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
8413
Manused
Esitamise kuupäev ja aeg
27.11.2020 16:54:34
Teate sisu eesti keeles
Pealkiri
Nordic Fibreboard AS 2020. aasta III kvartali auditeerimata majandustulemused
Teade
JUHATUSE ARUANNE
Nordic Fibreboard AS konsolideeritud müügitulu oli 2020. aasta 3. kvartalis
jätkuvatelt tegevustelt 2,51 miljonit eurot (2019 3. kvartalis jätkuvatelt
tegevustelt 3,34 miljonit eurot). Kontserni peamise ärisegmendi, puitkiudplaadi,
müügitulu 2020. aasta 3. kvartalis oli 2,48 miljonit eurot (2019 3. kvartalis
3,06 miljonit eurot). Müügitulu languse peamiseks põhjuseks oli Püssi tehase
sulgemine 2020. aasta märtsis, mis tulenes COVID-19 pandeemia tõttu klientide
tellimuste olulistest kaotustest märkmetahvlite tööstuses. Mööbli jaemüügi
müügitulu 2020. aasta 3. kvartalis 0 tuhat eurot, müügitulu vähenemine
(võrreldes 2019. aasta 3. kvartaliga 265 tuhat eurot) tulenes Kontserni
väljumisest mööbli jaemüügi segmendist selle aasta alguses ning 2020. aasta 1.
ja 2. kvartalis toimus ainult mõnede järelejäänud laojääkide tühjendusmüük.
Kinnisvarahalduse müügitulu, sealhulgas kommunaalkulude edasimüük, oli 2020.
aasta 3. kvartalis 36 tuhat eurot (2019 3 kv. 32 tuhat eurot). Tulu rendist ja
kinnisvarahaldusest suurenes tänu sellele, et Pärnus Suur-Jõe 48 asuvatele
ruumidele tagati rohkem üürnikke.
Kontserni EBITDA oli 2020. aasta 3. kvartalis jätkuvatelt tegevustelt positiivne
366 tuhat eurot (2019 3. kv: jätkuvatelt tegevustelt positiivne 120 tuhat
eurot), millest kiudplaadi segmendi EBITDA oli positiivne 370 tuhat eurot (2019
3. kvartalis positiivne 152 tuhat eurot). Peale akumuleeritud kulumi ja
finantskulu oli kontserni puhaskasum 2020. aasta 3. kvartalis 183 tuhat eurot
jätkuvatelt tegevustelt (2019 3. kv: puhaskahjum jätkuvatelt tegevustelt 671
tuhat eurot). 2019. aasta 3. kvartali peamiseks kahjumi põhjuseks oli
tütarettevõtte Skano Furniture Factory OÜ müügist saadud 540 tuhande eurone
erakorraline kahjum.
Kontserni konsolideeritud EBITDA paranes võrreldes eelmise aasta sama
perioodiga, mille peamiseks põhjuseks oli kiudplaadi divisjoni paranenud
efektiivsus. Püssi tehase sulgemise tõttu viidi Püssis toodetavate ehitussektori
tellimused üle Pärnu tehasesse, mille tulemusena alustas Pärnu tehas 2020. aasta
aprillis tööd neljas vahetuses. Pärnu tehas töötab nüüd täisajaga
tootmisvõimsusel, välja arvatud igakuiseks korraliseks hooldustööks üks kord kuu
jooksul. Masinate suurema töövõimsuse kasutamise tulemusena suurenes Nordic
Fibreboard Ltd OÜ brutomarginaal märkimisväärselt, ulatudes 2020. aasta 3.
kvartalis 29%-ni (2019 3. kv 18%)
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR
------------+-----------+-------+-------
III kv 2020|III kv 2019|9k 2020|9k 2019
------------------------------+-----------+-----------+-------+-------
Jätkuvad tegevused | | | |
------------------------------+-----------+-----------+-------+-------
Kiudplaadi tootmine ja müük | 2 477| 3 064| 7 994| 8 970
------------------------------+-----------+-----------+-------+-------
Mööbli jaemüük | 0| 265| 55| 1 126
------------------------------+-----------+-----------+-------+-------
Kinnisvara haldamine | 36| 32| 148| 48
------------------------------+-----------+-----------+-------+-------
Elimineerimine | 0| (17)| 0| (37)
------------------------------+-----------+-----------+-------+-------
Kokku jätkuvatelt tegevustelt| 2 512| 3 344| 8 197| 10 108
| | | |
------------------------------+-----------+-----------+-------+-------
Lõpetatud tegevus | 0| 262| 0| 1 215
------------------------------+-----------+-----------+-------+-------
------------------------------+-----------+-----------+-------+-------
Kokku | 2 512| 3 606| 8 197| 11 323
------------------------------+-----------+-----------+-------+-------
Kasum ärisegmentide lõikes
tuh EUR | tuh EUR
+-----------+-----------+-------+-------
tuh EUR |III kv 2020|III kv 2019|9k 2020|9k 2019
----------------------------------+-----------+-----------+-------+-------
EBITDA ärisegmentide lõikes | | | |
----------------------------------+-----------+-----------+-------+-------
Kiudplaadi tootmine ja müük | 370| 152| 458| 188
----------------------------------+-----------+-----------+-------+-------
Mööbli jaemüük | (0)| (95)| (39)| (134)
----------------------------------+-----------+-----------+-------+-------
Kinnisvara haldamine | 1| 14| (2)| 30
----------------------------------+-----------+-----------+-------+-------
Elimineerimine | (5)| 49| (13)| 100
----------------------------------+-----------+-----------+-------+-------
Kokku EBITDA | 366| 120| 403| 184
----------------------------------+-----------+-----------+-------+-------
Põhivara kulum ja väärtuse langus| 135| 176| 422| 492
----------------------------------+-----------+-----------+-------+-------
Kokku ÄRIKASUM/-KAHJUM | 231| (57)| (19)| (308)
----------------------------------+-----------+-----------+-------+-------
Neto finantskulud | 49| 615| 139| 744
----------------------------------+-----------+-----------+-------+-------
Tulumaksukulu | 0| 0| 0| 0
----------------------------------+-----------+-----------+-------+-------
PUHASKASUM/-KAHJUM | 183| (671)| (158)|(1 052)
| | | |
----------------------------------+-----------+-----------+-------+-------
Lõpetatud tegevus | 0| (29)| 0| (271)
----------------------------------+-----------+-----------+-------+-------
----------------------------------+-----------+-----------+-------+-------
KOKKU | 183| (700)| (158)|(1 324)
----------------------------------+-----------+-----------+-------+-------
Nordic Fibreboard Ltd: kiudplaadi müük
Puitkiudplaadi müügitulu oli 2020. aasta 3. kvartalis 2,48 miljonit eurot, mis
oli 19% väiksem võrreldes eelmise aasta sama perioodiga (2019 3. kv: 3,06
miljonit eurot). 2020. aasta 3. kvartalis müüsime oma tooteid 19 riigi
klientidele. Müügitulu peamiseks languse põhjuseks oli märkmetahvlite segmendis
klientide kaotus. Kogu selle sektori toodang toodeti Püssi tehases, mis 2020.
aasta märtsis suleti. Samas meie peamistel Põhja-Euroopa ehitussektori turgudel
on müük olnud stabiilne. Puitkiudplaadi suurima turuosa Soome müük moodustab
2020. aasta 9 kuu müügist 27% (mille osakaal on tõusnud võrreldes eelmise aasta
sama perioodiga, 2019. aasta 9 kuud 26%). 2020. aasta 3. kvartalis
registreerisime, võrreldes 2019. aasta 3. kvartaliga müügi kasvu järmistel
suurtel turgudel, milledeks on Taani ja Eesti, samal ajal kui kaugematel
turgudel oli tunda langust peamiselt koroonaviiruse negatiiivse mõju tõttu
sarnastel turgudel.
Pärnu tehasesse neljanda vahetuse töölelisamise ja masinate täieliku
kasutusvõimsuse rakendamise tulemusel suurenes oluliselt brutomarginaal 18%-lt
2019. aasta 3. kvartalis 29%-ni 2020. aasta 3. kvartalis. Üldhalduskulud olid
2020. aasta 3 kvartalis 16% madalamad võrreldes 2019. aasta 3. kvartaliga.
EBITDA oli 2020. aasta 32. kvartalis positiivne 370 tuhat eurot (15% 2020. aasta
3. kvartali käibest) võrdluseks 2019 3. kv: EBITDA positiivne 152 tuhat eurot.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
| tuh EUR | tuh EUR |
+-------------+-------------+---------+---------+
| III kv 2020 | III kv 2019 | 9k 2020 | 9k 2019 |
---------------+-------------+-------------+---------+---------+
Euroopa Liit | 2 003 | 2 291 | 6 693 | 6 620 |
---------------+-------------+-------------+---------+---------+
Venemaa | 360 | 417 | 934 | 1 169 |
---------------+-------------+-------------+---------+---------+
Aasia | 62 | 157 | 140 | 400 |
---------------+-------------+-------------+---------+---------+
Lähis-Ida | 10 | 34 | 55 | 160 |
---------------+-------------+-------------+---------+---------+
Aafrika | 8 | 122 | 96 | 421 |
---------------+-------------+-------------+---------+---------+
Teised | 32 | 43 | 77 | 200 |
---------------+-------------+-------------+---------+---------+
Kokku | 2 477 | 3 064 | 7 994 | 8 970 |
Skano Furniture: mööbli jaemüük
Mööbli jaemüügi müügitulu 2020. aasta 3. kvartalis puudus (2019. aasta 3.
kvartalis 265 tuhat eurot). Nagu varasemates aruannetes informeeritud on mööbli
jaemüük lõpetaud ning 2020. aasta 9 kuu müük toimus ladude tühjendusmüügist.
Mööbli jaemüügitulu geograafiliselt
| tuh EUR | tuh EUR | Kaupluste arv |
+-----------+----------+-------+-------+----------+----------+
| | III kv| | | | |
|III kv 2020| 2019|9k 2020|9k 2019|30.09.2020|30.09.2019|
------------------+-----------+----------+-------+-------+----------+----------+
Eesti | 0| 162| 55| 783| 0| 3|
------------------+-----------+----------+-------+-------+----------+----------+
Läti* | 0| 40| 0| 125| 0| 0|
------------------+-----------+----------+-------+-------+----------+----------+
Leedu* | 0| 63| 0| 218| 0| 0|
------------------+-----------+----------+-------+-------+----------+----------+
Kokku (toimivad| | | | | | |
kauplused) | 0| 265| 55| 1 126| 0| 3|
* Läti ja Leedu salongid suleti 30.09.2019
Pärnu Riverside Development: kinnisvara haldus
2020. aasta 3. kvartali renditulu koos kommunaalkulude vahendusega oli 36 tuhat
eurot (2019. aasta 3. kvartalis 32 tuhat eurot). Kogu müügitulu on Eesti sisene.
Ettevõtte kulud koosnevad tegevuskuludest ning detailplaneeringuga seotud
kuludest, mille tulemusena oli kinnisvarahalduse EBITDA 2020. aasta 3. kvartalis
positiivne 1 tuhat eurot (2019. aasta 3. kvartalis positiivne 14 tuhat eurot).
Kinnisvarahalduse puhaskasum 2020. aasta 3. kvartalis oli 1 tuhat eurot (2019.
aasta 3. kvartali puhaskahjum oli 8 tuhat eurot).
EBITDA ja kasumi/kahjumi muutuse põhjuseks on 2019. aasta lõpus vastu võetud
kinnisvarainvesteeringute arvestuspõhimõtete muutus, kus soetusmaksumuse asemel
hakati kajastama kinnisvarainvesteeringuid bilansis õiglases väärtuses.
TULEVIKU VÄLJAVAADE
Nordic Fibreboard Ltd
Meie püsiklientide tellimuste portfellid Põhja-Euroopa suurimatel turgudel on
endiselt suuremahulised, kuid COVID-19 pandeemiaga seotud jätkuva ebakindluse
tõttu on tulevikku keeruline ennustada.
Nordic Fibreboard Ltd 2020. aasta oktoobrikuu puhaskahjum oli 27 tuhat eurot,
mis tulenes peamiselt tootmistehase planeeritud kahenädalasest seisakust
oktoobrikuu alguses. Tootmistöötajate igaaastane suvine planeeritud puhkus
lükati sel ajal olnud tellimuste täitmise mahajäämuse tõttu edasi oktoobrikuu
algusesse. Selle tõttu vähenes Pärnu tehase oktoobrikuu toodangu maht, mis mõjus
müügile negatiivselt ning mille tulemusena oli oktoobrikuu kahjum, nagu
eelnevalt mainitud, 27 tuhat eurot.
Tootmistehase töötajate järgmine puhkus on planeeritud detsembrikuu teisele
poolele, millel on samuti negatiivne mõju võrreldes 3. kvartalis saavutatud
tulemustega, kus tootmistehases puhkuseid ei olnud.
Pärnu Riverside Development
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Töötajad
Seisuga 30.09.2020 töötas Kontsernis 99 inimest (128 inimest jätkuvatelt
tegevustelt 30.09.2019 seisuga võrreldes). Töötajate keskmine arv oli 2020 3.
kvartalis 94 (3. kvartalis 2019: 123 jätkuvatelt tegevustelt). Töötajate
vähenemise põhjuseks, võrreldes eelmise aasta sama kvartaliga, on Püssis asuva
tehase sulgemine käesoleva aasta märtsis.
2020. aasta esimese üheksa kuu jooksul olid tööjõukulud jätkuvatelt tegevustelt
koos maksukuludega kokku 1,6 miljonit eurot (2019 esimese üheksa kuu jooksul
jätkuvatelt tegevustelt 1,9 miljonit eurot). Kõigi kontserni ettevõtete s.h.
tütarettevõtted juhatuse liikmetele arvestatud tasud koos maksukuludega olid
kokku 158 tuhat eurot 2020. aasta esimese üheksa kuu jooksul ning võrreldes 148
tuhat eurot 2019. aasta esimese üheksa kuuga.
Finantssuhtarvud
tuh EUR
| | | |
Kasumiaruanne |III kv 2020|III kv 2019| 9k 2020| 9k 2019
---------------------------------+-----------+-----------+----------+----------
Müügitulu | 2 512| 3 344| 8 197| 10 108
---------------------------------+-----------+-----------+----------+----------
EBITDA | 366| 120| 403| 184
---------------------------------+-----------+-----------+----------+----------
EBITDA rentaablus | 15%| 4%| 5%| 2%
---------------------------------+-----------+-----------+----------+----------
Ärikasum/-kahjum | 231| (57)| (19)| (308)
---------------------------------+-----------+-----------+----------+----------
Ärirentaablus | 9%| (2%)| (0%)| (3%)
---------------------------------+-----------+-----------+----------+----------
Puhaskasum/-kahjum jätkuvatelt | | | |
tegevustelt | 183| (671)| (158)| (1 052)
---------------------------------+-----------+-----------+----------+----------
Puhasrentaablus jätkuvatelt | | | |
tegevustelt | 7%| (20%)| (2%)| (10%)
| | | |
---------------------------------+-----------+-----------+----------+----------
Lõpetatud tegevus | 0| (29)| 0| (271)
---------------------------------+-----------+-----------+----------+----------
---------------------------------+-----------+-----------+----------+----------
KASUM/KAHJUM KOKKU | 183| (700)| (158)| (1 324)
---------------------------------+-----------+-----------+----------+----------
| | | |
Bilanss | 30.09.2020| 31.12.2019|30.09.2019|31.12.2018
---------------------------------+-----------+-----------+----------+----------
Koguvarad | 7 753| 9 045| 9 418| 10 307
---------------------------------+-----------+-----------+----------+----------
Koguvarade puhasrentaablus | (2%)| (12%)| (11%)| (3%)
---------------------------------+-----------+-----------+----------+----------
Omakapital | 1 414| 1 542| 1 606| 2 901
---------------------------------+-----------+-----------+----------+----------
Omakapitali puhasrentaablus | (11%)| (73%)| (66%)| (12%)
---------------------------------+-----------+-----------+----------+----------
Võlakordaja | 82%| 83%| 83%| 72%
| | | |
| | | |
Aktsia | 30.09.2020| 31.12.2019|30.09.2019|31.12.2018
---------------------------------+-----------+-----------+----------+----------
Aktsia viimane hind (EUR)* | 0,40| 0,41| 0,41| 0,36
---------------------------------+-----------+-----------+----------+----------
Puhaskasum aktsia kohta (EUR) | (0,04)| (0,31)| (0,23)| (0,20)
---------------------------------+-----------+-----------+----------+----------
Hind-tulu (PE) suhtarv | (11,48)| (1,32)| (1,74)| (1,81)
---------------------------------+-----------+-----------+----------+----------
Aktsia raamatupidamisväärtus| | | |
(EUR) | 0,31| 0,34| 0,36| 0,64
---------------------------------+-----------+-----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 1,28| 1,20| 1,14| 0,56
---------------------------------+-----------+-----------+----------+----------
Turukapitalisatsioon tuh EUR | 1 809| 1 845| 1 845| 1 620
---------------------------------+-----------+-----------+----------+----------
Aktsiate arv tk | 4 499 061| 4 499 061| 4 499 061| 4 499 061
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
Hind-tulu (PE) suhtarv = aktsia viimane hind / puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
Konsolideeritud finantsseisundi aruanne
tuh EUR |30.09.2020|31.12.2019|30.09.2019
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 4| 7| 44
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 008| 1 394| 1 781
----------------------------------------------+----------+----------+----------
Varud (Lisa 4) | 410| 894| 1 068
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 1 423| 2 296| 2 893
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 1 126| 1 121| 816
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiaruande (Lisa 8) | 418| 397| 378
----------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 4 777| 5 212| 5 306
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 10| 19| 24
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 331| 6 749| 6 525
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku varad | 7 753| 9 045| 9 418
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisa 9) | 4 436| 4 547| 531
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisa 10) | 1 674| 2 665| 2 789
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 4| 20| 5
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 6 114| 7 232| 3 325
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisa 9) | 47| 92| 4 277
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 179| 179| 210
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 226| 271| 4 486
----------------------------------------------+----------+----------+----------
Kokku kohustised | 6 340| 7 503| 7 811
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12) | 450| 2 699| 2 699
----------------------------------------------+----------+----------+----------
Ülekurss | 0| 364| 364
----------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 0| 288| 288
----------------------------------------------+----------+----------+----------
Muud reservid | 114| 84| 75
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 850| (1 894)| (1 819)
----------------------------------------------+----------+----------+----------
Kokku omakapital | 1 414| 1 542| 1 606
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku kohustised ja omakapital | 7 753| 9 045| 9 418
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 32.
Konsolideeritud kasumi- ja muu koondkasumiaruanne
tuh EUR |III kv 2020|III kv 2019 9k 2020|9k 2019
---------------------------------------+-----------+-----------+-------+-------
Jätkuvad tegevused | | | |
---------------------------------------+-----------+-----------+-------+-------
Müügitulu (Lisa 14) | 2 512| 3 344| 8 197| 10 108
---------------------------------------+-----------+-----------+-------+-------
Müüdud toodangu kulu (Lisa 15) | 1 892| 2 764| 6 508| 8 610
---------------------------------------+-----------+-----------+-------+-------
Brutokasum | 620| 581| 1 689| 1 498
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Turustuskulud (Lisa 16) | 282| 460| 1 015| 1 317
---------------------------------------+-----------+-----------+-------+-------
Üldhalduskulud (Lisa 17) | 126| 156| 430| 410
---------------------------------------+-----------+-----------+-------+-------
Muud äritulud (Lisa 19) | 22| 2| 24| 24
---------------------------------------+-----------+-----------+-------+-------
Muud ärikulud (Lisa 19) | 3| 23| 287| 103
---------------------------------------+-----------+-----------+-------+-------
Ärikasum (-kahjum) | 231| (57)| (19)| (308)
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Finantstulud (Lisa 20) | 4| 0| 41| 0
---------------------------------------+-----------+-----------+-------+-------
Finantskulud (Lisa 20) | 53| 614| 179| 744
---------------------------------------+-----------+-----------+-------+-------
Kasum (kahjum) enne tulumaksustamist | 183| (671)| (158)|(1 052)
---------------------------------------+-----------+-----------+-------+-------
Ettevõtte tulumaks | 0| 0| 0| 0
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Aruandeperioodi puhaskasum (-kahjum) | | | |
jätkuvatelt tegevustelt | 183| (671)| (158)|(1 052)
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Aruandeperioodi puhaskasum (-kahjum) | | | |
lõpetatud tegevustelt | 0| (29)| 0| (271)
---------------------------------------+-----------+-----------+-------+-------
Aruandeperioodi puhaskasum (-kahjum) | | | |
kokku | 183| (700)| (158)|(1 324)
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Tava perioodi puhaskasum (-kahjum) | | | |
aktsia kohta (Lisa 13) | 0,04| (0,16)| (0,04)| (0,29)
---------------------------------------+-----------+-----------+-------+-------
Lahustatud perioodi puhaskasum (- | | | |
kahjum) aktsia kohta (Lisa 13) | 0,04| (0,16)| (0,04)| (0,29)
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 32.
Konsolideeritud rahavoogude aruanne
tuh EUR |9k 2020|9k 2019
-------------------------------------------------------------+-------+-------
Äritegevuse rahavood | |
-------------------------------------------------------------+-------+-------
Ärikasum (-kahjum) | (19)| (308)
-------------------------------------------------------------+-------+-------
Korrigeerimised: | |
-------------------------------------------------------------+-------+-------
Kulum (Lisad 6;7) | 424| 492
-------------------------------------------------------------+-------+-------
Kasum/kahjum põhivara müügist (Lisa 19) | (21)| 0
-------------------------------------------------------------+-------+-------
Põhivara allahindlus (Lisa 6) | 0| (747)
-------------------------------------------------------------+-------+-------
Valuutakursi ümberhindlused | (1)| 0
-------------------------------------------------------------+-------+-------
Kasum/kahjum müügiootel finantsvara ümberhindlusest (Lisa 8)| (21)| 44
-------------------------------------------------------------+-------+-------
Mitterahalised tehingud: aktsiaoptsioonide reserv (Lisa 12) | 29| 29
-------------------------------------------------------------+-------+-------
Nõuete ja ettemaksete muutus (Lisa 3) | 387|(1 038)
-------------------------------------------------------------+-------+-------
Varude muutus (Lisa 4) | 484| 406
-------------------------------------------------------------+-------+-------
Äritegevusega seotud kohustiste muutus (Lisa 10) | (991)| 741
-------------------------------------------------------------+-------+-------
Lõpetatud tegevused | 0| 933
-------------------------------------------------------------+-------+-------
| |
-------------------------------------------------------------+-------+-------
Äritegevusega genereeritud rahavood | 271| 552
-------------------------------------------------------------+-------+-------
Intressimaksed (Lisa 20) | (155)| (167)
-------------------------------------------------------------+-------+-------
Muud finantstulud ja -kulud | (1)| (50)
-------------------------------------------------------------+-------+-------
Äritegevuse rahavood kokku | 115| 335
-------------------------------------------------------------+-------+-------
| |
-------------------------------------------------------------+-------+-------
Investeerimistegevuse rahavood | |
-------------------------------------------------------------+-------+-------
Materiaalse ja immateriaalse põhivara soetus (Lisad 6;7) | (58)| (87)
-------------------------------------------------------------+-------+-------
Materiaalse ja immateriaalse põhivara müük (Lisad 6;7) | 24| 0
-------------------------------------------------------------+-------+-------
Kinnisvarainvesteeringu soetus | (5)| (20)
-------------------------------------------------------------+-------+-------
Investeerimistegevuse rahavood kokku | (39)| (107)
-------------------------------------------------------------+-------+-------
| |
-------------------------------------------------------------+-------+-------
Finantseerimistegevuse rahavood | |
-------------------------------------------------------------+-------+-------
Saadud laenude tagasimaksed (Lisa 9) | (4)| (223)
-------------------------------------------------------------+-------+-------
Saadud laenud seotud osapooltelt (Lisa 9) | 475| 223
-------------------------------------------------------------+-------+-------
Saadud laenude tagasimaksed seotud osapooltele (Lisa 9) | (495)| (193)
-------------------------------------------------------------+-------+-------
Rendikohustuse põhiosa tagasimaksed (Lisa 9) | (50)| (67)
-------------------------------------------------------------+-------+-------
Arvelduskrediidi muutus (Lisa 9) | (5)| 22
-------------------------------------------------------------+-------+-------
Finantseerimistegevuse rahavood kokku | (79)| (238)
-------------------------------------------------------------+-------+-------
| |
-------------------------------------------------------------+-------+-------
RAHA JA RAHA EKVIVALENTIDE MUUTUS | (3)| (10)
-------------------------------------------------------------+-------+-------
RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES (Lisa 2) | 7| 54
-------------------------------------------------------------+-------+-------
RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS (Lisa 2) | 4| 44
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 32.
Konsolideeritud omakapitali muutuste aruanne
| | | Kohustislik | Muud |Jaotamata|
tuh EUR |Aktsiakapital|Ülekurss|reservkapital|reservid| kasum |Kokku
-----------------+--------------+--------+--------------+--------+---------+-----
| | | | | |
-----------------+--------------+--------+--------------+--------+---------+-----
Saldo 31.12.2018| 2 699| 364| 288| 45| (496)|2 901
-----------------+--------------+--------+--------------+--------+---------+-----
| | | | | |
-----------------+--------------+--------+--------------+--------+---------+-----
Aktsiaoptsioonid| | | | | |
9k 2019 | 0| 0| 0| 29| 0| 29
-----------------+--------------+--------+--------------+--------+---------+-----
Aruandeaasta | | | | | |
puhaskahjum | | | | | | (1
9k 2019 | 0| 0| 0| 0| (1 324)| 324)
-----------------+--------------+--------+--------------+--------+---------+-----
Muu koondkahjum | | | | | |
9k 2019 | 0| 0| 0| 0| 0| 0
-----------------+--------------+--------+--------------+--------+---------+-----
2019 9k | | | | | | (1
koondkahjum | 0| 0| 0| 0| (1 324)| 324)
-----------------+--------------+--------+--------------+--------+---------+-----
Saldo 30.09.2019| 2 699| 364| 288| 75| (1 819)|1 606
-----------------+--------------+--------+--------------+--------+---------+-----
| | | | | |
-----------------+--------------+--------+--------------+--------+---------+-----
Saldo 31.12.2019| 2 699| 364| 288| 84| (1 894)|1 542
-----------------+--------------+--------+--------------+--------+---------+-----
| | | | | |
-----------------+--------------+--------+--------------+--------+---------+-----
Aktsiaoptsioonid| | | | | |
9k 2020 | 0| 0| 0| 29| 0| 29
-----------------+--------------+--------+--------------+--------+---------+-----
Jaotamata kasum | (2 250)| (364)| (288)| 0| 2 902| 0
-----------------+--------------+--------+--------------+--------+---------+-----
Aruandeaasta | | | | | |
puhaskahjum | | | | | |
9k 2020 | 0| 0| 0| 0| (158)|(158)
-----------------+--------------+--------+--------------+--------+---------+-----
Muu koondkahjum | | | | | |
9k 2020 | 0| 0| 0| 0| 0| 0
-----------------+--------------+--------+--------------+--------+---------+-----
2020 9k | | | | | |
koondkahjum | 0| 0| 0| 0| (158)|(158)
-----------------+--------------+--------+--------------+--------+---------+-----
Saldo 30.09.2020| 450| 0| 0| 114| 850|1 414
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 32.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Unaudited financial results of Nordic Fibreboard AS for the third quarter of 2020
Teade
Management report
Consolidated net sales for Q3 2020 were EUR 2.51 million from continuing
operations (Q3 2019: EUR 3.34 million from continuing operations). The sales
revenue of the Group`s main business segment, fibreboard, for Q3 2020 were EUR
2.48 million (Q3 2019: EUR 3.06 million). The main reason for this drop in sales
was due to the closure of the Püssi factory in March 2020, which came about as a
result of the loss of orders from customers within the display board industry
caused by the COVID-19 pandemic. Furniture retail sales revenue for Q3 2020 were
EUR 0 thousand, the decrease in sales (compared to Q3 2019: EUR 265 thousand) was
due to the Group exiting the furniture retail segment earlier this year, with
some remaining stock sales taking place during Q1 and Q2 2020. Rental and
property development sales, includes the resale of utilities, in Q3 2020 were EUR
36 thousand (Q3 2019: EUR 32 thousand). Revenue from rental and property
development increased due to more tenants being secured for the premises in
Suur-Jõe 48, Pärnu.
Group EBITDA for Q3 2020 was positive EUR 366 thousand from continuing operations
(Q3 2019: EUR 120 thousand from continuing operations), of which the fibreboard
division EBITDA was positive EUR 370 thousand (Q3 2019: positive EUR 152 thousand).
After depreciation and interest, group net profit for Q3 2020 was EUR 183 thousand
from continuing operations (Q3 2019 net loss of EUR 671 thousand from continuing
operations). The main reason for the loss in the Q3 2019 was the extraordinary
loss of EUR 540 thousand received from the sale of the subsidiary Skano Furniture
Factory OÜ.
The Group`s consolidated EBITDA has improved compared to the same period last
year, the main reason being the much improved performance of the fibreboard
division. The closure of the Püssi fibreboard factory enabled us to switch the
Püssi factory construction sector orders to our Pärnu factory, and we started a
4(th) shift in Pärnu in April 2020 as a result thereof. The Pärnu factory is now
running all the time, except for a one-shift maintenance stop every month. This
has led to increased machine utilisation, and gross margin for Nordic Fibreboard
Ltd OÜ has therefore increased substantially, being 29% in Q3 2020 (from being
18% in Q3 2019).
Divisional review
Revenue by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2020 | Q3 2019 | 9M 2020 | 9M 2019
---------------------------------------------+---------+---------+---------
Continued operations | | |
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 2,477 | 3,064 | 7,994 | 8,970
---------------------------------------------+---------+---------+---------
Furniture retail 0 | 265 | 55 | 1,126
---------------------------------------------+---------+---------+---------
Real Estate Management 36 | 32 | 148 | 48
---------------------------------------------+---------+---------+---------
Group transactions 0 | (17) | 0 | (37)
---------------------------------------------+---------+---------+---------
TOTAL from continued operations 2,512 | 3,344 | 8,197 | 10,108
| | |
---------------------------------------------+---------+---------+---------
Discontinued operations 0 | 262 | 0 | 1,215
---------------------------------------------+---------+---------+---------
---------------------------------------------+---------+---------+---------
TOTAL 2,512 | 3,606 | 8,197 | 11,323
---------------------------------------------+---------+---------+---------
Profit by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2020 | Q3 2019 | 9M 2020 | 9M 2019
---------------------------------------------+---------+---------+---------
EBITDA by business units: | | |
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 370 | 152 | 458 | 188
---------------------------------------------+---------+---------+---------
Furniture retail (0) | (95) | (39) | (134)
---------------------------------------------+---------+---------+---------
Real Estate Management 1 | 14 | (2) | 30
---------------------------------------------+---------+---------+---------
Group transactions (5) | 49 | (13) | 100
---------------------------------------------+---------+---------+---------
TOTAL EBITDA 366 | 120 | 403 | 184
---------------------------------------------+---------+---------+---------
Depreciation 135 | 176 | 422 | 492
---------------------------------------------+---------+---------+---------
TOTAL OPERATING PROFIT/ LOSS 231 | (57) | (19) | (308)
---------------------------------------------+---------+---------+---------
Net financial costs 49 | 615 | 139 | 744
---------------------------------------------+---------+---------+---------
NET PROFIT/ LOSS 183 | (671) | (158) | (1,052)
| | |
---------------------------------------------+---------+---------+---------
Discontinued operations 0 | (29) | 0 | (271)
---------------------------------------------+---------+---------+---------
---------------------------------------------+---------+---------+---------
TOTAL 183 | (700) | (158) | (1,324)
---------------------------------------------+---------+---------+---------
NORDIC FIBREBOARD Ltd: Fibreboard sales
Fibreboard sales in Q3 2020 were EUR 2.48 million, which are 19% lower than in the
same period last year (2019: EUR 3.06 million). We sold our products to customers
in 19 countries during Q3 2020. The main reason for the drop in sales was the
loss of display board customers, boards for this sector was produced in the
Püssi factory, which we closed in March 2020. However, sales to our customers
within the construction sector in our main northern European markets have been
stable. Finland, our largest market accounted for 27% of total fibreboard sales
this year (up from being 26% of total sales in 9M in 2019).In the Q3 2020
compared to the Q3 2019, we recorded sales growth in the next large markets for
us, these being Denmark and Estonia, while we recorded sales decline in markets
further afield mainly due to the negative effect in many such markets caused by
the corona virus.
By adding a 4(th) shift in our Pärnu production, and thus achieving full machine
utilisation, has led to a strong increase in Fibreboard's gross margin from
being 18% in Q3 2019 to now reaching 29% in Q3 2020. Overhead costs for Q3 2020
was down 16% compared to Q3 2019, and EBITDA for Q3 2020 was thus positive EUR
370 thousand (15% of sales in Q3 2020), compared to Q3 2019 EBITDA positive EUR
152 thousand.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
| EUR thousand | EUR thousand |
+---------+---------+---------+---------+
| Q3 2020 | Q3 2019 | 9M 2020 | 9M 2019 |
-----------------+---------+---------+---------+---------+
European Union | 2,003 | 2,291 | 6,693 | 6,620 |
-----------------+---------+---------+---------+---------+
Russia | 360 | 417 | 934 | 1,169 |
-----------------+---------+---------+---------+---------+
Asia | 62 | 157 | 140 | 400 |
-----------------+---------+---------+---------+---------+
Middle East | 10 | 34 | 55 | 160 |
-----------------+---------+---------+---------+---------+
Africa | 8 | 122 | 96 | 421 |
-----------------+---------+---------+---------+---------+
Other | 32 | 43 | 77 | 200 |
-----------------+---------+---------+---------+---------+
TOTAL | 2,477 | 3,064 | 7,994 | 8,970 |
SKANO FURNITURE: retail sales
There was no retail sales revenue of furniture in the Q3 2020 (2019 Q3 EUR 265
thousand). However, this business has been closed down, as earlier informed, and
the sales recorded in 9 months 2020 was from some remaining stock.
RETAIL SALES BY COUNTRIES
| EUR thousand | EUR thousand | Number of stores |
+---------+---------+---------+---------+------------+------------+
| Q3 2020 | Q3 2019 | 9M 2020 | 9M 2019 | 30.09.2020 | 30.09.2019 |
-------------+---------+---------+---------+---------+------------+------------+
Estonia | 0 | 162 | 55 | 783 | 0 | 3 |
-------------+---------+---------+---------+---------+------------+------------+
Latvia* | 0 | 40 | 0 | 125 | 0 | 0 |
-------------+---------+---------+---------+---------+------------+------------+
Lithuania* | 0 | 63 | 0 | 218 | 0 | 0 |
-------------+---------+---------+---------+---------+------------+------------+
TOTAL | 0 | 265 | 55 | 1,126 | 0 | 3 |
* Latvian and Lithuanian stores were closed on 30.09.2019
PÄRNU RIVERSIDE DEVELOPMENT: real estate management
Rental income, including the resale of utilities, was EUR 36 thousand in Q3 2020
(2019 Q3 EUR 32 thousand). The company's expenses consist of operating expenses
and expenses related to the ongoing detail plan project, which resulted in
positive EBITDA of EUR 1 thousand for Q3 2020 (2019 Q3 positive EUR 14 thousand).
Real Estate Management net profit in Q3 2020 were EUR 1 thousand (2019 Q3: loss EUR
8 thousand).
The reason for the change in EBITDA and net profit/loss is the change in the
accounting policies for investment properties adopted at the end of 2019, where
instead of the measured cost, investment properties were recognized in the
balance sheet at fair value.
OUTLOOK
Nordic Fibreboard Ltd
The order book from our traditional customers in our largest markets in northern
Europe remains strong, although it is very difficult to predict what will happen
in the future due to the continuing uncertainty surrounding the COVID-19
pandemic.
Nordic Fibreboard Ltd recorded net loss in October 2020 of EUR 27 thousand, such
loss was mainly the result of the factory's planned 2 week stoppages in early
October. The production workers did not take their annual 2 week holiday during
summer due to large order backlog we had at that time, instead it was moved to
the early part of October. Thus, Pärnu factory's output in October was reduced
as a result thereof, which impacted sales negatively, and thus resulted in the
aforementioned net loss of EUR 27 thousand.
Next planned production holiday will take place in latter part of December which
will also affect negatively compared to the results achieved during Q3 when
there were no production holiday.
Pärnu Riverside Development
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu.
PEOPLE
On the 30th of September 2020, the Group employed 99 people (compared to 128
people as of 30.09.2019 from continuing operations). The average number of
personnel in Q3 2020 was 94 (Q3 2019: 123 from continuing operations). The
reason for the decline in the number of employees compared to the same quarter
last year is the closure of a factory in Püssi in March this year.
For nine months of 2020, wages and salaries with taxes amounted to EUR 1.6 million
from continuing operations (nine months 2019: EUR 1.9 million from continuing
operations). Payments made to management board members of all group companies
including all subsidiaries with relevant taxes were EUR 158 thousand during
9M 2020 and EUR 148 thousand during 9M 2019.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement | Q3 2020| Q3 2019 9M 2020| 9M 2019
----------------------------------+----------+----------+----------+----------
Revenue | 2,512| 3,344| 8,197| 10,108
----------------------------------+----------+----------+----------+----------
EBITDA | 366| 120| 403| 184
----------------------------------+----------+----------+----------+----------
EBITDA margin | 15%| 4%| 5%| 2%
----------------------------------+----------+----------+----------+----------
Operating profit | 231| (57)| (19)| (308)
----------------------------------+----------+----------+----------+----------
Operating margin | 9%| (2%)| (0%)| (3%)
----------------------------------+----------+----------+----------+----------
Net profit | 183| (671)| (158)| (1,052)
----------------------------------+----------+----------+----------+----------
Net margin | 7%| (20%)| (2%)| (10%)
| | | |
----------------------------------+----------+----------+----------+----------
Discontinued operations | 0| (29)| 0| (271)
----------------------------------+----------+----------+----------+----------
----------------------------------+----------+----------+----------+----------
TOTAL NET PROFIT | 183| (700)| (158)| (1,324)
----------------------------------+----------+----------+----------+----------
| | | |
Statement of financial position |30.09.2020|31.12.2019|30.09.2019|31.12.2018
----------------------------------+----------+----------+----------+----------
Total assets | 7,753| 9,045| 9,418| 10,307
----------------------------------+----------+----------+----------+----------
Return on assets | (2%)| (12%)| (11%)| (3%)
----------------------------------+----------+----------+----------+----------
Equity | 1,414| 1,542| 1,606| 2,901
----------------------------------+----------+----------+----------+----------
Return on equity | (11%)| (73%)| (66%)| (12%)
----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 82%| 83%| 83%| 72%
| | | |
| | | |
Share |30.09.2020|31.12.2019|30.09.2019|31.12.2018
----------------------------------+----------+----------+----------+----------
Last Price* | 0.40| 0.41| 0.41| 0.36
----------------------------------+----------+----------+----------+----------
Earnings per share | (0.04)| (0.31)| (0.23)| (0.20)
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | (11.48)| (1.32)| (1.74)| (1.81)
----------------------------------+----------+----------+----------+----------
Book value of a share | 0.31| 0.34| 0.36| 0.64
----------------------------------+----------+----------+----------+----------
Market to book ratio | 1.28| 1.20| 1.14| 0.56
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 1,809| 1,845| 1,845| 1,620
----------------------------------+----------+----------+----------+----------
Number of shares, piece | 4,499,061| 4,499,061| 4,499,061| 4,499,061
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial positions
EUR thousand |30.09.2020|31.12.2019|30.09.2019
---------------------------------------------+----------+----------+----------
Cash and cash equivalents (Note 2) | 4| 7| 44
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 3) | 1,008| 1,394| 1,781
---------------------------------------------+----------+----------+----------
Inventories (Note 4) | 410| 894| 1,068
---------------------------------------------+----------+----------+----------
Total current assets | 1,423| 2,296| 2,893
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 5) | 1,126| 1,121| 816
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 8)| 418| 397| 378
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 6) | 4,777| 5,212| 5,306
---------------------------------------------+----------+----------+----------
Intangible assets (Note 7) | 10| 19| 24
---------------------------------------------+----------+----------+----------
Total non-current assets | 6,331| 6,749| 6,525
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 7,753| 9,045| 9,418
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 9) | 4,436| 4,547| 531
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 10) | 1,674| 2,665| 2,789
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 11) | 4| 20| 5
---------------------------------------------+----------+----------+----------
Total current liabilities | 6,114| 7,232| 3,325
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 9) | 47| 92| 4,277
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 11) | 179| 179| 210
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 226| 271| 4,486
---------------------------------------------+----------+----------+----------
Total liabilities | 6,340| 7,503| 7,811
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 12) | 450| 2,699| 2,699
---------------------------------------------+----------+----------+----------
Share premium | 0| 364| 364
---------------------------------------------+----------+----------+----------
Statutory reserve capital | 0| 288| 288
---------------------------------------------+----------+----------+----------
Other reserves | 114| 84| 75
---------------------------------------------+----------+----------+----------
Retained earnings (loss) | 850| (1,894)| (1,819)
---------------------------------------------+----------+----------+----------
Total equity | 1,414| 1,542| 1,606
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 7,753| 9,045| 9,418
*The notes to the financial statements presented on pages 15 to 32 are an
integral part of these consolidated financial statements
Consolidated statement of profit or loss and other comprehensive income
EUR thousand |Q3 2020|Q3 2019 9M 2020|9M 2019
-----------------------------------------------+-------+-------+-------+-------
Continued operations | | | |
-----------------------------------------------+-------+-------+-------+-------
Revenue (Note 14) | 2,512| 3,344| 8,197| 10,108
-----------------------------------------------+-------+-------+-------+-------
Cost of goods sold (Note 15) | 1,892| 2,764| 6,508| 8,610
-----------------------------------------------+-------+-------+-------+-------
Gross profit | 620| 581| 1,689| 1,498
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Distribution costs (Note 16) | 282| 460| 1,015| 1,317
-----------------------------------------------+-------+-------+-------+-------
Administrative expenses (Note 17) | 126| 156| 430| 410
-----------------------------------------------+-------+-------+-------+-------
Other operating income (Note 19) | 22| 2| 24| 24
-----------------------------------------------+-------+-------+-------+-------
Other operating expenses (Note 19) | 3| 23| 287| 103
-----------------------------------------------+-------+-------+-------+-------
Operating profit (loss) | 231| (57)| (19)| (308)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Finance income (Note 20) | 4| 0| 41| 0
-----------------------------------------------+-------+-------+-------+-------
Finance costs (Note 20) | 53| 614| 179| 744
-----------------------------------------------+-------+-------+-------+-------
Loss before income tax | 183| (671)| (158)|(1,052)
-----------------------------------------------+-------+-------+-------+-------
Corporate income tax | 0| 0| 0| 0
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Net profit (loss) for the financial period | | | |
from continuing operations | 183| (671)| (158)|(1,052)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Net profit (loss) for the period from | | | |
discontinuing operations | 0| (29)| 0| (271)
-----------------------------------------------+-------+-------+-------+-------
Net profit (loss) for the financial period | 183| (700)| (158)|(1,324)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Basic earnings per share (Note 13) | 0.04| (0.16)| (0.04)| (0.29)
-----------------------------------------------+-------+-------+-------+-------
Diluted earnings per share (Note 13) | 0.04| (0.16)| (0.04)| (0.29)
*The notes to the financial statements presented on pages 15 to 32 are an
integral part of these consolidated financial statements.
Consolidated statement of cash flows
EUR thousand |9M 2020|9M 2019
---------------------------------------------------------------+-------+-------
Cash flows from operating activities | |
---------------------------------------------------------------+-------+-------
Operating profit (loss) | (19)| (308)
---------------------------------------------------------------+-------+-------
Adjustments: | |
---------------------------------------------------------------+-------+-------
Depreciation charge (Notes 5;6;7) | 424| 492
---------------------------------------------------------------+-------+-------
Profit/loss from disposal of fixed assets (Note 19) | (21)| 0
---------------------------------------------------------------+-------+-------
Write down of fixed assets (Note 6) | 0| (747)
---------------------------------------------------------------+-------+-------
Currency translation differences | (1)| 0
---------------------------------------------------------------+-------+-------
Profit/loss from disposal of available-for-sale financial | |
assets (Notes 8) | (21)| 44
---------------------------------------------------------------+-------+-------
Non-monetary transactions: reserve for share option (Note 12) | 29| 29
---------------------------------------------------------------+-------+-------
Change in trade and other receivables (Note 3) | 387|(1,038)
---------------------------------------------------------------+-------+-------
Change in inventories (Note 4) | 484| 406
---------------------------------------------------------------+-------+-------
Change in trade and other payables (Note 10) | (991)| 741
---------------------------------------------------------------+-------+-------
Discontinued operations | 0| 933
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Cash generated from operations | 271| 552
---------------------------------------------------------------+-------+-------
Interest payments (Note 20) | (155)| (167)
---------------------------------------------------------------+-------+-------
Net other financial income and expense | (1)| (50)
---------------------------------------------------------------+-------+-------
Net cash generated from operating activities | 115| 335
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Cash flows from investing activities | |
---------------------------------------------------------------+-------+-------
Purchase of property, plant and equipment and intangible | |
assets (Notes 6;7) | (58)| (87)
---------------------------------------------------------------+-------+-------
Disposal of property, plant and equipment and intangible | |
assets (Note 6;7) | 24| 0
---------------------------------------------------------------+-------+-------
Purchase of investment property | (5)| (20)
---------------------------------------------------------------+-------+-------
Net cash used in investing activities | (39)| (107)
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Cash flows from financing activities | |
---------------------------------------------------------------+-------+-------
Repayment of loans received (Note 9) | (4)| (223)
---------------------------------------------------------------+-------+-------
Loans received from related parties (Note 9) | 475| 223
---------------------------------------------------------------+-------+-------
Repayment of loans received from related parties (Note 9) | (495)| (193)
---------------------------------------------------------------+-------+-------
Finance lease payments (Note 9) | (50)| (67)
---------------------------------------------------------------+-------+-------
Change in overdraft (Note 9) | (5)| 22
---------------------------------------------------------------+-------+-------
Net cash (used in)/from financing activities | (79)| (238)
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
NET CHANGE IN CASH | (3)| (10)
---------------------------------------------------------------+-------+-------
OPENING BALANCE OF CASH (Note 2) | 7| 54
---------------------------------------------------------------+-------+-------
CLOSING BALANCE OF CASH (Note 2) | 4| 44
*The notes to the financial statements presented on pages 15 to 32 are an
integral part of these consolidated financial statements.
Consolidated statement of changes in equity
| | | Statutory | | |
| Share | Share | reserve | Other | Retained |
EUR thousand | capital | premium | capital | reserves | earnings | Total
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
31.12.2018 | 2,699| 364| 288| 45| (496)| 2,901
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Share options | | | | | |
9M 2019 | 0| 0| 0| 29| 0| 29
-----------------+---------+---------+-----------+----------+----------+-------
Net profit/loss | | | | | |
for 9M 2019 | 0| 0| 0| 0| (1,324)|(1,324)
-----------------+---------+---------+-----------+----------+----------+-------
Other | | | | | |
comprehensive | | | | | |
income for | | | | | |
9M 2019 | 0| 0| 0| 0| 0| 0
-----------------+---------+---------+-----------+----------+----------+-------
Total | | | | | |
comprehensive | | | | | |
profit/loss for | | | | | |
9M 2019 | 0| 0| 0| 0| (1,324)|(1,324)
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
30.09.2019 | 2,699| 364| 288| 75| (1,819)| 1,606
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
31.12.2019 | 2,699| 364| 288| 84| (1,894)| 1,542
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Share options | | | | | |
9M 2020 | 0| 0| 0| 29| 0| 29
-----------------+---------+---------+-----------+----------+----------+-------
Retained | | | | | |
earnings | (2,250)| (364)| (288)| 0| 2,902| 0
-----------------+---------+---------+-----------+----------+----------+-------
Net profit/loss | | | | | |
for 9M 2020 | 0| 0| 0| 0| (158)| (158)
-----------------+---------+---------+-----------+----------+----------+-------
Other | | | | | |
comprehensive | | | | | |
income for | | | | | |
9M 2020 | 0| 0| 0| 0| 0| 0
-----------------+---------+---------+-----------+----------+----------+-------
Total | | | | | |
comprehensive | | | | | |
profit/loss for | | | | | |
9M 2020 | 0| 0| 0| 0| (158)| (158)
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
30.09.2020 | 450| 0| 0| 114| 850| 1,414
*The notes to the financial statements presented on pages 15 to 32 are an
integral part of these consolidated financial statements.
TORFINN LOSVIK
Chairman of the board
Phone: +372 56 99 0988
[email protected]