Martela Corporation’s Financial Statements 1 January – 31 December 2021
Martela Corporation’s Financial Statements 1 January – 31 December 2021
The January–December 2021 revenue and operating result increased slightly compared to previous year.
October–December 2021
- Revenue was EUR 29.6 million (21.9), representing a change of 34.7 %
- Comparable operating result was EUR 1.8 million (-1.3)
- Operating result was EUR 1.4 million (-2.2)
- Operating profit per revenue was 4.9% (-10.0%)
- The profit for the period was EUR 1.2 million (-2.1 )
- Earnings per share amounted to EUR 0.26 (-0.51)
January–December 2021
- Revenue was EUR 91.9 million (88.4), representing a change of 4.0%
- Comparable operating result was EUR -0.3 million (-3.1)
- Operating result was EUR -1.3 million (-4.0)
- Operating result per revenue was -1.4% (-4.5%)
- The result for the period was EUR -2.4 million (-4.8 )
- Earnings per share amounted to EUR -0.53 (-1.16)
Outlook
Outlook for 2022
Martela anticipates its Revenue to grow over 10 % compared to previous year and operating result to be positive.
Key figures, EUR million
| 2021 | 2020 | Change | 2021 | 2020 | Change | |
| 10-12 | 10-12 | % | 1-12 | 1-12 | % | |
| Revenue | 29.6 | 21.9 | 34.7 % | 91.9 | 88.4 | 4.0 % |
| Operating result | 1.4 | -2.2 | -1.3 | -4.0 | ||
| Operating result % | 4.9 % | -10.0 % | -1.4 % | -4.5 % | ||
| Result before taxes | 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 % | |||
| Gearing % | 74.8 | 36.5 | 104.8 % |
Ville Taipale, CEO:
“Progress in corona pandemic and companies preparing for return to the offices impacted our revenue positively in the fourth quarter. Our revenue increased by 34.7 % in the fourth quarter compared to same period last year. Revenue in the fourth quarter was EUR 29.5 million. January – December revenue increased by 4.0% compared to same period last year and was EUR 91.9 million.
New orders continued to increase also in the fourth quarter especially in the private sector. How fast demand will recover to normal level will be strongly dependent on the progress of the pandemic, restrictions related to remote working and how these will affect decisions of our customers on returning to offices.
Our operating result increased in the fourth quarter compared to the same period last year and was EUR 1.4 million (-2.2). Improvement in operating result was driven by increase of revenue and decreased cost strucutre. Operating result included EUR 0.4 million writeoff of bad debt related to the bankruptcy of our previous finanicng partner. Operating result for January – December was EUR -1,3 (-4.0) million. Operating result includes onetime expenses of EUR 1.0 million, which relates to layoffs resulting from cooperation negotiations concluded earlier this year and writeoff of bad debt.
Recent development in decrease of restrictions related to the pandemic have positively impacted to the overall market situation. If there are no sudden changes in the development of the pandemic which would stricten the restrictions, we believe that postive trend in the market situation will continue also in year 2022. It is possible that current Global material supply and logistic challenges will have impact to our deliveries especially in the first half of this year..
We believe that working environments will permanently change 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 where we work from, and for some of us the amount of remote work will increase for good. This will increase the demand for multipurpose working spaces and the need to invest in remote working conditions. We will continue together with our customers to be a forerunner in creating user centric working environments, which will improve user experience, efficiency and innovation capabilities as well as lower the overall costs. We will meet our customers needs for increased flexibility in workplace with our WaaS concept, which we have piloted and actively developed further during the last winter. Interest towards 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 the whole market environment of Martela, both in Scandinavia and in other countries. This has impacted especially the commercial sector. Recent development in the overall market situation indicates increase in theb demand at least in the short-term. At the moment it is challenging to say what are the midterm impacts to general market conditions.
Revenue and operating result
Revenue and result for October–December 2021
Revenue for October–December was EUR 29.6 million (21.9) and improved by 34.7% from previous year. Revenue improved in Finland by 14.8% and Sweden by 128.9%, in Norway by 12.4% and Other countries by 309.5% compared to previous year.
The Group’s operating result in October–December was EUR 1.4 million (-2.2). The Group’s comparable operating result in October–December was EUR 1.8 million (-1.3).
The October–December result before taxes was EUR 1.2 million (-2.1) and net result EUR 1.2 million (-2.1).
Revenue and result for January–December 2021
Revenue for January–December was EUR 91.9 million (88.4) and increased by 4.0 % from previous year. Revenue in Sweden declined by 5.5% and in Finland by 3.6%, but increased in Norway by 54.6% and in Other countries by 148.2% compared to previous year.
The Group’s comparable operating result in January–December was EUR -0.3 million (-3.1) and operating
result was EUR -1.3 million (-4.0).
The January–December result before taxes was EUR -2.3 million (-4.8) and net result EUR -2.4 million (-4.8).
EVENTS AFTER THE END OF THE FINANCIAL YEAR
Martela has given preliminary information on 2021 revenue and operating result on January 13th, 2022. Based on unaudited preliminary financial statements 2021 the revenue improved slightly and operating result improved compared to the previous year. Revenue was approximately EUR 92 million (88.4) and operating result was approximately EUR -1.5 million (-4.0). Previous outlook for 2021:The Martela Group anticipates that its revenue and operating result in 2021 will improve compared to the previous year.
No other significant events requiring reporting have taken place since the January–December period, and operations have continued according to plan.
SHORT-TERM RISKS
The principal risk regarding profit performance relates to the general economic uncertainty and the consequent effects on the overall demand in Martela’s operating environment. The coronavirus pandemic and the uncertainty caused by it have had a negative impact on the market situation. Due to the project-based nature of the sector, forecasting short-term development is challenging in normal circumstances. This has been further been emphasized by the general uncertainty in material supply and in logistics caused by the pandemic. Risk on how revenue will develop in the near future will have an impact on companys liquidity and ability to cover its liabilities.
PROPOSAL OF THE BOARD OF DIRECTORS FOR DISTRIBUTION OF PROFIT
The Board of Directors will propose to the AGM that no dividend will be distributed for 2021.
ANNUAL GENERAL MEETING
The Annual General Meeting is planned to be held on Thursday 17 March 2022. The notice of the Annual General Meeting will be published in a separate release later.
BRIEFING
A briefing will not be held, but additional information can be asked by telephone from Ville Taipale and Kalle Lehtonen on Friday 11th of February 2022 from 12 a.m. to 2 p.m. EET.
Martela Corporation
Board of Directors
Ville Taipale
CEO
Further information
Ville Taipale, CEO, +358 50 557 2611
Kalle Lehtonen, CFO, tel. +358 40 053 9968
Distribution
Nasdaq OMX Helsinki
Key news media
www.martela.com
Our strategic direction is defined by our mission “Better working” and our vision “People-centric workplaces”. Martela supplies user-centric workplaces where the users and their wellbeing are what matter most. We focus on the Nordic countries because, based on our common open work culture and needs, the Nordic countries are leaders in hybrid workplaces.
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