Annual Report • Feb 16, 2023
Annual Report
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• There have not been any significant events after the end of the interim period.
| OCTOBER-DECEMBER | JANUARY - DECEMBER | |||||
|---|---|---|---|---|---|---|
| SEK million | Oct-Dec 2022 |
Oct-Dec 2021 |
change | Jan-Dec 2022 |
Jan-Dec 2021 |
change |
| Net sales | 1,625 | 935 | 74% | 4,810 | 3,139 | 53% |
| EBITA | 166 | 84 | 98% | 407 | 232 | 76% |
| EBITA margin, % | 10.2 | 8.9 | 1.3 | 8.5 | 7.4 | 1.1 |
| Operating profit (loss) (EBIT) | 136 | 61 | 124% | 308 | 155 | 98% |
| EBIT margin, % | 8.4 | 6.5 | 1.9 | 6.4 | 5.0 | 1.4 |
| Earnings before tax (EBT) | 106 | 50 | 109% | 251 | 122 | 106% |
| Cash flow from operating activities | 215 | 47 | 357% | 431 | 174 | 148% |
| Net debt | 1,800 | 1,036 | 74% | 1,800 | 1,036 | 74% |
| Financial leverage | 2.4 times | 2.4 times | 0 | 2.4 times | 2.4 times | 0 |
| Order backlog | 7,762 | 5,125 | 51% | 7,762 | 5,125 | 51% |
| Basic earnings per share, SEK | 1.41 | 0.61 | 131% | 3.41 | 1.84 | 85% |
| Diluted earnings per share, SEK | 1.40 | 0.60 | 133% | 3.39 | 1.81 | 87% |
| Average number of shares, before dilution | 54,991,226 | 52,332,330 | 5% | 53,873,101 | 49,978,855 | 8% |
Green Landscaping Group switches to stating net sales, from previously stating sales. Data from previous periods have been adjusted to enable relevant comparisons.
Unless otherwise stated, all comparison figures are for the corresponding period previous year. The alternative key figures and definitions that have been used in this report are described on page 27. Due to rounding, some of the tables and calculations in the report are not always exact.
We ended the year with growth of 74 percent in the fourth and last quarter, an EBITA margin over 10 percent and cash flow from operating activities of SEK 215 million.
We thus sum up 2022 as successful and eventful year for Green Landscaping Group. We welcomed eleven new companies to the Group and substantially increased our revenue, both organically and through acquisitions. Our EBITA margin is 8.5 percent and we embark upon 2023 with a good order backlog.
Green Landscaping Group delivered a strong quarter despite all the turbulence in the world around us. Revenue increased by 74 percent and amounted to SEK 1.6 (0.9) billion, which is attributable to organic growth and new companies that joined the Group. There is high demand from our customers and we have succeeded in implementing indexation adjustments in many of our agreements due to the sharp rise in inflation, all of which has contributed to achieving an organic growth of 14 percent. Demand increased in the fourth quarter compared to the previous quarter, in line with normal seasonal fluctuations. Our order backlog grew even stronger at just over SEK 7.8 billion, most of which is contracts in the public sector.
EBITA amounted to SEK 166 (84) million and the EBITA margin increased by more than one percentage point to 10.2 (8.9) percent. For the full year, the margin amounted to 8.5 (7.4) percent.
Several of the companies with lower profitability have gradually improved through long-term and methodical work. I am very pleased and would like to heartily thank our employees who have worked so hard to achieve that, along with our LEAN team, which was frequently involved in these efforts. Our strategy of acquiring the most successful companies with the best entrepreneurs in our industry also results in a favorable effect on the EBITA margin.
We were once again impacted by the high rate of inflation during the fourth quarter due to rising costs. In most of our customer agreements, indexation of prices based on inflation occurs on an annual basis.
Diluted earnings per share increased by 133 percent and amounted to SEK 1.40 (0.61) in the quarter.
Cash flow from operating activities increased and amounted to SEK 215 (47) million in the quarter. A strong cash flow offers us the freedom of being able to regulate our debt/equity level, which is certainly advantageous when financial conditions tighten up as they have now. During the quarter, net debt in relation to EBITDA fell to 2.4 times, which is in line with our long-term goal.
Our aim is to be a home for the best entrepreneurs in our industry. The following four companies joined the Group during the quarter: H&K Sandnes in Norway with annual sales of approximately NOK 140 million, H.T. Vike in Norway with annual sales of
approximately NOK 60 million, and Taimisto Huutokoski in Finland with annual sales of approximately EUR 3.5 million. And, as we mentioned earlier, we also took our first step outside the Nordics with the acquisition of UAB Stebule in Lithuania. It has 330 employees and annual sales of approximately EUR 13 million. All of our acquired companies are run by skilled entrepreneurs with excellent knowledge of the conditions in their local market. They also share the same business culture that we value highly. In total, the four companies contribute around SEK 370 million in annual sales, with good profitability.
A number of years have passed since we set the strategy for Green Landscaping Group. We are active in a fragmented market, where we are one of the few larger players. It is also a stable market with sustainable growth and very little variation from one year to the next. Approximately two-thirds of our revenue comes from customers in the public sector. Furthermore, a more in-depth analysis reveals that the share of the customers' total operating costs spent on outdoor environment is quite small. And, over the last 15 years, we can see that the revenue is essentially unaffected by business cycle fluctuations. We now have several years of successful improvement efforts behind us, and, in my opinion, a well-deserved good reputation for acquisitions in the market. We are strongly positioned in an attractive market and have reason for being optimistic over both the short and long term.
In summary, we are well prepared for the years ahead.
Johan Nordström CEO
Net sales for the quarter amounted to SEK 1,625 (935) million, which is an increase of 74 percent, of which exchange rate fluctuations contributed with 2 percent. Organic growth was 14 percent.
EBITA for the quarter was SEK 166 (84) million. Acquisition costs of SEK 9 (9) million are included in operating costs. Financial items amounted to SEK –31 (–10) million. There was a positive effect on net financial items of SEK 2 (-) million from a revaluation of additional consideration. Profit for the period amounted to SEK 77 (32) million, which corresponds to basic earnings per share of SEK 1.41 (0.61). Tax expense for the quarter was SEK –28 (–18) million.
Net sales for the period amounted to SEK 4,810 (3,139) million, which is an increase of 53 percent, of which exchange rate fluctuations contributed with 2 percent. Organic growth was 7 percent.
EBITA for the period was SEK 407 (232) million. Acquisition costs of SEK 19 (12) million are included in operating costs. Financial items amounted to SEK –57 (–33) million. There was a positive effect on net financial items of SEK 8 (-)million from a revaluation of additional consideration. Profit for the period amounted to SEK 184 (92) million, which corresponds to basic earnings per share of SEK 3.41 (1.84). Tax for the period January to September amounted to SEK –67 (–30) million.
At the end of the quarter, the order backlog was SEK 7,762 (5,125) million. The order backlog grew thanks to new contracts that were won and new company acquisitions.
Over time, there is a correlation between the size of order backlog and sales. But this is not necessarily the case over the short term. Major agreements running over several years are tendered at intervals of 5-10 years. When signed, it has a major and sudden impact on the order backlog.
| Net sales | EBITA | EBITA margin, % | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK m | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
| Sweden | 833 | 644 | 2,807 | 2,366 | 73 | 33 | 184 | 95 | 8.8 | 5.1 | 6.6 | 4.0 |
| Region South | 191 | 161 | 622 | 539 | 25 | 13 | 59 | 38 | 13.1 | 7.8 | 9.5 | 7.1 |
| Region Mid | 349 | 230 | 1,226 | 907 | 25 | –2 | 67 | 27 | 7.2 | –0.7 | 5.4 | 3.0 |
| Region Stockholm | 201 | 159 | 577 | 572 | 18 | 10 | 29 | –1 | 8.7 | 6.6 | 5.1 | –0.2 |
| Region North | 91 | 94 | 381 | 348 | 6 | 12 | 34 | 31 | 6.2 | 12.3 | 8.9 | 8.9 |
| Region Norway | 740 | 320 | 1,945 | 892 | 99 | 64 | 246 | 145 | 13.4 | 20.1 | 12.6 | 16.3 |
| Region Finland and other | 102 | 35 | 229 | 65 | 15 | 5 | 23 | 10 | 14.4 | 12.8 | 9.9 | 15.4 |
| Unallocated amounts and eliminations | –50 | –64 | –170 | –184 | –22 | –18 | –50 | –18 | ||||
| Total | 1,625 | 935 | 4,810 | 3,139 | 166 | 83 | 407 | 232 | 10.2 | 8.9 | 8.5 | 7.4 |
At the end of the period, Green Landscaping Group consisted of 48 operating subsidiaries, all of which share the same passion for creating and maintaining outdoor environments. The Group is gathered under six geographic segments. Reporting is by segment on net sales, EBITA and EBITA margin.
Net sales for the period October-December amounted to SEK 191 (161) million and EBITA was SEK 25 (13) million. The margin amounted to 13.1 (7.8) percent.
Revenue increased for Region South due to several new agreements having been signed. The mild weather during the quarter negatively impacted the revenue from snow and ice removal activities, but this was counteracted by a higher level of activity within landscaping.
Both the earnings and margin substantially improved, primarily thanks to our successful efficiency improvements and a more conservative profit recognition for projects during the year. Rising costs due to the high rate of inflation was partially compensated for via indexation adjustments.
Net sales for the period October-December amounted to SEK 349 (230) million and EBITA was SEK 25 (–2) million. The margin amounted to 7.2 (–0.7) percent.
Net sales increased significantly as a result of Markbygg Anläggning i Väst AB, which was acquired in the first quarter. The activity level for several of the other companies was also high. Earnings improved as a result of the acquisition and successful results from our efforts to improve profitability in the region. Rising costs due to the high rate of inflation was partially compensated for via indexation adjustments.
EBITA, SEK million
Net sales for the period October-December amounted to SEK 201 (159) million and EBITA was SEK 18 (10) million. The margin amounted to 8.7 (6.6) percent.
Region Stockholm reported growth compared to the same period last year. Growth was generated in part from the acquisition of Sorex Entreprenad during the third quarter, add-on sales associated with existing agreements and the addition of newly signed agreements.
Both the earnings and margin improved, which is attributable to several contributing factors. There were good results from agreements on winter-related activities. Projects were executed efficiently, supplemented by a large number of orders for alterations and additions. During the quarter, several maintenance agreements were signed with Upplands Väsby, Nacka, Huddinge and Haninge. The order backlog remains strong.
Net sales for the period October-December amounted to SEK 91 (94) million and EBITA was SEK 6 (12) million. The margin amounted to 6.2 (12.3) percent.
Some of the winter-related agreements did not turn out well, which burdened both net sales and profit during the quarter. Improvement measures have been taken, which led to increased costs in the quarter, while the effects are estimated to strengthen the result over time.
EBITA, SEK million
Net sales for the period October-December amounted to SEK 740 (320) million and EBITA was SEK 99 (64) million. The margin amounted to 13.4 (20.1) percent.
As in the prior quarters, net sales sharply increased for Region Norway, primarily due to several new acquisitions that were made during the year. The existing companies also reported good growth figures. All of the companies that were added during the year contributed to the higher earnings, however, as they have lower margins, it diluted the margin for the region overall. The order backlog remains stable and several companies won new contracts during the period. During the quarter, H&K Sandnes AS, was acquired with annual sales of approximately NOK 140 million and H.T. Vike, with annual sales of approximately NOK 60 million.
Net sales for the period October-December amounted to SEK 102 (35) million and EBITA was SEK 15 (5) million. The margin amounted to 14.4 (12.8) percent.
Net sales increased substantially for the region, which is primarily attributable to acquisitions. The margin increased due to a positive effect from acquisitions. During the quarter, Taimisto Huutokoski OY was acquired with annual sales of approximately EUR 3.5 million, as well as the Lithuanian company, UAB Stebule with annual sales of approximately EUR 13 million. UAB Stebule is reported in the region and consolidated as of 1 November.
The Group's equity attributable to the Parent Company's shareholders amounted to SEK 1,301 million, which corresponds to an increase of SEK 404 million. Earnings for the period amounted to SEK 184 million and net transactions with shareholders amounted to SEK 170 million. Currency revaluation of foreign operations increased equity in the period by SEK 51 million. Since the start of 2022, repurchase of shares amounts to SEK 48 million, redemption of options to SEK 29 million and non-cash issues to SEK 138 million. Those funds have been used for acquisition of subsidiaries. As of the end of December 2022, the Group did not have any holdings of own shares.
Available liquidity amounted to SEK 526 (402) million, which includes cash & cash equivalents, along with bank overdraft of SEK 50 (50) million.
At the rate that the Group acquires companies, the balance sheet total significantly changes between reporting periods. Intangible assets increased by SEK 895 million and they primarily consist of customer relations, brands and the goodwill that arises in conjunction with acquisitions. Right-of-use assets increased by SEK 237 million, which is primarily attributable to the addition of leasing agreements in acquired companies.
The company's net debt increased by SEK 764 million to SEK 1,800 million due to acquisitions that were made. Net debt, not including lease liabilities, amounted to SEK 1,355 (770) million. The higher level of indebtedness is primarily explained by utilization of the credit facility, along with an increase in lease liabilities. Net debt in relation to EBITDA pro forma RTM amounted to 2.4 (2.4) times.
Cash flow from operating activties for the quarter was SEK 215 (47) million. Cash flow from changes in working capital amounted to SEK 14 (–41) million. For the period Jan-Dec 2022, cash flow from operating activities amounted to SEK 431 (174) million, of which changes in working capital amounted to −25 (−93).
Business acquisitions for the quarter amounted to SEK −289 (−126) million and investments in intangible and tangible fixed assets amounted to −41 (−16). Business acquisitions for the period Jan-Dec 2022 amounted to SEK −728 (−433) million.
Cash flow from financing activities amounted to SEK 255 (234) million, of which newly taken out loans SEK 326 (1,077) million and amortized loans SEK −17 (−798) million. For the period Jan-Dec 2022, the cash flow from financing activities amounted to SEK 491 (522) million, of which newly taken out loans SEK 743 (1,460) million and amortized loans SEK −100 (−993) million. Lease liabilities have been amortized in the quarter with SEK −52 (−22) million and for the period Jan-December with SEK −137 (−103) million.
Depreciation of tangible fixed assets for the quarter amounted to SEK –61 (–29) million and amortization of intangible assets amounted to SEK –29 (–23) million. For the period Jan-Dec 2022 the depreciation of tangible fixed assets amounted to SEK –160
(–113) million and intangible fixed assets to SEK –99 (–77) million.
The average number of employees during the quarter was 2,565 (1,513). The average number of employees during the period Jan-Dec 2022 was 2,145 (1,623)
Operating activities involve risk factors that could impact the Group's business and financial position. The risks are primarily associated with operating activities such as delivery quality, tendering, and delivery efficiency. Weather is another external risk that could impact earnings. To counter such risks, the company strives to have a mix of agreements with fixed and variable remuneration. It also strives to share the risks with customers and subcontractors.
Because of uncertainties in the world around us and the changed economic circumstances with higher inflation and higher fuel prices, there is a risk of cost increases for the Group. In most of our customer agreements, indexation of prices based on inflation is done. The content of contracts regulates when indexation may occur, typically, on an annual basis. This is why there is a delay between when costs rise and prices are adjusted. Statistics on Swedish municipalities' expenses since 2011 show annual increases in expenses in the areas where the group operates. The variation between years is small and no clear correlation can be found between expenditure levels and economic cycles.
Through its operations, the Group is exposed to a variety of financial risks, such as credit risk, market risks (interest rate risk and other price risks) and liquidity risk. The Group's overall risk management is focused on unpredictability in the financial markets and efforts are aimed at limiting the potential negative effects on the Group's financial results.
The Group's financial transactions and risks are managed by the CFO and the Parent Company's other senior executives, along with the board of directors. The Group's overall goal for financial risks is to limit the negative effects on the Group's earnings due to market changes or other factors in the surrounding world.
In line with the development of the economy during 2022, the credit risk has generally increased and is therefore monitored more closely. The public sector makes up the majority of the Group's customers in terms of net sales, and the risk of this customer group ending up in payment difficulties is considered low.
Market interest rates have risen considerably during the year, which has caused the group's interest costs to increase. The Group's development and decision-making have only been marginally affected by the higher interest rate level.
For more information on the risks and uncertainties, please see
the Annual Report and Sustainability Report for 2021.
There have not been any significant events after the end of the reporting period.
The Covid-19 pandemic had a slight negative impact on the business during the first few months of the year. There were, for example, fewer meetings with customers and clients, resulting in fewer orders and delays in some of our projects. Employees on sick leave also had a negative impact on the organization due to loss of production. At year end, the impact was assessed as insignificant.
There were no transactions between Green Landscaping Group and related parties during the period that impacted the company's position and earnings. Apart from compensation for senior executives and the fact that some members of the management group have subscribed for shares within the framework of the incentive program, see below, no other transactions between Green Landscaping Group and related parties have occurred.
The Parent Company's net sales for the period amounted to SEK 9 (9) million. Operating profit (loss) amounted to SEK 3 (0) million. Employee benefit expenses and other external costs have risen slightly compared to last year.
For the period Jan-Dec 2022, net sales amounted to SEK 36 (34) million and operating profit to −4 (1) The parent company was charged with a write-down, both in the quarter and for Jan-Dec 2022, of shares in in subsidiaries of SEK 134 (198) million. This was necessary due to changes in the legal structure, whereby several business areas were spun off from two of the larger legal entities of the Group and are now their own, cash-generating, limited liability companies. The effect is fully eliminated in the consolidated accounts, with no impact on the Group's earnings or equity. The Parent Company received dividends from subsidiaries of SEK 169 (0) million.
Financial items amounted for the quarter to SEK –157 (–207) million and for the period Jan-Dec 2022 to SEK –11 (–221) million.
Financial assets increased by SEK 340 million during the quarter and by SEK 1,082 million since 31 December 2021, which is primarily attributable to the acquisition of subsidiaries. Liabilities have increased by SEK 824 million since 31 December 2021. The higher borrowings have primarily been used to finance the acquisition of subsidiaries.
The interim report was prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and the applicable parts of the Annual Accounts Act (1995:1554), The Parent Company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Group and Parent Company apply the same accounting policies and calculation methods and assessments as described in the most recent Annual Report. The Parent Company does not apply IFRS 16, which is in accordance with the exception stated in RFR 2. A more detailed description of the Group's accounting principles, along with both new and future standards is reported in the most recently published Annual Report.
Green Landscaping Group AB (publ) is the holder of the Group account. The total amount in the Group account is reported as cash and cash equivalents in the Parent Company. Subsidiaries' share of the Group account is reported as a receivable/payable to Group companies. The Group has granted overdraft of SEK 50 (50) million, which was unutilized at the end of the period.
The Group is exposed to exchange rate fluctuations, primarily the NOK currency, but to a smaller extent, also the EUR relative to SEK. The currency exposure is associated with the foreign subsidiaries' sales, earnings and equity, along with goodwill that has arisen in conjunction with acquisitions. The revenue and expenses of foreign subsidiaries is primarily in their own local currencies, which means that the direct impact of currency fluctuations in the subsidiaries themselves is limited. The proportion of consumables used in the business that is affected by exchange rate changes is low and is therefore deemed to have only a limited impact on the Group's position.
The Group is primarily impacted by fluctuations in the NOK currency relative to SEK. Sales for Region Norway during the quarter were SEK 740 (320) million. A change in the exchange rate of 5 percent affects the quarter's sales by approximately SEK 37 (16) million and EBITA by approximately SEK 5 (1) million.
The Group is also affected by Euro fluctuations having to do with the businesses in Finland and Lithuania. Sales for Finland and Lithuania during the quarter were SEK 102 (35) million. A change in the exchange rate of 5 percent affects the quarter's sales by approximately SEK 5 (2) million and EBITA by approximately SEK 1 (0) million.
The corresponding effect on the net assets in the Norwegian subsidiaries (including goodwill that has arisen in conjunction with the acquisitions) of an exchange rate change of 5 percent is approximately SEK 64 million based on carrying amounts at the end of the period. For the Finnish operations, a change in the exchange rate of 5 percent affects assets by approximately SEK 17 million.
The possible impact is reported in other comprehensive income and does not affect the net result. The Group does not hedge currencies by buying or selling currency on forward contracts or with other financial instruments.
Operations are affected by seasonal variations. The service offering also varies with each season. During the summer, a full range of ground maintenance services is offered such as cleaning, lawn mowing, pruning, planting, harvesting and road maintenance. Also offered is a wide assortment of planning and construction services for creating outdoor environments. During winter, there is a high volume of snow and ice removal services. Project activities are also carried out during winter, weather permitting. Sales and earnings in any given quarter are affected by the season. For Green Landscaping Group operations, the first quarter of the year is low season. Sales are lower then, which has a negative impact on earnings. The level of activity increases starting in April through December.
Green Landscaping Group's shares became listed for trading on Nasdaq Stockholm on 16 April 2019. The share has been listed on Nasdaq Stockholm Midcap since the start of 2022.
The company has three ongoing incentive programs for key employees of the Group.
With full utilization of the program, a maximum of 593,850 shares will be issued (after the rights issue), which would have a maximum total dilutive effect of approximately 1.1 percent. The subscription price for shares that are subscribed to via the warrants is SEK 27.90 per share. The premium per warrant, which has been calculated in accordance with the Black & Scholes model amounted to SEK 2.70. Subscription of shares may occur during the period 22 March 2023 through 16 June 2023. With full utilization of the warrants, the Parent Company's share capital will increase by SEK 42,163.
With full utilization of the program, a maximum of 490,000 shares will be issued (after the rights issue), which would have a maximum dilutive effect of approximately 0.9 percent. The subscription price for shares that are subscribed to via the warrants is SEK 100.40 per share. The premium per warrant, which has been calculated in accordance with the Black & Scholes model amounted to SEK 5.18. Subscription of shares may occur during the period
12 June 2024 through 30 June 2024. With full utilization of the warrants, the Parent Company's share capital will increase by SEK 34,790.
With full utilization of the program, a maximum of 500,000 shares will be issued (after the rights issue), which would have a maximum dilutive effect of approximately 0.9 percent. The subscription price for shares that are subscribed to via the warrants is SEK 87.00 per share. The premium per warrant, which has been calculated in accordance with the Black & Scholes model amounted to SEK 6.77. Subscription of shares may occur during the period 28 March 2025 through 30 June 2025. With full utilization of the warrants, the Parent Company's share capital will increase by SEK 35,500.
| SEK m Note |
Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|
| Net sales 1.2 |
1,625 | 935 | 4,810 | 3,139 |
| Other operating income | 13 | 22 | 38 | 42 |
| Total revenue | 1,637 | 957 | 4,848 | 3,182 |
| Operating costs | ||||
| Cost of goods and services sold | –792 | –435 | –2,263 | –1,394 |
| Other external costs | –193 | –88 | –639 | –295 |
| Costs for remuneration to employees | –415 | –265 | –1,354 | –999 |
| Other operating expenses | –11 | –57 | –25 | –147 |
| Depreciation of PPE | –61 | –29 | –160 | –113 |
| Amortization of intangible assets | –29 | –23 | –99 | –77 |
| Operating profit (loss) | 136 | 61 | 308 | 155 |
| Profit (loss) from financial items | ||||
| Financial income | 11 | 1 | 24 | 1 |
| Financial expenses | –42 | –11 | –81 | –34 |
| Total income from financial items | –31 | –10 | –57 | –33 |
| Earnings before tax | 106 | 50 | 251 | 122 |
| Tax | –28 | –18 | –67 | –30 |
| PROFIT (LOSS) FOR THE PERIOD | 77 | 32 | 184 | 92 |
| Other comprehensive income: | ||||
| Items that could be transferred to earnings for the period | ||||
| Translation gains or losses pertaining to foreign operations | 26 | 24 | 51 | 44 |
| Total comprehensive income for the period | 103 | 56 | 235 | 136 |
| Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
|
| Earnings per share | ||||
| Basic earnings per share, SEK | 1.41 | 0.61 | 3.41 | 1.84 |
| Diluted earnings per share, SEK | 1.40 | 0.60 | 3.39 | 1.81 |
| Profit (loss) for the period attributable to the Parent Company's shareholders | 78 | 32 | 184 | 92 |
| Profit (loss) for the period attributable to non-controlling interests | 0 | – | 0 | – |
| Total comprehensive income attributable the Parent Company's shareholders | 103 | 56 | 235 | 136 |
| Total comprehensive income attributable to non-controlling interests | 0 | – | 0 | – |
| SEK m Note |
31 Dec 2022 |
31 Dec 2021 |
|---|---|---|
| Assets | ||
| Intangible assets 3 |
2,389 | 1,494 |
| Property, plant and equipment | 298 | 178 |
| Right-of-use assets | 558 | 321 |
| Financial assets | 25 | 27 |
| Total non-current assets | 3,269 | 2,020 |
| Inventories | 67 | 39 |
| Contract assets | 128 | 39 |
| Current receivables | 1,083 | 722 |
| Cash and cash equivalents | 476 | 352 |
| Total current assets | 1,754 | 1,152 |
| TOTAL ASSETS | 5,023 | 3,171 |
| Equity and liabilities | ||
| Equity attributable to the Parent Company's shareholders | 1 301 | 896 |
| Equity attributable to non-controlling interests | 36 | – |
| Non-current liabilities | 2,049 | 1,192 |
| Non-current lease liabilities | 355 | 206 |
| Contract liabilities | 68 | 25 |
| Current lease liabilities | 90 | 60 |
| Current liabilities | 1,125 | 793 |
| TOTAL EQUITY AND LIABILITIES | 5,023 | 3,171 |
| SEK m | Share capital | Share premium reserve |
Translation reserve |
Retained earnings incl. profit/loss for the year |
Total equity attributable to the Parent Company's shareholders |
Non-controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Opening balance 2021-01-01 | 3 | 623 | –16 | –143 | 468 | 468 | |
| Profit (loss) for the period | 92 | 92 | 92 | ||||
| Other comprehensive income | 44 | 44 | 44 | ||||
| Comprehensive income for the period | 44 | 92 | 136 | 136 | |||
| Transactions with owners | |||||||
| New share issue* | 0 | 146 | 146 | 146 | |||
| Non-cash issue | 0 | 92 | 92 | 92 | |||
| Repurchase of own shares ** | –30 | –30 | –30 | ||||
| Divestment own shares | 37 | 37 | 37 | ||||
| Exercise of warrants | 0 | 44 | 44 | 44 | |||
| Premiums for warrants | 3 | 3 | 3 | ||||
| Other Group adjustments | –1 | –1 | –1 | ||||
| Closing balance 2021-12-31 | 4 | 907 | 29 | –44 | 896 | 896 | |
| Opening balance 2022-01-01 | 4 | 907 | 29 | –44 | 896 | 0 | 896 |
| Profit (loss) for the period | 184 | 184 | 0 | 184 | |||
| Other comprehensive income | 51 | 51 | 0 | 51 | |||
| Comprehensive income for the year | 51 | 184 | 235 | 0 | 235 | ||
| Transactions with owners | |||||||
| Non-cash issue | 0 | 138 | 138 | 138 | |||
| Repurchase of own shares** | –48 | –48 | –48 | ||||
| Divestment of own shares | 48 | 48 | 48 | ||||
| Exercise of warrants | 0 | 29 | 29 | 29 | |||
| Premiums for warrants | 3 | 3 | 3 | ||||
| Non-controlling interests arising from the acquisition of subsidiaries |
35 | 35 | |||||
| Closing balance 2022-12-31 | 4 | 1,078 | 79 | 140 | 1,301 | 36 | 1,336 |
*New issues decreased for the amount of costs associated with new issues by SEK 0 million for the financial year and for the comparison year, by SEK 4 million. ** Repurchased own shares have been used as the means of payment for the acquisition of subsidiaries during financial year and the comparison year.
| SEK m Note |
Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan– Dec 2021 |
|---|---|---|---|---|
| Operating profit (loss) | 136 | 61 | 308 | 155 |
| Adjustment for depreciation/amortization | 90 | 54 | 259 | 193 |
| Capital gain (loss) | –11 | 0 | –7 | –4 |
| Other non-cash items | 15 | –2 | 16 | –2 |
| Interest received | 0 | 0 | 1 | 0 |
| Interest paid | –14 | –10 | –40 | –33 |
| Paid income tax | –16 | –15 | –82 | –42 |
| Cash flow from operating activities before changes in working capital |
200 | 88 | 456 | 268 |
| Change in inventory | 48 | –6 | 14 | –8 |
| Change in receivables | 289 | –70 | 82 | –82 |
| Change in current liabilities* | –324 | 35 | –122 | –3 |
| Total change in working capital | 14 | –41 | –25 | –93 |
| Cash flow from operating activities | 215 | 47 | 431 | 174 |
| Business combinations* 3 |
–289 | –126 | –728 | –433 |
| Acquisition of PPE | –39 | –12 | –99 | –33 |
| Acquisition of intangible assets | –2 | –4 | –3 | –11 |
| Sale of non-current assets | 7 | –3 | 17 | 12 |
| Change of financial assets | 2 | – | 2 | – |
| Cash flow from investing activities | –321 | –147 | –811 | –465 |
| New share issue | – | 1 | – | 146 |
| Net change in bank overdraft | – | –23 | – | –5 |
| New loans ** | 326 | 1,077 | 743 | 1,460 |
| Amortization of debt | –17 | –798 | –100 | –993 |
| Amortization of lease liability | –52 | –22 | –137 | –103 |
| Repurchase of own shares | –1 | 0 | –47 | –30 |
| Option premiums and option redemptions | 0 | 0 | 32 | 47 |
| Cash flow from financing activities ** | 255 | 234 | 491 | 522 |
| Cash flow for the period | 150 | 135 | 112 | 231 |
| Cash and cash equivalents at the beginning of the period* | 320 | 215 | 352 | 117 |
| Translation difference in cash and cash equivalents | 6 | 2 | 12 | 4 |
| Cash and cash equivalents at the end of the period | 476 | 352 | 476 | 352 |
* In the interim report for January-March, paid-out additional consideration of SEK 70 million was reported as a change in current liabilities, which is a component of the cash flow from operating activities. This has now been corrected and reclassified to business combinations, which is a component of the cash flow from investing activities. The effect for the period Jan-Dec 2022 is that the cash flow from operating activities was SEK 70 million higher and investments in business combinations increased by SEK 70 million.
** In the 2020 Annual Report, there were two financial items that were reported net. These items were adjusted in the 2021 Annual Report and are reported gross there. The amount is SEK 21 million and it increases cash and cash equivalents at the start of 2021. It also impacts "new loans" and "cash flow from financing activities", which are SEK 21 million lower for the first half of 2021 compared to what was published in the interim report for 2021.
| SEK m | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|
| Net sales | 9 | 9 | 36 | 34 |
| Other operating income | 0 | 0 | 0 | 0 |
| Total operating income | 9 | 9 | 36 | 34 |
| Operating costs | ||||
| Other external costs | 1 | –5 | –18 | –18 |
| Employee benefit costs | –8 | –4 | –23 | –15 |
| Operating profit (loss) | 3 | 0 | –4 | 1 |
| Financial items | –157 | –207 | –11 | –221 |
| Profit (loss) after financial items | –154 | –207 | –15 | –220 |
| Group contributions made and received | 32 | 12 | 28 | 12 |
| Tax | –5 | –2 | –4 | –2 |
| PROFIT (LOSS) FOR THE PERIOD | –127 | –197 | 8 | –211 |
The parent company does not have any items reported as other comprehensive income. Accordingly, total comprehensive income is the same as profit or loss for the period.
| SEK m | 31 Dec 2022 |
31 Dec 2021 |
|---|---|---|
| Assets | ||
| Intangible assets and PPE | 3 | 0 |
| Financial assets | 2,960 | 1,878 |
| Total non-current assets | 2,963 | 1,878 |
| Receivables on Group companies | 53 | 27 |
| Other current receivables | 6 | 39 |
| Cash and cash equivalents | 4 | 85 |
| Total current assets | 62 | 151 |
| TOTAL ASSETS | 3,025 | 2,029 |
| Equity and liabilities | ||
| Equity | 790 | 618 |
| Non-current liabilities | 1,774 | 1,039 |
| Liabilities to Group companies | 266 | 16 |
| Other current liabilities | 195 | 356 |
| TOTAL EQUITY AND LIABILITIES | 3,025 | 2,029 |
| SEK m | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|
| Services transferred over time | ||||
| Region South | 186 | 161 | 617 | 539 |
| Region Mid | 323 | 220 | 1,060 | 794 |
| Region Stockholm | 201 | 159 | 577 | 572 |
| Region North | 91 | 94 | 381 | 348 |
| Region Norway | 710 | 260 | 1,812 | 797 |
| Region Finland and other | 97 | 35 | 224 | 64 |
| Unallocated amounts and eliminations | –50 | –64 | –170 | –184 |
| Total | 1,558 | 865 | 4,500 | 2,931 |
| Goods transferred at a specific point in time | ||||
| Region South | 5 | - | 5 | - |
| Region Mid | 27 | 10 | 167 | 113 |
| Region Norway | 30 | 60 | 133 | 95 |
| Region Finland and other | 5 | - | 5 | - |
| Unallocated amounts and eliminations | - | - | - | - |
| Total | 67 | 70 | 310 | 208 |
| Total revenue from contracts with customers | 1,625 | 935 | 4,810 | 3,139 |
| Allocation of revenue by country | ||||
| Sweden | 833 | 644 | 2,807 | 2,366 |
| Norway | 740 | 320 | 1,945 | 802 |
| Finland and other | 102 | 35 | 229 | 64 |
| Unallocated amounts and eliminations | –50 | –64 | –170 | –184 |
| Total revenue from contracts with customers | 1,625 | 935 | 4,810 | 3,139 |
| Oct-Dec 2022 |
Region South |
Region Mid |
Region Stockholm |
Region North |
Region Norway |
Region Finland and other |
Unallocated amounts and eliminations |
Total |
|---|---|---|---|---|---|---|---|---|
| Net sales | 191 | 349 | 201 | 91 | 740 | 102 | –50 | 1,625 |
| Operating expenses | –166 | –324 | –184 | –86 | –640 | –87 | 28 | –1,459 |
| EBITA | 25 | 25 | 18 | 6 | 99 | 15 | –22 | 166 |
| Amortization of intangible assets | –29 | |||||||
| Operating profit (loss) | 136 | |||||||
| Financial items | –31 | |||||||
| Profit (loss) after financial items | 106 | |||||||
| Tax | –28 | |||||||
| PROFIT (LOSS) FOR THE PERIOD | 77 | |||||||
| Goodwill | 205 | 322 | 134 | 103 | 806 | 201 | – | 1,771 |
| Average no. of employees | 353 | 531 | 259 | 247 | 849 | 307 | 20 | 2,565 |
| Oct-Dec 2021 |
Region South |
Region Mid |
Region Stockholm |
Region North |
Region Norway |
Region Finland and other |
Unallocated amounts and eliminations |
Total |
|---|---|---|---|---|---|---|---|---|
| Net sales Net sales | 161 | 230 | 159 | 94 | 320 | 35 | –64 | 935 |
| Operating expenses | –148 | –232 | –149 | –82 | –256 | –31 | 46 | –852 |
| EBITA | 13 | –2 | 10 | 12 | 64 | 5 | –18 | 84 |
| Amortization of intangible assets | –23 | |||||||
| Operating profit (loss) | 61 | |||||||
| Financial items | –10 | |||||||
| Profit (loss) after financial items | 50 | |||||||
| Tax | –18 | |||||||
| PROFIT (LOSS) FOR THE PERIOD | 32 | |||||||
| Goodwill | 196 | 138 | 134 | 102 | 492 | 68 | – | 1,130 |
| Average no. of employees | 274 | 414 | 256 | 142 | 359 | 50 | 20 | 1,513 |
| Jan-Dec 2022 |
Region South |
Region Mid |
Region Stockholm |
Region North |
Region Norway |
Region Finland and other |
Unallocated amounts and eliminations |
Total |
|---|---|---|---|---|---|---|---|---|
| Net sales | 622 | 1,226 | 577 | 381 | 1,945 | 229 | –170 | 4,810 |
| Operating expenses | –563 | –1,159 | –548 | –347 | –1,699 | –206 | 119 | –4,403 |
| EBITA | 59 | 67 | 29 | 34 | 246 | 23 | –50 | 407 |
| Amortization of intangible assets | –99 | |||||||
| Operating profit (loss) | 308 | |||||||
| Financial items | –57 | |||||||
| Profit (loss) after financial items | 251 | |||||||
| Tax | –67 | |||||||
| PROFIT (LOSS) FOR THE PERIOD | 184 | |||||||
| Goodwill | 205 | 322 | 134 | 103 | 806 | 201 | – | 1,771 |
| Average no. of employees | 347 | 519 | 261 | 252 | 615 | 131 | 21 | 2,145 |
| Jan-Dec 2021 |
Region South |
Region Mid |
Region Stockholm |
Region North |
Region Norway |
Region Finland and other |
Unallocated amounts and eliminations |
Total |
|---|---|---|---|---|---|---|---|---|
| Net sales | 539 | 907 | 572 | 348 | 892 | 65 | –184 | 3,139 |
| Operating expenses | –501 | –880 | –573 | –317 | –747 | –55 | 166 | –2,907 |
| EBITA | 38 | 27 | –1 | 31 | 145 | 10 | –18 | 232 |
| Amortization of intangible assets | –77 | |||||||
| Operating profit (loss) | 155 | |||||||
| Financial items | –33 | |||||||
| Profit (loss) after financial items | 122 | |||||||
| Tax | –30 | |||||||
| PROFIT (LOSS) FOR THE PERIOD | 92 | |||||||
| Goodwill | 196 | 138 | 134 | 102 | 492 | 68 | - | 1,130 |
| Average no. of employees | 290 | 493 | 293 | 223 | 272 | 30 | 21 | 1,623 |
During 2022, Green Landscaping Group completed eleven acquisitions in Sweden, Norway, Finland and Lithuania. During the prior financial year, a total of nine subsidiaries were acquired. For all of the acquisitions, except H.T. Vike AS, 100 percent of the shares were acquired. For H.T. Vike AS, Green Landscaping Group acquired 70 percent of the shares. According to agreements on contingent additional consideration, the Group must make additional cash payments based on future results. Contingent consideration to be paid by the Group based on the future results of current and prior year acquisitions is a maximum of SEK 222 (135) million. Additional consideration is based on the terms in the purchase agreement, the company's knowledge of operations and how the current economic climate is expected to impact them. The values in the table below have been discounted to present value and the liability as of the end of the period amounted to SEK 186 (110) million. The fair value of contingent consideration is at Level 3 of the fair value hierarchy in accordance with IFRS.
An assessment has been made of how the valuation of the additional purchase price is affected by changes in unobservable inputs or relationships between them. Neither changes to these nor their interrelationship are deemed to have any significant impact on the valuation of the additional purchase costs. Goodwill of SEK 617 (361) million that has arisen from acquisitions represents future economic benefits, but which have not been identified and are reported separately. Tax-deductible goodwill amounts to SEK 39 million.
Acquisition costs for the year amounted to SEK 19 (12) million.
During 2022 and the prior financial year, Green Landscaping Group made the following company acquisitions:
| Company name | Segment | Consolidated from | Number Full-year sales |
of em ployees |
|---|---|---|---|---|
| Markbygg Anläggning Väst AB | Region Mid | January 2022 | 280 | 60 |
| Rainset OY | Region Finland and other | January 2022 | 40 | 13 |
| Hallandsåsens Utemiljö AB | Region South | February 2022 | 30 | 18 |
| Glenn Syvertsen AS | Region Norway | February 2022 | 35 | 14 |
| Aktiv Veidrift AS and Aktiv Veidrift Utleie AS | Region Norway | May 2022 | 252 | 100 |
| Braathen Landskapsentreprenør AS | Region Norway | September 2022 | 313 | 19 |
| Sorex Entreprenad AB | Region Stockholm | September 2022 | 70 | 3 |
| H&K Sandnes AS and No Dig Vetsfold AS | Region Norway | November 2022 | 148 | 50 |
| UAB Stebule | Region Finland and other | November 2022 | 142 | 330 |
| Taimisto Huutokoski Oy | Region Finland and other | November 2022 | 38 | 30 |
| H.T. Vike AS | Region Norway | December 2022 | 63 | 3 |
| Akershusgartneren AS | Region Norway | March 2021 | 205 | 80 |
| OK Hage AS | Region Norway | April 2021 | 15 | 9 |
| EF Drift AS | Region Norway | May 2021 | 124 | 20 |
| Håkans Trädgårdstjänst AB | Region Mid | May 2021 | 19 | 25 |
| Viher-Pirkka Oy | Region Finland and other | June 2021 | 94 | 48 |
| Utemiljö Skellefteå AB | Region North | November 2021 | 21 | 6 |
| Håkonsen og Sukke AS | Region Norway | November 2021 | 189 | 103 |
| Hermansen Maskin AS | Region Norway | December 2021 | 79 | 19 |
| Viherpojat Oy | Region Finland and other | December 2021 | 41 | 25 |
The acquisitions have the following effects on the Group's assets and liabilities. None of the acquisitions made in 2022 are individually assessed as being significant, which is why the information on acquisitions is at the overall level.
| SEK m | 2022-12-31 | 2021-12-31 |
|---|---|---|
| Breakdown of the consideration | ||
| Cash consideration | 833 | 555 |
| Contingent additional consideration | 186 | 26 |
| Remuneration shares | 171 | 129 |
| Total consideration | 1,190 | 710 |
| Acquired assets and liabilities | ||
| Brands | 128 | 33 |
| Customer relations | 214 | 158 |
| Inventory | 11 | - |
| Other fixed assets | 213 | 156 |
| Net other assets and liabilities | –77 | –66 |
| Cash and cash equivalents | 195 | 121 |
| Deferred tax liability | –75 | –53 |
| Minority's share | –35 | - |
| Net identifiable assets and liabilities | 573 | 349 |
| Goodwill | 617 | 361 |
| Impact on cash and cash equivalents | ||
| Cash consideration (included in cash flow from investing activities) | –833 | –555 |
| Cash and cash equivalents of acquired companies (included in cash flow from investing activities) | 195 | 121 |
| Settled additional consideration (included in cash flow from investing activities) | –90 | –5 |
| Acquisition costs (included in cash flow from operating activities) | –19 | –12 |
| Total impact on cash and cash equivalents | –747 | –451 |
| Impact on net sales and operating profit (loss) | ||
| During the holding period | ||
| Net sales | 882 | 404 |
| Operating profit (loss) | 98 | 69 |
| From January 1 | ||
| Net sales | 1,752 | 820 |
| Operating profit (loss) | 191 | 136 |
| Additional consideration | ||
| Opening amount | 110 | 91 |
| Change for the year | 4 | –1 |
| Added additional consideration | 171 | 26 |
| Reversal of unsettled additional consideration | –9 | –0 |
| Paid additional consideration | –90 | –5 |
| Closing amount | 186 | 110 |
Q4 2022 - Green Landscaping Group AB (publ) 21
| Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
|
|---|---|---|---|---|---|---|---|---|---|
| Net sales, SEK million | 1,625 | 1,176 | 1,134 | 876 | 935 | 766 | 774 | 664 | 648 |
| EBITA, SEK m | 166 | 89 | 92 | 61 | 84 | 69 | 65 | 15 | 33 |
| EBITA margin, % | 10.2 | 7.6 | 8.1 | 7.0 | 8.9 | 9.0 | 8.4 | 2.2 | 5.1 |
| Working capital, SEK m | 171 | 81 | 49 | –12 | 21 | 8 | –82 | –47 | –37 |
| Equity, SEK m | 1,301 | 1,137 | 1,048 | 988 | 896 | 794 | 754 | 479 | 468 |
| Interest-bearing net debt, SEK m | –1,800 | –1,561 | –1,277 | –1,157 | –1,036 | –902 | –913 | –954 | –797 |
| Average no. of employees | 2,565 | 2,335 | 2,029 | 1,655 | 1,513 | 1,922 | 1,686 | 1,373 | 1,357 |
Green Landscaping Group presents certain financial measures in its interim report that are not defined by IFRS. These measures are considered to provide valuable, supplementary information to investors and company management. Accordingly, the measures should be regarded as a supplement, rather than a replacement for measures defined in accordance with IFRS. Because Green Landscaping Group's definitions of these measures might differ from other companies' definitions of the same concepts, an explanation of how they are calculated is provided below. For more information on the purpose of each measure, please see "Definitions and explanations" at the end of this report.
| EBITA | Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Operating profit (loss) | 136 | 64 | 69 | 39 | 61 | 48 | 47 | 0 | 19 |
| Amortization and impairment of intangible assets |
29 | 25 | 23 | 22 | 23 | 21 | 18 | 15 | 14 |
| Total EBITA | 166 | 89 | 92 | 61 | 84 | 69 | 65 | 15 | 33 |
| Working capital | Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Inventories | 67 | 73 | 56 | 49 | 38 | 32 | 32 | 32 | 28 |
| Contract assets | 128 | 79 | 70 | 43 | 39 | 80 | 79 | 61 | 72 |
| Current receivables | 1,083 | 906 | 778 | 613 | 729 | 510 | 482 | 455 | 433 |
| Accounts payable - trade | –370 | –334 | –285 | –234 | –226 | –186 | –193 | –142 | –173 |
| Other liabilities and non-current interest-bearing liabilities |
–390 | –359 | –278 | –194 | –312 | –224 | –227 | –213 | –225 |
| Contract liabilities | –68 | –30 | –40 | –53 | –25 | –36 | –51 | –65 | –29 |
| Accrued expenses | –279 | –254 | –251 | –235 | –221 | –168 | –205 | –175 | –142 |
| Total working capital | 171 | 81 | 50 | –12 | 21 | 8 | –82 | –47 | –37 |
| Net debt | Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
| Bank overdraft | - | - | - | - | - | –23 | –27 | –5 | –4 |
| Liabilities to credit institutions (non-current) | –1,747 | –1,440 | –1,261 | –1,161 | –1,043 | –772 | –853 | –705 | –568 |
| Lease liabilities (non-current and current) | –445 | –363 | –266 | –252 | –266 | –237 | –283 | –265 | –185 |
| Liabilities to credit institutions (current) | –84 | –77 | –77 | –77 | –79 | –85 | –85 | –91 | –134 |
| Cash and cash equivalents | 476 | 320 | 327 | 332 | 352 | 215 | 336 | 112 | 95 |
| Total Net debt | –1,800 | –1,561 | –1,277 | –1,158 | –1,036 | –902 | –913 | –954 | –796 |
| EBITA | Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
| EBITA for the quarter | 166 | 89 | 92 | 61 | 84 | 69 | 65 | 15 | 33 |
| Total, last 4 quarters | 407 | 325 | 305 | 278 | 232 | 182 | 153 | 134 | 101 |
| Total EBITA RTM | 407 | 325 | 305 | 278 | 232 | 182 | 153 | 134 | 101 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |
| Earnings per share | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | 2020 |
| Profit (loss) for the period | 77 | 48 | 43 | 14 | 32 | 30 | 36 | –6 | 19 |
| Average number of shares | 54,991,226 | 54,091,132 | 53,299,819 | 53,086,903 | 52,332,330 | 52,042,611 | 47,733,632 | 47,728,627 | 47,259,360 |
| Basic earnings per share, SEK | 1.41 | 0.89 | 0.81 | 0.27 | 0.61 | 0.58 | 0.76 | –0.14 | 0.41 |
Green Landscaping Group AB (publ) had 3,906 known shareholders as of 30 December 2022. The company has a series of ordinary shares listed on Nasdaq Stockholm.
As of 30 December 2022 there were 55,394,717 registered shares. Market Cap as of 30 December 2022 was SEK 3,518 million compared to SEK 3,075 million on 30 September 2022.
| Largest shareholders as of 30 December 2022 | No. of shares | % of equity |
|---|---|---|
| Salén family via company | 8,932,298 | 16.1% |
| Byggmästare Anders J Ahlström Holding AB | 8,730,123 | 15.8% |
| Johan Nordström via company | 3,672,997 | 6.6% |
| AFA Försäkring | 3,499,503 | 6.3% |
| AP3, Third Swedish National Pension Fund | 2,041,153 | 3.7% |
| Capital Group | 1,977,759 | 3.6% |
| Paul Gamme via companies | 1,191,154 | 2.2% |
| Pensum Asset Management | 1,102,200 | 2.0% |
| SilverCross Investment Management B.V | 939,494 | 1.7% |
| Berenberg Funds | 916,895 | 1.7% |
| Total, 10 largest shareholders | 33,003,576 | 59.6% |
| Other shareholders | 22,391,141 | 40.4% |
| Total | 55,394,717 | 100% |
Green Landscaping Group: 23 March 2018 - 30 December 2022, closing price, share, SEK
During the trading day 03-23-2018 and 06-08-2018, 2.9 respective 10.1 million shares was traded.
The CEO gives assurance that the interim report provides a true and fair overview of the Group's and Parent Company's operations, financial position and earnings, along with describing the material risks and uncertainties faced by the Parent Company and companies belonging to the Group.
Stockholm, 16 February 2023 Johan Nordström President and CEO
The report has not been the subject of a general review by the company's auditors.
This report contains information that Green Landscaping Group AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. The information was made available for publication by the contact person set out below on 16 February 2023 at 07.00 CET.
In case of any discrepancies or deviations between the English and Swedish versions of this report, the Swedish shall prevail.
The totals shown in the tables and calculations are not always exact sum of the various parts due rounding differences. The goal is that each figure should correspond to the source, which is why rounding differences could arise.
Magnus Larsson, Head of Investor Relations, [email protected], +46 (0)70 270 52 83
Green Landscaping Group CEO Johan Nordström and CFO Carl-Fredrik Meijer will present the report in a teleconference/audiocast on 16 February 2023 at 09:00 CET. The presentation will be held in English.
If you would like to participate in the webcast, please visit the link below. https://ir.financialhearings.com/green-landscaping-group-q4-2022
If you would like to participate in the teleconference, you will need to register via the link below. Once you have registered, you will receive the phone number and a conference ID for logging in. There are opportunities for asking questions via the teleconference. https://conference.financialhearings.com/teleconference/?id=5004413
| General | All amounts shown in tables are in SEK million, unless otherwise stated. All values in parentheses () are comparison figures for the same period last year, unless otherwise stated. |
|||||
|---|---|---|---|---|---|---|
| Key performance indicators | Definition/calculation | Purpose | ||||
| EBITA | Operating profit (loss) before amortization and impairment of intangible assets. | EBITA is used to gauge the company's operating profitability. |
||||
| EBITA | Operating profit (loss) before depreciation, amortization and impairment of property, plant and equipment and intangible assets. |
EBITDA and EBITA are used together to gauge the company's operating profit ability. |
||||
| EBITA margin |
Operating profit (loss) before depreciation, amortization and impairment of acquisi tion-related intangible assets as a percentage of net sales. |
EBITA margin is a measure of operating profitability. |
||||
| EBT | Earnings before tax. | Earnings before tax provides an overall indication of the profit that was generated before tax. |
||||
| Adjusted EBITDA pro forma | EBITDA adjusted for nonrecurring items including EBITDA of acquired companies for the current year prior to the acquisition date. |
It provides an indication of the position in future periods. |
||||
| Order backlog | This is the amount of contracts not yet delivered including possible contract exten sions. |
It provides an indication of the company's future performance. |
||||
| Organic growth | Change in fixed currency for comparable units | It shows how current operations are performing. |
||||
| Working capital | Current assets not including cash and cash equivalents, less current liabilities. | Working capital is used to measure the ability to meet short-term capital require ments. |
||||
| LTM | Last twelve months. | Shows the performance over the last 12 months. |
||||
| CAGR | Compound Annual Growth Rate. Measures the average annual rate of growth. | Shows growth over several years. | ||||
| Net debt | Interest-bearing liabilities less cash and cash equivalents. | Net debt indicates the financial position. | ||||
| Financial leverage | Net debt as a percentage of pro forma EBITDA LTM. | Demonstrates the financial risk and facilitates an assessment of the level of indebtedness. |
Green Landscaping works with outdoor environments and infrastructure. Through its subsidiaries, it offers the most comprehensive service portfolio on the market, aimed at making outdoor environments more sustainable and safe.
With commitment and collaboration, we develop independent, competitive companies with a focus on customer value, quality and sustainability. We conduct business in Sweden, Norway and Finland and Lithuania. In Sweden, the business is divided into the following four regions: South, Mid, Stockholm and North.
We are professional in everything we do. At the center of it all is our skilled, experienced employees who inspire our customers, helping them realize their dreams of creating beautiful, functional outdoor environments. We also offer care, maintenance and landscaping services that maximize the lifespan of these outdoor environments. For the 2022 financial year, we had more than 2,000 employees and annual net sales of approximately SEK 4.8 billion.
Green Landscaping was established in 2009 via a merger of the following four companies: ISS Landscaping, Jungs, Mark & Trädgårdsanläggare Sjunnesson and Qbikum.
In 2010, the company took the name Green Landscaping and it also acquired Miljöbyggarna in Stockholm. Since then, we have developed into a full-scale supplier in the market for construction and maintenance of outdoor environments.
Green Landscaping's strategy between 2009–2014 has been to increase sales and become a leading player in the market. Companies that were acquired during that period were, among others, Jacksons Trädvård and GML Sport.
In 2015, we began the process of implementing a new strategy and governance process based on Policy Deployment, a system inspired by Danaher Corporation. Since then, a number of operational efficiencies have been implemented to increase profitability and create a platform for profitable growth.
Since 2017, Green Landscaping Group has been focusing on profitable growth via both organic growth and acquisitions. Between 2019 and 2021, the number of companies has increased substantially and the Group has been decentralized. The governance process has also been adapted accordingly, based on maturity and profitability.
Since 2020, Green Landscaping Group has had operations in Norway, since 2021 in Finland and since 2022 in Lithuania.
The Parent Company has been listed on Nasdaq Stockholm since 2018. The ticker symbol is GREEN. Since January 2022, Green Landscaping Group's stock is listed on Nasdaq Stockholm Mid Cap.
Green Landscaping Group AB Biblioteksgatan 25 114 35 Stockholm
CORPORATE IDENTITY NUMBER 556771-3465
| Annual report 2022 | 13 April |
|---|---|
| Interim report for January-March 2023 | 11 May |
| Annual General Meeting 2023 | 17 May |
| Interim report for January-June 2023 | 24 August |
| Interim report for January-September 2023 | 16 November |
| 2024 | |
| Year-end report 2023 | 15 February |
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