Martela Corporation Financial Statements January 1 – 31

Martela Corporation Financial Statements January 1 – December 31 2021

Sales and operating income from January to December 2021 increased slightly compared to the previous year.

October–December 2021

  • Turnover amounted to 29.6 million euros (21.9), i.e. a variation of 34.7%
  • Comparable operating result was EUR 1.8 million (-1.3)
  • The operating result amounts to 1.4 million euros (-2.2)
  • Operating profit by revenue was 4.9% (-10.0%)
  • The profit for the period amounts to 1.2 million euros (-2.1)
  • Earnings per share amount to EUR 0.26 (-0.51)

January–December 2021

  • Turnover amounted to 91.9 million euros (88.4), i.e. a variation of 4.0%
  • The comparable operating result was EUR -0.3 million (-3.1)
  • The operating result was EUR -1.3 million (-4.0)
  • Operating profit by revenue was -1.4% (-4.5%)
  • The result for the period is -2.4 million EUR (-4.8)
  • Earnings per share amount to EUR -0.53 (-1.16)

Outlook

Outlook for 2022

Martela expects its turnover to increase by more than 10% compared to the previous year and its operating result to be positive.

Key figures, millions of euros

2021 2020 Change 2021 2020 Change
10-12 10-12 % 1-12 1-12 %
Income 29.6 21.9 34.7% 91.9 88.4 4.0%
Operational results 1.4 -2.2 -1.3 -4.0
Operating results % 4.9% -10.0% -1.4% -4.5%
Earnings before tax 1.2 -2.1 -2.3 -4.8
Result for the period 1.2 -2.1 -2.4 -4.8
Earnings/share, EUR 0.26 -0.51 -0.53 -1.16
Return on investment % 22.6 -29.3 -4.7 -13.2
Return on equity % 41.3 -60.6 -21.3 -34.7
Equity ratio % 22.2 23.3 -4.8%
% gear 74.8 36.5 104.8%

Ville Taipale, CEO:

“The progress of the corona pandemic and companies preparing to return to offices had a positive impact on our fourth quarter revenue. Our revenue increased by 34.7% in the fourth quarter compared to the same period last year Fourth quarter sales amounted to 29.5 million euros January to December sales increased by 4.0% compared to the same period of last year and amounted to 91.9 million euros.

New orders also continued to rise in the fourth quarter, particularly in the private sector. How quickly demand returns to normal levels will be highly dependent on the progression of the pandemic, remote work restrictions and how these affect our customers’ decisions about returning to the office.

Our operating result increased in the fourth quarter compared to the same period last year and amounted to 1.4 million euros (-2.2). The improvement in the operating result was driven by the increase in revenues and the reduction in the cost structure. The operating result includes 0.4 million euros of write-off of bad debts related to the bankruptcy of our previous financial partner. The operating result from January to December was EUR -1.3 (-4.0) million. The operating result includes non-recurring expenses of 1.0 million euros, related to redundancies resulting from cooperation negotiations concluded earlier this year and the write-off of bad debts.

The recent development of decreasing restrictions related to the pandemic has had a positive impact on the overall market situation. If there are no sudden changes in the development of the pandemic which would tighten the restrictions, we believe that the positive trend of the market situation will also continue in 2022. It is possible that the current global supply of material and logistical challenges have an impact on our deliveries especially in the first half of this year..

We believe work environments will change permanently in the future. The coronavirus pandemic has accelerated the process of changing the way we work. The office is just one of the many places we work, and for some of us, the amount of remote work will increase for good. This will increase the demand for flexible workspaces and the need to invest in remote working arrangements. We will continue with our customers to be a forerunner in creating user-centric work environments, which will improve user experience, efficiency and innovation capabilities while reducing overall costs. We will meet our customers’ needs for increased flexibility in the workplace through our WaaS concept, which we piloted and actively developed over the past winter. Interest in our concept has been encouraging and we expect it to have a positive impact on our business. »

Market situation

The coronavirus pandemic has had a negative impact on Martela’s overall market environment, both in Scandinavia and in other countries. This has particularly affected the commercial sector. Recent developments in the overall market situation indicate an increase in demand b, at least in the short term. At this time, it is difficult to say what the medium-term impacts are on general market conditions.

Turnover and operating result

Turnover and result from October to December 2021

Turnover from October to December amounted to 29.6 million euros (21.9) and increased by 34.7% compared to the previous year. Turnover increased in Finland by 14.8% and in Sweden by 128.9%, in Norway by 12.4% and in the other countries by 309.5% compared to the previous year.

The Group’s operating income in October-December amounted to 1.4 million euros (-2.2). The Group’s comparable operating income from October to December amounted to 1.8 million euros (-1.3).

The result from October to December before tax amounts to 1.2 million euros (-2.1) and the net result to 1.2 million euros (-2.1).

Turnover and result from January to December 2021

Turnover from January to December amounted to 91.9 million euros (88.4) and increased by 4.0% compared to the previous year. Revenue in Sweden decreased by 5.5% and Finland by 3.6%, but increased in Norway by 54.6% and Other countries by 148.2% year-on-year .

The Group’s comparable operating result in January-December was -0.3 million EUR (-3.1) and
the result was -1.3 million euros (-4.0).

The January to December result before tax was -2.3 million euros (-4.8) and the net result was -2.4 million euros (-4.8).

EVENTS AFTER THE CLOSING OF THE FINANCIAL YEAR

Martela provided preliminary 2021 revenue and operating profit information on January 13and, 2022. Based on the preliminary unaudited financial statements for 2021, revenues increased slightly and operating income improved compared to the previous year. The turnover amounted to approximately 92 million euros (88.4) and the operating result to approximately -1.5 million euros (-4.0). Previous outlook for 2021: The Martela Group expects its revenue and operating result in 2021 to improve compared to the previous year.

No other significant reportable events have occurred since the January to December period, and operations have continued according to plan.

SHORT TERM RISKS

The primary risk to earnings performance relates to general economic uncertainty and the resulting effects on aggregate demand in Martela’s operating environment. The coronavirus pandemic and the resulting uncertainty had a negative impact on the market situation. Due to the project-driven nature of the sector, it is difficult to predict short-term development under normal circumstances. This has been further exacerbated by the general uncertainty of material supply and logistics caused by the pandemic. The risk on the evolution of revenues in the near future will have an impact on the company’s liquidity and its ability to cover its debts.

PROPOSAL OF THE BOARD OF DIRECTORS FOR THE DISTRIBUTION OF PROFITS

The board of directors will propose to the general meeting that no dividend be distributed for 2021.

ANNUAL GENERAL MEETING

The Annual General Meeting is scheduled for Thursday, March 17, 2022. Notice of the General Meeting will be published later in a separate press release.

REPORT

There will be no briefing, but additional information can be requested by telephone to Ville Taipale and Kalle Lehtonen on Friday February 11, 2022 from 12:00 p.m. to 2:00 p.m. EET.

Martela Corporation
board of directors

City of Taipale
CEO

More information
Ville Taipale, CEO, +358 50 557 2611
Kalle Lehtonen, CFO, tel. +358 40 053 9968

Distribution
Nasdaq OMX Helsinki
Main news media

www.martela.com

Our strategic direction is defined by our “Work Better” mission and our “People-Centred Workplaces” vision. Martela provides user-centric workplaces where users and their well-being matter most. We focus on the Nordics because, based on our culture and common needs for open work, the Nordics are leaders in hybrid workplaces.

Comments are closed.