AUTOSTORE HOLDINGS LTD.
Sector unknown·AUTO · Oslo Børs·Fiscal year to 31/12/2022
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Automation and robotics
Technology
DriverPositive impact: strengthens
“Global megatrends such as the e-commerce and automation drive, changing consumer demand, the emergence of micro-fulfillment centers and a general need for more sustainable solutions constitute a strong platform for continued growth.”
Annual report 2022A · The company itself
DriverPositive impact: strengthens
“Automation penetration in the warehouse segment remains low, with more than 80% of warehouses still having no automated retrieval system of any kind. The addressable market for warehouse automation is estimated at USD 230 billion .”
Annual report 2022A · The company itself
DriverPositive impact: strengthens
“The need for businesses to increase the efficiency of their warehousing activities and reduce capital spend on labor has resulted in increasing adoption of warehouse automation in global supply chains. The trend towards automated warehousing is impacting the competitive landscape, and will continue to do so. Increased customer-driven demand for automated storage and retrieval system (AS/RS) solutions and technological advancements are attracting competitors to the AS/RS market.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
““We have a substantial, broad and growing portfolio of intellectual property rights relating to different aspects of our hardware and software. In 2022, we secured 652 patents, and achieved 23% year-on-year growth in patent filings.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
“In 2022, the total number of patents granted was 652 (2021: 420), and AutoStore registered 23% year-on-year growth in patent filings. The group reported USD 34.1 million (2021: USD 28.2 million) in development expenditure in 2022.”
Annual report 2022A · The company itself
Market
“The AutoStore System consists of an aluminum Grid, Robots, Bins, Ports and a Controller. Robots ride on rails along the top of the Grid, retrieving Bins as needed. Using the Router software platform, the Controller constantly adjusts the location and path of Robots in real time.”
Annual report 2022A · The company itself
Market
“The majority of total revenues was attributable to sales of AutoStore systems.”
Annual report 2022A · The company itself
E-commerce
Technology
DriverPositive impact: strengthens
“Global megatrends such as the e-commerce and automation drive, changing consumer demand, the emergence of micro-fulfillment centers and a general need for more sustainable solutions constitute a strong platform for continued growth.”
Annual report 2022A · The company itself
DriverPositive impact: strengthens
“– Penetrating new markets: We registered 138% year-on-year growth in the micro-fulfillment segment, and 226% year-on-year growth in the large fulfillment centers sector. These are important growth areas.”
Annual report 2022A · The company itself
DriverPositive impact: strengthens
“Micro-fulfillment centers, on the other hand, are expected to be the fastest-growing automated storage and retrieval segment over the next 5–10 years. AutoStore will also strengthen its supply capacity through a new assembly site in APAC, by growing local supplier bases and by increasing purchasing capacity among local suppliers.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
“Substantial market share gain in 2022 demonstrates the value of our product and our ability to drive adoption in new warehouse categories. – Increasing Warehouse Management Software revenue: AutoStore has significantly strengthened its value propo - sition to MFCs by developing, selling and delivering the warehouse management software (WMS), Qublt Fulfillment Platform. The value of this approach has been proven by strong growth in MFC-related revenue and substantial expansion of the WMS revenue pipeline. – Product innovation: AutoStore launched six new products in 2022.”
Annual report 2022A · The company itself
Market
“Fulfillment Platform, which includes software for order management, inventory management, fulfillment application, labor management and analytics. QubIt is availble to AutoStore’s customers.”
Annual report 2022A · The company itself
Market
“In 2022, revenues included approximately 60% e-commerce and omnichannel exposure.”
Annual report 2022A · The company itself
Aluminium
Raw materials and inputs
DriverNegative impact: weakens
“However, this risk could be partially mitigated by showing authorities that AutoStore is part of the solution for climate change adaptation, and thereby potentially securing a climatetechnology label. regulatory risk The main identified market risks are energy scarcity and a shifting of customer demand towards solutions with the best ESG performance.”
Annual report 2022A · The company itself
InputNegative impact: weakens
“In 2022, global supply chain challenges impacted margins in the form of cost inflation, primarily for key components. However, margins improved toward the end of the year as strategic pricing actions and more favorable aluminum prices started to take effect.”
Annual report 2022A · The company itself
InputNegative impact: weakens
““Despite market uncertainties, we delivered 78% revenue growth, a robust adjusted EBITDA margin of 41% and a strong cash conversion rate of 82%. In the fourth quarter, as antici - pated, we saw a significant lift in margins as strategic pricing actions and lower grid costs started to take effect.”
Annual report 2022A · The company itself
InputNegative impact: weakens
“To mitigate the increased aluminum price impacting the cost of grid parts, AutoStore introduced a temporary aluminum surcharge at the end of the first quarter of 2022. The surcharge together with the previously implemented price increase of 7.5% in December 2021 as well as an additional net price increase of 5% taking effect from January 2023 are expected to bring margins gradually and further back to historical levels in 2023, as projects move from backlog to recognized revenue.”
Annual report 2022A · The company itself
Market
“The Grid is the aluminum framework that holds the columns of vertically stacked Bins. On average, the Grid is 5.4 meters high and holds 16 levels of 330 mm Bins.”
Annual report 2022A · The company itself
Energy efficiency
Technology
DriverPositive impact: strengthens
“The group’s continued growth was attrib - utable to increased demand for efficient and automated logistics solutions, primarily driven by changing customer demand, labor shortages, a growing need for energy efficiency and demand for high-density warehousing.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
“AutoStore’s business has seen a limited direct impact of Russia’s invasion of Ukraine and subsequent sanctions. The direct impact of high energy prices is relatively muted for AutoStore.”
Annual report 2022A · The company itself
Market
“AutoStore has many advantages for businesses: – High throughput – Space and energy efficiency – Unbeatable uptime – Modular design to fit anywhere – Easy integration into any setup AutoStore can empower its customers with a strong return on investment. We help our customers reduce costs, become more efficient and provide a payback period of typically one to three years.”
Annual report 2022A · The company itself
Market
“AutoStore’s purpose is to utilize space, energy and time in better ways. Compared to conventional storage, cubic storage gives businesses four times the storage capacity within the same footprint.”
Annual report 2022A · The company itself
Market
“AutoStore will continue to deliver climatefriendly warehouse solutions that contribute to emission reductions by customers, thereby helping customers to deliver on their own sustainability goals.”
Annual report 2022A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“To unlock new opportunities, AutoStore will continue to pioneer cubic storage technology, expand its software capabilities, take further ownership of the customer experience and enter into product partnerships concentrating on adjacent technologies. AutoStore has a proven track record of rapid innovation.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
“The value of this approach has been proven by strong growth in MFC-related revenue and substantial expansion of the WMS revenue pipeline. – Product innovation: AutoStore launched six new products in 2022. In total, we secured 652 patents in 2022 (2021: 420), and achieved 23% year-on-year growth in patent filings.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
“In 2022, the total number of patents granted was 652 (2021: 420), and AutoStore registered 23% year-on-year growth in patent filings. The group reported USD 34.1 million (2021: USD 28.2 million) in development expenditure in 2022.”
Annual report 2022A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Labour and wages
Raw materials and inputs
DriverPositive impact: strengthens
“In 2022, we expanded our workforce by 49%, to 873 employees at year-end. This organizational growth is a clear sign of our determination to build a robust company with a highly skilled workforce capable of delivering on our growth ambitions.”
Annual report 2022A · The company itself
InputNegative impact: weakens
“Excluding the adjustment item in respect of option costs, employee benefit expenses were USD 56.7 million in 2022, compared to USD 40.0 million in 2021. This development reflects the group’s growth strategy and capacity expansion, which also brought the number of employees to 873 at the end of 2022, compared to 585 at year-end 2021.”
Annual report 2022A · The company itself
StrategyPositive impact: strengthens
“AutoStore is committed to building a world-class workforce and ensuring that the company’s selection processes actively foster equal opportunities and diversity. The company prohibits discrimination in any form, whether based on political views, union membership, sexual orientation, disability and/or age. The proportion of women in AutoStore as a whole grew from 29% in 2021 to 33% in 2022.”
Annual report 2022A · The company itself
Agriculture and food production
End markets
Market
“In 2022, AutoStore also received the first order for a new grid technology featuring multiple temperature zones, including frozen, which expands the company’s penetration of the grocery segment. StrongPoint, a trusted AutoStore partner since 2021, was chosen by the Norwegian food distribution company DLVRY to install the multi-temperature grid in a facility based in Sveio, Norway.”
Annual report 2022A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Retail
End markets
Market
“PickUpPort, a public-facing port that enables contactless in-store pickup directly from the AutoStore system. The PickUpPort allows retailers to deploy a Buy Online Pickup In-Store omnichannel retail strategy easily and cost-effectively – helping retailers attract and retain customers and ultimately helping drive revenue growth.”
Annual report 2022A · The company itself
Chains in: Consumer spending strengthens
SMEs
End markets
Market
“In 2021, we established Pio to target the SMB segment. Pio utilizes AutoStore products to offer a simplified warehouse automation solution for small and medium-sized businesses, and runs on standard plug-and-play software that connects to the most common online retail and shipping platforms, e.g. Shopify.”
Annual report 2022A · The company itself
Business cycle and GDP growth
Macro
DriverMixed impact: mixed
“Global megatrends such as the e-commerce and automation drive, changing consumer demand, the emergence of micro-fulfillment centers and a general need for more sustainable solutions constitute a strong platform for continued growth.”
Annual report 2022A · The company itself
DriverNegative impact: weakens
“AutoStore’s operations are affected by global economic conditions. The Covid-19 pandemic negatively impacted the global economy, disrupted consumer spending and global supply chains, and created significant volatility and disruption of financial markets. Further, Russia’s invasion of Ukraine in February 2022 increased the risk of negative impacts on the global economy.”
Annual report 2022A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Employment
Macro
DriverPositive impact: strengthens
“The group’s continued growth was attrib - utable to increased demand for efficient and automated logistics solutions, primarily driven by changing customer demand, labor shortages, a growing need for energy efficiency and demand for high-density warehousing.”
Annual report 2022A · The company itself
Inflation
Macro
InputNegative impact: weakens
“In 2022, global supply chain challenges impacted margins in the form of cost inflation, primarily for key components. However, margins improved toward the end of the year as strategic pricing actions and more favorable aluminum prices started to take effect.”
Annual report 2022A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“The imposition of new barriers to free trade would negatively impact production, costs of production and sales throughout AutoStore’s value chains. The group’s interna - tional operations are dependent on favorable trade relations and conditions in the countries in which customers and suppliers operate. If countries in which AutoStore does business, maintains assembly facilities, sources supplies or sells products, services and solutions adopt protectionist trade policies – such as trade/import restrictions, punitive tariffs, sanctions, protectionist measures, boycotts, export controls or government subsidies – this could materially and adversely affect the company’s ability to operate in those markets, including its ability to ship and transport products and/or increase costs.”
Annual report 2022A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“The main identified regulatory risk is the introduction of carbon pricing mechanisms, which could lead to higher aluminum prices that impact not only suppliers, but also our operations, customers and partners.”
Annual report 2022A · The company itself
DriverNegative impact: weakens
“The main physical risks identified relate to extreme weather events such as flooding and drought. These risks could affect both suppliers and AutoStore’s opera - tions.”
Annual report 2022A · The company itself
Chains out: this weakens Agriculture and food production
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“However, this risk could be partially mitigated by showing authorities that AutoStore is part of the solution for climate change adaptation, and thereby potentially securing a climatetechnology label. regulatory risk The main identified market risks are energy scarcity and a shifting of customer demand towards solutions with the best ESG performance.”
Annual report 2022A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Circular economy and recycling
Regulation
DriverPositive impact: strengthens
“Global megatrends such as the e-commerce and automation drive, changing consumer demand, the emergence of micro-fulfillment centers and a general need for more sustainable solutions constitute a strong platform for continued growth.”
Annual report 2022A · The company itself
Chains in: EU climate and energy policy strengthens
Contract manufacturers as a business (EMS, CMO, CRO)
End markets
InputNegative impact: weakens
“AutoStore will also strengthen its supply capacity through a new assembly site in APAC, by growing local supplier bases and by increasing purchasing capacity among local suppliers. Most components in the AutoStore system are sourced from multiple suppliers, while final assembly (and thus the highest value-adding activity) is done in-house.”
Annual report 2022A · The company itself
Chains in: Biotech and drug development strengthens
Other currencies
Macro
DriverNegative impact: weakens
“Of net financial items totaling USD -39.8 million (2021: USD -22.0 million), USD -21.2 million (2021: USD 19.2 million) related to foreign currency losses (gains).”
Annual report 2022A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Of net financial items totaling USD -39.8 million (2021: USD -22.0 million), USD -21.2 million (2021: USD 19.2 million) related to foreign currency losses (gains).”
Annual report 2022A · The company itself
Chains out: this mixed effect United States
Asia and emerging markets
Geography
Geography
“In 2022, AutoStore demonstrated the resilience of its business model, reaching 1,150+ systems sold to over 800 unique customers across 49 countries, with ~52,000 Robots presenting an incredible 5.3 billion Bins.”
Annual report 2022A · The company itself
Geography
“The breakdown of AutoStore’s revenue in 2022 shows that 59.1% stems from the EMEA region, 31.4% from NAM and 9.5% from APAC.”
Annual report 2022A · The company itself
Geography
“– Expanding in APAC and North America: AutoStore achieved 146% year-on-year revenue growth in APAC and reached over 100 systems sold in total in 2022.”
Annual report 2022A · The company itself
Geography
“Revenues in the Europe, Middle East and Africa (EMEA) region increased from USD 209.3 million in 2021 to USD 344.8 million in 2022, equating to annual growth of 64.8%. The group continued to expand in North America, improving revenues to USD 183.1 million (2021: USD 95.7 million), corresponding to year-on-year growth of 91.3%. Revenues in the Asia-Pacific (APAC) region grew by 146% to USD 55.6 million, from USD 22.6 million in 2021.”
Annual report 2022A · The company itself
Geography
“To support the group’s rapid growth and the increasing demand for AutoStore products and services across all regions, Element Logic – the first AutoStore distribution partner – has been made a global partner. This gives Element Logic the right to sell and implement AutoStore systems all over the world. AutoStore also expanded the distribution reach of its partners StrongPoint (from the Nordics and Baltics to include the UK and Ireland), Fives Group (from southern Europe to include Japan), and SmartLog (added Middle East and Latin America).”
Annual report 2022A · The company itself
Europe
Geography
Geography
“In 2022, AutoStore demonstrated the resilience of its business model, reaching 1,150+ systems sold to over 800 unique customers across 49 countries, with ~52,000 Robots presenting an incredible 5.3 billion Bins.”
Annual report 2022A · The company itself
Geography
“The breakdown of AutoStore’s revenue in 2022 shows that 59.1% stems from the EMEA region, 31.4% from NAM and 9.5% from APAC.”
Annual report 2022A · The company itself
Geography
“Revenues in the Europe, Middle East and Africa (EMEA) region increased from USD 209.3 million in 2021 to USD 344.8 million in 2022, equating to annual growth of 64.8%. The group continued to expand in North America, improving revenues to USD 183.1 million (2021: USD 95.7 million), corresponding to year-on-year growth of 91.3%. Revenues in the Asia-Pacific (APAC) region grew by 146% to USD 55.6 million, from USD 22.6 million in 2021.”
Annual report 2022A · The company itself
Geography
“To support the group’s rapid growth and the increasing demand for AutoStore products and services across all regions, Element Logic – the first AutoStore distribution partner – has been made a global partner. This gives Element Logic the right to sell and implement AutoStore systems all over the world. AutoStore also expanded the distribution reach of its partners StrongPoint (from the Nordics and Baltics to include the UK and Ireland), Fives Group (from southern Europe to include Japan), and SmartLog (added Middle East and Latin America).”
Annual report 2022A · The company itself
United States
Geography
Geography
“The breakdown of AutoStore’s revenue in 2022 shows that 59.1% stems from the EMEA region, 31.4% from NAM and 9.5% from APAC.”
Annual report 2022A · The company itself
Geography
“We also secured 91% year-on-year revenue growth in NAM and reached over 230 systems sold in total in 2022. – Increasing offerings through M&A: AutoStore continu - ously evaluates potential targets and opportunities to expand or enhance its offering, without compromising the existing disciplined and opportunistic approach.”
Annual report 2022A · The company itself
Geography
“Revenues in the Europe, Middle East and Africa (EMEA) region increased from USD 209.3 million in 2021 to USD 344.8 million in 2022, equating to annual growth of 64.8%. The group continued to expand in North America, improving revenues to USD 183.1 million (2021: USD 95.7 million), corresponding to year-on-year growth of 91.3%. Revenues in the Asia-Pacific (APAC) region grew by 146% to USD 55.6 million, from USD 22.6 million in 2021.”
Annual report 2022A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Denmark
Geography
Geography
“In 2022, AutoStore demonstrated the resilience of its business model, reaching 1,150+ systems sold to over 800 unique customers across 49 countries, with ~52,000 Robots presenting an incredible 5.3 billion Bins.”
Annual report 2022A · The company itself
Nordics
Geography
Geography
“To support the group’s rapid growth and the increasing demand for AutoStore products and services across all regions, Element Logic – the first AutoStore distribution partner – has been made a global partner. This gives Element Logic the right to sell and implement AutoStore systems all over the world. AutoStore also expanded the distribution reach of its partners StrongPoint (from the Nordics and Baltics to include the UK and Ireland), Fives Group (from southern Europe to include Japan), and SmartLog (added Middle East and Latin America).”
Annual report 2022A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.59 bn USD |
| Revenue growth vs. the year before, same method | 79.6 % |
| EBITDA reported by the company | 0.22 bn USD |
| Net debt debt incl. leasing minus cash | 0.28 bn USD |
| Diluted EPS per share | 0.029 USD |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in the report's original language.