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
8851
Manused
Esitamise kuupäev ja aeg
31.05.2021 17:00:00
Teate sisu eesti keeles
Pealkiri
Nordic Fibreboard AS 2021. aasta I kvartali auditeerimata majandustulemused
Teade
JUHTKONNA ARUANNE
Nordic Fibreboard AS auditeerimata 2021. majandusaasta esimese kvartali
tulemused
Nordic Fibreboard AS konsolideeritud müügitulu oli 2021. aasta 1. kvartalis
2,85 miljonit eurot, mis on 2020. aasta 1. kvartali müügituluga võrreldes 11%
langust. Müügitulu peamiseks languse põhjuseks oli COVID-19 pandeemia tagajärjel
kientide kaotus märkmetahvlite segmendis, mille tõttu Püssi tehas 2020 aasta
märtsis suleti. Puitkiudplaadi müügitulu 2021. aasta 1. kvartalis oli 2,76
miljonit eurot, mis on 11% langust võrreldes eelmise aasta sama perioodiga (2020
1. kv: 3,09 miljonit eurot). Kinnisvarahalduse müügitulu 2021 aasta 1. kvartalis
oli 89 tuhat eurot, mis on 31% tõusu võrreldes eelmise aasta sama perioodiga
(2021 1. kv: 68 tuhat eurot). Mööbli jaemüügi müügitulu 2021. aasta 1. kvartalis
puudus, kuna Skano Furniture lõpetas aktiivse tegevuse 2020. aasta alguses, kui
toimusid ka viimased allahindluskampaania müügid, millest saadi 2020 aasta 1.
kvartalis müügitulu 47 tuhat eurot.
Nordic Fibreboard AS konsolideeritud EBITDA oli 2021. aasta 1. kvartalis
positiivne 484 tuhat eurot (2020 1. kv: negatiivne 310 tuhat eurot). Kiudplaadi
2021. aasta 1. kvartali EBITDA oli positiivne 496 tuhat eurot (2020 1. kv:
negatiivne 255 tuhat eurot), kinnisvarahalduse EBITDA positiivne 8 tuhat eurot
(2020 1. kv: negatiivne 2 tuhat eurot), ja mööbli jaemüügi EBITDA negatiivne 12
tuhat eurot (2020 1. kv: negatiivne 47 tuhat eurot). EBITDA nii suure muutuse
peamisteks põhjusteks on kiudplaadi paranenud efektiivus. 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. Viimase 12 kuu EBITDA, st
ajavahemikul 01.04.2020-31.03.2021, oli 1 335 tuhat eurot.
Kontserni puhaskasum oli 2021. aasta 1. kvartalis 550 tuhat eurot (2020 1 kv:
puhaskahjum 534 tuhat eurot). Viimase 12 kuu puhaskasum oli 2 158 tuhat eurot.
ÄRIVALDKONDADE ÜLEVAADE
Müügitulu ärisegmentide lõikes
tuh EUR I kv 2021 | I kv 2020
------------------------------------------+-----------
Kiudplaadi tootmine ja müük 2 757 | 3 091
------------------------------------------+-----------
Kinnisvara haldamine 89 | 68
------------------------------------------+-----------
Mööbli jaemüük 0 | 47
------------------------------------------+-----------
KOKKU 2 846 | 3 206
Kasum ärisegmentide lõikes
tuh EUR I kv 2021 | I kv 2020
-----------------------------------------------+-----------
EBITDA ärisegmentide lõikes |
-----------------------------------------------+-----------
Kiudplaadi tootmine ja müük 496 | (255)*
-----------------------------------------------+-----------
Kinnisvara haldamine 8 | (2)
-----------------------------------------------+-----------
Mööbli jaemüük (12) | (47)
-----------------------------------------------+-----------
Elimineerimine (8) | (6)
-----------------------------------------------+-----------
Kokku EBITDA 484 | (310)
-----------------------------------------------+-----------
Põhivara kulum ja amortisatsioon (133) | (151)
-----------------------------------------------+-----------
Kokku ÄRIKASUM/-KAHJUM 351 | (462)
-----------------------------------------------+-----------
Neto finantskulud 199** | (72)
-----------------------------------------------+-----------
PUHASKASUM/-KAHJUM 550 | (534)
* Sisaldab erakorralist kulu 187 tuhat eurot Püssi tehase sulgemisest,
kasumiaruandes kajastatud kirjel muud ärikulud.
**Sisaldab finantstulu 225 tuhat eurot, mis on saadud Nordic Fibreboard Ltd OÜ
omanduses olevate kinnisvara-arendusettevõtte Trigon Property Development AS
aktsiate ümberhindlusest. 2021. aasta 1. kvartalis tegi TPD aktsiahind suure
tõusu.Trigon Property Development AS omab Pärnus ärikinnisvara arendusprojekti.
NORDIC FIBREBOARD LTD: KIUDPLAADI TOOTMINE JA MÜÜK
Puitkiudplaadi müügitulu 2021. aasta 1. kvartalis oli 2,76 miljonit eurot, mis
on 11% langust võrreldes eelmise aasta sama perioodiga (2020 1. kv: 3,09
miljonit eurot). 2021. aasta 1. kvartalis müüsime oma tooteid 18 riigi
klientidele. Müügitulu peamiseks languse põhjuseks oli COVID-19 pandeemia
tagajärjel mitmete klientide kaotus märkmetahvlite segmendis. Enamik toodangut
märkmetahvlite segmendi klientidele toodeti Püssi tehases, mis 2020. aasta
märtsis suleti. 2021. aasta 1. kvartali suur nõudlus on toonud kaasa Pärnu
tehase täiel võimsusel töötamise ning prioriteediks on peamiste klientide,
milleks on Põhjamaad, Baltkumi ja Venemaa, tellimused.
Puitkiudplaadi 2021. aasta 1. kvartali EBITDA oli positiivne 496 tuhat eurot,
mis on oluliselt parem võrreldes eelmise aasta sama perioodiga (2020 1 kv:
negatiivne 255 tuhat eurot). Paranemine on saavutatud Pärnu tehase masinate
täieliku kasutusvõimsuse rakendamiste tulemusel saavutatud efektiivsuse
parendamise teel.
Puitkiudplaadi 2021. aasta 1. kvartali puhaskasum oli 563 tuhat eurot (2020 1
kv: puhaskahjum 476 tuhat eurot). Tulemus sisaldab puidkiudplaadi osaluse
väärtuse korrigeerimist Trigon Property Development AS-is summas 225 tuhat
eurot.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR I kv 2021 | I kv 2020
---------------------------+-----------
Euroopa Liit 2 159 | 2 741
---------------------------+-----------
Venemaa 433 | 211
---------------------------+-----------
Aasia 102 | 38
---------------------------+-----------
Aafrika 47 | 35
---------------------------+-----------
Lähis-Ida 0 | 38
---------------------------+-----------
Teised 16 | 29
---------------------------+-----------
Kokku 2 757 | 3 091
PÄRNU RIVERSIDE DEVELOPMENT: KINNISVARAHALDUS
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud ning kinnisvarahaldusest saadud
renditulu koos kommunaal-kulude vahendusega oli 2021. aasta 1. kvartalis 89
tuhat eurot (2020 1. kv: 68 tuhat eurot).
Kinnisvarahalduse 2021. aasta 1. kvartali EBITDA oli positiivne 8 tuhat eurot
(2020 1.kv: negatiivne 2 tuhat eurot). Kinnisvarahalduse 2021. aasta 1. kvartali
puhaskasum oli 7 tuhat eurot, mis on võrreldes eelmise aasta sama perioodiga
paranenud mõnede üürnike lisandumise tõttu (2020 1. kv: puhas-kahjum 2 tuhat
eurot).
SKANO FURNITURE: MÖÖBLI JAEMÜÜK
Skano Furniture lõpetas aktiivse tegevuse 31.01.2020, kui sulges kaks viimast
mööblisalongi, seetõttu ei olnud ka mööbli jaemüügil 2021. aasta 1. kvartalis
müügitulu (2020. aasta 1. kvartali müügitulu oli 47 tuhat eurot). Mööbli
jaemüügi EBITDA oli 2021. aasta 1. kvartalis negatiivne 12 tuhat eurot, mille
põhjuseks on ühe suletud mööblisalongi rendikohustused kuni 30.04.2021 (2020.
1. kv: negatiivne 47 tuhat eurot). 2021. aasta 1. kvartali puhaskahjum oli 12
tuhat eurot (2020. 1 kv: puhaskahjum 47 tuhat eurot).
BILANSS JA RAHAVOOGUDE ARUANNE
Seisuga 31.03.2021 olid Nordic Fibreboard AS varad kokku 7,8 miljonit eurot
(31.03.2020: 8,5 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.03.2021 4,6 miljonit eurot (31.03.2020: 7,5 miljonit eurot), milledest
Kontsernil oli laenukohustisi 3,2 miljonit eurot seisuga 31.03.2021 (31.03.2020:
4,4 miljonit).
Nõuded ja ettemaksed olid kokku 1,0 miljonit eurot seisuga 31.03.2021
(31.03.2020: 1,4 miljonit eurot). Varud seisuga 31.03.2021 0,3 miljonit eurot
(31.03.2020 0,5 miljonit eurot). Kontserni põhivara kokku seisuga 31.03.2021 oli
6,4 miljonit eurot (6,6 miljonit seisuga 31.03.2020).
Kontserni äritegevuse tulemuseks oli 2021. aasta 1. kvartalis raha sissevool
summas 196 tuhat eurot (2020 1. kv: raha sissevool summas 209 tuhat eurot).
Investeerimistegevusest tulenevalt toimus 2021. aasta 1. kvartalis raha
väljavool summas 38 tuhat eurot, võrreldes raha väljavooluga 78 tuhat eurot
2020. aasta 1. kvartalis. Finantseerimistegevuse tulemuseks oli 2021. aasta 1.
kvartalis samuti raha väljavool summas 53 tuhat eurot (2020 1. kv: raha
väljavool 131 tuhat eurot). Netorahavoo tulemuseks oli 2021. aasta 1. kvartalis
raha sissevool summas 105 tuhat eurot, mis on paranemine võrreldes raha
väljavooluga summas 1 tuhat eurot 2020. aasta 1. kvartalis.
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
lähitulevikus.
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.
Loodatakse, et Suur-Jõe 48 maatükil hetkel käimasolev elamuarenduse
detailplaneeringu taotlus jõuab käesoleva aasta lõpus edukalt lõpuni.
TÖÖTAJAD
Seisuga 31.03.2021 töötas Kontsernis 97 inimest (võrreldes 130 inimesega seisuga
31.03.2020). Töötajate keskmine arv oli 2021 1. kvartalis 95 (1. kvartalis
2020: 127).
2021. aasta esimese kolme kuu jooksul olid tööjõukulud koos maksukuludega kokku
460 tuhat eurot (2020 esimese kolme kuu jooksul 587 tuhat eurot). Kõigi
kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 55 tuhat eurot 2021. aasta 1. kvartalis ning 50
tuhat eurot 2020. aasta 1. kvartalis.
FINANTSSUHTARVUD
tuh EUR
| |
Kasumiaruanne | I kv 2021 | I kv 2020
-------------------------------------------+------------+------------
Müügitulu | 2 846 | 3 206
-------------------------------------------+------------+------------
EBITDA | 484 | (310)
-------------------------------------------+------------+------------
EBITDA rentaablus | 17% | (10%)
-------------------------------------------+------------+------------
Ärikasum/-kahjum | 351 | (462)
-------------------------------------------+------------+------------
Ärirentaablus | 12% | (14%)
-------------------------------------------+------------+------------
Puhaskasum/-kahjum | 550 | (534)
-------------------------------------------+------------+------------
Puhasrentaablus | 19% | (17%)
| |
| |
Bilanss | 31.03.2021 | 31.03.2020
-------------------------------------------+------------+------------
Koguvarad | 7 839 | 8 475
-------------------------------------------+------------+------------
Koguvarade puhasrentaablus | 7% | (6%)
-------------------------------------------+------------+------------
Omakapital | 3 199 | 1 017
-------------------------------------------+------------+------------
Omakapitali puhasrentaablus | 17% | (52%)
-------------------------------------------+------------+------------
Võlakordaja | 59% | 88%
| |
| |
Aktsia | 31.03.2021 | 31.03.2020
-------------------------------------------+------------+------------
Aktsia viimane hind (EUR)* | 0,71 | 0,33
-------------------------------------------+------------+------------
Puhaskasum aktsia kohta (EUR) | 0,12 | (0,12)
-------------------------------------------+------------+------------
Hind-tulu (PE) suhtarv | 5,81 | (2,78)
-------------------------------------------+------------+------------
Aktsia raamatupidamisväärtus (EUR) | 0,71 | 0,23
-------------------------------------------+------------+------------
Turuhinna ja raamatupidamisväärtuse suhe | 1,00 | 1,46
-------------------------------------------+------------+------------
Turukapitalisatsioon tuh EUR | 3 194 | 1 485
-------------------------------------------+------------+------------
Aktsiate arv tk | 4 499 061 | 4 499 061
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
Hinna-tulu (PE) suhtarv = aktsia viimane hind / puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv kokku
*http://www.nasdaqbaltic.com/
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |31.03.2021|31.12.2020|31.03.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2)| 131| 26| 6| 7
-----------------------------------+----------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 975| 794| 1 441| 1 394
-----------------------------------+----------+----------+----------+----------
Varud (Lisa 4) | 329| 544| 464| 894
-----------------------------------+----------+----------+----------+----------
Kokku käibevarad | 1 435| 1 364| 1 911| 2 296
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 1 134| 1 134| 1 125| 1 121
-----------------------------------+----------+----------+----------+----------
Finantsvarad õiglases väärtuses | | | |
muutustega läbi kasumiaruande | | | |
(Lisa 8) | 676| 451| 378| 397
-----------------------------------+----------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 4 591| 4 695| 5 046| 5 212
-----------------------------------+----------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 3| 6| 15| 19
-----------------------------------+----------+----------+----------+----------
Kokku põhivarad | 6 404| 6 286| 6 564| 6 749
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku varad | 7 839| 7 650| 8 475| 9 045
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Võlakohustised (Lisas 9) | 691| 756| 4 367| 4 547
-----------------------------------+----------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 1 282| 1 574| 2 850| 2 665
-----------------------------------+----------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 13| 18| 15| 20
-----------------------------------+----------+----------+----------+----------
Kokku lühiajalised kohustised | 1 986| 2 348| 7 231| 7 232
-----------------------------------+----------+----------+----------+----------
| | | 0| 0
-----------------------------------+----------+----------+----------+----------
Pikaajalised võlakohustised (Lisas| | | |
9) | 2 493| 2 493| 48| 92
-----------------------------------+----------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 161| 161| 179| 179
-----------------------------------+----------+----------+----------+----------
Kokku pikaajalised kohustised | 2 654| 2 654| 227| 271
-----------------------------------+----------+----------+----------+----------
Kokku kohustised | 4 640| 5 002| 7 458| 7 503
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) | | | |
(Lisa 12) | 450| 450| 2 699| 2 699
-----------------------------------+----------+----------+----------+----------
Ülekurss | 0| 0| 364| 364
-----------------------------------+----------+----------+----------+----------
Kohustuslik reservkapital | 0| 0| 288| 288
-----------------------------------+----------+----------+----------+----------
Muud reservid | 0| 0| 94| 84
-----------------------------------+----------+----------+----------+----------
Jaotamata kasum (kahjum) | 2 749| 2 198| (2 428)| (1 894)
-----------------------------------+----------+----------+----------+----------
Kokku omakapital | 3 199| 2 648| 1 017| 1 542
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku kohustised ja omakapital | 7 839| 7 650| 8 475| 9 045
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 27.
KONSOLIDEERITUD KASUMI - JA MUU KOONDKASUMIARUANNE
tuh EUR |I kv 2021|I kv 2020
-----------------------------------------------------------+---------+---------
Müügitulu (Lisa 14) | 2 846| 3 206
-----------------------------------------------------------+---------+---------
Müüdud toodangu kulu (Lisa 15) | 1 979| 2 818
-----------------------------------------------------------+---------+---------
Brutokasum | 867| 388
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Turustuskulud (Lisa 16) | 342| 427
-----------------------------------------------------------+---------+---------
Üldhalduskulud (Lisa 17) | 172| 174
-----------------------------------------------------------+---------+---------
Muud äritulud (Lisa 19) | 2| 0
-----------------------------------------------------------+---------+---------
Muud ärikulud (Lisa 19) | 4| 248
-----------------------------------------------------------+---------+---------
Ärikasum (-kahjum) (Lisa 11) | 351| (462)
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Finantstulud (Lisa 20) | 225| 1
-----------------------------------------------------------+---------+---------
Finantskulud (Lisa 20) | 26| 73
-----------------------------------------------------------+---------+---------
KASUM (KAHJUM) ENNE TULUMAKSUSTAMIST | 550| (534)
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
ARUANDEPERIOODI PUHASKASUM (-KAHJUM) | 550| (534)
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Tava perioodi puhaskasum (-kahjum) aktsia kohta (Lisa 13) | 0,12| (0,12)
-----------------------------------------------------------+---------+---------
Lahustatud perioodi puhaskasum (-kahjum) aktsia kohta | |
(Lisa 13) | 0,12| (0,12)
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 27.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Unaudited financial results of Nordic Fibreboard AS for the first quarter of 2021
Teade
MANAGEMENT REPORT
NORDIC FIBREBOARD AS UNAUDITED RESULTS FOR FIRST QUARTER OF 2021
Consolidated net sales for Q1 2021 were EUR 2.85 million, being an 11% decrease
compared to Q1 2020. The main reason for the decrease in sales revenue was the
loss of customers in the display board segment as a result of COVID-19 pandemic,
due to which the Püssi factory was closed in March 2020. Fibreboard sales for Q1
2021 were 2.76 EUR million, which is an 11% decrease compared to the same period
of the previous year (2020 Q1: 3.09 EUR million). The sales revenue of real estate
management in the Q1 2021 were EUR 89 thousand, which is a 31% increase compared
to the same period of the previous year (2020 Q1: EUR 68 thousand). There was no
sales from furniture retail in the Q1 2021, as Skano Furniture terminated its
active operations at the beginning of 2020, when the last sales of the discount
campaign took place, which generated sales revenue of EUR 47 thousand in the Q1
2020.
Nordic Fibreboard AS consolidated EBITDA were positive EUR 484 thousand for Q1
2021 (vs negative EUR 310 thousand Q1 2020). Fibreboard EBITDA for the Q1 2021
were positive EUR 496 thousand (2020 Q1: negative EUR 255 thousand), EBITDA for real
estate management positive EUR 8 thousand (2020 Q1: negative EUR 2 thousand), and
EBITDA for furniture retail negative EUR 12 thousand (2020 Q1: negative EUR 47
thousand). The main reason for such large change in EBITDA are the improved
efficiency of fibreboard. 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 4th 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. EBITDA for the last rolling 12 months, ie from 1.4.2020 to
31.3.2021, were EUR 1 335 thousand.
Group`s consolidated net profit for Q1 2021 was EUR 550 thousand (Q1 2020: loss EUR
534 thousand). Net profit for the last rolling 12 months were EUR 2 158 thousand.
DIVISIONAL REWIEW
REVENUE BY BUSINESS SEGMENTS
EUR thousand Q1 2021 Q1 2020
---------------------------------------------+---------
Fibreboards production and sales 2,757 | 3,091
---------------------------------------------+---------
Real Estate Management 89 | 68
---------------------------------------------+---------
Furniture retail 0 | 47
----------+---------
TOTAL 2,846 | 3,206
PROFIT BY BUSINESS SEGMENTS
EUR thousand Q1 2021 | Q1 2020
---------------------------------------------+---------
EBITDA by business units: |
---------------------------------------------+---------
Fibreboards production and sales 496 | (255)*
---------------------------------------------+---------
Real Estate Management 8 | (2)
---------------------------------------------+---------
Furniture retail (12) | (47)
---------------------------------------------+---------
Group transactions (8) | (6)
---------------------------------------------+---------
TOTAL EBITDA 484 | (310)
---------------------------------------------+---------
Depreciation (133) | (151)
---------------------------------------------+---------
TOTAL OPERATING PROFIT/ LOSS 351 | (462)
---------------------------------------------+---------
Net financial costs 199** | (72)
---------------------------------------------+---------
NET PROFIT/ LOSS 550 | (534)
* Includes extraordinary expense of Püssi factory closure of 187 thousand
euros, shown in the income statement under other operating expenses.
** Includes EUR 225 thousand upward value adjustment from Fibreboard's
shareholding in real estate development company Trigon Property Development AS
due to its strong share price appreciation during Q1 2021. The company owns a
business park development area in Pärnu.
NORDIC FIBREBOARD LTD: FIBREBOARD PRODUCTIONS AND SALES
Fibreboard sales for Q1 2021 were 2.76 EUR million, which is an 11% decrease
compared to the same period of the previous year (2020 Q1: 3.09 EUR million). We
sold our products to customers in 18 countries during Q1 2021. The main reason
for the drop in sales was the loss of many display board customers as a result
of the COVID-19 pandemic. Most products sold to display board customers were
produced in our Püssi factory, which was closed in March 2020. The strong demand
experienced in Q1 2021 has resulted in the Pärnu factory running at full
capacity, and us prioritising the orders from our key customers in the Nordic,
Baltic, and Russia.
Fibreboard EBITDA for the Q1 2021 were positive EUR 496 thousand, which is a
substantial improvement compared to the same period of the previous year (2020
Q1: negative EUR 255 thousand). The improvement has been achieved due to increased
efficiency by achieving full machine utilisation in the Pärnu factory.
Fibreboard net profit for Q1 2021 was EUR 563 thousand (Q1 2020: net loss EUR 476
thousand). The result includes the EUR 225 thousand upward value adjustment to
Fibreboard's shareholding in Trigon Property Development.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand Q1 2021 | Q1 2020
----------------------------+---------
European Union 2,159 | 2,741
----------------------------+---------
Russia 433 | 211
----------------------------+---------
Asia 102 | 38
----------------------------+---------
Africa 47 | 35
----------------------------+---------
Middle East 0 | 38
----------------------------+---------
Other 16 | 29
----------------------------+---------
TOTAL 2,757 | 3,091
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, including the resale of utilities, was EUR 89 thousand in Q1 2021, (Q1
2020: EUR 68 thousand).
The real estate management EBITDA for Q1 2021 were positive EUR 8 thousand (Q1
2020: negative EUR 2 thousand). The real estate management net profit for Q1 2021
was EUR 7 thousand, which has improved compared to the same period last year due
to the addition of some tenants, (Q1 2020: net loss EUR 2 thousand).
SKANO FURNITURE: RETAIL SALES
Skano Furniture finished its activities on 31.01.2020, when it closed the last
two furniture showrooms, thus the retail sale of furniture did not have any
sales revenue in the Q1 2021 (Q1 2020 sales revenue was EUR 47 thousand). EBITDA
for furniture retail for Q1 2021 were negative EUR 12 thousand (Q1 2020 EBITDA was
negative EUR 47 thousand), we have rental obligations for one of the closed
showrooms until 30.04.2021. The furniture retail net loss for Q1 2021 was EUR 12
thousand (Q1 2020 net loss was EUR 47 thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.03.2021 the total assets of Nordic Fibreboard AS were EUR 7.8 million
(31.03.2020: EUR 8.5 million). The liabilities of the company as of 31.03.2021
were EUR 4.6 million (31.03.2020: EUR 7.5 million), of which Group has borrowings of
EUR 3.2 million as at 31.03.2021 (31.03.2020: EUR 4.4 million).
Receivables and prepayments amounted to EUR 1.0 million as at 31.03.2021
(31.03.2020: EUR 1.4 million). Inventories were EUR 0.3 million as of 31.03.2021
(31.03.2020: EUR 0.5 million). Fixed assets were EUR 6.4 million as of 31.03.2021 (EUR
6.6 million as of 31.03.2020).
In 2021 Q1, the Group's cash flows from operating activities totalled cash
inflow of EUR 196 thousand (2020 Q1: cash inflow EUR 209 thousand). Investment
activities resulted in cash outflows in amount of EUR 38 thousand in 2021 Q1,
compared to outflows in amount EUR 78 thousand in Q1 2020. Financing activities
also resulted in cash outflows of EUR 53 thousand in Q1 2021 (2020 Q1: cash
outflow EUR 131 thousand). The result of the net cash flow in 2021 Q1 was a cash
inflow EUR 105 thousand, which is an improvement compared to the cash outflow in
the amount of EUR 1 thousand in 2020 Q1.
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 from further
afield. As a result of this improved demand picture, management is now
considering measures for a possible reopening of Püssi factory in the not so
distant future.
On the other hand, we are much aware of the continuing uncertainty surrounding
the COVID-19 pandemic. We expect to have a clearer picture of the demand
situation and the pandemic within the next few months.
PÄRNU RIVERSIDE DEVELOPMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu. We expect the current detail planning application for residential
development of the Suur-Jõe 48 landplot to be nearing its successful conclusion
later this year.
PEOPLE
On the 31.03.2021, the Group employed 97 people (compared to 130 people as of
31.03.2020). The average number of personnel in Q1 2021 was 95 (Q1 2020: 127).
For three months of 2021, wages and salaries with taxes amounted to EUR 460
thousand (three months 2020: EUR 587 thousand). Payments made to management board
members of all group companies including all subsidiaries with relevant taxes
were EUR 55 thousand in Q1 2021 and EUR 50 thousand in Q1 2020.
FINANCIAL HIGHLIGHTS
EUR thousand
| |
Income statement | Q1 2021 | Q1 2020
------------------------------------+------------+------------
Revenue | 2,846 | 3,206
------------------------------------+------------+------------
EBITDA | 484 | (310)
------------------------------------+------------+------------
EBITDA margin | 17% | (10%)
------------------------------------+------------+------------
Operating profit | 351 | (462)
------------------------------------+------------+------------
Operating margin | 12% | (14%)
------------------------------------+------------+------------
Net profit | 550 | (534)
------------------------------------+------------+------------
Net margin | 19% | (17%)
| |
| |
Statement of financial position | 31.03.2021 | 31.03.2020
------------------------------------+------------+------------
Total assets | 7,839 | 8,475
------------------------------------+------------+------------
Return on assets | 7% | (6%)
------------------------------------+------------+------------
Equity | 3,199 | 1,017
------------------------------------+------------+------------
Return on equity | 17% | (52%)
------------------------------------+------------+------------
Debt-to-equity ratio | 59% | 88%
| |
| |
Share | 31.03.2021 | 31.03.2020
------------------------------------+------------+------------
Last Price* | 0.71 | 0.33
------------------------------------+------------+------------
Earnings per share | 0.12 | (0.12)
------------------------------------+------------+------------
Price-earnings ratio | 5.81 | (2.78)
------------------------------------+------------+------------
Book value of a share | 0.71 | 0.23
------------------------------------+------------+------------
Market to book ratio | 1.00 | 1.46
------------------------------------+------------+------------
Market capitalization, EUR thousand | 3,194 | 1,485
------------------------------------+------------+------------
Number of shares, piece | 4,499,061 | 4,499,061
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total number of shares
*http://www.nasdaqbaltic.com/
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |31.03.2021|31.12.2020|31.03.2020|31.12.2019
-----------------------------------+----------+----------+----------+----------
Cash and cash equivalents (Note 2)| 131| 26| 6| 7
-----------------------------------+----------+----------+----------+----------
Receivables and prepayments (Note | | | |
3) | 975| 794| 1,441| 1,394
-----------------------------------+----------+----------+----------+----------
Inventories (Note 4) | 329| 544| 464| 894
-----------------------------------+----------+----------+----------+----------
Total current assets | 1,435| 1,364| 1,911| 2,296
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Investment property (Note 5) | 1,134| 1,134| 1,125| 1,121
-----------------------------------+----------+----------+----------+----------
Financial assets at fair value | | | |
through profit or loss (Note 8) | 676| 451| 378| 397
-----------------------------------+----------+----------+----------+----------
Property, plant and equipment | | | |
(Note 6) | 4,591| 4,695| 5,046| 5,212
-----------------------------------+----------+----------+----------+----------
Intangible assets (Note 7) | 3| 6| 15| 19
-----------------------------------+----------+----------+----------+----------
Total non-current assets | 6,404| 6,286| 6,564| 6,749
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL ASSETS | 7,839| 7,650| 8,475| 9,045
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Borrowings (Notes 9) | 691| 756| 4,367| 4,547
-----------------------------------+----------+----------+----------+----------
Payables and prepayments (Notes | | | |
10) | 1,282| 1,574| 2,850| 2,665
-----------------------------------+----------+----------+----------+----------
Short-term provisions (Note 11) | 13| 18| 15| 20
-----------------------------------+----------+----------+----------+----------
Total current liabilities | 1,986| 2,348| 7,231| 7,232
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Long-term borrowings (Notes 9) | 2,493| 2,493| 48| 92
-----------------------------------+----------+----------+----------+----------
Long-term provisions (Note 11) | 161| 161| 179| 179
-----------------------------------+----------+----------+----------+----------
Total non-current liabilities | 2,654| 2,654| 227| 271
-----------------------------------+----------+----------+----------+----------
Total liabilities | 4,640| 5,002| 7,458| 7,503
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Share capital (at nominal value) | | | |
(Note 12) | 450| 450| 2,699| 2,699
-----------------------------------+----------+----------+----------+----------
Share premium | 0| 0| 364| 364
-----------------------------------+----------+----------+----------+----------
Statutory reserve capital | 0| 0| 288| 288
-----------------------------------+----------+----------+----------+----------
Other reserves | 0| 0| 94| 84
-----------------------------------+----------+----------+----------+----------
Retained earnings (loss) | 2,749| 2,198| (2,428)| (1,894)
-----------------------------------+----------+----------+----------+----------
Total equity | 3,199| 2,648| 1,017| 1,542
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 7,839| 7,650| 8,475| 9,045
*The notes to the financial statements presented on pages 14 to 27 are an
integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand | Q1 2021 | Q1 2020
---------------------------------------+---------+---------
Revenue (Note 14) | 2,846 | 3,206
---------------------------------------+---------+---------
Cost of goods sold (Note 15) | 1,979 | 2,818
---------------------------------------+---------+---------
Gross profit | 867 | 388
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Distribution costs (Note 16) | 342 | 427
---------------------------------------+---------+---------
Administrative expenses (Note 17) | 172 | 174
---------------------------------------+---------+---------
Other operating income (Note 19) | 2 | 0
---------------------------------------+---------+---------
Other operating expenses (Note 19) | 4 | 248
---------------------------------------+---------+---------
Operating profit (loss) | 351 | (462)
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Finance income (Note 20) | 225 | 1
---------------------------------------+---------+---------
Finance costs (Note 20) | 26 | 73
---------------------------------------+---------+---------
PROFIT (LOSS) BEFORE INCOME TAX | 550 | (534)
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
NET PROFIT (LOSS) FOR THE PERIOD | 550 | (534)
---------------------------------------+---------+---------
| |
---------------------------------------+---------+---------
Basic earnings per share (Note 13) | 0,12 | (0,12)
---------------------------------------+---------+---------
Diluted earnings per share (Note 13) | 0,12 | (0,12)
*The notes to the financial statements presented on pages 14 to 27 are an
integral part of these consolidated financial statements.
TORFINN LOSVIK
Chairman of the board
Phone: +372 56 99 0988
[email protected]
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