 550
-------------------------------------+------------+------------
Net margin | 6% | 19%
| |
| |
Statement of financial position | 31.03.2022 | 31.03.2021
-------------------------------------+------------+------------
Total assets | 8,580 | 7,839
-------------------------------------+------------+------------
Return on assets | 2% | 7%
-------------------------------------+------------+------------
Equity | 4,002 | 3,199
-------------------------------------+------------+------------
Return on equity | 4% | 17%
-------------------------------------+------------+------------
Debt-to-equity ratio | 53% | 59%
| |
| |
Share | 31.03.2022 | 31.03.2021
-------------------------------------+------------+------------
Last Price (EUR)* | 1.83 | 0.71
-------------------------------------+------------+------------
Earnings per share (EUR) | 0.18 | 0.48
-------------------------------------+------------+------------
Price-earnings ratio | 10.25 | 1.48
-------------------------------------+------------+------------
Book value of a share (EUR) | 0.89 | 0.71
-------------------------------------+------------+------------
Market to book ratio | 2.06 | 1.00
-------------------------------------+------------+------------
Market capitalization (EUR thousand) | 8,233 | 3,194
-------------------------------------+------------+------------
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 number of shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial positions
EUR thousand |31.03.2022|31.12.2021|31.03.2021|31.12.2020
-----------------------------------+----------+----------+----------+----------
Cash and cash equivalents | 2| 57| 131| 26
-----------------------------------+----------+----------+----------+----------
Receivables and prepayments (Note | | | |
2) | 1,401| 902| 975| 794
-----------------------------------+----------+----------+----------+----------
Inventories (Note 3) | 436| 390| 329| 544
-----------------------------------+----------+----------+----------+----------
Total current assets | 1,839| 1,349| 1,435| 1,364
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Investment property (Note 4) | 1,152| 1,152| 1,134| 1,134
-----------------------------------+----------+----------+----------+----------
Financial assets at fair value | | | |
through profit or loss (Note 7) | 696| 644| 676| 451
-----------------------------------+----------+----------+----------+----------
Property, plant and equipment | | | |
(Note 5) | 4,890| 4,915| 4,591| 4,695
-----------------------------------+----------+----------+----------+----------
Intangible assets (Note 6) | 3| 3| 3| 6
-----------------------------------+----------+----------+----------+----------
Total non-current assets | 6,741| 6,714| 6,404| 6,286
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL ASSETS | 8,580| 8,063| 7,839| 7,650
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Borrowings (Note 8) | 114| 146| 691| 756
-----------------------------------+----------+----------+----------+----------
Payables and prepayments (Note 9) | 1,234| 829| 1,282| 1,574
-----------------------------------+----------+----------+----------+----------
Short-term provisions (Note 10) | 14| 19| 13| 18
-----------------------------------+----------+----------+----------+----------
Total current liabilities | 1,362| 994| 1,986| 2,348
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Long-term borrowings (Note 8) | 3,071| 3,074| 2,493| 2,493
-----------------------------------+----------+----------+----------+----------
Long-term provisions (Note 10) | 145| 145| 161| 161
-----------------------------------+----------+----------+----------+----------
Total non-current liabilities | 3,216| 3,219| 2,654| 2,654
-----------------------------------+----------+----------+----------+----------
Total liabilities | 4,578| 4,213| 4,640| 5,002
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Share capital (at nominal value) | | | |
(Note 11) | 450| 450| 450| 450
-----------------------------------+----------+----------+----------+----------
Retained earnings (loss) | 3,552| 3,400| 2,749| 2,198
-----------------------------------+----------+----------+----------+----------
Total equity | 4,002| 3,850| 3,199| 2,648
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 8,580| 8,063| 7,839| 7,650
*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 | Q1 2022 | Q1 2021
---------------------------------------+---------+---------
Revenue (Note 13) | 2 600 | 2,846
---------------------------------------+---------+---------
Cost of goods sold (Note 14) | 2 060 | 1,979
---------------------------------------+---------+---------
Gross profit | 540 | 867
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Distribution costs (Note 15) | 284 | 342
---------------------------------------+---------+---------
Administrative expenses (Note 16) | 121 | 172
---------------------------------------+---------+---------
Other operating income (Note 18) | 0 | 2
---------------------------------------+---------+---------
Other operating expenses (Note 18) | 1 | 4
---------------------------------------+---------+---------
Operating profit | 134 | 351
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Finance income (Note 19) | 52 | 225
---------------------------------------+---------+---------
Finance costs (Note 19) | 34 | 26
---------------------------------------+---------+---------
PROFIT BEFORE INCOME TAX | 152 | 550
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
NET PROFIT FOR THE PERIOD | 152 | 550
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Basic earnings per share (Note 12) | 0.03 | 0.12
---------------------------------------+---------+---------
Diluted earnings per share (Note 12) | 0.03 | 0.12
*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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