The figures in parentheses refer to the corresponding period in the previous year unless otherwise stated.
Very strong finish for the year 2022
October–December 2022
- Net sales totaled
EUR 28.3 (23.8) million, an increase of 18.8% - The currency-adjusted growth of net sales was 16.1%
- Operating profit was
EUR 9.3 (7.1) million, or 33.1% of net sales, up by 31.3% - The
EUR 0.6 million impairment of Cutica had a negative impact on the comparison period’s operating profit. Compared to the adjusted operating profit of the comparison period, the operating result increased by 20.7%. - EBITDA was
EUR 10.2 (8.6) million, or 36.2% of net sales, up by 19.4% - The strong development of the sales was influenced by very strong sales of retinal imaging devices, especially in
the United States , and sales of retinal imaging devices and intraocular pressure measurement devices, especially in the EMEA region - Cash flow from operating activities totaled
EUR 11.7 (11.0) million - Undiluted earnings per share came to
EUR 0.214 (0.206)
January–December 2022
- Net sales totaled
EUR 97.0 (78.8) million, an increase of 23.1% - The currency-adjusted growth of net sales was 16.4%
- Operating profit was
EUR 29.7 (22.1) million, or 30.6% of net sales, up by 34.3% - The
EUR 0.7 million non-recurring Oculo acquisition costs and theEUR 0.6 million impairment of Cutica had a negative impact on the comparison period’s operating profit. Compared to the adjusted operating profit of the comparison period, the operating profit increased by 26.8%. - EBITDA was
EUR 33.1 (25.7) million, or 34.1% of net sales, up by 28.7% - Cash flow from operating activities totaled
EUR 23.2 (21.5) million - Undiluted earnings per share came to
EUR 0.818 (0.652) - The Annual General Meeting was held on
April 8, 2022 . The dividend was confirmed asEUR 0.34 . - The Board of Directors will propose to the Annual General Meeting of
March 23, 2023 , that a dividend ofEUR 0.36 per share be paid
Key consolidated figures, EUR million
10-12/2022 | 10-12/2021 | Change-% | 1-12/2022 | 1-12/2021 | Change-% | |
Net sales | 28.3 | 23.8 | 18.8 | 97.0 | 78.8 | 23.1 |
Gross margin | 20.0 | 16.8 | 19.0 | 69.8 | 55.8 | 25.1 |
Gross margin - % | 70.9 | 70.8 | 0.1 | 71.9 | 70.8 | 1.2 |
EBITDA | 10.2 | 8.6 | 19.4 | 33.1 | 25.7 | 28.7 |
EBITDA-% | 36.2 | 36.0 | 0.2 | 34.1 | 32.7 | 1.5 |
Adjusted EBITDA | 10.2 | 8.6 | 19.4 | 33.1 | 26.4 | 25.4 |
Adjusted EBITDA - % | 36.2 | 36.0 | 0.2 | 34.1 | 33.5 | 0.6 |
Operating profit, EBIT | 9.3 | 7.1 | 31.3 | 29.7 | 22.1 | 34.3 |
Operating profit-%, EBIT | 33.1 | 29.9 | 3.1 | 30.6 | 28.1 | 2.6 |
Adjusted Operating profit, EBIT | 9.3 | 7.7 | 20.7 | 29.7 | 23.4 | 26.8 |
Adjusted Operating profit-%, EBIT | 33.1 | 32.6 | 0.5 | 30.6 | 29.7 | 0.9 |
Return on investment-%, ROI | 8.8 | 7.2 | 1.6 | 28.2 | 22.4 | 5.8 |
Return on equity-%, ROE | 6.7 | 7.4 | -0.7 | 25.7 | 23.4 | 2.3 |
Undiluted earnings per share | 0.214 | 0.206 | 0.818 | 0.652 | ||
Change, %-point | ||||||
Equity ratio-% | 66.8 | 63.0 | 3.8 | |||
Gearing-% | -13.1 | -1.0 | -12.1 |
Financial guidance for 2023
Revenio Group’s exchange rate-adjusted net sales are estimated to grow strongly from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.
President and CEO
“We had a very strong last quarter despite the prevailing macroeconomic uncertainty. The sales of our retinal imaging devices increased very strongly in the last quarter of the year. Following the review period, we gave a positive profit warning regarding the financial performance in 2022 on
In
Demand for our intraocular pressure measurement devices developed positively. iCare HOME2, our device for measuring intraocular pressure at home has received positive feedback from customers and is growing strongly in demand.
In the third quarter, we concluded a rather large contract related to multinational clinical research, with deliveries continuing into the fourth quarter. The iCare EIDON product family made impressive sales throughout the year, and the sales of the iCare DRSplus retinal imaging device continued to be strong. In April, we launched the fully automatic iCare ILLUME and iCare DRSplus screening solution, which utilizes artificial intelligence in the screening of diabetic retinopathy. iCare ILLUME has received excellent feedback from the market. The iCare ILLUME pilot projects have proceeded as planned, and we started the first commercial system-level delivery at the end of the review period. During the review period, we already created several country-specific language versions.
The core of our growth strategy is to strengthen our position in the eye care market through innovative, user-friendly products and software solutions designed to improve patient experience in the eye care pathways. Our screening solutions supporting clinical decision-making, such as iCare ILLUME, based on the high-quality data generated by our devices and the related software solutions, substantially improve the patient’s eye care pathway and the processes of eye care professionals.
We have been working on increasing brand awareness of our iCare brand and won market shares with our main products in our key markets. We continue to invest on product development in order to launch new product and system innovations into the market. We aim to speed up our organic growth in the future as well. Furthermore, we continue to survey the market to identify acquisition opportunities and to expand our product selection in the ocular diagnostics market.
After the end of the review period, on
In 2022, we continued the development of our sustainability program with surveys providing feedback for the further specification of sustainability focus areas. The net impact of Revenio’s sustainability and business was assessed by the net impact assessment model of Upright, an independent assessment company. The assessment model measures positive and negative impacts in the company’s value chain. The net impact profile based on artificial intelligence and scientific research shows that
In the autumn of 2022,
Challenges related to our operating environment continue due to the war in
The year 2022 marked yet another year of excellent performance by our personnel and showed the efficiency and ability of our organization. This makes me very happy. I wish to thank all our personnel, customers, distributors, and partners throughout the world. Let’s continue our important work together to enable efficient ocular diagnostics and to make this wonderful world visible to all.”
The effects of the war in
The security situation in
Revenio Group’s strategy
The cornerstones of the Group’s strategy are:
- Focus fully on the eye care market
- Improve the quality of clinical diagnostics with targeted product innovations
- Transform clinical care pathways with eye care focused software solutions
- Continue to develop stronger distribution and build on iCare brand awareness and client experience
- Continue strong profitable growth
Financial review 2022
Net sales, profitability, and profit
October–December 2022
Revenio Group’s net sales October 1–December 31, 2022 were
Undiluted earnings per share came to
January–December 2022
Revenio Group’s net sales January 1–December 31, 2022 were
The Group’s operating profit in January–December was
Profit before taxes was
Undiluted earnings per share came to
Balance sheet, financial position and cash flow
The Group’s balance sheet total totaled
The Group’s equity was
Administration
Changes in the Group structure
During the review period,
Personnel and management
On
Mika Salkola, Vice President, Research, retired on
Average number of personnel during the financial year | |||
1–12/2022 | 1–12/2021 | ||
194 | 167 |
At the end of the year the number of employees was 207 (184), an increase of 23 employees. The increase mainly results from the recruitment of new employees. Wages, salaries, and other remuneration paid in January–December amounted to
Board of Directors
Until the Annual General Meeting
Audit Committee
At its organizing meeting, held after the Annual General Meeting 2022, the Board elected from amongst its members the following members to serve on its Audit Committee:
At its organizing meeting, held after the Annual General Meeting 2022, the Board elected from amongst its members the following members to serve on its
Auditor
At the Annual General Meeting 2022
Corporate responsibility
Revenio Group’s key stakeholders comprise, among other, the Company’s customers, personnel, cooperation partners and shareholders. The impacts of the Company’s operations on these stakeholders have been evaluated by a materiality assessment performed in conjunction with the preparation of the Group’s sustainability principles. We are in active dialogue on the realization and development of sustainable operating models with various stakeholders. Risks related to corporate responsibility are managed as a part of the Company’s continuous risk management process. The operational realization of corporate responsibility is supported by the Group’s quality assurance systems.
Revenio Group’s corporate responsibility program covers financial, social, and environmental responsibilities. For
Social responsibility means that
To support its responsibility program,
Shares, share capital, and management and employee holdings
On
The Company has one class of shares, and all shares confer the same voting rights and an equal right to dividends and the Company’s funds. On
The Company did not buy back any of its shares during the financial period. At the end of the financial period, the Company held 100,742 of its own shares.
In late 2015, the employees of
The Annual General Meeting of
The valid authorizations of the Board of Directors relating to repurchase and issuance of shares are presented in the section on the Annual General Meeting.
Share option schemes
At the end of the financial period the Company has no existing option schemes.
Share incentive plans
On
Long-term incentive schemes form part of the Company's remuneration program for key personnel and are aimed at supporting the implementation of the Company's strategy and harmonizing the objective of key personnel and Company shareholders in growing shareholder value.
Based on the ended earning period of the share-based incentive plan 2019-2021, a total of 12,983 company’s treasury shares were transferred in a directed share issue withour payment to the company's key personnel participating in the plan on
In addition, if certain conditions are met, the CEO is entitled to a restricted share plan under which the CEO would be entitled to receive a total of 3,000 shares in the Company during 2022–2024. In order to pay the share bonus of 1,000 shares earned in 2021 in accordance with the terms of the program, 400 of the company's treasury shares were issued to the CEO on
The Company’s Board of Directors decided during March, 2021, on a restricted share plan for five key employees of the Oculo business. The plan was established as part of a long-term incentive and commitment program to support the realization of Revenio Group’s strategy, harmonize the interests of shareholders and plan participants and increase the Company's value and profits in the long term, as well as to strengthen the participants’ commitment to
Information on the remuneration schemes currently used in
Flagging notifications
In the period of January 1–December 31, 2022,
Management transactions
Transactions in
Trading on Nasdaq Helsinki
During the period January 1–December 31, 2022, Revenio Group Corporation’s share turnover on the Nasdaq Helsinki exchange totaled
Summary of trading on Nasdaq Helsinki on January 1–December 31, 2022
January–December 2022 | Turnover, number of shares | Value total, EUR | Highest, EUR | Lowest, EUR | Average price, EUR | Latest, EUR |
REG1V | 278,140,651 | 1,029,891,078 | 58.70 | 36.02 | 44.46 | 38.60 |
Market value, EUR | 1,029,891,078 | 1,482,135,994 |
Number of shareholders | 21,792 | 22,634 |
Risks and uncertainty factors
Risks
The Group’s strategic risks include competition in all segments, threats posed by new competing products and other actions by rivals that may affect the competitive situation. There are strategic risks also related to the ability of the Group to succeed in its R&D activities and to maintain a competitive product mix. The Group develops new technologies at
Acquisitions and the purchase of health technology-related assets with growth potential are part of the Group’s strategy. The success of acquisitions by the Group may have a significant impact on
Strategic risks and the need for action are regularly monitored and assessed in connection with day-to-day management, monthly Group reporting, and annual strategy reviews.
Operational risks are associated with the retention and development of major customer relationships, activities amongst the distribution network, and success in expanding the customer base and markets. In the health technology sector, there are particular operational risks related to business expansion into new markets, such as countries' marketing authorizations and other national regulatory activities related to medical devices and the local health care market. Success in strategic health technology R&D projects can also be classified as an operational risk. Furthermore, global shortage of electronics components may cause operational risks.
Due to the health technology sector’s stringent quality requirements, operational risks related to the manufacture, product development, and production control of medical devices are estimated to be higher than average for industry.
Damage-related risks are covered by insurance. Property and business interruption insurance provides protection against risks in these areas. The business activities of the Group are covered by international liability insurance.
Financial risks can be further categorized into credit, interest-rate, liquidity, and foreign exchange risks. The Board assesses financial risks and other financial matters in its monthly meetings, or more frequently, as necessary. If required, the Board provides decisions and guidelines for the management of financial risks including, for example, interest-rate and currency hedging decisions. Liquidity risk can be affected by the availability of external financing, the development of the Group’s credit standing, trends in business operations, and changes in the payment behavior of customers. Cash forecasts, drawn up for periods of up to 12 months are employed to monitor liquidity risks.
The management of corporate responsibility risks is a part of the Company’s risk management process. Under this process, the risks are assessed yearly.
Moreover, global pandemics such as Covid-19 may have direct and indirect effects on
Annual General Meeting and currently valid authorizations of the Board of Directors
Decisions by the Annual General Meeting of
1. Financial statements, Board and Auditors
The Annual General Meeting (AGM) adopted the Company's financial statements for the financial year January 1–December 31, 2021 and discharged the members of the Board of Directors and the Managing Director from liability.
The AGM decided that five members be elected to the Board of Directors and elected
The AGM decided that the Chairman of the Board be entitled to an annual emolument of
Approximately 40 per cent of the Board members' annual remuneration (gross) will be settled in the form of the company’s shares held in its treasury, however not exceeding a maximum of 3,200 shares in total, while approximately 60 per cent will consist of a monetary payment. Tax will be deducted from the monetary payment, calculated on the amount of the entire annual remuneration.
The AGM further decided that an attendance allowance of
The AGM re-elected
2. Annual profit distribution and dividend distribution
The AGM decided based on the Board's proposal to pay a dividend of
3. Authorizing the Board of Directors to decide to repurchase the Company's own shares
The AGM authorized the Board of Directors to resolve on the acquisition or accepting as pledge of a maximum of 1,334,055 of the company’s own shares in one or more tranches using the company’s unrestricted equity. The company may buy back shares in order to develop its capital structure, finance and implement any corporate acquisitions or other transactions, implement share-based incentive plans, pay board fees or otherwise transfer or cancel them.
The company may buy back shares in public trading on marketplaces whose rules and regulations allow the company to trade in its own shares. In such a case, the company buys back shares through a directed purchase, i.e. in a proportion other than its shareholders’ holdings of company shares, with the consideration paid for the shares based on their publicly quoted market price so that the minimum price of the purchased shares equals the lowest market price quoted in public trading during the authorization period and their maximum price equals the highest market price quoted in public trading during that period.
The authorization is effective until the end of the Annual General Meeting held in 2023, yet no further than until
4. Authorizing the Board of Directors to decide on a share issue and on granting stock options and other special rights entitling to shares
The AGM decided to authorize the Board of Directors to decide on issuing a maximum of 1,334,055 shares in a share issue or by granting special rights (including stock options) entitling holders to shares as referred to in Chapter 10 Section 1 of the Companies Act, in one or several tranches.
This authorization is to be used to finance and implement any prospective corporate acquisitions or other transactions, to implement the company’s share-based incentive plans, or for other purposes determined by the Board.
The authorization grants the Board the right to decide on all terms and conditions governing the share issue and the granting of said special rights, including on the recipients of the shares or special rights and the amount of payable consideration. The authorization also includes the right to issue shares by deviating from the shareholders’ pre-emptive rights, i.e. in a directed manner. The authorization of the Board covers both the issue of new shares and the assignment of any shares that may be held in the company’s treasury.
The authorization is effective until the end of the Annual General Meeting held in 2023, yet no further than until
Proposal by the Board of Directors for distribution of profit
The Group’s profit for the financial year 2022 was
The Board of Directors finds that the proposed distribution of profit does not endanger the liquidity of the parent Company or the Group.
Events after the financial period
After the review period, on
Major shareholders on
No. of shares | % | |
1. | 4,292,299 | 16.09% |
2. SEB Funds | 1,140,249 | 4.27% |
3. Columbia Threadneedle | 1,072,769 | 4.02% |
4. Vanguard | 828,891 | 3.11% |
5. | 610,304 | 2.29% |
6. | 542,283 | 2.03% |
7. | 498,632 | 1.87% |
8. | 493,976 | 1.85% |
9. Nordea Funds | 436,737 | 1.64% |
10. BlackRock | 390,998 | 1.47% |
* Monitor by
FINANCIAL STATEMENTS JANUARY 1–DECEMBER 31, 2022, TABLES
Accounting policies applied in the preparation of the financial statements
This financial statement release has been drawn up in accordance with IAS 34 Interim Financial Reporting and the same principles as the financial statements for 2021, except for the following amendments to the existing standards, which the Group has applied as of
Amendments made to IFRS 3, IAS 16, and IAS 37 and yearly improvements 2018-2020. In the management’s estimate, the adoption of the above-mentioned standards does not have a material impact on the Group’s financial statements.
The figures of the financial statement release are unaudited.
Consolidated comprehensive income statement (EUR million)
10-12/2022 | 10-12/2021 | 1-12/2022 | 1-12/2021 | |
28.3 | 23.8 | 97.0 | 78.8 | |
Other operating income | 0.2 | 0.8 | 0.3 | 0.9 |
Materials and services | -8.2 | -7.0 | -27.2 | -23.0 |
Employee benefits | -4.7 | -4.8 | -19.4 | -16.4 |
Depreciation, amortization, and impairment | -0.9 | -1.4 | -3.4 | -3.6 |
Other operating expenses | -5.3 | -4.2 | -17.6 | -14.5 |
NET PROFIT/LOSS | 9.3 | 7.1 | 29.7 | 22.1 |
Financial income and expenses (net) | -0.8 | 0.0 | -0.6 | 0.0 |
PROFIT BEFORE TAXES | 8.6 | 7.2 | 29.1 | 22.1 |
Income taxes | -2.9 | -1.7 | -7.3 | -4.8 |
NET PROFIT | 5.7 | 5.5 | 21.8 | 17.3 |
Other comprehensive income items | -0.8 | 0.1 | 0.3 | 0.1 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 4.9 | 5.6 | 22.1 | 17.5 |
Earnings per share, undiluted, EUR | 0.214 | 0.206 | 0.818 | 0.652 |
Earnings per share, diluted, EUR | 0.214 | 0.206 | 0.818 | 0.652 |
Consolidated balance sheet (EUR million)
ASSETS | ||
NON-CURRENT ASSETS | ||
59.8 | 59.8 | |
Intangible assets | 17.1 | 18.0 |
Tangible assets | 2.8 | 2.6 |
Right-of-use assets | 1.7 | 1.7 |
Other non-current financial assets | 0.4 | 0.2 |
Other receivables | 0.2 | 0.2 |
Deferred tax assets | 1.6 | 1.3 |
TOTAL NON-CURRENT ASSETS | 83.6 | 83.7 |
CURRENT ASSETS | ||
Inventories | 6.7 | 6.4 |
Trade and other receivables | 13.7 | 9.2 |
Cash and cash equivalents | 32.1 | 25.2 |
TOTAL CURRENT ASSETS | 52.5 | 42.2 |
TOTAL ASSETS | 136.1 | 124.6 |
SHAREHOLDERS’ EQUITY AND LIABILITIES | ||
SHAREHOLDERS' EQUITY | ||
Share capital | 5.3 | 5.3 |
Fair value reserve | 0.3 | 0.3 |
Reserve for invested unrestricted capital | 52.4 | 52.6 |
Other reserves | 0.3 | 0.3 |
Retained earnings/loss | 34.3 | 22.1 |
Translationdifference | 0.2 | 0.0 |
Own shares held by the company | -1.9 | -2.1 |
TOTAL SHAREHOLDERS' EQUITY | 90.9 | 78.4 |
LIABILITIES | ||
NON-CURRENT LIABILITIES | ||
Deferred tax liabilities | 3.7 | 3.6 |
Financial liabilities | 15.0 | 0.8 |
Lease liabilities | 0.9 | 0.9 |
TOTAL LONG-TERM LIABILITIES | 19.5 | 5.3 |
CURRENT LIABILITIES | ||
Trade and other payables | 20.1 | 16.9 |
Provisions | 0.5 | 0.5 |
Financial liabilities | 4.2 | 22.7 |
Lease liabilities | 0.9 | 0.8 |
TOTAL CURRENT LIABILITIES | 25.7 | 40.9 |
TOTAL LIABILITIES | 45.2 | 46.2 |
TOTAL SHAREHOLDERS' EQUITY | ||
AND TOTAL LIABILITIES | 136.1 | 124.6 |
Consolidated statement of changes in equity (EUR million)
Reserve for invested unrestricted equity | |||||||
Share capital | Other Reserves | Retained Earnings | Translation difference | Own shares | Total Equity | ||
Balance | 5.3 | 52.6 | 0.6 | 22.1 | 0.0 | -2.1 | 78.4 |
Dividend distribution | 0.0 | 0.0 | 0.0 | -9.0 | 0.0 | 0.0 | -9.0 |
Disposal and purchase of own shares | 0.0 | -0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 |
Other direct entries to retained earnings | 0.0 | 0.0 | 0.0 | -0.6 | 0.0 | 0.0 | -0.6 |
Total comprehensive income | 0.0 | 0.0 | 0.0 | 21.8 | 0.3 | 0.0 | 22.1 |
Balance | 5.3 | 52.4 | 0.6 | 34.3 | 0.2 | -1.9 | 90.9 |
Reserve for invested unrestricted equity | |||||||
Share capital | Other | Retained | Translation | Own | Total | ||
Reserves | Earnings | difference | shares | Equity | |||
Balance | 5.3 | 52.5 | 0.6 | 14.0 | -0.3 | -2.3 | 69.7 |
Dividend distribution | 0.0 | 0.0 | 0.0 | -8.5 | 0.0 | 0.0 | -8.5 |
Disposal and purchase of own shares | 0.0 | -0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 |
Other direct entries to retained earnings | 0.0 | 0.0 | 0.0 | -0.6 | 0.0 | 0.0 | -0.6 |
Used option rights | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 |
Total comprehensive income | 0.0 | 0.0 | 0.0 | 17.2 | 0.3 | 0.0 | 17.5 |
Balance | 5.3 | 52.6 | 0.6 | 22.1 | 0.0 | -2.1 | 78.4 |
Consolidated cash flow statement (EUR million)
10-12/2022 | 10-12/2021 | 1-12/2022 | 1-12/2021 | ||
CASH FLOW FROM OPERATIONS | |||||
Profit for the period | 5.7 | 5.5 | 21.8 | 17.3 | |
Adjustments: | |||||
Depreciation, amortization, and impairment | 0.9 | 1.4 | 3.4 | 3.6 | |
Other non-cash items | -0.4 | 0.3 | 0.5 | 0.6 | |
Interest and other financial expenses | 0.8 | 0.1 | 1.3 | 0.4 | |
Interest income and other financial income | -0.1 | -0.1 | -0.6 | -0.4 | |
Taxes | 2.9 | 1.7 | 7.3 | 4.8 | |
Other adjustments | -0.1 | -0.1 | -1.0 | -1.1 | |
Change in working capital: | |||||
Changes in sales and other receivables | -0.1 | -0.8 | -4.6 | 0.4 | |
Changes in current assets | 0.1 | -0.6 | -0.3 | -1.5 | |
Changes in trade and other payables | 3.4 | 4.3 | 1.7 | 2.2 | |
Change in working capital, total | 3.4 | 2.9 | -3.2 | 1.1 | |
Interest paid | -0.2 | -0.1 | -0.3 | -0.2 | |
Interest received | 0.1 | 0.0 | 0.1 | 0.0 | |
Taxes paid | -1.3 | -0.7 | -6.0 | -4.5 | |
NET CASH FLOW FROM OPERATING ACTIVITIES | 11.7 | 11.0 | 23.2 | 21.5 | |
CASH FLOW FROM INVESTING ACTIVITIES | |||||
Acquisitions of subsidiaries less cash and cash equivalents at acquisition time | 0.0 | 0.0 | 0.0 | -11.3 | |
Purchase of tangible assets | 0.0 | -0.5 | -1.1 | -1.2 | |
Purchase of intangible assets | 0.0 | -0.6 | -0.9 | -1.0 | |
Investments in other investments | 0.2 | 0.0 | -0.2 | 0.0 | |
NET CASH FLOW FROM INVESTING ACTIVITIES | 0.2 | -1.1 | -2.2 | -13.5 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||||
Repayments of loans | -1.1 | -1.1 | -4.3 | -3.2 | |
Dividends paid | 0.0 | 0.0 | -9.0 | -8.5 | |
Share subscription through exercised options | 0.0 | 0.0 | 0.0 | 0.3 | |
Payments of lease agreement liabilities | -0.2 | -0.2 | -0.8 | -0.7 | |
NET CASH FLOW FROM FINANCING ACTIVITIES | -1.3 | -1.3 | -14.1 | -12.1 | |
Net change in cash and credit accounts | 10.6 | 8.6 | 6.9 | -4.2 | |
Cash and cash equivalents at beginning of period | 22.3 | 16.5 | 25.2 | 28.9 | |
Effect of exchange rates | -0.9 | 0.1 | -0.1 | 0.5 | |
Cash and cash equivalents at end of period | 32.1 | 25.2 | 32.1 | 25.2 |
Key figures (EUR million)
10-12/2022 | 10-12/2021 | 1-12/2022 | 1-12/2021 | |
Net sales | 28.3 | 23.8 | 97.0 | 78.8 |
Ebitda | 10.2 | 8.6 | 33.1 | 25.7 |
Ebitda-% | 36.2 | 36.0 | 34.1 | 32.7 |
Operating profit | 9.3 | 7.1 | 29.7 | 22.1 |
Operating profit-% | 33.1 | 29.9 | 30.6 | 28.1 |
Pre-tax profit | 8.6 | 7.2 | 29.1 | 22.1 |
Pre-tax profit-% | 30.3 | 30.1 | 30.0 | 28.1 |
Net profit | 5.7 | 5.5 | 21.8 | 17.3 |
Net profit-% | 20.1 | 23.0 | 22.4 | 22.0 |
Gross capital expenditure | 1.4 | 2.5 | 4.5 | 15.7 |
Gross capital expenditure-% | 5.0 | 10.5 | 4.7 | 19.9 |
R&D costs | 2.0 | 1.7 | 8.6 | 6.5 |
R&D costs-% from net sales | 7.2 | 7.2 | 8.9 | 8.3 |
Gearing-% | -13.1 | -1.0 | -13.1 | -1.0 |
Equity ratio-% | 66.8 | 63.0 | 66.8 | 63.0 |
Return on investment-% (ROI) | 8.8 | 7.2 | 28.2 | 22.4 |
Return on equity-% (ROE) | 6.7 | 7.4 | 25.7 | 23.4 |
Undiluted earnings per share, EUR | 0.214 | 0.206 | 0.818 | 0.652 |
Diluted Earnings per share, EUR | 0.214 | 0.206 | 0.818 | 0.652 |
Equity per share, EUR | 3.41 | 2.94 | 3.41 | 2.94 |
Average no. of employees | 205 | 182 | 194 | 167 |
Cash flow from operating activities | 11.7 | 11.0 | 23.2 | 21.5 |
Cash flow from investing activities | 0.2 | -1.1 | -2.2 | -13.5 |
Net cash used in financing activities | -1.3 | -1.3 | -14.1 | -12.1 |
Total cash flow | 10.6 | 8.6 | 6.9 | -4.2 |
Alternative growth indicators used in financial reporting
Revenio Group’s reported net sales are strongly affected by fluctuations in the exchange rate between the euro and the US dollar. As an alternative growth indicator, the Company also presents net sales with the exchange rate effect eliminated.
Alternative growth indicator (EUR thousand) | 1-12/2022 |
Reported net sales | 96,976 |
Effect of exchange rates on net sales | 5,980 |
Net sales adjusted by the effect of exchange rates | 90,996 |
Growth in net sales, adjusted by the effect of exchange rates | 16.4 % |
Reported net sales growth | 23.1 % |
Difference, % points | -6.7 % |
Alternative profitability indicator EBITDA (EUR thousand)
EBITDA = Operating profit + depreciation + impairment
As an alternative growth indicator, the Company also presents profitability as an operating margin (EBITDA) key figure.
Alternative profitability indicator EBITDA (EUR thousand) | 1-12/2022 | 1-12/2021 |
Operating profit, EBIT | 29,683 | 22,103 |
Depreciation, amortization, and impairment | 3,434 | 3,620 |
EBITDA | 33,117 | 25,722 |
Operating profit adjusted by non-recurring costs (EUR thousand) | 1-12/2022 | 1-12/2021 |
Operating profit, EBIT | 29,683 | 22,103 |
Cutica-related impairment | 0 | 628 |
Non-recurring costs of the acquisition | 0 | 678 |
Adjusted operating profit, EBIT | 29,683 | 23,409 |
EBITDA adjusted by non-recurring acquisition costs (EUR thousand) | 1-12/2022 | 1-12/2021 |
EBITDA | 33,117 | 25,722 |
Non-recurring costs of the acquisition | 0 | 678 |
Adjusted, EBITDA | 33,117 | 26,401 |
Formulas
EBITDA | = | EBITDA = Operating profit + amortization + impairment | |
Gross margin | = | Sales revenue – variable costs | |
Earnings per share | = | Net profit for the period (attributable to the parent company’s shareholders) Average number of shares during the period – own shares purchased | |
Equity ratio, % | = | 100x | Shareholders’ equity on the balance sheet + non-controlling interest Balance sheet total – advance payments received |
Net gearing, % | = | 100x | Interest-bearing debt – cash and cash equivalents Total equity |
Return on equity (ROE), % | = | 100x | Profit for the period Shareholders’ equity + non-controlling interest |
Return on investment (ROI), % | = | 100x | Profit before taxes + interest and other financial expenses Balance sheet total – non-interest-bearing debt |
Equity per share | = | Equity attributable to shareholders Number of shares at the end of the period |
Financial information in 2023
The interim report Q1/2023 will be published on
Audiocast and teleconference
Audiocast: https://revenio.videosync.fi/2022-q4-result
To ask questions, please join the teleconference by registering using the following link: http://palvelu.flik.fi/teleconference/?id=10010580
After the registration, you will be provided with phone numbers and a conference ID to access the conference. To ask a question, please press *5 on your telephone keypad to enter the queue.
A recording of the audiocast will be published on https://www.reveniogroup.fi/en/ after the event.
Disclaimer
This report contains certain statements that are estimates based on the management’s best knowledge at the time they were made. For this reason, they involve a certain amount of inherent risk and uncertainty. The estimates may change in the event of significant changes in the general economic conditions.
Board of Directors
For further information, please contact
President and CEO
jouni.toijala@revenio.fi
CFO
robin.pulkkinen@revenio.fi
Distribution
Principal media
www.reveniogroup.fi/en/
In 2022, the Group’s net sales totaled
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