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 of 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.

Key figures

Key financial indicators
(EUR thousand unless otherwise indicated) 2019 2018 2017 2016 2015
Key statement of comprehensive income indicators
Revenue 74 095 61 942 60 107 50 095 46 412
Revenue growth 19,6 % 3,1 % 20,0 % 7,9 %
EBITDA 16 437 11 533 11 184 11 307 12 233
% of revenue 22,2 % 18,6 % 18,6 % 22,6 % 26,4 %
Adjusted EBITDA 16 989 13 009 12 617 11 664 12 214
% of revenue 22,9 % 21,0 % 21,0 % 23,3 % 26,3 %
Operating profit 13 324 9 376 9 263 9 698 10 637
% of revenue 18,0 % 15,1 % 15,4 % 19,4 % 22,9 %
Adjusted operating profit 13 876 10 852 10 696 10 055 10 617
% of revenue 18,7 % 17,5 % 17,8 % 20,1 % 22,9 %
Basic EPS (EUR) 0,51 0,41 0,30 0,35 0,40
Diluted EPS (EUR) 0,51 0,41 0,30 0,34 0,40
Key cash flow indicators
Cash flow from operating activities 15 072 8 820 8 029 9 952 10 439
Operating free cash flow 15 167 10 019 9 035 10 804 11 693
Cash conversion 89,3 % 77,0 % 71,6 % 92,6 % 95,7 %
Investments in tangible and intangible assets -1 807 -1 617 -1 196 -1 002 -711
Key balance sheet indicators
Net debt 28 305 30 258 72 985 74 455 72 369
Leverage 1,7 2,3 5,8 6,4 5,9
Net working capital 16 840 17 500 17 255 15 443 13 969
Average capital employed excluding goodwill 36 301 34 348 32 752 30 544 29 171
Adjusted return on capital employed (ROCE) 38,2 % 31,6 % 32,7 % 32,9 % 36,4 %
Equity ratio 56,6 % 56,3 % 16,9 % 15,5 % 13,1 %
Return on Equity (ROE) 14,3 % 15,9 % 16,1 % 22,1 % 34,3 %

CALCULATION FORMULAS OF KEY FIGURES

Calculation 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.
Return on Equity (ROE) Profit for the period divided by average total equity