Zaandam, August 24, 2022

The figures stated in this message have not been audited.

Results lower than last year
  • Turnover increase of 11% to €558 million (previous year: €502 million)
  • Cost level 10% higher than last year
  • Operational result drops by 6% to €64 million (previous year: €68 million)
  • Net result €48 million (previous year: €52 million)

René Olsthoorn, chairman of the board TABS Holland:

"In our press release about the 2021 annual figures we indicated that we did not share the Economic Institute for Construction's (EIB) expectation that construction production would increase by 2022% in 5. It seems we were right, especially when we look at the volumes. The higher purchasing and selling prices lead to growing turnover figures, but the underlying volumes are clearly less good. The hectic pace that was palpable in our market at the end of 2021 has not yet disappeared in the first half of 2022, for a variety of reasons: rising prices of materials, labor and certainly energy. In addition, the war in Ukraine and the import restrictions imposed on Russia have led to new disruptions to supply chains. The purchasing and sales markets are affected by these developments. The return and affordability of construction projects can come under pressure due to the above effects, but uncertainty can generally also lead to delays or postponement. The EIB confirmed this in May with a press release about declining order books from construction companies.

All this means that expectations for the construction market are not so positive, especially when we compare with previous years, where we must be aware that we are comparing with an exceptionally good year for our trade, 2021.

In January, we as TABS Holland were able to publish that we had acquired three companies: Hormes Bouwmaterials, Withagen Houtprodukten and Houthandel Looijmans. We are happy with these great companies and have used the first half of this year to give them a good place in our organization. In the second half of the year we will further intensify the collaboration and try to further expand the service we can offer to customers.

In the first half of 2022 we have a good financial result in itself, but not as good as in the exceptionally good year of 2021. And even though we continue to share the expectation that the underlying and long-term demand for construction is positive, we are going to It is assumed that we will not benefit from this in the second half of 2022. Added to this is the concern about rising costs, not only what that means for our customers and suppliers, but also for our own business operations.

All in all, this illustrates some pessimism with regard to market development, which will undeniably influence the turnover and result development of TABS Holland. This does not alter the fact that TABS Holland continues to work hard on improving formulas and ranges, increasing the product knowledge of employees and other activities in the field of customer focus. Our focus remains on our customers and suppliers in order to achieve and maintain a good position in the market, in combination with internal improvements.”

Explanation of the results
The increase in turnover from €502 million to €558 million is mainly the result of price increases. The gross margin has increased less in percentage terms than turnover and costs are significantly higher. This has put pressure on the operating result compared to last year. The same applies to the net result.
TABS Holland's balance sheet has become longer compared to last year, as a result of the acquired companies, investments in assets and the higher value of the stock. The number of FTEs increased by 3%, partly as a result of the acquisitions.

Outlook
The prospects for the markets in which TABS Holland operates are somewhat pessimistic, as explained earlier in this press release. It is therefore expected that the results in the second half of this year will be lower than last year. It can be said with certainty that TABS Holland will continue to make efforts to provide an even better proposition to our customers and suppliers, while also keeping an eye on costs and working capital.

Profile
TABS Holland is a leading supplier of wood and building materials on the Dutch market for new construction, renovation and maintenance. Thanks to the customer-oriented approach, the complete range and the high level of service, TABS Holland is the partner for the construction industry in the Netherlands.
The activities of TABS Holland consist of twelve different companies:
• the national timber and building materials traders PontMeyer with 48 branches, Koninklijke Jongeneel with 42 branches and Hormes Building Materials and Houthandel Looijmans with one branch each;
• and the importers/wholesalers Heuvelman Hout (two locations), RET Bouwproducten, Hillegersbergsche Gevelproducten (HGPro), Centrop Houtimport, Withagen Houtprodukten, Trima, Houthandel Van Dam and Astrimex (three locations).

For further information:
René Olsthoorn (CEO) and René van 't Hof (CFO), telephone: 075 – 6536 234