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
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