Destia publishes its financial statements and annual report 2022
In 2022, Destia reached one of the highest revenues in its history, MEUR 603.4, which grew slightly from 2021 revenue (574.8). Comparable operating profit in 2022 was MEUR 20.0, which decreased slightly compared to the previous year (21.5).
Destia profitability was stable despite the challenging operating environment. Profitability was improved by the favourable development of revenue, while the result for the financial period was negatively affected by significant cost inflation.
Tero Kiviniemi, President and CEO, on 2022 result
“The year 2022 was a year of changes. Our integration into our new owner, Colas Group, progressed rapidly. Our revenue continued to grow steadily and our actions on the path towards a carbon-neutral Destia produced good results. At the same time, the year was overshadowed by the geopolitical crisis, energy crisis and inflation, particularly in the form of rising fuel and material costs. In spite of the challenging operating environment, we were able to maintain a stable level of profitability that was again one of the best in our entire history.
Maintenance services are the foundation of our business. Our market share in road maintenance contracts has remained relatively stable and is now at 47 per cent.
In line with our strategy, we continued the development of railway construction together with Colas. Our largest current project, the Kalasatama–Pasila tramline in Helsinki, is progressing according to plan. In 2022, we also successfully completed the Kontiomäki–Pesiokylä track superstructure contract in Kainuu. Our market share in railway maintenance remained stable.
The Energy Services business is continuously growing in significance for Destia. We are focusing particularly on renewable energy construction as well as the construction of power lines and electricity networks.”
Key figures
| Key figures (IFRS), EUR million | 1–12/2022 | 1–12/2021 | 1–12/2020 | 1–12/2019 | 1–12/2018 |
| Revenue | 603.4 | 574.8 | 563.8 | 569.9 | 550.3 |
| Operating profit for the period | 17.5 | 21.1 | 14.7 | 13.5 | 17.1 |
| % of revenue | 2.9 | 3.7 | 2.6 | 2.4 | 3.1 |
| Operating profit for the period, comparable | 20.0 | 21.5 | 16.2 | 11.4 | 17.1 |
| % of revenue | 3.3 | 3.7 | 2.9 | 2.0 | 3.1 |
| Result for the period | 13.1 | 17.4 | 15.7 | 15.1 | 16.8 |
| % of revenue | 2.2 | 3.0 | 2.8 | 2.7 | 3.1 |
| Return on equity, % **) | 23.1 | 26.8 | 22.0 | 21.5 | 24.9 |
| Equity ratio, % | 28.1 | 31.8 | 32.3 | 31.7 | 31.1 |
| Return on investment, % **) | 25.1 | 26.8 | 15.8 | 16.2 | 21.0 |
| Net gearing, % ***) | -50.3 | -30.9 | -21.8 | 18.7 | -23.7 |
| Personnel, average | 1,675 | 1,647 | 1,691 | 1,701 | 1,655 |
| Occupational accidents resulting in absence from work *) | 6.1 | 6.5 | 13.1 | 5.6 | 5.8 |
| Order backlog at the end of the reporting period | 663.2 | 754.7 | 708.6 | 763.6 | 732.7 |
| *) Occupational accidents per million working hours. **) The opening equity for 2018 has been adjusted, but the closing balance for 2017 was used in the calculation of key figures for 2018 instead of the adjusted opening balance for 2018. ***) Since the beginning of 2019, Destia Group has applied IFRS 16 to lease agreements. The adoption of the standard increased the Group’s assets and liabilities on the balance sheet by EUR 14.1 million, which is why net gearing increased significantly compared with the reference year. |
Outlook for 2023
The low predictability of the operating environment creates uncertainty with regard to the outlook for 2023. According to the current outlook, the overall market for construction in Finland is expected to decline and the infrastructure construction market is expected to continue to decline in 2023.
However, growth is expected in certain areas of the industry, including energy construction and investments in industrial projects. Many cities are also carrying on with their urban development projects, rail transport development investments and the construction of related infrastructure.
In addition, the government’s 12-year traffic system plan improves long-term visibility regarding investments in important traffic routes in Finland, provided that the government will be able to implement the plan in the coming years.
Destia’s financial statements and annual report 2022 are published on the company’s website at https://www.destia.fi/en/about-us/financial-information/.
Media enquiries:
Johanna Harjula, Communications Manager
Mobile: +358 40 750 7989
Email: johanna.harjula@destia.fi