Financials

In this section you can find Harvia’s key financial figures, their historical development and information on calculation of key figures as well as financial targets.

Harvia’s financial targets are:

  • Annual revenue growth above five (5) per cent on average
  • Adjusted operating profit margin exceeding 20 per cent (adjusted operating profit is operating profit before items affecting comparability)
  • Net debt per adjusted EBITDA in the range of 1.5x–2.5x¹

¹ Does not take into account the effect of future changes in IFRS standards.

Harvia aims at regularly increasing dividends with bi-annual payout.

Key figures

(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%

CALCULATION FORMULAS OF KEY FIGURES

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.