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2021-11-04

Harvia’s Interim Report 1 January – 30 September 2021

Harvia Plc, Interim report 4 November 2021 at 9.00 a.m. EET


Harvia Q3: Strong growth and excellent profitability continued

This release is a summary of Harvia Plc’s Interim Report January–September 2021. 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

July–September 2021:

  • Revenue increased by 65.1% to EUR 46.2 million (28.0). At comparable exchange rates, revenue increased by 65.4% to EUR 46.3 million. On top of very strong organic revenue growth of 42.5%, Harvia enjoyed substantial revenue growth due to acquisitions.
  • Adjusted operating profit increased to EUR 11.8 million (6.1), making up 25.5% (21.8) of the revenue. At comparable exchange rates, the adjusted operating profit increased to EUR 11.6 million (25.2% of the revenue).
  • Operating profit was EUR 11.6 million (6.0), making up 25.1% (21.4) of the revenue.
  • Operating free cash flow amounted to EUR 4.4 million (7.9) and cash conversion was 32.9% (106.9%). EUR 2.5 million (1.0) investments in expanding capacity and improving productivity as well as EUR 6.6 million increase of net working capital decreased the operating free cash flow and cash conversion in the third quarter.
  • On 31 August 2021, Harvia signed and closed an agreement to acquire Sauna-Eurox Oy, one of the world’s largest suppliers of safe and durable sauna stones, and its sister company Parhaat Löylyt Oy. The financial figures have been consolidated with Harvia’s figures starting from 31 August 2021.

January–September 2021:

  • Revenue increased by 79.6% to EUR 132.6 million (73.9). At comparable exchange rates, revenue increased by 83.0% to EUR 135.2 million. Organic growth was strong at 53.9%. The impact of acquisitions on growth was substantial, as well.
  • Adjusted operating profit increased to EUR 36.1 million (15.7), making up 27.2% (21.2) of the revenue. At comparable exchange rates, the adjusted operating profit increased to EUR 37.0 million (27.3% of the revenue).
  • Operating profit was EUR 35.5 million (13.7), making up 26.8% (18.5) of the revenue.
  • Operating free cash flow amounted to EUR 16.6 million (18.3). EUR 8.0 million (1.7) investments in expanding capacity and improving productivity as well as EUR 15.8 million increase of net working capital decreased the operating free cash flow and cash conversion. The acquisitions during January–September 2021 were paid out of the company’s cash reserves.
  • Net debt amounted to EUR 38.9 million (36.3) and leverage was 0.8 (1.5).
  • Equity ratio was 41.4% (42.2).
  • On 28 May 2021, Harvia signed and closed an agreement to acquire Kirami, a leading Finnish still water hot tub manufacturer and pioneer in wood-heated hot tubs globally. The financial figures of Kirami have been consolidated with Harvia’s figures starting from 28 May 2021. On 31 August 2021, Harvia signed and closed an agreement to acquire Sauna-Eurox Oy, and its sister company Parhaat Löylyt Oy. The financial figures have been consolidated with Harvia’s figures starting from 31 August 2021.
  • Harvia has taken special measures in all operating countries to ensure the safety of its personnel and safeguard the continuity of its operations and services in the exceptional situation caused by the COVID-19 pandemic. Despite the pandemic, we have maintained our operative and customer service capabilities close to their regular level.

Key figures

EUR million 7-9/
2021
7-9/
2020
Change 1-9/
2021
1-9/
2020
Change 1-12/
2020
Revenue 46.2 28.0 65.1% 132.6 73.9 79.6% 109.1
EBITDA 13.3 7.3 82.4% 39.8 16.8 136.7% 26.7
% of revenue 28.7% 26.0%   30.0% 22.8%   24.5%
Items affecting comparability * 0.2 0.1 66.7% 0.6 2.0 -70.4% 2.1
Adjusted EBITDA ** 13.4 7.4 82.1% 40.4 18.8 114.6% 28.8
% of revenue 29.1% 26.4%   30.5% 25.5%   26.4%
Operating profit 11.6 6.0 93.6% 35.5 13.7 160.0% 22.4
% of revenue 25.1% 21.4%   26.8% 18.5%   20.5%
Adjusted operating profit **
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