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
9960
Manused
Esitamise kuupäev ja aeg
22.11.2022 08:00:00
Teate sisu eesti keeles
Pealkiri
Nordic Fibreboard AS 2022. aasta III kvartali auditeerimata majandustulemused
Teade
JUHTKONNA ARUANNE
Nordic Fibreboard AS konsolideeritud müügitulu oli 2022. aasta 3. kvartalis
2,79 miljonit eurot (2021 3. kvartalis 2,33 miljonit eurot). Kontserni peamine
tegevusala on puitkiudplaadi tootmine ja hulgimüük, mille müügitulu 2022. aasta
3. kvartalis oli 2,78 miljonit eurot, mis on 23% suurem kui 2021. aasta 3.
kvartalis. Ülejäänud segmendiks on Pärnus Suur-Jõe tänaval oleva kinnisvara
haldamine, mille müügitulu 2022. aasta 3. kvartalis oli 9 tuhat eurot (2021.
aasta 3. kvartalis 65 tuhat eurot).
Nordic Fibreboard Ltd 2022. aasta 3. kvartali müügitulu kasvu põhjuseks oli
jätkuvalt tugev nõudlus ehitusmaterjalide järele ehitussektoris, mis tuleneb
toodangu mahu kasvust ja toodete hinnatõusust. Sellegipoolest hakkasime 2022.
aasta 3. kvartali lõpus kogema klientide tellimuste vähenemist, mis peegeldab
ettevõtete kindlustunde nõrgenemist negatiivsete makrotegurite (nt
intressimäärade tõus, energiakriis ja toiduainete kallinemine) tagajärjel. Nende
tegurite mõju arvestades, teatab Nordic Fibreboard 8 tootmistöölise koondamisest
ning vähendab tootmisvõimsust, et püsida nõudluse langusega samal tasemel.
Nordic Fibreboard konsolideeritud EBITDA oli 2022. aasta 3. kvartalis 193 tuhat
eurot, EBITDA marginaal 7% (2021. aasta 3. kvartali EBITDA 356 tuhat eurot ning
EBITDA marginaal 15%). Võrreldes 2021. aasta 3. kvartaliga vähenes Kontserni
brutomarginaal 32%-lt 2022. aasta 3. kvartalis 19%-le. Kasumlikkuse vähenemise
peamiseks põhjuseks oli 2022. aasta 3. kvartalis aset leidnud tooraine,
põhiliselt hakkepuidu- ja energiahindade järsk tõus, mis oli suurem kui meie
toodangu hinnatõus.
2022. aasta 3. kvartali finantstulud ja -kulud kokku olid 49 tuhat eurot, mis
koosnes Trigon Property Development (TPD) aktsiate ümberhindlusest saadud
kasumist summas 79 tuhat eurot ning laenukohustiste intressikulust summas 30
tuhat eurot. 2021. aasta 3. kvartali finantskulu oli 159 tuhat eurot, mis
koosnes TPD aktsiate ümberhindlusest saadud kahjumist summas 128 tuhat eurot
ning laenukohustiste intressikulust summas 31 tuhat eurot.
Kontserni 2022. aasta 3. kvartali konsolideeritud puhaskasum oli 117 tuhat eurot
(2021. aasta 3. kvartalis 73 tuhat eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR | tuh EUR
--------------+-------------+---------+---------
III kv 2022 | III kv 2021 | 9k 2022 | 9k 2021
------------------------------+-------------+-------------+---------+---------
Kiudplaadi tootmine ja müük | 2 782 | 2 270 | 9 015 | 7 539
------------------------------+-------------+-------------+---------+---------
Kinnisvara haldamine | 9 | 65 | 28 | 218
------------------------------+-------------+-------------+---------+---------
Kokku | 2 791 | 2 334 | 9 043 | 7 757
KASUM ÄRISEGMENTIDE LÕIKES
tuh EUR | tuh EUR
+-----------+-----------+-------+-------
tuh EUR |III kv 2022|III kv 2021|9k 2022|9k 2021
----------------------------------+-----------+-----------+-------+-------
EBITDA ärisegmentide lõikes | | | |
----------------------------------+-----------+-----------+-------+-------
Kiudplaadi tootmine ja müük | 201| 344| 1 114| 1 337
----------------------------------+-----------+-----------+-------+-------
Kinnisvara haldamine | (6)| 11| (18)| 10
----------------------------------+-----------+-----------+-------+-------
Elimineerimine | (2)| 1| (25)| (5)
----------------------------------+-----------+-----------+-------+-------
Kokku EBITDA | 193| 356| 1 071| 1 341
----------------------------------+-----------+-----------+-------+-------
Põhivara kulum ja väärtuse langus| (125)| (123)| (372)| (380)
----------------------------------+-----------+-----------+-------+-------
Kokku ÄRIKASUM | 68| 232| 699| 962
----------------------------------+-----------+-----------+-------+-------
Neto finantstulud/-kulud | 49| (159)| 149*| 267**
----------------------------------+-----------+-----------+-------+-------
PUHASKASUM | 117| 73| 848| 1 229
*Sisladab 2022. aasta 9 kuu jooksul finantstulu 143 tuhat eurot, mis on saadud
Kontserni omanduses olevate kinnisvara-arendusettevõtte Trigon Property
Development AS aktsiate ümberhindlusest ning nendelt (TPD) aktsiatelt saadud
dividende summas 105 tuhat eurot.
**Sisaldab 2021. aasta 9 kuu jooksul TPD aktsiate ümberhindlusest saadud
finantstulu 354 tuhat eurot.
NORDIC FIBREBOARD LTD: KIUDPLAADI TOOTMINE JA MÜÜK
Puitkiudplaadi müügitulu oli 2022. aasta 3. kvartalis 2,78 miljonit eurot (2021.
aasta 3. kvartalis 2,27 miljonit eurot). Lisaks sellele, et nõudlus
ehitusmaterjalide järele püsis tugevana, mõjutas müügitulu kasvu ka 2022. aasta
2. kvartalis teostatud hinnatõus meie toodangule. Hinnatõus oli vältimatu, kuna
terve 2022. aasta jooksul on toimunud jätkuv tooraine- ja energiahinde tõus.
Vaatamata Eesti tööstustoodangu langusele 2022. aasta 3. kvartalis, püsis
kiudplaadi tellimuste maht kogu 2022. aasta 3. kvartali jooksul stabiilsena, mis
näitab kohalike Põhja-Euroopa turgude tugevust.
Suurim müügikasv 2022. aasta 3. kvartalis, võrreldes 2021. aasta 3. kvartaliga,
leidis kajastamist Soome, Taani ja Läti turgudel. Müük Venemaale lõpetati 2022.
aasta maikuus sanktsioonide tõttu, mis on kehtestatud seoses Venemaa
agressiooniga Ukrainas.
Puitkiudplaadi 2022. aasta 3. kvartali kulumieelne ärikasum ehk EBITDA oli 201
tuhat eurot, vähenedes eelmise aasta sama perioodiga võrreldes 42%. Vähenemise
põhjuseks on nii meie põhitooraine, hakkepuidu, kallinenud ostuhinnad kui ka
suurenenud elektrihinnad 2022. aasta 3. kvartalis.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR
+-------------+-------------+---------+
| III kv 2022 | III kv 2021 | 9k 2022 | 9k 2021
---------------+-------------+-------------+---------+---------
Euroopa Liit | 2 723 | 1 980 | 8 425 | 6 233
---------------+-------------+-------------+---------+---------
Lähis-Ida | 47 | 13 | 73 | 13
---------------+-------------+-------------+---------+---------
Venemaa | 0 | 269 | 427 | 1 083
---------------+-------------+-------------+---------+---------
Aasia | 0 | 0 | 69 | 124
---------------+-------------+-------------+---------+---------
Aafrika | 0 | 0 | 0 | 46
---------------+-------------+-------------+---------+---------
Teised | 12 | 8 | 21 | 40
---------------+-------------+-------------+---------+---------
Kokku | 2 782 | 2 270 | 9 015 | 7 539
PÄRNU RIVERSIDE DEVELOPMENT : KINNISVARA HALDUS
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud ning kinnisvarahaldusest saadud
renditulu oli 2022. aasta 3. kvartalis 9 tuhat eurot (2022. aasta 2. kvartalis
65 tuhat eurot). Müügitulu vähenemise tingis ühe suurima üürniku lahkumine
üüripinnalt 2021 aasta lõpus.
Kinnisvarahalduse 2022. aasta 3. kvartali EBITDA oli negatiivne 6 tuhat eurot
ning puhaskahjum 6 tuhat eurot (2021. aasta 3. kvartalis EBITDA positiivne 11
tuhat eurot ning puhaskasum 11 tuhat eurot).
KONSOLIDEERITUD FINANTSSEISUNDI JA RAHAVOOGUDE ARUANNE
Seisuga 30.09.2022 olid Nordic Fibreboard AS varad kokku 9,4 miljonit eurot
(30.09.2021: 8,3 miljonit eurot). Kontserni kohustised kokku olid seisuga
30.09.2022 4,7 miljonit eurot (30.09.2021: 4,4 miljonit eurot), milledest
Kontsernil võlgnevusi tarnijatele oli 1,0 miljonit eurot seisuga 30.09.2022
(30.09.2021: 0,6 miljonit eurot) ning laenukohustisi 3,1 miljonit eurot seisuga
30.09.2021 (30.09.2021: 3,3 miljonit).
Nõuded ja ettemaksed olid kokku 1,3 miljonit eurot seisuga 30.09.2022
(30.09.2021: 1,1 miljonit eurot). Varud seisuga 30.09.2022 olid 0,9 miljonit
eurot (30.09.2021 0,4 miljonit eurot). Kontserni põhivara kokku seisuga
30.09.2022 oli 6,7 miljonit eurot (30.09.2021: 6,6 miljonit).
Kontserni äritegevuse tulemuseks 9 kuu jooksul 2022. aastal oli positiivne
rahavoog summas 617 tuhat eurot (2021 9 kuud: positiivne rahavoog summas 512
tuhat eurot). Investeerimistegevuse tulemuseks 2022. aasta 9 kuu jooksul oli
negatiivne rahavoog summas 93 tuhat eurot, mis peamiselt koosnes tehtud
investeeringutest tootmisvaradesse summas 194 eurot ning TPD aktsiatelt saadud
dividendidest summas 105 tuhat eurot (2021 9 kuud: väljaminev rahavoog 243 tuhat
eurot). Finantseerimistegevusest liikus 2022. aasta 9 kuu kestel raha
kontsernist välja summas 111 tuhat eurot, mis sisaldas laenu põhiosa
tagaimakseid 76 tuhat eurot ning rendikohustiste põhiosa tagasimakseid summas
35 tuhat eurot (2021 9 kuud: väljaminev rahavoog 91 tuhat eurot). 2022. aasta 9
kuu netorahavoo tulemuseks oli positiivne rahavoog summas 413 tuhat eurot (2021
9 kuud: positiivne rahavoog 178 tuhat eurot).
TULEVIKU VÄLJAVAADE
NORDIC FIBREBOARD LTD
Nõudlus puitkiudplaatidele oli 2022. aasta 3. kvartalis stabiilne, kuid hetkel
kogeme klientide tellimuste vähenemist. Nõudluse languse tulemusena kavatseme
vähendada tootmisvõimsust ja koondada 8 tootmistöötajat. Jätkuvalt on tõusmas
hakkepuidu hind, mis on meie peamine tooraine ning praeguses etapis jääb
hakkepuidu hindade tulevikuväljavaade ebaselgeks. Nõudlus hakkepuidu järele on
suurenenud tänu sellele, et elektrijaamad kasutavad nüüd rohkem biomassi, samuti
on kasvanud küttekulude suurenemise tõttu puidugraanulite müük. Tulenevalt
elektrituru volatiilsusest ja prognoosimatusest sellel sügisel, otsustasime
fikseerida ettevõtte elektrihinna perioodiks 1. jaanuar 2023 kuni 30. juuni
2024. 2023. aastal kehtima hakkavat fikseeritud lepingust tulenevat kõrgemat
elektrihinda on plaanis leevendada läbi müügihindade tõusu 2022. aasta 4.
kvartalis.
PÄRNU RIVERSIDE DEVELOPMENT
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Menetluses on kinnistu detailplaneering, eesmärgiga muuta kinnistu
eraelamumaaks.
FINANTSSUHTARVUD
tuh EUR
| | | |
Kasumiaruanne |III kv 2022|III kv 2021| 9k 2022| 9k 2021
---------------------------------+-----------+-----------+----------+----------
Müügitulu | 2 791| 2 334| 9 043| 7 757
---------------------------------+-----------+-----------+----------+----------
EBITDA | 193| 356| 1 071| 1 341
---------------------------------+-----------+-----------+----------+----------
EBITDA rentaablus | 7%| 15%| 12%| 17%
---------------------------------+-----------+-----------+----------+----------
Ärikasum/-kahjum | 68| 232| 699| 962
---------------------------------+-----------+-----------+----------+----------
Ärirentaablus | 2%| 10%| 8%| 12%
---------------------------------+-----------+-----------+----------+----------
Puhaskasum/-kahjum | 117| 73| 848| 1 229
---------------------------------+-----------+-----------+----------+----------
Puhasrentaablus | 4%| 3%| 9%| 16%
| | | |
| | | |
Bilanss | 30.09.2022| 31.12.2021|30.09.2021|31.12.2020
---------------------------------+-----------+-----------+----------+----------
Koguvarad | 9 389| 8 063| 8 301| 7 650
---------------------------------+-----------+-----------+----------+----------
Koguvarade puhasrentaablus | 9%| 15%| 15%| 14%
---------------------------------+-----------+-----------+----------+----------
Omakapital | 4 698| 3 850| 3 878| 2 648
---------------------------------+-----------+-----------+----------+----------
Omakapitali puhasrentaablus | 18%| 31%| 32%| 41%
---------------------------------+-----------+-----------+----------+----------
Võlakordaja | 50%| 52%| 53%| 65%
| | | |
| | | |
Aktsia | 30.09.2022| 31.12.2021|30.09.2021|31.12.2020
---------------------------------+-----------+-----------+----------+----------
Aktsia viimane hind (EUR)* | 1,74| 1,95| 2,20| 0,45
---------------------------------+-----------+-----------+----------+----------
Puhaskasum aktsia kohta (EUR) | 0,18| 0,27| 0,55| 0,24
---------------------------------+-----------+-----------+----------+----------
Hind-tulu (PE) suhtarv | 9,54| 7,30| 4,02| 1,89
---------------------------------+-----------+-----------+----------+----------
Aktsia raamatupidamisväärtus| | | |
(EUR) | 1,04| 0,86| 0,86| 0,59
---------------------------------+-----------+-----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 1,67| 2,28| 2,55| 0,76
---------------------------------+-----------+-----------+----------+----------
Turukapitalisatsioon tuh EUR | 7 828| 8 773| 9 898| 2 025
---------------------------------+-----------+-----------+----------+----------
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 = jooksva viimase 12 kuu puhaskasum(-kahjum) /
aktsiate arv
Hind-tulu (PE) suhtarv = aktsia viimane hind / jooksva viimase 12 kuu
puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |30.09.2022|31.12.2021|30.09.2021
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid | 470| 57| 204
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 1 345| 902| 1 118
----------------------------------------------+----------+----------+----------
Varud (Lisa 3) | 874| 390| 390
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 2 689| 1 349| 1 712
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 1 156| 1 152| 1 139
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiaruande (Lisa 7) | 787| 644| 805
----------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 5) | 4 755| 4 915| 4 642
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 2| 3| 3
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 700| 6 714| 6 589
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku varad | 9 389| 8 063| 8 301
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisa 8) | 38| 146| 36
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 1 410| 829| 1 002
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 4| 19| 4
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 1 452| 994| 1 042
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisa 8) | 3 094| 3 074| 3 220
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 145| 145| 161
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 3 239| 3 219| 3 381
----------------------------------------------+----------+----------+----------
Kokku kohustised | 4 691| 4 213| 4 423
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 11) | 450| 450| 450
----------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 45| 0| 0
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 4 203| 3 400| 3 428
----------------------------------------------+----------+----------+----------
Kokku omakapital | 4 698| 3 850| 3 878
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku kohustised ja omakapital | 9 389| 8 063| 8 301
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 24.
KONSOLIDEERITUD KASUMI - JA MUU KOONDKASUMIARUANNE
tuh EUR |III kv 2022|III kv 2021|9k 2022|9k 2021
---------------------------------------+-----------+-----------+-------+-------
Müügitulu (Lisa 13) | 2 791| 2 334| 9 043| 7 757
---------------------------------------+-----------+-----------+-------+-------
Müüdud toodangu kulu (Lisa 14) | 2 387| 1 721| 7 134| 5 451
---------------------------------------+-----------+-----------+-------+-------
Brutokasum | 404| 613| 1 909| 2 306
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Turustuskulud (Lisa 15) | 278| 251| 919| 891
---------------------------------------+-----------+-----------+-------+-------
Üldhalduskulud (Lisa 16) | 90| 131| 315| 445
---------------------------------------+-----------+-----------+-------+-------
Muud äritulud (Lisa 18) | 33| 2| 33| 5
---------------------------------------+-----------+-----------+-------+-------
Muud ärikulud (Lisa 18) | 1| 1| 9| 13
---------------------------------------+-----------+-----------+-------+-------
Ärikasum | 68| 232| 699| 962
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Finantstulud (Lisa 19) | 79| 0| 248| 354
---------------------------------------+-----------+-----------+-------+-------
Finantskulud (Lisa 19) | 30| 159| 99| 87
---------------------------------------+-----------+-----------+-------+-------
Kasum enne tulumaksustamist | 117| 73| 848| 1 229
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Aruandeperioodi puhaskasum | 117| 73| 848| 1 229
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Tava perioodi puhaskasum aktsia kohta | | | |
(Lisa 12) | 0,03| 0,02| 0,19| 0,27
---------------------------------------+-----------+-----------+-------+-------
Lahustatud perioodi puhaskasum aktsia | | | |
kohta (Lisa 12) | 0,03| 0,02| 0,19| 0,27
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 24.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Unaudited financial results of Nordic Fibreboard AS for the third quarter of 2022
Teade
MANAGEMENT REPORT
Consolidated net sales for Q3 2022 were EUR 2.79 million (Q3 2021: EUR 2.33
million). The main business area is the production and wholesale of fibreboard,
which recorded sales in Q3 2022 of EUR 2.78 million, an increase of 23% compared
to Q3 2021. The remaining business area is real estate management of the
property owned in Suur-Jõe street in Pärnu, who recorded sales of EUR 9 thousand
in Q3 2022 (Q3 2021: 65 thousand).
The reason for the increase in sales revenue in Q3 2022 for Nordic Fibreboard
Ltd was the ongoing strong demand for building materials in the construction
sector, as reflected in both volume growth and price increases. That being said,
towards the end of Q3 2022 we started to see a reduction in customers orders,
reflecting the softening of business confidence as a result of negative macro
factors, such as increasing interest rates, energy crisis, and higher food
prices. As a result of these sentiments, Nordic Fibreboard is announcing the
layoff of 8 production workers and is therefore reducing production capacity to
keep up with the decline in demand.
The consolidated EBITDA of Nordic Fibreboard for Q3 2022 was EUR 193 thousand, the
EBITDA margin was 7% (Q3 2022: EBITDA was EUR 356 thousand and the EBITDA margin
was 15%). Compared to the Q3 2021 the Group`s gross margin decreased from 32%
to 19% in the Q3 2022. The main reason for this reduction in profitability was
due to the sharp increase in raw material costs, ie woodchips and energy,
experienced during Q3 2022, which more than offset our price increases.
Total financial income of EUR 49 thousand was recorded in Q3 2022, which consist
of the profit from the revaluation of Trigon Property Development (TPD) shares
in the amount of EUR 79 thousand and the interest expense of loan obligations in
the amount of EUR 30 thousand. In Q3 2021, the financial cost was EUR 159 thousand,
which consisted of the loss of EUR 128 thousand from the revaluation of TPD shares
and the interest expense of loan obligations in the amount of EUR 31 thousand.
Group`s consolidated net profit for Q3 2022 was EUR 117 thousand (Q3 2021: profit
EUR 73 thousand).
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 2,782 | 2,270 | 9,015 | 7,539
---------------------------------------------+---------+---------+---------
Real Estate Management 9 | 65 | 28 | 218
---------------------------------------------+---------+---------+---------
TOTAL 2,791 | 2,334 | 9,043 | 7,757
Profit by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021
---------------------------------------------+---------+---------+---------
EBITDA by business units: | | |
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 201 | 344 | 1,114 | 1,337
---------------------------------------------+---------+---------+---------
Real Estate Management (6) | 11 | (18) | 10
---------------------------------------------+---------+---------+---------
Group transactions (2) | 1 | (25) | (5)
---------------------------------------------+---------+---------+---------
TOTAL EBITDA 193 | 356 | 1,071 | 1,341
---------------------------------------------+---------+---------+---------
Depreciation (125) | (123) | (372) | (380)
---------------------------------------------+---------+---------+---------
TOTAL OPERATING PROFIT 68 | 232 | 699 | 962
---------------------------------------------+---------+---------+---------
Net financial income/ costs 49 | (159) | 149* | 267**
---------------------------------------------+---------+---------+---------
NET PROFIT 117 | 73 | 848 | 1,229
* Includes financial income of EUR 143 thousand in the first 9 months of 2022,
received from the revaluation of the shareholding owned by the group in the real
estate development company Trigon Property Development AS, and the dividends
received from these (TPD) shares in the amount of EUR 105 thousand.
** Includes financial financial income of EUR 354 thousand in the first 9 months
of 2021 from the revaluation of TPD shares..
NORDIC FIBREBOARD LTD: Fibreboard production and sales
Fibreboard sales in Q3 2022 were EUR 2.78 million (Q3 2021: EUR 2.27 million). In
addition to demand for construction materials remaining strong, the increase in
sales revenue was also influenced by the price increases implemented during Q2
2022. The price increase was inevitable, as there has been a continuous increase
in the price of raw materials and energy throughout 2022. Despite the decline in
Estonian industrial production in the Q3 2022, the fibreboard order volume
remained stable throughout the Q3 2022, which shows the strength of local north
European markets.
The largest sales growth in Q3 2022, compared to Q3 2021, was reflected in the
markets of Finland, Denmark and Latvia. Sales to Russia ended in May 2022 due to
the sanctions imposed as a result of Russia's war on Ukraine.
The operating profitability, ie EBITDA, of the fibreboard activities in Q3 2022
was EUR 201 thousand, a decrease of 42% compared to the same period last year.
This being caused by increased cost prices for woodchips, our main raw material,
as well as higher electricity prices during Q3 2022.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand
+---------+---------+---------+---------
| Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021
-----------------+---------+---------+---------+---------
European Union | 2,723 | 1,980 | 8,425 | 6,233
-----------------+---------+---------+---------+---------
Middle East | 47 | 13 | 73 | 13
-----------------+---------+---------+---------+---------
Russia | 0 | 269 | 427 | 1,083
-----------------+---------+---------+---------+---------
Asia | 0 | 0 | 69 | 124
-----------------+---------+---------+---------+---------
Africa | 0 | 0 | 0 | 46
-----------------+---------+---------+---------+---------
Other | 12 | 8 | 21 | 40
-----------------+---------+---------+---------+---------
TOTAL | 2,782 | 2,270 | 9,015 | 7,539
PÄRNU RIVERSIDE DEVELOPMENT: Real estate management
Pärnu Riverside Development owns the property located at Suur-Jõe 48 in Pärnu.
The property has some rental tenants and rental income from real estate
management was EUR 9 thousand in Q3 2022, (Q3 2021: EUR 65 thousand). The reason for
the decrease in sales revenue was caused by the loss of the largest tenant at
the end of 2021.
The real estate management EBITDA for Q3 2022 were negative EUR 6 thousand and net
loss EUR 6 thousand (Q3 2021: EBITDA positive EUR 11 thousand and net profit EUR 11
thousand).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 30.09.2022 the total assets of Nordic Fibreboard AS were EUR 9.4 million
(30.09.2021: EUR 8.3 million). The liabilities of the company as of 30.09.2022
were EUR 4.7 million (30.09.2021: EUR 4.4 million), of which the Group has payables
of EUR 1.0 million as at 30.09.2022 (30.09.2021: EUR 0.6 million) and borrowings of
EUR 3.1 million as at 30.09.2022 (30.09.2021: EUR 3.3 million).
Receivables and prepayments amounted to EUR 1.3 million as at 30.09.2022
(30.09.2021: EUR 1.1 million). Inventories were EUR 0.9 million as of 30.09.2022
(30.09.2021: EUR 0.4 million). Fixed assets were EUR 6.7 million as of 30.09.2022 (EUR
6.6 million as of 30.09.2021).
During 2022 9M, the Group's cash flows from operating activities totalled cash
inflow of EUR 617 thousand (2021 9M: cash inflow EUR 512 thousand). Cash outflows
due to investment activities was EUR 93 thousand during 9M 2022, mainly consisting
of investments into production assets of EUR 194 thousand and dividend received
from TPD shares of EUR 105 thousand (9M 2021: cash outflow EUR 243 thousand). Cash
outflows due to financing activities was EUR 111 thousand during 9M 2022,
consisting of loans repaid of EUR 76 thousand and finance lease payments of EUR 35
thousand (9M 2022: cash outflow EUR 91 thousand). Net cash effect during 9M 2021
showed cash inflows of EUR 413 thousand, (2021 9M: cash inflows EUR 178 thousand).
OUTLOOK
NORDIC FIBREBOARD LTD
Demand for fibreboards was stabile during Q3 2022, however we are now
experiencing a decline in customer orders. As a result of such drop in demand,
we intend to reduce our production capacity and lay off 8 production workers. It
has been an ongoing rise in the price of woodchips, our main input material, and
at this stage the future outlook for woodchip prices remain unclear. Demand for
woodchips has risen as a result of power plants now using more biomass, and sale
of wood pellets have also increased as a result of increased heating costs. The
uncertainty this autumn of the direction of the electricity market forced us to
lock in electricity prices for period 1.1.2023 to 30.6.2024. We alleviated the
impact of higher electricity prices in 2023, as a result of the new fixed
electricity contract, by increasing our prices during Q4 2022.
PÄRNU RIVERSIDE DEVELOPMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu. A detail plan for the property is ongoing, with the intention of
converting the property into a private residential property.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement | Q3 2022| Q3 2021 9M 2022| 9M 2021
----------------------------------+----------+----------+----------+----------
Revenue | 2,791| 2,334| 9,043| 7,757
----------------------------------+----------+----------+----------+----------
EBITDA | 193| 356| 1,071| 1,341
----------------------------------+----------+----------+----------+----------
EBITDA margin | 7%| 15%| 12%| 17%
----------------------------------+----------+----------+----------+----------
Operating profit | 68| 232| 699| 962
----------------------------------+----------+----------+----------+----------
Operating margin | 2%| 10%| 8%| 12%
----------------------------------+----------+----------+----------+----------
Net profit | 117| 73| 848| 1,229
----------------------------------+----------+----------+----------+----------
Net margin | 4%| 3%| 9%| 16%
| | | |
| | | |
Statement of financial position |30.09.2022|31.12.2021|30.09.2021|31.12.2020
----------------------------------+----------+----------+----------+----------
Total assets | 9,389| 8,063| 8,301| 7,650
----------------------------------+----------+----------+----------+----------
Return on assets | 9%| 15%| 15%| 14%
----------------------------------+----------+----------+----------+----------
Equity | 4,698| 3,850| 3,878| 2,648
----------------------------------+----------+----------+----------+----------
Return on equity | 18%| 31%| 32%| 41%
----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 50%| 52%| 53%| 65%
| | | |
| | | |
Share |30.09.2022|31.12.2021|30.09.2021|31.12.2020
----------------------------------+----------+----------+----------+----------
Last Price* | 1.74| 1.95| 2.20| 0.45
----------------------------------+----------+----------+----------+----------
Earnings per share | 0.18| 0.27| 0.55| 0.24
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | 9.54| 7.30| 4.02| 1.89
----------------------------------+----------+----------+----------+----------
Book value of a share | 1,04| 0.86| 0.86| 0.59
----------------------------------+----------+----------+----------+----------
Market to book ratio | 1.67| 2.28| 2.55| 0.76
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 7,828| 8,773| 9,898| 2,025
----------------------------------+----------+----------+----------+----------
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 = Trailing twelve months (TTM) net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial positions
EUR thousand |30.09.2022|31.12.2021|30.09.2021
---------------------------------------------+----------+----------+----------
Cash and cash equivalents | 470| 57| 204
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 2) | 1,345| 902| 1,118
---------------------------------------------+----------+----------+----------
Inventories (Note 3) | 874| 390| 390
---------------------------------------------+----------+----------+----------
Total current assets | 2,689| 1,349| 1,712
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 4) | 1,156| 1,152| 1,139
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 7)| 787| 644| 805
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 5) | 4,755| 4,915| 4,642
---------------------------------------------+----------+----------+----------
Intangible assets (Note 6) | 2| 3| 3
---------------------------------------------+----------+----------+----------
Total non-current assets | 6,700| 6,714| 6,589
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 9,389| 8,063| 8,301
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 8) | 38| 146| 36
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 9) | 1,410| 829| 1,002
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 10) | 4| 19| 4
---------------------------------------------+----------+----------+----------
Total current liabilities | 1,452| 994| 1,042
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 8) | 3,094| 3,074| 3,220
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 10) | 145| 145| 161
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 3,239| 3,219| 3,381
---------------------------------------------+----------+----------+----------
Total liabilities | 4,691| 4,213| 4,423
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 11) | 450| 450| 450
---------------------------------------------+----------+----------+----------
Statutory reserve capital | 45| 0| 0
---------------------------------------------+----------+----------+----------
Retained earnings (loss) | 4,203| 3,400| 3,428
---------------------------------------------+----------+----------+----------
Total equity | 4,698| 3,850| 3,878
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 9,389| 8,063| 8,301
*The notes to the financial statements presented on pages 14 to 24 are an
integral part of these consolidated financial statements
Consolidated statement of profit or loss and other comprehensive income
EUR thousand | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021
---------------------------------------+---------+---------+---------+---------
Revenue (Note 13) | 2,791 | 2,334 | 9,043 | 7,757
---------------------------------------+---------+---------+---------+---------
Cost of goods sold (Note 14) | 2,387 | 1,721 | 7,134 | 5,451
---------------------------------------+---------+---------+---------+---------
Gross profit | 404 | 613 | 1,909 | 2,306
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Distribution costs (Note 15) | 278 | 251 | 919 | 891
---------------------------------------+---------+---------+---------+---------
Administrative expenses (Note 16) | 90 | 131 | 315 | 445
---------------------------------------+---------+---------+---------+---------
Other operating income (Note 18) | 33 | 2 | 33 | 5
---------------------------------------+---------+---------+---------+---------
Other operating expenses (Note 18) | 1 | 1 | 9 | 13
---------------------------------------+---------+---------+---------+---------
Operating profit | 68 | 232 | 699 | 962
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Finance income (Note 19) | 79 | 0 | 248 | 354
---------------------------------------+---------+---------+---------+---------
Finance costs (Note 19) | 30 | 159 | 99 | 87
---------------------------------------+---------+---------+---------+---------
Profit before income tax | 117 | 73 | 848 | 1,229
---------------------------------------+---------+---------+---------+---------
Corporate income tax | 0 | 0 | 0 | 0
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Net profit for the period | 117 | 73 | 848 | 1,229
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Basic earnings per share (Note 12) | 0.03 | 0.02 | 0.19 | 0.27
---------------------------------------+---------+---------+---------+---------
Diluted earnings per share (Note 12) | 0.03 | 0.02 | 0.19 | 0.27
*The notes to the financial statements presented on pages 14 to 24 are an
integral part of these consolidated financial statements.
TORFINN LOSVIK
Chairman of the board
Phone: +372 56 99 0988
[email protected]
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