The figures in parentheses refer to the corresponding period in the previous year unless otherwise stated.
Q4/2023: Strong profitability and sales for our imaging and tonometry products
October–December 2023
- Net sales totaled
EUR 29.1 (28.3) million, up by 3.1% - Exchange rates did not affect the quarter’s net sales growth
- Operating profit was
EUR 9.5 (9.3) million, or 32.6% of net sales, up by 1.6% - EBITDA was
EUR 10.5 (10.2) million, or 36.1% of net sales, up by 3.1% - Cash flow from operating activities totaled
EUR 5.2 (11.7) million. Cash flow from operating activities was weakened especially by the increase in sales receivables as a result of the strong end of the quarter. - Earnings per share came to
EUR 0.270 (0.214)
January–December 2023
- Net sales totaled
EUR 96.6 (97.0) million, down by 0.4% - The currency-adjusted growth of net sales was 2.2%
- Operating profit was
EUR 26.3 (29.7) million, or 27.3% of net sales, down by 11.3% - EBITDA was
EUR 30.3 (33.1) million, or 31.4% of net sales, down by 8.5% - The
EUR 1.0 million non-recurring costs of one-time projects had a negative impact on the operating profit and EBITDA for the review period. The adjusted operating profit wasEUR 27.3 (29.7) million, or 28.3% of net sales, down by 7.9%. The adjusted EBITDA declined by 5.6% compared to the EBITDA in the review period. - Cash flow from operating activities totaled
EUR 10.9 (23.2) million. Cash flow from operating activities was especially weakened by changes in working capital and taxes paid during the review period. - Earnings per share came to
EUR 0.719 (0.818) - The Annual General Meeting was held on
March 23, 2023 . The dividend was confirmed asEUR 0.36 . - The Board of Directors will propose to the Annual General Meeting of
April 4, 2024 , that a dividend ofEUR 0.38 per share be paid
Key consolidated figures
MEUR | 10-12/2023 | 10-12/2022 | Change-% | 1-12/2023 | 1-12/2022 | Change-% |
Net sales | 29.1 | 28.3 | 3.1 | 96.6 | 97.0 | -0.4 |
Gross margin | 20.5 | 20.0 | 2.4 | 68.2 | 69.8 | -2.2 |
Gross margin - % | 70.4 | 70.9 | -0.5 | 70.7 | 71.9 | -1.3 |
EBITDA | 10.5 | 10.2 | 3.1 | 30.3 | 33.1 | -8.5 |
EBITDA-% | 36.1 | 36.2 | 0.0 | 31.4 | 34.1 | -2.8 |
Adjusted EBITDA | 10.5 | 10.2 | 3.1 | 31.3 | 33.1 | -5.6 |
Adjusted EBITDA-% | 36.1 | 36.2 | 0.0 | 32.4 | 34.1 | -1.8 |
Operating profit, EBIT | 9.5 | 9.3 | 1.6 | 26.3 | 29.7 | -11.3 |
Operating profit-%, EBIT | 32.6 | 33.1 | -0.5 | 27.3 | 30.6 | -3.3 |
Adjusted Operating profit, EBIT | 9.5 | 9.3 | 1.6 | 27.3 | 29.7 | -7.9 |
Adjusted Operating profit-%, EBIT | 32.6 | 33.1 | -0.5 | 28.3 | 30.6 | -2.3 |
Return on investment-%, ROI | 8.4 | 8.8 | -0.4 | 23.5 | 28.2 | -4.7 |
Return on equity-%, ROE | 7.5 | 6.7 | 0.8 | 20.0 | 25.7 | -5.7 |
Earnings per share | 0.270 | 0.214 | 0.719 | 0.818 | ||
Change, %-point | ||||||
Equity ratio-% | 72.7 | 66.8 | 5.9 | |||
Gearing-% | -3.6 | -13.1 | 9.5 |
Financial guidance for 2024
Revenio Group’s exchange rate-adjusted net sales are estimated to grow 5-10 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.
President and CEO
“Despite the challenging operating environment in 2023, our core business without microperimeters showed an upward trend towards the end of the year. The growth for our core products recovered to its usual double-digit level. In the last quarter of the year, sales of retinal imaging devices, in particular, showed very strong growth. Furthermore, the sales growth of intraocular pressure measurement devices was almost double-digit year-on-year. The uptake of new iCare ILLUME screening solution customers continued to grow strongly. Operating profit was on a strong level, being 32.6% of net sales.
In the last quarter of the year, sales of our core products, especially the iCare IC200 intraocular pressure measurement device updated with the Quick Measure feature, performed strongly in our key markets. During the same period, iCare DRSplus and iCare EIDON family fundus imaging devices performed strongly. We received a significant order for the iCare DRSplus fundus imaging device for screening purposes in
Our medium-term growth targets and outlook remain unchanged. When investments in eye care recover, we will be in an excellent position to accelerate our growth. The drivers of our growth, including the increasing prevalence of eye diseases due to aging and rising living standards, along with healthcare cost pressures, create demand pressure. Our product portfolio is competitive and up-to-date to meet the demand. We have the capacity to complement organic growth with acquisitions due to our strong balance sheet, and we are actively scanning the market.
At the end of November, we introduced our strategy for the next three-year period, with a continued focus on the eye care market. We seek to grow at a rate three times faster than the market from 2025 onward. To achieve this objective, we aim to improve the level of clinical diagnostics through our products and to optimize patient eye care pathways through connected and predictive solutions. Strengthening customer orientation in operations and sales play a central role in our objective, while we also continue to develop our personnel and corporate culture. We have also set our ESG goals, focusing on the creation of value for our stakeholders, society, people, and the environment in particular. We develop sustainability in close cooperation with our partners and delivery chain.
We believe that the market situation will start to normalize from the second half of 2024 onwards, even though the recovery of the global macroeconomy currently seems slower than anticipated, and the geopolitical situation is very challenging. Despite this, we have faith in the future and remain committed to our growth objectives. I would like to express my gratitude to our team and stakeholders for their perseverance and commitment during the challenging year of 2023. It is good to continue our journey together forward from here.”
Revenio Group’s strategy
The cornerstones of the strategy for 2024–2026 are:
- Improve the quality of clinical diagnostics with targeted product innovations
- Optimize clinical care pathways with connected and predictive solutions
- Enhance customer focus in operations & sales
- Continue to develop People & Culture as a foundational strength
- Continue sustainable and profitable growth
Financial review 2023
Net sales, profitability, and profit
October–December 2023
Revenio Group’s net sales October 1–December 31, 2023 were
Earnings per share came to
January–December 2023
Revenio Group’s net sales January 1–December 31, 2023 were
The Group’s operating profit in January–December was
Profit before taxes was
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
Average number of personnel during the financial year | |||
1–12/2023 | 1–12/2022 | ||
214 | 194 |
At the end of the year the number of employees was 216 (207).
Board of Directors
Until the Annual General Meeting
Audit Committee
At its organizing meeting, held after the Annual General Meeting 2023, 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 2023, the Board elected from amongst its members the following members to serve on its
Auditor
At the Annual General Meeting 2023
Corporate responsibility
During 2023,
Revenio’s responsibility program, which was updated in 2023, covers four main themes that are linked to the company’s basic business—promoting eye health and improving the quality of life through products and services and, for example, enhanced screening coverage—and HR responsibility, environmental responsibility and good corporate governance. The company is committed to the principles of sustainable development as defined by the UN, and it has selected eight UN Sustainable Development Goals that are closely connected to its business.
In terms of personnel, the material responsibility themes are personnel safety, health and well-being, diversity and inclusion, good management and a corporate culture that supports innovation, as well as competence development and learning.
In terms of environmental impacts, the key responsibility themes are the reduction of greenhouse gas emissions and other harmful environmental effects in our own operations and in the value chain, promoting sustainable and circular product design and reducing the lifecycle environmental impacts of our products. The progress we made in 2023 included increasing the coverage of emission calculations and committing critical suppliers to independent sustainability reviews.
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 88,342 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
Based on the ended earning period of the share-based incentive plan 2020-2022, a total of 8,124 company’s treasury shares were transferred in a directed share issue without 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 2022 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
Between January 1–December 31, 2023,
Management transactions
Transactions in
Trading on Nasdaq Helsinki
During the period January 1–December 31, 2023, Revenio Group Corporation’s share turnover on the Nasdaq Helsinki exchange totaled
Summary of trading on Nasdaq Helsinki on January 1–December 31, 2023
January–December 2023 | Turnover, number of shares | Value total, EUR | Highest, EUR | Lowest, EUR | Average price, EUR | Latest, EUR |
REG1V | 10,000,744 | 277,741,804 | 41.5 | 17.51 | 27.77 | 27.16 |
Market value, EUR | 724,659,111 | 1,029,891,078 |
Number of shareholders | 25,057 | 21,792 |
Risks and uncertainty factors
Risks
The Group’s strategic risks include competition in all sectors, the threat posed by new competing products, and any other actions of the Company’s rivals that may affect the competitive situation. Another strategic risk is related to the ability to shift the strategic focus towards integrated and predictive eye care pathways and to succeed in R&D activities and to maintain a competitive product mix. The Group develops new technologies under
Corporate acquisitions and the purchase of assets with growth potential related to eye health are part of the Group strategy. The success of these acquisitions has a significant impact on the achievement of growth and profitability targets. Acquisitions may also change the Group’s risk profile.
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 updates.
Operational risks are associated with the retention and development of major customers, the operations of the distribution network, and success in extending the customer base and markets. Operational risks in the eye health sector that the Company specializes in include, in particular, factors related to expansion into new markets, such as various countries' national regulations of marketing authorizations for medical instruments and the related official decisions concerning the health care market. Success in eye health R&D projects launched in accordance with the strategy can also be classified as an operational risk. Furthermore, the global availability challenges related to electronic components may cause operational risks.
The operational risks related to the manufacture, product development, and production control of medical instruments are estimated to be higher than average due to the sector’s ambitious requirements concerning quality. 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. Liquidity risks are monitored by means of cash forecasts, which are drawn up for periods of, at most, 12 months at a time.
The management of corporate responsibility risks is a part of the Company’s risk management process, according to which risks are assessed annually. Corporate responsibility is viewed through economic, environmental and social responsibility.
Moreover, global pandemics such as Covid-19 could 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 AGM confirmed the company's financial statements for the financial year 1 January –
The AGM decided that five members be elected to the Board of Directors and elected
The AGM decided that the Chair 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 shares will be assigned to the Board members within two weeks of the release of Revenio Group Corporation’s interim report for the period of 1 January -
The AGM further decided that an attendance allowance of
Any travel expenses of the members of the Board or Board Committees will be compensated in accordance with the company’s travel expense regulations.
The AGM re-elected
2. Annual profit distribution, dividend distribution and capital repayment
The AGM decided to accept the Board's proposal on profit distribution, according to which the parent company’s profit for the financial period,
3. Authorizing the Board of Directors to change the Articles of Association
The AGM authorized the Board of Directors to change Articles 4 (“Board of Directors”), 8 (currently “Notice of general meetings of shareholders”) and 10 (“Annual General Meeting”) of the Articles of Association so that Article 4 is changed by increasing the maximum number of ordinary members of the Board of Directors, provisions concerning the place of the meeting and the holding of the remote meeting are added to Article 8 and the provision concerning the place of the meeting is deleted from Article 10. Following the changes, the above-mentioned sections of the Articles of Association read as follows:
“4 Board of Directors
A Board of Directors comprising no fewer than three (3) and no more than seven (7) ordinary members elected by the Annual General Meeting is responsible for the management of the company and the appropriate organization of its business operations.
A Board member’s term of office ends at the close of the Annual General Meeting following his or her election.
The Board of Directors will elect a Chairman from among its members. The Board of Directors is quorate when more than half of its members are present.”
“8 Notice of general meetings of shareholders and the place of the meeting
Notice of a General Meeting shall be given no earlier than two months and no later than twenty-one (21) days prior to the meeting by publishing the notice on the company’s website at www.reveniogroup.fi or in at least one Finnish-language national daily newspaper determined by the Board of Directors.
An Annual General Meeting may be held at the company's domicile or at another Finnish location decided by the Board of Directors. The Board of Directors may also decide that the Annual General Meeting will be held without a meeting venue so that the shareholders will exercise their decision-making power full-on and on an up-to-date basis by means of a telecommunications connection and a technical device during the meeting.”
“10 Annual General Meeting
An Annual General Meeting must be held annually on a date determined by the Board of Directors, no more than six months after the end of the financial year.
The AGM must decide:
1) whether to adopt the Financial Statements;
2) how to dispose of the profit shown in the balance sheet;
3) whether to discharge the President & CEO and the members of the Board of Directors from liability;
4) what remuneration and compensation for travel expenses should be paid to members of the Board of Directors;
5) the number of members of the Board of Directors;
6) who will be elected to the Board of Directors;
7) who will be the company’s auditor;
8) on any mandatory items contained in the Limited Liability Companies Act and any other matters mentioned in the invitation.”
4. Authorizing the Board of Directors to decide on the acquisition of own shares
The AGM authorized the Board of Directors to resolve on the acquisition 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 or 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 2024, yet no further than until
5. 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 2,668,111 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. by issuing them in a directed manner. The authorization of the Board covers both the issue of new shares and the transfer of any shares that may be held by the company.
The authorization is effective until the end of the Annual General Meeting held in 2024, yet no further than until
Proposal by the Board of Directors for distribution of profit
The Group’s profit for the financial year 2023 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 financial period, on
Major shareholders on
No. of shares | % | |
1. | 4,792,299 | 17.96% |
2. SEB Funds | 1,058,940 | 3.97% |
3. Vanguard | 865,479 | 3.24% |
4. Swedbank Robur Funds | 729,000 | 2.73% |
5. | 699,792 | 2.62% |
6. Nordea Funds | 458,359 | 1.72% |
7. | 386,000 | 1.45% |
8. TIN Funds | 367,869 | 1.38% |
9. | 360,019 | 1.35% |
10. BlackRock | 354,324 | 1.33% |
* Monitor by
FINANCIAL STATEMENTS JANUARY 1–DECEMBER 31, 2023, 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 2022, except for the following amendments to the existing standards, which the Group has applied as of
Amendments made to IFRS 17, IAS 1, IAS 8 ja IAS 12.
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
MEUR | 10-12/2023 | 10-12/2022 | 1-12/2023 | 1-12/2022 |
29.1 | 28.3 | 96.6 | 97.0 | |
Other operating income | 0.2 | 0.2 | 0.2 | 0.3 |
Materials and services | -8.6 | -8.2 | -28.3 | -27.2 |
Employee benefits | -4.8 | -4.7 | -19.1 | -19.4 |
Depreciation, amortization, and impairment | -1.0 | -0.9 | -3.9 | -3.4 |
Other operating expenses | -5.4 | -5.3 | -19.0 | -17.6 |
NET PROFIT/LOSS | 9.5 | 9.3 | 26.3 | 29.7 |
Financial income and expenses (net) | -0.3 | -0.8 | -1.0 | -0.6 |
PROFIT BEFORE TAXES | 9.2 | 8.6 | 25.4 | 29.1 |
Income taxes | -2.1 | -2.9 | -6.3 | -7.3 |
NET PROFIT | 7.2 | 5.7 | 19.1 | 21.8 |
Other comprehensive income items | 0.1 | -0.8 | -0.3 | 0.3 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 7.3 | 4.9 | 18.8 | 22.1 |
Earnings per share, EUR | 0.270 | 0.214 | 0.719 | 0.818 |
Consolidated balance sheet
MEUR | ||
ASSETS | ||
NON-CURRENT ASSETS | ||
59.4 | 59.8 | |
Intangible assets | 18.6 | 17.1 |
Tangible assets | 2.3 | 2.8 |
Right-of-use assets | 3.6 | 1.7 |
Other non-current financial assets | 2.3 | 0.4 |
Other receivables | 0.0 | 0.2 |
Deferred tax assets | 2.8 | 1.6 |
TOTAL NON-CURRENT ASSETS | 89.1 | 83.6 |
CURRENT ASSETS | ||
Inventories | 10.5 | 6.7 |
Trade and other receivables | 16.3 | 13.7 |
Cash and cash equivalents | 21.5 | 32.1 |
TOTAL CURRENT ASSETS | 48.3 | 52.5 |
TOTAL ASSETS | 137.4 | 136.1 |
SHAREHOLDERS’ EQUITY AND LIABILITIES | ||
SHAREHOLDERS’ EQUITY | ||
Share capital | 5.3 | 5.3 |
Fair value reserve | 0.4 | 0.3 |
Reserve for invested unrestricted capital | 52.2 | 52.4 |
Other reserves | 0.3 | 0.3 |
Retained earnings/loss | 43.5 | 34.3 |
Translation difference | 0.0 | 0.2 |
Own shares held by the company | -1.7 | -1.9 |
TOTAL SHAREHOLDERS’ EQUITY | 99.9 | 90.9 |
LIABILITIES | ||
NON-CURRENT LIABILITIES | ||
Deferred tax liabilities | 3.3 | 3.7 |
Financial liabilities | 10.8 | 15.0 |
Lease liabilities | 2.3 | 0.9 |
TOTAL LONG-TERM LIABILITIES | 16.3 | 19.5 |
CURRENT LIABILITIES | ||
Trade and other payables | 15.0 | 20.1 |
Provisions | 0.6 | 0.5 |
Financial liabilities | 4.2 | 4.2 |
Lease liabilities | 1.4 | 0.9 |
TOTAL CURRENT LIABILITIES | 21.2 | 25.7 |
TOTAL LIABILITIES | 37.5 | 45.2 |
TOTAL SHAREHOLDERS’ EQUITY | ||
AND TOTAL LIABILITIES | 137.4 | 136.1 |
Consolidated statement of changes in equity
MEUR | Share capital | Reserve for invested unrestricted equity | Other reserves | Retained earnings | Translation difference | Own shares | Total equity |
Balance | 5.3 | 52.4 | 0.6 | 34.3 | 0.2 | -1.9 | 90.9 |
Dividend distribution | 0.0 | 0.0 | 0.0 | -9.6 | 0.0 | 0.0 | -9.6 |
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 | -0.3 | 0.0 | 0.0 | -0.3 |
Total comprehensive income | 0.0 | 0.0 | 0.0 | 19.1 | -0.3 | 0.0 | 18.8 |
Balance | 5.3 | 52.2 | 0.6 | 43.5 | 0.0 | -1.7 | 99.9 |
MEUR | Share capital | Reserve for invested unrestricted equity | 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 |
Consolidated cash flow statement
MEUR | 10-12/2023 | 10-12/2022 | 1-12/2023 | 1-12/2022 |
CASH FLOW FROM OPERATIONS | ||||
Profit for the period | 7.2 | 5.7 | 19.1 | 21.8 |
Adjustments: | ||||
Depreciation, amortization, and impairment | 1.0 | 0.9 | 3.9 | 3.4 |
Other non-cash items | 0.6 | -0.4 | 1.3 | 0.5 |
Interest and other financial expenses | 0.5 | 0.8 | 1.5 | 1.3 |
Interest income and other financial income | -0.2 | -0.1 | -0.7 | -0.6 |
Taxes | 2.1 | 2.9 | 6.3 | 7.3 |
Other adjustments | 0.0 | -0.1 | -0.6 | -1.0 |
Change in working capital: | ||||
Changes in sales and other receivables | -5.5 | -0.1 | -2.7 | -4.6 |
Changes in current assets | -0.4 | 0.1 | -3.7 | -0.3 |
Changes in trade and other payables | 2.6 | 3.4 | -3.6 | 1.7 |
Change in working capital, total | -3.3 | 3.4 | -10.0 | -3.2 |
Interest paid | -0.2 | -0.2 | -0.8 | -0.3 |
Interest received | 0.1 | 0.1 | 0.2 | 0.1 |
Taxes paid | -2.5 | -1.3 | -9.4 | -6.0 |
NET CASH FLOW FROM OPERATING ACTIVITIES | 5.2 | 11.7 | 10.9 | 23.2 |
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Purchase of tangible assets | 0.9 | 0.0 | -0.7 | -1.1 |
Purchase of intangible assets | -2.2 | 0.0 | -3.4 | -0.9 |
Investments in other investments | 0.0 | 0.2 | -1.9 | -0.2 |
NET CASH FLOW FROM INVESTING ACTIVITIES | -1.3 | 0.2 | -6.0 | -2.2 |
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Repayments of loans | -1.1 | -1.1 | -4.2 | -4.3 |
Dividends paid | 0.0 | 0.0 | -9.6 | -9.0 |
Payments of lease agreement liabilities | -0.3 | -0.2 | -1.2 | -0.8 |
NET CASH FLOW FROM FINANCING ACTIVITIES | -1.4 | -1.3 | -15.0 | -14.1 |
Net change in cash and credit accounts | 2.6 | 10.6 | -10.1 | 6.9 |
Cash and cash equivalents at beginning of period | 19.3 | 22.3 | 32.1 | 25.2 |
Effect of exchange rates | -0.3 | -0.9 | -0.4 | -0.1 |
Cash and cash equivalents at end of period | 21.5 | 32.1 | 21.5 | 32.1 |
Key figures
MEUR | 10-12/2023 | 10-12/2022 | 1-12/2023 | 1-12/2022 |
Net sales | 29.1 | 28.3 | 96.6 | 97.0 |
Ebitda | 10.5 | 10.2 | 30.3 | 33.1 |
Ebitda-% | 36.1 | 36.2 | 31.4 | 34.1 |
Operating profit | 9.5 | 9.3 | 26.3 | 29.7 |
Operating profit-% | 32.6 | 33.1 | 27.3 | 30.6 |
Pre-tax profit | 9.2 | 8.6 | 25.4 | 29.1 |
Pre-tax profit-% | 31.7 | 30.3 | 26.3 | 30.0 |
Net profit | 7.2 | 5.7 | 19.1 | 21.8 |
Net profit-% | 24.6 | 20.1 | 19.8 | 22.4 |
Gross capital expenditure | 1.2 | 1.4 | 5.8 | 4.5 |
Gross capital expenditure-% | 4.2 | 5.0 | 6.1 | 4.7 |
R&D costs | 3.6 | 2.0 | 10.4 | 8.6 |
R&D costs-% from net sales | 12.4 | 7.2 | 10.8 | 8.9 |
Gearing-% | -3.6 | -13.1 | -1.2 | -13.1 |
Equity ratio-% | 72.7 | 66.8 | 72.2 | 66.8 |
Return on investment-% (ROI) | 8.4 | 8.8 | 23.5 | 28.2 |
Return on equity-% (ROE) | 7.5 | 6.7 | 20.0 | 25.7 |
Earnings per share, EUR | 0.270 | 0.214 | 0.719 | 0.818 |
Equity per share, EUR | 3.74 | 3.41 | 3.74 | 3.41 |
Average no. of employees | 216 | 205 | 214 | 194 |
Cash flow from operating activities | 5.2 | 11.7 | 10.9 | 23.2 |
Cash flow from investing activities | -1.3 | 0.2 | -6.0 | -2.2 |
Net cash used in financing activities | -1.4 | -1.3 | -15.0 | -14.1 |
Total cash flow | 2.6 | 10.6 | -10.1 | 6.9 |
Contingent liabilities
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) | 1-12/2023 |
Reported net sales | 96,576 |
Effect of exchange rates on net sales | 1,604 |
Net sales adjusted by the effect of exchange rates | 94,972 |
Growth in net sales, adjusted by the effect of exchange rates | 2.2% |
Reported net sales growth | -0.4% |
Difference, % points | 2.6% |
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) | 1-12/2023 | 1-12/2022 |
Operating profit, EBIT | 26,343 | 29,683 |
Depreciation, amortization, and impairment | 3,944 | 3,434 |
EBITDA | 30,287 | 33,117 |
Operating profit adjusted by non-recurring costs (EUR thousand) | 1-12/2023 | 1-12/2022 |
Operating profit, EBIT | 26,343 | 29,683 |
Costs from one-time projects | 983 | 0 |
Adjusted operating profit, EBIT | 27,326 | 29,683 |
EBITDA adjusted by non-recurring costs (EUR thousand) | 1-12/2023 | 1-12/2022 |
EBITDA | 30,287 | 33,117 |
Costs from one-time projects | 983 | 0 |
Adjusted, EBITDA | 31,270 | 33,117 |
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, % | = | 100 x | Shareholders’ equity + non-controlling interest Balance sheet total – advance payments received |
Net gearing, % | = | 100 x | Interest-bearing debt – cash and cash equivalents Total equity |
Return on equity (ROE), % | = | 100 x | Profit for the period Shareholders’ equity + non-controlling interest |
Return on investment (ROI), % | = | 100 x | 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 reporting in 2024
The interim report Q1/2024 will be published on
Audiocast and teleconference
Audiocast: https://revenio.videosync.fi/q4-2023
To ask questions, please join the teleconference by registering using the following link: https://palvelu.flik.fi/teleconference/?id=50048929
After the registration, you will be provided with a phone number, user ID 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 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 2023, the Group’s net sales totaled
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