On this page you will find investor information about Solwers in brief. More investor information is available in Finnish at www.solwers.fi/sijoittajat. The official language of Solwers’ communication is Finnish.
Solwers key figures 2020
Solwers create smart and unique living environments
We offer design and project management services extensively through our 19 operative companies and employ more than 400 respected professionals in their fields in Finland and Sweden. Our companies specialize in providing architecture, technical consulting, environmental monitoring, project management and control, circular economy and digital solutions and have achieved an established position among our customers. Our companies are limited to consulting and do not engage in contracting or investing in construction projects.
Our customer base is wide and consists of both public organizations and private companies or operators, such as construction and real estate companies in Finland and Sweden.
We want to be our customers’ preferred partner in visionary and sustainable design and engineering. Our versatile group expertise enables innovative and comprehensive solutions for our customers.
15.September, 2021 Half year interim report: Profitable growth continued
- Net sales were EUR 21,962 (13,894) thousand; growth of +58% mainly due to company acquisitions.
- EBITA was EUR 2,664 (1,937) thousand, or 12.1 (13.9) %.
- Operating profit (EBIT) was EUR 2,018 (1.535) thousand or 9.2 (11.0) % of the revenue.
- The net result for the period under review was burdened by one-off accrued interest expenses of EUR 752 thousand paid to creditors in connection with the conversion of the capital loans into equity.
- The company’s capital structure has been strengthened by several directed share issues during the review period and the IPO.
- The company has agreed with its main financing bank on a long-term debt financing facility in May
- The company has during the review period further increased its holdings in the subsidiaries to the extent that it now holds more than 90% in all but three subsidiaries
- The number of personnel at the end of the review period was 414 (286).
- Solwers was listed on the First North Growth Market Finland marketplace in June, trading of the company’s shares began on 18 June 2021.
Group CEO Stefan Nyström’s review
Despite the uncertainty caused by the pandemic, there has been steady demand for our services. Our company performed well in the first half of 2021, and the outlook has remained positive as well. Our revenue grew to nearly EUR 22 million and our profitability is at a good level.
Our backlog of orders has remained stable for the most part, even though we were forced to adapt our capacity in a few of our subsidiaries due to temporary shortages of work or delays in the starting times of projects. In Sweden, our companies continued to deliver strong results at the start of the year, and it looks like the positive trend will continue.
Our most notable projects during the first half included, for example, the renovation and design work of Lahti Town Hall and Helsinki National Museum, for which Architects Davidsson Tarkela is responsible on our end, and the improvement of the Turku Ring Road, the construction plan of which was drafted by Finnmap Infra. Design work for the Pasila circular economy project is also ongoing. In Sweden, architect office Dreem has undertaken an interesting and extensive development project to convert small concrete city shopping centers from the 1960s into offices, schools and diverse and active city hubs. Currently, Dreem is cooperating with the cities of Motala, Trelleborg, Karlskoga, Örnsköldsvik and Bollnäs. In Northern Sweden, Licab is involved in a large-scale project related to the battery industry.
An important project that employed many of us in the spring was getting listed at the Nasdaq Helsinki First North Growth Market. The issue of 1.2 million new shares led to gross assets of EUR 8.9 million for Solwers, which will support us in the implementation of our strategy. I am also very happy that we now have many new shareholders among our personnel, which will motivate and commit them to pursue common goals.
In line with our growth strategy, we will continuously expand our operations through acquisitions. During the reporting period, we acquired Inmeco Oy Rakennuskonsultit from Jyväskylä in February, a company that strengthens our project management competence in Finland, as well as LVI-Insinööritoimisto Meskanen Oy from Oulu, that brings HVAC expertise into the Group. The combined turnover of these two companies was EUR 2.4 million in 2020.
During the reporting period, we recruited new CEOs to lead three of our subsidiaries: Kaarle Korhonen started work at Finnmap Infra, Markku Savolainen at Geounion and Jarno Haapanen at Contria. During the period, our personnel grew organically by approximately 5% when compared to the 2020 financial statements. The Group’s extensive Management Team was divided into Finnish and Swedish Management Teams from the beginning of September, which will support us in achieving synergies and will thereby improve our opportunities for organic growth.
When looking at our outlook, it is estimated that the ongoing pandemic may yet have some adverse effects on Solwers’ business. However, we will follow our growth strategy going forward by strengthening our organizational competence. We will also pursue one to three acquisitions before the end of the year, of which we already have signed Letters of Intent with two of the companies. If these are realized, they would provide us with new areas of expertise, expand our selection of services and grow the group’s turnover. The combined turnover of these two companies was approximately EUR 5.2 million in 2020.
Markku Savolainen has been appointed Managing Director of GeoUnion Oy as of 1 June 2021. He will start the introduction period at GeoUnion at the beginning of May and joins the company from the position of Head of Department at Sitowise. He has previously worked at...
Kaarle Korhonen, M.Sc., has been appointed Managing Director of Finnmap Infra Oy as of 1.6. 2021. He has previously worked at AFRY Finland and Pöyry as Market Area Manager of Transportation infra design since 2015. Prior to that, he has worked at...