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Glaston’s Financial Statement 1 January – 31 December 2022

This release is a summary of Glaston Corporation‘s financial statements bulletin for 2022. To read the complete report click here.

October–December 2022 in brief

  • Orders received totalled EUR 51.7 (59.1) million
  • Net sales totalled EUR 59.8 (52.6) million
  • Comparable EBITA was EUR 4.2 (3.5) million, i.e. 7.0 (6.6) percent of net sales
  • The operating result (EBIT) was EUR 2.5 (1.2) million
  • The comparable operating result (EBIT) was EUR 3.3 (2.3) million, i.e. 5.6 (4.4) percent of net sales
  • Items affecting comparability totalled EUR -0.9 (-1.2) million
  • Comparable earnings per share were EUR 0.027 (0.019)
  • Cash flow from operating activities was EUR 8.7 (5.5) million

January–December 2022 in brief

  • Orders received totalled EUR 253.0 (216.2) million
  • Net sales totalled EUR 213.5 (182.7) million
  • Comparable EBITA was EUR 13.6 (11.1) million, i.e. 6.4 (6.1) percent of net sales
  • The operating result (EBIT) was EUR 7.6 (5.1) million
  • The comparable operating result (EBIT) was EUR 9.9 (6.6) million, i.e. 4.6 (3.6) percent of net sales
  • Items affecting comparability totalled EUR -2.3 (-1.5) million
  • Comparable earnings per share were EUR 0.074 (0.051)
  • Cash flow from operating activities was EUR 10.2 (19.3) million
  • The Board of Directors proposes a capital repayment of EUR 0.04 per share

Glaston’s outlook for 2023
In 2023, Glaston expects the overall market activity to remain at a good level despite some regional differences. Although the megatrends support the use of energy-efficient windows, demand in Europe could be affected by the slowdown in the architectural market. In the Americas, Glaston expects the demand to continue strong, whereas in China, the prospects of the architectural market are uncertain.

In 2023, Glaston continues to focus on the execution of its strategy, which will incur costs and capital expenditure ahead of the effect on revenue growth. As supply chain disturbances and geopolitical tensions continue, a higher-than-normal uncertainty is related to the development of economic activity and customers’ investments.

Glaston entered 2023 with an order backlog 46 percent higher than in the previous year. This provides a strong starting point for 2023 and supports the company’s net sales and profitability development. Glaston Corporation estimates that its net sales and comparable EBITA will improve in 2023 from the levels reported for 2022. As is typical, Glaston expects the first quarter of 2023 to be the weakest of the year, additionally impacted by low upgrade net sales and a higher share of new products. In 2022, Group full-year net sales totaled EUR 213.5 million and comparable EBITA was EUR 13.6 million.

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