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Unaudited monetary outcomes of Nordic Fibreboard AS for the third quarter of 2022


Nordic Fibreboard AS

MANAGEMENT REPORT

Consolidated internet gross sales for Q3 2022 have been € 2.79 million (Q3 2021: € 2.33 million). The principle enterprise space is the manufacturing and wholesale of fibreboard, which recorded gross sales in Q3 2022 of € 2.78 million, a rise of 23% in comparison with Q3 2021. The remaining enterprise space is actual property administration of the property owned in Suur-Jõe avenue in Pärnu, who recorded gross sales of € 9 thousand in Q3 2022 (Q3 2021: 65 thousand).

The explanation for the rise in gross sales income in Q3 2022 for Nordic Fibreboard Ltd was the continued robust demand for constructing supplies within the building sector, as mirrored in each quantity development and worth will increase. That being stated, in the direction of the tip of Q3 2022 we began to see a discount in prospects orders, reflecting the softening of enterprise confidence on account of unfavourable macro components, comparable to rising rates of interest, power disaster, and better meals costs. Because of these sentiments, Nordic Fibreboard is saying the layoff of 8 manufacturing employees and is subsequently lowering manufacturing capability to maintain up with the decline in demand.

The consolidated EBITDA of Nordic Fibreboard for Q3 2022 was € 193 thousand, the EBITDA margin was 7% (Q3 2022: EBITDA was € 356 thousand and the EBITDA margin was 15%).  In comparison with the Q3 2021 the Group`s gross margin decreased from 32% to 19% within the Q3 2022. The principle purpose for this discount in profitability was as a result of sharp enhance in uncooked materials prices, ie woodchips and power, skilled throughout Q3 2022, which greater than offset our worth will increase.

Whole monetary earnings of € 49 thousand was recorded in Q3 2022, which include the revenue from the revaluation of Trigon Property Growth (TPD) shares within the quantity of € 79 thousand and the curiosity expense of mortgage obligations within the quantity of € 30 thousand. In Q3 2021, the monetary price was € 159 thousand, which consisted of the lack of € 128 thousand from the revaluation of TPD shares and the curiosity expense of mortgage obligations within the quantity of € 31 thousand.

Group`s consolidated internet revenue for Q3 2022 was € 117 thousand (Q3 2021: revenue € 73 thousand).

DIVISIONAL REVIEW

Income by enterprise segments

 

€ thousand

€ thousand

 

Q3 2022

Q3 2021

9M 2022

9M 2021

Fibreboards manufacturing and gross sales

2,782

2,270

9,015

7,539

Actual Property Administration

9

65

28

218

TOTAL

2,791

2,334

9,043

7,757

Revenue by enterprise segments

 

€ thousand

€ thousand

 

Q3 2022

Q3 2021

9M 2022

9M 2021

EBITDA by enterprise models:

 

 

 

 

Fibreboards manufacturing and gross sales

201

344

1,114

1,337

Actual Property Administration

(6)

11

(18)

10

Group transactions

(2)

1

(25)

(5)

TOTAL EBITDA

193

356

1,071

1,341

Depreciation

(125)

(123)

(372)

(380)

TOTAL OPERATING PROFIT

68

232

699

962

Web monetary earnings/ prices

49

(159)

149*

267**

NET PROFIT

117

73

848

1,229

* Consists of monetary earnings of € 143 thousand within the first 9 months of 2022, obtained from the revaluation of the shareholding owned by the group in the true property growth firm Trigon Property Growth AS, and the dividends obtained from these (TPD) shares within the quantity of € 105 thousand.
** Consists of monetary monetary earnings of € 354 thousand within the first 9 months of 2021 from the revaluation of TPD shares..

NORDIC FIBREBOARD LTD: Fibreboard manufacturing and gross sales

Fibreboard gross sales in Q3 2022 have been € 2.78 million (Q3 2021: € 2.27 million). Along with demand for building supplies remaining robust, the rise in gross sales income was additionally influenced by the value will increase carried out throughout Q2 2022. The worth enhance was inevitable, as there was a steady enhance within the worth of uncooked supplies and power all through 2022. Regardless of the decline in Estonian industrial manufacturing within the Q3 2022, the fibreboard order quantity remained secure all through the Q3 2022, which exhibits the power of native north European markets.

The most important gross sales development in Q3 2022, in comparison with Q3 2021, was mirrored within the markets of Finland, Denmark and Latvia. Gross sales to Russia led to Could 2022 as a result of sanctions imposed on account of Russia’s struggle on Ukraine.

The working profitability, ie EBITDA, of the fibreboard actions in Q3 2022 was € 201 thousand, a lower of 42% in comparison with the identical interval final yr. This being attributable to elevated price costs for woodchips, our foremost uncooked materials, in addition to increased electrical energy costs throughout Q3 2022.

FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS

 

€ thousand

€ thousand

 

Q3 2022

Q3 2021

9M 2022

9M 2021

European Union

2,723

1,980

8,425

6,233

Center East

47

13

73

13

Russia

0

269

427

1,083

Asia

0

0

69

124

Africa

0

0

0

46

Different

12

8

21

40

TOTAL

2,782

2,270

9,015

7,539

PÄRNU RIVERSIDE DEVELOPMENT: Actual property administration

Pärnu Riverside Growth owns the property positioned at Suur-Jõe 48 in Pärnu. The property has some rental tenants and rental earnings from actual property administration was € 9 thousand in Q3 2022, (Q3 2021: € 65 thousand). The explanation for the lower in gross sales income was attributable to the lack of the most important tenant on the finish of 2021.

The true property administration EBITDA for Q3 2022 have been unfavourable € 6 thousand and internet loss € 6 thousand (Q3 2021: EBITDA constructive € 11 thousand and internet revenue € 11 thousand).

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT

As of 30.09.2022 the whole property of Nordic Fibreboard AS have been € 9.4 million (30.09.2021: € 8.3 million). The liabilities of the corporate as of 30.09.2022 have been € 4.7 million (30.09.2021: € 4.4 million), of which the Group has payables of € 1.0 million as at 30.09.2022 (30.09.2021: € 0.6 million) and borrowings of € 3.1 million as at 30.09.2022 (30.09.2021: € 3.3 million).

Receivables and prepayments amounted to € 1.3 million as at 30.09.2022 (30.09.2021: € 1.1 million). Inventories have been € 0.9 million as of 30.09.2022 (30.09.2021: € 0.4 million). Fastened property have been € 6.7 million as of 30.09.2022 (€ 6.6 million as of 30.09.2021).

Throughout 2022 9M, the Group’s money flows from working actions totalled money influx of € 617 thousand (2021 9M: money influx € 512 thousand). Money outflows because of funding actions was € 93 thousand throughout 9M 2022, primarily consisting of investments into manufacturing property of € 194 thousand and dividend obtained from TPD shares of € 105 thousand (9M 2021: money outflow € 243 thousand). Money outflows because of financing actions was € 111 thousand throughout 9M 2022, consisting of loans repaid of € 76 thousand and finance lease funds of € 35 thousand (9M 2022: money outflow € 91 thousand). Web money impact throughout 9M 2021 confirmed money inflows of € 413 thousand, (2021 9M: money inflows € 178 thousand).

OUTLOOK

NORDIC FIBREBOARD LTD

Demand for fibreboards was stabile throughout Q3 2022, nonetheless we are actually experiencing a decline in buyer orders. Because of such drop in demand, we intend to cut back our manufacturing capability and lay off 8 manufacturing employees. It has been an ongoing rise within the worth of woodchips, our foremost enter materials, and at this stage the long run outlook for woodchip costs stay unclear. Demand for woodchips has risen on account of energy crops now utilizing extra biomass, and sale of wooden pellets have additionally elevated on account of elevated heating prices. The uncertainty this autumn of the route of the electrical energy market pressured us to lock in electrical energy costs for interval 1.1.2023 to 30.6.2024. We alleviated the influence of upper electrical energy costs in 2023, on account of the brand new fastened electrical energy contract, by rising our costs throughout This fall 2022.

PÄRNU RIVERSIDE DEVELOPMENT

We’ll proceed to handle and develop the property on Suur-Jõe Avenue 48, Pärnu. A element plan for the property is ongoing, with the intention of changing the property into a non-public residential property.

FINANCIAL HIGHLIGHTS

€ thousand

 

 

 

 

Earnings assertion

Q3 2022

Q3 2021

9M 2022

9M 2021

Income

2,791

2,334

9,043

7,757

EBITDA

193

356

1,071

1,341

EBITDA margin

7%

15%

12%

17%

Working revenue

68

232

699

962

Working margin

2%

10%

8%

12%

Web revenue

117

73

848

1,229

Web margin

4%

3%

9%

16%

 

 

 

 

 

Assertion of monetary place

30.09.2022

31.12.2021

30.09.2021

31.12.2020

Whole property

9,389

8,063

8,301

7,650

Return on property

9%

15%

15%

14%

Fairness

4,698

3,850

3,878

2,648

Return on fairness

18%

31%

32%

41%

Debt-to-equity ratio

50%

52%

53%

65%

 

 

 

 

 

Share

30.09.2022

31.12.2021

30.09.2021

31.12.2020

Final Value*

1.74

1.95

2.20

0.45

Earnings per share

0.18

0.27

0.55

0.24

Value-earnings ratio

9.54

7.30

4.02

1.89

E-book worth of a share

1,04

0.86

0.86

0.59

Market to guide ratio

1.67

2.28

2.55

0.76

Market capitalization, € thousand

7,828

8,773

9,898

2,025

Variety of shares, piece

4,499,061

4,499,061

4,499,061

4,499,061

EBITDA = Earnings earlier than curiosity, taxes, depreciation and amortization
EBITDA margin = EBITDA / Income
Working margin = Working revenue / Income
Web margin = Web revenue / Income
Return on property = Web revenue / Whole property
Return on fairness = Web revenue / Fairness
Debt-to-equity ratio = Liabilities / Whole property
Earnings per share = Trailing twelve months (TTM) internet revenue / Whole shares
Value-earnings ratio = Final worth / Earnings per share
E-book worth of a share = Fairness / Whole shares
Market to guide ratio = Final worth / E-book worth of a share
Market capitalization = Final worth * Whole shares
*http://www.nasdaqbaltic.com/

Consolidated assertion of monetary positions

€ thousand

30.09.2022

31.12.2021

30.09.2021

Money and money equivalents

470

57

204

Receivables and prepayments (Notice 2)

1,345

902

1,118

Inventories (Notice 3)

874

390

390

Whole present property

2,689

1,349

1,712

 

 

 

 

Funding property (Notice 4)

1,156

1,152

1,139

Out there-for-sale monetary property (Notice 7)

787

644

805

Property, plant and gear (Notice 5)

4,755

4,915

4,642

Intangible property (Notice 6)

2

3

3

Whole non-current property

6,700

6,714

6,589

 

 

 

 

TOTAL ASSETS

9,389

8,063

8,301

 

 

 

 

Borrowings (Notes 8)

38

146

36

Payables and prepayments (Notes 9)

1,410

829

1,002

Quick-term provisions (Notice 10)

4

19

4

Whole present liabilities

1,452

994

1,042

 

 

 

 

Lengthy-term borrowings (Notes 8)

3,094

3,074

3,220

Lengthy-term provisions (Notice 10)

145

145

161

Whole non-current liabilities

3,239

3,219

3,381

Whole liabilities

4,691

4,213

4,423

 

 

 

 

Share capital (at nominal worth) (Notice 11)

450

450

450

Statutory reserve capital

45

0

0

Retained earnings (loss)

4,203

3,400

3,428

Whole fairness

4,698

3,850

3,878

 

 

 

 

TOTAL LIABILITIES AND EQUITY

9,389

8,063

8,301

*The notes to the monetary statements introduced on pages 14 to 24 are an integral a part of these consolidated monetary statements

Consolidated assertion of revenue or loss and different complete earnings

€ thousand

Q3 2022

Q3 2021

9M 2022

9M 2021

Income (Notice 13)

2,791

2,334

9,043

7,757

Price of products bought (Notice 14)

2,387

1,721

7,134

5,451

Gross revenue

404

613

1,909

2,306

 

 

 

 

 

Distribution prices (Notice 15)

278

251

919

891

Administrative bills (Notice 16)

90

131

315

445

Different working earnings (Notice 18)

33

2

33

5

Different working bills (Notice 18)

1

1

9

13

Working revenue

68

232

699

962

 

 

 

 

 

Finance earnings (Notice 19)

79

0

248

354

Finance prices (Notice 19)

30

159

99

87

Revenue earlier than earnings tax

117

73

848

1,229

Company earnings tax

0

0

0

0

 

 

 

 

 

Web revenue for the interval

117

73

848

1,229

 

 

 

 

 

Fundamental earnings per share (Notice 12)

0.03

0.02

0.19

0.27

Diluted earnings per share (Notice 12)

0.03

0.02

0.19

0.27

*The notes to the monetary statements introduced on pages 14 to 24 are an integral a part of these consolidated monetary statements.

TORFINN LOSVIK
Chairman of the board
Telephone: +372 56 99 0988
torfinn.losvik@nordicfibreboard.com

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