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Nordic Fibreboard AS

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54930002HOIXBD15OM06

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Majandustegevusalad

Finants- ja kindlustustegevus

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Kategooriad

Juhtkonna vaheteadaanne või kvartaalne finantsaruanne

Teate ID

8054

Esitamise kuupäev ja aeg

29.05.2020 16:51:11

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Pealkiri

Nordic Fibreboard AS 2020. aasta I kvartali auditeerimata majandustulemused

Teade

Nordic  Fibreboard  AS  konsolideeritud  müügitulu  oli 2020. aasta 1. kvartalis
3,21 miljonit   eurot,   mis  on  2019. aasta  1. kvartali  jätkuvate  tegevuste
müügituluga  võrreldes  2% langust.  Puitkiudplaadi  müügitulu,  mis  oli  3,09
miljonit   eurot  2020. aasta  1. kvartalis,  kasv  7% tulenes  põhiliselt  uute
klientide  lisandumisest Euroopa Liidus  märkmetahvlite ja uste täitematerjalide
segmentides.  Mööbli  jaemüügi  müügitulu  oli 2020. aasta 1. kvartalis 47 tuhat
eurot, mis oli 88% vähenemist võrreldes eelmise aasta sama perioodiga. Põhjuseks
Skano  Furniture OÜ  aktiivse tegevuse  lõpetamine ning 2020. aasta 1. kvartalis
toimusid   ainult   viimased   allahindluskampaania   müügid.   Pärnu  Riverside
Development  OÜ 2020. aasta 1. kvartali müük kinnisvara haldamisest oli 68 tuhat
eurot.

 Nordic  Fibreboard  AS  konsolideeritud  EBITDA  oli  2020. aasta  1. kvartalis
negatiivne  310 tuhat eurot (2019 1. kv:  jätkuvatelt tegevustelt positiivne 12
tuhat eurot). Kiudplaadi 2020. aasta 1. kvartali EBITDA oli negatiivne 255 tuhat
eurot  ja  mööbli  jaemüügi  EBITDA  negatiivne 47 tuhat eurot. Kiudplaadi suure
kahjumi  peamiseks põhjuseks  oli Püssis  asuva tootmistehase  ajutine sulgemine
esimese  kvartali lõpus. Püssi kiudpladivabriku  ajutise sulgemise põhjuseks oli
selle tehase ühe suurima võtmekliendi kaotus, kus klient tühistas koroonaviiruse
pandeemia tõttu kõik oma tellimused.

Kontserni  puhaskahjum oli 2020. aasta 1. kvartalis  534 tuhat eurot (2019 1 kv:
puhaskahjum jätkuvatelt tegevustelt 202 tuhat eurot).

ÄRIVALDKONDADE ÜLEVAADE

Müügitulu ärisegmentide lõikes

   tuh EUR                        I kv 2020 | I kv 2019
--------------------------------------------+------------
  Jätkuvad tegevused                        |
--------------------------------------------+-----------+
  Kiudplaadi tootmine ja müük         3 091 |     2 893 |
--------------------------------------------+-----------+
  Mööbli jaemüük                         47 |       392 |
--------------------------------------------+-----------+
  Kinnisvara haldamine                   68 |         0 |
--------------------------------------------+-----------+
  Elimineerimine                        (0) |       (2) |
--------------------------------------------+-----------+
  Kokku jätkuvatelt tegevustelt       3 206 |     3 284 |
--------------------------------------------+-----------+
  Lõpetatud tegevus                       0 |       545 |
--------------------------------------------+-----------+
  KOKKU                               3 206 |     3 829
--------------------------------------------+------------

Kasum ärisegmentide lõikes

                                             ------------+
  tuh EUR                                      I kv 2020 | I kv 2019
---------------------------------------------------------+------------
  Jätkuvad tegevused                                     |
---------------------------------------------------------+------------
  EBITDA ärisegmentide lõikes                            |
---------------------------------------------------------+------------
  Kiudplaadi tootmine ja müük                     (255)* |        23
---------------------------------------------------------+------------
  Mööbli jaemüük                                    (47) |      (22)
---------------------------------------------------------+------------
  Kinnisvara haldamine                               (2) |         0
---------------------------------------------------------+------------
  Elimineerimine                                     (6) |        12
---------------------------------------------------------+------------
  Kokku EBITDA                                     (310) |        12
---------------------------------------------------------+------------
  Põhivara kulum ja amortisatsioon                   151 |       150
---------------------------------------------------------+------------
  Kokku ÄRIKASUM/-KAHJUM                           (462) |     (138)
---------------------------------------------------------+------------
  Neto finantskulud                                   72 |        64
---------------------------------------------------------+------------
  Tulumaksukulu                                        0 |         0
---------------------------------------------------------+------------
  PUHASKASUM/-KAHJUM jätkuvatelt tegevustelt       (534) |     (202)
---------------------------------------------------------+-----------+
  Kasum/kahjum lõpetatud tegevuselt                    0 |     (121) |
---------------------------------------------------------+-----------+
  KOKKU                                            (534) |     (323)
---------------------------------------------------------+------------

*   Sisaldab   erakorralist  kulu  187 tuhat  eurot  Püssi  tehase  sulgemisest,
kasumiaruandes kajastatud kirjel muud ärikulud.

NORDIC FIBREBOARD LTD: KIUDPLAADI MÜÜK

Puitkiudplaadi  müügitulu oli 2020. aasta  1. kvartalis 3,09 miljonit eurot, mis
on  7%  kasvu 2019. aasta  sama perioodiga  võrreldes (2019 1. kv: 2,89 miljonit
eurot).  2020. aasta  1. kvartalis  müüsime  oma  tooteid  21 riigi klientidele.
Euroopla  Liidu  klientidelt  müügitulu  kasv 2,09 miljonilt eurolt 2,74 miljoni
euroni   tulenes   uute   klientide   lisandumisest   uste  täitematerjalide  ja
märkmetahvlite  segmendis.   Teiste  regioonide,  Aasia,  Aafrika,  Lähis-Ida ja
Venemaa, müügi vähenemist mõjutas tugevalt koroonaviiruse pandeemia tõttu tehtud
tellimuste tühistamised klientide poolt.

KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT

                        tuh EUR
               ------------+
                 I kv 2020 | I kv 2019
---------------------------+-----------+
  Euroopa Liit       2 741 |     2 093 |
---------------------------+-----------+
  Venemaa              211 |       328 |
---------------------------+-----------+
  Aasia                 38 |       164 |
---------------------------+-----------+
  Aafrika               35 |       143 |
---------------------------+-----------+
  Lähis-Ida             38 |        86 |
---------------------------+-----------+
  Teised                29 |        80 |
---------------------------+-----------+
  KOKKU              3 091 |     2 893 |

SKANO FURNITURE: MÖÖBLI JAEMÜÜK

Mööbli  jaemüügi müügitulu oli  2020. aasta 1. kvartalis 47 tuhat  eurot, mis on
88% langust võrreldes sama perioodiga aastal 2019 (2019. aasta 1. kvartalis 392
tuhat  eurot).  Müügitulu  langus  on  tingitud jaemüügiärist väljumisega. 2019
aastal  sulges Skano Furniture OÜ  4 salongi ja 2020 aasta 1. kvartalis viimased
kaks  allesjäänud salongi.  EBITDA oli  2020. aasta 1. kvartalis  negatiivne 47
tuhat eurot (2019. 1. kv: negatiivne 22 tuhat eurot).

Mööbli jaemüügitulu geograafiliselt

  tuh EUR          tuh EUR        |     Kaupluste arv       |
          ------------+-----------+------------+------------+
            I kv 2020 | I kv 2019   31.03.2020 | 31.03.2019
----------+-----------+-----------+------------+-------------
  Eesti   |        47 |       256 |          0 |          4
----------+-----------+-----------+------------+-------------
  Läti    |         0 |        40 |          0 |          1
----------+-----------+-----------+------------+-------------
  Leedu   |         0 |        96 |          0 |          1
----------+-----------+-----------+------------+-------------
  Kokku   |        47 |       392 |          0 |          6

PÄRNU RIVERSIDE DEVELOPMENT: KINNISVARAHALDUS

Pärnu  Riverside Development OÜ omab  kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav  48. Kinnisvaraobjektil on mõned  üürnikud ning kinnisvarahaldusest saadud
müügitulu  oli  2020. aasta  1. kvartalis  68 tuhat  eurot. Ettevõte on asutatud
2019. aasta  2. kvartalis. 2020. aasta 1. kvartali EBITDA oli negatiivne 2 tuhat
eurot.

BILANSS JA RAHAVOOGUDE ARUANNE

Seisuga  31.03.2020 olid  Nordic  Fibreboard  AS  varad kokku 8,5 miljonit eurot
(31.03.2019:  10,1 miljonit  eurot).  Kontserni  kohustised  kokku  olid seisuga
31.03.2020 7,5 miljonit   eurot   (31.03.2019:  7,6 miljonit  eurot),  milledest
Kontsernil   oli   laenukohustisi   4,74 miljonit   eurot   seisuga  31.03.2020
(31.03.2019: 4,7 miljonit).

Nõuded   ja   ettemaksed  olid  kokku  1,4 miljonit  eurot  seisuga  31.03.2020
(31.03.2019:  1,4 miljonit eurot).  Varud seisuga  31.03.2020 0,5 miljonit eurot
(31.03.2019 1,9 miljonit eurot). Kontserni põhivara kokku seisuga 31.03.2020 oli
6,6 miljonit  eurot (6,7 miljonit seisuga 31.03.2019). Bilansimahu muutus 2019.
aastal  oli  tingitud  mööblitootmise  ja  -hulgimüügiga tegeleva tütarettevõtte
müügist kontsernist välja.

Kontserni  äritegevuse  tulemuseks  oli  2020. aasta 1. kvartalis raha sissevool
summas  209 tuhat  eurot  (2019  1. kv:  raha  sissevool summas 84 tuhat eurot).
Investeerimistegevusest   tulenevalt   toimus   2020. aasta   1. kvartalis  raha
väljavool  summas  78 tuhat  eurot,  võrreldes  raha väljavooluga 28 tuhat eurot
2019. aasta  1. kvartalis. Finantseerimistegevuse tulemuseks oli 2020. aasta 1.
kvartalis  samuti  raha  väljavool  summas  131 tuhat  eurot  (2019  1. kv: raha
väljavool  33 tuhat eurot). Netorahavoo  tulemuseks oli 2020. aasta 1. kvartalis
raha   väljavool  summas  1 tuhat  eurot,  mis  on  halvenemine  võrreldes  raha
sissevooluga summas 24 tuhat eurot 2019. aasta 1. kvartalis.

TULEVIKU VÄLJAVAADE

NORDIC FIBREBOARD LTD

Koroonaviiruse    pandeemia    mõjutab    käesoleval    aastal   nende   riikide
majandustegevust, kuhu ettevõte oma toodangut müüb. Kuna selle pandeemia mõju on
ettearvamatu  ja kestuse aeg  teadmata, siis on  tuleviku nõudlust toodangu osas
keeruline  ette näha.  Samas ei  ole nõudlus  meie toodangu  suhtes Baltikumi ja
Põhjamaade  klientide hulgas  vähenenud, mis  annab kindlustunnet  meie tegevuse
jätkuvusele.

PÄRNU RIVERSIDE DEVELOPMENT

Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.

TÖÖTAJAD

Seisuga   31.03.2020 töötas   Kontsernis  130 inimest  (võrreldes  126 inimesega
jätkuva  tegevuste  sektoris  seisuga  31.03.2019). Töötajate  keskmine  arv oli
2020 1. kvartalis 127 (1. kvartalis 2019: 126 jätkuvatel tegevusaladel).

2020. aasta  esimese kolme kuu jooksul olid tööjõukulud koos maksukuludega kokku
587 tuhat  eurot (2019  esimese kolme  kuu jooksul  jätkuvatelt tegevustelt  592
tuhat   eurot).   Kõigi   kontserni  ettevõtete  s.h.  tütarettevõtted  juhatuse
liikmetele  arvestatud tasud koos maksukuludega olid kokku 45 tuhat eurot 2020.
aasta 1. kvartalis ning 51 tuhat eurot 2019. aasta 1. kvartalis.

Finantssuhtarvud

  tuh EUR
                                           |            |
  Kasumiaruanne                            |  I kv 2020 |  I kv 2019
-------------------------------------------+------------+------------
  Müügitulu                                |      3 206 |      3 284
-------------------------------------------+------------+------------
  EBITDA                                   |      (310) |         12
-------------------------------------------+------------+------------
  EBITDA rentaablus                        |      (10%) |         0%
-------------------------------------------+------------+------------
  Ärikasum/-kahjum                         |      (462) |      (138)
-------------------------------------------+------------+------------
  Ärirentaablus                            |      (14%) |       (4%)
-------------------------------------------+------------+------------
  Puhaskasum/-kahjum                       |      (534) |      (202)
-------------------------------------------+------------+------------
  Puhasrentaablus                          |      (17%) |       (6%)
                                           |            |

--------------------------------------------------------+------------
  Kasum/kahjum lõpetatud tegevuselt                   0 |      (121)
--------------------------------------------------------+------------

--------------------------------------------------------+------------
  KASUM/KAHJUM KOKKU                              (534) |      (323)
--------------------------------------------------------+------------

                                           |            |
  Bilanss                                  | 31.03.2020 | 31.12.2019
-------------------------------------------+------------+------------
  Koguvarad                                |      8 475 |     10 147
-------------------------------------------+------------+------------
  Koguvarade puhasrentaablus               |       (6%) |       (2%)
-------------------------------------------+------------+------------
  Omakapital                               |      1 017 |      2 587
-------------------------------------------+------------+------------
  Omakapitali puhasrentaablus              |      (52%) |       (8%)
-------------------------------------------+------------+------------
  Võlakordaja                              |        88% |        75%
                                           |            |

                                           |            |
  Aktsia                                   | 31.03.2020 | 31.12.2019
-------------------------------------------+------------+------------
  Aktsia viimane hind (EUR)*               |       0,33 |       0,41
-------------------------------------------+------------+------------
  Puhaskasum aktsia kohta (EUR)            |     (0,12) |     (0,07)
-------------------------------------------+------------+------------
  Hind-tulu (PE) suhtarv                   |     (2,78) |     (5,74)
-------------------------------------------+------------+------------
  Aktsia raamatupidamisväärtus (EUR)       |       0,23 |       0,58
-------------------------------------------+------------+------------
  Turuhinna ja raamatupidamisväärtuse suhe |       1,46 |       0,72
-------------------------------------------+------------+------------
  Turukapitalisatsioon tuh EUR             |      1 485 |      1 854
-------------------------------------------+------------+------------
  Aktsiate arv tk                          |  4 499 061 |  4 499 061
-------------------------------------------+------------+------------

Juhatuse deklaratsioon

Juhatus  on koostanud  Nordic Fibreboard  AS tegevusaruande ning konsolideeritud
raamatupidamise vahearuande Nordic Fibreboard AS esimese kvartali 2020 tarvis.

Juhatus  kinnitab,  et  lehekülgedel  4 kuni  8 esitatud  Nordic  Fibreboard  AS
tegevusaruanne  annab õige ja õiglase ülevaate emaettevõtte ja konsolideerimisse
kaasatud   ettevõtete   kui   terviku   äritegevuse   arengust,  tulemustest  ja
finantsseisundist.

Juhatus   kinnitab,   et   lehekülgedel   10 kuni   30 esitatud  konsolideeritud
raamatupidamise  vahearuanne  annab  juhatuse  parima  teadmise kohaselt õige ja
õiglase  ülevaate emitendi ja konsolideerimisse  kaasatud ettevõtete kui terviku
varadest,    kohustistest,    finantsseisundist    ja    tulemustest   vastavalt
rahvusvaheliste  finantsaruandluse  standarditele,  nagu  need  on  vastu võetud
Euroopa Liidu poolt ning sisaldab peamiste riskide kirjeldust.

2020. aasta    1. kvartali   tulemuse   tõttu   ei   vasta   Nordic   Fibreboard
konsolideeritud  omakapital  31.03.2020 seisuga  äriseadustiku miinimumnõuetele.
Nõuetega  vastavusse viimiseks plaanib juhtkond  kutsuda järgmisel nädalal kokku
erakorralise  aktsionäride üldkoosoleku, kus  tehakse ettepanek vähendada aktsia
nimiväärtust 0,6 eurolt 0,06 eurole.

Torfinn Losvik
Juhatuse esimees
Tel: +372 56 990988
[email protected] (mailto:[email protected])

Teate sisu inglise keeles

Pealkiri

Unaudited financial results of Nordic Fibreboard AS for the first quarter of 2020

Teade

Consolidated  net sales  for Q1  2020 were EUR  3.21 million, being  a 2% decrease
compared  to the same period in 2019 from continued operations. Fibreboard sales
increased  by 7% to EUR  3.09 million due to  new customers in  the European Union
within  the display board and door core segments. Furniture retail sales revenue
EUR  of 47 thousand decreased by 88% in the Q1 2020 compared to the same period of
the previous year, as Skano Furniture OÜ terminated its active operations and in
the  Q1 2020 the last sales of the discount campaign took place. Pärnu Riverside
Development  OÜ  sales  of  real  estate  management  in  the Q1 2020 were EUR 68
thousand.

Nordic  Fibreboard AS  consolidated EBITDA  were negative  EUR 310 thousand for Q1
2020 (vs positive EUR 12 thousand Q1 2019 from continuing operations), whereby its
Fibreboard division recorded negative EBITDA of EUR 255 thousand and the Furniture
division  negative  EBITDA  of  EUR  47 thousand.  The  main reason for Fibreboard
division's large loss is attributed to the temporarily closure of the fibreboard
production plant in Püssi, such closure taking place in March  due to the sudden
loss  of orders  from this  factory's main  customer caused  by the corona virus
pandemic.

Net  loss for Q1 2020 was  EUR 534 thousand (Q1 2019: loss  of EUR 202 thousand from
continuing operations).

DIVISION REVIEW OF FIRST QUARTER

Revenue by business segments

   EUR thousand                        Q1 2020 | Q1 2019
---------------------------------------------+----------
  Continued operations                       |
---------------------------------------------+---------+
  Fibreboards production and sales     3,091 |   2,893 |
---------------------------------------------+---------+
  Furniture retail                        47 |     392 |
---------------------------------------------+---------+
  Real Estate Management                  68 |       0 |
---------------------------------------------+---------+
  Group transactions                     (0) |     (2) |
---------------------------------------------+---------+
  TOTAL from continued operations      3,206 |   3,284 |
---------------------------------------------+---------+
  Discontinued operations                  0 |     545 |
---------------------------------------------+---------+
  TOTAL                                3,206 |   3,829
---------------------------------------------+----------

Profit by business segments

                                               ----------+
  EUR thousand                                     Q1 2020 | Q1 2019
---------------------------------------------------------+----------
  Continued operations                                   |
---------------------------------------------------------+----------
  EBITDA by business units:                              |
---------------------------------------------------------+----------
  Fibreboards production and sales                (255)* |      23
---------------------------------------------------------+----------
  Furniture retail                                  (47) |    (22)
---------------------------------------------------------+----------
  Real Estate Management                             (2) |       0
---------------------------------------------------------+----------
  Group transactions                                 (6) |      12
---------------------------------------------------------+----------
  TOTAL EBITDA                                     (310) |      12
---------------------------------------------------------+----------
  Depreciation                                       151 |     150
---------------------------------------------------------+----------
  TOTAL OPERATING PROFIT/ LOSS                     (462) |   (138)
---------------------------------------------------------+----------
  Net financial costs                                 72 |      64
---------------------------------------------------------+----------
  Income tax                                           0 |       0
---------------------------------------------------------+----------
  NET PROFIT/ LOSS from continued operations       (534) |   (202)
---------------------------------------------------------+---------+
  Net profit/loss from discontinued operations         0 |   (121) |
---------------------------------------------------------+---------+
  TOTAL                                            (534) |   (323)
---------------------------------------------------------+----------

*  Includes   extraordinary  expense  of   Püssi factory closure of 187 thousand
euros, shown in the income statement under other operating expenses.

Nordic Fibreboard Ltd: FIBREBOARD sales

Fibreboard  sales in  Q1 2020 were  EUR 3.09 million,  which is  7% more than same
period  in 2019 (2019: EUR 2.89 million). We sold our products to customers in 21
countries  during Q1 2020. We  recorded sales of  EUR 2.74 million to customers in
the  European Union, the  increase from last  year's Q1 sales  of EUR 2.09 million
mainly  coming from new customers in the European Union within the door core and
display  board segments. The corona virus  pandemic led to substantial reduction
in  sales to customers in all other regions where we sell our fibreboards, these
being Asia, Africa, Middle East, and Russia.

FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS

                      EUR thousand
                 ----------+
                   Q1 2020 | Q1 2019
---------------------------+---------+
  European Union     2,741 |   2,093 |
---------------------------+---------+
  Russia               211 |     328 |
---------------------------+---------+
  Asia                  38 |     164 |
---------------------------+---------+
  Africa                35 |     143 |
---------------------------+---------+
  Middle East           38 |      86 |
---------------------------+---------+
  Other                 29 |      80 |
---------------------------+---------+
  TOTAL              3,091 |   2,893 |

SKANO FURNITURE: RETAIL SALES

Furniture  retail sales in  Q1 2020 were EUR  47 thousand, decrease 88% (2019 Q1 EUR
392 thousand)  from same period last year. The  decrease in sales revenue is due
to  the exit  from the  retail business.  In 2019, Skano  Furniture OÜ closed 4
stores  and in the first  quarter of 2020 the last  two remaining stores. EBITDA
for furniture retail for Q1 2020 were negative EUR 47 thousand (Q1 2019 EBITDA was
negative EUR 22 thousand).

RETAIL SALES BY COUNTRIES

            |    EUR thousand     |    Number of stores     |
------------+---------+---------+------------+------------+
              Q1 2020 | Q1 2019   31.03.2020 | 31.03.2019
------------+---------+---------+------------+-------------
  Estonia   |      47 |     256 |          0 |          4
------------+---------+---------+------------+-------------
  Latvia    |       0 |      40 |          0 |          1
------------+---------+---------+------------+-------------
  Lithuania |       0 |      96 |          0 |          1
------------+---------+---------+------------+-------------
  TOTAL     |      47 |     392 |          0 |          6

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 which resulted in rental income, ie sales,
of  EUR 68 thousand in Q1 2020. The company was established in Q2 2019. EBITDA for
Q1 2020 were negative EUR 2 thousand.

STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT

As  of 31.03.2020 the  total assets  of Nordic  Fibreboard AS were EUR 8.5 million
(31.03.2019:  EUR 10.1 million). The liabilities of  the company as of 31.03.2020
were EUR 7.5 million (31.03.2019: EUR 7.6 million), of which Group has borrowings of
EUR 4.4 million as at 31.03.2020 (31.03.2019: EUR 4.7 million).

Receivables  and  prepayments  amounted  to  EUR  1.4 million  as  at  31.03.2020
(31.03.2019:  EUR 1.4 million). Inventories  were EUR 0.5 million  as of 31.03.2020
(31.03.2019: EUR 1.9 million). Fixed assets were EUR 6.6 million as of 31.03.2020 (EUR
6.7 million  as of 31.03.2019). The decrease in  balance sheet volume in 2019 is
due  to  the  sale  in  September  2019 of  the Group's furniture production and
wholesale subsidiary.

In  2020 Q1,  the  Group's  cash  flows  from operating activities totalled cash
inflow  of  EUR  209 thousand  (2019  Q1:  cash  inflow EUR 84 thousand). Investment
activities  resulted in  cash outflows  in amount  of EUR  78 thousand in 2020 Q1,
compared  to outflows in  amount EUR 28 thousand  in Q1 2019. Financing activities
also  resulted in  cash outflows  of EUR  131 thousand in  Q1 2020 (2019  Q1: cash
outflow  EUR 33 thousand).  Net cash  effect in  2020 Q1 shows  cash outflow  EUR 1
thousand (2019Q1: cash inflow EUR 24 thousand).

OUTLOOK

NORDIC FIBREBOARD LTD

The  corona virus pandemic is still affecting the economy of the countries where
the  company  is  selling  its  fibreboards,  and  due  to the extraordinary and
unpredictable  effect of this pandemic, we find it most difficult to foresee the
future demand situation. However, we take some comfort that our customers in the
Nordic  and Baltic countries have  so far not shown  any signs of reducing their
demand for our fibreboards.

PÄRNU RIVERSIDE DEVELOPMENT

We  will continue  to manage  and develop  the property  on Suur-Jõe Street 48,
Pärnu.

PEOPLE

On the 31st of March 2020, the Group employed 130 people (compared to 126 people
as of 31.03.2019 from continuing operations). The average number of personnel in
Q1 2020 was 127 (Q1 2019: 126 from continuing operations).

For  three months  of 2020, wages  and salaries  with taxes  amounted to  EUR 587
thousand   (three  months  2019: EUR  592 thousand  from  continuing  operations).
Payments  made to management board members  of all group companies including all
subsidiaries with relevant taxes were EUR 45 thousand in Q1 2020 and EUR 51 thousand
in Q1 2019.



FINANCIAL HIGHLIGHTS

  EUR thousand
                                               |            |
  Income statement                             |    Q1 2020 |    Q1 2019
-----------------------------------------------+------------+-------------
  Revenue                                      |      3,206 |      3,284
-----------------------------------------------+------------+-------------
  EBITDA                                       |      (310) |         12
-----------------------------------------------+------------+-------------
  EBITDA margin                                |      (10%) |         0%
-----------------------------------------------+------------+-------------
  Operating profit                             |      (462) |      (138)
-----------------------------------------------+------------+-------------
  Operating margin                             |      (14%) |       (4%)
-----------------------------------------------+------------+-------------
  Net profit                                   |      (534) |      (202)
-----------------------------------------------+------------+-------------
  Net margin                                   |      (17%) |       (6%)
                                               |            |

------------------------------------------------------------+------------+
  Net profit/loss from discontinued operations            0 |      (121) |
------------------------------------------------------------+------------+

------------------------------------------------------------+-------------
  TOTAL NET PROFIT                                    (534) |      (323)
------------------------------------------------------------+-------------

                                               |            |
  Statement of financial position              | 31.03.2020 | 31.03.2019
-----------------------------------------------+------------+-------------
  Total assets                                 |      8,475 |     10,147
-----------------------------------------------+------------+-------------
  Return on assets                             |       (6%) |       (2%)
-----------------------------------------------+------------+-------------
  Equity                                       |      1,017 |      2,587
-----------------------------------------------+------------+-------------
  Return on equity                             |      (52%) |       (8%)
-----------------------------------------------+------------+-------------
  Debt-to-equity ratio                         |        88% |        75%
                                               |            |

                                               |            |
  Share                                        | 31.03.2020 | 31.03.2019
-----------------------------------------------+------------+-------------
  Last Price*                                  |       0.33 |       0.41
-----------------------------------------------+------------+-------------
  Earnings per share                           |     (0.12) |     (0.07)
-----------------------------------------------+------------+-------------
  Price-earnings ratio                         |     (2.78) |     (5.74)
-----------------------------------------------+------------+-------------
  Book value of a share                        |       0.23 |       0.58
-----------------------------------------------+------------+-------------
  Market to book ratio                         |       1.46 |       0.72
-----------------------------------------------+------------+-------------
  Market capitalization, EUR thousand            |      1,485 |      1,854
-----------------------------------------------+------------+-------------
  Number of shares, piece                      |  4,499,061 |  4,499,061
                                               |            +-------------

DECLARATION OF THE MANAGEMENT BOARD

The  management board  has prepared  the management  report and the consolidated
financial interim statements of Nordic Fibreboard AS for the first quarter 2020.

The management board confirms that the management report on pages 4-8 provides a
true  and fair view of the  business operations, financial results and financial
condition of the parent company and the entities included in consolidation.

The  management  board  confirms  that  according  to  their  best knowledge the
consolidated financial interim report on pages 10-30 presents a fair view of the
assets, liabilities, financial position and profit or loss of the issuer and the
entities involved in the consolidation as a whole according to the International
Financial  Reporting Standards  as they  are adopted  by the  European Union and
contains a description of the main risks.

Due  to the negative results in Q1  2020, the Company's equity does not meet the
commercial  code minimum requirements  as of 31 March  2020. The management will
convene  an extraordinary general meeting of shareholders next week, where it is
proposed  to decrease the nominal share value from EUR 0.6 to EUR 0.06, in which
case  the equity  will be  in compliance  with the  minimum requirements  in the
commercial code.

Torfinn Losvik
Chairman of the Management Board
Ph: +372 56 990988
[email protected] (mailto:[email protected])