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

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Nordic Fibreboard AS consolidated Annual Report 2023_ENG