Harvia’s Half-year financial review 1 January – 30 June 2024
In This Article:
Harvia Plc, Half-year financial review 8 August 2024 at 9:00 a.m. EEST
Harvia Q2 2024: Significant sales growth and strong profitability
This release is a summary of Harvia Plc’s Half-year financial review January–June 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
April–June 2024:
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Revenue increased by 20.7% to EUR 43.2 million (35.8). At comparable exchange rates, revenue increased by 20.3% to EUR 43.0 million. Organic revenue growth was 20.1%.
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Operating profit was EUR 8.9 million (7.8), making up 20.7% (21.9%) of the revenue.
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Adjusted operating profit was EUR 9.4 million (8.0), making up 21.8% (22.3%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 9.4 million (21.8% of the revenue).
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Operating free cash flow amounted to EUR 5.5 million (9.1) and cash conversion was 50.0% (96.1%). The change in net working capital decreased the operating free cash flow and cash conversion.
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Harvia announced its updated strategy and long-term financial targets on 29 May 2024, when the company held its first Capital Markets Day.
January–June 2024:
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Revenue increased by 10.9% to EUR 85.5 million (77.2). At comparable exchange rates, revenue increased by 10.8% to EUR 85.5 million. Organic revenue growth was 10.4%.
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Operating profit was EUR 18.8 million (17.0), making up 22.0% (22.1%) of the revenue.
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Adjusted operating profit was EUR 19.5 million (17.3), making up 22.8% (22.4%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 19.5 million (22.8% of the revenue).
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Operating free cash flow amounted to EUR 16.6 million (20.8) and cash conversion was 73.2% (102.2%). The change in net working capital decreased the operating free cash flow and cash conversion.
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Net debt amounted to EUR 32.6 million (45.8) and leverage, calculated as net debt divided by last 12 months’ adjusted EBITDA, was 0.8 (1.2).
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Equity ratio was 49.8% (46.3%).
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Earnings per share were EUR 0.71 (0.62).
Key figures
| EUR million | 4–6/ | 4–6/ | Change | 1–6/ | 1–6/ | Change | 1–12/ |
| Revenue | 43.2 | 35.8 | 20.7% | 85.5 | 77.2 | 10.9% | 150.5 |
| EBITDA | 10.5 | 9.4 | 12.3% | 22.0 | 20.1 | 9.2% | 39.3 |
| % of revenue | 24.4% | 26.2% |
| 25.7% | 26.1% |
| 26.1% |
| Items affecting comparability * | 0.5 | 0.1 | 263.2% | 0.7 | 0.2 | 237.2% | 0.6 |
| Adjusted EBITDA ** | 11.0 | 9.5 | 15.9% | 22.7 | 20.4 | 11.7% | 39.9 |
| % of revenue | 25.6% | 26.6% |
| 26.6% | 26.4% |
| 26.5% |
| Operating profit | 8.9 | 7.8 | 13.9% | 18.8 | 17.0 | 10.2% | 33.0 |
| % of revenue | 20.7% | 21.9% |
| 22.0% | 22.1% |
| 21.9% |
| Adjusted operating profit ** | 9.4 | 8.0 | 18.2% | 19.5 | 17.3 | 13.1% | 33.7 |
| % of revenue | 21.8% | 22.3% |
| 22.8% | 22.4% |
| 22.4% |
| Basic EPS (EUR) | 0.31 | 0.28 | 10.5% | 0.71 | 0.62 | 15.3% | 1.25 |
| Operating free cash flow | 5.5 | 9.1 | -39.6% | 16.6 | 20.8 | -20.0% | 44.6 |
| Cash conversion | 50.0% | 96.1% |
| 73.2% | 102.2% |
| 111.7% |
| Investments in tangible and intangible assets | -0.5 | -0.9 | -36.7% | -2.8 | -1.2 | 140.1% | -3.1 |
| Net debt | 32.6 | 45.8 | -28.8 % | 32.6 | 45.8 | -28.8% | 37.6 |
| Leverage | 0.8 | 1.2 |
| 0.8 | 1.2 |
| 0.9 |
| Net working capital | 33.0 | 36.5 | -9.6 % | 33.0 | 36.5 | -9.6% | 36.1 |
| Adjusted return on capital employed (ROCE) | 51.7% | 47.7% |
| 51.7% | 47.7% |
| 44.2% |
| Equity ratio | 49.8% | 46.3% |
| 49.8% | 46.3% |
| 51.0% |
| Number of employees at end of period | 683 | 619 | 10.3% | 683 | 619 | 10.3% | 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.