Quarterly Report • Mar 7, 2024
Quarterly Report
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Financial Statements Review January-December 2023
Highest annual net sales and EBITA in the history of Relais Group.
*) The average undiluted number of shares October-December 2023: 18,132,258 (October-December 2022: 18,132,308), January-December 2023: 18,132,258 (January-December 2022: 18,051,682).
**) The EUR/SEK impact has been calculated by converting the SEK denominated EBITA of the Swedish entities to EUR with the reporting period average EUR/SEK rate as well as the comparison period average EUR/SEK rate and comparing these two (translation difference).
Unless stated otherwise, figures in parentheses refer to the corresponding period of the previous year.
The change percentages in the tables have been calculated on exact figures before the amounts were rounded to millions of euros.
| Restated** | ||||
|---|---|---|---|---|
| EUR thousand unless stated otherwise | Oct-Dec 2023 |
Oct-Dec 2022 |
Jan-Dec 2023 |
Jan-Dec 2022 |
| Net sales | 80,942 | 75,185 | 284,252 | 260,683 |
| Net sales growth, % | 7.7% | 2.2% | 9.0% | 9.6% |
| Gross profit | 35,288 | 33,670 | 128,923 | 117,214 |
| Gross margin, % | 43.6% | 44.8% | 45.4% | 45.0% |
| EBITDA | 11,738 | 10,076 | 43,542 | 36,581 |
| EBITDA margin, % | 14.5% | 13.4% | 15.3% | 14.0% |
| Comparable EBITDA | 11,746 | 11,796 | 43,841 | 39,414 |
| Comparable EBITDA, % | 14.5% | 15.7% | 15.4% | 15.1% |
| EBITA | 7,794 | 6,216 | 28,552 | 23,013 |
| EBITA margin, % | 9.6% | 8.3% | 10.0% | 8.8% |
| Comparable EBITA | 7,802 | 7,936 | 28,851 | 25,846 |
| Comparable EBITA, % | 9.6% | 10.6% | 10.1% | 9.9% |
| Operating profit | 6,972 | 5,341 | 25,147 | 19,681 |
| Operating profit margin, % | 8.6% | 7.1% | 8.8% | 7.5% |
| Comparable operating profit | 6,980 | 7,061 | 25,446 | 22,514 |
| Comparable operating profit, % | 8.6% | 9.4% | 9.0% | 8.6% |
| Profit (loss) for the period | 6,304 | 3,691 | 13,739 | 10,032 |
| Profit (loss) for the period margin, % | 7.8% | 4.9% | 4.8% | 3.8% |
| Comparable profit (loss) | 6,312 | 5,411 | 14,038 | 12,864 |
| Comparable profit (loss) margin, % | 7.8% | 7.2% | 4.9% | 4.9% |
| Comparable profit (loss) excluding amortisation of acquisitions |
7,134 | 6,286 | 17,444 | 16,196 |
| Comparable profit (loss) excluding | ||||
| amortisation of acquisitions margin, % Items affecting comparability included |
8.8% | 8.4% | 6.1% | 6.2% |
| in profit (loss) for the period | 8 | 1,720 | 299 | 2,832 |
| Net working capital | 67,068 | 62,551 | 67,068 | 62,738 |
| Inventories | 74,105 | 67,804 | 74,105 | 67,804 |
| Free cash flow | 8,074 | 16,331 | 24,013 | 23,983 |
| Cash conversion | 68.8% | 162.1% | 55.1% | 65.6% |
| Net Debt | 151,010 | 147,239 | 151,010 | 147,239 |
| Net Debt excl. leasing Liabilities | 87,881 | 90,056 | 87,881 | 90,056 |
| Net Debt to EBITDA, LTM | 3.47 | 4.02 | 3.47 | 4.02 |
| Net Debt (excl. Leasing Liabilities) to EBITDA, | ||||
| LTM | 2.02 | 2.46 | 2.02 | 2.46 |
| Net gearing | 136.5% | 141.7% | 136.5% | 141.7% |
| Net gearing excl. leasing Liabilities | 79.4% | 86.7% | 79.4% | 86.7% |
| Equity ratio | 33.6% | 33.2% | 33.6% | 33.2% |
| Return on capital employed (ROCE) | - | - | 10.0% | 9.4% |
| Return on equity (ROE) | - | - | 12.8% | 9.6% |
| Return on assets (ROA) | - | - | 8.3% | 7.8% |
| Earnings per share, basic (EUR) | 0.35 | 0.20 | 0.76 | 0.56 |
|---|---|---|---|---|
| Earnings per share, diluted (EUR) | 0.34 | 0.20 | 0.73 | 0.53 |
| Comparable earnings per share, basic (EUR) | 0.35 | 0.30 | 0.77 | 0.71 |
| Comparable earnings per share, diluted (EUR) Comparable earnings per share excluding |
0.34 | 0.29 | 0.75 | 0.69 |
| amortisation of acquisitions, basic (EUR) Comparable earnings per share excluding |
0.39 | 0.35 | 0.96 | 0.90 |
| amortisation of acquisitions, diluted (EUR) | 0.38 | 0.33 | 0.93 | 0.86 |
| Average number of employees | 1,082 | 1,003 | 1,050 | 997 |
| Personnel at the end of the period, FTE | 1,089 | 1,009 | 1,089 | 1,009 |
*) The average undiluted number of shares October-December 2023: 18,132,258 (October-December 2022: 18,132,308), January-December 2023: 18,132,258 (January-December 2022: 18,051,682). The average diluted number of shares October-December 2023: 18,803,531 (October-December 2022: 18,777,120), January-December 2023: 18,805,601 (January-December 2022: 18,759,556).
**) Relais Group has corrected previously reported consolidated figures relating to IFRS 16 Leases due to the correction of the end date of one lease agreement.
The Company does not provide a numeric guidance for the financial year 2024. On 2 March 2023, the company issued a revised long-term financial target, according to which the company aims to reach a proforma EBITA of EUR 50 million by the end of the year 2025. Relais considers a profit target to be more relevant in describing the shareholder value creation potential of the Company, as opposed to a net sales target. The previous financial target of the Company was to reach pro forma net sales of EUR 500 million by the end of year 2026.
"During 2023 Relais Group has further strengthened its position as one of the biggest and most profitable growth platforms in the North European vehicle aftermarket. We achieved the highest turnover and EBITA in the history of our Group. Our financial position is solid, and I am pleased that the Board has proposed to raise the dividend to EUR 0.44 per share."
The last quarter of the year marked our fourth consecutive quarter of double-digit (cumulatively +25%) EBITA growth during 2023. Despite the challenging market conditions our net sales increased in total by 10% with comparable exchange rates and 1% organically. The wholesale market was positive in Sweden, whereas the market conditions in Finland were less favorable. The performance of our Commercial vehicle repair and maintenance business continued to be robust and we strengthened our market position in that sector both in Sweden and Finland.
The sales of vehicle spare parts developed very positively during the quarter (+16% in total and +12% organically with comparable exchange rates). The increase was strong especially in Sweden. The equipment sales were affected positively by the acquired workshop equipment businesses, AutoMateriell and Nordic Lift in Norway.
The consumer demand for discretionary products remained very weak in Finland during the quarter which had a negative effect on the sales of our vehicle lighting products. This was especially visible in the on-line channels. The sales of lighting products decreased with 8% in the quarter in comparable exchange rates.
We create value for the shareholders with a strategy combining three elements which reinforce each other: organic growth, acquisitions, and operational excellence. Our "buy and build" strategy has proven its resilience, and the defensive nature of the growing vehicle aftermarket lays a solid foundation also for future growth.
During the year 2023 we have successfully carried out our strategy in all three areas. Our net sales grew in total by 13% and organically by 5% with constant exchange rates. The growth was especially strong in Sweden, whilst the development in Finland was flat due to local market conditions.
We acquired a total of four companies during last year. The acquisition of Adita in Finland in the first quarter strengthened our wholesale presence in the important Helsinki region. The acquisition of AutoMateriell and Nordic Lift in the third quarter increased our presence in Norway. We now have a strong market position in the Norwegian workshop equipment business with interesting add-on acquisition possibilities. The acquisition of Jyväskylä Truck Center (JTC) in the third quarter increased the customer base of Raskone in the logistically important Jyväskylä region in Finland.
We also started and carried out several initiatives to improve our operational efficiency. We enhanced our pricing policies and procedures in our wholesale operations in Finland and Sweden to defend and improve our gross profit. We managed to improve the capacity utilization of both our commercial vehicle workshop chains, Raskone and STS by implementing determined and disciplined efficiency measures and by investing in our personnel. This combined with the increasing amount of gained fleet customers contributed to a major profit increase in the repair and maintenance business area.
Our cash conversion ratio has remained on a healthy level also during the past year which contributes to the solid financial position of our Group. I am pleased to announce that the Board has proposed a raised dividend of EUR 0.44 (0.40€) per share to be paid in two equal instalments in April and in November.
The outlook for 2024 is largely dependent on external, macroeconomic and market demand factors. Inflation is still on a relatively high level, the dramatically risen financial expenses for corporates and households are still affecting the purchase power of customers and consumers negatively. Unemployment and layoffs are also increasing in Finland and Sweden. In addition, the weakened Swedish krona against the euro sets pressure on our reported results, as a major part of our business is conducted in the Swedish marketplace. On the other hand, the vehicle aftermarket is defensive by nature and compared to many other businesses it is a sector with less cyclicality. The inventory and resource situation is good, allowing us to meet the customer demand for our products and services. We feel that we are well positioned to continue our growth path in a profitable and sustainable way also during 2024.
I would like to express my warmest thanks to all our over 1,000 professionals, customers, business partners and shareholders for the year 2023."
Relais Group Plc is a consolidator and smart compounder with a sector focus on vehicle aftermarket in the Nordic region. We serve as a growth platform for our group companies and build them into great businesses.
We consider the value generated during the whole vehicle life cycle and are focused on the sector with biggest potential for earnings growth and least cyclicality, the aftermarket.
We create shareholder value by delivering strong earnings growth through a strategy based on three reinforcing themes:
Relais Group has corrected previously reported consolidated figures relating to IFRS 16 Leases due to the correction of the end date of one lease agreement. The correction resulted in changes to the presentation of the financial results and financial position for the comparative periods. The correction and the impact of the correction is presented in Note 11 of the table section of this report. The consolidated balance sheet includes corrected figures for the comparative reporting date 31 December 2022 as well as for 1 January 2022 whereas other corrected consolidated statements and most of the disclosures includes corrected figures for 2022 labelled "Restated".
In October-December 2023, net sales were EUR 80.9 (75.2) million, an increase of 8 %. Acquired net sales growth amounted to 9% and exchange rate differences had a negative impact of 2 %. Organically net sales increased 1 %.
Net sales of the Commercial Vehicle Repair and Maintenance business were EUR 23.1 (23.6) million, a decrease of 2%. Acquired net sales growth was 1% and exchange rate differences had a negative impact of 2%. Organically net sales decreased 1%. Strong customer demand in both Finland and Sweden continued. The somewhat lower organic net sales were attributable to the fact that the demand was strong also in the fourth quarter of 2022.
Net sales of the Technical Wholesale and Products business were EUR 57.9 (51.5) million, an increase of 12%. Acquired net sales growth was 13% and exchange rate differences had a negative impact of 3%. Organically net sales increased 2%. Organically net sales increased in Scandinavia supported by implemented sales price increases in Sweden caused by the significantly weakened krona against the euro. In Finland and Baltics net sales were below last year's level mainly due to the heavy competition in the spare parts market and weak consumer demand. Especially the on-line business in Finland was negatively impacted.
Net sales grew in Scandinavia by 18% and decreased in Finland and the Baltics by 3%.
On product group level sales increased the most in Equipment, 68% and in Spare Parts, 12%. The sales of the acquired businesses AutoMateriell and Nordic Lift AS are included in the product group Equipment.
In 2023, the Group's net sales were EUR 284.3 (260.7) million, an increase of 9%. Acquired net sales growth amounted to 8% and exchange rate differences had a negative impact of 4%. Organically net sales increased 5%.
Net sales of the Commercial Vehicle Repair and Maintenance business were EUR 91.9 (85.6) million, an increase of 7%. Acquired net sales growth was 3% and exchange rate differences had a negative impact of 3%. Organically net sales increased 7%. The organic increase was attributable to strong customer demand in both Finland and Sweden combined with the impact of the efficiency measures initiated in 2022.
Net sales of the Technical Wholesale and Products business were EUR 192.4 (175.1) million, an increase of 10%. Acquired net sales growth was 10% and exchange rate differences had a negative impact of 4%. Organically net sales increased 4%. Organic sales increased in Scandinavia supported by implemented sales price increases in Sweden caused by the significantly weakened krona against the euro. In Finland and Baltics net sales were below last year's level mainly due to the heavy competition in the spare parts market and weak consumer demand. Especially the on-line business in Finland was negatively impacted.
Net sales grew in Scandinavia by 15% and in Finland and the Baltics by 3%.
On product group level sales increased the most in Equipment, 46% and in Repair and Maintenance, 7%.
In October-December 2023, the Group's EBITA was EUR 7.8 (6.2) million and the comparable EBITA EUR 7.8 (7.9) million. EBITA was 9.6 (8.3) % of net sales and comparable EBITA 9.6 (10.6) % of net sales. EBITA grew by 25% and comparable EBITA decreased by 2%.
The comparable EBITA was impacted positively by the improved profitability in the Technical Wholesale and Products business in Scandinavia. Heavy competition in the spare parts market and weak consumer demand impacted negatively on the profitability of the Technical Wholesale and Products business in Finland and the Baltics. Especially the on-line business in Finland was negatively impacted.
The continued weakening of the Swedish krona in October-December had a negative impact on the Group's EBITA. At comparable exchange rates, EBITA would have been approximately EUR 0.2 (0.2) million higher than reported.
In 2023, the Group's EBITA was EUR 28.6 (23.0) million and the comparable EBITA EUR 28.9 (25.8) million. EBITA was 10.0 (8.8) % of net sales and comparable EBITA 10.1 (9.9) % of net sales. EBITA grew by 24% and comparable EBITA by 12%.
The improvement in EBITA was attributable to the profitability improvement in the Commercial Vehicle Repair and Maintenance business as well as corporate acquisitions made in 2022 and 2023. Heavy competition in the spare parts market and weak consumer demand impacted negatively on the profitability of the Technical Wholesale and Products business in Finland and the Baltics. Especially the on-line business in Finland was negatively impacted.
The significant weakening of the Swedish krona in 2023 had a negative impact on the Group's EBITA. At comparable exchange rates, EBITA would have been approximately EUR 1.5 (0.7) million higher than reported.
Operating profit for the reporting period was EUR 25.1 (19.7) million or 8.8 (7.5) % of net sales. Against last year the operating profit improved by 28%. The comparable operating profit was EUR 25.4 (22.5) million or 9.0 (8.6) % of net sales, an increase of 13%.
Net financial items were EUR -7.4 (-6.5) million of which net interest expenses were EUR -7.3 (-4.2) million. The impact of lease liabilities on interest expenses was EUR -1.7 (-1.5) million. The increase in interest expenses was attributable to the increased interest rates on interest-bearing loans. Financial items included exchange rate differences amounting to EUR 0.1 (-2.5) million, of which EUR 0.1 (-2.3) million were unrealized. The exchange rate differences were attributable to the net exchange rate difference of SEK denominated interest-bearing loans and SEK denominated group internal interest-bearing loan receivables.
The profit for the period was EUR 13.7 (10.0) million and the comparable profit for the period was EUR 14.0 (12.9) million.
Earnings per share, basic were EUR 0.76 (0.56). The comparable earnings per share excluding amortisation of acquisitions, basic were EUR 0.96 (0.90).
When calculating comparable alternative performance measures, transaction costs and certain additional purchase price items of company and business acquisitions, listing costs as well as possible other nonrecurring income or expenses and the tax impact of the aforementioned items are eliminated as items affecting comparability. These items related to the implementation of the company's strategy can be significant and vary considerably between reporting periods. Therefore, the comparable alternative performance measures calculated in this way are considered to better describe the Group's profitability and business performance.
The consolidated balance sheet total on 31 December 2023 was EUR 329.1 (312.8) million. Non-current assets were EUR 199.9 (194.2) million, of which EUR 120.1 (118.2) million was attributable to goodwill and EUR 60.9 (55.9) million to right of use assets.
Net working capital amounted to EUR 67.1 (62.6) million and inventories were EUR 74.1 (67.8) million. The increase in net working capital originated in increased trade and other receivables and increased inventory levels caused primarily by the build-up of receivables after the acquisition of the AutoMateriell business as well as inventories acquired in connection of the acquisition of AutoMateriell and Nordic Lift. Also, growth related investment in inventories in the Lighting product group in the third quarter had an increasing impact on net working capital.
In October-December 2023 net cash from operating activities was EUR 8.4 (17.2) million. The decrease was attributable to the development in net working capital of EUR +1.2 (+8.9) million: Especially in inventories the development was less favourable than in the comparison period; EUR +0.9 (+9.2) million.
In 2023 net cash from operating activities was EUR 30.6 (28.8) million. The increase in net cash from operating activities was attributable to improved profitability especially in the Commercial Vehicle Repair and Maintenance business as well as to corporate acquisitions made in 2022 and 2023.
Cash flow from investing activities was EUR -8.0 (-16.2) million. Out of this EUR -4.1 (-14.7) million was related to the acquisition of subsidiary shares. These constituted the acquisition of the shares in Adita Oy in March, the additional purchase price of SEK 25 million paid to the previous owners of Strands Group AB in May in line with the share purchase agreement as well as the acquisition of the shares in Nordic Lift AS. Additionally, investments in intangible and tangible assets were made to an aggregate amount of EUR -4.1 (- 1.7) million. The increase was attributable to operative investments in the Commercial Vehicle Repair and Maintenance business especially in Sweden and in the Wholesale and Products business in Scandinavia. The increase was also attributable to intangible assets acquired in connection with the acquisition of AutoMateriell and Nordic Lift.
Free cash flow was EUR 24.0 (24.0) million.
Cash flow from financing activities was EUR -27.0 (-10.5) million. The difference consisted mainly of repayments of lease liabilities EUR -12.2 (-11.2) million, dividends paid of EUR -7.3 (-6.5) million and proceeds from non-current loans and borrowings of EUR 0.0 (20.0) million.
On 31 December 2023, the Group's net debt was EUR 151.0 (147.2) million and net debt excluding lease liabilities was EUR 87.9 (90.1) million. Net debt to LTM EBITDA was 3.47 (4.02) and net debt excluding lease liabilities to LTM EBITDA was 2.02 (2.46). Net gearing was 136.5 (141.7) %. Net gearing excluding lease liabilities was 79.4 (86.7) %.
The Group's cash assets at the end of the review period were EUR 9.7 (13.5) million.
Relais Group Plc agreed on 24 February 2023 with its principal bank on amendments to its senior financing agreement originally concluded in 2019 and previously amended in May 2022. The maturity of the financing agreement was extended by one year until the end of May 2025. According to the amended financing agreement the maximum financial exposure is EUR 126.9 million consisting of a maximum of EUR 104.4 million in acquisition financing, EUR 15.5 million in uncommitted senior facilities agreement and a Revolving Credit Facility (RCF) limit of EUR 7.0 million. At the end of the review period, the undrawn portion of the uncommitted senior facilities was EUR 15.5 million and of RCF limit EUR 5.6 million. At the end of 2022, the undrawn portion of the uncommitted senior facilities was EUR 15.5 million and of RCF limit EUR 4.9 million.
The Group's total equity was EUR 110.7 (103.9) million or EUR 6.1 (5.7) per share. The equity ratio was 33.6 (33.2) %.
On 29 March 2023, Relais Group acquired all shares in Adita Oy. Adita is a local distributor of spare parts and equipment for cars and marine use in the Helsinki region. In 2022 its net sales were EUR 5.6 million and the number of employees was 14. Adita Oy has been consolidated into the Group's consolidated accounts starting 1 March 2023.
On 1 August Relais Group acquired the Norwegian workshop equipment business unit of NDS Group AS, comprising the assets and personnel of the AutoMateriell business and the shares in Nordic Lift AS. In 2022 the total revenue of the acquired business unit was approximately NOK 198 million and the operating profit approximately NOK 13 million. The AutoMateriell business and Nordic Lift AS have been consolidated into the Group's consolidated accounts starting 1 August 2023.
On 31 October the Relais Group Plc group company Raskone Oy acquired the heavy commercial vehicle workshop business Jyväskylä Truck Center. The business is situated in the city of Jyväskylä in Finland and it employs 13 people. In 2022 the business had a net sales of approximately EUR 1.7 million and EBIT of approximately EUR 0.1 million. Jyväskylä Truck Center has been consolidated into the Group's consolidated accounts starting 1 November 2023.
On 16 November the Relais Group Plc group company STS Sydhamnens Trailer Service expanded its operations by opening a new workshop in Eskilstuna, Sweden. Following the opening of the Eskilstuna workshop, STS has 14 workshops for repair and maintenance of heavy trucks and trailers in Sweden.
During 2023, Relais Group started updating its materiality assessment and preparing for the Sustainability Reporting Directive (CSRD). During the year, Relais also updated its sustainability programme which will be specified especially in terms of goals and metrics during 2024.
Relais Group will publish its Sustainability Review for 2023 latest in week 12, 2024 at the latest. It will be available on the company's website.
In 2023 the Group employed an average of 1,050 (997) employees. On 31 December 2023 the personnel amounted to 1,089 (1,009) representing an increase of 80. 69 employees were gained through acquisitions.
Employee benefit expenses totalled EUR 59.1 (55.0) million.
The following changes in the company's management took place in 2023: On 15 February 2023, Relais Group informed that Thomas Ekström was appointed Group CFO starting from August 2023 at the latest.
At the end of the year 2023, Relais Group's Management Team consisted of Arni Ekholm (Group CEO), Thomas Ekström (Group CFO), Juan Garcia (Managing Director (Scandinavia)), Ville Mikkonen (Managing Director (Finland and Baltics)), Jan Popov (Managing Director of Raskone Oy), Johan Carlos (Managing Director of Strands Group AB), Sebastian Seppänen (Director, M&A and Business Development) and Jon Strand (Director Marketing and Sales Development (interim)).
The Corporate Governance Statement for 2023 will be issued separately from the Report by the Board of Directors in week 12, 2024 at the latest. It will be available on the company's website.
The resolutions of Relais Group's Annual General Meeting 2023 have been reported in the stock exchange release of 5 April 2023 and in the half-year financial report published on 10 August 2023.
At the end of the period under review, the company's fully paid-up share capital, as recorded in the Trade Register, amounted to EUR 80,000 and the number of shares totalled 18,132,308.
The company has one class of shares, and each share entitles the shareholder to one vote at the General Meeting. No voting restrictions or limits on the number of shares that can be held are in place. The company's share does not have a nominal value. All shares provide equal entitlements to the dividend and other fund distribution (including fund distribution in dissolution situations).
According to the shareholder register maintained by Euroclear Finland, Relais Group had 2,758 shareholders (2,798) at the end of the review period. Of the shares, 8.81 (9.52) % were owned by nomineeregistered or non-Finnish holders.
On 31 December 2023 Relais Group held 50 of its own shares. The company's ten2 largest registered shareholders and their holdings on 31 December 2023:
| Shareholder | Number of shares | % |
|---|---|---|
| 1. Salmivuori Ari | 5,368,800 | 29.6 |
| 2. Nordic Industry Development AB1 | 3,015,600 | 16.6 |
| 3. Helander Holding Oy | 885,130 | 4.9 |
| 4. Evli Finland Small Cap Fund | 667,816 | 3.7 |
| 5. Ajanta Oy2 | 469,800 | 2.6 |
| 6. Kauhanen Kari | 435,571 | 2.4 |
| 7. Evli Finland Select Fund | 399,850 | 2.2 |
| 8. Nordea Bank Abp | 398,000 | 2.2 |
| 9. Elo Mutual Pension Insurance Company | 357,813 | 2.0 |
| 10. Rausanne Oy | 301,500 | 1.7 |
| 11. Stadigh Kari | 292,200 | 1.6 |
| Ten largest combined | 12,592,080 | 69.4 |
| Other shareholders | 5,540,228 | 30.6 |
| Total | 18,132,308 | 100.0 |
1 In Nordic Industry Development AB, control is indirectly held by Jesper Otterbeck.
2 In Ajanta Oy, control is held by Ari Salmivuori. In the table below, Salmivuori and Ajanta Oy are considered as one shareholder.
On 31 December 2023, the members of the Board of Directors and the Management Team of Relais Group owned a total of 4,066,774 Relais Group shares, corresponding to approximately 22.4% of all shares and votes. The number of shares includes those held by the persons themselves as well as those held by close associates and controlled corporations.
| Shares | |
|---|---|
| Arni Ekholm | 67,450 |
| Anders Borg | 60,000 |
| Johan Carlos | 6,688 |
| Juan Garcia1 | 62,050 |
| Olli-Pekka Kallasvuo2 | 84,300 |
| Ville Mikkonen | 174,800 |
| Katri Nygård | 106,050 |
| Jesper Otterbeck3 | 3,024,450 |
| Jan Popov | 67,823 |
| Sebastian Seppänen | 1,000 |
| Jon Strand4 | 382,163 |
| Lars Wilsby5 | 30,000 |
| Total | 4,066,774 |
1 Owned through JG Management AB, which is controlled by Juan Garcia.
2 Owned directly and through Entrada Oy, which is controlled by Olli-Pekka Kallasvuo.
3 Owned through Nordic Industry Development AB, which is controlled indirectly by Jesper Otterbeck and Otterbeck Management AB, which is controlled by Jesper Otterbeck.
4 Owned by Tailor Made Global Investment AB, which is controlled by Jon Strand.
5 Owned by Wilsby Invest AB which is controlled by Lars Wilsby.
In January-December 2023, a total of 1,322,349 Relais Group shares (2,592,828) were traded on Nasdaq Helsinki, representing 7.29 (14.30) % of the shares outstanding. The total value of the share turnover was EUR 15,579,746 (34,889,766). The lowest price of the share was EUR 9.80 (7.50), the highest was EUR 14.50 (27.70) and the average price was EUR 11.78 (13.46). At the end of December, the closing price of the share was EUR 13.50 (10.20).
The company's market capitalization on 31 December 2023 was EUR 245 (185) million.
The Annual General Meeting on 5 April 2023 authorized the Board of Directors to resolve on the acquisition or accepting as pledge of a maximum of 1,813,231 of the company's own shares in one or more tranches using the company's unrestricted equity. The company may buy back shares in order to develop its capital structure, finance or implement any corporate acquisitions or other transactions, implement share-based incentive plans, pay board fees or otherwise transfer or cancel them. The company may buy back shares in public trading on marketplaces whose rules and regulations allow the company to trade in its own shares. In such a case, the company buys back shares through a directed purchase, i.e. in a proportion other than its shareholders' holdings of company shares, with the consideration paid for the shares based on their publicly quoted market price so that the minimum price of the purchased shares equals the lowest market price quoted in public trading during the authorization period and their maximum price equals the highest market price quoted in public trading during that period. This authorization shall supersede the buyback authorization granted at the earlier General Meetings.
The authorization was not used in 2023. The authorization is effective until the end of the Annual General Meeting to be held in 2024, yet no further than until 30 June 2024.
Furthermore, the AGM on 5 April 2023 authorized the Board of Directors to decide on issuing a maximum of 3,626,462 shares in a share issue or on granting special rights (including stock options) entitling holders to shares as referred to in Chapter 10 Section 1 of the Limited Liability Companies Act, in one or several tranches. This authorization may be used to finance and implement any prospective corporate acquisitions or other transactions, to implement the company's share-based incentive plans, or for other purposes determined by the Board. The authorization grants the Board the right to decide on all terms and conditions governing said share issue and the granting of special rights, including the subscribers or the grantees of said special rights and the payable consideration. The authorization also includes the right to issue shares by deviating from the shareholders' pre-emptive rights, i.e., in a directed manner. The authorization of the Board covers both the issue of new shares and the assignment of any shares that may be held in the company's treasury. This authorization shall supersede previous authorizations resolved in General Meetings concerning the issue of shares and special rights entitling to shares.
The authorization was not used in 2023. The authorization is effective until the closing of the Annual General Meeting to be held in 2024, yet no further than until 30 June 2024.
Relais Group's Management Team is covered by two long-term incentive schemes, effective between the years 2021–2026:
On 10 August 2023 the Board of Directors decided to launch two new stock option plans for key employees. The options were granted and accepted by the recipients on 5 September 2023.
In February 2021 a share-based and cash settled long-term incentive plan for the company's management was established. No rewards were paid for the first tranche that was payable in 2023.
For more information, please see the Stock Exchange Release published on 10 August 2023, page 7 in the Report by the Board of Directors and Financial Statements 2022 and Relais Group's investor pages under Corporate Governance and Remuneration.
The current and former members of the Board of Directors and their inheritors owned on 31 December 2023 a total of 777,250 option rights relating to a stock option scheme established in 2017. The option rights, if exercised corresponds to approximately 4.3% of the company shares and votes. All option rights entitle their holders to the issue of a corresponding number of shares.
During the financial year no new Relais Group shares were subscribed based on the option rights. In 2022 a total of 58,350 new Relais Group shares were subscribed.
For more information, please see page 7 in the Report by the Board of Directors and Financial Statements 2022.
Relais Group's is exposed to various risks and factors of uncertainty. Relais Group's earnings, financial position and future development are affected by internal factors which are controlled by the Group itself, and by external factors, where opportunities to influence the course of events are limited.
The risk factors of greatest importance for the Group are the state of the general economy, structural changes in the markets, availability and favourable valuation of suitable acquisition targets, customer and supplier dependence, the competitive situation, ability to effectively manage working capital, pandemics, cyber security risks as well as geopolitical uncertainty close to the main markets.
For more information, please see the section Assessment of risks and uncertainties relating to business activities on page 8 in the Report by the Board of Directors and Financial Statements 2022 and in the listing Prospectus published on 29 November 2022 in connection with the Company's transfer from the Nasdaq First North Growth Market Finland marketplace to the official list of Nasdaq Helsinki Ltd (the prospectus is available on Relais Group's investor pages).
The parent company Relais Group Plc is impacted by the abovementioned risks and factors of uncertainty through its capacity as owner of subsidiaries.
The Group's profit for the financial year was EUR 13,776 (10,075) thousand and the parent company's profit for the financial year was EUR 8,412,506.58 (172,487.86). On 31 December 2023, the parent company's distributable funds amounted to EUR 81,054,173.70 (79,894,570.32).
According to the Finnish Companies Act, the distributable funds of the company are calculated based on the parent company's non-restricted equity. For the purpose of determining the amount of the dividend, the Board of Directors has assessed the liquidity of the parent company and the economic circumstances subsequent to the end of fiscal year.
Based on such an assessment, the Board of Directors will propose to the Annual General Meeting to be held on 10 April 2024 that a dividend of EUR [0.44] (0.40) per share to be paid in two equal instalments in April and November 2024 and that the remaining non-restricted equity is retained in shareholders' equity.
The proposal will be included in the notice to the Annual General Meeting, which will be published during March 2024.
Relais Group Plc's Annual Reporting package 2023, which includes the Annual and Sustainability Review, the Financial Statements, the Report of the Board of Directors, the Corporate Governance Statement and the Remuneration Report, will be published on Monday, 18 March 2024.
The interim reports and the half-year financial report for 2024 will be issued as follows: January-March on Wednesday, 8 May 2024, January-June on Thursday, 15 August 2024 and January-September on Thursday, 7 November 2024.
The Annual General Meeting 2024 is planned to be held on Wednesday, 10 April 2024.
Relais Group's CEO Arni Ekholm and CFO Thomas Ekström will present the result to the media, investors and analysts at a webcast on 7 March 2024, at 10:00 a.m. EET. The webcast can be followed at https://relais.videosync.fi/q4-2023.
Presentation material and video will be available on the company's website athttps://relais.fi/en/investors/ after the event.
Relais Group acquired the shares of Skeppsbrons Jönköping AB on 24 May 2022 and the shares of S-E-T A/S on 12 December 2022. The 2022 reference data in this Financial Statement Review does not include the figures for the companies acquired from the period preceding the commencement of their consolidation in 2022.
Relais Group acquired the shares of Adita Oy on 29 March 2023. The 2022 reference data in this Interim Management Statement does not include the figures for Adita Oy.
Relais Group acquired the Norwegian workshop equipment business unit of NDS Group AS on 1 August 2023. The 2022 reference data in this Interim Management Statement does not include the figures for this business unit.
Relais Group Plc
Board of Directors
Arni Ekholm, CEO Phone: +358 40 760 3323 E-mail: [email protected]
Nasdaq Helsinki Key Media www.relais.fi
Relais Group is a leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic and Baltic countries. We have a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own.
We are a profitable company seeking strong growth. We carry out targeted acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our acquisitions are targeted at companies having a good strategic fit with our group companies.
Our net sales in 2023 was EUR 284.3 (2022: 260.7) million. During 2023, we completed a total of four acquisitions. We employ approximately 1,000 professionals in six different countries. The Relais Group share is listed on the Main Market of Nasdaq Helsinki with the stock symbol RELAIS.
Consolidated income statement Consolidated comprehensive income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity
Definitions of key figures
Reconciliation of alternative performance measures
| Restated | Restated | |||
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| EUR thousand | 2023 | 2022 | 2023 | 2022 |
| Net sales | 80,942 | 75,185 | 284,252 | 260,683 |
| Other operating income | 836 | 742 | 2,655 | 2,754 |
| Materials and services | -45,654 | -41,515 | -155,329 | -143,469 |
| Employee benefit expenses | -16,150 | -14,587 | -59,128 | -54,990 |
| Depreciation, amortisation and | ||||
| impairments | -4,766 | -4,735 | -18,395 | -16,900 |
| Other operating expenses | -8,235 | -9,749 | -28,909 | -28,397 |
| Operating profit | 6,972 | 5,341 | 25,147 | 19,681 |
| Financial income | -723 | 1,117 | 1,436 | 4,658 |
| Financial expenses | -175 | -2,837 | -8,876 | -11,199 |
| Net financial expenses | -897 | -1,720 | -7,440 | -6,541 |
| Profit before income taxes | 6,075 | 3,621 | 17,707 | 13,140 |
| Income taxes | 229 | 70 | -3,968 | -3,109 |
| Profit for the financial year | 6,304 | 3,691 | 13,739 | 10,032 |
| Profit for the financial year attributable to | ||||
| Owners of the parent company | 6,304 | 3,691 | 13,739 | 10,029 |
| Non-controlling interest | - | -0 | - | 2 |
| Earnings per share | ||||
| Basic earnings per share, euro | 0.35 | 0.20 | 0.76 | 0.56 |
| Diluted earnings per share, euro | 0.34 | 0.20 | 0.73 | 0.53 |
| EUR thousand | Oct-Dec 2023 |
Restated Oct-Dec 2022 |
Jan-Dec 2023 |
Restated Jan-Dec 2022 |
|---|---|---|---|---|
| Profit for the financial year | 6,304 | 3,691 | 13,739 | 10,032 |
| Other comprehensive income Items that may be subsequently reclassified to profit or loss |
||||
| Foreign currency translation difference | 2,181 | -1,075 | 300 | -4,289 |
| Total other comprehensive income for the financial year |
2,181 | -1,075 | 300 | -4,289 |
| Total comprehensive income for the financial year |
8,485 | 2,616 | 14,040 | 5,743 |
| Total comprehensive income attributable to Owners of the parent company Non-controlling interests |
8,485 - |
2,619 -3 |
14,040 - |
5,753 -10 |
| Restated | Restated | ||
|---|---|---|---|
| EUR thousand | 31 Dec 2023 |
31 Dec 2022 |
1 Jan 2022 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 13,082 | 15,014 | 15,066 |
| Goodwill | 120,132 | 118,163 | 116,630 |
| Tangible assets | 4,902 | 4,463 | 4,897 |
| Right-of-use assets | 60,932 | 55,878 | 57,566 |
| Deferred tax assets | 560 | 605 | 813 |
| Other non-current financial assets | 250 | 73 | 79 |
| Other non-current assets | 42 | 42 | 6 |
| Total non-current assets | 199,899 | 194,237 | 195,056 |
| Current assets | |||
| Inventories | 74,105 | 67,804 | 73,352 |
| Current tax receivables | 4,024 | 4,106 | 2,588 |
| Other current financial asset | - | 350 | - |
| Trade and other receivables | 41,421 | 32,752 | 31,170 |
| Cash at bank and in hand | 9,675 | 13,527 | 11,803 |
| Total current assets | 129,225 | 118,538 | 118,912 |
| Total assets | 329,124 | 312,775 | 313,970 |
| Restated | Restated | ||
|---|---|---|---|
| 31 Dec | 31 Dec | 1 Jan | |
| EUR thousand EQUITY |
2023 | 2022 | 2022 |
| Share capital | 80 | 80 | 80 |
| Reserve for invested unrestricted equity | 74,149 | 74,125 | 71,436 |
| Translation differences | -5,607 | -5,907 | -1,632 |
| Retained earnings | 42,034 | 35,583 | 34,172 |
| Equity attributable to owners of the parent | |||
| company | 110,656 | 103,881 | 104,057 |
| Non-controlling interests | - | 0 | 337 |
| Total equity | 110,656 | 103,881 | 104,393 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Loans from financial institutions | 88,845 | 95,695 | 90,537 |
| Lease liabilities | 49,420 | 45,307 | 47,783 |
| Other non-current financial liabilities | 1,606 | 1,009 | 1,609 |
| Other non-current liabilities | 128 | 71 | 650 |
| Deferred tax liabilities | 5,173 | 5,785 | 6,179 |
| Total non-current liabilities | 145,172 | 147,867 | 146,758 |
| Current liabilities | |||
| Loans from financial institutions | 7,096 | 7,228 | 6,042 |
| Lease liabilities | 13,718 | 11,876 | 10,641 |
| Other current financial liabilities | 877 | 2,513 | 13 |
|---|---|---|---|
| Current tax liabilities | 4,845 | 4,114 | 4,305 |
| Trade and other payables | 46,760 | 35,296 | 41,816 |
| Total current liabilities | 73,296 | 61,028 | 62,818 |
| Total liabilities | 218,468 | 208,894 | 209,576 |
| Total equity and liabilities | 329,124 | 312,775 | 313,970 |
| Restated | Restated | |||
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| EUR thousand | 2023 | 2022 | 2023 | 2022 |
| Cash flows from operating activities | ||||
| Profit for the financial year | 6,304 | 3,691 | 13,739 | 10,032 |
| Adjustments: | ||||
| Depreciation, amortisation and impairment losses | 4,766 | 4,735 | 18,395 | 16,900 |
| Financial income and expenses | 2,088 | 950 | 7,495 | 4,224 |
| Unrealised foreign exchange gains and losses | -1,202 | 769 | -59 | 2,316 |
| Income tax expense | -229 | -70 | 3,968 | 3,109 |
| Other adjustments | 161 | 1,700 | 813 | 2,029 |
| Cash flows before change in net working capital Change in net working capital: |
11,887 | 11,775 | 44,350 | 38,608 |
| Change in trade and other receivables | ||||
| (increase (-) / decrease (+)) | 347 | 4,237 | -7,850 | -1,147 |
| Change in inventories (increase (-) / decrease (+)) | 895 | 9,185 | -4,639 | 5,123 |
| Change in trade and other payables | ||||
| (increase (+) / decrease (-)) | -60 | -4,500 | 10,127 | -4,106 |
| Cash flows before finance items | 13,070 | 20,698 | 41,989 | 38,479 |
| Interest paid | -3,684 | -1,832 | -7,406 | -4,008 |
| Interest received | 31 | 101 | 121 | 165 |
| Other financial items | -98 | 103 | -121 | -144 |
| Dividens received | 26 | 26 | 26 | 31 |
| Income taxes paid | -908 | -1,876 | -4,011 | -5,742 |
| Net cash from operating activities (A) | 8,436 | 17,220 | 30,598 | 28,781 |
| Cash flows from investing activities | ||||
| Acquisition of intangible and tangible assets | -1,388 | -478 | -4,074 | -1,720 |
| Proceeds from sale of tangible and intangible assets | 47 | -2 | 234 | 176 |
| Acquisition of subsidiaries, net of cash acquired | -20 | -4,915 | -4,144 | -14,654 |
| Net cash used in investing activities (B) | -1,361 | -5,394 | -7,985 | -16,198 |
| Cash flows from financing activities | ||||
| Proceeds from current loans and borrowings | -0 | -10 | -0 | 3,500 |
| Repayment of current loans and borrowings | 0 | -3,502 | -307 | -3,515 |
| Proceeds from non-current loans and borrowings | - | - | - | 16,500 |
| Repayment of non-current loans and borrowings | -3,700 | -3,673 | -7,245 | -7,020 |
| Dividends paid | -3,626 | - | -7,253 | -6,459 |
| Repayment of lease liabilities | -3,138 | -3,450 | -12,170 | -11,243 |
| Acquisition of non-controlling interest Proceeds from shares subscriptions based on share |
- | 24 | - | -2,487 |
| options | - | - | - | 207 |
| Net cash from financing activities (C) | -10,465 | -10,610 | -26,975 | -10,518 |
|---|---|---|---|---|
| Net cash from (used in) operating, investing and financing activities (A+B+C) |
-3,390 | 1,215 | -4,362 | 2,065 |
| Net increase (decrease) in cash and cash equivalents |
-3,390 | 1,215 | -4,362 | 2,065 |
| Cash and cash equivalents, at the beginning of the | ||||
| period | 12,554 | 12,525 | 13,527 | 11,803 |
| Effects of exchange rate fluctuations on cash held | 511 | -213 | 511 | -342 |
| Cash and cash equivalents, at the end of the period | 9,675 | 13,527 | 9,675 | 13,527 |
| Equity attributable to owners of the parent company | |||||||
|---|---|---|---|---|---|---|---|
| EUR thousand | Share capital |
Reserve for invested unrestricted equity |
Translation Retained differences earnings |
Total | Non- controlling interests |
Total equity | |
| Equity 1 Jan 2023 | 80 | 74.125 | $-5.907$ | 35,582 | 103,880 | 0 | 103,880 |
| Comprehensive income Profit (loss) for the period Change in translation differences |
300 | 13.739 | 13.739 300 |
13.739 300 |
|||
| Total comprehensive income | |||||||
| for the financial year | 300 | 13.739 | 14,040 | 14,040 | |||
| Transactions with owners of the parent company Shares issues related to business |
|||||||
| combinations | |||||||
| Share-based payments | 24 | $-35$ | $-11$ | $-11$ | |||
| Shares subscribed by using option rights | |||||||
| Acquisition of non-controlling interest | ۰ | ||||||
| Dividend distribution | $-7,253$ | $-7,253$ | ۰ | $-7,253$ | |||
| Total transactions with owners | |||||||
| of the parent company | 24 | $-7,288$ | $-7,264$ | ۰ | $-7,264$ | ||
| Equity 31 Dec 2023 | 80 | 74,149 | $-5,607$ | 42.034 | 110,656 | 0 | 110,656 |
| Equity attributable to owners of the parent company | |||||||
|---|---|---|---|---|---|---|---|
| Reserve for | |||||||
| invested | Non- | ||||||
| Share | unrestricted | Translation Retained | Total | controlling interests |
|||
| EUR thousand | capital | equity | differences earnings | Total equity | |||
| Equity 1 Jan 2022 | 80 | 71,436 | $-1.631$ | 34,232 | 104,117 | 337 | 104,454 |
| Correction of errors affecting previous | |||||||
| accounting periods | -60 | -60 | -60 | ||||
| Comprehensive income | |||||||
| Profit (loss) for the period | 10.029 | 10.029 | 2 | 10.032 | |||
| Change in translation differences | $-4.276$ | $-4,276$ | $-12$ | $-4,288$ | |||
| Restated total comprehensive income | |||||||
| for the financial year | $-4,276$ | 9.969 | 5.693 | $-10$ | 5,683 | ||
| Transactions with owners | |||||||
| of the parent company | |||||||
| Shares issues related to business | |||||||
| combinations | 1.168 | 1.168 | 1,168 | ||||
| Share-based payments | 1.314 | 1.314 | 1.314 | ||||
| Shares subscribed by using option rights | 207 | 207 | 207 | ||||
| Acquisition of non-controlling interest | $-2,160$ | $-2.160$ | $-327$ | $-2.487$ | |||
| Dividend distribution | $-6.459$ | $-6.459$ | $-6,459$ | ||||
| Total transactions with owners | |||||||
| of the parent company | 2.689 | $-8,619$ | $-5.930$ | $-327$ | $-6,257$ | ||
| Equity 31 Dec 2022 | 80 | 74,125 | $-5,907$ | 35,582 | 103,880 | ۰ | 103,880 |
This financial statements review has been prepared in accordance with the IAS 34 Interim Financial Reporting and the same principles have been applied as for the 2023 financial statements. The financial statement review and interim reports have not been audited. The company's financial statements for 2023 have been audited.
All figures have been rounded to the nearest figure; therefore the sum of reported figures may not exactly match those presented.
The seasonality of the group's business has an impact on the demand for Relais' services, which in turn affects its net sales, net operating profit, and cash flows. Variation in seasonal temperatures, such as warm summers and cold winters, can have an effect on the demand for batteries, starter motors, and chargers as well as the need for vehicle air conditioning and heating. Furthermore, the demand for lighting products, such as LEDs and auxiliary lights, typically grows in the fall and winter months. Due to seasonal changes, Relais typically produces greater net sales in the second half of the year.
Consolidated net sales is disaggregated by product line and geographical market in the tables below. Markets are based on the geographic location of customers.
| EUR thousand | Oct-Dec 2023 |
Oct-Dec 2022 |
Jan-Dec 2023 |
Jan-Dec 2022 |
|---|---|---|---|---|
| Equipment | 15,972 | 9,528 | 48,441 | 33,141 |
| Lighting | 19,523 | 21,921 | 59,849 | 62,053 |
| Spare parts | 22,390 | 19,949 | 83,226 | 78,925 |
| Repair and maintenance | 23,053 | 23,637 | 91,899 | 85,565 |
| Other | 4 | 150 | 838 | 998 |
| Total | 80,942 | 75,184 | 284,252 | 260,683 |
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|
| EUR thousand | 2023 | 2022 | 2023 | 2022 |
| Finland | 33,165 | 34,440 | 119,772 | 116,972 |
| Sweden | 32,017 | 30,021 | 116,941 | 108,433 |
| Estonia | 1,718 | 1,766 | 5,481 | 5,158 |
| Norway | 7,080 | 1,872 | 14,842 | 6,343 |
| Other countries | 6,962 | 7,086 | 27,215 | 23,778 |
| Total | 80,942 | 75,184 | 284,252 | 260,683 |
| EUR thousand | Finland& Baltics |
Scandi navia |
Other | Eliminations | Total |
|---|---|---|---|---|---|
| Jan-Dec 2023 | |||||
| External revenue | 128,349 | 155,903 | - | - | 284,252 |
| Internal revenue | 5,553 | 1,861 | 1,045 | -8,459 | - |
| Material and services | -75,247 | -87,182 | - | 7,100 | 155,329 |
| Gross profit | 58,655 | 70,582 | 1,045 | -1,359 | 128,923 |
| Depreciation, amortisation and impairment | -8,876 | -6,060 | -54 | -3,405 | -18,395 |
|---|---|---|---|---|---|
| Other income and expenses | -40,033 | -43,674 | -2,533 | 859 | -85,381 |
| Operating profit | 9,746 | 20,848 | -1,542 | -3,905 | 25,147 |
| Financial items | 48 | -3,525 | 5,041 | -9,004 | -7,440 |
| Profit before income taxes | 9,795 | 17,323 | 3,499 | -12,910 | 17,707 |
| Finland& | Scandi | ||||
|---|---|---|---|---|---|
| EUR thousand | Baltics | navia | Other | Eliminations | Total |
| Adjusted Jan-Dec 2022 | |||||
| External revenue | 125,048 | 135,635 | - | - | 260,683 |
| Internal revenue | 8,378 | 852 | 330 | -9,561 | - |
| Material and services | -78,061 | -74,245 | - | 8,837 | -143,469 |
| Gross profit | 55,365 | 62,242 | 330 | -724 | 117,214 |
| Depreciation, amortisation and impairment | -8,244 | -5,307 | -49 | -3,299 | -16,900 |
| Other income and expenses | -36,741 | -38,624 | -3,775 | -1,493 | -80,633 |
| Operating profit | 10,380 | 18,311 | -3,494 | -5,516 | 19,681 |
| Financial items | -764 | -2,682 | -3,001 | -93 | -6,541 |
| Profit before income taxes | 9,616 | 15,629 | -6,495 | -5,609 | 13,140 |
"Other" includes management and administrative services provided by the parent company to the group companies.
The "Eliminations" column includes internal eliminations as well as entries and amortisation related to acquisitions.
| Oct-Dec | Restated Oct-Dec |
Jan-Dec | Restated Jan-Dec |
|
|---|---|---|---|---|
| EUR thousand | 2023 | 2022 | 2023 | 2022 |
| Financial income | ||||
| Foreign exchange gains | -780 | 1,051 | 1,289 | 4,200 |
| Interest income | 31 | 101 | 121 | 165 |
| Other financial income | 26 | 26 | 27 | 32 |
| Changes in fair values | - | -61 | - | 261 |
| Financial income total | -723 | 1,117 | 1,436 | 4,658 |
| Financial expenses | ||||
| Foreign exchange losses | 1,966 | -1,584 | -1,145 | -6,659 |
| Interest expenses | -2,046 | -1,064 | -7,415 | -4,346 |
| Other financial expenses | -95 | -189 | -313 | -194 |
| Other financial expenses | - | - | -4 | - |
| Financial expenses total | -175 | -2,837 | -8,876 | -11,199 |
| Net financial expenses | -897 | -1,720 | -7,440 | -6,541 |
The increase in net financial expenses in the reporting period is due to increased interest expenses on loans from financial institutions.
The weakening of the USD against the euro decreased the costs of materials and services by approximately EUR 0.3 million in October-December and by approximately EUR 0.7 million in January-December 2023. The weakening of the SEK had a negative impact on the Group's EBITA. At comparable EUR/SEK
exchange rates, EBITA in October-December would have been approximately EUR 0.2 (0.2) million higher than reported and in January-December approximately EUR 1.5 (0.7) million higher.
| EUR | Oct-Dec 2023 |
Restated Oct-Dec 2022 |
Jan-Dec 2023 |
Restated Jan-Dec 2022 |
|---|---|---|---|---|
| Earnings per share, basic | 0.35 | 0.20 | 0.76 | 0.56 |
| Earnings per share, diluted | 0.34 | 0.20 | 0.73 | 0.53 |
| Comparable earnings per share, basic | 0.35 | 0.30 | 0.77 | 0.71 |
| Comparable earnings per share excluding amortization of acquisitions, basic |
0.39 | 0.35 | 0.96 | 0.90 |
| Comparable earnings per share, diluted | 0.34 | 0.29 | 0.75 | 0.69 |
| Comparable earnings per share excluding amortization of acquisitions, diluted |
0.38 | 0.33 | 0.93 | 0.86 |
| Oct-Dec 2023 |
Oct-Dec 2022 |
Jan-Dec 2023 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Number of outstanding shares at the end of the period *) |
18 132 258 | 18 132 308 | 18 132 258 | 18 132 308 |
| Weighted average number of shares, basic *) |
18 132 258 | 18 132 258 | 18 132 258 | 18 051 682 |
| Weighted average number of shares, diluted |
18 803 531 | 18 777 120 | 18 805 601 | 18 759 556 |
*) The method of calculating the number of shares has been changed from 2023. According to the new calculation method, the 50 own shares held by Relais Group are not included in the number of shares. The number of shares presented for 2022 include 50 shares held by Relais Group.
The Annual General Meeting held on 5 April 2023 decided that a dividend of EUR 0.40 per share to be paid on the basis of the adopted balance sheet for the financial year 2022. The dividend was resolved to be paid in two instalments.
The first instalment of the dividend, EUR 0.20 per share, was paid to shareholders who, on the record date for dividend distribution of 11 April 2023, were registered in the shareholders' register of the company maintained by Euroclear Finland Ltd. The first instalment of the dividend was paid on 18 April 2023.
The second instalment of the dividend, EUR 0.20 per share, was paid to shareholders who, on the record date of 2 November 2023 of the second dividend instalment, were registered in the shareholders' register of the company maintained by Euroclear Finland Ltd. The second instalment of the dividend was paid on 9 November 2023.
A total of EUR 7.3 million in dividends was paid out.
| EUR thousand | 31 Dec 2023 |
31 Dec 2022 |
|---|---|---|
| Cost at the beginning of period | 16,647 | 15,055 |
| Additions | 2,667 | 1,223 |
| Business combinations | 689 | 1,174 |
| Exchange differences | 73 | -622 |
| Disposals | -1,035 | -301 |
| Reclassifiations | -2 | 118 |
|---|---|---|
| Cost at the end of period | 19,040 | 16,647 |
| Accumulated depreciation and impairment at the beginning of the period |
-12,184 | -10,159 |
| Business combinations | -508 | -1,088 |
| Disposals | 247 | 274 |
| Reclassifiations | 2 | -118 |
| Depreciation | -1,654 | -1,545 |
| Exchange differences | -40 | 451 |
| Accumulated depreciation and impairment at the end of the period |
-14,138 | -12,184 |
| Book value at the beginning of the period | 4,463 | 4,897 |
| Book value at the end of the period | 4,902 | 4,463 |
| Restated | ||
|---|---|---|
| 31 Dec | 31 Dec | |
| EUR thousand | 2023 | 2022 |
| Cost at the beginning of period | 77,194 | 69,155 |
| Additions | 5,855 | 2,376 |
| Business combinations * | 1,146 | 2,587 |
| Exchange differences | 254 | -1,871 |
| Disposals | -319 | -3,075 |
| Revaluations | 10,988 | 8,023 |
| Cost at the end of period | 95,120 | 77,194 |
| Accumulated depreciation and impairment | ||
| at the beginning of the period | -21,316 | -11,588 |
| Disposals | 221 | 1,508 |
| Depreciation | -12,956 | -11,631 |
| Exchange differences | -136 | 395 |
| Accumulated depreciation and impairment at the end of the | ||
| period | -34,188 | -21,316 |
| Book value at the beginning of the period | 55,878 | 57,566 |
| Book value at the end of the period | 60,932 | 55,878 |
* The acquisition cost of the right-of-use asset acquired through business combinations in May 2022 has been corrected in December 2022 explaining the decrease in additions through business combinations from 30 June 2022 to 31 December 2022.
The most significant additions, including additions through business combinations, in the review period and comparison period are related to premises.
Revaluations in rents include additions to right-of-use assets and lease liabilities due to rent increases and due to changes in lease terms in lease agreements for existing premises.
Relais Group Plc agreed on 24.2.2023 with its principal bank on amendments to its senior financing agreement originally concluded in 2019. The maturity of the financing agreement was extended by one year until the end of May 2025. Previously it has been restated and extended three times during 2020-2022 and the latest amendment was made in May 2022.
According to the amended financing agreement the maximum financial exposure is EUR 126.9 million consisting of a maximum of EUR 104.4 million in acquisition financing, EUR 15.5 million in uncommitted senior facilities agreement and an RCF limit of EUR 7.0 million. According to the previous, in May 2022 amended financing agreement, the maximum financial exposure was EUR 133.7 million consisting of a maximum of EUR 111.2 million in acquisition financing, EUR 15.5 million in uncommitted senior facilities agreement and an RCF limit of EUR 7.0 million.
At the end of the review period, the undrawn portion of the uncommitted senior facilities was EUR 15.5 million and of RCF limit EUR 5.6 million. At the end of 2022, the undrawn portion of the uncommitted senior facilities was EUR 15.5 million and of RCF limit EUR 4.8 million.
The company had recognised a contingent consideration of EUR 2.2 million in connection with the acquisition of Strands Group AB, which was reported under contingent consideration in the financial statements and paid in the reporting period.
| Restated | ||
|---|---|---|
| EUR thousand | 31 Dec 2023 |
31 Dec 2022 |
| At amortised cost | ||
| Non-current | ||
| Borrowings from financial institutions | 88,845 | 95,695 |
| Lease liabilities | 49,420 | 45,307 |
| Loans from others | 1,606 | 1,009 |
| 139,871 | 142,011 | |
| Current | ||
| Borrowings from financial institutions | 7,096 | 7,228 |
| Lease liabilities | 13,709 | 11,876 |
| Trade payables | 21,346 | 15,125 |
| Other financial liabilities | 877 | 265 |
| 43,027 | 34,494 | |
| Total financial liabilities at amortised cost | 182,899 | 176,505 |
| At fair value through profit or loss | ||
| Current | ||
| Contingent considerations | - | 2,248 |
Total financial liabilities at fair value through profit or loss - 2,248
| Total financial liabilities | 182,899 | 178,753 | |
|---|---|---|---|
| ----------------------------- | -- | --------- | --------- |
The following tables show the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. The table excludes fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
| Carrying amount |
Fair value | ||||
|---|---|---|---|---|---|
| EUR thousand | Level 1 | Level 2 | Level 3 | Total | |
| 31 December 2023 | |||||
| Financial assets measured at fair value | |||||
| Interest rate swaps (not hedge accounted) | - | - | - | - | - |
| Total | - | - | - | - | - |
| Financial liabilities measured at fair value | |||||
| Interest rate swaps (not hedge accounted) | - | - | - | - | - |
| Contingent considerations | - | - | - | - | - |
| Total | - | - | - | - | - |
| Financial liabilities not measured at fair value | |||||
| Current borrowings from financial institutions | 7,096 | - | - | 7,096 | 7,096 |
| Non-current borrowings from financial institutions | 88,845 | - | - | 88,845 | 88,845 |
| Other non-current financial liabilities | 1,606 | 1,606 | 1,606 | ||
| Total | 97,547 | - | - | 97,547 | 97,547 |
| Carrying | |||||
|---|---|---|---|---|---|
| amount | Fair value | ||||
| EUR thousand | Level 1 | Level 2 | Level 3 | Total | |
| 31 December 2022 | |||||
| Financial assets measured at fair value | |||||
| Interest rate swaps (not hedge accounted) | 261 | - | 261 | - | 261 |
| Total | 261 | - | 261 | - | 261 |
| Financial liabilities measured at fair value | |||||
| Interest rate swaps (not hedge accounted) | - | - | - | - | - |
| Contingent considerations | 2 248 | - | - | 2,248 | 2,248 |
| Total | - | - | - | 2,248 | 2,248 |
| Financial liabilities not measured at fair value | |||||
| Current borrowings from financial institutions | 7,228 | - | - | 7,228 | 7,228 |
| Non-current borrowings from financial institutions | 95,695 | - | - | 95,695 | 95,695 |
| Other non-current financial liabilities | 1,009 | - | - | 1,009 | 1,009 |
| Total | 103,932 | - | - | 103,932 | 103,932 |
A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are categorised into hierarchy levels that are representative of the inputs used in the valuation techniques as follows:
| Level 1 | Level 2 | Level 3 |
|---|---|---|
| Fair value is calculated on the basis of quoted prices (unadjusted) in active markets for identical assets or liabilities that Relais can access at the |
Fair value is calculated on the basis of inputs other than quoted prices included in Level 1 that are observable for the asset or liability; either directly (i.e., as |
Fair value is calculated on the basis of inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
| measurement date. | prices) or indirectly (i.e., derived from prices). |
The group has determined the fair value of the contingent consideration according to the terms of the agreement by discounting probability-weighted cash flows at the time of reporting. Determining fair value involves management judgment. The contingent consideration reported in the financial statements has been paid in full during the reporting period.
The group has estimated that the fair value of its bank loans corresponds to their book value, because the loans have variable interest rates and according to the management's assessment, the interest rate on the loans is close to the market rate on the reporting date. The increase in interest rates does not have a significant effect on the fair value of loans, but they directly increase interest expenses.
| EUR thousand | 31 Dec 2023 |
31 Dec 2022 |
|---|---|---|
| Loans from financial institutions | ||
| Financing loans | 95,941 | 102,975 |
| Revolving credit facility raised | 0 | 0 |
| Amount of revolving credit facility granted | 5,634 | 4,856 |
| Available limit | 5,634 | 4,856 |
| Book value of pledged subsidiary shares | 105,222 | 105,222 |
| Mortgage on company assets | 107,774 | 108,079 |
| Collateral for financial institution loans, total | 212,996 | 213,301 |
| Guarantees given on behalf of the companies belonging to the same group | ||
| General guarantee | 5,079 | 3,145 |
| Other | 86 | 791 |
| Total | 5,164 | 3,936 |
| Other liabilities | ||
| Rental securities | 1,070 | 1,865 |
| Other guarantees | 232 | 346 |
| Total | 1,301 | 2,211 |
The below table is a summary table of acquisitions made. It shows the considerations transferred and the carrying amounts of the acquired assets and liabilities assumed at the acquisition dates. Goodwill arises mainly from the skilled staff and strong market position.
| Jy väs |
|||||
|---|---|---|---|---|---|
| Auto | kylä | ||||
| materiell | Nordic | Truck | |||
| EUR thousand | Adita Oy | AS | Lift AS | Center | Total |
| 29 March | 1 August | 1 August | |||
| Acquisition date | 2023 | 2023 | 2023 | ||
| Share acquired | 100% | 100% | |||
| Domicile | Finland | Norway | Norway | ||
| 1 March | 1 August | 1 August | |||
| Consolidated from | 2023 | 2023 | 2023 | ||
| Revenue from consolidation date until 31 | |||||
| December 2023 Profit/loss from consolidation date until 31 |
4,760 | 6,685 | 1,583 | 13,028 | |
| December 2023 | 113 | -121 | -117 | -125 | |
| Goodwill deductible for tax purposes | No | No | No | ||
| Consideration transferred | |||||
| Cash | 1,335 | 3,459 | 1,087 | 5,881 | |
| Financial liabilities | 63 | 2 610 | 646 | 3,319 | |
| Non-competing agreement | -79 | -110 | -32 | -221 | |
| Total consideration | |||||
| transferred | 1,319 | 5,959 | 1,701 | 8,979 | |
| Identified assets acquired and liabilities | |||||
| assumed | |||||
| Customer-related | |||||
| intangibles | 216 | 985 | 260 | 1,461 | |
| Other intangibles | 0 | 0 | 71 | 71 | |
| Machinery and equipment | 39 | 80 | 66 | 185 | |
| Right-of-use assets | 370 | 0 | 133 | 503 | |
| Inventories | 899 | 2,559 | 1,353 | 4,811 | |
| Trade and other receivables | 291 | 0 | 360 | 651 | |
| Deferred tax assets | 0 | 17 | |||
| Cash and cash equivalents | 336 | 0 | 131 | 467 | |
| Non-current liabilities | -550 | 0 | -281 | -831 | |
| Deferred tax liabilities | -66 | 0 | -17 | -83 | |
| Lease liabilities | -370 | 0 | -133 | -503 | |
| Trade and other payables | -546 | 0 | -613 | -1,159 | |
| Total identifiable net assets acquired | 619 | 3,624 | 1,347 | 5,590 | |
| 0 | 0 | ||||
| Goodwill | 700 | 2,335 | 354 | 3,389 | |
| Acquisition-related costs | |||||
| incurred | 86 | 206 | 0 | 292 | |
| Cash consideration | -1,335 | -3,459 | -1,087 | -5,881 |
|---|---|---|---|---|
| Less: cash acquired | 336 | 0 | 131 | 467 |
| Net outflow of cash - | ||||
| investing activities | -999 | -3,459 | -956 | -5,414 |
On 29 March 2023, Relais acquired all the shares in Adita Oy. Adita is a local distributor of spare parts and equipment for cars and marine use in the Helsinki region. In 2022 its net sales were EUR 5.6 million and number of employees was 14. Adita has been consolidated into the Relais Group consolidated accounts starting 1 March 2023.
On 1 August Relais Group acquired the Norwegian workshop equipment business unit of NDS Group AS, comprising the assets and personnel of the AutoMateriell business and the shares in Nordic Lift AS. In 2022 the total revenue of the acquired business unit was approximately NOK 198 million and the operating profit approximately NOK 13 million. The AutoMateriell business and Nordic Lift AS have been consolidated into the Group's consolidated accounts starting 1 August 2023.
On 31 October the Relais Group Plc group company Raskone Oy acquired the heavy commercial vehicle workshop business Jyväskylä Truck Center situated in the city of Jyväskylä in Finland and employs 13 people. In 2022 the business had net sales of approximately EUR 1.7 million and EBIT of approximately EUR 0.1 million. Jyväskylä Truck Center has been consolidated into the Group's consolidated accounts starting 1 November 2023.
None of the goodwill recognised is deductible for tax purposes. Relais Group expects the gross contractual amount for the acquired trade receivables to equal their fair value.
Relais Group's board and management team members did not subscribe for any shares based on option rights during the reporting period (1-12/2022: 58,350 shares).
| Key management personnel compensation | ||||||
|---|---|---|---|---|---|---|
| EUR thousand | Jan Dec 2023 |
Jan Dec 2022 |
Jan Dec 2023 |
Jan Dec 2022 |
Jan Dec 2023 |
Jan Dec 2022 |
| CEO Arni Ekholm |
Other members of Management |
Total | ||||
| Salaries and other short-term employee | ||||||
| benefits | -248 | -305 | -1,256 | -881 | -1,504 | -1,186 |
| Pension benefits (defined contribution plans) | -43 | -58 | -195 | -134 | -238 | -192 |
| Share-based payments* | 27 | 129 | 46 | 275 | 73 | 404 |
| Total | -264 | -234 | -1,405 | -740 | -1,669 | -974 |
*) The revaluation of the debt related to synthetic options has resulted in cost reversal during the review period, because of the related debt has decreased as the fair value of the share under the arrangement has decreased.
| Transactions with related parties and outstanding balances | ||
|---|---|---|
| Jan-Dec 2023/ |
Jan-Dec 2022/ |
|
| EUR thousand | 31 Dec 2023 | 31 Dec 2022 |
| Transactions | ||
| Sales | 539 | 385 |
| Purchases | 643 | 555 |
| Services | 814 | 1,025 |
| Outstanding balances | ||
| Trade receivables | 70 | 34 |
| Trade payables | 115 | 128 |
|---|---|---|
The related party transactions disclosed in the table above consist of transactions with those companies, in which key management personnel of Relais Group has control or significant influence.
Relais Group has corrected previously reported consolidated figures relating to IFRS 16 Leases due to the correction of the end date of one lease agreement. The lease period of the lease agreement in question should have been 34 months longer. The correction resulted in changes to the presentation of the financial results and financial position for the comparative periods.
The corrections impacted the presentation of the financial position and result of the Group as at 1 January 2022 and 31 December 2022:
| EUR thousands | 31 Dec 2022 |
Leases | Restated, 31 Dec 2022 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Right-of-use assets | 52,312 | 3,566 | 55,878 |
| Deferred tax assets | 579 | 26 | 605 |
| EQUITY | |||
| Retained earning | 35,686 | -103 | 35,583 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Lease liabilities | 41,611 | 3,696 | 45,307 |
| Current liabilities | |||
| Lease liabilities | 11,877 | -1 | 11,876 |
| EUR thousands | 1 Jan 2022 | Leases | Restated, 1 Jan 2022 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Right-of-use assets | 54,143 | 3,424 | 57,567 |
| Deferred tax assets | 798 | 15 | 813 |
| EQUITY | |||
| Retained earning | 34,232 | -60 | 34,172 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Lease liabilities | 44,284 | 3,499 | 47,783 |
| Current liabilities | ||
|---|---|---|
| Lease liabilities | 10 641 | 10 641 |
| 31 Dec 2022 |
Leases | Restated, 31 Dec |
|
|---|---|---|---|
| EUR thousands | 2022 | ||
| Depreciation, amortisation and impairment losses | -16,933 | 33 | -16,900 |
| Operating profit | 19,648 | 33 | 19,681 |
| Net financial expenses | -6,454 | -86 | -6,541 |
| Profit before income taxes | 13,194 | -54 | 13,140 |
| Income tax expense | -3,119 | 11 | -3,109 |
| Profit for the financial year | 10,075 | -43 | 10,032 |
| Profit for the financial year attributable to | |||
| Owners of the parent company | 10,072 | -43 | 10,029 |
| Non-controlling interests | 2 | 2 | |
| Earnings per share | |||
| Basic earnings per share, euro | 0,56 | ||
| Diluted earnings per share, euro | 0,54 | ||
| CONSOLIDATED COMPREHENSIVE INCOME STATEMENT | |||
| Profit for the financial year | 10,075 | -43 | 10,032 |
| Other comprehensive income | |||
| Total comprehensive income for the financial year | 5,786 | 5,743 | |
| Total comprehensive income attributable to | |||
| Owners of the parent company | 5,796 | 5,753 | |
| Non-controlling interests | -10 | -10 |
There were no events after the review period.
| Key figure | Definition |
|---|---|
| EBITA1 | Operating profit + amortisation of acquisitions |
| Comparable EBITA1 | Operating profit + amortisation of acquisitions + items affecting comparability included in EBITA for the period |
| EBITDA1 | Operating profit + depreciation, amortisation, and impairments |
| Comparable EBITDA1 | Operating profit + depreciation, amortisation, and impairments + items affecting comparability included in EBITDA for the period |
| Comparable operating profit1 | Operating profit + items affecting comparability included in Operating profit for the period |
| Gross profit Gross margin |
Net sales - materials and services Gross profit/net sales *100 |
| Items affecting comparability | Listing expenses + transaction costs of acquisitions+ contingent consideration costs of acquisitions + other non-recurring expenses + tax impact of items affecting comparability |
| Comparable profit (loss) for the period1 |
Profit (loss) for the period + items affecting comparability included in profit (loss) for the period |
| Comparable profit (loss) for the period excluding amortisation of acquisitions1 |
Profit (loss) for the period + items affecting comparability included in profit (loss) for the period + amortisation of acquisitions |
| Comparable earnings per share, basic |
Comparable profit (loss) / weighted average number of shares outstanding during the period |
| Comparable earnings per share, diluted |
Comparable profit (loss) / weighted average number of shares outstanding during the period + dilutive potential shares |
| Comparable earnings per share excluding amortisation of acquisitions, basic |
Comparable profit (loss) excluding amortisation of acquisitions / weighted average number of shares outstanding during the period |
| Comparable earnings per share excluding amortisation of acquisitions, diluted |
Comparable profit (loss) excluding amortisation of acquisitions / weighted average number of shares outstanding during the period + dilutive potential shares |
| Earnings per share, basic | Profit (loss) for the period / weighted average number of shares outstanding during the period |
| Earnings per share, diluted | Profit (loss) for the period / weighted average number of shares outstanding during the period + dilutive potential shares |
| Net working capital | Inventories + short-term trade receivables + other receivables + prepaid expenses and accrued income - trade payables - other current liabilities - accrued expenses and deferred income |
| Net Debt | Loans from financial institutions + other loans + capital loans + leasing liabilities – loan receivables – receivables from Group companies – subscribed capital unpaid – cash at bank and in hand |
| Net debt excluding leasing liabilities |
Loans from financial institutions + other loans + capital loans – loan receivables – receivables from Group companies – subscribed capital unpaid – cash at bank and in hand |
|---|---|
| Net Debt to EBITDA, LTM | Net debt / last twelve month's EBITDA |
| Net debt excl. leasing liabilities to EBITDA |
Net debt excl. leasing liabilities / last twelve month's EBITDA |
| Net gearing | Net debt / Equity + minority interest |
| Net gearing excl. leasing liabilities | Net debt excl. leasing liabilities / Equity + minority interest |
| Equity ratio | Equity + minority interest / Equity and liabilities, total |
| Return on capital employed (ROCE) |
(Operating profit + other interest and financial income - listing expenses (periodical figures have been annualized) / (Equity + minority interest + loans from financial institutions + other loans + capital loans + convertible bonds, average) |
| Return on equity (ROE) | Profit (loss) for the period + minority interest, (periodical figures have been annualized) / (Equity + minority interest, average) |
| Return on assets (ROA) | (Operating profit + other interest financial income - listing expenses (periodical figures have been annualized) / (Total assets, average) |
| 1 Key measure margin, % has been calculated by dividing the measure with net sales and multiplying by 100. |
| In thousand euros unless stated otherwise | Oct-Dec 2023 |
Restated Oct-Dec 2022 |
Jan-Dec 2023 |
Restated Jan-Dec 2022 |
|---|---|---|---|---|
| Net sales | 80,942 | 75,185 | 284,252 | 260,683 |
| Materials and services | -45,654 | -41,515 | -155,329 | -143,469 |
| Gross profit | 35,288 | 33,670 | 128,923 | 117,214 |
| Gross margin, % | 43.6% | 44.8% | 45.4% | 45.0% |
| Operating profit | 6,972 | 5,341 | 25,147 | 19,681 |
| Items affecting comparability included in profit (loss) for the period |
||||
| Listing expenses | - | 762 | - | 1,183 |
| Transaction costs of acquisitions | -1 | 112 | 290 | 182 |
| Contingent consideration costs of acquisitions | 9 | 846 | 9 | 1,467 |
| Items affecting comparability included in profit (loss) for the period |
8 | 1,720 | 299 | 2,832 |
| Comparable operating profit | 6,980 | 7,061 | 25,446 | 22,514 |
| Depreciation, amortisation and impairments EBITDA |
4,766 11,738 |
4,735 10,076 |
18,395 43,542 |
16,900 36,581 |
| EBITDA margin, % | 14.5% | 13.4% | 15.3% | 14.0% |
| Items affecting comparability included in profit | ||||
|---|---|---|---|---|
| (loss) for the period | 8 | 1,720 | 299 | 2,832 |
| Comparable EBITDA | 11,746 | 11,796 | 43,841 | 39,414 |
| Operating profit | 6,972 | 5,341 | 25,147 | 19,681 |
| Amortisation of acquisitions | 822 | 875 | 3,405 | 3,332 |
| EBITA | 7,794 | 6,216 | 28,552 | 23,013 |
| EBITA margin, % | 9.6% | 8.3% | 10.0% | 8.8% |
| Items affecting comparability included in profit | ||||
| (loss) for the period | 8 | 1,720 | 299 | 2,832 |
| Comparable EBITA | 7,802 | 7,936 | 28,851 | 25,846 |
| Profit (loss) for the period | 6,304 | 3,691 | 13,739 | 10,032 |
| Comparable profit (loss) | 6,312 | 5,411 | 14,038 | 12,864 |
| Comparable profit (loss) margin, % | 7.8% | 7.2% | 4.9% | 4.9% |
| Amortisation of acquisitions | 822 | 875 | 3,405 | 3,332 |
| Comparable profit (loss) excluding | ||||
| amortisation of acquisitions | 7,134 | 6,286 | 17,444 | 16,196 |
| Comparable profit (loss) excluding Amortisation | ||||
| of acquisitions margin, % | 8.8% | 8.4% | 6.1% | 6.2% |
| Operating cash flow before working capital | ||||
| changes | 11,887 | 11,775 | 44,350 | 38,608 |
| Repayment of lease liabilities | -3,138 | -3,450 | -12,170 | -11,243 |
| Interest expenses on leases | -470 | -439 | -1,732 | -1,532 |
| Change in working capital | 1,182 | 8,923 | -2,361 | -130 |
| Purchase of tangible and intangible assets | -1,388 | -478 | -4,074 | -1,720 |
| Free cash flow | 8,074 | 16,331 | 24,013 | 23,983 |
| Cash conversion to EBITDA | 68.8% | 162.1% | 55.1% | 65.6% |
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