Nordic Fibreboard

Annual Report • Apr 30, 2024

Company Nordic Fibreboard AS

Type Company Release

Category Annual financial report

Disclosure time 30 Apr 2024 16:22:33 +0300

Attachments:

• Nordic Fibreboard AS consolidated Annual Report 2023_ENG.pdf (http://oam.fi.ee/en/download?id=8387)
• Nordic Fibreboard AS konsolideeritud majandusaasta aruanne 2023_EST.pdf (http://oam.fi.ee/en/download?id=8388)
• Nordic Fibreboard ESEF konsolideeritud majandusaasta aruanne 2023 est.zip (http://oam.fi.ee/en/download?id=8389)

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Title

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 EUR 7.71 million, which is a decrease of 30% compared to 2022 sales of EUR 11.07 million. The sales revenue from the production of fibreboard was EUR 7.66 million in 2023 (2022: EUR 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 EUR 47 thousand (2022: EUR 39 thousand).

The consolidated EBITDA of Nordic Fibreboard AS for 2023 was EUR 0.58 million (2022: EUR 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 EUR 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.

Finantsinspektsioon http://www.fi.ee

The consolidated net loss of Nordic Fibreboard AS for 2023 was EUR 0.68 million (2022: net profit EUR 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 EUR 153 thousand, the net profit of 2022 included EUR 129 thousand of dividends from the shares of Trigon Property Development AS.

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS

EUR 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
---------------------------------------------------------+----------+----------

Finantsinspektsioon http://www.fi.ee

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
				9,408
TOTAL LIABILITIES AND EQUITY			8,505
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMREHENSIVE INCOME
EUR 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

Finantsinspektsioon http://www.fi.ee

-------------------------------------------+--------+--------
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/annualreports (https://www.globenewswire.com/Tracker?data=U0yi7xiinAm-N1fVcxHujZH6UQVWaTPL9fKoSVovP13TVdsrle-Ssjqt-

SE4FJZkYCilOC0fgxtSHXlpYXPkwdTYWdec66pKv0EfqaymjEGIhLYeHumn-LxnN-

XgPc_FlPIQnTU_m_OlHSn1oxLR_XzvBksZi6_rW56IBi2JLtSjKToNqzJMcrj73JR76WoVz7pufTaDIN XQkS2NQedWtPgkoU-HLQq6MhBxgNIEYRwGlD1ryddVhIQRZGD-u2HG)).

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

Finantsinspektsioon http://www.fi.ee