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Nordic Fibreboard AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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30.11.2023 10:32:20
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Nordic Fibreboard AS 2023. aasta III kvartali auditeerimata majandustulemused
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JUHTKONNA ARUANNE Nordic Fibreboard AS konsolideeritud müügitulu oli 2023. aasta 3. kvartalis 1,79 miljonit eurot (2022 3. kvartalis 2,79 miljonit eurot). Kontserni peamine tegevusala on puitkiudplaadi tootmine ja hulgimüük, mis toimub Nordic Fibreboard Ltd OÜ-s ning mille müügitulu 2023. aasta 3. kvartalis oli 1,78 miljonit eurot (2022. aasta 2. kvartalis 2,78 miljonit eurot). Ülejäänud segmendiks on Pärnus Suur-Jõe tänaval oleva kinnisvara haldamine läbi ettevõtte Pärnu Riverside Development OÜ, mille müügitulu 2023. aasta 3. kvartalis oli 11 tuhat eurot (2022. aasta 3. kvartalis 9 tuhat eurot). Nordic Fibreboard 2023. aasta 3. kvartali müügitulu langust mõjutab jätkuvalt ülemaailmne majanduslik ebakindlus, mis on toonud kaasa kindlustunde puudumise ehitusmaterjalide, sealhulgas Ettevõtte puitkiudplaatide lõpptarbijate seas. Nordic Fibreboard Ltd müük oli 2023. aasta 3. kvartalis 1,78 miljonit eurot, mis on 12% langust võrreldes 2023. aasta 2. kvartaliga ning 23% langust võrreldes 2023. aasta 1. kvartaliga, millest on märgata, et müügitulu langus on raugemas. Nordic Fibreboard konsolideeritud EBITDA oli 2023. aasta 3. kvartalis 238 tuhat eurot, EBITDA marginaal 13% (2022. aasta 3. kvartali EBITDA 193 tuhat eurot ning EBITDA marginaal 7%). Võrreldes 2022. aasta 3. kvartaliga tõusis Kontserni brutomarginaal 19%-lt 2023. aasta 3. kvartalis 27%-le, mis näitab, et Kontserni 2023. aasta 3. kvartali kasumlikkus on võrreldes eelmise aasta sama perioodiga tõusnud. 2023. aasta 3. kvartali finantskulud olid 79 tuhat eurot, millest 55 tuhat eurot olid laenuintressikulud ja 24 tuhat eurot kahjum Trigon Property Development (TPD) aktsiate ümberhindlusest. 2022. aasta 3. kvartali finantstulud ja -kulud kokku olid 49 tuhat eurot, mis koosnes (TPD) aktsiate ümberhindlusest saadud kasumist summas 79 tuhat eurot ning laenukohustiste intressikulust summas 30 tuhat eurot. Kontserni 2023. aasta 3. kvartali konsolideeritud puhaskasum oli 37 tuhat eurot (2022. aasta 3. kvartalis 117 tuhat eurot). ÄRIVALDKONDADE ÜLEVAADE Müügitulu ärisegmentide lõikes tuh EUR | tuh EUR --------------+-------------+---------+--------- III kv 2023 | III kv 2022 | 9k 2023 | 9k 2022 ------------------------------+-------------+-------------+---------+--------- Kiudplaadi tootmine ja müük | 1 775 | 2 782 | 6 358 | 9 015 ------------------------------+-------------+-------------+---------+--------- Kinnisvara haldamine | 11 | 9 | 34 | 28 ------------------------------+-------------+-------------+---------+--------- Kokku | 1 786 | 2 791 | 6 392 | 9 043 Kasum ärisegmentide lõikes tuh EUR | tuh EUR ------------+-----------+-------+------- tuh EUR III kv 2023|III kv 2022|9k 2023|9k 2022 ----------------------------------------------+-----------+-------+------- EBITDA ärisegmentide lõikes | | | ----------------------------------------------+-----------+-------+------- Kiudplaadi tootmine ja müük 246| 201| 383| 1 114 ----------------------------------------------+-----------+-------+------- Kinnisvara haldamine (2)| (6)| (19)| (18) ----------------------------------------------+-----------+-------+------- Elimineerimine (6)| (2)| (30)| (25) ----------------------------------------------+-----------+-------+------- Kokku EBITDA 238| 193| 334| 1 071 ----------------------------------------------+-----------+-------+------- Põhivara kulum ja väärtuse langus (122)| (125)| (367)| (372) ----------------------------------------------+-----------+-------+------- Kokku ÄRIKASUM/-KAHJUM 116| 68| (33)| 699 ----------------------------------------------+-----------+-------+------- Erakorralised kulud 0| 0| (406)| 0 ----------------------------------------------+-----------+-------+------- Neto finantstulud/-kulud (79)| 49| (128)| 149 ----------------------------------------------+-----------+-------+------- PUHASKASUM/-KAHJUM 37| 117| (567)| 848 NORDIC FIBREBOARD LTD OÜ: Kiudplaadi tootmine ja müük Puitkiudplaadi müügitulu oli 2023. aasta 3. kvartalis 1,78 miljonit eurot (2022. aasta 3. kvartalis 2,78 miljonit eurot). 2023. aasta 3. kvartalis peamiseks müügutulu languse põhjuseks, võrreldes 2022. aasta 3. kvartaliga, oli Taani põhikliendi kaotus, mistõttu kaotati müügist 30% võrreldes 2022. aasta 3. kvartaliga. Lisaks vähenes 2023. aasta 3. kvartalis müük Soome 50% võrreldes 2022. aasta sama perioodiga. Kuid positiivse uudisena on suudetud taaselustada suhted endiste ekspordiklientidega ning leitud uusi kliente nii Lähis-Idas kui ka Euroopa Liidus, näiteks Bulgaarias ja Prantsusmaal. Selle tulemusena on müük Lähis-Ida, Aasia, Aafrika ja teistesse piirkondadesse 2023. aasta 3. kvartalis, võrreldes 2022. aasta 3. kvartaliga, parananenud. Müük Euroopa Liidu riikidesse on 2023. aasta 3. kvartalis, võrreldes 2022. aasta 3. kvartaliga, vähenenud. Kui aga vaadata Euroopa Liidu riike eraldi, siis müük Rootsi ja Lätti on tõusnud ning Eesti müük on jäänud samale tasemele. Puitkiudplaadi segmendi 2023. aasta 3. kvartali EBITDA oli positiivne 246 tuhat eurot, mis on kvartaalne paranemine võrreldes 2022. aasta 3. kvartali EBITDA-ga mis oli positiivne 201 tuhat eurot, kuid kui võrrelda 2023 aasta esimese üheksa kuu EBITDA-d 2022. aasta sama perioodiga, siis on langus 66%. Languse põhjuseks oli liiga kõrgelt fikseeritud elektrihind, mis sai 2022. aasta lõpus elektrimüüjaga sõlmitud. Elektrileping lõpetati 31.03.2023 ning uus madalama hinnaga elektrileping hakkas kehtima 01.04.2023. KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT tuh EUR | tuh EUR +-------------+-------------+---------+ | III kv 2023 | III kv 2022 | 9k 2023 | 9k 2022 ---------------+-------------+-------------+---------+--------- Euroopa Liit | 1 537 | 2 723 | 5 855 | 8 425 ---------------+-------------+-------------+---------+--------- Lähis-Ida | 68 | 47 | 96 | 73 ---------------+-------------+-------------+---------+--------- Aasia | 48 | 0 | 102 | 69 ---------------+-------------+-------------+---------+--------- Aafrika | 40 | 0 | 133 | 0 ---------------+-------------+-------------+---------+--------- Venemaa | 0 | 0 | 0 | 427 ---------------+-------------+-------------+---------+--------- Teised | 82 | 12 | 172 | 21 ---------------+-------------+-------------+---------+--------- Kokku | 1 775 | 2 782 | 6 358 | 9 015 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 2023. aasta 3. kvartalis 11 tuhat eurot (2022. aasta 3. kvartalis 9 tuhat eurot). Kinnisvarahalduse 2023. aasta 3. kvartali EBITDA oli negatiivne 2 tuhat eurot ning puhaskahjum 2 tuhat eurot (2022. aasta 3. kvartalis EBITDA negativne 6 tuhat eurot ning puhaskahjum 6 tuhat eurot). Konsolideeritud finantsseisundi ja rahavoogude aruanne Seisuga 30.09.2023 olid Nordic Fibreboard AS varad kokku 8,9 miljonit eurot (30.09.2022: 9,4 miljonit eurot). Kontserni kohustised kokku olid seisuga 30.09.2023 4,4 miljonit eurot (30.09.2022: 4,7 miljonit eurot), milledest Kontsernil võlgnevusi tarnijatele oli 0,9 miljonit eurot seisuga 30.09.2023 (30.09.2022: 1,0 miljonit eurot) ning laenukohustisi 3,0 miljonit eurot seisuga 30.09.2023 (30.09.2022: 3,1 miljonit). Nõuded ja ettemaksed olid kokku 0,8 miljonit eurot seisuga 30.09.2023 (30.09.2022: 1,3 miljonit eurot). Varud seisuga 30.09.2023 olid 1,0 miljonit eurot (30.09.2022 0,9 miljonit eurot). Kontserni põhivara kokku seisuga 30.09.2023 oli 7,1 miljonit eurot (30.09.2022: 6,7 miljonit eurot). Kontserni äritegevuse tulemuseks 9 kuu jooksul 2023. aastal oli positiivne rahavoog summas 472 tuhat eurot (2022 9 kuud: positiivne rahavoog summas 617 tuhat eurot). Investeerimistegevuse tulemuseks 2023. aasta 9 kuu jooksul oli negatiivne rahavoog summas 215 tuhat eurot, mis koosnes tehtud investeeringutest tootmisvaradesse (2022 9 kuud: väljaminev rahavoog 93 tuhat eurot). Finantseerimistegevusest liikus 2023. aasta 9 kuu kestel raha kontsernist välja summas 213 tuhat eurot (2022 9 kuud: väljaminev rahavoog 111 tuhat eurot). 2023. aasta 9 kuu netorahavoo tulemuseks oli positiivne rahavoog summas 44 tuhat eurot (2022 9 kuud: positiivne rahavoog 413 tuhat eurot). TULEVIKU VÄLJAVAADE Nordic Fibreboard Ltd Üldine nõudluspilt on jätkuvalt keeruline ja lühiajaline väljavaade on ebakindel makrotegurite, nagu intressimäärade tõus, ülemaailmne majanduslik ebakindlus ning Ukrainas ja Iisraelis käimasolev sõjad, tulenevate vastumõjude tõttu. Kõik on toonud kaasa ehitus-/renoveerimisturu aeglustumise ning ehitusmaterjalide lõpptarbijate kindlustunde puudumise, sealhulgas ettevõtte puitkiudplaatide kasutuse. Põhitegevuse poole pealt tegeletakse jätkuvalt ettevalmistustöödega Pärnu tehase puidukütte baasil oleva katlamaja uuendamiseks, et vastata uutele heitmenõuetele mis jõustuvad 01.01.2025. Pärnu Riverside Development Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist. Valminud on kinnistu detailplaneering, eesmärgiga muuta kinnistu sihtotstarve eraelamumaaks. Finantssuhtarvud tuh EUR | | | | Kasumiaruanne |III kv 2023|III kv 2022| 9k 2023| 9k 2022 ---------------------------------+-----------+-----------+----------+---------- Müügitulu | 1 786| 2 791| 6 392| 9 043 ---------------------------------+-----------+-----------+----------+---------- EBITDA | 238| 193| 334| 1 071 ---------------------------------+-----------+-----------+----------+---------- EBITDA rentaablus | 13%| 7%| 5%| 12% ---------------------------------+-----------+-----------+----------+---------- Ärikasum/-kahjum | 116| 68| (33)| 699 ---------------------------------+-----------+-----------+----------+---------- Ärirentaablus | 6%| 2%| (1%)| 8% ---------------------------------+-----------+-----------+----------+---------- Puhaskasum/-kahjum | 37| 117| (567)| 848 ---------------------------------+-----------+-----------+----------+---------- Puhasrentaablus | 2%| 4%| (9%)| 9% | | | | | | | | Bilanss | 30.09.2023| 31.12.2022|30.09.2022|31.12.2021 ---------------------------------+-----------+-----------+----------+---------- Koguvarad | 8 897| 9 408| 9 389| 8 063 ---------------------------------+-----------+-----------+----------+---------- Koguvarade puhasrentaablus | (6%)| 13%| 9%| 15% ---------------------------------+-----------+-----------+----------+---------- Omakapital | 4 517| 5 084| 4 698| 3 850 ---------------------------------+-----------+-----------+----------+---------- Omakapitali puhasrentaablus | (13%)| 24%| 18%| 31% ---------------------------------+-----------+-----------+----------+---------- Võlakordaja | 49%| 46%| 50%| 52% | | | | | | | | Aktsia | 30.09.2023| 31.12.2022|30.09.2022|31.12.2021 ---------------------------------+-----------+-----------+----------+---------- Aktsia viimane hind (EUR)* | 1,00| 1,60| 1,74| 1,95 ---------------------------------+-----------+-----------+----------+---------- Puhaskasum aktsia kohta (EUR) | (0,04)| 0,27| 0,18| 0,27 ---------------------------------+-----------+-----------+----------+---------- Hind-tulu (PE) suhtarv | (24,78)| 5,83| 9,54| 7,30 ---------------------------------+-----------+-----------+----------+---------- Aktsia raamatupidamisväärtus| | | | (EUR) | 1,00| 1,13| 1,04| 0,86 ---------------------------------+-----------+-----------+----------+---------- Turuhinna ja| | | | raamatupidamisväärtuse suhe | 1,00| 1,42| 1,67| 2,28 ---------------------------------+-----------+-----------+----------+---------- Turukapitalisatsioon tuh EUR | 4 499| 7 198| 7 828| 8 773 ---------------------------------+-----------+-----------+----------+---------- 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 |30.09.2023|31.12.2022|30.09.2022 ----------------------------------------------+----------+----------+---------- Raha ja raha ekvivalendid | 46| 2| 470 ----------------------------------------------+----------+----------+---------- Nõuded ja ettemaksed (Lisa 2) | 776| 559| 1 345 ----------------------------------------------+----------+----------+---------- Varud (Lisa 3) | 971| 1 672| 874 ----------------------------------------------+----------+----------+---------- Kokku käibevarad | 1 793| 2 233| 2 689 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Kinnisvarainvesteeringud (Lisa 4) | 1 859| 1 859| 1 156 ----------------------------------------------+----------+----------+---------- Finantsvarad õiglases väärtuses muutustega | | | läbi kasumiaruande (Lisa 7) | 674| 644| 787 ----------------------------------------------+----------+----------+---------- Materiaalne põhivara (Lisa 5) | 4 570| 4 670| 4 755 ----------------------------------------------+----------+----------+---------- Immateriaalne põhivara (Lisa 6) | 1| 2| 2 ----------------------------------------------+----------+----------+---------- Kokku põhivarad | 7 104| 7 175| 6 700 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Kokku varad | 8 897| 9 408| 9 389 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Võlakohustised (Lisa 8) | 318| 290| 38 ----------------------------------------------+----------+----------+---------- Võlad ja ettemaksed (Lisa 9) | 1 109| 1 014| 1 410 ----------------------------------------------+----------+----------+---------- Lühiajalised eraldised (Lisa 10) | 3| 18| 4 ----------------------------------------------+----------+----------+---------- Kokku lühiajalised kohustised | 1 430| 1 322| 1 452 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Pikaajalised võlakohustised (Lisa 8) | 2 684| 2 875| 3 094 ----------------------------------------------+----------+----------+---------- Pikaajalised võlad ja ettemaksed (Lisa 9) | 139| 0 | 0 ----------------------------------------------+----------+----------+---------- Pikaajalised eraldised (Lisa 10) | 127| 127| 145 ----------------------------------------------+----------+----------+---------- Kokku pikaajalised kohustised | 2 950| 3 002| 3 239 ----------------------------------------------+----------+----------+---------- Kokku kohustised | 4 380| 4 323| 4 691 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Aktsiakapital (nominaalväärtuses) (Lisa 11) | 450| 450| 450 ----------------------------------------------+----------+----------+---------- Kohustuslik reservkapital | 45| 45| 45 ----------------------------------------------+----------+----------+---------- Jaotamata kasum (kahjum) | 4 022| 4 589| 4 203 ----------------------------------------------+----------+----------+---------- Kokku omakapital | 4 517| 5 084| 4 698 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Kokku kohustised ja omakapital | 8 897| 9 408| 9 389 * Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on aastaaruande lisad lk 14 kuni 25. KONSOLIDEERTUD KASUMI- JA MUU KOONDKASUMIARUANNE tuh EUR |III kv 2023|III kv 2022|9k 2023|9k 2022 ---------------------------------------+-----------+-----------+-------+------- Müügitulu (Lisa 13) | 1 786| 2 791| 6 392| 9 043 ---------------------------------------+-----------+-----------+-------+------- Müüdud toodangu kulu (Lisa 14) | 1 433| 2 387| 5 497| 7 134 ---------------------------------------+-----------+-----------+-------+------- Brutokasum | 353| 404| 895| 1 909 ---------------------------------------+-----------+-----------+-------+------- | | | | ---------------------------------------+-----------+-----------+-------+------- Turustuskulud (Lisa 15) | 133| 278| 536| 919 ---------------------------------------+-----------+-----------+-------+------- Üldhalduskulud (Lisa 16) | 100| 90| 374| 315 ---------------------------------------+-----------+-----------+-------+------- Muud äritulud (Lisa 18) | 0| 33| 0| 33 ---------------------------------------+-----------+-----------+-------+------- Muud ärikulud (Lisa 18) | 4| 1| 18| 9 ---------------------------------------+-----------+-----------+-------+------- Ärikasum | 116| 68| (33)| 699 ---------------------------------------+-----------+-----------+-------+------- | | | | ---------------------------------------+-----------+-----------+-------+------- Erakorralised kulud | 0| 0| 406| 0 ---------------------------------------+-----------+-----------+-------+------- Finantstulud (Lisa 19) | 0| 79| 74| 248 ---------------------------------------+-----------+-----------+-------+------- Finantskulud (Lisa 19) | 79| 30| 202| 99 ---------------------------------------+-----------+-----------+-------+------- Kasum (kahjum) enne tulumaksustamist | 37| 117| (567)| 848 ---------------------------------------+-----------+-----------+-------+------- | | | | ---------------------------------------+-----------+-----------+-------+------- Aruandeperioodi puhaskasum (-kahjum) | 37| 117| (567)| 848 ---------------------------------------+-----------+-----------+-------+------- | | | | ---------------------------------------+-----------+-----------+-------+------- Tava perioodi puhaskasum aktsia kohta | | | | (Lisa 12) | 0,01| 0,03| (0,13)| 0,19 ---------------------------------------+-----------+-----------+-------+------- Lahustatud perioodi puhaskasum aktsia | | | | kohta (Lisa 12) | 0,01| 0,03| (0,13)| 0,19 * Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on aastaaruande lisad lk 14 kuni 25. Aigar Kallas Juhatuse esimees +372 5281299 aigar.kallas@nordicfibreboard.com
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Nordic Fibreboard AS unaudited results for third quarter of 2023
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MANAGEMENT REPORT Consolidated net sales for Q3 2023 were EUR 1.79 million (Q3 2022: EUR 2.79 million). The main business area is Nordic Fibreboard Ltd, the production and wholesale of fibreboard, which recorded sales in Q3 2023 of EUR 1.78 million, (Q3 2022: EUR 2.78 million). The remaining business area is Pärnu Riverside Development, real estate management of the property owned in Suur-Jõe street in Pärnu, who recorded sales of EUR 11 thousand in Q3 2023 (Q3 2022: EUR 9 thousand). The decline in Nordic Fibreboard's Q3 2023 sales revenue continues to be impacted by global economic uncertainty, which has led to a lack of confidence among end users of building materials, including the company's fiberboard. Nordic Fibreboard Ltd had sales of EUR 1.78 million in Q3 2023, down 12% from Q2 2023 and down 23% from Q1 2023, which shows that the decline in sales revenue is abating. The consolidated EBITDA of Nordic Fibreboard for Q3 2023 was EUR 238 thousand, the EBITDA margin was 13% (Q3 2022: EBITDA was EUR 193 thousand and the EBITDA margin was 7%). Compared to the Q3 2022 the Group`s gross margin increased from 19% to 27% in the Q3 2023, which indicates that the Group`s profitability in the Q3 2023 has increased compared to the same period last year. Financial expenses for the Q3 2023 were EUR 79 thousand, of which EUR 55 thousand were loan interest costs and EUR 24 thousand were losses from the revaluation of Trigon Property Development (TPD) shares. Total financial income of EUR 49 thousand was recorded in Q3 2022, which consist of the profit from the revaluation of shares (TPD) in the amount of EUR 79 thousand and the interest expense of loan obligations in the amount of EUR 30 thousand. Group`s consolidated net profit for Q3 2023 was EUR 37 thousand (Q3 2022: profit EUR 117 thousand). DIVISIONAL REVIEW Revenue by business segments EUR thousand | EUR thousand ----------+---------+---------+--------- Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 ---------------------------------------------+---------+---------+--------- Fibreboards production and sales 1,775 | 2,782 | 6,358 | 9,015 ---------------------------------------------+---------+---------+--------- Real Estate Management 11 | 9 | 34 | 28 ---------------------------------------------+---------+---------+--------- TOTAL 1,786 | 2,791 | 6,392 | 9,043 Profit by business segments EUR thousand | EUR thousand ----------+---------+---------+--------- Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 ---------------------------------------------+---------+---------+--------- EBITDA by business units: | | | ---------------------------------------------+---------+---------+--------- Fibreboards production and sales 246 | 201 | 383 | 1,114 ---------------------------------------------+---------+---------+--------- Real Estate Management (2) | (6) | (19) | (18) ---------------------------------------------+---------+---------+--------- Group transactions (6) | (2) | (30) | (25) ---------------------------------------------+---------+---------+--------- TOTAL EBITDA 238 | 193 | 334 | 1,071 ---------------------------------------------+---------+---------+--------- Depreciation (122) | (125) | (367) | (372) ---------------------------------------------+---------+---------+--------- TOTAL OPERATING PROFIT/ LOSS 116 | 68 | (33) | 699 ---------------------------------------------+---------+---------+--------- Extraordinary expenses 0 | 0 | (406) | 0 ---------------------------------------------+---------+---------+--------- Net financial income/ costs (79) | 49 | (128) | 149 ---------------------------------------------+---------+---------+--------- NET PROFIT/ LOSS 37 | 117 | (567) | 848 NORDIC FIBREBOARD LTD: Fibreboard production and sales Fibreboard sales in Q3 2023 were EUR 1.78 million (Q3 2022: EUR 2.78 million). In Q3 2023, the main reason for the decrease in sales revenue compared to Q3 2022 was the loss of a key customer in Denmark, resulting in a loss of 30% of sales compared to Q3 2022. In addition, sales in Finland decreased by 50% in Q3 2023 compared to the same period in 2022. But as positive news, it has been possible to revive relations with former export customers and found new customers both in the Middle East and in the European Union, for example Bulgaria and France. As a result, sales to the Middle East, Asia, Africa and other regions have improved in Q3 2023 compared to Q3 2022. Sales to European Union countries have decreased in the 3rd quarter of 2023 compared to the 3rd quarter of 2022. However, if we look at the countries of the European Union separately, sales to Sweden and Latvia have increased, and sales in Estonia have remained at the same level. The EBITDA of the fiberboard segment for the Q3 2023 was a positive EUR 246 thousand, which is a quarterly improvement compared to the EBITDA for the Q3 2022, which was a positive EUR 201 thousand, but when comparing EBITDA for the first nine months of 2023 with the 2022 with the same period, the drop is 66%. The reason for the decline was the too high fixed electricity price, which was signed with the electricity supplier at the end of 2022. The electricity contract was cancelled on 31.3.2023, and a new less onerous electricity contract came into force on 01.04.2023. Fibreboard sales by geographical segments EUR thousand | EUR thousand +---------+---------+---------+--------- | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 -----------------+---------+---------+---------+--------- European Union | 1,537 | 2,723 | 5,855 | 8,425 -----------------+---------+---------+---------+--------- Middle East | 68 | 47 | 96 | 73 -----------------+---------+---------+---------+--------- Asia | 48 | 0 | 102 | 69 -----------------+---------+---------+---------+--------- Africa | 40 | 0 | 133 | 0 -----------------+---------+---------+---------+--------- Russia | 0 | 0 | 0 | 427 -----------------+---------+---------+---------+--------- Other | 82 | 12 | 172 | 21 -----------------+---------+---------+---------+--------- TOTAL | 1,775 | 2,782 | 6,358 | 9,015 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 11 thousand in Q3 2023, (Q3 2022: EUR 9 thousand). The real estate management EBITDA for Q3 2023 were negative EUR 2 thousand and net loss EUR 2 thousand (Q3 2021: EBITDA negative EUR 6 thousand and net loss EUR 6 thousand). STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT As of 30.09.2023 the total assets of Nordic Fibreboard AS were EUR 8.9 million (30.09.2022: EUR 9.4 million). The liabilities of the company as of 30.09.2023 were EUR 4.4 million (30.09.2022: EUR 4.7 million), of which the Group has payables of EUR 0.9 million as at 30.09.2023 (30.09.2022: EUR 1.0 million) and borrowings of EUR 3.0 million as at 30.09.2023 (30.09.2022: EUR 3.1 million). Receivables and prepayments amounted to EUR 0.8 million as at 30.09.2023 (30.09.2022: EUR 1.3 million). Inventories were EUR 1.0 million as of 30.09.2023 (30.09.2022: EUR 0.9 million). Fixed assets were EUR 7.1 million as of 30.09.2023 (EUR 6.7 million as of 30.09.2022). During 2023 9M, the Group's cash flows from operating activities totalled cash inflow of EUR 472 thousand (2022 9M: cash inflow EUR 617 thousand). Cash outflows due to investment activities was EUR 215 thousand during 9M 2023, consisting of investments into production assets (9M 2022: cash outflow EUR 93 thousand). Cash outflows due to financing activities was EUR 213 thousand during 9M 2023 (9M 2023: cash outflow EUR 111 thousand). Net cash effect during 9M 2023 showed cash inflows of EUR 44 thousand, (2022 9M: cash inflows EUR 413 thousand). OUTLOOK Nordic Fibreboard Ltd The overall demand picture continues to be challenging, and the short-term outlook remains uncertain due to headwinds coming from macro factors, such as increasing interest rates, global economic uncertainty, and the ongoing wars in Ukraine and in Israel. All have led to a construction/renovation market slowdown and a lack of confidence among end users of building materials, including the use of the company's fibreboards. Main operation issue remains the ongoing preparation of upgrading the company's wood-based boiler house in Pärnu so to meet the new emission requirements coming into force in 01.01.2025. Pärnu Riverside Development We will continue to manage and develop the property on Suur-Jõe Street 48, Pärnu. A detail plan for the property has been completed, with the intention of converting the property into a private residential property. Financial highlights EUR thousand | | | Income statement | Q3 2023| Q3 2022 9M 2023| 9M 2022 ----------------------------------+----------+----------+----------+---------- Revenue | 1,786| 2,791| 6,392| 9,043 ----------------------------------+----------+----------+----------+---------- EBITDA | 238| 193| 334| 1,071 ----------------------------------+----------+----------+----------+---------- EBITDA margin | 13%| 7%| 5%| 12% ----------------------------------+----------+----------+----------+---------- Operating profit | 116| 68| (33)| 699 ----------------------------------+----------+----------+----------+---------- Operating margin | 6%| 2%| (1%)| 8% ----------------------------------+----------+----------+----------+---------- Net profit | 37| 117| (567)| 848 ----------------------------------+----------+----------+----------+---------- Net margin | 2%| 4%| (9%)| 9% | | | | | | | | Statement of financial position |30.09.2023|31.12.2022|30.09.2022|31.12.2021 ----------------------------------+----------+----------+----------+---------- Total assets | 8,897| 9,408| 9,389| 8,063 ----------------------------------+----------+----------+----------+---------- Return on assets | (6%)| 13%| 9%| 15% ----------------------------------+----------+----------+----------+---------- Equity | 4,517| 5,084| 4,698| 3,850 ----------------------------------+----------+----------+----------+---------- Return on equity | (13%)| 24%| 18%| 31% ----------------------------------+----------+----------+----------+---------- Debt-to-total assets ratio | 49%| 46%| 50%| 52% | | | | | | | | Share |30.09.2023|31.12.2022|30.09.2022|31.12.2021 ----------------------------------+----------+----------+----------+---------- Last Price* | 1.00| 1.60| 1.74| 1.95 ----------------------------------+----------+----------+----------+---------- Earnings per share | (0.04)| 0.27| 0.18| 0.27 ----------------------------------+----------+----------+----------+---------- Price-earnings ratio | (24.78)| 5.83| 9.54| 7.30 ----------------------------------+----------+----------+----------+---------- Book value of a share | 1.00| 1.13| 1.04| 0.86 ----------------------------------+----------+----------+----------+---------- Market to book ratio | 1.00| 1.42| 1.67| 2.28 ----------------------------------+----------+----------+----------+---------- Market capitalization, EUR thousand| 4,499| 7,198| 7,828| 8,773 ----------------------------------+----------+----------+----------+---------- 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-total assets ratio = Liabilities / Total assets Earnings per share = Trailing twelve months (TTM) net profit / Total shares Price-earnings ratio = Last price / Earnings per share Book value of a share = Equity / Total shares Market to book ratio = Last price / Book value of a share Market capitalization = Last price * Total shares *http://www.nasdaqbaltic.com/ CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS EUR thousand |30.09.2023|31.12.2022|30.09.2022 ----------------------------------------------+----------+----------+---------- Cash and cash equivalents | 46| 2| 470 ----------------------------------------------+----------+----------+---------- Receivables and prepayments (Note 2) | 776| 559| 1 345 ----------------------------------------------+----------+----------+---------- Inventories (Note 3) | 971| 1 672| 874 ----------------------------------------------+----------+----------+---------- Total current assets | 1,793| 2,233| 2,689 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Investment property (Note 4) | 1,859| 1,859| 1,156 ----------------------------------------------+----------+----------+---------- Financial assets at fair value through profit| | | or loss (Note 7) | 674| 644| 787 ----------------------------------------------+----------+----------+---------- Property, plant and equipment (Note 5) | 4,570| 4,670| 4,755 ----------------------------------------------+----------+----------+---------- Intangible assets (Note 6) | 1| 2| 2 ----------------------------------------------+----------+----------+---------- Total non-current assets | 7,104| 7,175| 6,700 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- TOTAL ASSETS | 8,897| 9,408| 9,389 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Borrowings (Note 8) | 318| 290| 38 ----------------------------------------------+----------+----------+---------- Payables and prepayments (Note 9) | 1,109| 1,014| 1,410 ----------------------------------------------+----------+----------+---------- Short-term provisions (Note 10) | 3| 18| 4 ----------------------------------------------+----------+----------+---------- Total current liabilities | 1,430| 1,322| 1,452 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Long-term borrowings (Note 8) | 2,684| 2,875| 3,094 ----------------------------------------------+----------+----------+---------- Long-term payables and prepayments (Note 9) | 139| 0| 0 ----------------------------------------------+----------+----------+---------- Long-term provisions (Note 10) | 127| 127| 145 ----------------------------------------------+----------+----------+---------- Total non-current liabilities | 2,950| 3,002| 3,239 ----------------------------------------------+----------+----------+---------- Total liabilities | 4,380| 4,323| 4,691 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- Share capital (at nominal value) (Note 11) | 450| 450| 450 ----------------------------------------------+----------+----------+---------- Statutory reserve capital | 45| 45| 45 ----------------------------------------------+----------+----------+---------- Retained earnings (loss) | 4,022| 4,589| 4,203 ----------------------------------------------+----------+----------+---------- Total equity | 4,517| 5,084| 4,698 ----------------------------------------------+----------+----------+---------- | | | ----------------------------------------------+----------+----------+---------- TOTAL LIABILITIES AND EQUITY | 8,897| 9,408| 9,389 *The notes to the financial statements presented on pages 14 to 25 are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME EUR thousand | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 ---------------------------------------+---------+---------+---------+--------- Revenue (Note 13) | 1,786 | 2,791 | 6,392 | 9,043 ---------------------------------------+---------+---------+---------+--------- Cost of goods sold (Note 14) | 1,433 | 2,387 | 5,497 | 7,134 ---------------------------------------+---------+---------+---------+--------- Gross profit | 353 | 404 | 895 | 1,909 ---------------------------------------+---------+---------+---------+--------- | | | | ---------------------------------------+---------+---------+---------+--------- Distribution costs (Note 15) | 133 | 278 | 536 | 919 ---------------------------------------+---------+---------+---------+--------- Administrative expenses (Note 16) | 100 | 90 | 374 | 315 ---------------------------------------+---------+---------+---------+--------- Other operating income (Note 18) | 0 | 33 | 0 | 33 ---------------------------------------+---------+---------+---------+--------- Other operating expenses (Note 18) | 4 | 1 | 18 | 9 ---------------------------------------+---------+---------+---------+--------- Operating profit (loss) | 116 | 68 | (33) | 699 ---------------------------------------+---------+---------+---------+--------- | | | | ---------------------------------------+---------+---------+---------+--------- Extraordinary expenses | 0 | 0 | 406 | 0 ---------------------------------------+---------+---------+---------+--------- Finance income (Note 19) | 0 | 79 | 74 | 248 ---------------------------------------+---------+---------+---------+--------- Finance costs (Note 19) | 79 | 30 | 202 | 99 ---------------------------------------+---------+---------+---------+--------- Profit (loss) before income tax | 37 | 117 | (567) | 848 ---------------------------------------+---------+---------+---------+--------- | | | | ---------------------------------------+---------+---------+---------+--------- Net profit (loss) for the period | 37 | 117 | (567) | 848 ---------------------------------------+---------+---------+---------+--------- | | | | ---------------------------------------+---------+---------+---------+--------- Basic earnings per share (Note 12) | 0.01 | 0.03 | (0.13) | 0.19 ---------------------------------------+---------+---------+---------+--------- Diluted earnings per share (Note 12) | 0.01 | 0.03 | (0.13) | 0.19 *The notes to the financial statements presented on pages 14 to 25 are an integral part of these consolidated financial statements. Aigar Kallas Chairman of the Board Phone: +372 5281299 aigar.kallas@nordicfibreboard.com (mailto:aigar.kallas@nordicfibreboard.com)