annual report 2022

A year of overcoming and growth
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strengthening our voice

strengthening our voice

The events, projects and challenges that marked 2022 played a fundamental role in strengthening the Group’s voice. The morphology of our organisation, the growth prospects and the strategic ambitions projected for Nors have been advocating ambitious and constant challenges.
As a result of an increasingly global and dynamic presence, we have strengthened our footprint in the different geographies and companies that make up our portfolio, ensuring an aggregative and close presence, consolidating our culture in an increasingly assertive approach.

Today, in the year in which we celebrate 90 years of history, we look to 2022 with a sense of mission accomplished and with one certainty: our next steps will be even more challenging.

What moves us?

90 years later, our ambition keeps growing

Group CEO’s message

A year of commitment and trust

It was with a great spirit of mission and with the ability to rise above us that we’ve built 2022, a year in which Nors saw sturdy growth in its business and profitability, but also excellent performance in the Group’s financial indicators. We have strengthened our footprint organically, and we have outlined new goals and horizons that will take shape in the near future. We have initiated and completed significant projects and strengthened strategic axes of enormous importance for the Group, always focusing on our people, transformation, efficiency, and sustained growth of Nors.

Tomás Jervell
Chairman and Group CEO
read 2022’s full report
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2022 in numbers

2022 in numbers

In 2022, we achieved a record turnover, once again.

2 685 M€

aggregated turnover
2 685 M€
2 041 M€
2022
2021
ebitda

192 M€

106 M€
net income

115 M€

45 M€
financial autonomy

37 %

31 %
turnover
consolidated (M€)

1 483 M€

turnover
aggregated (M€)

2 685 M€

aggregated turnover by business unit (M€)

919,2

1 690,3

62,3

13,2

In 2022, we achieved a record turnover, once again.

2 685 M€

aggregated turnover
2 685 M€
2 041 M€
2022
2021
ebitda

192 M€

106 M€
net income

115 M€

45 M€
financial autonomy

37 %

31 %
turnover
consolidated (M€)

1 483 M€

Brazil
565
Portugal
360
Canada
392
Africa
167
turnover
aggregated (M€)

2 685 M€

Portugal
542
USA
406
Brazil
565
Canada
392
Turkey
194
Spain
133
Africa
167
Mexico
74
Central Europe
212
aggregated turnover by business unit (M€)

919,2

1 690,3

62,3

13,2

see more numbers back
we, in the world

we, in the world

Turnover: 565 M€


Deliveries
Heavy Duty Trucks: 2 910
Medium Duty Trucks: 1 423
Agricultural Equipment: 184 

Turnover: 74 M€


Deliveries
Construction Equipment: 150

Turnover: 406 M€


Deliveries
Construction Equipment: 671

Turnover: 392 M€


Deliveries
Construction Equipment: 1 108

Turnover: 542 M€


Deliveries
Heavy Duty Trucks: 1 249 
Medium Duty Trucks: 31 
Construction Equipment: 171

Turnover: 133 M€


Deliveries
Construction Equipment: 376

Turnover: 212 M€


Deliveries
Construction Equipment: 608

Turnover: 194 M€


Deliveries
Construction Equipment: 736

Turnover: 127 M€


Deliveries
Heavy Duty Trucks: 223
Medium Duty Trucks:
Construction Equipment: 137

Turnover: 6 M€


Deliveries
Heavy Duty Trucks: 69
Construction Equipment: 4

Turnover: 21 M€


Deliveries
Heavy Duty Trucks: 114
Medium Duty Trucks: 20

Turnover: 13 M€


Deliveries
Heavy Duty Trucks: 102

(1) Information regarding joint ventures, aggregated at 100%.
(2) In the United States, Turkey, Central Europe, Mexico, Spain and Portugal, Ascendum Group’s contribution is considered at 100%, even though this joint venture is accounted for using the equity method.
people and initiatives

people and initiatives

Nors: a DNA made of trust and passion

Diversity is one of the key cultural factors of a Group like Nors, which includes a multiplicity of genders, generations, cultures, skills, knowledge, and professional experiences. Our organisational culture strategy has enhanced on the added value that comes from this same plurality, rooting it in the leaders and ambassadors who defend Nors DNA daily. Today, we increasingly continue to foster an attitude without borders and a permanent will to always be better: with the best (and most diverse) people by our side.

employees

4 227

nationalities

30

women in management roles

80

training hours

125 994h

age distribution

31 %

< 35 Years old
Generation Y

44 %

35 – 50 Years old
Generation X/Y

25 %

> 50 Years old
Baby Boomers

“Hands on” project

the future is in our hands

In 2022, Nors’ companies in Angola organised a team-building activity to support the local community through the “Hands on” project (“Mãos à Obra”, in portuguese). Under the motto “Moving forward is in our hands”, this initiative, carried out by the CEOs and employees together with the Salesian Fathers of Don Bosco, resulted in the transformation of pottery tables into school tables, to be donated to the Nossa Terra Community school. As a result, Nors employees built thirty-four tables to help hundreds of children in Angola.

Flow Programme

the aftersales transformation has a name

Starting in 2019, Flow represents a new paradigm of operational efficiency, aiming to transform the after-sales areas of the Nors Group companies. Assuming a role as an element of change in the business model at the after-sales level, it aims to be the anchor programme that promotes the cultural transformation of the organisation, through the performance management of the operations, the involvement and empowerment of the teams, and the optimisation and automation of processes, through the inclusion of the technological layer.

Thinking mobility, Building tomorrow

Nors annual meeting 2022

Inspiration, leadership, change, and future were the watchwords at Nors’ 2022 Annual Meeting. Under the motto “Thinking mobility, building tomorrow”, it was thinking about mobility and defining the Group’s strategic guidelines for the future that we’ve brought up a morning of sharing, ideas, and much ambition to the mix. The highlight of the 2022 event was the panel “Morning Coffee with Volvo Executive Leadership”, which included Martin Lundstedt, President and CEO of the Volvo Group, Roger Alm, Executive Vice President of the Volvo Group and President of Volvo Trucks and Melker Jernberg, Executive Vice President of the Volvo Group and President of Volvo Construction Equipment.

Nors GO

a trainee programme that rhymes with talent

Nors GO is the Nors Group’s new trainee programme, which seeks to attract, retain and prepare the organization’s future talent. With its 1st edition projected for early 2023, in a pilot edition in Portugal, the programme is thought for young graduates or those starting their professional experience with different backgrounds and skills. More than just an internship programme, Nors GO aims to contribute effectively to the professional growth of the trainees, ensuring mentoring throughout the programme, continuous training, contact with Nors’ leadership levels, and the possibility of integration into the Group.

RPA – Robotic Processed Automation

process automation has arrived at Nors

Following the development of a plan for continuous improvement within the Group’s shared services centre (Norshare), there was a need to explore new ways of approaching work processes and the opportunity to explore the concept of RPA (Robotic Processed Automation). Having assessed the relevance of implementing RPA in Norshare’s context to free employees from repetitive, low added-value functions, allowing them to dedicate themselves to tasks to which they could make a valuable contribution and which could not be automated, the potential that this type of process could bring to both Norshare in particular and the Group is a plus.

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annual report 2022

annual report 2022