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The Supervisory Board of Nordic Fibreboard AS approved on30th of April 2024 the audited annual report for the year 2023. The supervisory board decided to present the annual report and profit allocation proposal as prepared by the management for the approval of the general meeting of shareholders. OVERVIEW OF OPERATING RESULTS Consolidated net sales for 2023 were € 7.71 million, which is a decrease of 30% compared to 2022 sales of € 11.07 million. The sales revenue from the production of fibreboard was € 7.66 million in 2023 (2022: € 11.04 million). ). The main reason behind the decrease in sales revenue compared to 2022 was termination of deliveries to a major customer in Denmark and along with global economic uncertainty affecting both end-users and industrial-oriented business customers. The sales revenue in 2023 from real estate management was € 47 thousand (2022: € 39 thousand). The consolidated EBITDA of Nordic Fibreboard AS for 2023 was € 0.58 million (2022: € 1.73 million). EBITDA margin was 8% in 2023, down 8 percentage points from 2022 (2022: 16%). The 2023 EBITDA does not include extraordinary other operating expenses but includes a one-time income of € 404 thousand from the revaluation of the real estate investment in Pärnu Riverside Development OÜ and Nordic Fibreboard Ltd OÜ (In 2022, income from revaluation of real estate investment was 697 thousand euros in Pärnu Riverside Development OÜ). However, the Group’s gross margin fell from 23% for full year 2022 to 18% for full year 2023, the main reason for the decline in the gross margin was a significant increase in the prices of the company`s input costs and a decrease in sales volumes. The consolidated net loss of Nordic Fibreboard AS for 2023 was € 0.68 million (2022: net profit € 1.23 million). The net loss of 2023 included the loss from the revaluation of the shares of Trigon Property Development AS (TPD) owned by Nordic Fibreboard Ltd in the amount of € 153 thousand, the net profit of 2022 included € 129 thousand of dividends from the shares of Trigon Property Development AS. CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMREHENSIVE INCOME
A copy of Nordic Fibreboard AS audited annual report for 2023 is attached to the announcement and is also published on NASDAQ Tallinn and Nordic Fibreboard web page (https://group.nordicfibreboard.com/en/investor/financial-reports/annual-reports). The ESEF-compliant machine-readable annual report is generated only in Estonian language. Enel Äkke  |
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