DEN Finland Oy strengthened its market position and made a positive operating profit

The clients continued to trust DEN Finland and its brands in spite of the difficult times in the construction industry. In 2023, 715 houses were built, 493 of which were turnkey houses. New business also achieved a good result, operating conditions considered: 706 houses. Sales were successfully kept at the pre-pandemic level and the relative profitability was good. DEN Finland's brands are Designtalo, Finnlamelli, and Ainoakoti, a jointly managed brand of DEN Finland Oy and K-Rauta.

Stronger market position

DEN Finland continued to strengthen its position as market leader and Finland's largest single-family house builder. According to Rakennustutkimus RTS Oy's single-family house construction survey 2023/24, DEN Finland's market share in euros was 30.5% for turnkey single-family houses and 22.8% for all modular houses. In number of units, DEN's share of turnkey single-family houses was 29% and of all modular houses 18.5%.

DEN Finland's brand Designtalo was by far the most popular brand in turnkey single-family houses, delivering 20% of all turnkey single-family houses in Finland. Finnlamelli retained its position as market leader in the category of log houses, with a one-third share in the category of turnkey log houses.

Turnover fell but profitability was maintained

Due to the overall market situation, turnover fell significantly in 2023 compared to 2022. Positive EBITDA and operating profit were ensured through determined sales investments, operational development, and cost adjustment.

The figures for 2023 and 2022 are not comparable due to the partial division on 1 January 2023. For the financial year of 2023, DEN Finland's

● Turnover was EUR 101.0 million

● Adjusted EBITDA was EUR 6.3 million, corresponding to 6.2% of turnover

● Operating profit was EUR 2.9 million

● Balance sheet total was EUR 38.0 million at the end of the financial year

The figures of DEN Finland Oy have been prepared in accordance with the FAS accounting standards. DEN Finland Oy is part of the DEN Group. The consolidated financial statements have been prepared in accordance with the IFRS standards.

● The Group's cash flow from operating activities was EUR 2.0 million

● At the end of the financial year, DEN Group's liquid assets totalled EUR 7.2 million

● The Group's equity ratio was 52.7% at the end of the financial year

Occupational safety, employee satisfaction, and partner satisfaction improved

Long-term work on occupational safety paid off, and the accident frequency decreased significantly from the previous year. Only 8 accidents occurred during the year, compared to 33 in 2022. The number of days of sick leave due to accidents was 23, compared to 144 in the previous year. The difference is not explained by reduced volume alone, but also the accident frequency, which describes the number of accidents resulting in sick leave in relation to working hours, turned to a clear decline and was 7.1 (20.7).

DEN Finland's employee satisfaction increased significantly in 2023. The employee net promoter score (eNPS) was 33 (17) and the satisfaction rate was 88% (67.5%). The response rate of the personnel survey also increased to 70% (60.4%).

DEN Finland's partner satisfaction increased in 2023. Partner satisfaction is measured by the net promoter score (NPR), which rose to 71, compared to 54 a year earlier. The partners provide DEN Finland with materials, work performance, or both.