UK markets closed
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • FTSE 250

    19,835.95
    +146.93 (+0.75%)
     
  • AIM

    956.64
    +9.47 (+1.00%)
     
  • GBP/EUR

    1.1816
    +0.0034 (+0.29%)
     
  • GBP/USD

    1.2470
    -0.0005 (-0.04%)
     
  • BTC-GBP

    23,170.64
    -1,039.50 (-4.29%)
     
  • CMC Crypto 200

    643.81
    -29.57 (-4.39%)
     
  • S&P 500

    3,819.32
    -81.47 (-2.09%)
     
  • DOW

    30,699.22
    -553.91 (-1.77%)
     
  • CRUDE OIL

    112.25
    +0.04 (+0.04%)
     
  • GOLD FUTURES

    1,839.70
    -1.50 (-0.08%)
     
  • NIKKEI 225

    26,739.03
    +336.19 (+1.27%)
     
  • HANG SENG

    20,717.24
    +596.56 (+2.96%)
     
  • DAX

    13,981.91
    +99.61 (+0.72%)
     
  • CAC 40

    6,285.24
    +12.53 (+0.20%)
     

Nordic Fibreboard AS Audited Annual Report 2021

  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Nordic Fibreboard AS
Nordic Fibreboard AS

On 18 April 2022, the Supervisory Board of Nordic Fibreboard AS approved the company's audited annual report for 2021.

OVERVIEW OF OPERATING RESULTS

Consolidated net sales for 2021 were € 10.10 million (2020: € 10.27 million). Fibreboard sales for year 2021 were € 9.84 million, a 2% decrease from year 2020 sales of € 10.00 million. Main reason for such decline was due to the closure of the Püssi fibreboard factory in March 2020 triggered by the COVID-19 pandemic, as a result of which production volume decreased.

The sales revenue in 2021 from real estate management was € 254 thousand (2020: € 212 thousand), the increase in sales revenue was due to the addition of tenant to the production facilities. There was no sales from the furniture retail in 2021, as the company ceased its active economic activity already on 31.01.2020. In 2020 the sales revenue was € 56 thousand, which was received from the closing down sales of warehouses.

The consolidated EBITDA of Nordic Fibreboard AS for 2021 was € 1 555 thousand (2020: € 540 thousand). The main reasons for the improvement in EBITDA were the increase in the gross margin and lower other operating expenses on fibreboard. Nordic fibreboard AS gross margin in 2021 was 33%, which was 6% higher than in the previous year (2020: gross margin 27%). Gross margin improvement was due to higher capacity utilisation caused by focusing on fewer product thicknesses, which allowed for longer production runs for each produced thickness, which let to improved production profitability. In addition, other operating expenses in 2020 included one-off expenses, such as the closure costs of the Püssi fibreboard factory in the amount of € 187 thousand and the demolition costs the old unused office building in the area of Rääma Street 31 in Pärnu in the amount of € 38 thousand.

The consolidated net profit of Nordic Fibreboard AS for 2021 was € 1.20 million (2020: € 1.07 million), of which € 265 thousand was the profit from the revaluation of shares of the real estate company Trigon Property Development AS (TPD) listed on the Tallinn Stock Exchange (2020: profit on revaluation of TPD shares € 53 thousand).

Consolidated statement of financial position

€ thousand

31.12.2021

31.12.2020

Cash and cash equivalents

57

26

Receivables and prepayments (Note 5)

902

794

Inventories (Note 6)

390

544

Total current assets

1,349

1,364

Investment property (Note 7)

1,152

1,134

Financial assets at fair value through profit or loss (Note 9)

644

451

Property, plant and equipment (Note 8)

4,915

4,695

Intangible assets (Note 8)

3

6

Total non-current assets

6,714

6,286

TOTAL ASSETS

8,063

7,650

Borrowings (Notes 10)

146

756

Payables and prepayments (Notes 11)

829

1,574

Short-term provisions (Note 12)

19

18

Total current liabilities

994

2,348

Long-term borrowings (Notes 10)

3,074

2,493

Long-term provisions (Note 12)

145

161

Total non-current liabilities

3,219

2,654

Total liabilities

4,213

5,002

Share capital (at nominal value) (Note 13)

450

450

Retained earnings (loss)

3,400

2,198

Total equity

3,850

2,648

TOTAL LIABILITIES AND EQUITY

8,063

7,650

Consolidated statement of profit or loss and other comprehensive income

€ thousand

2021

2020

Revenue (Note 22)

10,096

10,269

Cost of goods sold (Note 15)

7,294

8,099

Gross profit

2,802

2,170

Distribution costs (Note 16)

1,168

1,283

Administrative expenses (Note 17)

565

605

Other operating income (Note 19)

5

42

Other operating expenses (Note 20)

15

342

Operating profit (loss)

1,059

(19)

Finance income (Note 21)

265

1,291

Finance costs (Note 21)

122

199

LOSS BEFORE INCOME TAX

1,202

1,074

NET PROFIT FOR THE FINANCIAL YEAR

1,202

1,074

Basic earnings per share (€) (Note 14)

0.27

0.24

Diluted earnings per share (€) (Note 14)

0.27

0.24

The audited annual report of Nordic Fibreboard AS for 2021 is attached to the stock exchange announcement and is published on the websites of NASDAQ Tallinn and Nordic Fibreboard (https://group.nordicfibreboard.com/en/investor/financial-reports/annual-reports)

Torfinn Losvik
CEO & Chairman of the Management Board
Phone: + 372 56 99 09 88
E-mail: torfinn.losvik@nordicfibreboard.com

Attachment


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting