DEN Group’s revenue increased to over 226 million euros in 2022
Russia’s shocking invasion of Ukraine is what the year 2022 will be remembered by. DEN Group, Finland’s largest builder of single-family houses and market leader in multi-purpose hall spaces, increased their revenue in 2022, but profitability was affected by rising prices for raw materials and disruptions in supply chains. Considering the circumstances, we are happy with our sales, but the energy crisis, deteriorating purchasing power, inflation and rising interest rate levels had an impact on the housing market and customer behaviour.
DEN Group’s revenue increased by 8.5 per cent and reached 226.2 million euros in 2022 compared with the previous year’s 208.7 million euros. Due to increased overall cost level, the group’s EBITDA decreased to 8.6 million euros and profit to 2.7 million euros. The rise in prices of raw materials seems to have stabilised in 2023. The Group has also initiated and completed several projects for improving profitability and reducing costs during 2022 and at the beginning of 2023.
The headcount of personnel at the end of the financial year remained at the same level compared with the previous year and totalled 519.
23 per cent more single-family houses compared with the previous year
In the financial year 2022, the Group delivered 1,014 single-family houses, and 706 of these were ready-to-move-in solutions. The total number of houses delivered was 23 per cent higher than in 2021. The DEN Group’s home brands are Designtalo, Finnlamelli and Ainoakoti, which is a jointly managed brand of DEN Finland Oy and K-Rauta.
DEN is the clear market leader in the Finnish space and premises market in its own segment with the Talliosake brand. These spaces and premises serve both companies and private users as premises for work, production and business, warehouses, hobby spaces or as retail space. In 2022, Talliosake delivered over 24 completed projects, of which 20 were in Finland and 4 in Sweden. These properties have a total of 645 space units.
Carbon footprint decreased despite growth in volumes
As a pioneer of the industry, DEN published a comprehensive sustainability report in the spring of 2022. In the future, the report will be published annually every spring. The focus of DEN’s sustainability work is on the environment, safety and health as well as good governance.
In 2022, the Group’s overall carbon footprint reduced by almost 9 per cent despite the increase in construction volumes. In proportion to revenue, carbon footprint decreased by nearly 16 per cent.
The Group’s annual report and sustainability report will be published on the company website during April.
Maria Mroue, Head of Marketing, Communications and ESG, DEN Finland
maria.mroue [at] den.fi | +358 50 393 4974
DEN Finland Oy is a leading manufacturer of turnkey single-family homes. The company employs approximately 400 persons. Funds managed by private equity firm CapMan are the main owners of DEN. DEN Finland consists of Designtalo, pioneer in turnkey single-family homes; log manufacturer Finnlamelli and Ainoakoti brand, owned by DEN and K-Rauta together.