Fodelia Group: Financial Statements Bulletin 2022

Pyhäntä / FI. (foy) Finland’s Fodelia Oyj Group announced its unaudited financial results for the period 01 January to 31 December (FY-2022). Unless otherwise stated, figures in parentheses refer to the corresponding period in 2021 in the same unit.

Summary of January to December 2022

  • Group net sales grew by 23.0 percent and amounted to EUR 41,621 thousand (EUR 33 843 thousand)
  • Group Ebitda was EUR 2,870 thousand and 6.9 percent of net sales (EUR 2,599 thousand and 7.7 percent or net sales)
  • Group Ebit was EUR 1,107 thousand and 2.7 percent of net sales (1,375 thousand and 4.1 percent of net sales)
  • The Group’s profit for the period was EUR 8 thousand and 0.0 percent of net sales (EUR 653 thousand and 1.9 percent of net sales)

Summary of July to December 2022

  • Group net sales grew by 25.2 percent and amounted to EUR 22,190 thousand (EUR 17,719 thousand)
  • Group Ebitda was EUR 1,594 thousand and 7.2 percent of net sales (EUR 1,741 thousand and 9.8 percent of net sales)
  • Group Ebit was EUR 652 thousand and 2.9 percent of net sales (1,219 thousand and 6.9 percent of net sales)
  • The Group’s profit for the period was EUR -23 thousand and -0.1 percent of net sales (EUR 700 thousand and 4.0 percent of net sales)

Summary of October to December 2022

  • Group net sales grew by 26.2 percent and amounted to EUR 11,266 thousand (EUR 8,928 thousand)
  • Group Ebitda was EUR 1,000 thousand and 8.9 percent of net sales (EUR 765 thousand and 8.6 percent of net sales)
  • Group Ebit was EUR 502 thousand and 4.5 percent of net sales (401 thousand and 4.5 percent of net sales)
  • The Group’s profit for the period was EUR 13 thousand and 0.1 percent of net sales (EUR 174 thousand and 2.0 percent of net sales)

The Board of Directors proposes a dividend of EUR 0,03 per share. In Addition, The Board of Directors proposes to The General meeting, that The General Meeting powers The Board of Directors to make a decision on an additional dividend maximum of EUR 0.03 per share.

Outlook for 2023

  • The company’s management estimates the Group’s net sales in 2023 to be at approximately EUR 45-52 million.
  • Operating profit margin is estimated to increase from the previous year.
  • The effects of the war in Ukraine on the price and availability of materials and prices in general, as well as possible new restrictions due to the pandemic, result in a degree of uncertainty in the outlook.

Key Figures


Chief Executivces Summary

CEO Mikko Tahkola: «The year 2022 will be remembered as an exceptional time. The uncertainty created by the war in Ukraine and extremely high inflation posed significant business challenges. Like many other food companies, Fodelia Group suffered from the sharp rise in costs. The strong increase in the costs of raw materials, materials, freight and energy decreased the profitability of the Group’s companies. For contractual reasons, the increase in costs has been transferred into sales prices with a delay, with the most recent major price increases entering into force on 1 January 2023.

«On the other hand, 2022 was a year of strong growth and development for Fodelia. The Group’s net sales continued to grow steadily, and we gained new customers and developed our operations. In addition, Marjavasu Oy joined the Group through an acquisition on 31 August 2022, which expanded our product range and allows us to offer an even better service concept to current and future customers.

«Fodelia Group’s net sales for January—December increased by 23.0 percent compared to the previous year. In addition to sales successes, the growth was supported by an upturn in the foodservice market, an important segment for Fodelia. In January—December 2022, net sales of foodservice wholesale market increased by 16.1 percent from the previous year (Finnish Grocery Trade Association PTY). The fast-moving consumer goods market grew by 3.3 percent in January—December 2022 (Finnish Grocery Trade Association PTY).

«The net sales of Feelia, which operates in the Foodservice sector, grew faster than the market average. The company’s net sales increased by 25.7 percent. Feelia gained several new customers in the care sector in 2022, and the company’s sales to the school sector also increased significantly. Feelia has continued to grow at a strong, steady pace despite the challenging operating environment in recent years, and the company’s growth prospects remain very good. Growth is supported by the shortage of labour affecting the entire Foodservice sector, which means that there is a demand for Feelia’s concept that reduces the labour needs of public sector customers, for example.

«In 2022, more than 28 million meals were prepared at Feelia’s processing plant in Pyhanta. The processing plant’s production process has been developed over the autumn, which has further improved security of supply and enables us to meet the growth outlook for 2023 without significant investments. In the longer term, possible investment in a new production plant to meet the growing demand for vegetarian and fish products will come under consideration.

«The net sales of Fodelia Retail, which focuses on consumer business, grew by 12.6 percent in 2022. The business segment was formed as a result of an organisational reform on 1 July 2022, in which Real Snacks Oy, Perni6n Liha Oy, Pita Factory Oy and FodNet Oy were merged. The reorganisation has resulted in the desired improvement in efficiency and reduced the amount of overlapping work in the units. The business segment’s operational result has already improved in the second half of the year, but the cost savings brought about by the reorganisation will not be fully visible until 2023. An interesting addition to Fodelia Retail’s operations are Feelia’s ready-to-eat meals launched early in the year 2023. The meals are sold to grocery stores through the business segment.

«The customer portfolio of our joint venture Fodbar increased significantly during the past year. Long-term development and investments made at Fodbar are bearing fruit. The company’s net sales are estimated to reach nearly EUR 10 million, and the result is expected to turn profitable during 2023.

«The ERP project launched in the Group in 2021 has progressed well, enabling even better knowledge-based management. The new ERP system was introduced at Feelia in April and is in the final stages of deployment at PerniOn Liha and Pita Factory. In Real Snacks the ERP system was introduced already in year 2021.

«At the end of the year, we announced a sale-leaseback arrangement of Feelia’s processing plant property in Pyhanta. The completed arrangement improved the Group’s liquidity, lowered debt-to-equity ratio and provided cash and cash equivalents to finance future growth.

«We want to thank our customers, employees and partners for the past year. Although we faced unexpected challenges, we are heading into 2023 with a positive outlook. The worst spike in inflation seems to have subsided, and costs such as energy have already begun to turn down. The development and adjustment measures implemented in the Group will enable more profitable growth in the future.»

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