GOODTECH ASA Margrethe Hauge | Øyvind Osjord |
CEO | CFO |
Webcast
Q4 2022
1 | Finance |
2 | |
Market | |
3 | Strategy |
4 | Innovation |
5 | The People |
Progress in the quarter for the Group's continued operations
EBITDA margins increased throughout the quarter both compared to the same quarter in 2021, and Q1-Q3 in 2022. Revenue in the quarter is impacted by a re-classification of the business activity sold on Åland according to IFRS 5
Solid order backlog. Increase in order intake in Sweden, stable year-on-year growth in Norway
The Group's continued operations in Sweden has since Q4 2021 increased the order backlog by 3.5x (37 MNOK). The corresponding order backlog in Norway ended the quarter at 221,9 MNOK.
The strategic re-positioning continues
In the quarter, Goodtech signed an agreement with NCC, where the organization in Åland is transferred to NCC. The transaction is in line with Goodtech's strategic plan to focus its core business within automation, robotization and digitalization. Remaining assets on Åland are held for sale
Innovation, digitalization and creative thinking
Ongoing investments in innovative solutions continues as planned - expected to improve Goodtech's value proposition towards key customers. Goodtech's investments in our own WizX software, MES and industrial cyber security is part of the solution to ensure that the Nordic industry stays competitive
Recruiting the best domain experts
Goodtech is constantly looking for new talents, and we do appreciate that the company is seen as an attractive workplace. We strive to both attract, develop and retain new competencies and team members.
Summary
4,1 MNOK | 22,4 MNOK |
Q4 2022 EBITDA | 2022 EBITDA |
308 MNOK
Order backlog
Focus on core business
Continuing to enable competitive production in the Nordics
Continuing to recruit the best domain experts in the industry
Interim Report Goodtech ASA Q4 2022
Contracts annouced in Q4 2022
Control and safety systems
Process automation and electrical infrastructure
«To us, Goodtech is an important partner in the investment at Herøya. The company is a leader in industrial robotisation, automation and digitalisation, all of which are important areas for our new establishment. Goodtech has a local presence here in Porsgrunn and can at the same time draw on expert expertise from the group's operations throughout the Nordics - which ensures good access to resources for future further development and support of our business»
- Sigve Sporstøl, CEO REEtec
Electro and automation
Concept development, engineering and project management
«TiZir looks forward to continuing a good and fruitful collaboration with Goodtech. Goodtech delivers services that are important to staying at the forefront of developments in our industry»
- Rune Dolmen, CEO TiZir Tyssedal
Semi-automatic assembly line
MES and control system
«Haldex is glad to be able to continue the long-term collaboration with Goodtech now also in new product segments which we have not collaborated on before. As a supplier they share our interest in high quality assurance and efficiency in both automation and higher-level systems. Throughout the year, they have also proven to be responsible and with a high level of support, which we value highly»
- Per-OlofBjällstål, Director Global Manufacturing Engineering and Operation
3
Interim Report Goodtech ASA Q4 2022
Key financial figures*
Revenue | kNOK
149 060 | 161 238 | 159 410 |
130 017 | ||
63 863
Q4 | Q1 | Q2 | Q3 | Q4 |
2021 | 2022 | 2022 | 2022 | 2022 |
EBITDA | kNOK
9 215 | 5 103 | |||
4 025 | 4 089 | |||
-1 401 | ||||
Q4 | Q1 | Q2 | Q3 | Q4 |
2021 | 2022 | 2022 | 2022 | 2022 |
EBITDA margin
5.7% | 6.4% | |||
3.2% | 3.1% | |||
-0.9% | ||||
Q4 | Q1 | Q2 | Q3 | Q4 |
2021 | 2022 | 2022 | 2022 | 2022 |
Highlights
1
- The group has classified the business on Åland as held for sale according to IFRS 5. Revenue and EBITDA from the business on Åland for the entire year of 2022 have thus been adjusted in the quarter
- Through 2022, revenue in the group's continuing operations grew by 10.3%
2
- 5,5 MNOK improvement in EBITDA compared to the same quarter in 2021
3
- The group's continued operations increased its full-year EBITDA from NOK 10.9 million in 2021 to NOK 28.8 million in 2022 (+165%). This is a result of systematic improvements, as well as improved management and control in project execution
* All values include Goodtech Solutions Manufacturing AB up to and including takeover date for new owner 31.08.2022 | * Adjusted for Avanti Engineering AS which was only included in the consolidated accounts from 01.09.2021 | 4 |
Interim Report Goodtech ASA Q4 2022
Sales and order backlog
Order backlog* | kNOK
HøydepunkterDevelopment in order book | Assets held for sale
295 819 | 278 412 | 284 089 | 308 515 | ||
266 897 | |||||
Q4 | Q1 | Q2 | Q3 | Q4 |
2021 | 2022 | 2022 | 2022 | 2022 |
1
-62% | |||||||
102 616 | |||||||
80 316 | 73 782 | ||||||
57 952 | 47 235 | ||||||
38 951 | |||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
- In 2021, the group made changes to its contract regime, which reduced the groups exposure to larger contracts.
Order intake | kNOK |
Development in order book | Continued operations
201 049 | 165 087 | 203 481 | ||||
143 831 | 112 825 | |||||
Q4 | Q1 | Q2 | Q3 | Q4 | ||
2021 | 2022 | 2022 | 2022 | 2022 | ||
Book-to-bill (order intake / revenue) | ||||||
1,3x | 1,0x | 1,3x | ||||
0,9x | 0,9x | |||||
Q4 | Q1 | Q2 | Q3 | Q4 | ||
2021 | 2022 | 2022 | 2022 | 2022 |
2
+25% | |||||
269 564 | |||||
226 137 | 47 643 | ||||
215 503 | 204 630 | 219 662 | |||
10 596 | 44 025 | 36 088 | |||
16 909 | |||||
141 214
17 495
204 908 | 221 921 | ||
187 721 | 182 112 | 183 574 | |
123 719
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
- The group's Swedish operations have since Q4 2021 increased the order backlog by 3.5x (37.1 MNOK), and continued its improvement with a strong Q4 2022
- The Swedish market is expected to continue investing in automation in 2023, following a period of delayed investment decisions during the COVID pandemic
- The group's Norwegian operations, with activity in Oslo, Porsgrunn, Fredrikstad, Moss, Bergen, Førde, Trondheim, Nesna, Bodø and Mo i Rana, increased the order backlog by 8% from Q4 2021 to Q4 2022
- The order backlog in Norway is split between small and medium-sized automation and digitization projects - mostly formalized through framework agreements, consulting assignments and FEED studies, and larger fixed-price projects in partnership with industry players
- The group's order backlog is considered to represent a balanced mix of fixed price and frame agreement projects, spread across a broad range of customers and market segments in Nordic industry
* Including Goodtech Solutions Manufacturing AB until 31.08.2022 | 5 |
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Disclaimer
Goodtech ASA published this content on 24 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2023 06:56:00 UTC.
