Fasadgruppen

Fourth quarter highlights

• Net sales increased to SEK 1,385.1 million (852.6), corresponding to growth of 62.5 percent. Organic growth was 20.4 percent.
• EBITA increased to SEK 117.7 million (95.3) and the EBITA margin was 8.5 percent (11.2).
• Items affecting comparability impacted EBITA by SEK -7.5 million (-9.7). Adjusted EBITA (excluding items affecting comparability) increased to SEK 125.2 million (105.0).
• Earnings for the period increased to SEK 67.6 million (61.3), earnings per share before or after dilution were SEK 1.36 (1.35).
• Operating cash flow totalled SEK 210.0 million (122.0).
• The order backlog increased to SEK 2,983.3 million (1,930.0).

Full year highlights

• Net sales increased to SEK 4,547.7 million (2,676.3), corresponding to a growth of 69.9 percent. Organic growth was 12.2 percent.
• EBITA increased to SEK 421.9 million (283.7) and the EBITA margin was 9.3 percent (10.6).
• Items affecting comparability impacted EBITA by SEK -9.8 million (-17.3). Adjusted EBITA (excluding items affecting comparability) increased to SEK 431.6 million (301.0).
• Earnings for the period increased to SEK 271.9 million (185.7), earnings per share before or after dilution were SEK 5.62 (4.11).
• Operating cash flow totalled SEK 401.7 million (253.5).
• The Board of Directors proposes a dividend of SEK 1.70 (1.20) per share for 2022.

Significant events during the quarter

• Acquisition of Sydskiffer in Sweden has been completed.
• Continued good demand for projects in both renovation and new construction.

Events after the end of the period

• In January, it was announced that CEO Pål Warolin will leave his role on 11 May 2023 and the Deputy CEO Martin Jacobsson has been appointed CEO of Fasadgruppen as of 12 May 2023.

Condensed CEO comment from Pål Warolin: “High organic growth and strong cash flow”
“2022 has been an exceptional year in various ways, and the development in the fourth quarter was in many respects similar to the year as a whole – high organic growth and somewhat lower margin mainly due to the cost inflation of materials. At the same time, cash flow has continued to strengthen and shows a more normalised pattern than earlier this year. Looking at the full year, despite the challenges that have been present, we have managed to grow by almost 70 percent, with an adjusted EBITA margin close to our long-term financial target. We have strengthened our offering in all existing markets and established operations in Finland. With around 50 businesses in the group, we are the clear market leader in the Nordic region, but with continued large potential for growth.

Sales in the fourth quarter amounted to SEK 1,385.1 million, an increase of 62.5 percent compared with the corresponding quarter in the previous year. Organic growth was 20.4 percent and growth through acquisitions was 42.1 percent. The adjusted EBITA margin amounted to 9.0 percent in the quarter and 9.5 percent for the full year. Operating cash flow was seasonally strong in the quarter, and for the full year 2022 cash conversion improved compared to 2021. We continue to focus on profitability and cash flow management among our subsidiaries.

Despite concerns about recession and continued interest rate increases, we see a good rate of new project requests. We know from previous downturns in the economy that property owners generally do not postpone planned façade maintenance, as this can mean additional and more expensive measures later on. Our subsidiaries with a focus on new construction are also receiving many requests and order books are as large as at the same time last year. Overall, this reflects the façade market's underlying stability with low single-digit growth over time. The key is to take on the right project and to deliver with quality.”

Report presentation
CEO Pål Warolin and CFO Casper Tamm will present the report in a conference call and webcast today 14 February 2023 at 08:15 CET. The presentation will be held in English and will be concluded with a Q&A session.

Link to webcast: https://ir.financialhearings.com/fasadgruppen-group-q4-2022
Registration for participation by phone: https://conference.financialhearings.com/teleconference/?id=5009501

A recording of the presentation will later be available at www.fasadgruppen.se.