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Directors' report 2022

Håndverksgruppen Norway AS (HG) is a leading Nordic group that performs all types of services within surface treatment – painting, flooring, masonry and tiles. HG carries out everything from turnkey contracts to smaller individual assignments with emphasis on rehabilitation work in the B2B segment.


From the left: Eirik Hjeltnes Wabø, Marina Lønning, Per Sjöstrand, Erik Nelson and Thomas Schwenke. Not present: Trond Sigurd Tørdal and Kasper Sørensen.


Nature and location of the business

During 2022 the strong growth continued with the incorporation of 22 craft companies in Sweden and Norway, and in the fourth quarter four group of companies joined in Denmark. All in all, a total of 35 craft companies were incorporated in 2022. The growth is progressing as planned in 2023, and in the first quarter nine craft businesses have been incorporated into HG – all solid-run, profitable and with people and culture that fit well into HG.

The Group was established in July 2020 with 30 Norwegian craft companies that today are 100% owned subsidiaries of Håndverksgruppen AS with Håndverksgruppen Norge AS on the top. Until the end of 2022, a further 71 craft companies have been incorporated in Norway, Sweden and Denmark.

The company's operations in Norway are divided into six regions based on geographical location. The 19 operations in Sweden are located in connection with Gothenburg and Stockholm. In Denmark, two of the company groups are located in Sjælland and two in Jutland. The Group's head office is located in Oslo.

All in all, a total of 35 craft companies were incorporated in 2022.


Statement of the annual accounts

2022 was another good year with solid organic growth and strong growth through the incorporation of craft businesses into the Group. Activity in the market has remained stable and companies have increasingly collaborated on projects. Commodity prices have continued to increase more than normal, and although this has been challenging for both customers and HG's craft businesses, it has not stopped the progress of the projects and profitability has been maintained.

The Group's revenue amounts to TNOK 3,831,929 and the profit for the year after tax was TNOK 20,341 for 2022.

During the year, the Group did not conduct research and development. 

Total cash flow from operations in the Group amounted to TNOK 205,562, while operating profit for the Group amounted to TNOK 123,343. The difference is mainly due to ordinary depreciation.

The Group's cash position was TNOK 362,121 as of 31.12.2022. The Group's ability to self-finance investments is good.

As of 31.12.2022, the Group's current liabilities amounted to 47.3 % of the Group's total debt. The Group's financial position is good, and as of 31.12.2022 the Group can repay short-term debt using the most liquid assets.

Total assets at the end of the year were TNOK 2,986,486 and the equity ratio was 28.3 %.


Treasury shares

See Note 11 for further information on changes in holdings of treasury shares.


Future development

Håndverksgruppen Norway AS aims to build a leading, comprehensive and nationwide/Nordic offer to our customers with a focus on high quality, sustainability and responsibility. The Group has an ambition to lead the way in sustainability and has established a sustainability strategy and implemented measures such as ethical guidelines with zero tolerance towards corruption and bribery.

The growth will primarily come by incorporating new, solid craft companies with a strong local and regional market position. HG will continue to grow within its existing core business; painting, flooring, masonry and tile, improving standards of quality and efficiency in the industry, and at the same time pulling the industry in a more sustainable direction. In 2022, growth got under way in earnest in Sweden with stronger growth than Norway from the incorporation of craft businesses. With HG's entry into the Danish market at the end of 2022, craft companies here will first prioritize collaboration and sharing of best practices, as well as prepare for incorporating more companies. Work to establish HG in yet another country is well underway and the incorporation of craft companies in HG's fourth country is expected in the future.

War in Europe and higher interest rates are expected to have a slowing effect on the economy in general, and for HG in particular, it is new construction work that is expected to be affected. HG is mainly exposed to the rehabilitation market with professional customers (B2B) expected to have a more positive development. The intensity of competition increases in periods of lower demand, but at the same time HG operates in a customer segment where quality and efficiency are crucial and HG's craft companies have extensive experience in delivering on high demands.

Financial risk

Overall objective and strategy
The Group is exposed to financial risk in various areas. The objective is to mitigate financial risk to the greatest possible extent. The Company's current strategy does not include the use of financial instruments.

Market risk
The company is exposed to changes in interest rates, as the company has floating interest rates. Changes in interest rates may also affect investment opportunities in future periods.

In 2022, the Group has had little exposure to foreign currency since demand is primarily local in the individual craft company in the immediate area, and purchases from foreign suppliers are little affected by currency fluctuations. Commodity prices have continued to increase more than normal for the entire market, but this has largely been pushed further onto the projects.

Credit risk
The risk of losses on receivables is considered to be low for the Group. Revenue is spread out across a large number of projects and customers, so individual projects or individual customers will not have a significant impact on the Group. Developments in market conditions still need to be followed closely to capture any structural changes as a result of the war in Ukraine. Gross credit exposure on the balance sheet date totals TNOK 846,972 for the Group. Håndverksgruppen Norge AS only has internal receivables.

Liquidity risk
The company considers the liquidity of the company to be good, but there is a significant potential to reduce working capital, especially through invoicing and reduction of credit time.

Going concern
In accordance with section 3-3a of the Norwegian Accounting Act, it is confirmed that the going concern assumptions are in place. The assumption is based on profit forecasts for 2023 and the Group's long-term strategic forecasts for the years ahead. The Group is in a sound economical and financial position.

The parent company and allocation of the profit for the year
The Board proposes the following allocation of the annual profit in Håndverksgruppen Norge AS:

  Other equity

  NOK 677,326

  Total disposed

  NOK 677,326





The proposal is based on the owners' assessment of the capital structure of the company.

Work environment

Sickness absence in the Group was 6.7% of total hours worked in 2022, compared with 7.6% in 2021. At the beginning of the year, there were still some COVID related absences, while later in the year there has been somewhat more than normal sick leave, not unlike society at large.

Work on health and safety (HSE) is a high priority in Håndverksgruppen. Our goal is to avoid injuries, illnesses and ailments caused by the working environment. In safety, this means avoiding workplace accidents that result in serious personal injuries and absence. When it comes to health, we strive for employees to have an ergonomically correct work situation and to avoid harmful stress in contact with chemicals, noise and dust. During 2022, a total of 49 injuries have been registered that have resulted in a day of absence or more. At HG, a lot of work is put into employee development and talent development in general. We offer education to employees and are committed to retaining well performing employees. HG believes that diversity is important in order to maintain a good working environment. We believe that diversity in terms of background, skills and gender is essential to our success. The Group works actively to follow up the requirements as a result of the extended duty to take action pursuant to the Equality and Anti-Discrimination Act, both through training of all employees in HG's ethical guidelines and continuous working environment measurements.

The culture in Håndverksgruppen is characterized by strong unity within the individual company and between the general managers of the various subsidiaries, and the culture of craft companies that want to become part of HG is carefully considered before being incorporated as part of HG. In Håndverksgruppen, we wish each other well.

Equality and discrimination

HG aims to be a workplace where there is no discrimination based on ethnicity, gender, beliefs or sexual orientation. This applies, for example, to matters concerning salary, promotion, recruitment and general development opportunities. Of the company's five board members, one is female and four are men, and of the seven who make up the corporate executive committee, two are women. Of the Group's employees, 11% are women and 89% are men.

The Group's work to promote equality and counteract discrimination is an integral part of everyday life in several areas. Through a nationwide recruitment campaign, we try to attract employees from different backgrounds by highlighting aspects of the craft profession that may not have been known to the general public. We use both women and men, young people and the elderly in our recruitment campaigns to show that the profession is suitable for everyone. The recruitment material for apprentices is fronted with one of our female apprentices. All employees undergo training in the Group's ethical guidelines as part of the onboarding program, an electronic whistleblowing channel has been established, the working environment is measured regularly and all general managers complete courses in everyday management, to name a few. In 2021, an initiative was implemented for quality assurance of market pay for general managers, regional managers and corporate management. Salary formation in the subsidiaries is local and is determined by the individual general manager in line with local needs and our ethical guidelines.

Board of Directors’ liability insurance 

Insurance has been taken out for the board members and the general manager (Board Liability Insurance) for their possible liability towards the enterprise and third parties.

External impacts / environment

Håndverksgruppen aspires to be a leader and forward-looking in many areas, including environmental, social and governance issues. In a world where efficiency demands are increasing and competition between companies is becoming tougher, the environment is becoming even more important. 

Environmental focus and maintenance should reflect the company's vision and help inspire employees to meet desired goals. Our companies must be Eco-Lighthouse certified or ISO14001 certified. We will explore solutions that promote circularity and reuse, rather than always choosing new materials. The first bid for quality is professionalism, and HG is the largest surface treatment company in the Nordic region that works purposefully towards defined target groups. The master brand is our seal of quality, and we paint, do masonry, put up wallpaper, lay floors and tiles according to the strict requirements that follow the quality seal. For two years, HG has been reporting on greenhouse gas emissions within Scope 1 and Scope 2. In 2022, we also conducted a screening of Scope 3 and relevant areas for reporting. We aim for 2023 to understand more about where our greenhouse gas emissions come from, as well as quarterly reporting on greenhouse gas emissions in order to measure equal development throughout the year. The company's statement under the Transparency Act will be made available on the company's website by the statutory deadline of 30 June 2023.

Signed in Oslo, 25.04.2023