Puuilo (PUUILO) Q4 2021 earnings summary

Executive summary

• FY2021 revenue rose 13.2% to €270.1m; adjusted EBITA increased to €48.4m, while its margin was 17.9% vs. 18.1%.

• Q4 revenue grew 15.1% to €62.3m and adjusted EBITA rose to €9.8m; comparable-store sales grew 3.1%.

Financial highlights

• FY2021 gross profit rose to €99.6m from €87.1m; gross margin improved to 36.9% from 36.5%.

• Operating profit was €44.5m vs. €41.5m; net income was €31.9m vs. €28.8m. EPS was €0.38, or €0.42 excluding €2.8m of IPO expenses, vs. €0.36 in FY2020.

• Q4 adjusted EBITA margin was 15.7%, unchanged YoY; online revenue declined 11.8% after a 132% prior-year increase.

• FY2021 operating free cash flow was €10.8m vs. €38.8m; Q4 was -€7.2m vs. €8.5m, mainly reflecting higher inventory and ERP investment.

Outlook and guidance

• FY2022 revenue and euro-denominated adjusted EBITA are forecast to increase vs. FY2021.

• Long-term targets include revenue above €400m by FY2025, annual organic growth above 10%, adjusted EBITA margin of 17–19%, and net debt/adjusted EBITDA below 2.0x.

• FY2022 store plans included three openings; seven openings were in the pipeline, with at least four additional openings agreed for 2023, including four Uusimaa leases.