In H1 2022, Unior reported an increase in revenue of 16% YoY, EBITDA of 24%, and a net income to majority of EUR 7.06m, an increase of 27% YoY.
In total, during H1 2022, Unior Group recorded a sales revenue of EUR 141.6m, representing an increase of 16% YoY (EUR 19.5m in absolute terms). The growth was driven by higher revenue from forgings (+11% YoY), and hand tools (+18.8% YoY). Meanwhile, machine tool manufacturing revenue decreased by 26% YoY, due to the auto industry’s problems related to the supply chains, as well as delays in planned investments in the industry. Furthermore, delays in shipments to consumers also happened, due to the current economic environment. Tourism revenue increased by 176% YoY and amounted to EUR 13m. At the same time, a slightly lower volume of production was recorded across segments, which was offset by higher sale prices.
In terms of markets, Slovenia accounts for 17.1% of total sales, and it amounted to EUR 24.2m, an increase of 71% YoY. EU, which accounts for 55% of the sales (a decrease of 6.7 p.p. YoY), grew by 3% and amounted to 77.2m. Operating expenses increased by 18% YoY and amounted to EUR 142m. The main driver of this increase was the growth in the cost of goods, materials, and services, which increased by 27% YoY, mainly as a result of rising prices of materials and energy. Labor costs were also 4.2% higher YoY, despite the lower avg. number of employees.
Due to the strong revenue growth and slower growth of expenses, EBITDA increased by 24% YoY and amounted to EUR 18.6m. The net financial result amounted to EUR -1.15m (H1 2021: EUR 1.12m), mainly as a result of lower financial income (-34%), as well as higher financial expenses (+69% YoY). Finally, the net income to majority amounted to EUR 7.05m, representing an increase of 27% YoY. Looking at the investments, in H1 2022, Unior Group invested EUR 5.1m into new basic tools, slightly more YoY. Of this, EUR 1.2m was invested in the modernization of production, and EUR 3.6m was made into investments in new equipment, while EUR 0.3m was reserved for the purchase of software.
Unior Group key financials (H1 2022 vs. H1 2021, EURm)
Unior also commented on the impact of the war in Ukraine. The war does have an impact on energy-intensive production companies, with increases in prices of all energy products. The Company managed to hedge a large part of its electricity costs before the price increases, as well as transfer the higher energy prices toward end consumers.
