Q2/2022: A very strong quarter driven by all key markets and products
The figures in parentheses refer to the corresponding period in the previous year unless otherwise stated.
April–June 2022
- Net sales totaled
EUR 24.4 (18.9) million, showing an increase of 29.3% - The currency-adjusted growth of net sales in April-June was 18.1%
- Operating profit was
EUR 7.1 (4.4) million, or 29.2% of net sales, up by 60.6% - EBITDA was
EUR 8.0 (5.2) million, up 54.5% - Cash flow from operations totaled
EUR 4.6 (4.0) million - Undiluted earnings per share came to
EUR 0.203 (0.130)
January–June 2022
- Net sales totaled
EUR 44.6 (35.6) million, showing an increase of 25.1% - The currency-adjusted growth of net sales in January–June was 17.6%
- Sales grew in all of our key markets in double digits
- Operating profit was
EUR 12.7 (9.0) million, or 28.4% of net sales, up by 40.2% - The
EUR 0.7 million non-recurring costs of the Oculo acquisition had a negative impact on the operating profit for the comparison period. Compared to the adjusted operating profit for the comparison period, the operating profit increased by 30.4%. - EBITDA was
EUR 14.4 (10.4) million, up 37.5% - Cash flow from operations totaled
EUR 4.4 (4.7) million - Undiluted earnings per share came to
EUR 0.379 (0.271) - On
April 8, 2022 , the Annual General Meeting decided to distribute a dividend ofEUR 0.34 (0.32) per share
Key consolidated figures, EUR million
4-6/2022 | 4-6/2021 | Change-% | 1-6/2022 | 1-6/2021 | Change-% | |
Net sales | 24.4 | 18.9 | 29.3 | 44.6 | 35.6 | 25.1 |
Gross margin | 17.4 | 13.0 | 33.5 | 32.1 | 25.0 | 28.0 |
Gross margin - % | 71.3 | 69.1 | 2.3 | 71.9 | 70.3 | 1.6 |
EBITDA | 8.0 | 5.2 | 54.5 | 14.4 | 10.4 | 37.5 |
EBITDA-% | 32.7 | 27.4 | 5.3 | 32.2 | 29.3 | 2.9 |
Operating profit, EBIT | 7.1 | 4.4 | 60.6 | 12.7 | 9.0 | 40.2 |
Operating profit-%, EBIT | 29.2 | 23.5 | 5.7 | 28.4 | 25.4 | 3.1 |
Return on investment-%, ROI | 7.0 | 4.7 | 2.3 | 12.7 | 9.7 | 3.0 |
Return on equity-%, ROE | 6.8 | 5.0 | 1.8 | 12.8 | 10.5 | 2.3 |
Undiluted earnings per share | 0.203 | 0.130 | 0.379 | 0.271 | ||
Change, %-point | ||||||
Equity ratio-% | 66.2 | 61.9 | 4.3 | |||
Gearing-% | 7.0 | 20.7 | -13.7 |
Financial guidance for 2022
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
“Despite the global uncertainty, the first half of 2022 was very strong for us. Sales grew by double digits in all our key markets, resulting in 25.1% growth in net sales and 40.2 % in operating profit. Exchange rates supported our favorable development throughout the first half of the year. Our January-June revenue growth adjusted for exchange rate effects reached 17.6%.
We have achieved continued growth from one quarter to the next – while increasing our market share – in both intraocular pressure measurement devices and retinal imaging devices. The development of the sales of intraocular pressure measurement devices was very strong especially in
As part of iCare Solutions, we launched iCare ILLUME, an AI-assisted software solution for the screening of diabetic retinopathy. The prevalence of diabetes is increasing at a high rate globally, and the world needs innovative solutions for increasing screening coverage. At the same time, the solution allows ophthalmologists to focus on patients with actual risk factors for eye diseases. The iCare ILLUME solution combines images taken with the iCare DRSplus fundus imaging system with AI technology. iCare ILLUME instantly detects signs of vision-threatening diabetic retinopathy with the help of AI. Images taken with the iCare DRSplus fundus imaging system are automatically transferred to the iCare ILLUME screening solution hosted on a cloud service, and the report is instantly available. This allows the utilization of the high-quality images generated by the iCare DRSplus fundus imaging system even more extensively to support clinical decision-making. In the future, the iCare ILLUME solution can be used for the screening of other eye diseases as well.
Based on the current outlook, it is likely that the uncertainties related to the slowdown in economic development and the geopolitical environment will continue towards the end of the year. The direct impacts of the war in
I am proud of the commitment and performance of our global team in the challenging general market situation. We will continue to focus on building growth and strengthening our position in eye care solutions. As we enter the second half of the year, we are keeping a close eye on the global economy and the geopolitical environment.”
The effects of the war in
The security situation in
Strategy
The cornerstones of Revenio’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
Net sales, profitability and profit
April–June 2022
Revenio Group’s net sales April 1–June 30, 2022 totaled
Profit before taxes was
Undiluted earnings per share came to
January–June 2022
Revenio Group’s net sales 1 January–30 June, 2022 totaled
Profit before taxes was
The Group’s operating profit in January–June was
Undiluted earnings per share came to
Balance sheet, financial position, and cash flow
The Group’s balance sheet total on
The Group’s equity was
Administration
Personnel and management
On
Average number of personnel during the review period | |||
1–6/2022 | 1–6/2021 | 1–12/2021 | |
188 | 155 | 167 |
Personnel at the end of the review period on
Board of Directors
The Annual General Meeting 2022 decided to elect
Audit Committee
At its organization meeting, held after the Annual General Meeting 2022, the Board elected the members of the Audit Committee amongst the Board members.
The duties of the Audit Committee are described in more detail in the 2021 Report by the Board of Directors, Corporate Governance Statement, and on the company’s website at https://www.reveniogroup.fi/en/investors/corporate_governance/board_of_directors
At its organization meeting, held after the Annual General Meeting 2022, the Board elected the members of the
The duties of the
Auditor
Shares, share capital, and management and employee holdings
On
The company has one class of share, and all shares confer the same voting rights and an equal right to dividends and the company’s funds. On
During the review period, the company did not buy its own shares. At the end of the review period, the company held 102,321 of its own shares, which represent 0.38% of the total number of all shares.
In late 2015, the employees of
The valid authorizations of the Board of Directors are documented in the Annual general meeting section below.
Existing incentive schemes
Information on the remuneration schemes used currently in the
Flagging notifications
The company was not notified of any flaggings during the review period of January 1–June 30, 2022.
Management transactions
Transactions in
Trading on Nasdaq Helsinki
During the period January 1–June 30, 2022, Revenio Group Corporation’s share turnover on the Nasdaq Helsinki exchange totaled
Summary of trading on Nasdaq Helsinki on January 1–June 30, 2022
January–June 2022 | Turnover, number of shares | Value total, EUR | Highest, EUR | Lowest, EUR | Average price, EUR | Latest, EUR |
REG1V | 3,848,763 | 175,856,397 | 58.70 | 37.20 | 45.69 | 42.52 |
Market value, EUR | 1,134,481,052 | 1,704,923,312 |
Number of shareholders | 22,243 | 22,350 |
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. To manage credit loss risks, the Group has credit insurance covering all the Group's companies. 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 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 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 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 decide on the acquisition of 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
Events after the review period
There have been no significant events after the review period.
Financial information in 2022
The interim report 1–9/2022 will be published on Thursday
Audiocast and conference call
President & CEO
The audiocast can be followed at https://revenio.videosync.fi/results-q2-2022/
Conference call dial in numbers:
PIN: 52423554#
Major shareholders on
No. of shares | % | |
1. | 3,998,685 | 14.99% |
2. SEB Funds | 1,209,890 | 4.53% |
3. Columbia Threadneedle | 1,163,675 | 4.36% |
4. | 792,790 | 2.97% |
5. Vanquard | 761,530 | 2.85% |
6. | 542,283 | 2.03% |
7. | 517,391 | 1.94% |
8. | 498,632 | 1.87% |
9. Nordea Funds | 432,255 | 1.62% |
10. BlackRock | 388,887 | 1.46% |
* Monitor by
HALF-YEAR REPORT JANUARY 1–JUNE 30, 2022, TABLES
Accounting policies applied in the preparation of the half-year report
This half-year report has been drawn up in accordance with IAS 34 Interim Financial Reporting and the same principles as the financial statements for 2021, with the exception of 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 half-year report are unaudited.
Consolidated comprehensive income statement (EUR million)
4-6/2022 | 4-6/2021 | 1-6/2022 | 1-6/2021 | 1-12/2021 | |
24.4 | 18.9 | 44.6 | 35.6 | 78.8 | |
Other operating income | 0.0 | 0.0 | 0.1 | 0.1 | 0.9 |
Materials and services | -7.0 | -5.8 | -12.5 | -10.6 | -23.0 |
Employee benefits | -5.2 | -4.4 | -10.0 | -7.5 | -16.4 |
Depreciation, amortization, and impairment | -0.9 | -0.7 | -1.7 | -1.4 | -3.6 |
Other operating expenses | -4.3 | -3.5 | -7.8 | -7.1 | -14.5 |
NET PROFIT/LOSS | 7.1 | 4.4 | 12.7 | 9.0 | 22.1 |
Financial income and expenses (net) | -0.1 | -0.1 | 0.2 | 0.0 | 0.0 |
PROFIT BEFORE TAXES | 7.0 | 4.3 | 12.9 | 9.0 | 22.1 |
Income taxes | -1.6 | -0.9 | -2.8 | -1.9 | -4.8 |
NET PROFIT | 5.4 | 3.4 | 10.1 | 7.2 | 17.3 |
Other comprehensive income items | 0.8 | 0.0 | 0.8 | 0.1 | 0.1 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 6.2 | 3.4 | 10.9 | 7.3 | 17.5 |
Earnings per share, undiluted, EUR | 0.203 | 0.130 | 0.379 | 0.271 | 0.652 |
Earnings per share, diluted, EUR | 0.203 | 0.130 | 0.379 | 0.271 | 0.652 |
Consolidated balance sheet (EUR million)
ASSETS | |||
NON-CURRENT ASSETS | |||
Tangible assets | 3.1 | 2.2 | 2.6 |
60.1 | 59.7 | 59.8 | |
Intangible assets | 17.6 | 18.7 | 18.2 |
Right-of-use assets | 1.9 | 0.9 | 1.7 |
Other receivables | 0.6 | 0.1 | 0.2 |
Deferred tax assets | 0.0 | 0.1 | 0.0 |
TOTAL NON-CURRENT ASSETS | 83.4 | 81.6 | 82.4 |
CURRENT ASSETS | |||
Inventories | 6.2 | 5.7 | 6.4 |
Trade and other receivables | 11.5 | 8.4 | 9.2 |
Deferred tax assets | 1.9 | 1.5 | 1.3 |
Cash and cash equivalents | 17.0 | 12.1 | 25.2 |
TOTAL CURRENT ASSETS | 36.7 | 27.7 | 42.2 |
TOTAL ASSETS | 120.1 | 109.2 | 124.6 |
SHAREHOLDERS’ EQUITY AND LIABILITIES | |||
SHAREHOLDERS' EQUITY | |||
Share capital | 5.3 | 5.3 | 5.3 |
Fair value reserve | 0.3 | 0.3 | 0.3 |
Reserve for invested unrestricted capital | 52.4 | 52.6 | 52.6 |
Other reserves | 0.3 | 0.3 | 0.3 |
Retained earnings/loss | 22.4 | 11.5 | 22.1 |
Translationdifference | 0.7 | -0.2 | 0.0 |
Own shares held by the company | -1.9 | -2.1 | -2.1 |
TOTAL SHAREHOLDERS' EQUITY | 79.4 | 67.6 | 78.4 |
LIABILITIES | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 3.5 | 3.9 | 3.6 |
Financial liabilities | 17.1 | 22.4 | 0.8 |
Lease liabilities | 1.1 | 0.4 | 0.9 |
TOTAL LONG-TERM LIABILITIES | 21.7 | 26.7 | 5.3 |
CURRENT LIABILITIES | |||
Trade and other payables | 13.3 | 10.6 | 16.9 |
Provisions | 0.5 | 0.4 | 0.5 |
Financial liabilities | 4.3 | 3.6 | 22.7 |
Lease liabilities | 0.8 | 0.5 | 0.8 |
TOTAL CURRENT LIABILITIES | 18.9 | 14.9 | 40.9 |
TOTAL LIABILITIES | 40.6 | 41.6 | 46.2 |
TOTAL SHAREHOLDERS' EQUITY | |||
AND TOTAL LIABILITIES | 120.1 | 109.2 | 124.6 |
Consolidated statement of changes in equity (EUR million)
Reserve for | |||||||
invested | |||||||
Share | unrestricted | Other | Retained | Translation | Own | Total | |
capital | equity | Reserves | Earnings | difference | shares | 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 | -0.8 | 0.0 | 0.0 | -0.8 |
Total comprehensive income | 0.0 | 0.0 | 0.0 | 10.1 | 0.8 | 0.0 | 10.9 |
Balance | 5.3 | 52.4 | 0.6 | 22.4 | 0.7 | -1.9 | 79.4 |
Reserve for | |||||||
invested | |||||||
Share | unrestricted | Other | Retained | Translation | Own | Total | |
capital | equity | 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 | -1.3 | 0.0 | 0.0 | -1.3 |
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 | 7.3 | 0.1 | 0.0 | 7.5 |
Balance | 5.3 | 52.6 | 0.6 | 11.5 | -0.2 | -2.1 | 67.6 |
Consolidated cash flow statement (EUR million)
4-6/2022 | 4-6/2021 | 1-6/2022 | 1-6/2021 | 1-12/2021 | |||
CASH FLOW FROM OPERATIONS | |||||||
Profit for the period | 5.4 | 3.4 | 10.1 | 7.2 | 17.3 | ||
Adjustments: | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
Depreciation, amortization, and impairment | 0.9 | 0.7 | 1.7 | 1.4 | 3.6 | ||
Other non-cash items | -0.5 | 0.9 | 0.2 | 0.2 | 0.6 | ||
Interest and other financial expenses | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | ||
Interest income and other financial income | -0.1 | -0.1 | -0.4 | -0.2 | -0.4 | ||
Taxes | 1.6 | 0.9 | 2.8 | 1.9 | 4.8 | ||
Other adjustments | 0.0 | -1.0 | -0.8 | -1.0 | -1.1 | ||
Change in working capital: | |||||||
Changes in sales and other receivables | -1.8 | -0.2 | -2.3 | 1.3 | 0.4 | ||
Changes in current assets | -0.2 | -0.2 | 0.2 | -0.9 | -1.5 | ||
Changes in trade and other payables | 0.9 | 0.1 | -3.4 | -1.9 | 2.2 | ||
Change in working capital, total | -1.1 | -0.3 | -5.5 | -1.5 | 1.1 | ||
Interest paid | -0.1 | -0.1 | -0.1 | -0.1 | -0.2 | ||
Interest received | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
Taxes paid | -1.6 | -0.6 | -3.8 | -3.3 | -4.5 | ||
NET CASH FLOW FROM OPERATING ACTIVITIES | 4.6 | 4.0 | 4.4 | 4.7 | 21.5 | ||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||
Acquisitions of subsidiaries less cash and cash equivalents at acquisition time | 0.0 | -11.3 | 0.0 | -11.3 | -11.3 | ||
Purchase of tangible assets | -0.3 | -0.3 | -1.0 | -0.5 | -1.2 | ||
Purchase of intangible assets | -0.1 | -0.1 | -0.6 | -0.2 | -1.0 | ||
Investments in other investments | 0.0 | 0.0 | -0.4 | 0.0 | 0.0 | ||
NET CASH FLOW FROM INVESTING ACTIVITIES | -0.4 | -11.7 | -2.0 | -12.0 | -13.5 | ||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Repayments of loans | -1.1 | 0.0 | -2.1 | -1.1 | -3.2 | ||
Dividends paid | -9.0 | -1.9 | -9.0 | -8.5 | -8.5 | ||
Share subscription through exercised options | 0.0 | 0.1 | 0.0 | 0.3 | 0.3 | ||
Payments of lease agreement liabilities | -0.2 | -0.1 | -0.4 | -0.3 | -0.7 | ||
NET CASH FLOW FROM FINANCING ACTIVITIES | -10.3 | -2.0 | -11.6 | -9.6 | -12.1 | ||
Net change in cash and credit accounts | -6.1 | -9.7 | -9.1 | -16.9 | -4.2 | ||
Cash and cash equivalents at beginning of period | 22.6 | 21.9 | 25.2 | 28.9 | 28.9 | ||
Effect of exchange rates | 0.5 | -0.1 | 0.9 | 0.1 | 0.5 | ||
Cash and cash equivalents at end of period | 17.0 | 12.1 | 17.0 | 12.1 | 25.2 |
Key figures (EUR million)
1-6/2022 | 4-6/2022 | 1-6/2021 | 4-6/2021 | 1-12/2021 | |
Net sales | 44.6 | 24.4 | 35.6 | 18.9 | 78.8 |
Ebitda | 14.4 | 8.0 | 10.4 | 5.2 | 25.7 |
Ebitda-% | 32.2 | 32.7 | 29.3 | 27.4 | 32.7 |
Operating profit | 12.7 | 7.1 | 9.0 | 4.4 | 22.1 |
Operating profit-% | 28.4 | 29.2 | 25.4 | 23.5 | 28.1 |
Pre-tax profit | 12.9 | 7.0 | 9.0 | 4.3 | 22.1 |
Pre-tax profit-% | 28.8 | 28.8 | 25.4 | 23.0 | 28.1 |
Net profit | 10.1 | 5.4 | 7.2 | 3.4 | 17.3 |
Net profit-% | 22.6 | 22.1 | 20.2 | 18.3 | 22.0 |
Gross capital expenditure | 2.6 | 1.1 | 12.6 | 12.4 | 15.7 |
Gross capital expenditure-% | 5.9 | 4.4 | 35.3 | 65.5 | 19.9 |
R&D costs | 4.2 | 2.6 | 3.2 | 1.8 | 6.5 |
R&D costs-% from net sales | 9.4 | 10.6 | 8.9 | 9.8 | 8.3 |
Gearing-% | 7.0 | 7.0 | 20.7 | 20.7 | -1.0 |
Equity ratio-% | 66.2 | 66.2 | 61.9 | 61.9 | 63.0 |
Return on investment-% (ROI) | 12.7 | 7.0 | 9.7 | 4.7 | 22.4 |
Return on equity-% (ROE) | 12.8 | 6.8 | 10.5 | 5.0 | 23.4 |
Undiluted earnings per share, EUR | 0.379 | 0.203 | 0.271 | 0.130 | 0.652 |
Diluted Earnings per share, EUR | 0.379 | 0.203 | 0.271 | 0.130 | 0.652 |
Equity per share, EUR | 2.98 | 2.98 | 2.54 | 2.54 | 2.94 |
Average no. of employees | 188 | 191 | 155 | 166 | 167 |
Cash flow from operating activities | 4.4 | 4.6 | 4.7 | 4.0 | 21.5 |
Cash flow from investing activities | -2.0 | -0.4 | -12.0 | -11.7 | -13.5 |
Net cash used in financing activities | -11.6 | -10.3 | -9.6 | -2.0 | -12.1 |
Total cash flow | -9.1 | -6.1 | -16.9 | -9.7 | -4.2 |
Alternative growth indicators used in financial reporting
Revenio Group’s 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) | 1-6/2022 |
Reported net sales | 44,595 |
Effect of exchange rates on net sales | 2,880 |
Net sales adjusted by the effect of exchange rates | 41,715 |
Growth in net sales, adjusted by the effect of exchange rates | 17.6 % |
Reported net sales growth | 25.1 % |
Difference, % points | -7.5 % |
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) | 1-6/2022 | 1-6/2021 | 1-12/2021 |
Operating profit, EBIT | 12,686 | 9,049 | 22,103 |
Depreciation, amortization, and impairment | 1,686 | 1,400 | 3,620 |
EBITDA | 14,372 | 10,449 | 25,722 |
Operating profit adjusted by non-recurring costs (EUR thousand) | 1-6/2022 | 1-6/2021 | 1-12/2021 |
Operating profit, EBIT | 12,686 | 9,049 | 22,103 |
Cutica-related impairment | 0 | 0 | 628 |
Non-recurring costs of the acquisition | 0 | 678 | 678 |
Adjusted operating profit, EBIT | 12,686 | 9,728 | 23,409 |
EBITDA adjusted by non-recurring acquisition costs | 1-6/2022 | 1-6/2021 | 1-12/2021 |
EBITDA | 14,372 | 10,449 | 25,722 |
Non-recurring costs of the acquisition | 0 | 678 | 678 |
Adjusted, EBITDA | 14,372 | 11,127 | 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 | |
Profit before taxes | = | Operating profit + financial income – financial expenses | |
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 |
General statement
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
jouni.toijala@revenio.fi
robin.pulkkinen@revenio.fi
Distribution
Principal media
www.reveniogroup.fi/en/
In 2021, the Group’s net sales totaled
© Modular Finance, source