Quarterly Report • Nov 22, 2021
Quarterly Report
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| Beginning of the Interim Report Period: | 1.07.2021 |
|---|---|
| End of the Interim Report Period: | 30.09.2021 |
| Beginning of the financial year: | 1.01.2021 |
| End of the financial year: | 31.12.2021 |
| Business name: | Nordic Fibreboard AS |
| Registry code: | 11421437 |
| Address: | Suur-Jõe 48, Pärnu 80042, Estonia |
| Telephone: | +372 44 78 323 |
| E-mail: | [email protected] |
| Homepage: | www.nordicfibreboard.com |
| Auditor: | AS PricewaterhouseCoopers |
| Main activity: | Production and sales of fibreboards |
| COMPANY PROFILE 3 | |
|---|---|
| MANAGEMENT REPORT 4 | |
| DECLARATION OF THE MANAGEMENT BOARD 9 | |
| INTERIM FINANCIAL STATEMENTS 10 | |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS 10 | |
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 11 | |
| CONSOLIDATED STATEMENT OF CASH FLOWS 12 | |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 13 | |
| NOTES TO THE CONSOLIDATED INTERIM REPORT 14 | |
| NOTE 1 ACCOUNTING POLICIES AND MEASUREMENT BASES 14 | |
| NOTE 2 TRADE AND OTHER RECEIVABLES 14 | |
| NOTE 3 INVENTORIES 15 | |
| NOTE 4 INVESTMENT PROPERTY 15 | |
| NOTE 5 PROPERTY PLANT EQUIPMENT AND RIGHT-OF-USE ASSETS 16 | |
| NOTE 6 INTANGIBLE ASSETS 17 | |
| NOTE 7 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 17 | |
| NOTE 8 BORROWINGS 17 | |
| NOTE 9 TRADE AND OTHER PAYABLES 19 | |
| NOTE 10 PROVISIONS 19 | |
| NOTE 11 EQUITY 19 | |
| NOTE 12 EARNINGS PER SHARE 21 | |
| NOTE 13 SEGMENTS 21 | |
| NOTE 14 COST OF GOODS SOLD 23 | |
| NOTE 15 DISTRIBUTION COSTS 23 | |
| NOTE 16 ADMINISTRATIVE AND GENERAL EXPENSES 23 | |
| NOTE 17 LABOUR EXPENSES 24 | |
| NOTE 18 OTHER OPERATING INCOME AND EXPENSES 24 | |
| NOTE 19 FINANCIAL INCOME AND EXPENSES 24 | |
| NOTE 20 RELATED PARTIES 24 | |
| NOTE 21 EVENTS AFTER BALANCE SHEET DATE 25 |
Nordic Fibreboard AS main activity is production and sale of building materials. Nordic Fibreboard AS is a holding company with subsidiaries Nordic Fibreboard Ltd OÜ, Pärnu Riverside Development OÜ (was established by the demerger of subsidiary in 2019) and Skano Furniture OÜ, herewith in turn Nordic Fibreboard Ltd OÜ owns a subsidiary Suomen Tuulileijona OY.
The Group, as of 30.09.2021, therefore consists of the following companies, all 100% owned:
| Subsidiary | Location | Activity |
|---|---|---|
| Nordic Fibreboard Ltd OÜ | Estonia | Production and sales |
| Suomen Tuulileijona OY | Finland | Marketing |
| Pärnu Riverside Development OÜ | Estonia | Rental and property development |
| Skano Furniture OÜ | Estonia | Retail (operations ended) |
Nordic Fibreboard Ltd OÜ produces and distributes softboard products for use in many different applications, the main categories being within construction (insulation, soundproofing, and interior finishing panels for walls and ceilings) and industry (packaging, door cores, expansion joint filler, pin and notice boards, acoustic reduction, cake boards, firelighters). Suomen Tuulileijona OY is the marketing company of Nordic's Fibreboard products in Finland.
Pärnu Riverside Development OÜ owns and manages real estate located at Suur-Jõe street in Pärnu, the Company provides rental service to local companies.
Skano Furniture OÜ is a retail company, whose activity was the sale of home furnishing furniture. The company finished its activities on 31.01.2020, when it closed the last two furniture showrooms. Skano Furniture OÜ subsidiary Skano LT UAB was liquidated on 17.03.2021 and at the time of submitting the report, Skano Furniture OÜ is also in liquidation.
The principal markets of the company are the Nordic, Russia and Baltic region. Nordic Fibreboard`s customers and partners are well recognized parties within their field of expertise, and value long-term relations with Nordic Fibreboard.
The shares of Nordic Fibreboard AS are listed on the Nasdaq Tallinn Stock Exchange secondary list.
As at 30.09.2021 the Group employed 93 people (30.09.2020: 99 employees).
Consolidated net sales for Q3 2021 were € 2.33 million (Q3 2020: € 2.51 million), of which fibreboard sales accounted for € 2.27 million and real estate management for € 0.06 million. Fibreboard sales for Q3 2021 decreased with 8% compared to Q3 2020, the main reason being less production output due to longer maintenance period in Q3 2021. We had 2 week maintenance stop in Q3 2021, which we did not have in Q3 2020. Real estate management sales for Q3 2021 increased with 81% compared to Q3 2020 due to more rental tenants occupation in our property in Suur-Jõe 48, Pärnu. There was no sales revenue from furniture retail in both the Q3 2021 and the Q3 2020, the furniture retail company is in process of being liquidated at the time of publishing this report.
Group EBITDA for Q3 2021 was € 356 thousand (Q3 2020: € 366 thousand), of which the fibreboard division EBITDA was € 344 thousand (Q3 2020: € 370 thousand) and real estate management EBITDA of € 11 thousand (Q3 2020: € 1 thousand).
Group profit for Q3 2021, after depreciation and interest cost from group loans, was € 202 thousand (Q3 2020: € 179 thousand).
Group net profit for Q3 2021, after recording a loss of € 129 thousand from the revaluation of the Group's shareholding in the Nasdaq listed real estate company Trigon Property Development AS ("TPD"), was € 73 thousand (Q3 2020: € 183 thousand, including a revaluation profit from the TPD shares of € 4 thousand). The financial impact for the first 9 months of 2021 from the group's shareholding in TPD shows financial income of € 354 thousand from the revaluation profit of the TPD shares.
| € thousand | € thousand | |||
|---|---|---|---|---|
| Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | |
| Fibreboards production and sales | 2,270 | 2,477 | 7,539 | 7,994 |
| Real Estate Management | 65 | 36 | 218 | 148 |
| Furniture retail | 0 | 0 | 0 | 55 |
| Group transactions | 0 | 0 | 0 | (0) |
| TOTAL | 2,334 | 2,512 | 7,757 | 8,197 |
| € thousand | € thousand | |||
|---|---|---|---|---|
| Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | |
| EBITDA by business units: | ||||
| Fibreboards production and sales | 344 | 370 | 1,337 | 458 |
| Real Estate Management | 11 | 1 | 10 | (2) |
| Furniture retail | 0 | (0) | 474 | (39) |
| Group transactions | 1 | (5) | (479) | (13) |
| TOTAL EBITDA | 356 | 366 | 1,341 | 403 |
| Depreciation | (123) | (135) | (380) | (422) |
| TOTAL OPERATING PROFIT/ LOSS | 232 | 231 | 962 | (19) |
| Net financial income/ costs | (159)* | (49) | 267* | (139) |
| NET PROFIT/ LOSS | 73 | 183 | 1,229 | (158) |
* Includes financial cost of € 129 thousand in Q3 of 2021 and financial income € 354 thousand in the first 9 months of 2021, received from the revaluation of the shareholding owned by the group in the real estate development company Trigon Property Development AS.
The regional demand for construction materials, including the fibreboards produced in our Pärnu factory, has been very steady during Q3 2021. This resulted in our factory running at full capacity utilisation, and also had the effect of extending the delivery times for our products.
Fibreboard sales in Q3 2021 was € 2.27 million, a decrease of 8% from Q3 2020. The decline was only due to us having longer maintenance period during Q3 2021 than was the case in Q3 2020. Sales in our key north European markets remained steady while sales fell to customers elsewhere, this being due to us having to prioritise the orders from our local markets.
| € thousand | € thousand | |||
|---|---|---|---|---|
| Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | |
| European Union | 1,980 | 2,003 | 6,233 | 6,693 |
| Russia | 269 | 360 | 1,083 | 934 |
| Asia | 0 | 62 | 124 | 140 |
| Middle East | 13 | 10 | 13 | 55 |
| Africa | 0 | 8 | 46 | 96 |
| Other | 8 | 32 | 40 | 77 |
| TOTAL | 2,270 | 2,477 | 7,539 | 7,994 |
Pärnu Riverside Development owns the property located at Suur-Jõe 48 in Pärnu. The property has some rental tenants and rental income from real estate management, including the resale of utilities, was € 65 thousand in Q3 2021, (Q3 2020: € 36 thousand). The reason for the increase in sales revenue was the addition of tenants to the commercial space.
The real estate management EBITDA for Q3 2021 were positive € 11 thousand (Q3 2020: positive € 1 thousand). The real estate management net profit for Q3 2021 was € 11 thousand (Q3 2020: net profit € 1 thousand).
Skano Furniture finished its activities on 31.01.2020, when it closed the last two furniture showrooms, thus the retail sale of furniture did not have any sales revenue in Q3 2021 and in Q3 2020.
Skano Furniture OÜ is in the process of being liquidation at the time of publishing the reports.
As of 30.09.2021 the total assets of Nordic Fibreboard AS were € 8.3 million (30.09.2020: € 7.8 million). The liabilities of the company as of 30.09.2021 were € 4.4 million (30.09.2020: € 6.3 million), of which the Group has payables of € 0.6 million as at 30.09.2021 (30.09.2020: € 1.2 million) and borrowings of € 3.3 million as at 30.09.2021 (30.09.2020: € 4.5 million).
Receivables and prepayments amounted to € 1.1 million as at 30.09.2021 (30.09.2020: € 1.0 million). Inventories were € 0.4 million as of 30.09.2021 (30.09.2020: € 0.4 million). Fixed assets were € 6.6 million as of 30.09.2021 (€ 6.3 million as of 30.09.2020).
During 2020 9M, the group's cash flows from operating activities totalled cash inflow of € 512 thousand (2020 9M: cash inflow € 115 thousand). Investment activities resulted in cash outflows in amount of € 243 thousand during 2021 9M, compared to outflows in amount € 39 thousand during 9M 2020. Financing activities also resulted in cash outflows of € 91 thousand during 9M 2021 (2020 9M: cash
outflow € 79 thousand). Net cash effect during 2021 9M showed cash inflows of € 178 thousand, (2020 9M: cash outflows € 3 thousand).
Demand for fibreboards continue to be strong, reflecting the growth in the building material market, as well as the growing awareness of the green credentials of soft density fibreboards, as produced by Nordic Fibreboard Ltd.
Management is working on preparing the Pärnu based factory's boiler house to meet the new emission requirements coming into force in 2024.
Preparations is also being undertaken in upgrading the company's second factory, located in Püssi, so that the factory's technical capabilities is adequate for possible restarting of the factory. The factory's main energy source is gas, and the current high gas prices is therefore making it untenable to consider restarting this factory in the near future.
Management is considering the future of its real estate development subsidiary Pärnu Riverside Development, and has entered into an agreement with a brokerage firm whereby possible disposal of this subsidiary is being considered.
On the 30th of September 2021, the Group employed 93 people (compared to 99 people as of 30.09.2020). The average number of personnel in Q3 2021 was 90 (Q3 2020: the average number of personnel was 94).
For nine months of 2021, wages and salaries with taxes amounted to € 1.5 million (nine months 2020: € 1.6 million). Payments made to management board members of all group companies including all subsidiaries with relevant taxes were € 166 thousand during 9M 2021 and € 158 thousand during 9M 2020.
| € thousand | ||||
|---|---|---|---|---|
| Income statement | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
| Revenue | 2,334 | 2,512 | 7,757 | 8,197 |
| EBITDA | 356 | 366 | 1,341 | 403 |
| EBITDA margin | 15% | 15% | 17% | 5% |
| Operating profit | 232 | 231 | 962 | (19) |
| Operating margin | 10% | 9% | 12% | (0%) |
| Net profit | 73 | 183 | 1,229 | (158) |
| Net margin | 3% | 7% | 16% | (2%) |
| Statement of financial position | 30.09.2021 | 31.12.2020 | 30.09.2020 | 31.12.2019 |
| Total assets | 8,301 | 7,650 | 7,753 | 9,045 |
| Return on assets | 15% | 14% | (2%) | (12%) |
| Equity | 3,878 | 2,648 | 1,414 | 1,542 |
| Return on equity | 32% | 41% | (11%) | (73%) |
| Debt-to-equity ratio | 53% | 65% | 82% | 83% |
| Share | 30.09.2021 | 31.12.2020 | 30.09.2020 | 31.12.2019 |
| Last Price* | 2.20 | 0.45 | 0.40 | 0.41 |
| Earnings per share | 0.55 | 0.24 | (0.05) | (0.31) |
| Price-earnings ratio | 4.02 | 1.89 | (7.79) | (1.32) |
| Book value of a share | 0.86 | 0.59 | 0.31 | 0.34 |
| Market to book ratio | 2.55 | 0.76 | 1.28 | 1.20 |
| Market capitalization, € thousand | 9,898 | 2,025 | 1,809 | 1,845 |
| Number of shares, piece | 4,499,061 | 4,499,061 | 4,499,061 | 4,499,061 |
EBITDA = Earnings before interest, taxes, depreciation and amortization EBITDA margin = EBITDA / Revenue Operating margin = Operating profit / Revenue Net margin = Net profit / Revenue Return on assets = Net profit / Total assets Return on equity = Net profit / Equity Debt-to-equity ratio = Liabilities / Total assets Earnings per share = Trailing twelve months (TTM) net profit / Total shares Price-earnings ratio = Last price / Earnings per share Book value of a share = Equity / Total shares Market to book ratio = Last price / Book value of a share Market capitalization = Last price * Total shares \*http://www.nasdaqbaltic.com/
Nordic Fibreboard AS's interest rate risk relates to changes in EURIBOR (Euro Interbank Offered Rate) since our loans are linked to EURIBOR. At 30.09.2021 six months' EURIBOR rate was (0.528)% and at 30.09.2020 six months' EURIBOR rate was (0.480)%. As EURIBOR is negative and the negative interest in the loan agreement is equal to zero, the continued negative rate of EURIBOR does not have interest expense reducing effect.
The dates for fixing interest rates on the basis of changes in EURIBOR are the 30th day of every six months for its bank loans.
The interest rate risk also depends on the overall economic situation in Estonia and in the eurozone. Nordic Fibreboard AS has a cash flow risk arising from the interest rate risk because its loans have a floating interest rate. Management believes that the cash flow risk is not significant, therefore no hedging instruments are used.
The foreign exchange risk is the risk that the company may have significant loss because of fluctuating foreign exchange rates. Nordic Fibreboard has no operations outside of the euro zone and most of our export-import contracts to customers outside of the eurozone are nominated in EUR. Raw materials for production purchased mainly in EUR.
The risk of the economic environment for the fibreboard division depends on general developments in the construction and industrial segments. Over the past year, the risk of a possible deterioration in the economic environment has been exacerbated by the COVID-19 pandemic. Europe is still in the throes of a coronavirus pandemic, the impact of the pandemic on the economy is multi-layered and its duration is quite difficult to assess.
The management estimates that the fair values of cash, accounts receivables and payables, short-term loans and borrowings do not materially differ from their carrying amounts. The fair values of long-term loans do not materially differ from their carrying amounts because their interest rates correspond to the interest rate risks prevailing on the market.
The liquidity risk is a potential loss arising from the existence of limited or insufficient financial resources that are necessary for performing the obligations related to the activities of the Group. The Management Board continuously monitors cash flow movements, using the existence and sufficiency of the Group's financial resources for performing the assumed obligations and financing the strategic objectives of the Group.
The Management Board has prepared the management report and the consolidated financial interim statements of Nordic Fibreboard AS for the third quarter 2021.
The Management Board confirms that the management report on pages 4-8 provides a true and fair view of the business operations, financial results and financial condition of the parent company and the entities included in consolidation.
The management board confirms that according to their best knowledge the consolidated financial interim report on pages 10-25 presents a fair view of the assets, liabilities, financial position and profit or loss of the issuer and the entities involved in the consolidation as a whole according to the International Financial Reporting Standards as they are adopted by the European Union and contains a description of the main risks.
Torfinn Losvik
Chairman of the Management Board ............................................
Pärnu, November 22, 2021
| € thousand | 30.09.2021 | 31.12.2020 | 30.09.2020 |
|---|---|---|---|
| Cash and cash equivalents | 204 | 26 | 4 |
| Receivables and prepayments (Note 2) | 1,118 | 794 | 1,008 |
| Inventories (Note 3) | 390 | 544 | 410 |
| Total current assets | 1,712 | 1,364 | 1,423 |
| Investment property (Note 4) | 1,139 | 1,134 | 1,126 |
| Available-for-sale financial assets (Note 7) | 805 | 451 | 418 |
| Property, plant and equipment (Note 5) | 4,642 | 4,695 | 4,777 |
| Intangible assets (Note 6) | 3 | 6 | 10 |
| Total non-current assets | 6,589 | 6,286 | 6,331 |
| TOTAL ASSETS | 8,301 | 7,650 | 7,753 |
| Borrowings (Notes 8) | 36 | 756 | 4,436 |
| Payables and prepayments (Notes 9) | 1,002 | 1,574 | 1,674 |
| Short-term provisions (Note 10) | 4 | 18 | 4 |
| Total current liabilities | 1,042 | 2,348 | 6,114 |
| Long-term borrowings (Notes 8) | 3,220 | 2,493 | 47 |
| Long-term provisions (Note 10) | 161 | 161 | 179 |
| Total non-current liabilities | 3,381 | 2,654 | 226 |
| Total liabilities | 4,424 | 5,002 | 6,340 |
| Share capital (at nominal value) (Note 11) | 450 | 450 | 450 |
| Other reserves | 0 | 0 | 114 |
| Retained earnings (loss) | 3,428 | 2,198 | 850 |
| Total equity | 3,878 | 2,648 | 1,414 |
| TOTAL LIABILITIES AND EQUITY | 8,301 | 7,650 | 7,753 |
*The notes to the financial statements presented on pages 14 to 25 are an integral part of these consolidated financial statements
| € thousand | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Revenue (Note 13) | 2,334 | 2,512 | 7,757 | 8,197 |
| Cost of goods sold (Note 14) | 1,721 | 1,892 | 5,451 | 6,508 |
| Gross profit | 613 | 620 | 2,306 | 1,689 |
| Distribution costs (Note 15) | 251 | 282 | 891 | 1,015 |
| Administrative expenses (Note 16) | 131 | 126 | 445 | 430 |
| Other operating income (Note 18) | 2 | 22 | 5 | 24 |
| Other operating expenses (Note 18) | 1 | 3 | 13 | 287 |
| Operating profit (loss) | 232 | 231 | 962 | (19) |
| Finance income (Note 19) | 0 | 4 | 354 | 21 |
| Finance costs (Note 19) | 159 | 52 | 87 | 160 |
| Profit (loss) before income tax | 73 | 183 | 1,229 | (158) |
| Net profit (loss) for the period | 73 | 183 | 1,229 | (158) |
| Basic earnings per share (Note 12) | 0.02 | 0.04 | 0.27 | (0.04) |
| Diluted earnings per share (Note 12) | 0.02 | 0.04 | 0.27 | (0.04) |
*The notes to the financial statements presented on pages 14 to 25 are an integral part of these consolidated financial statements.
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||
|---|---|---|---|
| € thousand | 9M 2021 | 9M 2020 | |
| Cash flows from operating activities | |||
| Operating profit (loss) | 962 | (19) | |
| Adjustments: | |||
| Depreciation charge (Notes 5;6) | 380 | 424 | |
| Profit/loss from disposal of fixed assets (Note 18) | (2) | (21) | |
| Currency translation differences | 0 | (1) | |
| Profit/loss from revaluation of financial assets (Notes 7) | 0 | (21) | |
| Non-monetary transactions: reserve for share option (Note 11) | 0 | 29 | |
| Change in trade and other receivables (Note 2) | (324) | 387 | |
| Change in inventories (Note 3) | 154 | 484 | |
| Change in trade and other payables (Note 9) | (572) | (991) | |
| Cash generated from operations | 598 | 271 | |
| Interest payments (Note 19) | (82) | (155) | |
| Net other financial income and expense | (4) | (1) | |
| Net cash generated from operating activities | 512 | 115 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment and intangible assets (Notes 5;6) | (240) | (58) | |
| Disposal of property, plant and equipment and intangible assets (Note 5;6) | 2 | 24 | |
| Purchase of investment property (Note 4) | (5) | (5) | |
| Net cash used in investing activities | (243) | (39) | |
| Cash flows from financing activities | |||
| Loans received (Note 8) | 1,200 | 0 | |
| Repayment of loans received (Note 8) | (1,242) | (4) | |
| Loans received from related parties (Note 8) | 503 | 475 | |
| Repayment of loans received from related parties (Note 8) | (503) | (495) | |
| Finance lease payments (Note 8) | (49) | (50) | |
| Change in overdraft (Note 8) | 0 | (5) | |
| Net cash (used in)/from financing activities | (91) | (79) | |
| NET CHANGE IN CASH | 178 | (3) | |
| OPENING BALANCE OF CASH | 26 | 7 | |
| CLOSING BALANCE OF CASH | 204 | 4 |
*The notes to the financial statements presented on pages 14 to 25 are an integral part of these consolidated financial statements.
| € thousand | Share capital |
Share premium |
Statutory reserve capital |
Other reserves |
Retained earnings |
Total |
|---|---|---|---|---|---|---|
| Balance at 31.12.2019 | 2,699 | 364 | 288 | 84 | (1,894) | 1,542 |
| Share options 9M 2020 | 0 | 0 | 0 | 29 | 0 | 29 |
| Other changes | 0 | (364) | (288) | 0 | 652 | 0 |
| Change in share capital | (2,250) | 0 | 0 | 0 | 2,250 | 0 |
| Net profit/loss for 9M 2020 | 0 | 0 | 0 | 0 | (158) | (158) |
| Other comprehensive income for 9M 2020 |
0 | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive profit/loss for 9M 2020 |
0 | 0 | 0 | 0 | (158) | (158) |
| Balance at 30.09.2020 | 450 | 0 | 0 | 114 | 850 | 1,414 |
| Balance at 31.12.2020 | 450 | 0 | 0 | 0 | 2,198 | 2,648 |
| Net profit/loss for 9M 2021 | 0 | 0 | 0 | 0 | 1,229 | 1,229 |
| Other comprehensive income for 9M 2021 |
0 | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive profit/loss for 9M 2021 |
0 | 0 | 0 | 0 | 1,229 | 1,229 |
| Balance at 30.09.2021 | 450 | 0 | 0 | 0 | 3,428 | 3,878 |
*The notes to the financial statements presented on pages 14 to 25 are an integral part of these consolidated financial statements.
Nordic Fibreboard AS (the Company) (registration number: 11421437; address: Suur-Jõe 48, Pärnu), is an entity registered in the Republic of Estonia. It operates in Estonia and through a subsidiary in Finland.
The Group's main activities are production and sale of softboard, and to a minor extent, the Group also handles real estate management.
Nordic Fibreboard AS was established on 19 September 2007 in the demerger of the former Skano Group AS, currently AS Trigon Property Development, as a result of which the manufacturing units, i.e. the building materials division and furniture division were spun off and transferred to the new entity.
The Group's shares were listed in the Main List of the Tallinn Stock Exchange until 2nd of April 2018, when the shares were moved from the Main List to the Secondary List. The Group`slargest shareholder is Pärnu Holdings OÜ (owning 57.63%), and its largest owners as of 30 September 2021 are OÜ Stetind (49.75%) and Joakim Johan Helenius (49.75%).
The Condensed Consolidated Interim Accounts of Nordic Fibreboard AS has been prepared in accordance with the International Financial Reporting Standard (IFRS) Interim Financial Reporting as adopted by the European Union. The same accounting policies were applied for both the Interim Report and the Consolidated Annual Report for the financial year that ended on 31.12.2020. The consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34: Interim Financial Reporting. The Condensed Interim Financial Statements do not contain all the information presented in the annual financial statements and should be read in conjunction with the Group`s latest published annual financial statements as at and for the year ended 31 December 2020.
The functional and presentation currency of Nordic Fibreboard AS is euro. All amounts disclosed in the financial statements have been rounded to the nearest thousand unless referred to otherwise.
According to the assessment of the Management Board Nordic Fibreboard AS is a going concern and the Interim Report for the 3nd quarter of 2021 gives a true and fair view of the financial position of Nordic Fibreboard AS and the results of its operations. This Condensed Consolidated Interim Report has not been audited or otherwise reviewed by auditors.
| € thousand | 30.09.2021 | 31.12.2020 | 30.09.2020 |
|---|---|---|---|
| Customer receivables | 973 | 677 | 921 |
| Prepaid taxes | 133 | 92 | 72 |
| Prepaid services | 12 | 17 | 8 |
| Other receivables | (0) | 9 | 6 |
| TOTAL | 1,118 | 795 | 1,008 |
| thousand € | 30.09.2021 | 31.12.2020 | 30.09.2020 |
|---|---|---|---|
| Not past due | 952 | 650 | 848 |
| incl receivables from customers who also have receivables past due |
404 | 75 | 393 |
| incl receivables from customers who have no receivables past due |
548 | 575 | 455 |
| Past due but not impaired | 21 | 27 | 73 |
| Overdue up to 90 days | 21 | 20 | 55 |
| Overdue more than 90 days | 0 | 7 | 19 |
| TOTAL | 973 | 677 | 921 |
| € thousand | 30.09.2021 | 31.12.2020 | 30.09.2020 |
|---|---|---|---|
| Raw materials and other materials | 175 | 181 | 135 |
| Work-in-progress | 116 | 91 | 80 |
| Finished goods | 44 | 264 | 220 |
| Prepayments to suppliers | 95 | 48 | 18 |
| Write-off reserve for inventories | (40) | (41) | (42) |
| TOTAL | 390 | 544 | 410 |
| thousand € | |||
|---|---|---|---|
| Carrying amount 31.12.2019 | 1,121 | ||
| Capitalized cost | 5 | ||
| Carrying amount 30.09.2020 | 1,126 | ||
| Carrying amount 31.12.2020 | 1,134 | ||
| Capitalized cost | 5 | ||
| Carrying amount 30.09.2021 | 1,139 |
| 31.12.2019 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 951 Share of registered immovable property at Rääma Street 31, Pärnu 170 30.09.2020 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 956 Share of registered immovable property at Rääma Street 31, Pärnu 170 31.12.2020 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 959 Share of registered immovable property at Rääma Street 31, Pärnu 175 30.09.2021 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 964 Share of registered immovable property at Rääma Street 31, Pärnu 175 |
thousand € |
|---|---|
The investment properties consist of the real estate owned by Pärnu Riverside OÜ in Pärnu, Suur-Jõe street 48 and the part of the real estate owned by Nordic Fibreboard Ltd OÜ, Rääma street 31.
Costs of maintenance for 9M 2021 were € 187 thousand and € 150 thousand in 9M 2020. Rental income from investment properties, including utilities, for 9M 2021 was € 218 thousand and € 148 thousand in 9M 2020. Acquisitions of investment property during 2020 and 2021 are related to expenses of Suur-Jõe 48, Pärnu detail plan.
| thousand € | Land | Buildings and facilities |
Machinery Other and fixtures equipment |
Construc tion-in progress |
Right-of use asset |
TOTAL | |
|---|---|---|---|---|---|---|---|
| Cost at 31.12.2019 | 191 | 2,573 | 10,773 | 95 | 70 | 267 | 13,969 |
| Accumulated depreciation at 31.12.2019 |
0 | (1,649) | (6,938) | (91) | 0 | (79) | (8,757) |
| Carrying amount at 31.12.2019 | 191 | 924 | 3,835 | 4 | 70 | 188 | 5,212 |
| Additions | 0 | 0 | 25 | 0 | 32 | 0 | 58 |
| Reclassification | 0 | 0 | 80 | 0 | (80) | 0 | 0 |
| Disposals and write-offs (Note 18) | 0 | (15) | (9) | (2) | 0 | (137) | (162) |
| Accumulated depreciation of fixed assets written off |
0 | 14 | 8 | 2 | 0 | 60 | 84 |
| Depreciation (Notes 14;15;16) | 0 | (62) | (300) | (1) | 0 | (51) | (414) |
| Cost at 30.09.2020 | 191 | 2,559 | 10,870 | 93 | 23 | 130 | 13,864 |
| Accumulated depreciation at 30.09.2020 |
0 | (1,698) | (7,230) | (90) | 0 | (69) | (9,087) |
| Carrying amount at 30.09.2020 | 191 | 861 | 3,639 | 3 | 23 | 60 | 4,777 |
| Cost at 31.12.2020 | 191 | 2,541 | 10,747 | 89 | 31 | 130 | 13,728 |
| Accumulated depreciation at 31.12.2020 |
0 | (1,701) | (7,165) | (87) | 0 | (81) | (9,034) |
| Carrying amount at 31.12.2020 | 191 | 840 | 3,582 | 3 | 31 | 49 | 4,694 |
| Additions | 0 | 0 | 37 | 0 | 200 | 104 | 341 |
| Disposals and write-offs (Note 18) | 0 | 0 | (29) | 0 | 0 | (120) | (148) |
| Accumulated depreciation of fixed assets written off |
0 | 0 | 29 | 0 | 0 | 100 | 129 |
| Depreciation (Notes 14;15;16) | 0 | (59) | (279) | (1) | 0 | (36) | (374) |
| Cost at 30.09.2021 | 191 | 2,541 | 10,755 | 89 | 231 | 114 | 13,921 |
| Accumulated depreciation at 30.09.2021 |
0 | (1,760) | (7,415) | (88) | 0 | (16) | (9,279) |
| Carrying amount at 30.09.2021 | 191 | 781 | 3,340 | 1 | 231 | 98 | 4,642 |
| thousand € | Computer software |
|---|---|
| Cost at 31.12.2019 | 88 |
| Accumulated amortisation at 31.12.2019 | (69) |
| Carrying amount 31.12.2019 | 19 |
| Amortisation charge (Notes 14;15;16) | (9) |
| Cost at 30.09.2020 | 88 |
| Accumulated amortisation at 30.09.2020 | (78) |
| Carrying amount 30.09.2020 | 10 |
| Cost at 31.12.2020 | 77 |
| Accumulated amortisation at 31.12.2020 | (71) |
| Carrying amount 31.12.2021 | 6 |
| Additions 9M 2021 | 3 |
| Amortisation charge (Notes 15;16;17) | (6) |
| Cost at 30.09.2021 | 80 |
| Accumulated amortisation at 30.09.2021 | (77) |
| Carrying amount 30.09.2021 | 3 |
| thousand € | 30.09.2020 | Change 9M 2020 | 31.12.2019 | 31.12.2018 |
|---|---|---|---|---|
| Non-current assets | ||||
| Listed securities - Equity securities - cost as at | 410 | 0 | 410 | 410 |
| Revaluation | 395 | 354 | 41 | (13) |
| Fair value as at | 805 | 354 | 451 | 397 |
*Financial assets at fair value through profit or loss (i.e. Trigon Property Development shares) have been revaluated to reflect fair value based on last price as at 30.09.2021 as shown on Nasdaq Tallinn Stock Exchange.
In the second quarter of 2021, Nordic Fibreboard AS and its subsidiary Nordic Fibreboard Ltd entered into loan agreements with Coop Bank for the full refinancing of Swedbank AS Group loan. The loan provided by Coop Bank AS has a duration of 5 years with 10 year amortisation schedule, and carry an interest rate of 4.5% per annum. There is also an overdraft agreement with Coop Bank AS in the second quarter of 2021 with a limit of € 200 thousand.
The loan agreements set special conditions according to which the total debt/EBITDA ratio of Nordic Fibreboard Ltd OÜ may be a maximum of 4.0 during term of the loan agreement and the debt-service coverage ratio DSCR would be at least 1.3 in each measurement period and the capital expenditures are capped at € 500 thousand for year 2021. Nordic Fibreboard Ltd OÜ must also ensure that the share of net assets in the total amount of assets is at least 30% during the term of the agreement.
| thousand € | Interest rate | 30.09.2021 | 31.12.2020 | 30.09.2020 |
|---|---|---|---|---|
| Current borrowings | ||||
| Current portion of long-term loan (Swedbank) |
6 month EURIBOR+5% | 0 | 717 | 4,086 |
| Current portion of long-term loan (Coop Bank) |
6 month EURIBOR+4.5% | 24 | 0 | 0 |
| Current portion of long-term lease liability |
6 month EURIBOR+margin 2,49% | 12 | 39 | 14 |
| Bank overdrafts (Swedbank) | 5% | 0 | 0 | 335 |
| Total | 37 | 756 | 4,436 | |
| Non-current borrowings | ||||
| Non-current loans (Swedbank) | 6 month EURIBOR+5% | 0 | 483 | 0 |
| Non-current loans (Coop Bank) | 6 month EURIBOR+4.5% | 1,134 | 0 | 0 |
| Non-current loans (MES) | Until 30.12.2022 2%, later 4% | 2,000 | 2,000 | 0 |
| Non-current lease liability | 6 month EURIBOR+margin 2,49% | 86 | 10 | 47 |
| Total | 3,220 | 2,493 | 47 | |
| Total borrowings | 3,256 | 3,249 | 4,483 |
| Changes in liabilities arising from financing activities thousand € |
31.12.2020 | Cash flows |
Non monetary settlements |
Interest accrued |
Interest paid |
Reclassif ication |
30.09.2021 |
|---|---|---|---|---|---|---|---|
| Current portion of long-term loan (Swedbank) |
717 | (717) | 0 | 23 | (23) | 0 | 0 |
| Current portion of long-term loan (Coop Bank) |
0 | 1,158 | 0 | 29 | (29) | (1,134) | 24 |
| Current portion of long-term lease liability |
39 | (49) | 22 | (1) | 1 | 0 | 12 |
| Bank overdrafts (Coop Bank) | 0 | 0 | 0 | 1 | (1) | 0 | 0 |
| Non-current loans (Swedbank) | 483 | (483) | 0 | 0 | 0 | 0 | 0 |
| Non-current loans (Coop Bank) | 0 | 0 | 0 | 0 | 0 | 1,134 | 1,134 |
| Non-current loans (MES) | 2,000 | 0 | 0 | 30 | (30) | 0 | 2,000 |
| Non-current lease liability | 10 | 0 | 76 | 0 | 0 | 0 | 86 |
| Total liabilities from financing activities |
3,249 | (91) | 98 | 82 | (82) | 0 | 3,256 |
| Changes in liabilities arising from financing activities thousand € |
31.12.2019 | Cash flows |
Non monetary settlements |
Interest accrued |
Interest paid |
Reclassif ication |
30.09.2020 |
|---|---|---|---|---|---|---|---|
| Current portion of long-term loan (Swedbank) |
4,090 | (4) | 0 | 142 | (142) | 0 | 4,086 |
| Current portion of long-term lease liability |
97 | (50) | (32) | 1 | (1) | 0 | 14 |
| Short term loan from related parties |
20 | (20) | 0 | 0 | 0 | 0 | 0 |
| Bank overdrafts (Swedbank) | 340 | (5) | 0 | 12 | (12) | 0 | 335 |
| Non-current loans (Swedbank) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-current lease liability | 92 | 0 | (45) | 0 | 0 | 0 | 47 |
| Total liabilities from financing activities |
4,639 | (79) | (78) | 155 | (155) | 0 | 4,483 |
| thousand € | 30.09.2021 | 31.12.2020 | 30.09.2020 |
|---|---|---|---|
| Trade payables | 610 | 1,110 | 1,225 |
| Payables to employees | 135 | 138 | 149 |
| incl. accrued holiday pay reserve | 33 | 33 | 36 |
| Tax liabilities | 122 | 128 | 186 |
| incl. social security and unemployment insurance | 78 | 82 | 133 |
| personal income tax | 34 | 35 | 40 |
| contribution to mandatory funded pension | 2 | 3 | 3 |
| value added tax | 1 | 0 | 0 |
| other taxes | 7 | 8 | 9 |
| Prepayments received | 71 | 162 | 43 |
| Other payables | 64 | 36 | 72 |
| TOTAL | 1,002 | 1,574 | 1,674 |
| thousand € | |
|---|---|
| Balance at 31.12.2019 | 199 |
| incl. current portion of provision | 20 |
| incl. non-current portion of provision | 179 |
| Movements 2020 9M: | |
| Use of provision | (18) |
| Interest cost (Note 19) | 2 |
| Balance at 30.09.2020 | 183 |
| incl. current portion of provision | 4 |
| incl. non-current portion of provision | 179 |
| Balance at 31.12.2020 | 179 |
|---|---|
| incl. current portion of provision | 18 |
| incl. non-current portion of provision | 161 |
| Movements 2021 9M: | |
| Use of provision | (18) |
| Interest cost (Note 19) | 5 |
| Balance at 30.09.2021 | 165 |
| incl. current portion of provision | 4 |
| incl. non-current portion of provision | 161 |
Provisions are made in relation to the compensations for loss of working capacity of former employees after work accidents. The total amount of the provision has been estimated considering the number of persons receiving the compensation, extent of their disability, their former level of salary, level of pension payments and estimations of the remaining period of payments.
| Nominal value | Number of shares | Share capital | |
|---|---|---|---|
| € | pcs | thousand € | |
| Balance at 30.09.2021 | 0.10 | 4,499,061 | 450 |
| Balance at 31.12.2020 | 0.10 | 4,499,061 | 450 |
| Balance at 30.09.2020 | 0.10 | 4,499,061 | 450 |
| Balance at 31.12.2019 | 0.60 | 4,499,061 | 2,699 |
As of 30.09.2021 the share capital of Nordic Fibreboard AS totalled 449,906.10 euros which consisted of 4,449,061 no par value registered shares with a book value of 0.10 euros per share. Each ordinary share grants its owner one vote in the General Meeting of Shareholders and the right to receive dividends. The minimum share capital outlined in the Articles of Association is 250,000 euros and the maximum share capital is 1,000,000 euros.
As at 30.09.2021 the Group had 991 shareholders (30.09.2020: 463 shareholders) of which with more than 5% ownership interest were:
• Pärnu Holdings OÜ with 2,592,775 shares or 57.63% (30.09.2020: 2,682,192 shares or 59.62%)
• Gamma Holding Investment OÜ with 606,784 shares or 13.49% (30.09.2020: 358,300 shares or 7.96%)
The number of Nordic Fibreboard AS shares owned by the members of the Management Board and Supervisory Board of Nordic Fibreboard AS was as follows:
Both Joakim Johan Helenius and Torfinn Losvik have indirect ownership through parent company Pärnu Holdings OÜ. Torfinn Losvik owns shares through Stetind OÜ in the amount of 44,206 shares (2020 44,206 shares).
Until 31.12.2020, Torfinn Losvik had a share option agreement for a total of 300,000 share options, such share option agreement was signed 11 October 2017. Strike price was higher (€ 0.506) compared to the market price (€ 0.45 as of 31.12.2020) and the option agreement was not used, thus the option reserve was released and accounted in retained earnings.
Diluted earnings (loss) per share is calculated based on the net profit (loss) and the number of shares plus contingent shares corresponding with the Group`s option program started from 2017. Nordic Fibreboard's share price on average has been lower than the exercise price of options granted to Torfinn Losvik. The share options where valid until 31.12.2020 with strike price of € 0.506. Since the Strike price was higher compared to the market price the option agreement was not used, thus the option reserve was released and accounted in retained earnings.
The share of Nordic Fibreboard AS has been listed on Tallinn Stock Exchange starting from 25.09.2007.
| 30.09.2021 | 31.12.2020 | 31.12.2019 | |
|---|---|---|---|
| Net profit (-loss) (in thousands of euros) | 1,229 | 1,074 | (1,398) |
| Weighted average number of shares (th pc) | 4,499 | 4,499 | 4,499 |
| Basic earnings per share | 0.27 | 0.24 | (0.31) |
| Weighted average number of shares used for calculating the diluted earnings per shares (units) |
4,499 | 4,499 | 4,630 |
| Diluted earnings per share | 0.27 | 0.24 | (0.30) |
| Last price of the share of Nordic Fibreboard AS on Tallinn Stock Exchange |
2.20 | 0.45 | 0.41 |
| Weighted average number of shares used as the denominator (units) |
|||
| Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share (th pc) |
4,499 | 4,499 | 4,499 |
| Adjustments for calculation of diluted earnings per share: | |||
| Share options (2017 program) | 0 | 0 | 131 |
| Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share (th pc) |
4,499 | 4,499 | 4,630 |
Operating segments have been determined based on the reports reviewed by the Management Board that are used to make strategic decision. The Management Board considers the current business based on the types of products and services as follows:
The Management Board assesses the performance of operating segments based on operating profit and EBITDA as a primary measure. As a secondary measure, the Management Board also reviews net revenue.
All amounts provided to the Management Board are measured in a manner consistent with that of the financial statements. Inter-segment sales are carried out at arm's length.
| 9 months 2021 thousand € |
Fibreboard manufacturing and wholesale |
Real Estate Management |
Furniture retail sale |
Group's general expenses and eliminations |
SEGMENTS TOTAL |
|---|---|---|---|---|---|
| Revenue from external customers | 7,539 | 218 | 0 | 0 | 7,757 |
| Inter-segment revenue | 0 | 0 | 0 | 0 | 0 |
| Operating profit/-loss | 958 | 10 | 474 | (480) | 962 |
| Amortisation/ depreciation* (Notes 5; 6) |
379 | 0 | 0 | 1 | 380 |
| Segment assets | 7,435 | 998 | 1 | (133) | 8,301 |
| Non-current assets of the segment* (Note 4; 5; 6; 7) |
5,624 | 964 | 0 | 1 | 6,589 |
| Segment liabilities | 4,251 | 23 | 0 | 149 | 4,423 |
| Additions to non-current assets* (Note 4; 5; 6) |
344 | 5 | 0 | 0 | 349 |
| Interest expenses (Note 19) | 83 | 0 | 0 | 7 | 87 |
| 9 months 2020 thousand € |
Fibreboard manufacturing and wholesale |
Real Estate Management |
Furniture retail sale |
Group's general expenses and eliminations |
SEGMENTS TOTAL |
|---|---|---|---|---|---|
| Revenue from external customers | 7,994 | 148 | 55 | 0 | 8,197 |
| Inter-segment revenue | 0 | 0 | 0 | (0) | 0 |
| Operating profit/-loss | 36 | (2) | (39) | (14) | (19) |
| Amortisation/ depreciation* (Notes 5; 6) |
422 | 0 | 0 | 0 | 422 |
| Segment assets | 6,862 | 995 | 8 | (112) | 7,753 |
| Non-current assets of the segment* (Note 4; 5; 6; 7) |
5,373 | 956 | 0 | 1 | 6,331 |
| Segment liabilities | 5,833 | 32 | 480 | (5) | 6,340 |
| Additions to non-current assets* (Note 4; 5; 6) |
58 | 5 | 0 | 0 | 63 |
| Interest expenses (Note 19) | 143 | 0 | 0 | 13 | 156 |
* Property, plant and equipment of the segment
| thousand € | 9M 2021 | 9M 2020 | ||||||
|---|---|---|---|---|---|---|---|---|
| Fibreboard manufac turing and wholesale |
Real Estate Manage ment |
Furniture retail sale |
SEGMENTS TOTAL |
Fibreboard manufac turing and wholesale |
Real Estate Manage ment |
Furniture retail sale |
SEGMENTS TOTAL |
|
| European Union |
6,233 | 218 | 0 | 6,451 | 6,693 | 148 | 55 | 6,897 |
| Russia | 1,083 | 0 | 0 | 1,083 | 934 | 0 | 0 | 934 |
| Asia | 124 | 0 | 0 | 124 | 140 | 0 | 0 | 140 |
| Africa | 46 | 0 | 0 | 46 | 96 | 0 | 0 | 96 |
| Middle East | 13 | 0 | 0 | 13 | 55 | 0 | 0 | 55 |
| Other | 40 | 0 | 0 | 40 | 77 | 0 | 0 | 77 |
| Grand Total | 7,539 | 218 | 0 | 7,757 | 7,994 | 148 | 55 | 8,197 |
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Raw materials and main materials | 553 | 677 | 1,875 | 2,123 |
| Electricity and heat, water | 532 | 584 | 1,739 | 2,150 |
| Labour expenses (Note 17) | 389 | 405 | 1,145 | 1,244 |
| Depreciation (Note 5;6) | 123 | 135 | 379 | 421 |
| Purchased goods | 0 | 0 | 0 | 69 |
| Change in balances of finished goods and work in progress |
91 | 35 | 194 | 313 |
| Other expenses | 34 | 56 | 119 | 189 |
| TOTAL | 1,722 | 1,892 | 5,451 | 6,508 |
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Transportation expenses | 186 | 189 | 656 | 739 |
| Labour expenses (Note 17) | 44 | 43 | 131 | 145 |
| Commission fees | 19 | 47 | 83 | 110 |
| Marketing expense | 0 | 0 | 0 | 2 |
| Other expenses | 2 | 3 | 21 | 19 |
| TOTAL | 251 | 282 | 891 | 1,015 |
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Labour expenses (Note 17) | 54 | 63 | 160 | 193 |
| Purchased services | 66 | 53 | 246 | 200 |
| Office supplies | 2 | 1 | 8 | 7 |
| Depreciation (Note 5; 6) | 0 | 0 | 1 | 1 |
| Other expenses | 9 | 9 | 30 | 29 |
| TOTAL | 131 | 126 | 445 | 430 |
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Wages and salaries | 368 | 388 | 1 086 | 1 203 |
| Social security and unemployment insurance | 119 | 123 | 350 | 379 |
| Fringe benefits paid to employees | 3 | 3 | 11 | 11 |
| TOTAL | 490 | 513 | 1 447 | 1 593 |
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Compensation from insurance | 0 | (1) | 0 | 0 |
| Profit from sale of fixed assets | 2 | 21 | 2 | 21 |
| Other operating income | 0 | 2 | 3 | 3 |
| TOTAL | 2 | 22 | 5 | 24 |
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Reclamations | 0 | 0 | 1 | 19 |
| Commission and contract fees | 0 | 0 | 7 | 2 |
| Membership fees | 1 | 0 | 1 | 3 |
| Penalties paid | 0 | (1) | 4 | 71 |
| Loss from sales of fixed assets | 0 | 1 | 0 | 1 |
| Other costs | 0 | 3 | 0 | 192* |
| TOTAL | 1 | 3 | 13 | 287 |
* Other costs for 9M 2020 include extraordinary costs of Püssi factory closure € 187 thousand.
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Financial income: | ||||
| Revaluation of TPD shares | 0 | 4 | 354 | 21 |
| Total financial income | 0 | 4 | 354 | 21 |
| Financial cost: | ||||
| Interest expenses | 31 | 52 | 87 | 156 |
| including interest expenses related to provisions (Note 10) |
2 | 1 | 5 | 2 |
| Revaluation of TPD shares | 128 | 0 | 0 | 0 |
| Other finance cost | 0 | 0 | 0 | 4 |
| Total financial cost | 159 | 52 | 87 | 160 |
The following parties are considered to be related parties:
• Individuals with significant ownership unless these individuals lack the opportunity to exert significant influence over the business decisions of the Group.
As of 30 September 2021, the largest shareholder of Pärnu Holdings OÜ and the entities with significant influence over the Group are: Stetind OÜ (49.75%) and Joakim Johan Helenius (49.75%). The owner of Stetind OÜ is Torfinn Losvik.
BENEFITS (INCL. TAX EXPENSES) TO THE MEMBERS OF THE MANAGEMENT ALL CONSOLIDATION GROUP ENTITIES:
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Membership fees | 41 | 41 | 124 | 118 |
| Social tax | 14 | 14 | 42 | 40 |
| Total | 55 | 54 | 166 | 158 |
Benefits (incl. tax expenses) include payments of parent and subsidiary company Management Board and Supervisory Board fees paid within the period. The member of the Management Board of Nordic Fibreboard AS will receive severance pay to three months' remuneration according to the contract. No payments were made to members of Supervisory Board.
Nordic Fibreboard AS has sold goods and purchased mainly consultation services from related parties. Transactions with related parties are based on market terms.
| thousand € | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Sales | 0 | 9 | 0 | 9 |
| Purchased services | 4 | 4 | 12 | 13 |
| Total | 4 | 13 | 12 | 22 |
| thousand € | 30.09.2020 | 31.12.2020 | 30.09.2020 | 31.12.2019 |
|---|---|---|---|---|
| Purchased services | 1 | 17 | 11 | 0 |
| Short-term loan | 0 | 0 | 0 | 20 |
| Short-term loan interest | 0 | 1 | 0 | 0 |
| Total | 1 | 18 | 11 | 20 |
Management is considering the future of its real estate subsidiary Pärnu Riverside Development, and has accordingly entered into an agreement with a brokerage whereby possible disposal of this subsidiary is being considered.
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