Financial Information

2017 was a year of strong growth for DEN Group. It doubled its staff to nearly 500 people, and also nearly doubled its turnover to EUR 146.4 million, after posting a turnover of EUR 74.2 million the year before. Factors behind the growth in turnover are both organic growth, and, to a significant degree, growth through acquisitions.

Financial development

During the accounting period of 2017, DEN Group acquired the log house manufacturer Finnlamelli Oy and Talliosake, a provider of premises for storage, work, and leisure. In January 2018, the group further expanded its service offering by acquiring PohjanTeko and PohjanGeo that provide earthworks construction and planning services, and which makes it possible for DEN to offer, under one roof, all the services related to building your own home, from planning to site preparation, and every step of the way until your completed turnkey single-family home is ready.

Adjusted EBITDA almost doubled and rose to EUR 14.4 million, or 9.8 percent of the company’s turnover. Non-recurring items resulting from transaction costs related to acquisitions and their fair value allocation amounted to EUR 9.4 million. In 2017, reported EBITDA was EUR 5.0 million (7.4), or 3.4 percent (10.0) of the turnover.

DEN Group also took further steps in its internationalization process, and the first construction projects in Sweden based on the Talliosake concept were launched in March 2018. At Finnlamelli, the share of exports was approximately 32 % of the turnover of Finnlamelli in 2017. Finnlamelli’s main markets are Finland, Japan, Russia, and the United States.

DEN Group’s consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).

Financial position and financing

The Group’s financial position remained strong. The equity ratio at the end of the accounting period was 59.3 % (12/2016: 53.8 %). Gearing was 33.7 % (12/2016: 41.3 %).


On February 15, 2018, DEN made public a EUR 1.2 million investment in revamping the production at its Alajärvi laminated log factory. As part of the investment, the finger-joint machine and the production line of the factory will be replaced, and the production building will also be renovated. The investment is going to raise the production capacity of the factory by tens of percent.

The reasons behind the investment are market trends of sustainability, ecological construction, and healthy living, and the purpose of the investment is to ensure the operational reliability and capacity of the production line, with future business growth in mind.

In September 2017, the group launched an expansion of its production, warehouse, and office space, which also meant a significant increase in the number of employees in Nivala. This raised the production capacity of the factory from approximately 600 houses to 1,000 houses a year. The size of the factory investment is one million euros.


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) and the personnel of DEN are also significant shareholders.

Reports and Presentations

Take a look at DEN Group’s Annual Report and 2017 Financial Statements here.