Quarterly Report • Nov 22, 2022
Quarterly Report
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| Beginning of the Interim Report Period: | 1.07.2022 |
|---|---|
| End of the Interim Report Period: | 30.09.2022 |
| Beginning of the financial year: | 1.01.2022 |
| End of the financial year: | 31.12.2022 |
| Business name: | Nordic Fibreboard AS |
| Registry code: | 11421437 |
| Address: | Rääma 31, Pärnu 80044, 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 156 | |
| 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 20 | |
| NOTE 12 EARNINGS PER SHARE 20 | |
| NOTE 13 SEGMENTS 21 | |
| NOTE 14 COST OF GOODS SOLD 22 | |
| NOTE 15 DISTRIBUTION COSTS 22 | |
| NOTE 16 ADMINISTRATIVE AND GENERAL EXPENSES 23 | |
| NOTE 17 LABOUR EXPENSES 23 | |
| NOTE 18 OTHER OPERATING INCOME AND EXPENSES 23 | |
| NOTE 19 FINANCIAL INCOME AND EXPENSES 23 | |
| NOTE 20 RELATED PARTIES 24 | |
| NOTE 21 EVENTS AFTER BALANCE SHEET DATE 24 |
Nordic Fibreboard AS main activity is production and wholesale of building materials. In addition it owns a real estate company with one real estate project ongoing in Pärnu, Estonia. Nordic Fibreboard AS is a holding company with subsidiaries Nordic Fibreboard Ltd OÜ, Pärnu Riverside Development OÜ and Skano Furniture OÜ (this subsidiary has had no activities for the last couple of years and is now undergoing a liquidation process). Nordic Fibreboard Ltd OÜ owned a subsidiary Suomen Tuulileijona OY, which was liquidated on 06.06.2022.
The Group, as of 30.09.2022, therefore consists of the following companies, all 100% owned:
| Subsidiary | Location | Activity |
|---|---|---|
| Nordic Fibreboard Ltd OÜ | Estonia | Production and sales |
| 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).
Pärnu Riverside Development OÜ owns and manages real estate located at Suur-Jõe street 48 in Pärnu, the company provides rental service to local companies.
The principal markets of the company are the Nordic 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 30.09.2022 the Group employed 88 people (30.09.2021: 93 employees).
Consolidated net sales for Q3 2022 were € 2.79 million (Q3 2021: € 2.33 million). The main business area is the production and wholesale of fibreboard, which recorded sales in Q3 2022 of € 2.78 million, an increase of 23% compared to Q3 2021. The remaining business area is real estate management of the property owned in Suur-Jõe street in Pärnu, who recorded sales of € 9 thousand in Q3 2022 (Q3 2021: 65 thousand).
The reason for the increase in sales revenue in Q3 2022 for Nordic Fibreboard Ltd was the ongoing strong demand for building materials in the construction sector, as reflected in both volume growth and price increases. That being said, towards the end of Q3 2022 we started to see a reduction in customers orders, reflecting the softening of business confidence as a result of negative macro factors, such as increasing interest rates, energy crisis, and higher food prices. As a result of these sentiments, Nordic Fibreboard is announcing the layoff of 8 production workers and is therefore reducing production capacity to keep up with the decline in demand.
The consolidated EBITDA of Nordic Fibreboard for Q3 2022 was € 193 thousand, the EBITDA margin was 7% (Q3 2022: EBITDA was € 356 thousand and the EBITDA margin was 15%). Compared to the Q3 2021 the Group`s gross margin decreased from 32% to 19% in the Q3 2022. The main reason for this reduction in profitability was due to the sharp increase in raw material costs, ie woodchips and energy, experienced during Q3 2022, which more than offset our price increases.
Total financial income of € 49 thousand was recorded in Q3 2022, which consist of the profit from the revaluation of Trigon Property Development (TPD) shares in the amount of € 79 thousand and the interest expense of loan obligations in the amount of € 30 thousand. In Q3 2021, the financial cost was € 159 thousand, which consisted of the loss of € 128 thousand from the revaluation of TPD shares and the interest expense of loan obligations in the amount of € 31 thousand.
Group`s consolidated net profit for Q3 2022 was € 117 thousand (Q3 2021: profit € 73 thousand).
| € thousand | € thousand | |||
|---|---|---|---|---|
| Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 | |
| Fibreboards production and sales | 2,782 | 2,270 | 9,015 | 7,539 |
| Real Estate Management | 9 | 65 | 28 | 218 |
| TOTAL | 2,791 | 2,334 | 9,043 | 7,757 |
| € thousand | € thousand | |||
|---|---|---|---|---|
| Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 | |
| EBITDA by business units: | ||||
| Fibreboards production and sales | 201 | 344 | 1,114 | 1,337 |
| Real Estate Management | (6) | 11 | (18) | 10 |
| Group transactions | (2) | 1 | (25) | (5) |
| TOTAL EBITDA | 193 | 356 | 1,071 | 1,341 |
| Depreciation | (125) | (123) | (372) | (380) |
| TOTAL OPERATING PROFIT | 68 | 232 | 699 | 962 |
| Net financial income/ costs | 49 | (159) | 149* | 267** |
| NET PROFIT | 117 | 73 | 848 | 1,229 |
* Includes financial income of € 143 thousand in the first 9 months of 2022, received from the revaluation of the shareholding owned by the group in the real estate development company Trigon Property Development AS, and the dividends received from these (TPD) shares in the amount of € 105 thousand.
** Includes financial financial income of € 354 thousand in the first 9 months of 2021 from the revaluation of TPD shares..
Fibreboard sales in Q3 2022 were € 2.78 million (Q3 2021: € 2.27 million). In addition to demand for construction materials remaining strong, the increase in sales revenue was also influenced by the price increases implemented during Q2 2022. The price increase was inevitable, as there has been a continuous increase in the price of raw materials and energy throughout 2022. Despite the decline in Estonian industrial production in the Q3 2022, the fibreboard order volume remained stable throughout the Q3 2022, which shows the strength of local north European markets.
The largest sales growth in Q3 2022, compared to Q3 2021, was reflected in the markets of Finland, Denmark and Latvia. Sales to Russia ended in May 2022 due to the sanctions imposed as a result of Russia's war on Ukraine.
The operating profitability, ie EBITDA, of the fibreboard activities in Q3 2022 was € 201 thousand, a decrease of 42% compared to the same period last year. This being caused by increased cost prices for woodchips, our main raw material, as well as higher electricity prices during Q3 2022.
| € thousand | € thousand | |||
|---|---|---|---|---|
| Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 | |
| European Union | 2,723 | 1,980 | 8,425 | 6,233 |
| Middle East | 47 | 13 | 73 | 13 |
| Russia | 0 | 269 | 427 | 1,083 |
| Asia | 0 | 0 | 69 | 124 |
| Africa | 0 | 0 | 0 | 46 |
| Other | 12 | 8 | 21 | 40 |
| TOTAL | 2,782 | 2,270 | 9,015 | 7,539 |
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 was € 9 thousand in Q3 2022, (Q3 2021: € 65 thousand). The reason for the decrease in sales revenue was caused by the loss of the largest tenant at the end of 2021.
The real estate management EBITDA for Q3 2022 were negative € 6 thousand and net loss € 6 thousand (Q3 2021: EBITDA positive € 11 thousand and net profit € 11 thousand).
As of 30.09.2022 the total assets of Nordic Fibreboard AS were € 9.4 million (30.09.2021: € 8.3 million). The liabilities of the company as of 30.09.2022 were € 4.7 million (30.09.2021: € 4.4 million), of which the Group has payables of € 1.0 million as at 30.09.2022 (30.09.2021: € 0.6 million) and borrowings of € 3.1 million as at 30.09.2022 (30.09.2021: € 3.3 million).
Receivables and prepayments amounted to € 1.3 million as at 30.09.2022 (30.09.2021: € 1.1 million). Inventories were € 0.9 million as of 30.09.2022 (30.09.2021: € 0.4 million). Fixed assets were € 6.7 million as of 30.09.2022 (€ 6.6 million as of 30.09.2021).
During 2022 9M, the Group's cash flows from operating activities totalled cash inflow of € 617 thousand (2021 9M: cash inflow € 512 thousand). Cash outflows due to investment activities was € 93 thousand during 9M 2022, mainly consisting of investments into production assets of € 194 thousand and dividend received from TPD shares of € 105 thousand (9M 2021: cash outflow € 243 thousand). Cash outflows due to financing activities was € 111 thousand during 9M 2022, consisting of loans repaid of € 76 thousand and finance lease payments of € 35 thousand (9M 2022: cash outflow € 91 thousand). Net cash effect during 9M 2021 showed cash inflows of € 413 thousand, (2021 9M: cash inflows € 178 thousand).
On the 30th of September 2022, the Group employed 88 people (compared to 93 people as of 30.09.2021). The average number of personnel in Q3 2022 was 86 (Q3 2021: the average number of personnel was 90).
Labour costs were € 0.51 million including taxes in Q3 2022 and € 1.53 million for first nine months of 2022 (Q3 2021: € 0.49 million, 9M 2021: € 1.45 million). Group fees for the members of the management boards of holding company and its subsidiaries, together with taxes, were € 65 thousand in Q3 2022 and € 196 thousand for first nine months of 2022 (Q3 2021: € 55 thousand, 9M 2021: € 166 thousand).
The Group`s definition of labour costs includes payroll expenses (incl. holiday pay) with additional remuneration fees, payroll taxes, special benefits and taxes calculated on special benefits.
Demand for fibreboards was stabile during Q3 2022, however we are now experiencing a decline in customer orders. As a result of such drop in demand, we intend to reduce our production capacity and lay off 8 production workers. It has been an ongoing rise in the price of woodchips, our main input material, and at this stage the future outlook for woodchip prices remain unclear. Demand for woodchips has risen as a result of power plants now using more biomass, and sale of wood pellets have also increased as a result of increased heating costs. The uncertainty this autumn of the direction of the electricity market forced us to lock in electricity prices for period 1.1.2023 to 30.6.2024. We alleviated the impact of higher electricity prices in 2023, as a result of the new fixed electricity contract, by increasing our prices during Q4 2022.
We will continue to manage and develop the property on Suur-Jõe Street 48, Pärnu. A detail plan for the property is ongoing, with the intention of converting the property into a private residential property.
| € thousand | ||||
|---|---|---|---|---|
| Income statement | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
| Revenue | 2,791 | 2,334 | 9,043 | 7,757 |
| EBITDA | 193 | 356 | 1,071 | 1,341 |
| EBITDA margin | 7% | 15% | 12% | 17% |
| Operating profit | 68 | 232 | 699 | 962 |
| Operating margin | 2% | 10% | 8% | 12% |
| Net profit | 117 | 73 | 848 | 1,229 |
| Net margin | 4% | 3% | 9% | 16% |
| Statement of financial position | 30.09.2022 | 31.12.2021 | 30.09.2021 | 31.12.2020 |
| Total assets | 9,389 | 8,063 | 8,301 | 7,650 |
| Return on assets | 9% | 15% | 15% | 14% |
| Equity | 4,698 | 3,850 | 3,878 | 2,648 |
| Return on equity | 18% | 31% | 32% | 41% |
| Debt-to-equity ratio | 50% | 52% | 53% | 65% |
| Share | 30.09.2022 | 31.12.2021 | 30.09.2021 | 31.12.2020 |
| Last Price* | 1.74 | 1.95 | 2.20 | 0.45 |
| Earnings per share | 0.18 | 0.27 | 0.55 | 0.24 |
| Price-earnings ratio | 9.54 | 7.30 | 4.02 | 1.89 |
| Book value of a share | 1,04 | 0.86 | 0.86 | 0.59 |
| Market to book ratio | 1.67 | 2.28 | 2.55 | 0.76 |
| Market capitalization, € thousand | 7,828 | 8,773 | 9,898 | 2,025 |
| 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/
Interest rate risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because of changes in market interest rates. The interest rate risk of Nordic Fibreboard AS depends on a possible change in EURIBOR (Euro Interbank Offered Rate),since some of the Groups loans are linked to EURIBOR, the Groups financial cost also increase when the interest rate increases. At 30.09.2022 six months' EURIBOR rate was 1,809% and at 30.09.2021 six months' EURIBOR rate was (0.528)%. For the last six years, EURIBOR has remained negative, which means that EURIBOR has been equated to zero in loan agreemens. When it comes to the publicly predicted EURIBOR increases at the time of preparing the report, the Group estimates that the aforementioned interest rate increases will not have a significant impact on the financial results of the Group in 2022.
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. The economic environment in the 2022 has been most affected by Russia`s agression against Ukraine, which has had an impact on the world economy, especially in Europe. Commodities prices have therefore been volatile, supply chains have been disturbed, and the negative impact of the sanctions imposed on Russia is gradually being felt.
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 2022.
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 10-24 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, 2022
| € thousand | 30.09.2022 | 31.12.2021 | 30.09.2021 |
|---|---|---|---|
| Cash and cash equivalents | 470 | 57 | 204 |
| Receivables and prepayments (Note 2) | 1,345 | 902 | 1,118 |
| Inventories (Note 3) | 874 | 390 | 390 |
| Total current assets | 2,689 | 1,349 | 1,712 |
| Investment property (Note 4) | 1,156 | 1,152 | 1,139 |
| Available-for-sale financial assets (Note 7) | 787 | 644 | 805 |
| Property, plant and equipment (Note 5) | 4,755 | 4,915 | 4,642 |
| Intangible assets (Note 6) | 2 | 3 | 3 |
| Total non-current assets | 6,700 | 6,714 | 6,589 |
| TOTAL ASSETS | 9,389 | 8,063 | 8,301 |
| Borrowings (Notes 8) | 38 | 146 | 36 |
| Payables and prepayments (Notes 9) | 1,410 | 829 | 1,002 |
| Short-term provisions (Note 10) | 4 | 19 | 4 |
| Total current liabilities | 1,452 | 994 | 1,042 |
| Long-term borrowings (Notes 8) | 3,094 | 3,074 | 3,220 |
| Long-term provisions (Note 10) | 145 | 145 | 161 |
| Total non-current liabilities | 3,239 | 3,219 | 3,381 |
| Total liabilities | 4,691 | 4,213 | 4,423 |
| Share capital (at nominal value) (Note 11) | 450 | 450 | 450 |
| Statutory reserve capital | 45 | 0 | 0 |
| Retained earnings (loss) | 4,203 | 3,400 | 3,428 |
| Total equity | 4,698 | 3,850 | 3,878 |
| TOTAL LIABILITIES AND EQUITY | 9,389 | 8,063 | 8,301 |
*The notes to the financial statements presented on pages 14 to 24 are an integral part of these consolidated financial statements
| € thousand | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Revenue (Note 13) | 2,791 | 2,334 | 9,043 | 7,757 |
| Cost of goods sold (Note 14) | 2,387 | 1,721 | 7,134 | 5,451 |
| Gross profit | 404 | 613 | 1,909 | 2,306 |
| Distribution costs (Note 15) | 278 | 251 | 919 | 891 |
| Administrative expenses (Note 16) | 90 | 131 | 315 | 445 |
| Other operating income (Note 18) | 33 | 2 | 33 | 5 |
| Other operating expenses (Note 18) | 1 | 1 | 9 | 13 |
| Operating profit | 68 | 232 | 699 | 962 |
| Finance income (Note 19) | 79 | 0 | 248 | 354 |
| Finance costs (Note 19) | 30 | 159 | 99 | 87 |
| Profit before income tax | 117 | 73 | 848 | 1,229 |
| Corporate income tax | 0 | 0 | 0 | 0 |
| Net profit for the period | 117 | 73 | 848 | 1,229 |
| Basic earnings per share (Note 12) | 0.03 | 0.02 | 0.19 | 0.27 |
| Diluted earnings per share (Note 12) | 0.03 | 0.02 | 0.19 | 0.27 |
*The notes to the financial statements presented on pages 14 to 24 are an integral part of these consolidated financial statements.
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||
|---|---|---|
| € thousand | 9M 2022 | 9M 2021 |
| Cash flows from operating activities | ||
| Operating profit (loss) | 699 | 962 |
| Adjustments: | ||
| Depreciation charge (Notes 5; 6) | 372 | 380 |
| Profit/loss from disposal of fixed assets (Note 18) | 1 | (2) |
| Change in trade and other receivables (Note 2) | (443) | (324) |
| Change in inventories (Note 3) | (484) | 154 |
| Change in trade and other payables (Note 9) | 581 | (572) |
| Change in provisions (Note 10) | (15) | 0 |
| Cash generated from operations | 711 | 598 |
| Interest payments (Note 8; 19) | (91) | (82) |
| Net other financial income and expense | (3) | (4) |
| Net cash generated from operating activities | 617 | 512 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment and intangible assets (Notes 5;6) | (194) | (240) |
| Disposal of property, plant and equipment and intangible assets (Note 5;6) | 0 | 2 |
| Purchase of investment property (Note 4) | (4) | (5) |
| Dividends received | 105 | 0 |
| Net cash used in investing activities | (93) | (243) |
| Cash flows from financing activities | ||
| Loans received (Note 8) | 0 | 1,200 |
| Repayment of loans received (Note 8) | (76) | (1,242) |
| Loans received from related parties (Note 8) | 0 | 503 |
| Repayment of loans received from related parties (Note 8) | 0 | (503) |
| Finance lease payments (Note 8) | (35) | (49) |
| Net cash (used in)/from financing activities | (111) | (91) |
| NET CHANGE IN CASH | 413 | 178 |
| OPENING BALANCE OF CASH | 57 | 26 |
| CLOSING BALANCE OF CASH | 470 | 204 |
*The notes to the financial statements presented on pages 14 to 24 are an integral part of these consolidated financial statements.
| € thousand | Share capital | Statutory reserve capital |
Retained earnings |
Total |
|---|---|---|---|---|
| Balance at 31.12.2020 | 450 | 0 | 2,198 | 2,648 |
| Net profit for 9M 2021 | 0 | 0 | 1,229 | 1,229 |
| Total comprehensive profit for 9M 2020 | 0 | 0 | 1,229 | 1,229 |
| Balance at 30.09.2021 | 450 | 0 | 3,428 | 3,878 |
| Balance at 31.12.2021 | 450 | 0 | 3,400 | 3,850 |
| Other changes | 0 | 45 | (45) | 0 |
| Net profit for 9M 2022 | 0 | 0 | 848 | 848 |
| Total comprehensive profit for 9M 2022 | 0 | 0 | 848 | 848 |
| Balance at 30.09.2022 | 450 | 45 | 4,203 | 4,698 |
*The notes to the financial statements presented on pages 14 to 24 are an integral part of these consolidated financial statements.
Nordic Fibreboard AS (the Company) (registration number: 11421437; address: Rääma 31, Pärnu), is an entity registered in the Republic of Estonia, whose activities take place in Estonia.
The Group's main activities are production and wholesale of softboard, 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 separated and transferred to subsidiaries established at the same time. The real estate management activities were added to the Group in 2019.
The Group's shares were listed in the Main List of the Nasdaq Tallinn until 2nd of April 2018, when the shares were moved from the Main List to the Secondary List. The Group`s largest shareholder is Pärnu Holdings OÜ (owning 57.63%), and its largest owners are OÜ Stetind 50% and Joakim Johan Helenius 50% by the time of compiling these financial statements.
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 Annual Report for the financial year that ended on 31.12.2021. 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 2021.
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 2022 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 | 30.09.2022 | 31.12.2021 | 30.09.2021 |
|---|---|---|---|
| Customer receivables | 1,080 | 729 | 973 |
| Prepaid taxes | 253 | 151 | 133 |
| Prepaid services | 12 | 22 | 12 |
| Other receivables | 0 | 1 | 0 |
| TOTAL | 1,345 | 902 | 1,118 |
| thousand € | 30.09.2022 | 31.12.2021 | 30.09.2021 |
|---|---|---|---|
| Not past due | 1,075 | 678 | 952 |
| incl receivables from customers who also have receivables past due |
310 | 95 | 404 |
| incl receivables from customers who have no receivables past due |
765 | 583 | 548 |
| Past due but not impaired | 5 | 51 | 21 |
| Overdue up to 90 days | 2 | 51 | 21 |
| Overdue more than 90 days | 3 | 0 | 0 |
| TOTAL | 1,080 | 729 | 973 |
| € thousand | 30.09.2022 | 31.12.2021 | 30.09.2021 |
|---|---|---|---|
| Raw materials and other materials | 425 | 303 | 175 |
| Work-in-progress | 129 | 41 | 116 |
| Finished goods | 303 | 32 | 44 |
| Goods in transit | 0 | 11 | 0 |
| Prepayments to suppliers | 57 | 43 | 95 |
| Write-off reserve for inventories | (40) | (40) | (40) |
| TOTAL | 874 | 390 | 390 |
| thousand € | |
|---|---|
| 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 |
| 31.12.2021 | |
| Share of registered immovable property at Suur-Jõe Street 48, Pärnu | 977 |
| Share of registered immovable property at Rääma Street 31, Pärnu | 175 |
| 30.09.2022 | |
| Share of registered immovable property at Suur-Jõe Street 48, Pärnu | 981 |
| Share of registered immovable property at Rääma Street 31, Pärnu | 175 |
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.
The amount of expenses related to the management of investments properties for Q3 2022 were € 15 thousand and expenses together with resold expenses were € 54 thousand in Q3 2021. Rental income from investment properties for Q3 2022 was € 9 thousand and rental income including utilities in Q3 2021 were € 65 thousand.
| Carrying amount 31.12.2020 1,134 |
|---|
| Capitalized cost 5 |
| Carrying amount 30.09.2021 1,139 |
| Carrying amount 31.12.2021 1,152 |
| Capitalized cost 4 |
| Carrying amount 30.09.2021 1,156 |
| thousand € | Land | Buildings and facilities |
Machinery and equipment |
Other fixtures |
Construct ion-in progress |
Right-of use asset |
TOTAL |
|---|---|---|---|---|---|---|---|
| Cost at 30.09.2020 | 191 | 2,541 | 10,747 | 89 | 31 | 130 | 13,728 |
| Accumulated depreciation at 30.09.2020 |
0 | (1,701) | (7,165) | (87) | 0 | (81) | (9,034) |
| Carrying amount at 30.09.2020 |
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) | 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 |
| Cost at 31.12.2021 | 191 | 2,556 | 10,845 | 89 | 473 | 114 | 14,268 |
| Accumulated depreciation at 31.12.2021 |
0 | (1,779) | (7,459) | (88) | 0 | (28) | (9,353) |
| Carrying amount at 31.12.2021 |
191 | 777 | 3,387 | 1 | 473 | 86 | 4,916 |
| Additions | 0 | 0 | 44 | 0 | 151 | 44 | 239 |
| Reclassification | 0 | 0 | 265 | 0 | (255) | (10) | 0 |
| Reclassification of acumulated deprication |
0 | 0 | (10) | 0 | 0 | 10 | 0 |
| Disposals and write-offs (Note 18) |
(7) | 0 | (80) | 0 | 0 | (29) | (116) |
| Accumulated depreciation of fixed assets written off |
0 | 0 | 80 | 0 | 0 | 9 | 89 |
| Depreciation (Note 14) | 0 | (59) | (278) | (0) | 0 | (35) | (372) |
| Cost at 30.09.2022 | 184 | 2,556 | 11,074 | 89 | 369 | 120 | 14,391 |
| Accumulated depreciation at 30.09.2022 |
0 | (1,837) | (7,666) | (88) | 0 | (45) | (9,636) |
| Carrying amount at 30.09.2022 |
184 | 718 | 3,408 | 1 | 369 | 74 | 4,755 |
| thousand € | Computer software |
|---|---|
| Cost at 31.12.2020 | 77 |
| Accumulated amortisation at 31.12.2020 | (71) |
| Carrying amount 31.12.2020 | 6 |
| Additions 9M 2021 | 3 |
| Amortisation charge (Note 14) | (6) |
| Cost at 30.09.2021 | 80 |
| Accumulated amortisation at 30.09.2021 | (77) |
| Carrying amount 30.09.2021 | 3 |
| Cost at 31.12.2021 | 13 |
| Accumulated amortisation at 31.12.2021 | (10) |
| Carrying amount 31.12.2021 | 3 |
| Amortisation charge (Note 14) | (1) |
| Cost at 30.09.2022 | 13 |
| Accumulated amortisation at 30.09.2022 | (11) |
| Carrying amount 30.09.2022 | 2 |
| thousand € | 30.09.2022 | Change 9M 2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|---|
| Non-current assets | ||||
| Listed securities - Equity securities - cost as at | 338 | 0 | 338 | 410 |
| Revaluation | 449 | 143 | 306 | 40 |
| Fair value as at | 787 | 143 | 644 | 451 |
*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 30.09.2022 as shown on Nasdaq Tallinn Stock Exchange.
| thousand € | Interest rate | 30.09.2022 | 31.12.2021 | 30.09.2021 |
|---|---|---|---|---|
| Current borrowings | ||||
| Current portion of long-term loan (Coop Bank) |
6 month EURIBOR+margin 3.5% | 27 | 100 | 24 |
| Current portion of long-term lease liability |
6 month EURIBOR+margin 2,49% | 11 | 46 | 12 |
| Total | 38 | 146 | 37 | |
| Non-current borrowings | ||||
| Non-current loans (Coop Bank) | 6 month EURIBOR+margin 3.5% | 1,031 | 1,034 | 1,134 |
| Non-current loans (RDF) | Until 30.12.2022 2%, later 4% | 2,000 | 2,000 | 2,000 |
| Non-current lease liability | 6 month EURIBOR+margin 2,49% | 63 | 40 | 86 |
| Total | 3,094 | 3,074 | 3,220 | |
| Total borrowings | 3,132 | 3,220 | 3,256 |
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, the interest rate was initially 6M EURIBOR + 4.5% margin per annum, in March 2022 Coop Pank AS lowered the margin to 3.5% per annum. There is also a one-year overdraft agreement with Coop Bank AS entered into in the second quarter of 2022 with a limit of € 200 thousand. The interest rate on the overdraft is 6M EURIBOR + 3.5% margin per annum.
In Q3 2022, repayments of lease obligations in the amount of € 11 thousand were made.
| Changes in liabilities arising from financing activities thousand € |
31.12.2021 | Cash flows |
Non monetary settlements |
Interest accrued |
Interest paid |
Reclassi fication |
30.09.2022 |
|---|---|---|---|---|---|---|---|
| Current portion of long-term loan (Coop Pank) |
100 | (76) | 0 | 32 | (32) | 3 | 27 |
| Current portion of long-term lease liability |
46 | (35) | 0 | 1 | (1) | 0 | 11 |
| Bank overdrafts (Coop Bank) | 0 | 0 | 0 | 1 | (1) | 0 | 0 |
| Non-current loans (Coop Bank) | 1,034 | 0 | 0 | 0 | 0 | (3) | 1,031 |
| Non-current loans (RDF) | 2,000 | 0 | 0 | 57 | (57) | 0 | 2,000 |
| Non-current lease liability | 40 | 0 | 23 | 0 | 0 | 0 | 63 |
| Total liabilities from financing activities |
3,220 | (111) | 23 | 91 | (91) | 0 | 3,132 |
| 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 (RDF) | 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 |
| thousand € | 30.09.2022 | 31.12.2021 | 30.09.2021 |
|---|---|---|---|
| Trade payables (Note 3) | 965 | 367 | 610 |
| Payables to employees | 152 | 149 | 135 |
| incl. accrued holiday pay reserve | 46 | 46 | 33 |
| Tax liabilities | 140 | 137 | 122 |
| incl. social security and unemployment insurance | 86 | 87 | 78 |
| personal income tax | 41 | 40 | 34 |
| contribution to mandatory funded pension | 2 | 2 | 2 |
| value added tax | 0 | 0 | 1 |
| other taxes | 11 | 8 | 7 |
| Prepayments received | 99 | 152 | 71 |
| Other payables | 54 | 24 | 64 |
| TOTAL | 1,410 | 829 | 1,002 |
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.
| thousand € | |
|---|---|
| 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 |
| Balance at 31.12.2021 | 164 |
| incl. current portion of provision | 19 |
| incl. non-current portion of provision | 145 |
| Movements 2022 9M: | |
| Use of provision | (19) |
| Interest cost (Note 19) | 4 |
| Balance at 30.09.2022 | 149 |
| incl. current portion of provision | 4 |
| incl. non-current portion of provision | 145 |
| Nominal value | Number of shares | Share capital | |
|---|---|---|---|
| € | pcs | thousand € | |
| Balance at 30.09.2022 | 0.10 | 4,499,061 | 450 |
| Balance at 31.12.2021 | 0.10 | 4,499,061 | 450 |
| Balance at 30.09.2021 | 0.10 | 4,499,061 | 450 |
| Balance at 31.12.2020 | 0.10 | 4,499,061 | 450 |
As of 30.09.2022 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 30.09.2022 the Group had 1,140 shareholders of which with more than 5% ownership interest were:
| Shareholder | Number of shares (pcs) | Ownership interest (%) |
|---|---|---|
| Pärnu Holdings OÜ | 2,592,775 | 57.63 |
| OÜ Kõik või Mittemidagi | 613,991 | 13.65 |
As at 30.06.2021 the Group had 875 shareholders of which with more than 5% ownership interest were:
| Shareholder | Number of shares (pcs) | Ownership interest (%) |
|---|---|---|
| Pärnu Holdings OÜ | 2,592,775 | 57.63 |
| Gamma Holding Investment OÜ | 606,784 | 13,49 |
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).
Diluted earnings (loss) per share is calculated based on the net profit (loss) and the number of shares. Basic earnings per share have been calculated by dividing the profit attributable to equity holders of the Parent Company by the weighted average number of shares outstanding during the period.
Diluted earnings per share have been calculated by dividing the profit attributable to equity holders of the Parent Company by the weighted average number of shares outstanding during the period, taking into account the number of shares potentially issued. As the Group has no option programs valid from 31.12.2020, the Group does not own any potential shares.
The share of Nordic Fibreboard AS has been listed on Tallinn Stock Exchange starting from 25.09.2007.
| 30.09.2022 | 31.12.2021 | 31.12.2020 | |
|---|---|---|---|
| Net profit (-loss) (in thousands of euros) | 848 | 1,202 | 1,074 |
| Weighted average number of shares (units) | 4,499 | 4,499 | 4,499 |
| Basic earnings per share | 0.19 | 0.27 | 0.24 |
| Weighted average number of shares used for calculating the diluted earnings per shares (thousand units) |
4,499 | 4,499 | 4,499 |
| Diluted earnings per share | 0.19 | 0.27 | 0.24 |
| Last price of the share of Nordic Fibreboard AS on Tallinn Stock Exchange |
1.74 | 1.95 | 0.45 |
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 2022 thousand € |
Fibreboard manufacturing and wholesale |
Real Estate Management |
Group's general expenses and eliminations |
SEGMENTS TOTAL |
|---|---|---|---|---|
| Revenue from external customers | 9,015 | 27 | 0 | 9,043 |
| Operating profit/-loss | 743 | (18) | (26) | 699 |
| Amortisation/ depreciation* (Notes 5; 6) | 372 | 0 | 0 | 372 |
| Segment assets | 8,599 | 985 | (195) | 9,389 |
| Non-current assets of the segment* (Note 4;5;6;7) |
5,718 | 981 | 1 | 6,700 |
| Segment liabilities | 4,544 | 24 | 123 | 4,691 |
| Additions to non-current assets* (Note 4; 5; 6) |
239 | 4 | 0 | 243 |
| Interest expenses (Note 20) | 92 | 0 | 3 | 95 |
| 9 months 2021 thousand € |
Fibreboard manufacturing and wholesale |
Real Estate Management |
Group's general expenses and eliminations |
SEGMENTS TOTAL |
|
|---|---|---|---|---|---|
| Revenue from external customers | 7,539 | 218 | 0 | 7,757 | |
| Operating profit/-loss | 958 | 10 | (6) | 962 | |
| Amortisation/ depreciation* (Notes 5; 6) | 379 | 0 | 1 | 380 | |
| Segment assets | 7,435 | 998 | (132) | 8,301 | |
| Non-current assets of the segment* (Note 4;5;6;7) |
5,624 | 964 | 1 | 6,589 | |
| Segment liabilities | 4,251 | 23 | 149 | 4,423 | |
| Additions to non-current assets* (Note 5;6) |
344 | 5 | 0 | 349 | |
| Interest expenses (Note 19) | 83 | 0 | 4 | 87 | |
* Property, plant and equipment of the segment
| thousand € | 9M 2022 | 9M 2021 | ||||
|---|---|---|---|---|---|---|
| Fibreboard manufacturing and wholesale |
Real Estate Management |
SEGMENTS TOTAL |
Fibreboard manufacturing and wholesale |
Real Estate Management |
SEGMENTS TOTAL |
|
| European Union | 8,425 | 28 | 8,453 | 6,233 | 218 | 6,451 |
| Russia | 427 | 0 | 427 | 1,083 | 0 | 1,083 |
| Middle East | 73 | 0 | 73 | 13 | 0 | 13 |
| Asia | 69 | 0 | 69 | 124 | 0 | 124 |
| Africa | 0 | 0 | 0 | 46 | 0 | 46 |
| Other | 21 | 0 | 21 | 40 | 0 | 40 |
| TOTAL | 9,015 | 28 | 9,043 | 7,539 | 218 | 7,757 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Raw materials and main materials | 1,073 | 553 | 2,924 | 1,875 |
| Electricity and heat, water | 964 | 532 | 2,821 | 1,739 |
| Labour expenses (Note 17) | 409 | 389 | 1,207 | 1,145 |
| Depreciation (Note 6;7) | 124 | 123 | 372 | 379 |
| Change in balances of finished goods and work in progress |
(235) | 91 | (348) | 194 |
| Other expenses | 52 | 34 | 158 | 119 |
| TOTAL | 2,387 | 1,722 | 7,134 | 5,451 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Transportation expenses | 206 | 186 | 709 | 656 |
| Labour expenses (Note 17) | 46 | 44 | 138 | 131 |
| Commission fees | 24 | 19 | 57 | 83 |
| Other expenses | 2 | 2 | 13 | 21 |
| TOTAL | 278 | 251 | 919 | 891 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Labour expenses (Note 17) | 54 | 54 | 173 | 160 |
| Purchased services | 15 | 66 | 70 | 246 |
| Office supplies | 12 | 2 | 35 | 8 |
| Depreciation (Note 6;7) | 0 | 0 | 0 | 1 |
| Other expenses | 9 | 9 | 37 | 30 |
| TOTAL | 90 | 131 | 315 | 445 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Wages and salaries | 384 | 368 | 1,147 | 1,086 |
| Social security and unemployment insurance | 124 | 119 | 371 | 350 |
| Fringe benefits paid to employees | 2 | 3 | 8 | 11 |
| TOTAL | 510 | 490 | 1,526 | 1,447 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Compensation from insurance | 33 | 0 | 33 | 0 |
| Profit from sale of fixed assets | 0 | 2 | 0 | 2 |
| Other operating income | 0 | 0 | 0 | 3 |
| TOTAL | 33 | 2 | 33 | 5 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Reclamations | 0 | 0 | 3 | 1 |
| Commission and contract fees | 0 | 0 | 1 | 7 |
| Membership fees | 0 | 1 | 1 | 1 |
| Penalties paid | 1 | 0 | 3 | 4 |
| Loss from sales of fixed assets | 0 | 0 | 1 | 0 |
| TOTAL | 1 | 1 | 9 | 13 |
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Financial income: | ||||
| Received dividends | 0 | 0 | 105 | 0 |
| Revaluation of TPD shares | 79 | 0 | 143 | 354 |
| Total financial income | 79 | 0 | 248 | 354 |
| Financial cost: | ||||
| Interest expenses | 30 | 31 | 95 | 87 |
| including interest expenses related to provisions (Note 10) |
1 | 2 | 4 | 5 |
| Revaluation of TPD shares | 0 | 128 | 0 | 0 |
| Other finance cost | 0 | 0 | 4 | 0 |
| Total financial cost | 30 | 159 | 99 | 87 |
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 2022, the largest shareholder of Pärnu Holdings OÜ and the entities with significant influence over the Group are: Stetind OÜ (50%) and Joakim Johan Helenius (50%). The owner of Stetind OÜ is Torfinn Losvik.
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Membership fees | 49 | 41 | 147 | 124 |
| Social tax | 16 | 14 | 49 | 42 |
| Total | 65 | 55 | 196 | 166 |
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 purchased consultation services from related parties. Transactions with related parties are based on market terms.
| thousand € | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Purchased services | 4 | 4 | 12 | 12 |
| Total | 4 | 4 | 12 | 12 |
| thousand € | 30.09.2022 | 31.12.2021 | 30.09.2021 | 31.12.2020 |
|---|---|---|---|---|
| Purchased services | 1 | 1 | 1 | 17 |
| Short-term loan interest | 0 | 0 | 0 | 1 |
| Total | 1 | 1 | 1 | 18 |
Towards the end of Q3 2022 we started to see a reduction in customers orders, reflecting the softening of business confidence as a result of negative macro factors, such as increasing interest rates, energy crisis, and higher food prices. As a result of these sentiments, Nordic Fibreboard announces to lay off 8 workers in the production during Q4 and thus reduces production capacity to reflect the drop in demand.
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