Nordic Fibreboard AS Audited Annual Report 2023
April 30 2024 - 9:22AM
UK Regulatory
Nordic Fibreboard AS Audited Annual Report 2023
The Supervisory Board of Nordic Fibreboard AS approved on30th of
April 2024 the audited annual report for the year 2023. The
supervisory board decided to present the annual report and profit
allocation proposal as prepared by the management for the approval
of the general meeting of shareholders.
OVERVIEW OF OPERATING RESULTS
Consolidated net sales for 2023 were € 7.71
million, which is a decrease of 30% compared to 2022 sales of €
11.07 million. The sales revenue from the production of fibreboard
was € 7.66 million in 2023 (2022: € 11.04 million). ). The main
reason behind the decrease in sales revenue compared to 2022 was
termination of deliveries to a major customer in Denmark and along
with global economic uncertainty affecting both end-users and
industrial-oriented business customers. The sales revenue in 2023
from real estate management was € 47 thousand (2022: € 39
thousand).
The consolidated EBITDA of Nordic Fibreboard AS for 2023 was €
0.58 million (2022: € 1.73 million). EBITDA margin was 8% in 2023,
down 8 percentage points from 2022 (2022: 16%). The 2023 EBITDA
does not include extraordinary other operating expenses but
includes a one-time income of € 404 thousand from the revaluation
of the real estate investment in Pärnu Riverside Development OÜ and
Nordic Fibreboard Ltd OÜ (In 2022, income from revaluation of real
estate investment was 697 thousand euros in Pärnu Riverside
Development OÜ). However, the Group’s gross margin fell from 23%
for full year 2022 to 18% for full year 2023, the main reason for
the decline in the gross margin was a significant increase in the
prices of the company`s input costs and a decrease in sales
volumes.
The consolidated net loss of Nordic Fibreboard AS for 2023 was €
0.68 million (2022: net profit € 1.23 million). The net loss of
2023 included the loss from the revaluation of the shares of Trigon
Property Development AS (TPD) owned by Nordic Fibreboard Ltd in the
amount of € 153 thousand, the net profit of 2022 included € 129
thousand of dividends from the shares of Trigon Property
Development AS.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITIONS
|
€ thousand |
31.12.2023 |
31.12.2022 |
|
Cash and cash equivalents |
7 |
2 |
|
Receivables and prepayments (Note 5) |
534 |
559 |
|
Inventories (Note 6) |
728 |
1,672 |
|
Total current assets |
1,269 |
2,233 |
|
|
|
|
|
Investment property (Note 7) |
2,269 |
1,859 |
|
Financial assets at fair value through profit or loss (Note 9) |
491 |
644 |
|
Property, plant and equipment (Note 8) |
4,475 |
4,670 |
|
Intangible assets (Note 8) |
1 |
2 |
|
Total non-current assets |
7,236 |
7,175 |
|
|
|
|
|
TOTAL ASSETS |
8,505 |
9,408 |
|
|
|
|
|
Borrowings (Notes 10) |
556 |
290 |
|
Payables and prepayments (Notes 11) |
756 |
1,014 |
|
Short-term provisions (Note 12) |
21 |
18 |
|
Total current liabilities |
1,333 |
1,322 |
|
|
|
|
|
Long-term borrowings (Notes 10) |
2,659 |
2,875 |
|
Long-term provisions (Note 12) |
111 |
127 |
|
Total non-current liabilities |
2,770 |
3,002 |
|
Total liabilities |
4,103 |
4,324 |
|
|
|
|
|
Share capital (at nominal value) (Note 13) |
450 |
450 |
|
Statutory reserve capital |
45 |
45 |
|
Retained earnings |
3,907 |
4,589 |
|
Total equity |
4,402 |
5,084 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
8,505 |
9,408
|
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMREHENSIVE INCOME
|
€ thousand |
2023 |
2022 |
|
Revenue (Note 22) |
7,704 |
11,074 |
|
Cost of goods sold (Note 15) |
6,810 |
9,024 |
|
Gross profit |
894 |
2,050 |
|
|
|
|
|
Distribution costs (Note 16) |
673 |
1,112 |
|
Administrative expenses (Note 17) |
514 |
424 |
|
Other operating income (Note 19) |
404 |
730 |
|
Other operating expenses (Note 20) |
427 |
9 |
|
Operating profit (loss) |
(316) |
1,235 |
|
|
|
|
|
Finance income (Note 21) |
0 |
129 |
|
Finance costs (Note 21) |
366 |
130 |
|
Profit (loss) before income tax |
(682) |
1,234 |
|
|
|
|
|
NET PROFIT (LOSS) FOR THE FINANCIAL YEAR |
(682) |
1,234 |
|
|
|
|
|
Basic earnings per share (Note 14) |
(0.15) |
0.27 |
|
Diluted earnings per share (Note 14) |
(0.15) |
0.27 |
A copy of Nordic Fibreboard AS audited annual report for 2023 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.
Enel Äkke
Member of the Management Board
Phone: + 372 55 525550
E-mail: enel.akke@nordicfibreboard.com
- Nordic Fibreboard AS consolidated Annual Report 2023_ENG
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