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Go North Group AB Annual Report 2022
Today Go North Group AB published its annual report, which is available in the IR section on its webpage https://gonorth.co/investor-relations/. The report was today adopted by the annual general meeting. Commentary on the business activities behind the 2022 financial performance was included in the Q4 2022 interim report published on March 3, 2023 and available in the IR section of Go North's webpage.
The annual report includes the final and audited 2022 financial data for the group. Some data has been updated from the 2022 financial data that was included in the Q4 2022 interim report. This is due to reclassifications of certain accounts due to the migration to IFRS and auditor advice. Key updates are:
- Gross profit FY2022: 62,769 KSEK
- Operating profit FY2022: -18,423 KSEK
- Profit for FY2022: -49,387 KSEK
- Inventory on Dec 31, 2022: 65,230 KSEK
- Other noncurrent liabilities on Dec 31, 2022: 10,088 KSEK
- Total balance on Dec 31, 2022: 712,379 KSEK
Based on these updates, the updated financial overview metrics for the full year 2022 are:
| Jan-Dec 2022 | Jan-Dec 2021 | |
| Net sales | 118,224 | 1,222 |
| Adjusted EBITDA | -3,948 | -1,958 |
| EBITA | -18,423 | -2,111 |
| Net debt / Adjusted EBITDA | -50.4 | -2.1 |
| Cash flow from operating activities | -26,662 | -3,338 |
| ROCE | -3% | -84% |
Go North Group AB has been profitable since October 2022.