9.6.2022 14:45:00 EEST | HLRE Holding Oyj |
Interim report (Q1 and Q3)
HLRE Holding Group
Interim Report February – April 2022
Comparison figures in brackets refer to the corresponding period previous year.
February – April 2022 in short
Q1 revenue decreased by 5% to EUR 27,9 EUR million (EUR 29,3 million).
Q1 gross profit decreased by 10% to EUR 11,3 million (EUR 12,5 million).
Q1 adjusted EBITDA decreased to EUR 1,9 million (EUR 2,6 million).
Q1 operating profit was EUR -0,5 million (EUR -0,6 million).
Q1 net cash from operating activities decreased to EUR -2,0 million (EUR 1,9 million).
Key Figures
HLRE Holding Group in MEUR IFRS
Feb -Apr 2022
Feb -Apr 2021
Feb 2021-Jan 2022
Revenue
27,9
29,3
130,4
Gross profit
11,3
12,5
55,3
Gross margin
40,5 %
42,7 %
42,4 %
Adjusted EBITDA
1,9
2,6
13,8
EBIT
-0,5
-0,6
4,4
Net cash from operating activities
-2,0
1,9
7,3
Company description
HLRE Holding Group (commonly known as Vesivek Group) is a leading provider of roof and roof product renovations offered primarily to detached and row houses in Finland and Sweden under the brand name Vesivek. In addition to roof and roof product installations, Vesivek provides underground drain renovations in five locations in Finland. The Group also develops, manufactures, and sells high quality rainwater systems and roof safety products.
HLRE Holding Group operates currently in 17 locations in Finland and three locations in Sweden and employs more than 850 employees in average. The Group has two in-house manufacturing facilities in Finland, steel roofing profile production in Pirkkala and manufacture of rainwater systems and roof safety products in Orimattila.
Q1 Revenue, Result and Cash Flow
The Q1 revenue decreased to EUR 27,9 million (29,3 million) and gross profit decreased to EUR 11,3 million (12,5 million). Adjusted EBITDA decreased to EUR 1,9 million (2,6 million) and net cash from operating activities was EUR -2,0 million (1,9 million). Reported EBITDA was EUR 1,5 million (1,4 million). Reported adjustments totalled EUR 0,4 million (EUR 1,2 million) in Q1 including legal and financial advisory costs for the bond listing to Stockholm stock exchange in February 2022 of EUR 0,15 million, other legal costs of EUR 0,1 million and a leadership development project cost of EUR 0,15 million. Impact of the adjustments to the operating cashflow in Q1 amounted to EUR 0,4 million (EUR 0,2 million).
Q1 Management Overview
Covid-19 infections continued on high level in Q1 both in Sweden and Finland. This together with harsh winter had negative influence on installation effectiveness and sales activities in both countries.
Due to global uncertainty on short-term material availability management has taken action to increase stock levels especially on steel and aluminium to secure delivery capability. This ensuring of material sufficiency for the high summer season together with increased material prices had a negative impact on Q1 net operating cash flow.
Outlook for the financial year 1 February 2022 – 31 January 2023
No outlook for the financial year 1 February 2022 – 31 January 2023.
For more information
Jari Raudanpää, CFO
+358 40 566 6399
jari.raudanpaa@vesivek.fi
Consolidated Statement of Comprehensive Income
1000 EUR
1.2.-30.4.2022
1.2.-30.4.2021
1.2.2021-31.1.2022
REVENUE
27 931
29 301
130 352
Other operating income
356
255
1 063
Material and services
-9 888
-9 565
-45 375
Employee benefits expense
-11 376
-12 055
-50 257
Depreciation and amortisation
-1 949
-1 952
-7 855
Other operating expenses
-5 549
-6 574
-23 572
OPERATING PROFIT
-475
-589
4 356
Finance income
153
220
1 146
Finance cost
-1 332
-858
-4 148
Finance cost – net
-1 180
-639
-3 003
PROFIT/LOSS BEFORE TAX
-1 655
-1 228
1 353
Income tax expense
277
-71
-663
PROFIT/LOSS FOR THE PERIOD
-1 378
-1 299
691
Profit attributable to:
Owners of the parent company
-1 370
-1 237
623
Non-controlling interests
-8
-62
68
-1 378
-1 299
691
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
30
-6
-54
Items that may be reclassified subsequently to profit or loss
30
-6
-54
TOTAL COMPREHENSIVE INCOME
-1 348
-1 305
637
Total comprehensive income attributable to:
Owners of the parent company
-1 342
-1 242
574
Non-controlling interests
-6
-63
63
-1 348
-1 305
637
Consolidated Statement of Financial Position
1000 EUR
30.4.2022
30.4.2021
31.1.2022
ASSETS
NON-CURRENT ASSETS
Goodwill
40 304
40 304
40 304
Intangible assets
712
759
657
Property, plant, equipment
26 050
27 670
27 188
Other non-current financial assets
48
48
48
Loan receivables
7
8
7
Other non-current receivables
14
64
26
Deferred tax assets
405
206
169
NON-CURRENT ASSETS
67 540
69 059
68 400
CURRENT ASSETS
Inventories
18 207
11 986
15 464
Trade receivables and other receivables
12 772
12 512
9 859
Cash and cash equivalents
2 564
5 435
5 201
CURRENT ASSETS
33 542
29 933
30 524
ASSETS
101 082
98 993
98 923
EQUITY AND LIABILITIES
Owners of the parent company
26 658
26 227
28 000
Non-controlling interests
-43
-147
-37
EQUITY
26 615
26 081
27 963
NON-CURRENT LIABILITIES
Non-current liabilities, interest-bearing
50 951
52 067
51 197
Non-current interest-free liabilities
422
389
422
Deferred tax liabilities
112
338
216
NON-CURRENT LIABILITIES
51 485
52 793
51 834
CURRENT LIABILITIES
Current interest-bearing liabilities
5 734
4 542
4 633
Current interest-free liabilities
17 249
15 578
14 493
CURRENT LIABILITIES
22 983
20 119
19 126
Liabilities
74 467
72 913
70 960
EQUITY AND LIABILITIES
101 082
98 993
98 923
Consolidated Statement of Cash Flows, Indirect
1000 EUR
1.2.2022-30.4.2022
1.2.2021-30.4.2021
1.2.2021-31.1.2022
Cash flows from operating activities
PROFIT/LOSS FOR THE PERIOD
-1 378
-1 299
691
Adjustments to the profit/loss for the period
2 782
3 582
12 565
Working capital changes
-2 274
475
-2 357
Cash flow from operating activities before finance and taxes
-870
2 758
10 899
Finance income and expense
-559
-577
-2 880
Income taxes paid
-550
-320
-687
Net cash from operating activities
-1 979
1 860
7 332
Cash flows from investing activities
Purchase of tangible and intangible assets
-411
-1 453
-3 160
Proceeds from sale of tangible and intangible assets
200
1 314
327
Acquisition of subsidiaries, net of cash acquired
0
-194
-201
Addition / deduction of loan receivables
2
-51
271
Addition / deduction of cash equivalents
0
-1
0
Net cash used in investing activities
-208
-385
-2 762
Cash flows from financing activities
Proceeds from issue of share capital
0
0
0
Capital investment by non-controlling interests
2
183
0
Purchase of treasury shares
0
0
-28
Proceeds from sale of treasury shares
0
68
78
Proceeds from current borrowings
743
0
0
Repayment of current borrowings
-2
-25 812
-25 820
Addition / deduction of current borrowings
4
0
8
Proceeds from non-current borrowings
0
28 781
29 074
Repayment of non-current borrowings
-1
72
0
Payment of lease liabilities
-1 195
-1 310
-4 900
Net cash used in financing activities
-448
1 981
-1 588
Net change in cash and cash equivalents
-2 635
3 456
2 982
Cash and cash equivalents, opening amount
5 201
2 219
2 219
Net increase/decrease in cash and cash equivalents
-2 635
3 456
2 982
Effects of exchange rate fluctuations on cash held
0
0
Cash and cash equivalents
2 564
5 435
5 201
Cash and cash equivalents, other arrangements
0
0
0
Attachments
HLRE Holding Plc- Feb-Apr 2022.pdf
