During 9M 2022, Unior recorded a revenue increase of 19% YoY, EBITDA of 16%, and a net income of EUR 10.4m, an increase of 28% YoY.

During 9M 2022, revenue amounted to EUR 214.1m, an increase of 18.7% YoY. Of this, the sale of forgings increased by 16.8%, while the sale of hand tools increased by 18.4%. The Company noted that during the last two years, mechanical engineering gained fewer orders due to the automotive industry issues related to the pandemic and supply chains, during which automotive companies were cautious about new investments and delayed planned investments. At the same time, delays in shipments to customers were also recorded due to the global economic environment in 2022. Combined, this led to a 7.8% decrease in revenue from mechanical engineering. Revenue from the production of machine tools increased by 5.8% YoY. In the tourism segment, revenue increased by 71.2% YoY, mainly as a result of no pandemic-related restrictions on the Company’s operations, as in the last year.

Breaking the revenue by markets, Slovenia recorded a 39% increase, and accounted for 15.8% of the total, mainly as a result of the higher revenue in the tourism industry, which generates revenue in the domestic market only. Foreign markets increased by 15.5% YoY, with the EU market increasing by 9.7%, while the other European country market grew by 17.4%, with the remaining markets increasing by 29.7%. European markets represent 74.6% of the total sales, a decrease of 2.2. p.p. YoY.

Meanwhile, OPEX increased by 17.4%, or EUR 31.3m, and amounted to EUR 211.8m. This came as a result of a higher volume of operations, but also higher COGS (+25% YoY), and higher labour costs (+5% YoY). With faster revenue than OPEX growth, Unior recorded an EBITDA of EUR 24.8m, an increase of 16% YoY. Finally, the net income amounted to EUR 10.4m, an increase of 28% YoY.

Unior key financials (9M 2022. vs. 9M 2021, EURm)

Source: Unior, InterCapital Research

During 9M 2022, investments of EUR 10.4m was made into new fixed assets, an increase of EUR 2.5m YoY. EUR 1.8m was invested in the modernization of production facilities, while EUR 8m was allocated for new equipment. The Company also reiterated its medium-term business plan for the period of 2022-2026. In it, they said that by 2026, they expect that the sales revenue will amount to EUR 304.2m, with an EBITDA of EUR 40.4m.