Financial information

Lamor’s Financial Statements Release for 2022: A great year of growth behind – growth investments in line with the strategy continue

October–December 2022 in brief

• Revenue increased by 71.4% to EUR 28.0 million (16.3)
• EBITDA was EUR 2.3 million (1.9)
• Adjusted EBITDA increased by 34.7% and totalled EUR 2.7 million (2.0) or 9.5% of revenue
• EBIT was EUR 0.8 million (0.5)
• Adjusted EBIT increased by 83.1% and amounted to EUR 1.2 million (0.7) or 4.5% of revenue
• Net cash flow from operating activities was EUR 0.7 million (1.1)
• Earnings per share (basic) was EUR -0.03 (0.03)
• Orders received was EUR 11.4 million (13.9)

January–December 2022 in brief

• Revenue increased by 147.8% to EUR 127.7 million (51.5)
• EBITDA was EUR 16.7 million (6.0)
• Adjusted EBITDA increased by 184.0% and totalled EUR 19.0 million (6.7) or 14.9% of revenue
• EBIT was EUR 10.0 million (1.9)
• Adjusted EBIT increased by 345.4% and amounted to EUR 12.6 million (2.8) or 9.9% of revenue
• Net cash flow from operating activities was EUR -6.5 million (-5.4)
• Earnings per share (basic) increased by 171.3% to EUR 0.13 (0.05)
• Impairment losses from Russian business amounted to EUR 2.0 million
• Orders received was EUR 87.4 million (260.8)
• Order backlog at the year-end was EUR 203.1 million (226.9)
• The Board of Directors proposes that no dividend will be paid for the financial year 2022

Guidance for 2023

Lamor estimates that its revenue for 2023 will be in the range of EUR 120–135 million and that the adjusted operating profit (EBIT) margin for the full year 2023 will be in the range of 8–11%.

Lamor has a strong order backlog for 2023. Since a significant part of the revenue is generated by large service project deliveries, any major changes in the project progress would have an impact on revenue and profit for 2023.

Lamor is participating in several major tendering related discussions and expects requests for tendering to open and the decisions in the tenders to be made during 2023. The timing of the tenders as well as Lamor’s success in the processes will have an impact on the revenue and profitability in 2023.

Lamor has recruited a significant number of new professionals in 2022. This will support reaching the company’s long-term financial targets but will increase the relative share of fixed expenses in 2023.

Lamor follows closely the changes in the geopolitical environment in its operating countries. These changes may have either a negative or a positive impact on Lamor’s business, for instance through changes in the schedules or cost structures of the projects.