In 2020, the DEN Group’s net sales decreased by 2.3 per cent to EUR 174.0 million from the previous year’s EUR 178.0 million.
EBITDA improved significantly to EUR 15.1 million (EUR 4.6 million in 2019).
The number of employees at the end of the financial year was 449.
In 2020, concentrated on improving efficiency by developing its core businesses: Designtalo, Finnlamelli, Ainoakoti, Talliosake and building services.
The group made an operating profit of EUR 10.8 million. The consolidated profit for the period was EUR 8.0 million.
The effects of the Covid-19 pandemic remained moderate for the Group. Construction and plant operations continued as usual, despite of travel restrictions. The sales of houses and premises slowed slightly down during H1 but picked up during the latter half of the year in such a manner that the Group reached its commercial targets.
DEN Group’s consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).
Financial position and financing
The equity ratio at the end of the accounting period was at 56.8% (55.8%in 2018). Gearing was 28.7% (12/2019: 45.4%).
The Lost Time Incident (LTI) frequency describing the frequency of accidents in the group was 10.3 at the end of the year. The target is to be below 10. Compared to the frequency in 2020 of all member companies of the Finnish Association for Manufacturers of Prefabricated Houses (17), the accident frequency was at an excellent level.
During the year, a patent was granted to the safety scaffolding and walking platform developed by the group, which improves safety on construction sites.
In addition to safety, the Group has a strong focus on climate, environmental and energy issues, which are central to future built environments. We aim at minimising the environmental impact throughout our activities and operations. DEN’s turnkey houses are made of wood, which stores CO2 and can be recycled at the end of its life cycle. The recovery and recycling of waste is taken into account in all the company’s key processes.
Funds managed by private equity firm CapMan are the main owners of DEN. In addition, Finnish government-owned investment company Tesi (Finnish Industry Investment Ltd) together with a number of current and former members of the DEN Group’s personnel are also significant shareholders.