Patria Group’s Interim Report for 1 January – 30 June 2022 Patria’s vehicle projects’ success supports the new growth strategy
|
Key figures |
1-6/2022 |
1-6/2021 |
2021 |
|
New orders, EUR million |
294.0 |
218.8 |
588.7 |
|
Order stock, EUR million |
1,605.6 |
1,473.4 |
1,550.3 |
|
Net sales, EUR million |
280.6 |
251.4 |
547.7 |
|
Operating profit, EUR million |
19.8 |
20.8 |
61.2 |
|
Income before taxes, EUR million |
17.3 |
18.7 |
56.6 |
|
Equity ratio, % |
39.8 |
39.6 |
41.3 |
|
Gearing, % |
69.3 |
70.3 |
50.2 |
|
Return on equity, % |
17.6 |
17.2 |
20.1 |
|
Return on capital employed, % |
11.7 |
10.9 |
12.6 |
|
Personnel, end of period (FTE) |
3,264 |
3,128 |
3,097 |
The first half year 2022
- Patria Group’s net sales for the first half year was EUR 280.6 million (EUR 251.4 million in the review period).
- Operating profit was EUR 19.8 million (20.8).
- Equity ratio was 39.8% (39.6%) and net gearing 69.3% (70.3%).
- Patria’s new operating model in line with the new growth strategy has been successfully in use since the beginning of the year. The development of customer-centricity, operational efficiency and new ways of working has continued during the second quarter.
- Patria’s success in 6x6 and 8x8 vehicles programmes supports at the same time the development of other business operations and Group’s internationalisation.
- In early 2022, the Finnish Defence Forces signed an agreement with Patria to acquire Patria 6x6 vehicles as a pre-series related to the joint 6x6 vehicle programme between Latvia, Finland, Estonia and Patria. In June, also Germany signed a Statement of Intent to join the programme and Sweden a R&D agreement for the research and product development phase for the programme.
- Patria has delivered through the programme already over a dozen of 6x6 vehicles in Latvia and pre-series deliveries for Finland are expected to take place during the summer.
- Implementation project for Patria 8x8 vehicles selected by Slovakia in the spring has kicked off.
- Integration project of NEDAERO, a leading Dutch specialist in defence and aerospace components and parts acquired by Patria in March, has proceeded well.
Outlook for the rest of the year
Patria continues to strengthen its operational efficiency and seeks for profitable growth in line with the new strategy. Patria’s reliable and cost-effective lifecycle support services and top-notch products have a key role also in the future to maintain the required performance of customers’ fleets in all conditions.
Following Finland’s decision in December 2021 to acquire F-35 fighter jets, negotiations concerning industrial participation of the selected aircraft will continue to intensify during the whole of 2022.
The joint programme of the Patria 6x6 vehicle is proceeding as planned. In Latvia, over a dozen of 6x6 vehicles have already been delivered and serial production is ongoing. Pre-series deliveries for Finland are expected to take place in the summer of 2022. Germany has signed a Statement of Intent to join the programme and Sweden a R&D agreement for the research and product development phase for the programme. The joint programme has raised interest and is open to other countries with a mutual consent of the participating countries.
The war in Ukraine has not had any immediate impact on Patria and it is difficult to evaluate reliably yet how the war, general economic development and inflation will impact on the development for the rest of the year. In the mid and long term, Patria and the defence industry in general will likely see an increase in demand as defence spends are increasing in most European countries.
Further information:
Ville Jaakonsalo, Chief Financial Officer, tel. +358 500 881 070, [email protected]
Patria is an international provider of defence, security and aviation life cycle support services, pilot training and technology solutions. Patria provides its aerospace and military customers with equipment availability, continuous performance development as well as selected intelligence, surveillance and management system products and services. Patria’s mission is to give its customers confidence in all conditions, and the vision is to be the #1 partner for critical operations. Patria has several locations including Finland, Sweden, Norway, Belgium, Estonia, the Netherlands and Spain. Patria employs 3,000 professionals. Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%). Patria owns 50% of Nammo, and together these three companies form a leading Nordic defence partnership.
