Correction: Nordic Fibreboard AS Audited Annual Report 2022
27 Abril 2023 - 8:09AM
Correction: Nordic Fibreboard AS Audited Annual Report 2022
The attached pdf file has been corrected in the notice. The
attached English report file has been replaced by an Estonian
report file.
Supervisory Board of Nordic Fibreboard AS approved the company's
audited annual report for 2022.
OVERVIEW OF OPERATING RESULTS
Consolidated net sales for 2022 were € 11.07 million, which is
an increase of 10% compared to 2021 sales of € 10.10 million. The
sales revenue from the production of fibreboard was € 11.04 million
in 2022 (2021: € 9.84 million). The reason for such sales increase
is due to increased sales of fibreboards in our key markets such as
Finland, Denmark, Estonia and Latvia. The increase is a combination
of price and volume dependent on the Market. The sales revenue in
2022 from real estate management was € 39 thousand (2021: € 254
thousand), the decrease in sales revenue of the real estate
management was caused by the loss of the largest tenant at the end
of 2021, who occupied the old production halls of the territory.
The Group does not foresee to rent the old production halls
again.
The consolidated EBITDA of Nordic Fibreboard AS for 2022 was €
1.73 million (2021: € 1.56 million). EBITDA margin was 16% in 2022
and remained at a similar level compared to 2021 (2021: 15%). The
2022 EBITDA includes a one-time income of € 697 thousand from the
revaluation of the real estate investment in Pärnu Riverside
Development OÜ. However, the Group’s gross margin fell from 33% for
full year 2021 to becoming 23% for full year 2022, the main reason
for the decrease in the gross margin was the substantial increase
in pricing of woodchips, the company`s main input costs.
The consolidated net profit of Nordic Fibreboard AS for 2022 was
€ 1.23 million (2021: € 1.20 million). In 2022, the net profit
included dividends of € 129 thousand from shares owned by Nordic
Fibreboard Ltd in the real estate company Trigon Property
Development AS (TPD). In 2021 the net profit included profit from
the revaluation of TPD shares in the amount € 265 thousand.
Consolidated statement of financial
position
€ thousand |
31.12.2022 |
31.12.2021 |
Cash and cash equivalents |
2 |
57 |
Receivables and prepayments (Note 5) |
559 |
902 |
Inventories (Note 6) |
1,672 |
390 |
Total current assets |
2,233 |
1,349 |
|
|
|
Investment property (Note 7) |
1,859 |
1,152 |
Financial assets at fair value through profit or loss (Note 9) |
644 |
644 |
Property, plant and equipment (Note 8) |
4,670 |
4,915 |
Intangible assets (Note 8) |
2 |
3 |
Total non-current assets |
7,175 |
6,714 |
|
|
|
TOTAL ASSETS |
9,408 |
8,063 |
|
|
|
Borrowings (Notes 10) |
290 |
146 |
Payables and prepayments (Notes 11) |
1,014 |
829 |
Short-term provisions (Note 12) |
18 |
19 |
Total current liabilities |
1,322 |
994 |
|
|
|
Long-term borrowings (Notes 10) |
2,875 |
3,074 |
Long-term provisions (Note 12) |
127 |
145 |
Total non-current liabilities |
3,002 |
3,219 |
Total liabilities |
4,324 |
4,213 |
|
|
|
Share capital (at nominal value) (Note 13) |
450 |
450 |
Statutory reserve capital |
45 |
0 |
Retained earnings (loss) |
4,589 |
3,400 |
Total equity |
5,084 |
3,850 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
9,408 |
8,063 |
Consolidated statement of profit or loss and other
comprehensive income
€ thousand |
2022 |
2021 |
Revenue (Note 22) |
11,074 |
10,096 |
Cost of goods sold (Note 15) |
9,024 |
7,294 |
Gross profit |
2,050 |
2,802 |
|
|
|
Distribution costs (Note 16) |
1,112 |
1,168 |
Administrative expenses (Note 17) |
424 |
565 |
Other operating income (Note 19) |
730 |
5 |
Other operating expenses (Note 20) |
9 |
15 |
Operating profit |
1,235 |
1,059 |
|
|
|
Finance income (Note 21) |
129 |
265 |
Finance costs (Note 21) |
130 |
122 |
PROFIT BEFORE INCOME TAX |
1,234 |
1,202 |
|
|
|
NET PROFIT FOR THE FINANCIAL YEAR |
1,234 |
1,202 |
|
|
|
Basic earnings per share (Note 14) |
0.27 |
0.27 |
Diluted earnings per share (Note 14) |
0.27 |
0.27 |
A copy of Nordic Fibreboard AS audited annual report for 2022 is
attached to the announcement and is also published on NASDAQ
Tallinn and Nordic Fibreboard web page
(https://group.nordicfibreboard.com/en/investor/financial-reports/annual-reports).
The ESEF-compliant machine-readable annual report is generated
only in Estonian language.
Torfinn LosvikCEO & Chairman of the Management BoardPhone: +
372 56 99 09 88E-mail: torfinn.losvik@nordicfibreboard.com
- NORDIC FIBREBOARD AS_Annual Report 2022
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