Harvia’s Interim Report 1 January – 31 March 2024

Harvia Plc, Interim report 3 May 2024 at 9.00 a.m. EEST

Harvia Q1 2024: Strong profitability − good growth outside Europe

This release is a summary of Harvia Plc’s Interim Report January–March 2024. The complete report is attached to this release as a pdf file. It is also available on Harvia’s website at https://harviagroup.com/.

Highlights of the review period

January–March 2024:

• Revenue increased by 2.3% to EUR 42.4 million (41.4). At comparable exchange rates, revenue increased by 2.7% to EUR 42.5 million. Organic revenue growth was 1.4%.
• Operating profit was EUR 9.9 million (9.2), making up 23.3% (22.2) of the revenue.
• Adjusted operating profit reached EUR 10.1 million (9.3), making up 23.8% (22.4) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 10.2 million (24.0% of the revenue).
• Operating free cash flow amounted to EUR 11.1 million (11.6) and cash conversion was 95.0% (107.6).
• Net debt amounted to EUR 26.5 million (45.8) and leverage, calculated as net debt divided by 12 months’ adjusted EBITDA, was 0.6 (1.1).
• Equity ratio was 52.4% (49.3). 
• Earnings per share were EUR 0.40 (0.34).

Key figures

EUR million	1–3/2024	1–3/2023	Change %	1–12/2023
Revenue	42.4	41.4	2.3%	150.5
EBITDA	11.5	10.7	6.6%	39.3
% of revenue	27.0%	26.0%		26.1%
Items affecting comparability *	0.2	0.1	193.3%	0.6
Adjusted EBITDA **	11.7	10.8	8.0%	39.9
% of revenue	27.6%	26.2%		26.5%
Operating profit	9.9	9.2	7.1%	33.0
% of revenue	23.3%	22.2%		21.9%
Adjusted operating profit **	10.1	9.3	8.7%	33.7
% of revenue	23.8%	22.4%		22.4%
Basic EPS (EUR)	0.40	0.34	19.4%	1.25
Operating free cash flow	11.1	11.6	-4.6%	44.6
Cash conversion	95.0%	107.6%		111.7%
Investments in tangible and intangible assets	-2.2	-0.3	657.9%	-3.1
Net debt	26.5	45.8	-42.2%	37.6
Leverage	0.6	1.1		0.9
Net working capital	34.9	43.6	-19.9%	36.1
Adjusted return on capital employed (ROCE)	47.1%	49.3%		44.2%
Equity ratio	52.4%	49.3%		51.0%
Number of employees at end of period	625	624	0.2%	605

* Consists of items outside the ordinary course of business, relating to the Group’s strategic development projects, acquisitions, business divestments, restructuring and loss on sale of fixed assets, and affecting comparability.