Börsiteade
Nordic Fibreboard AS
LEI kood
54930002HOIXBD15OM06
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Majandusaasta aruanne
Teate ID
8747
Manused
Esitamise kuupäev ja aeg
27.04.2021 09:45:59
Teate sisu eesti keeles
Pealkiri
Nordic Fibreboard AS auditeeritud majandusaasta aruanne 2020
Teade
Nordic Fibreboard AS nõukogu kinnitas 27. aprill 2021 ettevõtte 2020. aasta
auditeeritud majandusaasta aruande.
ÜLEVAADE
Konsolideeritud müügitulu jätkuvatelt tegevustelt oli 2020 aastal 10,27 miljonit
eurot, mis on 23% langust 2019. aastaga võrreldes (2019: 13,33 miljonit eurot).
Puitkiudplaadi müügitulu 2020. aastal kokku oli 10,00 miljonit eurot, mis oli
15% langust võrreldes eelmise aastaga (2019. aastal 11,75 miljonit eurot).
Müügitulu peamiseks languse põhjuseks oli COVID-19 pandeemia tagajärjel
klientide kaotus märkmetahvlite segmendis. Kogu selle sektori toodang toodeti
Püssi tehases, mis 2020. aasta märtsis suleti.
Mööbli jaemüügi müügitulu 2020. aastal oli 56 tuhat eurot (2019. aastal 1 515
tuhat eurot). Mööbli jaemüük on lõpetatud seoses viimaste kaupluste sulgemisega
31.01.2020 ning kogu 2020. aasta müük toimus ladude tühjendusmüügist.
Kinnisvara haldusest tulenev müügitulu oli 2020. aastal 212 tuhat eurot (2019.
aastal 111 tuhat eurot), müügitulu suurenemise üheks põhjuseks on, et 2020.
aastal tegutses ettevõtte terve majandusaasta, 2019. aastal aga alustas tegevust
maikuus.
Nordic Fibreboard AS EBITDA oli 2020. aastal jätkuvatelt tegevustelt positiivne
540 tuhat eurot (2019 jätkuvad tegevused: positiivne 325 tuhat eurot). 2019.
aasta EBITDA tulemus sisaldab ühekordset tulu 324 tuhat eurot
kinnisvarainvesteeringu ümberhindlusest Pärnu Riverside Development OÜ-s, samas
kui 2020 aasta EBITDA tulemus sisaldab kasutuseta seisnud kiudplaadi
amortiseerunud büroohoone lammutuskulude ühekordset kulu 38 tuhat eurot. EBITDA
nii suure muutuse peamisteks põhjusteks on Nordic Fibreboard Ltd OÜ 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. aastal 25%-ni
(2019. aastal 15%)
2020. aasta lõpus sõlmisid Nordic Fibreboard AS ja Nordic Fibreboard Ltd OÜ
senise laenuandja Swedbank AS ja uue laenuandja Maaelu Edendamise Sihtasutus uue
laenulepingu Kontserni laenude refinantseerimiseks. Refinantseerimine võimaldas
Kontsernil laenukohustused restruktureerida 4,4 miljonilt eurolt 3,2 miljonile
eurole.
10.08.2020 toimunud aktsionäride korralisel koosolekul võeti vastu otsus võtta
kasutusele nimiväärtuseta aktsiad ning vähendada Nordic Fibreboard AS
aktsiakapitali 2 249 530,50 euro võrra, summalt 2 699 436,60 eurot summani
449 906,10 eurot aktsiate arvestusliku väärtuse vähendamise teel. Aktsiate arv
jäi samaks, kuid aktsia arvestuslik väärtus vähenes 0,60 eurolt 0,10 eurole.
Lisaks võeti vastu otsused tegemaks muudatused kontserni miinimum- ja
maksimumkapitali ning aktsiate miinimum- ja maksimumarvu kohta. Põhikirjas
fikseeritud minimaalne aktsiakapital on 250 000 eurot ja maksimaalne
aktsiakapital on 1 000 000 eurot.
Mööbliäri jaemüügi EBITDA oli 2020. aastal negatiivne 40 tuhat eurot (2019.
aastal negatiivne 200 tuhat eurot). Kinnisvarahalduse EBITDA oli 2020. aastal 0
eurot (2019. aastal positiivne 352 tuhat eurot).
Puhaskasum oli aastal 2020 jätkuvatelt tegevustelt 1 074 tuhat eurot (2019
jätkuvatelt tegevustelt puhaskahjum 1 127 tuhat eurot).
KONTSERNI MÜÜGITULU JAOTUS TEGEVUSALADE LÕIKES
tuh EUR | % müügitulust
---------+--------+------+--------
2020 | 2019 | 2020 | 2019
---------------------------------------+--------+------+--------
Jätkuvad tegevused | | |
---------------------------------------+--------+------+--------
Kiudplaadi tootmine ja müük 10 001 | 11 745 | 97% | 81%
---------------------------------------+--------+------+--------
Mööbli jaemüük 56 | 1 515 | 1% | 10%
---------------------------------------+--------+------+--------
Kinnisvara haldamine 212 | 111 | 2% | 1%
---------------------------------------+--------+------+--------
Elimineerimine (0) | (38) | (0%) | (0%)
---------------------------------------+--------+------+--------
Kokku 10 269 | 13 333 | 100% | 92%
| | |
---------------------------------------+--------+------+--------
Lõpetatud tegevus 0 | 1 215 | 0% | 8%
---------------------------------------+--------+------+--------
---------------------------------------+--------+------+--------
KOKKU 10 269 | 14 548 | 100% | 100%
---------------------------------------+--------+------+--------
FINANTSSEISUNDI JA RAHAVOOGUDE ARUANNE
Seisuga 31.12.2020 olid Nordic Fibreboard AS varad kokku 7,7 miljonit eurot
(31.12.2019: 9,1 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.12.2020 5,0 miljonit eurot (31.12.2019: 7,5 miljonit eurot), milledest
kontsernil oli laenukohustisi 3,2 miljonit eurot seisuga 31.12.2020 (31.12.2019:
4,6 miljonit).
Nõuded ja ettemaksed olid kokku 0,8 miljonit eurot seisuga 31.12.2020
(31.12.2019: 1,4 miljonit eurot). Varud seisuga 31.12.2020 0,5 miljonit eurot
(31.12.2019 0,9 miljonit eurot). Finantsinvesteeringud õiglases väärtuses läbi
kasumiaruande (ehk Trigon Property Development aktsiad) suurenesid 397 tuhandelt
eurolt, seisuga 31.12.2019, 451 tuhande euroni seisuga 31.12.2020.
Kinnisvarainvesteeringud olid nii 31.12.2020 kui ka 31.12.2019 seisuga 1,1
miljonit eurot, materiaalne ja immateriaalne põhivara kokku seisuga 31.12.2020
on 4,7 miljonit eurot (5,2 miljonit seisuga of 31.12.2019).
Kontserni äritegevuse rahavoog oli 2020. aastal positiivne 150 tuhat eurot
(2019: positiivne 516 tuhat eurot). Investeerimistegevusest tulenevalt toimus
2020. aastal raha väljavool summas 56 tuhat eurot, võrreldes raha väljavooluga
153 tuhande euroga 2019. aastal. Finantseerimistegevuse tulemuseks oli 2019.
aastal samuti raha väljavool summas 75 tuhat eurot (2019: raha väljavool 410
tuhat eurot). Netorahavoo tulemuseks oli 2020. aastal raha sissevool summas 19
tuhat eurot, mis on 66 tuhat eurot rohkem raha sissevoolu võrreldes raha
väljavooluga summas 47 tuhande euroga aastal 2019.
Investeeringuid põhivaradesse tehti 2020. aastal summas 110 tuhat eurot, 2019.
aastal 133 tuhat eurot.
Finantssuhtarvud
tuh EUR
| |
Kasumiaruanne | 2020 | 2019
-----------------------------------------------+------------+-------------
Müügitulu | 10 269 | 13 333
-----------------------------------------------+------------+-------------
EBITDA | 540 | 325
-----------------------------------------------+------------+-------------
EBITDA rentaablus | 5% | 2%
-----------------------------------------------+------------+-------------
Ärikasum/-kahjum | (19) | (343)
-----------------------------------------------+------------+-------------
Ärirentaablus | (0%) | (3%)
-----------------------------------------------+------------+-------------
Puhaskasum/-kahjum | 1 074 | (1 127)
-----------------------------------------------+------------+-------------
Puhasrentaablus | 10% | (8%)
| |
------------------------------------------------------------+-------------
Lõpetatud tegevus 0 | (271)
------------------------------------------------------------+-------------
-----------------------------------------------+------------+-------------
KASUM/KAHJUM KOKKU | 1 074 | (1 398)
-----------------------------------------------+------------+-------------
| |
Bilanss | 31.12.2020 | 31.12.2019
-----------------------------------------------+------------+-------------
Koguvarad | 7 650 | 9 045
-----------------------------------------------+------------+-------------
Koguvarade puhasrentaablus | 14% | (12%)
-----------------------------------------------+------------+-------------
Omakapital | 2 648 | 1 542
-----------------------------------------------+------------+-------------
Omakapitali puhasrentaablus | 41% | (73%)
-----------------------------------------------+------------+-------------
Võlakordaja | 65% | 83%
| |
| |
Aktsia | 31.12.2020 | 31.12.2019
-----------------------------------------------+------------+-------------
Aktsia viimane hind (EUR)* | 0,45 | 0,41
-----------------------------------------------+------------+-------------
Puhaskasum aktsia kohta (EUR) | 0,24 | (0,31)
-----------------------------------------------+------------+------------+
Lahustatud puhaskasum (-kahjum) aktsia kohta | 0,24 | (0,30) |
-----------------------------------------------+------------+------------+
Hind-tulu (PE) suhtarv | 1,89 | (1,32)
-----------------------------------------------+------------+-------------
Aktsia raamatupidamisväärtus (EUR) | 0,59 | 0,34
-----------------------------------------------+------------+-------------
Turuhinna ja raamatupidamisväärtuse suhe | 0,76 | 1,20
-----------------------------------------------+------------+-------------
Turukapitalisatsioon tuh EUR | 2 025 | 1 845
-----------------------------------------------+------------+-------------
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 = puhaskasum(-kahjum) / aktsiate arv
Hinna-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 |31.12.2020|31.12.2019|
---------------------------------------------------------+----------+----------+
Raha ja raha ekvivalendid | 26| 7|
---------------------------------------------------------+----------+----------+
Nõuded ja ettemaksed (Lisa 5) | 794| 1 394|
---------------------------------------------------------+----------+----------+
Varud (Lisa 6) | 544| 894|
---------------------------------------------------------+----------+----------+
Kokku käibevarad | 1 364| 2 296|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Kinnisvarainvesteeringud (Lisa 7) | 1 134| 1 121|
---------------------------------------------------------+----------+----------+
Finantsvarad õiglases väärtuses muutustega läbi | | |
kasumiarauande (Lisa 9) | 451| 397|
---------------------------------------------------------+----------+----------+
Materiaalne põhivara (Lisa 8) | 4 695| 5 212|
---------------------------------------------------------+----------+----------+
Immateriaalne põhivara (Lisa 8) | 6| 19|
---------------------------------------------------------+----------+----------+
Kokku põhivarad | 6 286| 6 749|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Kokku varad | 7 650| 9 045|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Võlakohustised (Lisas 10) | 756| 4 547|
---------------------------------------------------------+----------+----------+
Võlad ja ettemaksed (Lisas 11) | 1 574| 2 665|
---------------------------------------------------------+----------+----------+
Lühiajalised eraldised (Lisa 11) | 18| 20|
---------------------------------------------------------+----------+----------+
Kokku lühiajalised kohustised | 2 348| 7 232|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Pikaajalised võlakohustised (Lisas 10) | 2 493| 92|
---------------------------------------------------------+----------+----------+
Pikaajalised eraldised (Lisa 12) | 161| 179|
---------------------------------------------------------+----------+----------+
Kokku pikaajalised kohustised | 2 654| 271|
---------------------------------------------------------+----------+----------+
Kokku kohustised | 5 002| 7 503|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Aktsiakapital (nominaalväärtuses) (Lisa 13) | 450| 2 699|
---------------------------------------------------------+----------+----------+
Ülekurss | 0| 364|
---------------------------------------------------------+----------+----------+
kohustuslik reservkapital | 0| 288|
---------------------------------------------------------+----------+----------+
Muud reservid | 0| 84|
---------------------------------------------------------+----------+----------+
Jaotamata kasum (kahjum) | 2 198| (1 894)|
---------------------------------------------------------+----------+----------+
Kokku omakapital | 2 648| 1 542|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Kokku kohustised ja omakapital | 7 650| 9 045|
Konsolideeritud kasumi -ja muu koondkasumiaruanne
tuh EUR | 2020 | 2019
------------------------------------------------------------+--------+---------
Jätkuvad tegevused | |
------------------------------------------------------------+--------+---------
Müügitulu (Lisa 22) | 10 269 | 13 333
------------------------------------------------------------+--------+---------
Müüdud toodangu kulu (Lisa 15) | 8 099 | 11 538
------------------------------------------------------------+--------+---------
Brutokasum | 2 170 | 1 796
------------------------------------------------------------+--------+---------
| |
------------------------------------------------------------+--------+---------
Turustuskulud (Lisa 16) | 1 283 | 1 698
------------------------------------------------------------+--------+---------
Üldhalduskulud (Lisa 17) | 605 | 658
------------------------------------------------------------+--------+---------
Muud äritulud (Lisa 19) | 42 | 351
------------------------------------------------------------+--------+---------
Muud ärikulud (Lisa 19) | 342 | 134
------------------------------------------------------------+--------+---------
Ärikasum (-kahjum) | (19) | (343)
------------------------------------------------------------+--------+---------
| |
------------------------------------------------------------+--------+---------
Finantstulud (Lisa 20) | 1 291 | 19
------------------------------------------------------------+--------+---------
Finantskulud (Lisa 20) | 199 | 803
------------------------------------------------------------+--------+---------
KASUM (KAHJUM) ENNE TULUMAKSUSTAMIST | 1 074 | (1 127)
------------------------------------------------------------+--------+---------
| |
------------------------------------------------------------+--------+---------
ARUANDEAASTA PUHASKASUM (-KAHJUM) JÄTKUVATELT TEGEVUSTELT | 1 074 | (1 127)
------------------------------------------------------------+--------+---------
| |
------------------------------------------------------------+--------+---------
Aruandeaasta puhaskasum (-kahjum) lõpetatud tegevustelt | 0 | (271)
------------------------------------------------------------+--------+---------
ARUANDEAASTA PUHASKASUM (-KAHJUM) KOKKU | 1 074 | (1 398)
------------------------------------------------------------+--------+---------
| |
------------------------------------------------------------+--------+---------
| |
------------------------------------------------------------+--------+---------
Tava perioodi puhaskahjum aktsia kohta (Lisa 14) | 0,24 | (0,31)
------------------------------------------------------------+--------+---------
Lahustatud perioodi puhaskahjum aktsia kohta (Lisa 14) | 0,24 | (0,30)
Nordic Fibreboard AS auditeeritud 2020. aasta majandusaasta aruanne on lisatud
manusena börsiteatele ning on avalikustatud NASDAQ Tallinn ja Nordic Fibreboard
koduleheküljel
(https://group.nordicfibreboard.com/et/investor/finantsaruanded/aastaaruanded)
Torfinn Losvik
Juhatuse esimees
Telefon: + 372 56 99 09 88
E-mail: [email protected]
Teate sisu inglise keeles
Pealkiri
Nordic Fibreboard AS Audited Annual Report 2020
Teade
On 27 April 2021, the Supervisory Board of Nordic Fibreboard AS approved the
company's audited annual report for 2020.
OVERVIEW
Consolidated net sales for 2020 were EUR 10.27 million from continuing operations,
being a 23% decrease compared to 2019 (2019: EUR 13.33 million from continuing
operations). Fibreboard sales for year 2020 were EUR 10.00 million, which is 15%
decrease from year 2019 sales of EUR 11.75 million. The main reason for the
decrease in sales revenue was the loss of customers in the display board segment
as a result of the COVID-19 pandemic. All production in this sector was produced
at the Püssi factory, which was closed in March 2020.
Furniture retail sales in 2020 were EUR 56 thousand (2019: EUR 1,515 thousand). The
retail sale of furniture has ended with the closure of the last shop on
31.01.2020 and the sales recorded in 2020 was from some remaining stock.
The sales revenue in 2020 from real estate management was EUR 212 thousand (2019:
EUR 111 thousand), one of the reasons for the increase in sales revenue is that in
2020 the real estate management company operated throughout the financial year,
but in 2019 it started operations in May.
Nordic Fibreboard AS recorded positive EBITDA of EUR 540 thousand for full year
2020 from continuing operations (vs positive EUR 325 thousand in 2019 from
continuing operations). The EBITDA result for 2019 includes one-off operating
income of EUR 324 thousand from revaluation of its property subsidiary Pärnu
Riverside Development, while the EBITDA result for the 2020 includes one-off
expense in the Group's fibreboard subsidiary of EUR 38 thousand for the removal of
previously used office building located at the fibreboard site in Pärnu. The
main reason for such a large change in EBITDA are the improved efficiency of
Nordic Fibreboard Ltd OÜ. 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 continuously, 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 25% in
2020 (from being 15% in 2019).
At the end of 2020, Nordic Fibreboard AS and Nordic Fibreboard Ltd entered into
a new loan agreement with their current lender Swedbank AS and new lender, the
Rural Development Foundation, to refinance Group`s loans and overdrafts. The
refinancing enabled the Group to restructure its loan liabilities from EUR 4.4
million to EUR 3.2 million.
At the regular General Meeting of Shareholders held on 10.08.2020, a decision
made to introduce no-par value shares and to reduce the share capital of Nordic
Fibreboard AS by 2,249,530.50 euros, from 2,699,436.60 euros to 449,906.10 euros
by reducing the book value of shares. The number of shares remained the same,
but the book value of the share decreased from 0.60 euros to 0.10 euros.
Furniture retail EBITDA for 2020 was negative EUR 40 thousand (2019: negative EUR
200 thousand). Real Estate Management EBITDA for 2020 was EUR 0 (2019: positive EUR
352 thousand).
Net profit for full-year 2020 was EUR 1,074 thousand from continuing operations
(2019: net loss of EUR 1,127 thousand from continuing operations).
GROUP'S REVENUE BY ACTIVITY
EUR thousand | % of net sales
---------+--------+------+---------
2020 | 2019 | 2020 | 2019
--------------------------------------------+--------+------+---------
Continued operations | | |
--------------------------------------------+--------+------+---------
Fibreboards production and sales 10,001 | 11,745 | 97% | 81%
--------------------------------------------+--------+------+---------
Furniture retail 56 | 1,515 | 1% | 10%
--------------------------------------------+--------+------+---------
Real Estate Management 212 | 111 | 2% | 1%
--------------------------------------------+--------+------+---------
Group transactions (0) | (38) | (0%) | (0%)
--------------------------------------------+--------+------+---------
Total 10,269 | 13,333 | 100% | 92%
| | |
--------------------------------------------+--------+------+---------
Discontinued operations 0 | 1,215 | 0% | 8%
--------------------------------------------+--------+------+---------
--------------------------------------------+--------+------+---------
TOTAL 10,269 | 14,548 | 100% | 100%
--------------------------------------------+--------+------+---------
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.12.2020 the total assets of Nordic Fibreboard AS were EUR 7.7 million
(31.12.2019: EUR 9.1 million). The liabilities of the company as of 31.12.2020
were EUR 5.0 million (31.12.2019: EUR 7.5 million), of which Nordic Fibreboard has
borrowings of EUR 3.2 million as at 31.12.2020 (31.12.2019: EUR 4.6 million).
Receivables and prepayments amounted to EUR 0.8 million as at 31.12.2020
(31.12.2019: EUR 1.4 million). Inventories were EUR 0.5 million as of 31.12.2020
(31.12.2019: EUR 0.9 million). The fair value of financial assets (i.e. Trigon
Property Development shares) increased from EUR 397 thousand as of 31.12.2019 to EUR
450 thousand as of 31.12.2020. As of 31.12.2020 and 31.12.2019, Real Estate
Investments amounted to EUR 1.1 million, property, plant, equipment and
intangibles were EUR 4.7 million as of 31.12.2020 (EUR 5.2 million as of
31.12.2019).
In 2020, the Group's cash flows from operating activities totalled EUR 150
thousand EUR (2019: EUR 516 thousand). Investment activities resulted in cash
outflows in amount of EUR 56 thousand in 2020, compared to outflows in amount EUR
153 thousand in 2019. Financing activities also resulted in cash outflows of EUR
75 thousand in 2020 (2019: EUR outflow 410 thousand). Net cash effect in 2020 EUR
was positive 19 thousand, which is EUR 66 thousand more cash inflow compared to
the cash outflow in the amount of EUR 47 thousand in 2019.
In 2020, investments in non-current assets totalled EUR 110 thousand. In 2019, the
investments totalled EUR 133 thousand.
FINANCIAL RATIOS
EUR thousand
| |
Income statement | 2020 | 2019
------------------------------------+------------+------------
Revenue | 10,269 | 13,333
------------------------------------+------------+------------
EBITDA | 540 | 325
------------------------------------+------------+------------
EBITDA margin | 5% | 2%
------------------------------------+------------+------------
Operating profit | (19) | (343)
------------------------------------+------------+------------
Operating margin | (0%) | (3%)
------------------------------------+------------+------------
Net profit | 1,074 | (1,127)
------------------------------------+------------+------------
Net margin | 10% | (8%)
| |
-------------------------------------------------+------------
Discontinued operations 0 | (271)
-------------------------------------------------+------------
------------------------------------+------------+------------
TOTAL NET PROFIT | 1,074 | (1,398)
------------------------------------+------------+------------
| |
Statement of financial position | 31.12.2020 | 31.12.2019
------------------------------------+------------+------------
Total assets | 7,650 | 9,045
------------------------------------+------------+------------
Return on assets | 14% | (12%)
------------------------------------+------------+------------
Equity | 2,648 | 1,542
------------------------------------+------------+------------
Return on equity | 41% | (73%)
------------------------------------+------------+------------
Debt-to-equity ratio | 65% | 83%
| |
| |
Share | 31.12.2020 | 31.12.2019
------------------------------------+------------+------------
Last Price* | 0.45 | 0.41
------------------------------------+------------+------------
Earnings per share | 0.24 | (0.31)
------------------------------------+------------+------------
Price-earnings ratio | 1.89 | (1.32)
------------------------------------+------------+------------
Book value of a share | 0.59 | 0.34
------------------------------------+------------+------------
Market to book ratio | 0.76 | 1.20
------------------------------------+------------+------------
Market capitalization, EUR thousand | 2,025 | 1,845
------------------------------------+------------+------------
Number of shares, piece | 4,499,061 | 4,499,061
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = 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 POSITION
EUR thousand |31.12.2020|31.12.2019|
---------------------------------------------------------+----------+----------+
Cash and cash equivalents | 26| 7|
---------------------------------------------------------+----------+----------+
Receivables and prepayments (Note 5) | 794| 1,394|
---------------------------------------------------------+----------+----------+
Inventories (Note 6) | 544| 894|
---------------------------------------------------------+----------+----------+
Total current assets | 1,364| 2,296|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Investment property (Note 7) | 1,134| 1,121|
---------------------------------------------------------+----------+----------+
Financial assets at fair value through profit or loss | | |
(Note 9) | 451| 397|
---------------------------------------------------------+----------+----------+
Property, plant and equipment (Note 8) | 4,695| 5,212|
---------------------------------------------------------+----------+----------+
Intangible assets (Note 8) | 6| 19|
---------------------------------------------------------+----------+----------+
Total non-current assets | 6,286| 6,749|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
TOTAL ASSETS | 7,650| 9,045|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Borrowings (Notes 10) | 756| 4,547|
---------------------------------------------------------+----------+----------+
Payables and prepayments (Notes 11) | 1,574| 2,665|
---------------------------------------------------------+----------+----------+
Short-term provisions (Note 12) | 18| 20|
---------------------------------------------------------+----------+----------+
Total current liabilities | 2,348| 7,232|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Long-term borrowings (Notes 10) | 2,493| 92|
---------------------------------------------------------+----------+----------+
Long-term provisions (Note 12) | 161| 179|
---------------------------------------------------------+----------+----------+
Total non-current liabilities | 2,654| 271|
---------------------------------------------------------+----------+----------+
Total liabilities | 5,002| 7,503|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
Share capital (at nominal value) (Note 13) | 450| 2,699|
---------------------------------------------------------+----------+----------+
Share premium | 0| 364|
---------------------------------------------------------+----------+----------+
Statutory reserve capital | 0| 288|
---------------------------------------------------------+----------+----------+
Other reserves | 0| 84|
---------------------------------------------------------+----------+----------+
Retained earnings (loss) | 2,198| (1,894)|
---------------------------------------------------------+----------+----------+
Total equity | 2,648| 1,542|
---------------------------------------------------------+----------+----------+
| | |
---------------------------------------------------------+----------+----------+
TOTAL LIABILITIES AND EQUITY | 7,650| 9,045|
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand | 2020| 2019
----------------------------------------------------------------+------+-------
Continued operations | |
----------------------------------------------------------------+------+-------
Revenue (Note 22) |10,269| 13,333
----------------------------------------------------------------+------+-------
Cost of goods sold (Note 15) | 8,099| 11,538
----------------------------------------------------------------+------+-------
Gross profit | 2,170| 1,796
----------------------------------------------------------------+------+-------
| |
----------------------------------------------------------------+------+-------
Distribution costs (Note 16) | 1,283| 1,698
----------------------------------------------------------------+------+-------
Administrative expenses (Note 17) | 605| 658
----------------------------------------------------------------+------+-------
Other operating income (Note 19) | 42| 351
----------------------------------------------------------------+------+-------
Other operating expenses (Note 19) | 342| 134
----------------------------------------------------------------+------+-------
Operating profit (loss) | (19)| (343)
----------------------------------------------------------------+------+-------
| |
----------------------------------------------------------------+------+-------
Finance income (Note 20) | 1,291| 19
----------------------------------------------------------------+------+-------
Finance costs (Note 20) | 199| 803
----------------------------------------------------------------+------+-------
LOSS BEFORE INCOME TAX | 1,074|(1,127)
----------------------------------------------------------------+------+-------
| |
----------------------------------------------------------------+------+-------
NET PROFIT (LOSS) FOR THE FINANCIAL YEAR FROM CONTINUING | |
OPERATIONS | 1,074|(1,127)
----------------------------------------------------------------+------+-------
| |
----------------------------------------------------------------+------+-------
Net profit (loss) for the financial year from discontinuing | |
operations | 0| (271)
----------------------------------------------------------------+------+-------
NET PROFIT (LOSS) FOR THE FINANCIAL YEAR | 1,074|(1,398)
----------------------------------------------------------------+------+-------
| |
----------------------------------------------------------------+------+-------
Basic earnings per share (Note 14) | 0.24| (0.31)
----------------------------------------------------------------+------+-------
Diluted earnings per share (Note 14) | 0.24| (0.30)
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR thousand | 2020| 2019
-----------------------------------------------------------------+-------+------
Cash flows from operating activities | |
-----------------------------------------------------------------+-------+------
Operating profit (loss) | (19)|(343)
-----------------------------------------------------------------+-------+------
Adjustments: | |
-----------------------------------------------------------------+-------+------
Depreciation charge (Notes 8) | 560| 669
-----------------------------------------------------------------+-------+------
Profit/loss from revaluation of real estate investment (Note 7) | (5)|(327)
-----------------------------------------------------------------+-------+------
Profit/loss from sale of non-current asset | (28)| 0
-----------------------------------------------------------------+-------+------
Profit/loss on non-current asset write-off | 2| 2
-----------------------------------------------------------------+-------+------
Profit/loss from revaluation of financial assets (Note 9;21) | (53)| 25
-----------------------------------------------------------------+-------+------
Non-monetary transactions: reserve for share option | 32| 39
-----------------------------------------------------------------+-------+------
Expenses of doubtful receivables | 0| 1
-----------------------------------------------------------------+-------+------
Change in trade and other receivables (Note 5) | 600|(651)
-----------------------------------------------------------------+-------+------
Change in inventories (Note 6) | 350| 581
-----------------------------------------------------------------+-------+------
Change in trade and other payables (Note 11) |(1,091)| 617
-----------------------------------------------------------------+-------+------
Discontinued operations | 0| 131
-----------------------------------------------------------------+-------+-----+
Cash generated from operations | 348| 744|
-----------------------------------------------------------------+-------+-----+
Interest payments (Note 21) | (192)|(221)
-----------------------------------------------------------------+-------+------
Net other financial income and expense (Note 21) | (6)| (7)
-----------------------------------------------------------------+-------+------
Net cash generated from operating activities | 150| 516
-----------------------------------------------------------------+-------+------
| |
-----------------------------------------------------------------+-------+------
Cash flows from investing activities | |
-----------------------------------------------------------------+-------+------
Purchase of property, plant and equipment and intangible assets | |
(Notes 8) | (78)|(133)
-----------------------------------------------------------------+-------+------
Disposal of property, plant and equipment and intangible assets | |
(Note 8) | 29| 0
-----------------------------------------------------------------+-------+------
Purchase of investment property (Note 7) | (7)| (20)
-----------------------------------------------------------------+-------+------
Net cash used in investing activities | (56)|(153)
-----------------------------------------------------------------+-------+------
| |
-----------------------------------------------------------------+-------+------
Cash flows from financing activities | |
-----------------------------------------------------------------+-------+------
Loans received (Note 10) | 1,200| 0
-----------------------------------------------------------------+-------+------
Repayment of loans received (Note 10) | (853)|(306)
-----------------------------------------------------------------+-------+------
Loans received from related parties (Note 10) | 549| 304
-----------------------------------------------------------------+-------+------
Repayment of loans received from related parties (Note 10) | (569)|(284)
-----------------------------------------------------------------+-------+------
Repayment of principal element of lease liabilities (Note 10) | (62)| (96)
-----------------------------------------------------------------+-------+------
Change in overdraft (Note 10) | (340)| (28)
-----------------------------------------------------------------+-------+------
Net cash (used in)/from financing activities | (75)|(410)
-----------------------------------------------------------------+-------+------
| |
-----------------------------------------------------------------+-------+-----+
NET CHANGE IN CASH | 19| (47)|
-----------------------------------------------------------------+-------+-----+
OPENING BALANCE OF CASH | 7| 54
-----------------------------------------------------------------+-------+------
CLOSING BALANCE OF CASH | 26| 7
The audited annual report of Nordic Fibreboard AS for 2020 is attached to the
stock exchange announcement and is published on the websites of NASDAQ Tallinn
and Nordic Fibreboard (https://group.nordicfibreboard.com/en/investor/financial-
reports/annual-reports)
Torfinn Losvik
CEO & Chairman of the Management Board
Phone: + 372 56 99 09 88
E-mail: [email protected]