Harvia’s long-term financial targets have been adjusted to reflect the company’s growth ambitions. The new long-term financial targets are:
1) Adjusted operating profit is operating profit before items affecting comparability.
2) Excluding the future impacts of changes in IFRS reporting standards.
Harvia’s dividend policy stays unchanged: the company will continue to pay a regularly increasing dividend with a bi-annual payout.
| (EUR thousand unless otherwise indicated) | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Key statement of comprehensive income indicators | |||||||
| Revenue | 150,547 | 172,408 | 179,123 | 109,115 | 74,095 | 61,942 | 60,107 |
| Revenue growth | -12.7% | -3.7% | 64.2% | 47.3% | 20.2% | 3.1% | 20.0% |
| EBITDA | 39,298 | 41,173 | 52,488 | 26,705 | 16,437 | 11,533 | 11,184 |
| % of revenue | 26.1% | 23.9% | 29,3% | 24.5% | 22.2% | 18.6% | 18.6% |
| Adjusted EBITDA | 39,924 | 42,947 | 53,116 | 28,775 | 16,989 | 13,009 | 12,617 |
| % of revenue | 26.5% | 24.9% | 29.7% | 26.4% | 22.9% | 21.0% | 21.0% |
| Operating profit | 33,044 | 34,678 | 46,644 | 22,376 | 13,324 | 9,376 | 9,263 |
| % of revenue | 21.9% | 20.1% | 26.0% | 20.5% | 18.0% | 15.1% | 15.4% |
| Adjusted operating profit | 33,670 | 36,452 | 47,272 | 24,445 | 13,876 | 10,852 | 10,696 |
| % of revenue | 22.4% | 21.1% | 26.4% | 22.4% | 18.7% | 17.5% | 17.8% |
| Basic EPS (EUR) | 1.25 | 1.45 | 1.80 | 0.83 | 0.51 | 0.41 | 0.30 |
| Diluted EPS (EUR) | 1.25 | 1.44 | 1.79 | 0.82 | 0.51 | 0.41 | 0.30 |
| Key cash flow indicators | |||||||
| Cash flow from operating activities | 39,139 | 24,335 | 21,816 | 28,080 | 15,072 | 8,820 | 8,029 |
| Operating free cash flow | 44,601 | 33,989 | 20 447 | 28,688 | 15,167 | 10,019 | 9,035 |
| Cash conversion | 111.7% | 79.1% | 38.5% | 99.7% | 89.3% | 77.0% | 71.6% |
| Investments in tangible and intangible assets | -3,124 | -3,587 | -11 762 | -2,567 | -1,807 | -1,617 | -1,196 |
| Key balance sheet indicators | |||||||
| Net debt | 37,569 | 54,529 | 43,817 | 31,891 | 28,305 | 30,258 | 72,985 |
| Leverage | 0.9 | 1.3 | 0.8 | 1.1 | 1.7 | 2.3 | 5.8 |
| Net working capital | 36,132 | 45,319 | 41,931 | 17,952 | 16,840 | 17,500 | 17,255 |
| Average capital employed excluding goodwill | 76,129 | 66,836 | 41,984 | 33,337 | 36,301 | 34,348 | 32,752 |
| Adjusted return on capital employed (ROCE) | 44,2% | 54,5% | 112.6% | 73.3% | 38.2% | 31.6% | 32.7% |
| Equity ratio | 51,0% | 47,3% | 42.4% | 42.0% | 56.6% | 56.3% | 16.9% |
| Key figure | Definition |
| Operating profit | Profit before income taxes, finance income and finance costs. |
| EBITDA | Operating profit before depreciation and amortisation |
| Items affecting comparability | Material items outside the ordinary course of business, which relate to i) costs related to the listing ii) strategic development projects, iii) acquisition and integration related expenses, iv) restructuring expenses and v) net gains or losses on sale of assets and grants received. |
| Adjusted operating profit | Operating profit before items affecting comparability. |
| Adjusted EBITDA | EBITDA before items affecting comparability. |
| Adjusted profit before income taxes | Profit before income taxes excluding items affecting comparability. |
| Earnings per share, undiluted | Profit for the period attributable to the owners of the parent divided by weighted average number of shares outstanding. |
| Earnings per share, diluted | Profit for the period attributable to the owners of the parent divided by weighted average number of shares outstanding taken into consideration the effects associated with any parent company’s obligations regarding the possible share issue in the future. |
| Net debt | Lease liabilities, shareholder loans and current and non-current loans from credit institutions less cash and cash equivalents. |
| Leverage | Net debt divided by adjusted EBITDA (12 months). |
| Net working capital | Inventories, trade and other receivables less trade and other payables. |
| Capital employed excluding goodwill | Capital employed excluding goodwill is total equity and net debt less goodwill. |
| Adjusted return on capital employed (ROCE) | Adjusted operating profit (12 months) divided by average capital employed excluding goodwill. |
| Operating free cash flow | Adjusted EBITDA added/subtracted by the change in net working capital in consolidated statement of cash flows less investments in tangible and intangible assets. |
| Cash conversion | Operating free cash flow divided by adjusted EBITDA. |
| Equity ratio | Total equity divided by total assets less advances received. |
