The attached pdf file has been corrected in the notice. The attached English report file has been replaced by an Estonian report file.
Supervisory Board of Nordic Fibreboard AS approved the company's audited annual report for 2022.
OVERVIEW OF OPERATING RESULTS
Consolidated net sales for 2022 were € 11.07 million, which is an increase of 10% compared to 2021 sales of € 10.10 million. The sales revenue from the production of fibreboard was € 11.04 million in 2022 (2021: € 9.84 million). The reason for such sales increase is due to increased sales of fibreboards in our key markets such as Finland, Denmark, Estonia and Latvia. The increase is a combination of price and volume dependent on the Market. The sales revenue in 2022 from real estate management was € 39 thousand (2021: € 254 thousand), the decrease in sales revenue of the real estate management was caused by the loss of the largest tenant at the end of 2021, who occupied the old production halls of the territory. The Group does not foresee to rent the old production halls again.
The consolidated EBITDA of Nordic Fibreboard AS for 2022 was € 1.73 million (2021: € 1.56 million). EBITDA margin was 16% in 2022 and remained at a similar level compared to 2021 (2021: 15%). The 2022 EBITDA includes a one-time income of € 697 thousand from the revaluation of the real estate investment in Pärnu Riverside Development OÜ. However, the Group’s gross margin fell from 33% for full year 2021 to becoming 23% for full year 2022, the main reason for the decrease in the gross margin was the substantial increase in pricing of woodchips, the company`s main input costs.
The consolidated net profit of Nordic Fibreboard AS for 2022 was € 1.23 million (2021: € 1.20 million). In 2022, the net profit included dividends of € 129 thousand from shares owned by Nordic Fibreboard Ltd in the real estate company Trigon Property Development AS (TPD). In 2021 the net profit included profit from the revaluation of TPD shares in the amount € 265 thousand.
Consolidated statement of financial position
| € thousand | 31.12.2022 | 31.12.2021 |
| Cash and cash equivalents | 2 | 57 |
| Receivables and prepayments (Note 5) | 559 | 902 |
| Inventories (Note 6) | 1,672 | 390 |
| Total current assets | 2,233 | 1,349 |
| Investment property (Note 7) | 1,859 | 1,152 |
| Financial assets at fair value through profit or loss (Note 9) | 644 | 644 |
| Property, plant and equipment (Note 8) | 4,670 | 4,915 |
| Intangible assets (Note 8) | 2 | 3 |
| Total non-current assets | 7,175 | 6,714 |
| TOTAL ASSETS | 9,408 | 8,063 |
| Borrowings (Notes 10) | 290 | 146 |
| Payables and prepayments (Notes 11) | 1,014 | 829 |
| Short-term provisions (Note 12) | 18 | 19 |
| Total current liabilities | 1,322 | 994 |
| Long-term borrowings (Notes 10) | 2,875 | 3,074 |
| Long-term provisions (Note 12) | 127 | 145 |
| Total non-current liabilities | 3,002 | 3,219 |
| Total liabilities | 4,324 | 4,213 |
| Share capital (at nominal value) (Note 13) | 450 | 450 |
| Statutory reserve capital | 45 | 0 |
| Retained earnings (loss) | 4,589 | 3,400 |
| Total equity | 5,084 | 3,850 |
| TOTAL LIABILITIES AND EQUITY | 9,408 | 8,063 |
Consolidated statement of profit or loss and other comprehensive income
| € thousand | 2022 | 2021 |
| Revenue (Note 22) | 11,074 | 10,096 |
| Cost of goods sold (Note 15) | 9,024 | 7,294 |
| Gross profit | 2,050 | 2,802 |
| Distribution costs (Note 16) | 1,112 | 1,168 |
| Administrative expenses (Note 17) | 424 | 565 |
| Other operating income (Note 19) | 730 | 5 |
| Other operating expenses (Note 20) | 9 | 15 |
| Operating profit | 1,235 | 1,059 |
| Finance income (Note 21) | 129 | 265 |
| Finance costs (Note 21) | 130 | 122 |
| PROFIT BEFORE INCOME TAX | 1,234 | 1,202 |
| NET PROFIT FOR THE FINANCIAL YEAR | 1,234 | 1,202 |
| Basic earnings per share (Note 14) | 0.27 | 0.27 |
| Diluted earnings per share (Note 14) | 0.27 | 0.27 |
A copy of Nordic Fibreboard AS audited annual report for 2022 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.
Torfinn Losvik
CEO & Chairman of the Management Board
Phone: + 372 56 99 09 88
E-mail: torfinn.losvik@nordicfibreboard.com
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