Nordic Fibreboard AS unaudited results for first quarter of 2023
MANAGEMENT REPORT
Consolidated net sales for Q1 2023 were € 2.60
million, which remained at the same level compared to the same
period last year (Q1 2022: € 2.60 million). The main business area
is the production and wholesale of fibreboard, which recorded sales
in Q1 2023 of € 2.59 million (Q1 2022: also € 2.59 million). The
remaining business area is real estate management of the property
owned in Suur-Jõe street in Pärnu, who recorded sales of € 0.01
million in Q1 2023 (Q1 2022: also € 0.01 million).
The consolidated EBITDA of Nordic Fibreboard AS
for Q1 2023 was negative € 94 thousand (Q1 2022: positive € 255
thousand). EBITDA margin was negative 4% in Q1 2023 (Q1 2022:
positive 10%). However, the Group’s gross margin fell from 25% for
Q1 2022 to being 11% in Q1 2022, the main reason for the decrease
in the gross margin was the substantial increase in pricing of
woodchips and energy, the company`s main input costs.
In the first quarter of 2023, demand in the
fibreboard business was lower than expected, which led Nordic
Fibreboard Ltd to postpone the restart of the production with 7
weeks after its usual year-end maintenance period. This prolonged
stoppage period led to EBITDA being negative in both January and
February, while finally turning positive in March month. Due to the
company’s volume commitment to its electricity supplier, the long
stoppage of the factory resulted in having to resell volume
commitment back to the electricity supplier, resulting in an
extraordinary loss of € 407 thousand. The electricity contract was
cancelled on 31.3.2023, and a new less onerous electricity contract
came into force on 01.04.2023.
The consolidated operating loss of Nordic
Fibreboard AS for Q1 2023 was € 623 thousand, which includes the
one-time extraordinary loss from the resale of electricity (Q1
2022: operating profit € 255 thousand).
Financial income in Q1 2023 was positively
affected by an increase of € 74 thousand in value of the shares
owned by Nordic Fibreboard in the real estate company Trigon
Property Development (TPD), listed on the stock exchange Nasdaq
Tallinn. The shares were valued at € 644 thousand at start of Q1
2023, and ended up being valued at € 718 thousand at end of Q1 2023
(in Q1 2022, the shares value increased with € 52 thousand).
Group`s consolidated net loss therefore for Q1
2023 was € 597 thousand (Q1 2022: profit € 152 thousand).
DIVISIONAL REVIEW
REVENUE BY BUSINESS SEGMENTS
€ thousand |
Q1 2023 |
Q1 2022 |
Fibreboards production and sales |
2,585 |
2,591 |
Real Estate Management |
12 |
9 |
TOTAL |
2,597 |
2,600 |
PROFIT BY BUSINESS SEGMENTS
€ thousand |
Q1 2023 |
Q1 2022 |
EBITDA by business units: |
|
|
Fibreboards production and sales |
(76) |
279 |
Real Estate Management |
(13) |
(10) |
Group transactions |
(5) |
(14) |
TOTAL EBITDA |
(94) |
255 |
Depreciation |
(122) |
(121) |
Extraordinary other operating expense |
(407)* |
0 |
TOTAL OPERATING PROFIT/ LOSS |
(623) |
134 |
Net financial costs |
26 |
18 |
NET PROFIT/ LOSS |
(597) |
152 |
* consists of the one-time loss received from
the resale of electricity to the electricity company.
NORDIC FIBREBOARD LTD: FIBREBOARD PRODUCTIONS
AND SALES
Fibreboard sales for Q1 2023 were € 2.59 million
(Q1 2022: also € 2.59 thousand). Sales did improve during the 3
months, up from being € 792 thousand in January, to € 836 thousand
in February, and to € 957 thousand in March. The inventory build-up
at end of 2022 enabled sales during Q1 2023 to reflect orders
received despite the production standstill period. Sales to the
company’s main markets in European Union increased during Q1 with €
196 thousand compared to one year earlier, negating the impact of
ending sales to Russia customer, as a result of sanctions against
Russia for their unlawful war in Ukraine.
The consolidated EBITDA of Nordic Fibreboard Ltd
OÜ for Q1 2023 was negative € 76 thousand (Q1 2023: positive € 279
thousand). The reason for the drop in EBITDA is mainly more
expensive raw material prices in the Q1 2023 compared to the Q1
2022.
FIBREBOARD SALES BY GEOGRAPHICAL
SEGMENTS
€ thousand |
Q1 2023 |
Q1 2022 |
European Union |
2,455 |
2,259 |
Africa |
53 |
0 |
Asia |
31 |
41 |
Russia |
0 |
269 |
Middle East |
0 |
13 |
Other |
46 |
9 |
TOTAL |
2,585 |
2,591 |
PÄRNU RIVERSIDE DEVELOPMENT: REAL ESTATE
MANAGEMENT
Pärnu Riverside Development owns the property
located at Suur-Jõe 48 in Pärnu. The property has some rental
tenants and rental income from real estate management was € 12
thousand in Q1 2023, (Q1 2022: € 9 thousand).
The real estate management EBITDA for Q1 2023
were negative € 13 thousand (Q1 2022: negative € 10 thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW
STATEMENT
As of 31.03.2023 the total assets of Nordic
Fibreboard AS were € 9.4 million (31.03.2022: € 8.6 million). The
liabilities of the company as of 31.03.2023 were € 4.9 million
(31.03.2022: € 4.6 million), of which Group has payables of € 1.2
million as at 31.03.2023 (31.03.2022: € 0.8 million) and borrowings
of € 3.1 million as at 31.03.2023 (31.03.2022: € 3.2 million).
Receivables and prepayments amounted to € 1.3
million as at 31.03.2023 (31.03.2022: € 1.4 million). Inventories
were € 0.8 million as of 31.03.2023 (31.03.2022: € 0.4 million).
Fixed assets were € 7.2 million as of 31.03.2023 (€ 6.7 million as
of 31.03.2022).
During 2023 Q1, the Group’s cash flows from
operating activities totalled € 166 thousand (2022 Q1: € 78
thousand). Investment activities resulted in cash outflows in
amount of € 80 thousand in 2023 Q1, which was due to improvements
in production machinery (2022 Q1: outflow € 98 thousand). Financing
activities also resulted in cash outflows of € 41 thousand in Q1
2023 (2022 Q1: cash outflow € 35 thousand). Net cash effect during
2023 Q1 cash inflow of € 45 thousand (2022 Q1: cash outflow € 55
thousand).
OUTLOOK
NORDIC FIBREBOARD LTD
The overall demand picture appears subdued, and
the outlook remain uncertain. Increasing interest rates, global
economic uncertainty and the ongoing war in Ukraine all have led to
lack of confidence among end users of building materials, including
the company’s fibreboards.
Main operation issue remains the ongoing
preparation of upgrading the company’s wood-based boiler house in
Pärnu so to meet the new emission requirements coming into force in
01.01.2025
PÄRNU RIVERSIDE DEVELOPMENT
We will continue to manage and develop the
property on Suur-Jõe Street 48, Pärnu. A detail plan for the
property is ongoing, with the intention of converting the property
into a private residential property.
FINANCIAL HIGHLIGHTS
€ thousand |
|
|
Income statement |
Q1 2023 |
Q1 2022 |
Revenue |
2,597 |
2,600 |
EBITDA |
(94) |
255 |
EBITDA margin |
(4%) |
10% |
Operating profit |
(623) |
134 |
Operating margin |
(24%) |
5% |
Net profit |
(597) |
152 |
Net margin |
(23%) |
6% |
|
|
|
Statement of financial position |
31.03.2023 |
31.03.2022 |
Total assets |
9,368 |
8,580 |
Return on assets |
(6%) |
2% |
Equity |
4,487 |
4,002 |
Return on equity |
(13%) |
4% |
Debt-to-assets ratio |
52% |
53% |
|
|
|
Share |
31.03.2023 |
31.03.2022 |
Last Price (€)* |
1.52 |
1.83 |
Earnings per share (€) |
0.11 |
0.18 |
Price-earnings ratio |
14.05 |
10.25 |
Book value of a share (€) |
1.00 |
0.89 |
Market to book ratio |
1.52 |
2.06 |
Market capitalization (€ thousand) |
6,816 |
8,233 |
Number of shares (piece) |
4,499,061 |
4,499,061 |
EBITDA = Earnings before interest, taxes,
depreciation and amortizationEBITDA margin = EBITDA /
RevenueOperating margin = Operating profit / RevenueNet margin =
Net profit / RevenueReturn on assets = Net profit / Total
assetsReturn on equity = Net profit / Equity Debt-to-assets ratio =
Liabilities / Total assetsEarnings per share = Trailing twelve
months (TTM) net profit / Total sharesPrice-earnings ratio = Last
price / Earnings per share Book value of a share = Equity / Total
sharesMarket to book ratio = Last price / Book value of a
shareMarket capitalization = Last price * Total number of
shares*http://www.nasdaqbaltic.com/
Consolidated statement of financial
positions
€ thousand |
31.03.2023 |
31.12.2022 |
31.03.2022 |
31.12.2021 |
Cash and cash equivalents |
47 |
2 |
2 |
57 |
Receivables and prepayments (Note 2) |
1,272 |
559 |
1,401 |
902 |
Inventories (Note 3) |
842 |
1 672 |
436 |
390 |
Total current assets |
2,161 |
2,233 |
1,839 |
1,349 |
|
|
|
|
|
Investment property (Note 4) |
1,859 |
1,859 |
1,152 |
1,152 |
Financial assets at fair value through profit or loss (Note 7) |
718 |
644 |
696 |
644 |
Property, plant and equipment (Note 5) |
4,628 |
4,670 |
4,890 |
4,915 |
Intangible assets (Note 6) |
2 |
2 |
3 |
3 |
Total non-current assets |
7,207 |
7,175 |
6,741 |
6,714 |
|
|
|
|
|
TOTAL ASSETS |
9,368 |
9,408 |
8,580 |
8,063 |
|
|
|
|
|
Borrowings (Note 8) |
477 |
290 |
114 |
146 |
Payables and prepayments (Note 9) |
1,617 |
1,014 |
1,234 |
829 |
Short-term provisions (Note 10) |
13 |
18 |
14 |
19 |
Total current liabilities |
2,107 |
1,322 |
1,363 |
994 |
|
|
|
|
|
Long-term borrowings (Note 8) |
2,647 |
2,875 |
3,071 |
3,074 |
Long-term provisions (Note 10) |
127 |
127 |
145 |
145 |
Total non-current liabilities |
2,774 |
3,002 |
3,216 |
3,219 |
Total liabilities |
4,881 |
4,324 |
4,578 |
4,213 |
|
|
|
|
|
Share capital (at nominal value) (Note 11) |
450 |
450 |
450 |
450 |
Statutory reserve capital |
45 |
45 |
0 |
0 |
Retained earnings (loss) |
3,992 |
4,589 |
3,552 |
3,400 |
Total equity |
4,487 |
5,084 |
4,002 |
3,850 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
9,368 |
9,408 |
8,580 |
8,063 |
*The notes to the financial statements presented
on pages 14 to 24 are an integral part of these consolidated
financial statements.
Consolidated statement of profit or loss and
other comprehensive income
€ thousand |
Q1 2023 |
Q1 2022 |
Revenue (Note 13) |
2,597 |
2,600 |
Cost of goods sold (Note 14) |
2,435 |
2,060 |
Gross profit |
162 |
540 |
|
|
|
Distribution costs (Note 15) |
233 |
284 |
Administrative expenses (Note 16) |
139 |
121 |
Other operating income (Note 18) |
0 |
0 |
Other operating expenses (Note 18) |
413 |
1 |
Operating profit (loss) |
(623) |
134 |
|
|
|
Finance income (Note 19) |
74 |
52 |
Finance costs (Note 19) |
48 |
34 |
PROFIT (LOSS) BEFORE INCOME TAX |
(597) |
152 |
|
|
|
NET PROFIT (LOSS) FOR THE PERIOD |
(597) |
152 |
|
|
|
Basic earnings per share (Note 12) |
(0.13) |
0.03 |
Diluted earnings per share (Note 12) |
(0.13) |
0,03 |
*The notes to the financial statements presented
on pages 14 to 24 are an integral part of these consolidated
financial statements.
TORFINN LOSVIKChairman of the boardPhone:
+372 56 99 0988torfinn.losvik@nordicfibreboard.com
- Nordic Fibreboard AS Interim report 2023 Q1
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