Nordic Fibreboard AS Audited Annual Report 2024
The Supervisory Board of Nordic Fibreboard AS approved on28th of April 2025 the
audited annual report for the year 2024. The supervisory board decided to
present the annual report and profit allocation proposal as prepared by the
management for the approval of the general meeting of shareholders.
Overview of operating results
Revenue and operating results
Consolidated net sales for 2024 were EUR 7.59 million, which is a decrease of
1.5% compared to 2023 sales of EUR 7.71 million. The sales revenue from the
production of fibreboard was EUR 7.57 million in 2024 (2023: EUR 7.66 million).
Sales revenue in 2024 remained at the same level compared to 2023. Changes
occurred in market shares, as the 2023 sales revenue included 17% sales to a
major Danish customer, with whom cooperation ended in June 2023. The loss of
this volume has been successfully compensated by the growth of orders from
industrial customers and the addition of new other customers in 2024. The main
markets - Finland, Sweden and the Baltics - have maintained a stable sales level
throughout 2024. Sales to Asian and African markets have shown growth in 2024.
The sales revenue in 2024 from real estate management was EUR 25 thousand (2023: EUR
47 thousand).
The consolidated EBITDA of Nordic Fibreboard AS for 2024 was negative EUR 0.03
million (2023: EUR positive 0.58 million). EBITDA margin in 2024 was 0%
representing a decrease of 8% compared to 2023 (2023: 8%). The significant
decrease in EBITDA in the Q4 2024 compared to the same period last year was
mainly due to the revaluations of investment properties in Pärnu Riverside
Development OÜ and Nordic Fibreboard Ltd OÜ at the end of 2023, where the Group
received a one-time income of EUR 404 thousand from the revaluation of investment
properties. In the 2024, the fair value of real investment properties did not
change. In addition, EBITDA was negatively impacted by the forced shutdown of
the factory due to force majeure situation in December. During the shutdown,
personnel costs, factory maintenance costs and repair costs continued to be
covered, which had a negative effect on EBITDA. At the end of November,
production at the Nordic Fibreboard factory had to be temporarily suspended due
to adverse weather conditions, as excessive loads on the factory roof caused
structural damage. To ensure the safety of employees, production was suspended
and repair work began, the factory was reopened for production on
02.01.2025.The increase in input costs and the increase in marketing and product
development costs also had some impact. The increase in marketing and product
development costs has been a strategic investment aimed at strengthening sales
activities and supporting sales revenue growth in future periods.
The consolidated net loss of Nordic Fibreboard AS for 2024 was EUR 0.79 million
(2023: net loss EUR 0.68 million).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+--------------------------------------------------------+----------+----------+
|EUR thousand |31.12.2024|31.12.2023|
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 53| 7|
+--------------------------------------------------------+----------+----------+
|Receivables and prepayments (Note 5) | 571| 534|
+--------------------------------------------------------+----------+----------+
|Inventories (Note 6) | 624| 728|
+--------------------------------------------------------+----------+----------+
|Total current assets | 1,248| 1,269|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Investment property (Note 7) | 2,380| 2,269|
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | | |
|(Note 9) | 499| 491|
+--------------------------------------------------------+----------+----------+
|Property, plant, equipment and right-of use assets (Note| | |
|8) | 4,122| 4,475|
+--------------------------------------------------------+----------+----------+
|Intangible assets (Note 8) | 3| 1|
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 7,004| 7,236|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 8,252| 8,505|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Borrowings (Note 10) | 1,111| 556|
+--------------------------------------------------------+----------+----------+
|Payables and prepayments (Note 11) | 788| 756|
+--------------------------------------------------------+----------+----------+
|Short-term provisions (Note 12) | 21| 21|
+--------------------------------------------------------+----------+----------+
|Total current liabilities | 1,920| 1,333|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Long-term borrowings (Note 10) | 2,613| 2,659|
+--------------------------------------------------------+----------+----------+
|Long-term provisions (Note 12) | 94| 111|
+--------------------------------------------------------+----------+----------+
|Other long-term liabilities | 9| 0|
+--------------------------------------------------------+----------+----------+
|Total non-current liabilities | 2,716| 2,770|
+--------------------------------------------------------+----------+----------+
|Total liabilities | 4,636| 4,103|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Share capital (at nominal value) (Note 13) | 450| 450|
+--------------------------------------------------------+----------+----------+
|Statutory reserve capital | 45| 45|
+--------------------------------------------------------+----------+----------+
|Retained earnings | 3,121| 3,907|
+--------------------------------------------------------+----------+----------+
|Total equity | 3,616| 4,402|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|TOTAL LIABILITIES AND EQUITY | 8,252| 8,505|
+--------------------------------------------------------+----------+----------+
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
+--------------------------------------+---------+---------+
| EUR thousand | 2024 | 2023 |
+--------------------------------------+---------+---------+
| Revenue (Note 21) | 7,592 | 7,704 |
+--------------------------------------+---------+---------+
| Cost of goods sold (Note 15) | (6,820) | (6,810) |
+--------------------------------------+---------+---------+
| Gross profit | 771 | 894 |
+--------------------------------------+---------+---------+
| | | |
+--------------------------------------+---------+---------+
| Distribution costs (Note 16) | (935) | (673) |
+--------------------------------------+---------+---------+
| Administrative expenses (Note 17) | (381) | (514) |
+--------------------------------------+---------+---------+
| Other operating income (Note 19) | 8 | 404 |
+--------------------------------------+---------+---------+
| Other operating expenses (Note 19) | (11) | (427) |
+--------------------------------------+---------+---------+
| Operating loss | (547) | (316) |
+--------------------------------------+---------+---------+
| | | |
+--------------------------------------+---------+---------+
| Finance income (Note 20) | 8 | 0 |
+--------------------------------------+---------+---------+
| Finance costs (Note 20) | (247) | (366) |
+--------------------------------------+---------+---------+
| LOSS BEFORE INCOME TAX | (786) | (682) |
+--------------------------------------+---------+---------+
| | | |
+--------------------------------------+---------+---------+
| NET LOSS FOR THE PERIOD | (786) | (682) |
+--------------------------------------+---------+---------+
| | | |
+--------------------------------------+---------+---------+
| Basic earnings per share (Note 14) | (0.17) | (0.15) |
+--------------------------------------+---------+---------+
| Diluted earnings per share (Note 14) | (0.17) | (0.15) |
+--------------------------------------+---------+---------+
A copy of Nordic Fibreboard AS audited annual report for 2024 is attached to the
announcement and is also published on NASDAQ Tallinn and Nordic Fibreboard web
page.
The ESEF-compliant machine-readable annual report is generated only in Estonian
language.
Enel Äkke
Member of the Management Board
Phone: + 372 55 525550
E-mail: [email protected] (mailto:[email protected])
www.nordicfibreboard.com/investors (https://www.nordicfibreboard.com/investors)