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  • Relais Group Plc Interim Management Statement 1 January–31 March 2022 (unaudited) – Moving forward on the growth path

Relais Group Plc Interim Management Statement 1 January–31 March 2022 (unaudited) – Moving forward on the growth path

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Relais Group Plc
Company release 12 May 2022, 9:00 a.m. EET

This release is a summary of Relais Group's Interim Management Statement January-March 2022. The full release is attached to this company release and is available on our website at https://relais.fi/en/investors/.


  • Net sales totaled EUR 61.9 million (January–March 2021: 53.5), +15.7% change
  • EBITDA was EUR 6.6 (7.6) million, 10.7% (14.3%) of net sales, -13.6% change
  • EBITA was EUR 6.1 (7.4) million, 9.9% (13.8%) of net sales, -17.4% change
  • EBIT was EUR 2.5 (4.6) million, 4.1% (8.6%) of net sales, -44.6% change
  • Comparable earnings per share excluding amortization of goodwill (undiluted) was EUR 0.22
    (0.28) *)
  • Net sales continued to grow
  • The winter conditions did not have a positive effect on net sales similar to that of the exceptionally strong comparison period of Q1/2021
  • Sickness absenteeism due to the Covid-19 Omicron variant pandemic affected the general market demand especially in Sweden during January–February, and constrained the service capacity and revenue development of the commercial vehicle repair and maintenance business
  • The sharp rise in fuel and energy prices caused general caution among customers and made the financial situation of particularly transportation companies difficult
  • For the reasons mentioned above, the market situation as a whole was weaker than in the previous year, but improved during March
  • The supply chain was still affected by the Covid-19 pandemic, which is expected to continue due to China's extensive lock down measures
  • For precautionary reasons, inventories were still kept higher than normal
  • The company has initiated actions to reflect the upwards pressure on purchase prices in the customer prices

*) The average undiluted number of shares Jan-Mar 2022 was 17,941,433 and Jan-Mar 2021 17,295,124


Relais Group has demonstrated the effectiveness and resilience of its business model even under challenging circumstances during the last financial years, being able to grow strongly and profitably. The profitability growth is supported by acquisitions which also form a platform for continued growth.

Relais aims to grow at a faster pace than the market average. Despite the market development in the beginning of this year, Relais is well positioned to develop its business favorably also during the financial period of 2022. The overall market growth in the Nordic countries is expected to be low this year and probably continue to be below last year’s development.

In order to ensure the needed product supplies during 2022 some purchases by Relais Group companies have been pre-ordered from suppliers. Even though the overall market situation is reasonably stable at the time of the publication of this review, it is still weaker than last year. The visibility is blurred by the continuing lack of components and semi-conductors, the increase in raw material prices, challenges in the global logistical chains and the weakened political and security situation. The continuing increases in energy prices, especially fuel prices, can create challenges for some of Relais Group’s customers, especially in the maintenance and repair business.

The Company does not provide a numeric guidance for financial year 2022.

According to the new long-term target published on 17 May 2021, the company aims to reach pro forma net sales of 500 MEUR by the end of year 2026.


EUR thousand unless stated otherwise Jan-Mar 2022 Jan-Mar 2021 Jan-Dec
Net sales 61,919 53,522 237,927
Gross profit 28,023 21,333 100,822
EBITDA 6,605 7,648 30,981
EBITDA margin, % 10.7% 14.3% 13%
EBITA 6,104 7,389 29,271
EBITA margin, % 9.9% 13.8% 12.3%
Operating profit 2,543 4,592 16,413
Operating profit margin, % 4.1% 8.6% 6.9%
Profit (loss) for the period 376 1,911 7,708
Profit (loss) for the period margin, % 0.6% 3.6% 3.2%
Comparable profit (loss)
excluding amortisation of goodwill
4,011 4,709 20,685
Comparable profit (loss)
excluding amortisation of goodwill margin, %
6.5% 8.8% 8.7%
Return on equity (ROE) *) 1.7% 10.1% 9.7%
Equity ratio 37.8% 35.2% 37.9%
Net gearing 97% 82.1% 95.3%
Earnings per share, basic (EUR) **) 0.02 0.11 0.44
Earnings per share, diluted (EUR) **) 0.02 0.11 0.42
Comparable earnings per share, basic (EUR) **) 0.02 0.11 0.44
Comparable earnings per share, diluted (EUR) **) 0.02 0.11 0.42
Comparable earnings per share excluding **)
amortisation of goodwill, basic (EUR)
0.22 0.28 1.17
Comparable earnings per share excluding **)
amortisation of goodwill, diluted (EUR)
0.21 0.26 1.12
Personnel at the end of the period, FTE 973 792 950

*) Items affecting the comparability and amortization of goodwill are not eliminated

**) The average undiluted number of shares Jan-Mar 2021 was 17,941,433 and Jan-Mar 2021 17,295,124. The average diluted number of shares Jan-Mar 2022 was 18,685,791 and Jan-Mar 2021 17,926,581. 


“The market situation was exceptionally challenging during the first quarter of 2022, especially during January–February. The effect of the weather conditions is obvious in comparison with the first quarter of the year 2021. The harsh winter conditions during the beginning of 2021 boosted the sales of different electrical spare parts, batteries and heaters, while the mild winter prevailing during the start of this year did not give a similar positive tone to the market. In addition, the extensive sickness absenteeism caused by the Covid-19 Omicron variant had a negative impact on the market, especially in Sweden. Many of the mechanics in our commercial vehicle repair and maintenance businesses in Sweden and Finland were on a sick leave in January–February, and many commercial customers also got sick and were not allowed to come to the workshops for their planned repairs. This had a negative effect in the invoicing of the workshops as all customer jobs could not be carried out.

The market demand was also strongly affected by the general cost increases. The strong increase in fuel and energy prices has had an effect on demand in the transport sector, but also the general consumer demand seems to be affected. This cost development is reflected in the cautiousness of the transport sector customer purchases in especially equipment products. As for the passenger car sector, it can be seen that the sickness absenteeism caused by the Omicron-variant has generally reduced the level of private car traffic, leading to a temporary reduction in regular repair and maintenance jobs. This had a negative contribution in the development of the spare part markets especially during January–February.

We continued our active corporate acquisition activities in line with our strategy. Our latest acquisition is the Swedish company Skeppsbrons Jönköping AB as announced last week. This acquisition will further strengthen our position as the biggest player within the independent commercial vehicle repair and maintenance sector in the Nordic countries. We are continuously doing research on various acquisition targets and we are on a regular basis talking with several different parties about possible acquisitions. We act in a disciplined and methodological manner and strive to find targets having a combination of good strategic fit, competent and committed management, good and sustainable profitability level, a realistic valuation and a strong future growth potential as a part of Relais Group. Our sector focus and in-depth knowledge of the vehicle aftermarket gives us a unique competitive advantage in doing corporate acquisitions.

The market situation has partly normalized during March and some slight positive development can be seen. However, assessing the outlook is substantially impeded by the insecurity owing to the still continuing war in Ukraine and the general global security situation, as well as the increase of costs within the transport sector. Despite this, I believe that the Relais Group is well positioned to continue a faster growth than the market average by utilizing intercompany synergies and by actively pursuing corporate acquisitions.”


Relais Group's CEO Arni Ekholm and CFO Pekka Raatikainen will present the result to the media, investors and analysts at a webcast on 12 May 2022 from 10:00 a.m. EET. The webcast can be followed at: https://relais.videosync.fi/interimreport-q1-2022/

Presentation material and video will be available on the company's website at https://relais.fi/en/investors/ after the event.

Relais Group Plc

Board of Directors

Further information:
Relais Group, CEO Arni Ekholm
tel. +358 40 760 3323

Email: arni.ekholm@relais.fi

Certified advisor:
Evli Plc, tel. +358 40 579 6210

Nasdaq Helsinki
Key media

Relais Group

Relais Group is the leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic and Baltic countries. We have a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own.

We are a profitable company seeking strong growth. We carry out targeted acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our acquisitions are targeted at companies having a good strategic fit with our group companies.

Our net sales in 2021 was EUR 237.9 (2020: 128.9) million. During 2021, we completed a total of six acquisitions. We employ approximately 950 professionals in six different countries. Our share is listed on Nasdaq Helsinki Ltd's Nasdaq First North Growth Market Finland with the stock symbol RELAIS.