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
8609
Manused
Esitamise kuupäev ja aeg
26.02.2021 17:07:54
Teate sisu eesti keeles
Pealkiri
Nordic Fibreboard AS 2020 IV kvartali ja 12 kuu auditeerimata majandustulemused
Teade
JUHTKONNA ARUANNE
Nordic Fibreboard AS auditeerimata 2020. majandusaasta neljanda kvartali ja 12
kuu tulemused
Nordic Fibreboard AS konsolideeritud müügitulu oli 2020. aasta 4. kvartalis
jätkuvatelt tegevustelt 2,07 miljonit eurot (2020. aasta 4. kvartalis 3,23
miljonit eurot). Kontserni peamise ärisegmendi, puitkiudplaadi, müügitulu oli
2020 aasta 4. kvartalis 2,01 miljonit eurot (2019 4. kvartalis 2,78 miljonit
eurot). Müügitulu languse peamiseks põhjuseks oli Püssi tehase sulgemine 2020.
aasta märtsis, mis tulenes COVID-19 pandeemia tõttu klientide tellimuste
olulistest kaotustest märkmetahvlite tööstuses. Mööbli jaemüügi müügitulu 2020.
aasta 4. kvartalis oli 1 tuhat eurot, müügitulu vähenemine (võrreldes 2019.
aasta 4. kvartaliga 390 tuhat eurot) tulenes Kontserni väljumisest mööbli
jaemüügi segmendist 2020 aasta alguses ning majandusaasta jooksul toimus ainult
mõnede järelejäänud laojääkide tühjendusmüük. Kinnisvarahalduse müügitulu,
sealhulgas kommunaalkulude edasimüük, oli 2020. aasta 4. kvartalis 64 tuhat
eurot, jäädes praktiliselt samale tasemele võrreldes sama perioodiga eelmisel
aastal (2019 4 kv. 63 tuhat eurot).
Nordic Fibreboard konsolideeritud EBITDA oli 2020. aasta 4. kvartalis
jätkuvatelt tegevustelt positiivne 137 tuhat eurot (2019. aasta 4. kvartalis
jätkuvatelt tegevustelt positiivne 141 tuhat eurot). 2019. aasta 4. kvartali
EBITDA tulemus sisaldab ühekordset tulu 324 tuhat eurot kinnisvarainvesteeringu
ümberhindlusest Pärnu Riverside Development OÜ-s, samas kui 2020 aasta 4.
kvartali EBITDA tulemus sisaldab kasutuseta seisnud kiudplaadi amortiseerunud
büroohoone lammutuskulude ühekordset kulu 38 tuhat eurot. Peamise segmendi,
kiudplaadi, EBITDA oli 2020. aasta 4. kvartalis, peale varasemalt mainitud
ühekordset büroohoone lammutuskulu, positiivne 139 tuhat eurot (2019. aasta 4.
kvartalis negatiivne 119 tuhat eurot), kiudplaadi EBITDA nii suure muutuse
peamisteks põhjusteks on kiudplaadi divisjoni paranenud efektiivsus. Püssi
tehase sulgemise tõttu viidi Püssis toodetavate ehitussektori tellimused üle
Pärnu tehasesse, mille tulemusena alustas Pärnu tehas 2020. aasta aprillis tööd
neljas vahetuses. Pärnu tehas töötab nüüd täisajaga tootmisvõimsusel, välja
arvatud igakuiseks korraliseks hooldustööks üks kord kuu jooksul. Masinate
suurema töövõimsuse kasutamise tulemusena suurenes Nordic Fibreboard Ltd OÜ
brutomarginaal märkimisväärselt, ulatudes 2020. aasta 4. kvartalis 28%-ni
(20194. kv 11%)
Peale amortisatsioonikulu ja neto finantskulu oli Nordic Fibreboard AS 2020.
aasta 4. kvartali konsolideeritud kasum jätkuvatelt tegevustelt 1 231 tuhat
eurot (2019. aasta 4. kvartalis kahjum 75 tuhat eurot jätkuvatelt tegevustelt).
Kasumi muutuse põhjuseks on 2020 aasta lõpus toimunud laenude ja
arvelduskrediidi refinantseerimine, millest saadi ühekordset finatstulu 1 237
tuhat eurot.
Nordic Fibreboard AS konsolideeritud müügitulu oli 2020. aastal jätkuvatelt
tegevustelt kokku 10,27 miljonit eurot, mis on 23% langust võrreldes 2019. aasta
sama perioodiga (2019: 13,33 miljonit eurot jätkuvatelt tegevustelt). Müügitulu
langus on tingitud Püssi tehase sulgemise tõttu vähenenud tootmismahust.
Kontserni 2020. aasta 12 kuu kasum oli 1,07 miljonit eurot jätkuvatelt
tegevustelt (2019. aastal kahjum 1,13 miljonit eurot jätkuvatelt tegevustelt).
2020 ja 2019 aasta tulemuste suure erinevuse põhjusteks on varasemalt mainitud
2020. aasta lõpus toimunud laenude ning arvelduskrediidi refinantserimisest
saadud erakorraline finantstulu 1,24 miljonit eurot, Pärnu tehase efektiivsuse
parendamine ja 2019 aastal mööbli hulgimüügis sektorist väljumisel saadud
ühekordne kahjum.
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR
-------------+------------+----------+----------
IV kv 2020 | IV kv 2019 | 12k 2020 | 12k 2019
-------------------------------------------+------------+----------+----------
Jätkuvad tegevused | | |
-------------------------------------------+------------+----------+----------
Kiudplaadi tootmine ja müük 2 007 | 2 775 | 10 001 | 11 745
-------------------------------------------+------------+----------+----------
Mööbli jaemüük 1 | 390 | 56 | 1 515
-------------------------------------------+------------+----------+----------
Kinnisvara haldamine 64 | 63 | 212 | 111
-------------------------------------------+------------+----------+----------
Elimineerimine 0 | (1) | (0) | (38)
-------------------------------------------+------------+----------+----------
Kokku 2 072 | 3 226 | 10 269 | 13 333
| | |
-------------------------------------------+------------+----------+----------
Lõpetatud tegevus 0 | 0 | 0 | 1 215
-------------------------------------------+------------+----------+----------
-------------------------------------------+-----------------------+----------
KOKKU 2 072 | 3 226 10 269 | 14 548
-------------------------------------------+-----------------------+----------
Kasum ärisegmentide lõikes
-----------+----------+--------+--------
tuh EUR IV kv 2020|IV kv 2019|12k 2020|12k 2019
--------------------------------------------+----------+--------+--------
Jätkuvad tegevused | | |
--------------------------------------------+----------+--------+--------
EBITDA ärisegmentide lõikes | | |
--------------------------------------------+----------+--------+--------
Kiudplaadi tootmine ja müük 139| (119)| 597| 68
--------------------------------------------+----------+--------+--------
Mööbli jaemüük (1)| (66)| (40)| (200)
--------------------------------------------+----------+--------+--------
Kinnisvara haldamine 3| 322| 0| 352
--------------------------------------------+----------+--------+--------
Elimineerimine (4)| 5| (18)| 104
--------------------------------------------+----------+--------+--------
KOKKU EBITDA 137| 141| 540| 325
--------------------------------------------+----------+--------+--------
Põhivara kulum ja amortisatsioon 136| 177| 558| 669
--------------------------------------------+----------+--------+--------
KOKKU ÄRIKASUM/-KAHJUM 0| (35)| (19)| (343)
--------------------------------------------+----------+--------+--------
Neto finantskulud (1 231)*| 39|(1 093)*| 784**
--------------------------------------------+----------+--------+--------
Tulumaksukulu 0| 0| 0| 0
--------------------------------------------+----------+--------+--------
PUHASKASUM/-KAHJUM 1 231| (75) 1 074| (1 127)
| |
--------------------------------------------+----------+--------+--------
Lõpetatud tegevus 0| 0| 0| (271)
--------------------------------------------+----------+--------+--------
--------------------------------------------+----------+--------+--------
KOKKU 1 231| (75)| 1 074| (1 398)
--------------------------------------------+----------+--------+--------
* Neto finantskulu sisaldab 2020. aasta 4. kvartalis (samuti 12k 2020 veerus)
laenude refinantseerimisest saadud erakorralist finantstulu 1 237 tuhat eurot.
** Neto finatskulud sisaldavad 2019 aastal erakorralist kulu, kahjum Skano
Furniture Factory OÜ müügist 540 tuhat eurot
Nordic Fibreboard Ltd: kiudplaadi müük
Puitkiudplaadi müügitulu langes 2020. aasta 4. kvartalis 28% võrreldes 2019.
aasta sama perioodiga, (2020. aasta 4. kvartal 2,01 miljonit eurot versus 2019.
aasta 4. kvartal 2,78 miljonit eurot). 2020. aasta 4. kvartalis müüsime oma
tooteid 17 riigi klientidele. Puitkiudplaadi müügitulu 2020. aastal kokku oli
10,00 miljonit eurot, mis oli 15% langust võrreldes eelmise aastaga (2019.
aastal 11,75 miljonit eurot). Müügitulu peamiseks languse põhjuseks oli
märkmetahvlite segmendis klientide kaotus. Kogu selle sektori toodang toodeti
Püssi tehases, mis 2020. aasta märtsis suleti. Samas meie peamistel Põhja-
Euroopa ja Venemaa ehitussektori turgudel on müük olnud stabiilne.
Puitkiudplaadi suurima turuosa Soome müük moodustab 2020. aasta 12 kuu müügist
26% (mille osakaal on tõusnud võrreldes eelmise aasta sama perioodiga, 2019.
aasta 12 kuud 22%), Taani on meie suurimatest klientitest teise turuosaga riik,
moodustades 2020. aasta 12 kuu müügist 22% (võrreldes eelmise aastaga on samuti
tõusnud, 2019. aasta 12 kuud osakaal müügist 14%). Eesti ja Venemaa müügid on
võrreldes eelmise aastaga jäänud samale tasemele samal ajal kui kaugematel
turgudel oli tunda langust peamiselt koroonaviiruse negatiiivse mõju tõttu
sarnastel turgudel.
Puitkiudplaadi EBITDA 2020. aasta 4. kvartalis oli positiivne 139 tuhat eurot
(2019. aasta 4. kvartal: negatiivne 119 tuhat eurot), kiudplaadi 2020 terve
aasta EBITDA oli 597 tuhat eurot (2019. aastal 68 tuhat eurot). EBITDA
paranemise peamiseks põhjusteks oli 2020. aastal Pärnu tehase masinate täieliku
kasutuvõimsuse rakendamise tulemusel saavutatud efektiivsuse parendamine.
Puitkiudplaadi 4. kvartali EBITDA 139 tuhat eurot oli väiksem kui 2020. aasta
teises ja kolmandas kvartalis, vastavalt 347 tuhat eurot ja 366 tuhat eurot,
peamiselt iga-aastase kahenädalase hooldusseisaku tõttu, mis toimusid 2020.
aasta oktoobri alguses ja 2020. aasta detsembri lõpus. Tavaliselt toimuvad
hooldustöödeks ettenähtud tehase kahenädalased seisakud juulis ja detsembris.
Oktoobri ja detsembri seisakute tulemusena oli 2020. aasta 4. kvartali toodangu
maht väiksem kui eelneval kahel kvartalil, kus hoodustöödeks ettenähtud
seisakute aeg tehases oli lühem.
Kiudplaadi müügitulu geograafiliselt
tuh EUR | tuh EUR
----------+---------+----------+----------
Q4 2020 | Q4 2019 | 12M 2020 | 12M 2019
--------------------------+---------+----------+----------
Euroopa Liit 1 633 | 2 036 | 8 327 | 8 656
--------------------------+---------+----------+----------
Venemaa 307 | 376 | 1 240 | 1 545
--------------------------+---------+----------+----------
Aasia 49 | 115 | 189 | 544
--------------------------+---------+----------+----------
Aafrika 0 | 103 | 96 | 523
--------------------------+---------+----------+----------
Lähis-Ida 10 | 72 | 65 | 232
--------------------------+---------+----------+----------
Teised riigid 9 | 74 | 85 | 245
--------------------------+---------+----------+----------
TOTAL 2 007 | 2 775 | 10 001 | 11 745
Skano Furniture: mööbli jaemüük
Mööbli jaemüügi müügitulu 2020. aasta 4. kvartalis oli 1 tuhat eurot (2019.
aasta 4. kvartalis 390 tuhat eurot). Nagu varasemates aruannetes informeeritud
on mööbli jaemüük lõpetatud ning kogu 2020. aasta müük toimus ladude
tühjendusmüügist.
Mööbli jaemüügitulu geograafiliselt
tuh EUR | tuh EUR |
-----------+-+------+--------+-+ | |
| IV kv| | | |
IV kv 2020| 2019|12k 2020|12k 2019|31.12.2020|31.12.2019
------------------------------+--------+--------+--------+----------+----------
Eesti 1| 370| 56| 1 152| 0| 2
------------------------------+--------+--------+--------+----------+----------
Läti* 0| 13| 0| 137| 0| 0
------------------------------+--------+--------+--------+----------+----------
Leedu* 0| 7| 0| 226| 0| 0
------------------------------+--------+--------+--------+----------+----------
Kokku (toimivad | | | | |
kauplused) 1| 390| 56| 1 515| 0| 2
| | | | |
*Eesti kauplused suleti 31.01.2020 ning Läti ja Leedu kauplused suleti
30.09.2019.
Pärnu Riverside Development: kinnisvarahaldus
2020. aasta 4. kvartali renditulu koos kommunaalkulude vahendusega oli 64 tuhat
eurot (2019. aasta 4. kvartalis 63 tuhat eurot). Kogu müügitulu on Eesti sisene.
Ettevõtte kulud koosnevad tegevuskuludest ning detailplaneeringuga seotud
kuludest, mille tulemusena oli kinnisvarahalduse EBITDA 2020. aasta 4. kvartalis
positiivne 3 tuhat eurot. 2019. aasta 4. kvartali positiivset EBITDA-d 322 tuhat
eurot mõjutas tugevalt kinnisvarainvesteeringu ümberhindlus summas 327 tuhat
eurot. Kinnisvarahalduse puhaskasum 2020. aasta 4. kvartalis oli 3 tuhat eurot
(2019. aasta 4. kvartali puhaskasum oli 300 tuhat eurot).
Kinnisvara ümberhindamise põhjuseks oli 2019. aasta lõpus vastu võetud
kinnisvarainvesteeringute arvestuspõhimõtete muutus, kus soetusmaksumuse asemel
hakati kajastama kinnisvarainvesteeringuid bilansis õiglases väärtuses.
KONSOLIDEERITUD FINANTSSEISUNDI JA RAHAVOOGUDE ARUANNE
Seisuga 31.12.2020 olid Nordic Fibreboard AS varad kokku 7,7 miljonit eurot
(31.12.2019: 9,1 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.12.2020 5,0 miljonit eurot (31.12.2019: 7,5 miljonit eurot), milledest
kontsernil oli laenukohustisi 3,2 miljonit eurot seisuga 31.12.2020 (31.12.2019:
4,6 miljonit).
Nõuded ja ettemaksed olid kokku 0,8 miljonit eurot seisuga 31.12.2020
(31.12.2019: 1,4 miljonit eurot). Varud seisuga 31.12.2020 0,5 miljonit eurot
(31.12.2019 0,9 miljonit eurot). Kinnisvarainvesteeringud suurenesid õiglase
väärtuse ümberhindluse ja 2020. aastal tehtud kapitaliseeritud kulutuste tõttu
1,12 miljonilt seisuga 31.12.2019 summale 1,13 miljonit eurot seisuga
31.12.2020. Finantsvarade õiglane väärtus (ehk Trigon Property Development
aktsiad) suurenes 397 tuhandelt eurolt seisuga 31.12.2019 summale 450 tuhat
eurot seisuga 31.12.2020. Materiaalne ja immateriaalne põhivara kokku seisuga
31.12.2020 oli 4,7 miljonit eurot (31.12.2019 5,2 miljonit eurot). Bilansimahu
vähenemisele 2020. aastal avaldas mõju Püssi tehase sulgemine.
Kontserni äritegevuse tulemuseks 2020. aasta jooksul oli raha sissevool 165
tuhat eurot jätkuvatelt tegevustelt (2019. aasta jooksul jätkuvatelt tegevustelt
516 tuhat eurot). Investeerimistegevustelt tulenevalt toimus 2020. aasta jooksul
jätkuvatelt tegevustelt raha väljavool summas 89 tuhat eurot võrdluseks 2019.
aasta jätkuvatelt tegevustelt raha väljavool 153 tuhat eurot.
Finantseerimisetegevustelt oli raha väljavool jätkuvatelt tegevustelt 2020.
aastal 58 tuhat eurot ( 2019. aastal jätkuvatelt tegevustelt raha väljavool 410
tuhat eurot). Netorahavoo tulemuseks jätkuvatelt tegevustelt oli 2020. aastal
raha sissevool summas 19 tuhat eurot (2019. aastal jätkuvatelt tegevustelt
raha väljavool 47 tuhat eurot).
TULEVIKU VÄLJAVAADE
Nordic Fibreboard Ltd
Meie püsiklientide tellimuste portfellid Põhja-Euroopa suurimatel turgudel on
endiselt suuremahulised. Nende turgude suurenenud nõudluse tõttu pidime kaugemal
asuvate klientide tellimused edasi lükkama. Turu suurenenud nõudluse tulemuse
tõttu kaalub juhtkond nüüd meetmeid Püssi tehase võimalikuks taasavamiseks selle
aasta teisel poolel. Teisalt oleme teadlikud COVID-19 pandeemiaga seotud
jätkuvast ebakindlusest ning eeldame, et lähikuudel saabub turu nõudluse
pandeemia olukorra kohta selgem ülevaade.
Pärnu Riverside Development
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Töötajad
Seisuga 31.12.2020 töötas Kontsernis 97 inimest (võrreldes 126 inimesega seisuga
31.12.2019). Töötajate keskmine arv oli 2020 4. kvartalis 96 (4. kvartalis
2019: 125).
2020. aasta kaheteistkümne kuu jooksul moodustasid tööjõukulud koos
maksukuludega kokku 2,0 miljonit eurot jätkuvatelt tegevustelt (kaksteist kuud
2019 2,5 miljonit eurot jätkuvatelt tegevustelt). Kõigi kontserni ettevõtete
s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud koos maksukuludega
olid kokku 217 tuhat eurot 2020 aasta kaheteist kümne kuu jooksul ning 173 tuhat
eurot kaheteistkümne kuu jooksul 2019 aastal.
Finantssuhtarvud
tuh EUR
| | | |
Kasumiaruanne |IV kv 2020|IV kv 2019| 12k 2020| 12k 2019
-----------------------------------+----------+----------+----------+----------
Müügitulu | 2 072| 3 226| 10 269| 13 333
-----------------------------------+----------+----------+----------+----------
EBITDA | 137| 141| 540| 325
-----------------------------------+----------+----------+----------+----------
EBITDA rentaablus | 7%| 4%| 5%| 2%
-----------------------------------+----------+----------+----------+----------
Ärikasum/-kahjum | 0| (35)| (19)| (343)
-----------------------------------+----------+----------+----------+----------
Ärirentaablus | 0%| (1%)| (0%)| (3%)
-----------------------------------+----------+----------+----------+----------
Puhaskasum/-kahjum | 1 231| (75)| 1 074| (1 127)
-----------------------------------+----------+----------+----------+----------
Puhasrentaablus | 59%| (2%)| 10%| (8%)
| | | |
-----------------------------------+----------+----------+----------+----------
Lõpetatud tegevus | 0| 0| 0| (271)
-----------------------------------+----------+----------+----------+----------
-----------------------------------+----------+----------+----------+----------
KASUM/KAHJUM KOKKU | 1 231| (75)| 1 074| (1 398)
-----------------------------------+----------+----------+----------+----------
| | | |
Bilanss |31.12.2020|31.12.2019|31.12.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Koguvarad | 7 650| 9 045| 7 650| 9 045
-----------------------------------+----------+----------+----------+----------
Koguvarade puhasrentaablus | 14%| (12%)| 14%| (12%)
-----------------------------------+----------+----------+----------+----------
Omakapital | 2 648| 1 542| 2 648| 1 542
-----------------------------------+----------+----------+----------+----------
Omakapitali puhasrentaablus | 41%| (73%)| 41%| (73%)
-----------------------------------+----------+----------+----------+----------
Võlakordaja | 65%| 83%| 65%| 83%
| | | |
| | | |
Aktsia |31.12.2020|31.12.2019|31.12.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Aktsia viimane hind (EUR)* | 0,45| 0,41| 0,45| 0,41
-----------------------------------+----------+----------+----------+----------
Puhaskasum aktsia kohta (EUR) | 0,24| (0,31)| 0,24| (0,31)
-----------------------------------+----------+----------+----------+----------
Hind-tulu (PE) suhtarv | 1,89| (1,32)| 1,89| (1,32)
-----------------------------------+----------+----------+----------+----------
Aktsia raamatupidamisväärtus (EUR)| 0,59| 0,34| 0,59| 0,34
-----------------------------------+----------+----------+----------+----------
Turuhinna ja | | | |
raamatupidamisväärtuse suhe | 0,76| 1,20| 0,76| 1,20
-----------------------------------+----------+----------+----------+----------
Turukapitalisatsioon tuh EUR | 2 025| 1 845| 2 025| 1 845
-----------------------------------+----------+----------+----------+----------
Aktsiate arv tk | 4 499 061| 4 499 061| 4 499 061| 4 499 061
-----------------------------------+----------+----------+----------+----------
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
Hinna-tulu (PE) suhtarv = aktsia viimane hind / puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
Konsolideeritud finantsseisundi aruanne
tuh EUR |31.12.2020|31.12.2019|31.12.2018
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 26| 7| 54
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 794| 1 394| 1 142
----------------------------------------------+----------+----------+----------
Varud (Lisa 4) | 544| 894| 2 255
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 1 364| 2 296| 3 452
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 1 134| 1 121| 175
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiarauande (Lisa 8) | 451| 397| 422
----------------------------------------------+----------+----------+----------
Materiaalne põhivara ja vara kasutusõigus | | |
(Lisa 6) | 4 695| 5 212| 6 223
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 6| 19| 34
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 286| 6 749| 6 855
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
KOKKU VARAD | 7 650| 9 045| 10 307
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisas 9) | 256| 4 547| 662
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 1 574| 2 665| 2 418
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 18| 20| 15
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 1 848| 7 232| 3 095
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisas 9) | 2 993| 92| 4 102
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 161| 179| 210
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 3 154| 271| 4 311
----------------------------------------------+----------+----------+----------
Kokku kohustised | 5 002| 7 503| 7 406
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12) | 450| 2 699| 2 699
----------------------------------------------+----------+----------+----------
Ülekurss | 0| 364| 364
----------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 0| 288| 288
----------------------------------------------+----------+----------+----------
Muud reservid | 0| 84| 45
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 2 198| (1 894)| (496)
----------------------------------------------+----------+----------+----------
Kokku omakapital | 2 648| 1 542| 2 901
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
KOKKU KOHUSTISED JA OMAKAPITAL | 7 650| 9 045| 10 307
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 31.
Konsolideeritud kasumi- ja muu koondkasumiaruanne
tuh EUR |IV kv 2020|IV kv 2019|12k 2020|12k 2019
---------------------------------------+----------+----------+--------+---------
| | | |
| | | |
Müügitulu (Lisa 14) | 2 072| 3 226| 10 269| 13 333
---------------------------------------+----------+----------+--------+---------
Müüdud toodangu kulu (Lisa 15) | 1 591| 2 928| 8 099| 11 538
---------------------------------------+----------+----------+--------+---------
Brutokasum | 481| 298| 2 170| 1 796
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
Turustuskulud (Lisa 16) | 268| 381| 1 283| 1 698
---------------------------------------+----------+----------+--------+---------
Üldhalduskulud (Lisa 17) | 176| 248| 605| 658
---------------------------------------+----------+----------+--------+---------
Muud äritulud (Lisa 19) | 18| 327| 42| 351
---------------------------------------+----------+----------+--------+---------
Muud ärikulud (Lisa 19) | 55| 31| 342| 134
---------------------------------------+----------+----------+--------+---------
Ärikasum (-kahjum) | 0| (35)| (19)| (343)
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
Finantstulud (Lisa 20) | 1 269| 19| 1 310| 19
---------------------------------------+----------+----------+--------+---------
Finantskulud (Lisa 20) | 38| 59| 218| 803
---------------------------------------+----------+----------+--------+---------
KASUM (KAHJUM) ENNE TULUMAKSUSTAMIST | 1 231| (75)| 1 074| (1 127)
---------------------------------------+----------+----------+--------+---------
Ettevõtte tulumaks | 0| 0| 0| 0
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
ARUANDEPERIOODI PUHASKASUM (KAHJUM) | 1 231| (75)| 1 074| (1 127)
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
ARUANDEPERIOODI KASUM (KAHJUM) | | | |
LÕPETATUD TEGEVUSTELT | 0| 0| 0| (271)
---------------------------------------+----------+----------+--------+--------+
ARUANDEPERIOODI PUHASKASUM (KAHJUM) | | | | |
KOKKU | 1 231| (75)| 1 074| (1 398)|
---------------------------------------+----------+----------+--------+--------+
| | | |
---------------------------------------+----------+----------+--------+---------
Tava perioodi puhaskahjum aktsia kohta| | | |
(Lisa 13) | 0,27| (0,02)| 0,24| (0,31)
---------------------------------------+----------+----------+--------+---------
Lahustatud perioodi puhaskahjum aktsia| | | |
kohta (Lisa 13) | 0,27| (0,02)| 0,24| (0,31)
+----------+----------+--------+---------
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 31.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
NORDIC FIBREBOARD AS unaudited consolidated interim report for the fourth quarter and twelve months of 2020
Teade
Management report
NORDIC FIBREBOARD AS UNAUDITED results for fourth QUARTER and 12 months of 2020
Consolidated net sales for Q4 2020 were EUR 2.07 million from continuing
operations (Q4 2019: EUR 3.23 million from continuing operations). The sales
revenue of the Group`s main business segment, fibreboard, for Q4 2020 were EUR
2.01 million (Q4 2019: EUR 2.78 million). The main reason for this drop in sales
was due to the closure of the Püssi factory in March 2020, which came about as a
result of the loss of orders from customers within the display board industry
caused by the COVID-19 pandemic. Furniture retail sales revenue for Q4 2020 were
EUR 1 thousand, the decrease in sales (compared to Q4 2019: EUR 390 thousand) was
due to the Group exiting the furniture retail segment earlier in year 2020, with
some remaining stock sales taking place during 2020. Rental and property
development sales, includes the resale of utilities, in Q4 2020 were EUR 64
thousand, remaining practically at the same level compared to the same period
last year (Q4 2019: EUR 63 thousand).
The Group reported consolidated EBITDA of EUR 137 thousand for Q4 2020 for its
continuing operations (vs Q4 2019: EBITDA of EUR 141 thousand from continued
operations). The EBITDA result for Q4 2019 includes one-off operating income of
EUR 324 thousand from revaluation of its property subsidiary Pärnu Riverside
Development, while the EBITDA result for the Q4 2020 includes one-off expense in
the Group's fibreboard subsidiary of EUR 38 thousand for the removal of previously
used office building located at the fibreboard site in Pärnu. EBITDA of the main
segment, fibreboard, was for Q4 2020 positive EUR 139 thousand (Q4 2019: negative
EUR 119 thousand), after the above mentioned one-off building removal expense. The
main reason for such improvement in the fibreboard business' EBITDA are due to
the improved efficiency of the fibreboard division. The closure of the Püssi
fibreboard factory enabled us to switch the Püssi factory construction sector
orders to our Pärnu factory, and we started a 4(th) shift in Pärnu in April
2020 as a result thereof. The Pärnu factory is now running continuously, except
for a one-shift maintenance stop every month. This has led to increased machine
utilisation, and gross margin for Nordic Fibreboard Ltd OÜ has therefore
increased substantially, being 28% in Q4 2020 (from being 11% in Q4 2019).
After depreciation and net financial costs, the Group's net result for Q4 2020
from continuing operation was thus a profit of EUR 1,231 thousand (Q4 2019: a loss
EUR 75 thousand from continuing operation). The reason for the change in profit is
the refinancing of loans and overdrafts at the end of 2020, which generated a
one-off financial income of EUR 1,237 thousand and the improvement of the
efficiency of the aforementioned fibreboard division.
Consolidated net sales for 12 months 2020 from continuing operations were EUR
10.27 million, which is a 23% decrease compared 2019 from continuing operations
(2019: EUR 13.33 million from continuing operations). The decrease in sales
revenue is due to the reduced production volume due the closure of the Püssi
factory.
Consolidated net profit for 12 months 2020 was EUR 1.07 million from continuing
operations (2019: loss of EUR 1.13 million from continuing operations). The
reasons for the large difference between the results of 2020 and 2019 are the
previously mentioned extraordinary financial income from refinancing loans and
overdrafts at the end of 2020 of 1.24 million euros, improving the efficiency of
the Pärnu fibreboard factory in 2020, and the one-off loss incurred in 2019 when
the Group exited its furniture wholesale business.
DIVISION REVIEW
Revenue by business segments
EUR thousand EUR thousand
----------+---------+----------+----------
Q4 2020 | Q4 2019 | 12M 2020 | 12M 2019
---------------------------------------------+---------+----------+----------
Continued operations | | |
---------------------------------------------+---------+----------+----------
Fibreboards production and sales 2,007 | 2,775 | 10,001 | 11,745
---------------------------------------------+---------+----------+----------
Furniture retail 1 | 390 | 56 | 1,515
---------------------------------------------+---------+----------+----------
Real Estate Management 64 | 63 | 212 | 111
---------------------------------------------+---------+----------+----------
Group transactions 0 | (1) | (0) | (38)
---------------------------------------------+---------+----------+----------
TOTAL from continued operations 2,072 | 3,226 | 10,269 | 13,333
| | |
---------------------------------------------+---------+----------+----------
Discontinued operations 0 | 0 | 0 | 1,215
---------------------------------------------+---------+----------+----------
---------------------------------------------+--------------------+----------
TOTAL 2,072 | 3,226 10,269 | 14,548
---------------------------------------------+--------------------+----------
Profit by business segments
-----------+---------+----------+
EUR thousand Q4 2020 | Q4 2019 | 12M 2020 | 12M 2019
----------------------------------------------+---------+----------+----------
Continued operations | | |
----------------------------------------------+---------+----------+----------
EBITDA by business units: | | |
----------------------------------------------+---------+----------+----------
Fibreboards production and sales 139 | (119) | 597 | 68
----------------------------------------------+---------+----------+----------
Furniture retail (1) | (66) | (40) | (200)
----------------------------------------------+---------+----------+----------
Real Estate Management 3 | 322 | 0 | 352
----------------------------------------------+---------+----------+----------
Group transactions (4) | 5 | (18) | 104
----------------------------------------------+---------+----------+----------
TOTAL EBITDA 137 | 141 | 540 | 325
----------------------------------------------+---------+----------+----------
Depreciation 136 | 177 | 558 | 669
----------------------------------------------+---------+----------+----------
TOTAL OPERATING PROFIT/ LOSS 0 | (35) | (19) | (343)
----------------------------------------------+---------+----------+----------
Net financial costs (1,231)* | 39 | (1,093)* | 784**
----------------------------------------------+---------+----------+----------
Income tax 0 | 0 | 0 | 0
----------------------------------------------+---------+----------+----------
NET PROFIT/ LOSS 1,231 | (75) 1,074 | (1,127)
| |
----------------------------------------------+---------+----------+----------
Discontinued operations 0 | 0 | 0 | (271)
----------------------------------------------+---------+----------+----------
----------------------------------------------+---------+----------+----------
TOTAL 1,231 | (75) | 1,074 | (1,398)
----------------------------------------------+---------+----------+----------
* Net financial costs in Q4 2020 (also 12M 2020) include extraordinary income EUR
1,237 thousand from loan refinancing.
** Net financial costs in 12M 2019 include extraordinary cost, loss from the
sale of Skano Furniture Factory OÜ of EUR 540 thousand.
NORDIC FIBREBOARD LTD: FIBREBOARD SALES
The sales revenue of fibreboard decreased by 28% in the Q4 2020 compared to the
same period in 2019 (EUR 2.01 million in Q4 2020 versus EUR 2.78 million in Q4
2019). We sold our fibreboard products to customers in 17 countries during Q4
2020. Fibreboard sales for 12 months 2020 were EUR 10.00 million, which is 15%
decrease from year 2019 sales of EUR 11.75 million. The main reason for the drop
in sales was the loss of display board customers, boards for this sector was
produced in the Püssi factory, which we closed in March 2020. However, sales to
our customers within the construction sector in our main Northern European and
Russian markets have been stable. Finland, our largest market accounted for 26%
of total fibreboard sales this year (up from being 22% of total sales in 12M in
2019), Denmark is our second largest market, accounting for 22% of sales in the
12 months of 2020 (it has also increased compared to year 2019 when it accounted
for 14% of sales). Sales in Estonia and Russia have remained at the same level
as previous year, while we recorded sales decline in markets further afield
mainly due to the negative effect in many such markets caused by the corona
virus.
The fibreboard EBITDA in Q4 2020 was positive EUR 139 thousand (Q4 2019 negative EUR
119 thousand), the full-year EBITDA of fibreboard 2020 was EUR 597 thousand (EUR 68
thousand in 2019). The main reason for the improvement in EBITDA were due to
increased efficiency by achieving full machine utilisation in the Pärnu factory
in 2020. Fibreboard Q4 EBITDA of EUR 139 thousand was down from EBITDA levels
achieved in Q2 2020 and Q3 2020 of respectively EUR 347 thousand and EUR 366
thousand mainly due to the annual two week maintenance stops which took place
early October 2020 and end of December 2020, such two week maintenance stops
normally takes place every July and December. This year's October and December
maintenance stops resulted in less production output during Q4 2020 compared to
the previous two quarters when we did not have such long maintenance stops.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand
----------+---------+----------+----------
Q4 2020 | Q4 2019 | 12M 2020 | 12M 2019
---------------------------+---------+----------+----------
European Union 1,633 | 2,036 | 8,327 | 8,656
---------------------------+---------+----------+----------
Russia 307 | 376 | 1,240 | 1,545
---------------------------+---------+----------+----------
Asia 49 | 115 | 189 | 544
---------------------------+---------+----------+----------
Africa 0 | 103 | 96 | 523
---------------------------+---------+----------+----------
Middle East 10 | 72 | 65 | 232
---------------------------+---------+----------+----------
Other 9 | 74 | 85 | 245
---------------------------+---------+----------+----------
TOTAL 2,007 | 2,775 | 10,001 | 11,745
SKANO FURNITURE: RETAIL SALES
Furniture retail sales in Q4 2020 were EUR 1 thousand (2019 Q4 EUR 390 thousand).
However, this business has been closed down, as earlier informed, and the sales
recorded in 2020 was from some remaining stock.
RETAIL SALES BY COUNTRIES
EUR thousand EUR thousand | Number of stores
-----------+-------+-------+--------+--------+----------+----------
|Q4 2020|Q4 2019|12M 2020|12M 2019|31.12.2020|31.12.2019
-----------+-------+-------+--------+--------+----------+----------
Estonia | 1| 370| 56| 1,152| 0| 2
-----------+-------+-------+--------+--------+----------+----------
Latvia* | 0| 13| 0| 137| 0| 0
-----------+-------+-------+--------+--------+----------+----------
Lithuania*| 0| 7| 0| 226| 0| 0
-----------+-------+-------+--------+--------+----------+----------
TOTAL | 1| 390| 56| 1,515| 0| 2
* Estonian stores were closed on 31.01.2020 and Latvian and Lithuanian stores
were closed on 30.09.2019.
PÄRNU RIVERSIDE DEVELOPMENT: REAL ESTATE MANAGEMENT
Rental income, including the resale of utilities, was EUR 64 thousand in Q4 2020
(2019 Q4 EUR 63 thousand). The company's expenses consist of operating expenses
and expenses related to the ongoing detail plan project, which resulted in
positive EBITDA of EUR 3 thousand for Q4 2020. EBITDA in Q4 2019 of EUR 322 thousand
were heavily influenced by the increased revaluation of the property of EUR 327
thousand. Net profit in Q4 2020 were EUR 3 thousand (2019 Q4: profit EUR 300
thousand).
The reason for the revaluation of the Pärnu Riverside development property was
due to the change in the accounting policies for investment properties adopted
at the end of 2019, where instead of the measured cost, investment properties
were recognized in the balance sheet at fair value.
Consolidated statement of financial position and cash-flow
As of 31.12.2020 the total assets of Nordic Fibreboard AS were EUR 7.7 million
(31.12.2019: EUR 9.1 million). The liabilities of the company as of 31.12.2020
were EUR 5.0 million (31.12.2019: EUR 7.5 million), of which the company has
borrowings of EUR 3.2 million as at 31.12.2020 (31.12.2019: EUR 4.6 million).
Receivables and prepayments amounted to EUR 0.8 million as at 31.12.2020
(31.12.2019: EUR 1.4 million). Inventories were EUR 0.5 million as of 31.12.2020
(31.12.2019: EUR 0.9 million). The fair value of financial assets (ie Trigon
Property Development shares) increased from EUR 397 thousand as of 31.12.2019 to EUR
450 thousand as of 31.12.2020. Property, plant, equipment and intangibles were EUR
4.7 million as of 31.12.2020 (EUR 5.2 million as of 31.12.2019). The decrease in
the balance sheet volume in 2020 was affected by the closure of the Püssi
factory.
During 2020 twelve months, the Group's cash flows from operating activities
totalled EUR 165 thousand (2019 twelve months: EUR 516 thousand). Investment
activities resulted in cash outflows in amount of EUR 89 thousand during 2020
twelve months, compared to outflows in amount EUR 153 thousand during twelve
months 2019. Financing activities also resulted in cash outflows of EUR 58
thousand during twelve months 2020 (2019 twelve months: cash outflow EUR 410
thousand). Net cash effect during 2020 twelve months cash inflows of EUR 19
thousand, which compares to 2019 twelve months cash outflows of EUR 47 thousand.
OUTLOOK
NORDIC FIBREBOARD LTD
The order book from our traditional customers in our largest markets in northern
Europe remains strong, with increased demand from many of these markets. This
has had the effect of us having to postpone orders from customers further
afield. As a result of this improved demand picture, management is now
considering measures for a possible reopening of Püssi factory during second
half of this year. On the other hand, we are much aware of the continuing
uncertainty surrounding the COVID-19 pandemic. We expect to have a more clear
picture of the demand situation and the pandemic within the next few months.
REAL ESTATE MANAGEMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu.
PEOPLE
On the 31st of December 2020, the Group employed 97 people (compared to 126
people as of 31.12.2019). The average number of personnel in Q4 2020 was 96 (Q4
2019: 125).
For twelve months of 2020, wages and salaries with taxes amounted to EUR 2.0
million from continuing operations (twelve months 2019: EUR 2.5 million from
continuing operations). Payments made to management board members of all group
companies including all subsidiaries with relevant taxes were EUR 217 thousand in
twelve months 2020 and EUR 173 thousand in twelve months 2019.
FINANCIAL HIGHLIGHTS
EUR thousand
| | | |
Income statement | Q4 2020| Q4 2019| 12M 2020| 12M 2019
----------------------------------+----------+----------+----------+-----------
Revenue | 2,072| 3,226| 10,269| 13,333
----------------------------------+----------+----------+----------+-----------
EBITDA | 137| 141| 540| 325
----------------------------------+----------+----------+----------+-----------
EBITDA margin | 7%| 4%| 5%| 2%
----------------------------------+----------+----------+----------+-----------
Operating profit | 0| (35)| (19)| (343)
----------------------------------+----------+----------+----------+-----------
Operating margin | 0%| (1%)| (0%)| (3%)
----------------------------------+----------+----------+----------+-----------
Net profit | 1,231| (75)| 1,074| (1,127)
----------------------------------+----------+----------+----------+-----------
Net margin | 59%| (2%)| 10%| (8%)
| | | |
----------------------------------+----------+----------+----------+-----------
Discontinued operations | 0| 0| 0| (271)
----------------------------------+----------+----------+----------+-----------
----------------------------------+----------+----------+----------+-----------
TOTAL NET PROFIT | 1,231| (75)| 1,074| (1,398)
----------------------------------+----------+----------+----------+-----------
| | | |
Statement of financial position |31.12.2020|31.12.2019|31.12.2020|31.12.2019
----------------------------------+----------+----------+----------+-----------
Total assets | 7,650| 9,045| 7,650| 9,045
----------------------------------+----------+----------+----------+-----------
Return on assets | 14%| (12%)| 14%| (12%)
----------------------------------+----------+----------+----------+-----------
Equity | 2,648| 1,542| 2,648| 1,542
----------------------------------+----------+----------+----------+-----------
Return on equity | 41%| (73%)| 41%| (73%)
----------------------------------+----------+----------+----------+-----------
Debt-to-equity ratio | 65%| 83%| 65%| 83%
| | | |
| | | |
Share |31.12.2020|31.12.2019|31.12.2020|31.12.2019
----------------------------------+----------+----------+----------+-----------
Last Price* | 0.45| 0.41| 0.45| 0.41
----------------------------------+----------+----------+----------+----------+
Earnings per share | 0.24| (0.31)| 0.24| (0.31)|
----------------------------------+----------+----------+----------+----------+
Price-earnings ratio | 1.89| (1.32)| 1.89| (1.32)
----------------------------------+----------+----------+----------+-----------
Book value of a share | 0.59| 0.34| 0.59| 0.34
----------------------------------+----------+----------+----------+-----------
Market to book ratio | 0.76| 1.20| 0.76| 1.20
----------------------------------+----------+----------+----------+-----------
Market capitalization, EUR thousand| 2,025| 1,845| 2,025| 1,845
----------------------------------+----------+----------+----------+-----------
Number of shares, piece | 4,499,061| 4,499,061| 4,499,061| 4,499,061
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total shares
*http://www.nasdaqbaltic.com/
?Consolidated statement of financial positions
EUR thousand |31.12.2020|31.12.2019|31.12.2018
----------------------------------------------+----------+----------+----------
Cash and cash equivalents (Note 2) | 26| 7| 54
----------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 3) | 794| 1,394| 1,142
----------------------------------------------+----------+----------+----------
Inventories (Note 4) | 544| 894| 2,255
----------------------------------------------+----------+----------+----------
Total current assets | 1,364| 2,296| 3,452
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Investment property (Note 5) | 1,134| 1,121| 175
----------------------------------------------+----------+----------+----------
Financial assets at fair value through profit| | |
or loss (Note 8) | 451| 397| 422
----------------------------------------------+----------+----------+----------
Property, plant, equipment and right-of-use | | |
assets (Note 6) | 4,695| 5,212| 6,223
----------------------------------------------+----------+----------+----------
Intangible assets (Note 7) | 6| 19| 34
----------------------------------------------+----------+----------+----------
Total non-current assets | 6,286| 6,749| 6,855
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL ASSETS | 7,650| 9,045| 10,307
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Borrowings (Notes 9) | 256| 4,547| 662
----------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 10) | 1,574| 2,665| 2,418
----------------------------------------------+----------+----------+----------
Short-term provisions (Note 11) | 18| 20| 15
----------------------------------------------+----------+----------+----------
Total current liabilities | 1,848| 7,232| 3,095
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 9) | 2,993| 92| 4,102
----------------------------------------------+----------+----------+----------
Long-term provisions (Note 11) | 161| 179| 210
----------------------------------------------+----------+----------+----------
Total non-current liabilities | 3,154| 271| 4,311
----------------------------------------------+----------+----------+----------
Total liabilities | 5,002| 7,503| 7,406
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 12) | 450| 2,699| 2,699
----------------------------------------------+----------+----------+----------
Share premium | 0| 364| 364
----------------------------------------------+----------+----------+----------
Statutory reserve capital | 0| 288| 288
----------------------------------------------+----------+----------+----------
Other reserves | 0| 84| 45
----------------------------------------------+----------+----------+----------
Retained earnings (loss) | 2,198| (1,894)| (496)
----------------------------------------------+----------+----------+----------
Total equity | 2,648| 1,542| 2,901
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 7,650| 9,045| 10,307
*The notes to the financial statements presented on pages 15 to 32 are an
integral part of these consolidated financial statements.
Consolidated statement of profit or loss and other comprehensive income
EUR thousand |Q4 2020|Q4 2019 12M 2020|12M 2019
---------------------------------------------+-------+-------+--------+--------
Continued operations | | | |
---------------------------------------------+-------+-------+--------+--------
Revenue (Note 14) | 2,072| 3,226| 10,269| 13,333
---------------------------------------------+-------+-------+--------+--------
Cost of goods sold (Note 15) | 1,591| 2,928| 8,099| 11,538
---------------------------------------------+-------+-------+--------+--------
Gross profit | 481| 298| 2,170| 1,796
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Distribution costs (Note 16) | 268| 381| 1,283| 1,698
---------------------------------------------+-------+-------+--------+--------
Administrative expenses (Note 17) | 176| 248| 605| 658
---------------------------------------------+-------+-------+--------+--------
Other operating income (Note 19) | 18| 327| 42| 351
---------------------------------------------+-------+-------+--------+--------
Other operating expenses (Note 19) | 55| 31| 342| 134
---------------------------------------------+-------+-------+--------+--------
Operating profit (loss) | 0| (35)| (19)| (343)
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Finance income (Note 20) | 1,269| 19| 1,310| 19
---------------------------------------------+-------+-------+--------+--------
Finance costs (Note 20) | 38| 59| 218| 803
---------------------------------------------+-------+-------+--------+--------
PROFIT (LOSS) BEFORE INCOME TAX | 1,231| (75)| 1,074| (1,127)
---------------------------------------------+-------+-------+--------+--------
Corporate income tax | 0| 0| 0| 0
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE FINANCIAL PERIOD | | | |
FROM CONTINUING OPERATIONS | 1,231| (75)| 1,074| (1,127)
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE PERIOD FROM | | | |
DISCONTINUING OPERATIONS | 0| 0| 0| (271)
---------------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE FINANCIAL PERIOD | 1,231| (75)| 1,074| (1,398)
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Basic earnings per share (Note 13) | 0.27| (0.02)| 0.24| (0.31)
---------------------------------------------+-------+-------+--------+--------
Diluted earnings per share (Note 13) | 0.27| (0.02)| 0.24| (0.31)
+-------+-------+--------+--------
*The notes to the financial statements presented on pages 15 to 32 are an
integral part of these consolidated financial statements.
TORFINN LOSVIK
Chairman of the board
Phone: +372 56 99 0988
[email protected] (mailto:[email protected])