--- title: Annual report 2022 - CFO comments description: The year 2022 saw Håndverksgruppen welcoming 35 solid craft companies. The impact of these new additions to our group was an impressive MNOK 1647 on the top line and MNOK 152 in EBITDA. image: https://www.handverksgruppen.com/hubfs/CFO_comments_SoMe.jpg --- ![image placeholder](https://via.placeholder.com/1920x1080) Annual report 2022 - [ 1. Home ](https://www.handverksgruppen.com/annual-report-2022?hsLang=en) - [ 2. Our stories ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/cfo-comments#) ▸ - [ Why national insurance deals matters to Brit and Lene ](https://www.handverksgruppen.com/features/why-national-insurance-deals-matters-to-brit-and-lene?hsLang=en) - [ From fierce competitors to friendly colleagues ](https://www.handverksgruppen.com/features/from-fierce-competitors-to-friendly-colleagues?hsLang=en) - [ With a little help from my friends ](https://www.handverksgruppen.com/features/with-a-little-help-from-my-friends?hsLang=en) - [ How robotics improves the life of project managers at HG ](https://www.handverksgruppen.com/features/how-robotics-improves-the-life-of-project-managers-at-hg?hsLang=en) - [ 3. 2022 in brief ](https://www.handverksgruppen.com/annual-report-2022/handverksgruppen-as-in-brief?hsLang=en) - [ 4. Executive overview ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/cfo-comments#) ▸ - [ Our CEO's take on 2022 ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/ceo-comments?hsLang=en) - [ Our CFO's take on 2022 ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/cfo-comments) - [ 5. Strategy and value creation ](https://www.handverksgruppen.com/annual-report-2022/our-strategy?hsLang=en) - [ 6. M & A strategy ](https://www.handverksgruppen.com/annual-report-2022/more-than-just-a-name?hsLang=en) - [ 7. Our Services ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/cfo-comments#) ▸ - [ Painting ](https://www.handverksgruppen.com/annual-report-2022/services/painting?hsLang=en) - [ Flooring ](https://www.handverksgruppen.com/annual-report-2022/services/flooring?hsLang=en) - [ Masonry ](https://www.handverksgruppen.com/annual-report-2022/services/masonry?hsLang=en) - [ Tiling ](https://www.handverksgruppen.com/annual-report-2022/services/tiling?hsLang=en) - [ 8. ESG strategy ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/cfo-comments#) ▸ - [ 9 concrete ESG measures at HG ](https://www.handverksgruppen.com/features/9-concrete-esg-measures-at-hg?hsLang=en) - [ Our ESG strategy ](https://www.handverksgruppen.com/annual-report-2022/esg-strategy/our-esg-strategy-in-hard-numbers-and-facts?hsLang=en) - [ 9. Leadership ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/cfo-comments#) ▸ - [ Group management ](https://www.handverksgruppen.com/annual-report-2022/leadership/group-managment?hsLang=en) - [ Establishment and governance ](https://www.handverksgruppen.com/annual-report-2022/leadership/establishment-and-governance?hsLang=en) - [ 10. Directors report ](https://www.handverksgruppen.com/annual-report-2022/directors-report?hsLang=en) - [ 11. Financial information ](https://www.handverksgruppen.com/annual-report-2022/financial-information?hsLang=en) ▸ - [ Profit/loss ](https://www.handverksgruppen.com/annual-report-2022/financial-information?hsLang=en#profit_loss) - [ Assets ](https://www.handverksgruppen.com/annual-report-2022/financial-information?hsLang=en#assets) - [ Balance Sheet ](https://www.handverksgruppen.com/annual-report-2022/financial-information?hsLang=en#balance_sheet) - [ Indirect cash flow ](https://www.handverksgruppen.com/annual-report-2022/financial-information?hsLang=en#indirect_cash_flow) OUR CFO’S TAKE ON 2022 # Strong Financial Results #### **During the year 2022** Håndverksgruppen welcomed 35 solid craft companies. The impact of these new additions to our group was an impressive MNOK 1647 on the top line and MNOK 152 in EBITDA. Our existing companies had a notable organic sales growth of more than 10 percent during the year, resulting in a rolling twelve months revenue of MNOK 4 901. What’s truly inspiring to me, is to see how seamlessly the new companies adapted to Håndverksgruppen’s reporting routine, providing better management information for the local Managing Director — and enabling good control at the group level. Over the course of 2022 we also improved our reporting dashboards, so that the local Managing Directors can easily analyze their own financial information and compare it to internal benchmarking. This means that they get a deeper understanding of just how they are performing relative to others. This forms the basis for a healthy competition amongst our local companies.  ![CFO-comments](https://www.handverksgruppen.com/hs-fs/hubfs/CFO-comments.png?width=500&name=CFO-comments.png) 8 % #### EBITDA value growth for companies who were a part of HG at the beginning of the year. ### Cooperation keeps on creating value  Our best practice sharing and cooperation within regions and across the entire Håndverksgruppen continue to add value, with the EBITDA value growing for companies who were a part of HG at the beginning of the year. Despite finding ourselves in what we would consider a challenging market with increased input prices.  Our companies are performing well. As of 31.12.2022, only eight out of 101 companies had an EBITDA margin below five percent — and of these only three companies were below three percent. The big picture shows us that since incorporation into Håndverksgruppen, the combined LTM EBITDA for all local companies increased by a staggering more than 30 percent.   > The big picture shows us that since incorporation into Håndverksgruppen, LTM EBITDA for all local companies increased by a staggering more than 30 percent. ** Gjermund Söder Vegge **CFO, Håndverksgruppen ### Financials showing good signs Håndverksgruppen’s cash position also saw a positive trend in 2022, with operational cash flow of MNOK 331 from companies included at the beginning of the year, resulting in a cash conversion of 90 percent. An increase in net working capital turns of 0.4 has been achieved, thanks to improvements made by both existing and new companies. This has given Håndverksgruppen confidence in our ability to sustain our positive cash flow development.   Investments in new companies throughout the year amounted to MNOK 618, with about a third financed by cash flow from operations and the rest by increased long-term liabilities. We ended the year with a robust cash position of MNOK 362. **To sum it all up:** 2022 was indeed a good year for Håndverksgruppen!   **Gjermund Söder Vegge** CFO, Håndverksgruppen [ Previous page ](https://www.handverksgruppen.com/annual-report-2022/executive-overview/ceo-comments?hsLang=en) [ Next page ](https://www.handverksgruppen.com/annual-report-2022/our-strategy?hsLang=en)