Servizi
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 € 7.59 million, which is a decrease of 1.5% compared to 2023 sales of € 7.71 million. The sales revenue from the production of fibreboard was € 7.57 million in 2024 (2023: € 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 € 25 thousand (2023: € 47 thousand).
The consolidated EBITDA of Nordic Fibreboard AS for 2024 was negative € 0.03 million (2023: € 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 € 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 € 0.79 million (2023: net loss € 0.68 million).
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: enel.akke@nordicfibreboard.com
www.nordicfibreboard.com/investors
Attachment
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti