In 2021, the DEN Group’s revenue increased by 19.9 per cent to EUR 208.7 million from the previous year’s EUR 174.0 million.
Due to risen construction costs, EBITDA decreased slightly to EUR 14.0 million (EUR 15.1 million in 2020).
The number of employees at the end of the financial year rose by 69 people to 518 employees.
In 2021, the consumers’ purchasing power that had been piling up due to Covid-19 restrictions was strongly geared towards better housing, benefiting DEN’s house brands Designtalo, Finnlamelli and Ainoakoti. New construction of detached houses in Finland grew by a quarter in value, and DEN sold almost 45 per cent more houses than in the previous year. Demand for Talliosake storage, hobby and business premises equipped according to purpose was also good.
The positive development of sales and the smooth operation of factories and construction sites helped the Group to exceed its sales target. The Group’s EBITDA was burdened by sharply higher raw material costs from the summer onwards.
The Group made an operating profit of EUR 10.5 million. The consolidated profit for the period was EUR 7.5 million.
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 59.3% (56.8%in 2020).
Net gearing was 19.7% (12/2020: 28.7%).
Strategy, values and sustainability
The Group’s strategy was renewed in the summer of 2021. The most important outlines are the realization of dreams space by space and servicing customers in their space-related needs well into the future, responsibly and intelligently.
DEN’s strategic priorities consist of an inspiring culture, a lifelong customer experience, being the most desirable partner, accumulating profitable growth internationally, being responsible and intelligent with a smooth implementation process. The goal is to make doing business with DEN easier, more fun and faster than with anyone else.
In addition to the strategy, DEN together with its staff renewed the values that guide every employee in their everyday work and encounters. Appreciation, courage, sustainability and happiness took shape as new values.
The Group began to develop its sustainability extremely comprehensively in the autumn of 2021. DEN wants to be the most sustainable player in the industry and the best choice for customers, employees and partners. The sustainability program includes ambitious goals in environmental responsibility, social responsibility and good governance.
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.
Reports and Presentations
DEN Group’s Annual Report and 2021 Financial Statements here.
DEN Group’s Annual Report and 2020 Financial Statements here.
DEN Group’s Annual Report and 2019 Financial Statements here.
DEN Group’s Annual Report and 2018 Financial Statements here.
DEN Group’s Annual Report and 2017 Financial Statements here.