Nordic Fibreboard AS unaudited results for third quarter of 2023
MANAGEMENT REPORT
Consolidated net sales for Q3 2023 were € 1.79 million (Q3 2022:
€ 2.79 million). The main business area is Nordic Fibreboard Ltd,
the production and wholesale of fibreboard, which recorded sales in
Q3 2023 of € 1.78 million, (Q3 2022: € 2.78 million). The remaining
business area is Pärnu Riverside Development, real estate
management of the property owned in Suur-Jõe street in Pärnu, who
recorded sales of € 11 thousand in Q3 2023 (Q3 2022: € 9
thousand).
The decline in Nordic Fibreboard's Q3 2023 sales
revenue continues to be impacted by global economic uncertainty,
which has led to a lack of confidence among end users of building
materials, including the company's fiberboard. Nordic Fibreboard
Ltd had sales of € 1.78 million in Q3 2023, down 12% from Q2 2023
and down 23% from Q1 2023, which shows that the decline in sales
revenue is abating.
The consolidated EBITDA of Nordic Fibreboard for
Q3 2023 was € 238 thousand, the EBITDA margin was 13% (Q3 2022:
EBITDA was € 193 thousand and the EBITDA margin was 7%).
Compared to the Q3 2022 the Group`s gross margin increased from 19%
to 27% in the Q3 2023, which indicates that the Group`s
profitability in the Q3 2023 has increased compared to the same
period last year.
Financial expenses for the Q3 2023 were € 79
thousand, of which € 55 thousand were loan interest costs and € 24
thousand were losses from the revaluation of Trigon Property
Development (TPD) shares. Total financial income of € 49 thousand
was recorded in Q3 2022, which consist of the profit from the
revaluation of shares (TPD) in the amount of € 79 thousand and the
interest expense of loan obligations in the amount of € 30
thousand.
Group`s consolidated net profit for Q3 2023 was
€ 37 thousand (Q3 2022: profit € 117 thousand).
DIVISIONAL REVIEW
Revenue by business segments
| |
€ thousand |
€ thousand |
|
|
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
Fibreboards production and sales |
1,775 |
2,782 |
6,358 |
9,015 |
|
Real Estate Management |
11 |
9 |
34 |
28 |
|
TOTAL |
1,786 |
2,791 |
6,392 |
9,043 |
Profit by business segments
| |
€ thousand |
€ thousand |
|
|
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
EBITDA by business units: |
|
|
|
|
|
Fibreboards production and sales |
246 |
201 |
383 |
1,114 |
|
Real Estate Management |
(2) |
(6) |
(19) |
(18) |
|
Group transactions |
(6) |
(2) |
(30) |
(25) |
|
TOTAL EBITDA |
238 |
193 |
334 |
1,071 |
|
Depreciation |
(122) |
(125) |
(367) |
(372) |
|
TOTAL OPERATING PROFIT/ LOSS |
116 |
68 |
(33) |
699 |
|
Extraordinary expenses |
0 |
0 |
(406) |
0 |
|
Net financial income/ costs |
(79) |
49 |
(128) |
149 |
|
NET PROFIT/ LOSS |
37 |
117 |
(567) |
848 |
NORDIC FIBREBOARD LTD: Fibreboard production and
sales
Fibreboard sales in Q3 2023 were € 1.78 million
(Q3 2022: € 2.78 million). In Q3 2023, the main reason for the
decrease in sales revenue compared to Q3 2022 was the loss of a key
customer in Denmark, resulting in a loss of 30% of sales compared
to Q3 2022. In addition, sales in Finland decreased by 50% in Q3
2023 compared to the same period in 2022. But as positive news, it
has been possible to revive relations with former export customers
and found new customers both in the Middle East and in the European
Union, for example Bulgaria and France. As a result, sales to the
Middle East, Asia, Africa and other regions have improved in Q3
2023 compared to Q3 2022. Sales to European Union countries have
decreased in the 3rd quarter of 2023 compared to the 3rd quarter of
2022. However, if we look at the countries of the European Union
separately, sales to Sweden and Latvia have increased, and sales in
Estonia have remained at the same level.
The EBITDA of the fiberboard segment for the Q3
2023 was a positive € 246 thousand, which is a quarterly
improvement compared to the EBITDA for the Q3 2022, which was a
positive € 201 thousand, but when comparing EBITDA for the first
nine months of 2023 with the 2022 with the same period, the drop is
66%. The reason for the decline was the too high fixed electricity
price, which was signed with the electricity supplier at the end of
2022. The electricity contract was cancelled on 31.3.2023, and a
new less onerous electricity contract came into force on
01.04.2023.
Fibreboard sales by geographical segments
| |
€ thousand |
€ thousand |
|
|
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
European Union |
1,537 |
2,723 |
5,855 |
8,425 |
|
Middle East |
68 |
47 |
96 |
73 |
|
Asia |
48 |
0 |
102 |
69 |
|
Africa |
40 |
0 |
133 |
0 |
|
Russia |
0 |
0 |
0 |
427 |
|
Other |
82 |
12 |
172 |
21 |
|
TOTAL |
1,775 |
2,782 |
6,358 |
9,015 |
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 € 11
thousand in Q3 2023, (Q3 2022: € 9 thousand).
The real estate management EBITDA for Q3 2023
were negative € 2 thousand and net loss € 2 thousand (Q3 2021:
EBITDA negative € 6 thousand and net loss € 6 thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW
STATEMENT
As of 30.09.2023 the total assets of Nordic
Fibreboard AS were € 8.9 million (30.09.2022: € 9.4 million). The
liabilities of the company as of 30.09.2023 were € 4.4 million
(30.09.2022: € 4.7 million), of which the Group has payables of €
0.9 million as at 30.09.2023 (30.09.2022: € 1.0 million) and
borrowings of € 3.0 million as at 30.09.2023 (30.09.2022: € 3.1
million).
Receivables and prepayments amounted to € 0.8
million as at 30.09.2023 (30.09.2022: € 1.3 million). Inventories
were € 1.0 million as of 30.09.2023 (30.09.2022: € 0.9 million).
Fixed assets were € 7.1 million as of 30.09.2023 (€ 6.7 million as
of 30.09.2022).
During 2023 9M, the Group’s cash flows from
operating activities totalled cash inflow of € 472 thousand (2022
9M: cash inflow € 617 thousand). Cash outflows due to investment
activities was € 215 thousand during 9M 2023, consisting of
investments into production assets (9M 2022: cash outflow € 93
thousand). Cash outflows due to financing activities was € 213
thousand during 9M 2023 (9M 2023: cash outflow € 111 thousand). Net
cash effect during 9M 2023 showed cash inflows of € 44 thousand,
(2022 9M: cash inflows € 413 thousand).
OUTLOOK
Nordic Fibreboard Ltd
The overall demand picture continues to be
challenging, and the short-term outlook remains uncertain due to
headwinds coming from macro factors, such as increasing interest
rates, global economic uncertainty, and the ongoing wars in Ukraine
and in Israel. All have led to a construction/renovation market
slowdown and a lack of confidence among end users of building
materials, including the use of 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 has been completed, with the intention of converting the
property into a private residential property.
Financial highlights
|
€ thousand |
|
|
|
|
|
Income statement |
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
Revenue |
1,786 |
2,791 |
6,392 |
9,043 |
|
EBITDA |
238 |
193 |
334 |
1,071 |
|
EBITDA margin |
13% |
7% |
5% |
12% |
|
Operating profit |
116 |
68 |
(33) |
699 |
|
Operating margin |
6% |
2% |
(1%) |
8% |
|
Net profit |
37 |
117 |
(567) |
848 |
|
Net margin |
2% |
4% |
(9%) |
9% |
| |
|
|
|
|
|
Statement of financial position |
30.09.2023 |
31.12.2022 |
30.09.2022 |
31.12.2021 |
|
Total assets |
8,897 |
9,408 |
9,389 |
8,063 |
|
Return on assets |
(6%) |
13% |
9% |
15% |
|
Equity |
4,517 |
5,084 |
4,698 |
3,850 |
|
Return on equity |
(13%) |
24% |
18% |
31% |
|
Debt-to-total assets ratio |
49% |
46% |
50% |
52% |
| |
|
|
|
|
|
Share |
30.09.2023 |
31.12.2022 |
30.09.2022 |
31.12.2021 |
|
Last Price* |
1.00 |
1.60 |
1.74 |
1.95 |
|
Earnings per share |
(0.04) |
0.27 |
0.18 |
0.27 |
|
Price-earnings ratio |
(24.78) |
5.83 |
9.54 |
7.30 |
|
Book value of a share |
1.00 |
1.13 |
1.04 |
0.86 |
|
Market to book ratio |
1.00 |
1.42 |
1.67 |
2.28 |
|
Market capitalization, € thousand |
4,499 |
7,198 |
7,828 |
8,773 |
|
Number of shares, piece |
4,499,061 |
4,499,061 |
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-total 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
shares*http://www.nasdaqbaltic.com/
CONSOLIDATED STATEMENT OF FINANCIAL
POSITIONS
|
€ thousand |
30.09.2023 |
31.12.2022 |
30.09.2022 |
|
Cash and cash equivalents |
46 |
2 |
470 |
|
Receivables and prepayments (Note 2) |
776 |
559 |
1 345 |
|
Inventories (Note 3) |
971 |
1 672 |
874 |
|
Total current assets |
1,793 |
2,233 |
2,689 |
|
|
|
|
|
|
Investment property (Note 4) |
1,859 |
1,859 |
1,156 |
| Financial
assets at fair value through profit or loss (Note 7) |
674 |
644 |
787 |
|
Property, plant and equipment (Note 5) |
4,570 |
4,670 |
4,755 |
|
Intangible assets (Note 6) |
1 |
2 |
2 |
|
Total non-current assets |
7,104 |
7,175 |
6,700 |
|
|
|
|
|
|
TOTAL ASSETS |
8,897 |
9,408 |
9,389 |
|
|
|
|
|
|
Borrowings (Note 8) |
318 |
290 |
38 |
|
Payables and prepayments (Note 9) |
1,109 |
1,014 |
1,410 |
|
Short-term provisions (Note 10) |
3 |
18 |
4 |
|
Total current liabilities |
1,430 |
1,322 |
1,452 |
|
|
|
|
|
|
Long-term borrowings (Note 8) |
2,684 |
2,875 |
3,094 |
|
Long-term payables and prepayments (Note 9) |
139 |
0 |
0 |
|
Long-term provisions (Note 10) |
127 |
127 |
145 |
|
Total non-current liabilities |
2,950 |
3,002 |
3,239 |
|
Total liabilities |
4,380 |
4,323 |
4,691 |
|
|
|
|
|
|
Share capital (at nominal value) (Note 11) |
450 |
450 |
450 |
|
Statutory reserve capital |
45 |
45 |
45 |
|
Retained earnings (loss) |
4,022 |
4,589 |
4,203 |
|
Total equity |
4,517 |
5,084 |
4,698 |
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
8,897 |
9,408 |
9,389 |
*The notes to the financial statements presented
on pages 14 to 25 are an integral part of these consolidated
financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
|
€ thousand |
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
Revenue (Note 13) |
1,786 |
2,791 |
6,392 |
9,043 |
|
Cost of goods sold (Note 14) |
1,433 |
2,387 |
5,497 |
7,134 |
|
Gross profit |
353 |
404 |
895 |
1,909 |
|
|
|
|
|
|
|
Distribution costs (Note 15) |
133 |
278 |
536 |
919 |
|
Administrative expenses (Note 16) |
100 |
90 |
374 |
315 |
|
Other operating income (Note 18) |
0 |
33 |
0 |
33 |
|
Other operating expenses (Note 18) |
4 |
1 |
18 |
9 |
|
Operating profit (loss) |
116 |
68 |
(33) |
699 |
|
|
|
|
|
|
|
Extraordinary expenses |
0 |
0 |
406 |
0 |
|
Finance income (Note 19) |
0 |
79 |
74 |
248 |
|
Finance costs (Note 19) |
79 |
30 |
202 |
99 |
|
Profit (loss) before income tax |
37 |
117 |
(567) |
848 |
|
|
|
|
|
|
|
Net profit (loss) for the period |
37 |
117 |
(567) |
848 |
|
|
|
|
|
|
|
Basic earnings per share (Note 12) |
0.01 |
0.03 |
(0.13) |
0.19 |
|
Diluted earnings per share (Note 12) |
0.01 |
0.03 |
(0.13) |
0.19 |
*The notes to the financial statements presented
on pages 14 to 25 are an integral part of these consolidated
financial statements.
Aigar KallasChairman of the BoardPhone: +372
5281299aigar.kallas@nordicfibreboard.com
- NORDIC FIBREBOARD AS_Interim Report Q3 2023
Skano Group As (LSE:0GWU)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Skano Group As (LSE:0GWU)
Gráfica de Acción Histórica
De May 2023 a May 2024
