Börsiteade
Nordic Fibreboard AS
LEI kood
54930002HOIXBD15OM06
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
10381
Manused
Esitamise kuupäev ja aeg
26.05.2023 16:22:10
Teate sisu eesti keeles
Pealkiri
Nordic Fibreboard AS 2023. aasta I kvartali auditeerimata majandustulemused
Teade
JUHTKONNA ARUANNE
Nordic Fibreboard AS konsolideeritud müügitulu oli 2023. aasta 1. kvartalis
2,60 miljonit eurot, mis jäi eelmise aasta sama perioodiga võrreldes samale
tasemele (2022. aasta 1. kvartalis 2,60 miljonit eurot). Kontserni peamine
tegevusala on puitkiudplaadi tootmine ja hulgimüük, mille müügitulu 2022. aasta
1. kvartalis oli 2,59 miljonit eurot (2022. aasta 1. kvartalis samuti 2,59
miljonit eurot). Ülejäänud segmendiks on Pärnus Suur-Jõe tänaval oleva
kinnisvara haldamine, mille müügitulu 2023. aasta 1. kvartalis oli 0,01 miljonit
eurot (2022. aasta 1 kvartalis samuti 0,01 miljonit eurot).
Nordic Fibreboard AS konsolideeritud EBITDA oli 2023. aasta 1. kvartalis
negatiivne 94 tuhat eurot (2022. aasta 1. kvartalis positiivne 255 tuhat eurot).
EBITDA marginaal oli 2023. aasta 1. kvartalis (4%) ning (2022. aasta 1.
kvartalis: 10%). Kontserni brutomarginaal aga langes 2022. aasta 1. kvartali
25%-lt 2023. aasta 1. kvartalis 11%-le, brutomarginaali languse peamiseks
põhjuseks oli ettevõtte peamiste sisendkulude, hakkepuidu ning energia, hindade
oluline tõus.
2023. aasta 1. kvartalis oli kiudplaadi nõudlus oodatust madalam, mistõttu
lükkus seitsme nädala võrra edasi Nordic Fibreboard Ltd tavapärane aastalõpu
hooldusperioodijärgne tootmise taaskäivitamine. Selle pika seisaku tõttu oli
jaanuaris ja veebruaris EBITDA negatiivne, pöördudes taas positiivseks märtsis.
Ettevõtte elektrimüüja ees võetud mahukohustuse tõttu tuli tehase pikast
seisakust tekkinud tarbimata mahuosa elektritarnijale tagasi müüa, mille
tulemuseks oli erakorraline kahjum summas 407 tuhat eurot. Elektrileping
lõpetati 31.03.2023 ning uus ja vähemkoormav elektrileping hakkas kehtima
01.04.2023.
Nordic Fibreboard AS konsolideeritud ärikahjum oli 2023. aasta 1. kvartalis 623
tuhat eurot, mis sisaldab elektri tagasimüügist saadud ühekordset erakorralist
kahjumit (2022. aasta 1. kvartalis ärikasum 134 tuhat eurot).
2023. aasta 1. kvartali finantstulu mõjutas positiivselt Nordic Fibreboardile
kuuluvate Nasdaq Tallinn börsil noteeritud kinnisvaraettevõtte Trigon Property
Development (TPD) aktsiate väärtuse kasv 74 tuhande euro võrra. Aktsiate
väärtuseks hinnati 2023. aastal 1. kvartali alguses 644 tuhat eurot ja 2023.
aasta 1. kvartali lõpus oli nende väärtus 718 tuhat eurot (2022. aasta 1.
kvartalis kasvas aktsiate väärtus 52 tuhande euro võrra).
Kontserni 2023. aasta 1. kvartali konsolideeritud puhaskahjum oli 597 tuhat
eurot (2022 1 kv: puhaskasum 152 tuhat eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR I kv 2023 | I kv 2022
------------------------------------------+-----------
Kiudplaadi tootmine ja müük 2 585 | 2 591
------------------------------------------+-----------
Kinnisvara haldamine 12 | 9
------------------------------------------+-----------
KOKKU 2 597 | 2 600
KASUM ÄRISEGMENTIDE LÕIKES
tuh EUR I kv 2023 | I kv 2022
-----------------------------------------------+-----------
EBITDA ärisegmentide lõikes |
-----------------------------------------------+-----------
Kiudplaadi tootmine ja müük (76) | 279
-----------------------------------------------+-----------
Kinnisvara haldamine (13) | (10)
-----------------------------------------------+-----------
Elimineerimine (5) | (14)
-----------------------------------------------+-----------
Kokku EBITDA (94) | 255
-----------------------------------------------+-----------
Põhivara kulum ja amortisatsioon (122) | (121)
-----------------------------------------------+-----------
Erakorraline muu ärikulu (407)* | 0
-----------------------------------------------+-----------
Kokku ÄRIKASUM/-KAHJUM (623) | 134
-----------------------------------------------+-----------
Neto finantskulud 26 | 18
-----------------------------------------------+-----------
PUHASKASUM/-KAHJUM (597) | 152
* koosneb ühekordsest kahjumist elektrienergia tagasimüügist elektriettevõttele.
NORDIC FIBREBOARD LTD: KIUDPLAADI TOOTMINE JA MÜÜK
Puitkiudplaadi müügitulu 2023. aasta 1. kvartalis oli 2,59 miljonit eurot (2022.
aasta 1. kvartalis samuti 2,59 miljonit eurot. Müügitulu paranes kolme kuu
jooksul, kasvades jaanuari 792 tuhandelt eurolt veebruaris 836 tuhande euroni
ning märtsis 957 tuhande euroni. Vaatamata tootmise seisakuperioodile suudeti
täita 2023. aasta 1. kvartali müügitellimused 2022. aasta lõpus ettetoodetud
toodangu arvelt. Müük ettevõtte peamistele turgudele Euroopa Liidus kasvas 1.
kvartalis 196 tuhande euro võrra võrreldes aasta varasemaga, mis kompenseeris
Venemaale Ukrainas ebaseadusliku sõja tõttu kehtestatud sanktsioonide tulemusel
lõpetatud müügi Venemaa klientidele.
Nordic Fibreboard Ltd OÜ 2023. aasta 1. kvartali EBITDA oli negatiivne 76 tuhat
eurot (2022. aasta 1. kvartalis positiivne 279 tuhat eurot). EBITDA languse
põhjuseks on olulisemalt kallimad toorainete hinnad 2023. aasta 1. kvartalis
võrreldes 2022. aasta 1. kvartaliga.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR I kv 2023 | I kv 2022
---------------------------+-----------
Euroopa Liit 2 455 | 2 259
---------------------------+-----------
Aafrika 53 | 0
---------------------------+-----------
Aasia 31 | 41
---------------------------+-----------
Venemaa 0 | 269
---------------------------+-----------
Lähis-Ida 0 | 13
---------------------------+-----------
Teised 46 | 9
---------------------------+-----------
Kokku 2 585 | 2 591
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 2023. aasta 1. kvartalis 12 tuhat eurot (2022 1. kv: 9 tuhat
eurot).
Kinnisvarahalduse 2023. aasta 1. kvartali EBITDA oli negatiivne 13 tuhat eurot
(2022 1.kv: negatiivne 10 tuhat eurot).
BILANSS JA RAHAVOOGUDE ARUANNE
Seisuga 31.03.2023 olid Nordic Fibreboard AS varad kokku 9,4 miljonit eurot
(31.03.2022: 8,6 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.03.2023 4,9 miljonit eurot (31.03.2022: 4,6 miljonit eurot), milledest
Kontsernil võlgnevusi tarnijatele oli 1,2 miljonit eurot 31.03.2023 seisuga
(31.03.2022: 0,8 miljonit eurot) ning laenukohustisi 3,1 miljonit eurot seisuga
31.03.2023 (31.03.2022: 3,2 miljonit eurot).
Nõuded ja ettemaksed olid kokku 1,3 miljonit eurot seisuga 31.03.2023
(31.03.2022: 1,4 miljonit eurot). Varud seisuga 31.03.2023 0,8 miljonit eurot
(31.03.2022 0,4 miljonit eurot). Kontserni põhivarad kokku seisuga 31.03.2023
oli 7,2 miljonit eurot (6,7 miljonit seisuga 31.03.2022).
2023. aasta 1. kvartalis oli Kontserni rahavoog äritegevusest kokku 166 tuhat
eurot (2022 1. kv: sissetulev rahavoog 78 tuhat eurot). Investeerimistegevuses
kasutatud rahavoog oli 2023. aasta 1. kvartalis (80) tuhat eurot, mis koosnes
tootmisseadmete parendustest (2022 1 kv: negatiivne rahavoog 98 tuhat eurot).
Finantseerimistegevustest tekkis negatiivne rahavoog 2023. aasta 1. kvartalis
41 tuhat eurot (2022 1. kv: negatiivne rahavoog 35 tuhat eurot). Rahajäägi
muutus 2023. aasta 1. kvartalis oli 45 tuhat eurot (2022 1 kv: negatiivne
rahajäägi muutus 55 tuhat eurot).
TULEVIKU VÄLJAVAADE
NORDIC FIBREBOARD LTD
Üldine nõudluse pilt näib olevat tagasihoidlik ja väljavaated on endiselt
ebamäärased. Intressimäärade tõus, ülemaailmne majanduslik ebakindlus ja
Ukrainas käimasolev sõda on kõik toonud kaasa kindlustunde puudumise
ehitusmaterjalide, sealhulgas Ettevõtte puitkiudplaatide lõpptarbijate seas.
Põhitegevuse poole pealt tegeletakse jätkuvalt ettevalmistustöödega Pärnu tehase
puidukütte baasil oleva katlamaja uuendamiseks, et vastata uutele heitmenõuetele
mis jõustuvad 01.01.2025.
PÄRNU RIVERSIDE DEVELOPMENT
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Menetluses on kinnistu detailplaneering, eesmärgiga muuta kinnistu sihtotstarve
eraelamumaaks.
FINANTSSUHTARVUD
tuh EUR
| |
Kasumiaruanne | I kv 2023 | I kv 2022
-------------------------------------------+------------+------------
Müügitulu | 2 597 | 2 600
-------------------------------------------+------------+------------
EBITDA | (94) | 255
-------------------------------------------+------------+------------
EBITDA rentaablus | (4%) | 10%
-------------------------------------------+------------+------------
Ärikasum/-kahjum | (623) | 134
-------------------------------------------+------------+------------
Ärirentaablus | (24%) | 5%
-------------------------------------------+------------+------------
Puhaskasum/-kahjum | (597) | 152
-------------------------------------------+------------+------------
Puhasrentaablus | (23%) | 6%
| |
| |
Bilanss | 31.03.2023 | 31.03.2022
-------------------------------------------+------------+------------
Koguvarad | 9 368 | 8 580
-------------------------------------------+------------+------------
Koguvarade puhasrentaablus | (6%) | 2%
-------------------------------------------+------------+------------
Omakapital | 4 487 | 4 002
-------------------------------------------+------------+------------
Omakapitali puhasrentaablus | (13%) | 4%
-------------------------------------------+------------+------------
Võlakordaja | 52% | 53%
| |
| |
Aktsia | 31.03.2023 | 31.03.2022
-------------------------------------------+------------+------------
Aktsia viimane hind (EUR)* | 1,52 | 1,83
-------------------------------------------+------------+------------
Puhaskasum aktsia kohta (EUR) | 0,11 | 0,18
-------------------------------------------+------------+------------
Hind-tulu (PE) suhtarv | 14,05 | 10,25
-------------------------------------------+------------+------------
Aktsia raamatupidamisväärtus (EUR) | 1,00 | 0,89
-------------------------------------------+------------+------------
Turuhinna ja raamatupidamisväärtuse suhe | 1,52 | 2,06
-------------------------------------------+------------+------------
Turukapitalisatsioon tuh EUR | 6 816 | 8 233
-------------------------------------------+------------+------------
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 |31.03.2023|31.12.2022|31.03.2022|31.12.2021
-----------------------------------+----------+----------+----------+----------
Raha ja raha ekvivalendid | 47| 2| 2| 57
-----------------------------------+----------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 1 272| 559| 1 401| 902
-----------------------------------+----------+----------+----------+----------
Varud (Lisa 3) | 842| 1 672| 436| 390
-----------------------------------+----------+----------+----------+----------
Kokku käibevarad | 2 161| 2 233| 1 839| 1 349
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 1 859| 1 859| 1 152| 1 152
-----------------------------------+----------+----------+----------+----------
Finantsvarad õiglases väärtuses | | | |
muutustega läbi kasumiaruande | | | |
(Lisa 7) | 718| 644| 696| 644
-----------------------------------+----------+----------+----------+----------
Materiaalne põhivara (Lisa 5) | 4 628| 4 670| 4 890| 4 915
-----------------------------------+----------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 2| 2| 3| 3
-----------------------------------+----------+----------+----------+----------
Kokku põhivarad | 7 207| 7 175| 6 741| 6 714
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku varad | 9 368| 9 408| 8 580| 8 063
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Võlakohustised (Lisa 8) | 477| 290| 114| 146
-----------------------------------+----------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 1 617| 1 014| 1 234| 829
-----------------------------------+----------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 13| 18| 14| 19
-----------------------------------+----------+----------+----------+----------
Kokku lühiajalised kohustised | 2 107| 1 322| 1 362| 994
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Pikaajalised võlakohustised (Lisa | | | |
8) | 2 647| 2 875| 3 071| 3 074
-----------------------------------+----------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 127| 127| 145| 145
-----------------------------------+----------+----------+----------+----------
Kokku pikaajalised kohustised | 2 774| 3 002| 3 216| 3 219
-----------------------------------+----------+----------+----------+----------
Kokku kohustised | 4 881| 4 324| 4 578| 4 213
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) | | | |
(Lisa 11) | 450| 450| 450| 450
-----------------------------------+----------+----------+----------+----------
Kohustuslik reservkapital | 45| 45| 0| 0
-----------------------------------+----------+----------+----------+----------
Jaotamata kasum (kahjum) | 3 992| 4 589| 3 552| 3 400
-----------------------------------+----------+----------+----------+----------
Kokku omakapital | 4 487| 5 084| 4 002| 3 850
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku kohustised ja omakapital | 9 368| 9 408| 8 580| 8 063
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 24.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
tuh EUR |I kv 2023|I kv 2022
-------------------------------------------------------+---------+---------
Müügitulu (Lisa 13) | 2 597| 2 600
-------------------------------------------------------+---------+---------
Müüdud toodangu kulu (Lisa 14) | 2 435| 2 060
-------------------------------------------------------+---------+---------
Brutokasum | 162| 540
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
Turustuskulud (Lisa 15) | 233| 284
-------------------------------------------------------+---------+---------
Üldhalduskulud (Lisa 16) | 139| 121
-------------------------------------------------------+---------+---------
Muud äritulud (Lisa 18) | 0| 0
-------------------------------------------------------+---------+---------
Muud ärikulud (Lisa 18) | 413| 1
-------------------------------------------------------+---------+---------
Ärikasum (-kahjum) | (623)| 134
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
Finantstulud (Lisa 19) | 74| 52
-------------------------------------------------------+---------+---------
Finantskulud (Lisa 19) | 48| 34
-------------------------------------------------------+---------+---------
KASUM (-KAHJUM) ENNE TULUMAKSUSTAMIST | (597)| 152
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
ARUANDEPERIOODI PUHASKASUM (-KAHJUM) | (597)| 152
-------------------------------------------------------+---------+---------
| |
-------------------------------------------------------+---------+---------
Tava perioodi puhaskahjum aktsia kohta (Lisa 12) | (0,13)| 0,03
-------------------------------------------------------+---------+---------
Lahustatud perioodi puhaskahjum aktsia kohta (Lisa 12)| (0,13)| 0,03
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 24.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Nordic Fibreboard AS unaudited results for first quarter of 2023
Teade
MANAGEMENT REPORT
Consolidated net sales for Q1 2023 were EUR 2.60 million, which remained at the
same level compared to the same period last year (Q1 2022: EUR 2.60 million). The
main business area is the production and wholesale of fibreboard, which recorded
sales in Q1 2023 of EUR 2.59 million (Q1 2022: also EUR 2.59 million). 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 2023 (Q1 2022: also EUR 0.01
million).
The consolidated EBITDA of Nordic Fibreboard AS for Q1 2023 was negative EUR 94
thousand (Q1 2022: positive EUR 255 thousand). EBITDA margin was negative 4% in Q1
2023 (Q1 2022: positive 10%). However, the Group's gross margin fell from 25%
for Q1 2022 to being 11% in Q1 2022, the main reason for the decrease in the
gross margin was the substantial increase in pricing of woodchips and energy,
the company`s main input costs.
In the first quarter of 2023, demand in the fibreboard business was lower than
expected, which led Nordic Fibreboard Ltd to postpone the restart of the
production with 7 weeks after its usual year-end maintenance period. This
prolonged stoppage period led to EBITDA being negative in both January and
February, while finally turning positive in March month. Due to the company's
volume commitment to its electricity supplier, the long stoppage of the factory
resulted in having to resell volume commitment back to the electricity supplier,
resulting in an extraordinary loss of EUR 407 thousand. The electricity contract
was cancelled on 31.3.2023, and a new less onerous electricity contract came
into force on 01.04.2023.
The consolidated operating loss of Nordic Fibreboard AS for Q1 2023 was EUR 623
thousand, which includes the one-time extraordinary loss from the resale of
electricity (Q1 2022: operating profit EUR 255 thousand).
Financial income in Q1 2023 was positively affected by an increase of EUR 74
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 2023, and ended
up being valued at EUR 718 thousand at end of Q1 2023 (in Q1 2022, the shares
value increased with EUR 52 thousand).
Group`s consolidated net loss therefore for Q1 2023 was EUR 597 thousand (Q1
2022: profit EUR 152 thousand).
DIVISIONAL REVIEW
REVENUE BY BUSINESS SEGMENTS
EUR thousand Q1 2023 | Q1 2022
---------------------------------------------+---------
Fibreboards production and sales 2,585 | 2,591
---------------------------------------------+---------
Real Estate Management 12 | 9
---------------------------------------------+---------
TOTAL 2,597 | 2,600
PROFIT BY BUSINESS SEGMENTS
EUR thousand Q1 2023 | Q1 2022
--------------------------------------------------+---------
EBITDA by business units: |
--------------------------------------------------+---------
Fibreboards production and sales (76) | 279
--------------------------------------------------+---------
Real Estate Management (13) | (10)
--------------------------------------------------+---------
Group transactions (5) | (14)
--------------------------------------------------+---------
TOTAL EBITDA (94) | 255
--------------------------------------------------+---------
Depreciation (122) | (121)
--------------------------------------------------+---------
Extraordinary other operating expense (407)* | 0
--------------------------------------------------+---------
TOTAL OPERATING PROFIT/ LOSS (623) | 134
--------------------------------------------------+---------
Net financial costs 26 | 18
--------------------------------------------------+---------
NET PROFIT/ LOSS (597) | 152
* consists of the one-time loss received from the resale of electricity to the
electricity company.
NORDIC FIBREBOARD LTD: FIBREBOARD PRODUCTIONS AND SALES
Fibreboard sales for Q1 2023 were EUR 2.59 million (Q1 2022: also EUR 2.59
thousand). Sales did improve during the 3 months, up from being EUR 792 thousand
in January, to EUR 836 thousand in February, and to EUR 957 thousand in March. The
inventory build-up at end of 2022 enabled sales during Q1 2023 to reflect orders
received despite the production standstill period. Sales to the company's main
markets in European Union increased during Q1 with EUR 196 thousand compared to
one year earlier, negating the impact of ending sales to Russia customer, as a
result of sanctions against Russia for their unlawful war in Ukraine.
The consolidated EBITDA of Nordic Fibreboard Ltd OÜ for Q1 2023 was negative EUR
76 thousand (Q1 2023: positive EUR 279 thousand). The reason for the drop in
EBITDA is mainly more expensive raw material prices in the Q1 2023 compared to
the Q1 2022.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand Q1 2023 | Q1 2022
---------------------------+---------
European Union 2,455 | 2,259
---------------------------+---------
Africa 53 | 0
---------------------------+---------
Asia 31 | 41
---------------------------+---------
Russia 0 | 269
---------------------------+---------
Middle East 0 | 13
---------------------------+---------
Other 46 | 9
---------------------------+---------
TOTAL 2,585 | 2,591
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 12 thousand in Q1 2023, (Q1 2022: EUR 9 thousand).
The real estate management EBITDA for Q1 2023 were negative EUR 13 thousand (Q1
2022: negative EUR 10 thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.03.2023 the total assets of Nordic Fibreboard AS were EUR 9.4 million
(31.03.2022: EUR 8.6 million). The liabilities of the company as of 31.03.2023
were EUR 4.9 million (31.03.2022: EUR 4.6 million), of which Group has payables of EUR
1.2 million as at 31.03.2023 (31.03.2022: EUR 0.8 million) and borrowings of EUR
3.1 million as at 31.03.2023 (31.03.2022: EUR 3.2 million).
Receivables and prepayments amounted to EUR 1.3 million as at 31.03.2023
(31.03.2022: EUR 1.4 million). Inventories were EUR 0.8 million as of 31.03.2023
(31.03.2022: EUR 0.4 million). Fixed assets were EUR 7.2 million as of 31.03.2023 (EUR
6.7 million as of 31.03.2022).
During 2023 Q1, the Group's cash flows from operating activities totalled EUR 166
thousand (2022 Q1: EUR 78 thousand). Investment activities resulted in cash
outflows in amount of EUR 80 thousand in 2023 Q1, which was due to improvements in
production machinery (2022 Q1: outflow EUR 98 thousand). Financing activities also
resulted in cash outflows of EUR 41 thousand in Q1 2023 (2022 Q1: cash outflow EUR
35 thousand). Net cash effect during 2023 Q1 cash inflow of EUR 45 thousand (2022
Q1: cash outflow EUR 55 thousand).
OUTLOOK
NORDIC FIBREBOARD LTD
The overall demand picture appears subdued, and the outlook remain uncertain.
Increasing interest rates, global economic uncertainty and the ongoing war in
Ukraine all have led to lack of confidence among end users of building
materials, including the company's fibreboards.
Main operation issue remains the ongoing preparation of upgrading the company's
wood-based boiler house in Pärnu so to meet the new emission requirements coming
into force in 01.01.2025
PÄRNU RIVERSIDE DEVELOPMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu. A detail plan for the property is ongoing, with the intention of
converting the property into a private residential property.
FINANCIAL HIGHLIGHTS
EUR thousand
| |
Income statement | Q1 2023 | Q1 2022
-------------------------------------+------------+------------
Revenue | 2,597 | 2,600
-------------------------------------+------------+------------
EBITDA | (94) | 255
-------------------------------------+------------+------------
EBITDA margin | (4%) | 10%
-------------------------------------+------------+------------
Operating profit | (623) | 134
-------------------------------------+------------+------------
Operating margin | (24%) | 5%
-------------------------------------+------------+------------
Net profit | (597) | 152
-------------------------------------+------------+------------
Net margin | (23%) | 6%
| |
| |
Statement of financial position | 31.03.2023 | 31.03.2022
-------------------------------------+------------+------------
Total assets | 9,368 | 8,580
-------------------------------------+------------+------------
Return on assets | (6%) | 2%
-------------------------------------+------------+------------
Equity | 4,487 | 4,002
-------------------------------------+------------+------------
Return on equity | (13%) | 4%
-------------------------------------+------------+------------
Debt-to-assets ratio | 52% | 53%
| |
| |
Share | 31.03.2023 | 31.03.2022
-------------------------------------+------------+------------
Last Price (EUR)* | 1.52 | 1.83
-------------------------------------+------------+------------
Earnings per share (EUR) | 0.11 | 0.18
-------------------------------------+------------+------------
Price-earnings ratio | 14.05 | 10.25
-------------------------------------+------------+------------
Book value of a share (EUR) | 1.00 | 0.89
-------------------------------------+------------+------------
Market to book ratio | 1.52 | 2.06
-------------------------------------+------------+------------
Market capitalization (EUR thousand) | 6,816 | 8,233
-------------------------------------+------------+------------
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-assets 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 |31.03.2023|31.12.2022|31.03.2022|31.12.2021
-----------------------------------+----------+----------+----------+----------
Cash and cash equivalents | 47| 2| 2| 57
-----------------------------------+----------+----------+----------+----------
Receivables and prepayments (Note | | | |
2) | 1,272| 559| 1,401| 902
-----------------------------------+----------+----------+----------+----------
Inventories (Note 3) | 842| 1 672| 436| 390
-----------------------------------+----------+----------+----------+----------
Total current assets | 2,161| 2,233| 1,839| 1,349
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Investment property (Note 4) | 1,859| 1,859| 1,152| 1,152
-----------------------------------+----------+----------+----------+----------
Financial assets at fair value | | | |
through profit or loss (Note 7) | 718| 644| 696| 644
-----------------------------------+----------+----------+----------+----------
Property, plant and equipment | | | |
(Note 5) | 4,628| 4,670| 4,890| 4,915
-----------------------------------+----------+----------+----------+----------
Intangible assets (Note 6) | 2| 2| 3| 3
-----------------------------------+----------+----------+----------+----------
Total non-current assets | 7,207| 7,175| 6,741| 6,714
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL ASSETS | 9,368| 9,408| 8,580| 8,063
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Borrowings (Note 8) | 477| 290| 114| 146
-----------------------------------+----------+----------+----------+----------
Payables and prepayments (Note 9) | 1,617| 1,014| 1,234| 829
-----------------------------------+----------+----------+----------+----------
Short-term provisions (Note 10) | 13| 18| 14| 19
-----------------------------------+----------+----------+----------+----------
Total current liabilities | 2,107| 1,322| 1,363| 994
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Long-term borrowings (Note 8) | 2,647| 2,875| 3,071| 3,074
-----------------------------------+----------+----------+----------+----------
Long-term provisions (Note 10) | 127| 127| 145| 145
-----------------------------------+----------+----------+----------+----------
Total non-current liabilities | 2,774| 3,002| 3,216| 3,219
-----------------------------------+----------+----------+----------+----------
Total liabilities | 4,881| 4,324| 4,578| 4,213
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Share capital (at nominal value) | | | |
(Note 11) | 450| 450| 450| 450
-----------------------------------+----------+----------+----------+----------
Statutory reserve capital | 45| 45| 0| 0
-----------------------------------+----------+----------+----------+----------
Retained earnings (loss) | 3,992| 4,589| 3,552| 3,400
-----------------------------------+----------+----------+----------+----------
Total equity | 4,487| 5,084| 4,002| 3,850
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 9,368| 9,408| 8,580| 8,063
*The notes to the financial statements presented on pages 14 to 24 are an
integral part of these consolidated financial statements.
Consolidated statement of profit or loss and other comprehensive income
EUR thousand | Q1 2023 | Q1 2022
---------------------------------------+---------+---------
Revenue (Note 13) | 2,597 | 2,600
---------------------------------------+---------+---------
Cost of goods sold (Note 14) | 2,435 | 2,060
---------------------------------------+---------+---------
Gross profit | 162 | 540
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Distribution costs (Note 15) | 233 | 284
---------------------------------------+---------+---------
Administrative expenses (Note 16) | 139 | 121
---------------------------------------+---------+---------
Other operating income (Note 18) | 0 | 0
---------------------------------------+---------+---------
Other operating expenses (Note 18) | 413 | 1
---------------------------------------+---------+---------
Operating profit (loss) | (623) | 134
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Finance income (Note 19) | 74 | 52
---------------------------------------+---------+---------
Finance costs (Note 19) | 48 | 34
---------------------------------------+---------+---------
PROFIT (LOSS) BEFORE INCOME TAX | (597) | 152
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
NET PROFIT (LOSS) FOR THE PERIOD | (597) | 152
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Basic earnings per share (Note 12) | (0.13) | 0.03
---------------------------------------+---------+---------
Diluted earnings per share (Note 12) | (0.13) | 0,03
*The notes to the financial statements presented on pages 14 to 24 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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