Harvia’s interim report 1 January – 31 March 2020

Harvia Plc, Interim report, 28 April 2020 at 9.00 a.m. EET

Harvia’s interim report 1 January – 31 March 2020

Profitable growth continued

This release is a summary of Harvia Plc’s Interim Report January–March 2020. 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 2020

• Revenue grew by 5.6% to EUR 20.4 million (19.3). At comparable exchange rates, revenue grew by 4.8% to EUR 20.2 million.
• Adjusted operating profit grew to EUR 4.2 million (4.0), making up 20.6% (20.6) of the revenue. At comparable exchange rates, the adjusted operating profit grew to EUR 4.1 million (20.4% of the revenue).
• Operating profit was EUR 3.1 million (3.8), making up 15.3% (19.9) of the revenue. At comparable exchange rates, the operating profit was EUR 3.0 million (15.0% of the revenue).
• Operative free cash flow amounted to EUR 5.9 million (1.7).
• Net debt amounted to EUR 24.3 million (31.6) and leverage was 1.4 (2.3).
• Equity ratio increased to 57.1% (55.7).
• In March, Harvia announced that it had signed an agreement to acquire the majority of the German EOS Group.
• Due to the coronavirus pandemic, Harvia has taken special measures to ensure the safety of its personnel and safeguard the continuity of its operations and services in all of its units. The effects of the pandemic on Harvia’s business and result were minor during the review period.

Key figures                    

EUR million	1-3/2020	1-3/2019	Change, %	2019
Revenue	20.4	19.3	5.6%	74.1
EBITDA	3.9	4.6	-14.6%	16.4
% of revenue	19.3%	23.9%		22.2%
Items affecting comparability *	1.1	0.1	766.2%	0.6
Adjusted EBITDA **	5.0	4.7	6.2%	17.0
% of revenue	24.7%	24.5%		22.9%
Operating profit	3.1	3.8	-19.2%	13.3
% of revenue	15.3%	19.9%		18.0%
Adjusted operating profit **	4.2	4.0	5.8%	13.9
% of revenue	20.6%	20.6%		18.7%
Basic EPS (EUR)	0.13	0.14	-8.7%	0.51
Operating free cash flow	5.9	1.7	243.9%	15.2
Cash conversion	117.4%	36.3%		89.3%
Investments in tangible and intangible assets	-0.3	-0.5	-33.9%	-1.8
Net debt	24.3	31.6	-23.1%	28.3
Leverage	1.4	2.3		1.7
Net working capital	15.2	20.2	-24.4%	16.8
Adjusted return on capital employed (ROCE)	37.7%	30.9%		38.2%
Equity ratio	57.1%	55.7%		56.6%
Number of employees at end of period	399	390	2.3%	395

* Consists of items outside the ordinary course of business that are related to Group's strategic development projects, acquisitions, restructuring expenses and loss on sale of fixed assets and affect comparability.