Nordic Fibreboard

Annual Report • Apr 19, 2022

Company Nordic Fibreboard AS

Type Company Release

Category Annual financial report

Disclosure time 19 Apr 2022 15:18:10 +0300

Attachments:

• NORDIC FIBREBOARD AS Annual Report 2021_pdf.pdf (http://oam.fi.ee/en/download?id=6348)
• Nordic Fibreboard AS 2021 konsolideeritud_ESEF_est.zip (http://oam.fi.ee/en/download?id=6349)
• NORDIC FIBREBOARD AS Majandusaasta aruanne 2021.pdf (http://oam.fi.ee/en/download?id=6350)

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Title

Nordic Fibreboard AS Audited Annual Report 2021

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 EUR 10.10 million (2020: EUR 10.27 million). Fibreboard sales for year 2021 were EUR 9.84 million, a 2% decrease from year 2020 sales of EUR 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 EUR 254 thousand (2020: EUR 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 EUR 56 thousand, which was received from the closing down sales of warehouses.

The consolidated EBITDA of Nordic Fibreboard AS for 2021 was EUR 1 555 thousand (2020: EUR 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 EUR 187 thousand and the demolition costs the old unused office building in the area of Rääma Street 31 in Pärnu in the amount

of EUR 38 thousand.

The consolidated net profit of Nordic Fibreboard AS for 2021 was EUR 1.20 million (2020: EUR 1.07 million), of which EUR 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 EUR 53 thousand).

Consolidated statement of financial position

EUR 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

EUR thousand	2021 2020
-------------
Revenue (Note 22)	10,096 10,269
Cost of goods sold (Note 15)	7,294 2	8,099
Gross profit	2,802	2,170
-------------------------
Distribution costs (Note 16) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	1,168	1,283
Administrative expenses (Note 17)	265	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 (EUR) (Note 14)		0.27 0.24
-------------------------------------------+--------+-------- Diluted earnings per share (EUR) (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/financialreports/annual-reports (https://www.globenewswire.com/Tracker?data=ogSG3LLebLnHvMLIdKxvNFHr2_FbUg_PYBDmzyZQpfwiH5SuChsDL6zH_64ts6ps0ozVcXKw72xmvYmgV1XFKnTaeTAu _CHfsAy1jw70OZosf3wUBIbcUdZFvAFOOegH-mEIGrvZCcdR2VQ5HKBCCvSKwzkWm-Dw67MBkeoRIhZMjv6oUFwHTv-

uHLTO8l6R5gWNvpQqFV7ZCnPd2dTGk6Yq7H4i2De7O_P2rmIFxyxk4S7Dd1o7Cn_43dkDeYM))

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