Best year ever for First Camp Group

First Camp Group is announcing today a record-high result for 2022. Total reported revenues more than doubled in 2022, from 473 to SEK 1,004 million, and reported EBITDA increased from 115 to SEK 201 million. Also organic growth was very strong at +18%.

”The combination of continued acquisitions, investments in our product and commercial activites, strong market demand and efficient operations, have led to this record result. In addition to these strong financial results, we also reached an all-time-high in guest satisfaction. A big thank you to all talented colleagues in First Camp Group who have delivered these results,” says Johan Söör, CEO of First Camp Group.

Fourth quarter 2022 (same quarter last year in brackets)

• Total revenue of SEK 92.2 million (53.9)
• Pro forma revenue, excluding government support linked to COVID-19, increased with 6% compared to Q4 2021,
• Pro forma Adjusted EBITDA amounted to SEK -56.5 million (-26.6)
• EBIT of SEK -89.4 million (-53.1)
• Cash flow from operating activities of SEK -143.4 million (-43.1)
• Acquisition of Leksand Resort group and Aarhus Camping in Denmark with a combined annual revenue in 2022 of approx. SEK 145 million
• Issue of senior secured sustainability-linked bond of SEK 1,850 million and re-payment of existing bond of SEK 1,360 million

January - December 2022 (same period last year in brackets)

• Total revenue of SEK 1,004.0 million (473.3)
• Pro forma revenue, excluding government support linked to COVID-19, increased with 18% compared to full year 2021
• Pro forma Adjusted EBITDA amounted to SEK 277.6 million (276.1)
• EBIT of SEK 91.6 million (50.1)
• Cash flow from operating activities of SEK 77.1 million (64.3)
• Establishment on the Norwegian market through the acquisition of two destinations, Norsjø Ferieland and Gol Campingsenter. Acquisition of three new destinations in Denmark – Råbjerg Mile, Klim Strand and Aarhus Camping. Acquisition of Leksand Resort group. The acquisitions have a combined annual turnover in 2022 of approx. SEK 200 million
• Issue of senior secured sustainability-linked bond of SEK 1,850 million and re-payment of existing bond of SEK 1,360 million

Significant events in the fourth quarter

• In December, First Camp acquired the Leksand Resort Group, with an annual revenue during 2022 of SEK 138 million, from United Camping Holding’s subsidiary United Camping Campsite HoldCo AB
• First Camp has also entered into an agreement regarding and completed the asset acquisition of Aarhus Camping in Denmark, as well as entered into an agreement to acquire Bø Camping in Norway with a completion date of 1 February 2023. The acquisitions have a combined annual turnover during 2022 of approximately SEK 30 million
• In December, the company completed the refinancing of the outstanding bond. Through the refinancing, the bond loan was increased to SEK 1,850 million and the company’s credit facility with Nordea was simultaneously increased to SEK 320 million

Significant events in the first three quarters

• During the first quarter, First Camp completed the asset acquisition of Råbjerg Mile Camping and the acquisition of Klim Strand Camping in Denmark, as well as the acquisitions of the Group’s first two campsites in Norway, Norsjø Ferieland and Gol Campingsenter. The acquisitions have a combined annual turnover during 2022 of approximately SEK 55 million
• Our members’ club, First Camp Club, has been upgraded with more member benefits and a new membership category, Gold, for our most loyal guests
• Launch of online ordering solution in First Camp Bistro
• First Camp Group AB’s ultimate main shareholder Norvestor VII L.P., has during August divested its indirect ownership in First Camp to Norvestor SPV II SCSp. Norvestor SPV II SCSp is a continuation fund, managed and advised by Norvestor
• In August, Tom Sibirzeff has chosen to leave the Board of Directors of First Camp Group, but will remain as an indirect shareholder of the company
• Thomas Buch Tøstesen took office as CEO of Jesperhus Feriepark in August. Thomas, who has solid experience from the Danish hospitality industry, most recently comes from a position as Hotel Director for Legoland Billund Resort, and has previously served as Operations Manager for FDM Camping

Significant events after the reporting period

• In January, First Camp appointed Benita Jonsson, Regional Manager for Region South within First Camp, as acting COO, and also recruited Adam Fall to the newly established role of CTO and recruited Mia Melin to the role of CHRO. Adam and Mia will assume their roles during the second quarter
• In January, First Camp entered into an agreement to acquire Sjöstugans Camping in Sweden, and the acquisitions of Sjöstugans Camping and Bø Camping in Norway were completed on 1 February. The acquisitions have a combined annual turnover during 2022 of approximately SEK 30 million

This information is information that First Camp Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on February 15, 2023.

For further information, please contact:

Göran Meijer
CFO 
goran.meijer@firstcamp.se
+46 (0)707 18 05 75

Johan Söör
CEO
johan.soor@firstcamp.se