Report by the
Board of Directors and
Financial Statements 2023
We aspire to keep
the wonderful world
visible for all
Content
Parent company financial
statements
Signatures
Parent company profit & loss
statement
50
Parent company balance sheet 51
Parent company cash flow
statement
52
Notes to parent company
financial statements
53
Signatures to the financial
statements and review of
operations
61
Auditor's note 61
Report by the Board
of Directors
Consolidated financial
statements
Auditor's report
Report by the Board
of Directors
3
Key figures 16
Consolidated comprehensive
profit & loss statement
20
Consolidated balance sheet 21
Consolidated cash flow statement 22
Consolidated statement of
changes in equity
23
Notes to the consolidated
financial statements
24 Auditor's report 63
Report by the
Board of Directors
January 1–December 31, 2023
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 3
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Revenio is a global provider of
comprehensive eye care solutions, a
leading company for ophthalmological
devices and software solutions.
Revenio’s objective is to raise the quality
of clinical diagnostics with the help of
product innovations and to streamline
clinical care pathways with connected
and predictive eye care solutions.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
4REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
Revenio is a global provider of comprehensive eye care
solutions, a leading company for ophthalmological
devices and software solutions. Revenio’s objective
is to raise the quality of clinical diagnostics with the
help of product innovations and to streamline clinical
care pathways with connected and predictive eye care
solutions.
Revenio’s ophthalmic diagnostic solutions include intra-
ocular pressure (IOP) measurement devices (tonome-
ters), fundus imaging devices, and perimeters as well as
clinical software under the iCare brand. iCare Solutions
provide digital clinical tools that drive greater efficiency
and enhance quality in eye care.
iCare is a trusted partner in eye diagnostics, providing
fast, user-friendly, and reliable tools for diagnosing
glaucoma, diabetic retinopathy, and macular degenera-
tion (AMD).
The Revenio Group comprises Revenio Group
Corporation, Icare Finland Oy, Icare USA Inc., Revenio
Italy S.R.L, CenterVue SpA, Revenio Research Oy,
Revenio Australia Pty Ltd, Icare World Australia Pty Ltd,
CT Operations International UK Ltd, China iCare Medical
Technology Co. Ltd, and Oscare Medical Oy.
Changes in the Group structure
Done Medical Oy was merged with the parent company
Revenio Group Corporation on October 31, 2023.
Strategy
During the strategy period 2021–2023 Revenio has trans-
formed from an eye care-focused ophthalmic diagnostic
device provider to a complete eye care solution sup-
plier. In November 2023, Revenio published its updated
strategy for the years 2024–2026. Revenio's updated
growth strategy aims to improve clinical diagnostics'
quality and to streamline clinical care pathways through
specific product innovations and software solutions. The
Group develops new products to support more effective
screening, prevention and diagnosis of eye diseases. A
key strategic goal is also to further increase the custom-
er-centric approach within operations and to develop
the Group's personnel and strengths related to corpo-
rate culture. As a part of the strategy work, Revenio has
reviewed its ESG priorities and KPIs, establishing targets
for the forthcoming years centered on creating value for
stakeholders, society, people, and the planet.
The cornerstones of the updated
strategy of Revenio for 2024–2026 are:
1. Improve the quality of clinical diagnostics
with targeted product innovations
2. Optimize clinical care pathways with
connected and predictive solutions
3. Enhance customer focus in operations & sales
4. Continue to develop People & Culture as a
foundational strength
5. Continue sustainable and profitable growth
As the prevalence of vision-threatening diseases
increases, Revenio works to keep the wonderful
world visible for all. During the strategy period, the
Group's focus will increasingly shift towards connected
and predictive eye care pathways. The foundation
for maintaining profitable growth comprises top-
tier offering, a diverse team of global professionals,
uncompromised dedication to quality, a customer-
centric approach in operations and sales, as well
as strategic channels and partnerships. With these
strengths, Revenio aims to grow 3 times faster than the
market growth from 2025 onwards.
Development of business operations and
the operating environment in 2023
The year 2023 was two-fold. The year started strongly
with double-digit growth, but the second quarter was ex-
ceptionally weak in terms of demand. The effects of high
interest rates and inflation were visible especially in the
private equity funded optometry sector. The last quarter
of the year showed an upward trend, and the Group’s
core business without microperimeters developed well
towards the end of the year.
Revenio has strengthened its position in the eye care
market with innovative and user-friendly products and
software solutions that optimize clinical care pathways.
The Group's product portfolio is competitive in both
intraocular pressure measurement devices and fundus
imaging devices. Revenio has continued to invest heavily
in product development in order to bring new product
and system innovations to the market. These include, for
example, the iCare IC200 intraocular pressure measure-
ment device updated with the Quick Measure feature
and the iCare ILLUME screening solution using artificial
intelligence, which was launched in 2022. The core of
the screening solution is the high-quality data produced
by iCare's devices and the related software solution.
The holistic solution optimizes the patient's clinical care
pathway and the processes of professionals in the field,
which is a significant factor from the point of view of
critical healthcare resources globally. AI distribution part-
nerships are being pursued with both the Dutch company
Thirona and the French company OphtAI. After the end
of the financial period, distributor cooperation was also
started with the Singaporean EyRIS.
At the end of 2023, a significant order was received for
the iCare DRSplus fundus imaging device for screening
purposes in Germany. Deliveries are scheduled for 2023–
2025. Additionally, Revenio received significant orders for
iCare DRSplus fundus imaging devices and iCare IC200
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
5REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
intraocular pressure measurement devices in the United
States. The process regarding the reimbursement policy
for the iCare HOME2 intraocular pressure measurement
device proceeds in the United States, and an application
for a HCPCS reimbursement code for the iCare HOME2
intraocular pressure measurement device has been sent
to the CMS (Centers for Medicare & Medicaid Services)
in the United States. This code is required by insurers
for the reimbursement of the iCare HOME2 intraocular
pressure measurement device to patients. The objec-
tive is to expand the reimbursement policy to cover the
device, either in full or in part, as a part of the patient’s
care pathway.
In August 2023, Revenio updated its financial guidance
due to the challenges in its operating environment. At the
time the company estimated that the global challenges in
its industry would continue, and the uncertainty factors
related to macroeconomic development that started at
the beginning of the year were likely to continue until the
first half of 2024. In particular, inflation and high-interest
rates were predicted to affect the purchasing behavior of
customers in the Group's main market and to be reflect-
ed in the investment willingness of optometry chains.
Revenio has transformed from an eye care-focused
ophthalmic diagnostic device provider to a complete eye
care solution supplier. Following the three-year strategy
published at the end of November 2023, the Group’s ob-
jective is to move towards connected and predictive eye
care solutions. When investments in eye care recover,
Revenio is in an excellent position to accelerate growth.
The drivers of the Group's growth, increasing prevalence
of eye diseases due to aging and rising living standards,
along with healthcare cost pressures, create demand
pressure. Our product portfolio is competitive and up to
date to meet the demand. In addition to organic growth,
Revenio is actively scanning the market with the support
of a strong balance sheet to identify potential acquisition
targets to accelerate growth and expand the product
range in the eye diagnostics market.
Net sales, profitability, and profit
Revenio Group’s net sales January 1–December 31, 2023
were EUR 96.6 (97.0) million. Net sales decreased by
0.4%. The currency-adjusted growth of net sales in
January–December was 2.2%, or 2.6%-points stronger
than the reported growth. EBITDA was EUR 30.3 (33.1)
million, or 31.4% of net sales, down by 8.5%.
The Group’s operating profit in January–December was
EUR 26.3 (29.7) million, down by 11.3%. The EUR 1.0
million non-recurring costs of one-time projects had
a negative impact on the EBITDA for the review period.
The adjusted operating profit was EUR 27.3 (29.7) mil-
lion, or 28.3% of net sales, down by 7.9%. The adjusted
EBITDA decreased by 5.6% compared to the EBITDA in
the comparison period.
Profit before taxes was EUR 25.4 (29.1) million, down by
12.6% year-on-year.
Earnings per share came to EUR 0.719 (0.818). Equity
per share came to EUR 3.74 (3.41).
Balance sheet, financial position and cash flow
The Group’s balance sheet total totaled EUR 137.4 (136.1)
million on December 31, 2023. The value of goodwill on
the balance sheet totaled EUR 59.4 (59.8) million on
December 31, 2023.
The Group’s equity was EUR 99.9 (90.9) million. The
Group’s net debt at the end of the period totaled EUR
-3.6 (-11.9) million, and net gearing was -3.6 (-13.1)%.
The Group’s equity ratio was 72.7 (66.8)%. The Group’s
liquid assets at the end of the financial period on
December 31, 2023 totaled EUR 21.5 (32.1) million. Cash
flow from operations totaled EUR 10.9 (23.2) million.
Personnel and management
On December 31, 2023, the members of Revenio Group’s
Management Team were Jouni Toijala, President and
CEO of Revenio Group Corporation; John Floyd, Vice
President, Sales; Heli Huopaniemi, Vice President,
Quality; Ari Isomäki, Vice President, Operations; Tomi
Karvo, Vice President, Products, Brand and Marketing;
Robin Pulkkinen, CFO; Kate Taylor, Vice President
Strategy and Business Development, and Hanna
Vuornos, Vice President, People & Culture.
Giuliano Barbaro, Vice President, Research and
Development, has taken up new responsibilities outside
the company as of July 1, 2023.
Marco Rizzardo was appointed Revenio's Vice President
R&D and a member of the Leadership Team. Rizzardo
started in his position on January 8, 2024. Marco
Rizzardo is responsible for the research and develop-
ment of Revenio Group's ophthalmological devices and
software solutions throughout their entire life cycle.
At the end of the year the number of employees was
216 (207).
Loans granted to key management
personnel
During the financial year 2020, Revenio Group
Corporation's President & CEO Jouni Toijala took out a loan
of EUR 50,000 granted by the company on market terms
for the purchase of Revenio’s shares. The shares acquired
JAN-DEC/2023 JAN-DEC/2022
Revenio Group 214 194
AVERAGE NUMBER OF PERSONNEL
DURING THE FINANCIAL YEAR
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
6REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
using the loan will act as security for the loan. This ar-
rangement was entered into at the request of Revenio’s
Board of Directors in order to secure the commitment
and motivation of the CEO. The CEO has agreed to hold
the company shares he acquired using the loan financing
granted by the company for a period of five (5) years. The
CEO’s obligation to hold the acquired shares ends if the
CEO’s employment relationship ends before the end of the
five-year period. The loan has been paid in full in 2023.
Shares, share capital, and management
and employee holdings
On December 31, 2023, Revenio Group Corporation’s
fully paid-up share capital registered with the Trade
Register was EUR 5,314,918.72 and the number of shares
totaled 26,681,116.
The Company has one class of shares, and all shares
confer the same voting rights and an equal right to
dividends and the Company’s funds. On December
31, 2023, the President & CEO, members of the Board
of Directors, the Leadership team members and their
related parties held 0.25% of the Company’s shares, or
66,553 shares.
The Company did not buy back any of its shares during
the financial period. At the end of the financial period,
the Company held 88,342 of its own shares.
In late 2015, the employees of Revenio Group working
in Finland established a personnel fund, into which
any bonuses earned by employees through incentive
schemes can be paid. This arrangement is widely used.
The Annual General Meeting of March 23, 2023, decided
that approximately 40% of Board members' emolument
will be settled in the form of Company shares.
The valid authorizations of the Board of Directors relat-
ing to repurchase and issuance of shares are presented
in the section on the Annual General Meeting.
Share option schemes
At the end of the financial period the Company has no
existing option schemes.
Share incentive plans
On March 13, 2020, January 26, 2021, January 26, 2022
and August 9, 2023 the Board of Directors of Revenio
Group Corporation decided on the three-year earn-
ing periods of the share-based long-term incentive
schemes directed towards the President & CEO and
other key personnel of Revenio Group. Long-term
incentive schemes form part of the Company's remu-
neration program for key personnel and are aimed at
supporting the implementation of the Company's strat-
egy and harmonizing the objective of key personnel and
Company shareholders in growing shareholder value.
Based on the ended earning period of the share-based
incentive plan 2020-2022, a total of 8,124 company’s
treasury shares were transferred in a directed share
issue without payment to the company's key personnel
participating in the plan on February 13, 2023.
In addition, if certain conditions are met, the CEO is
entitled to a restricted share plan under which the CEO
would be entitled to receive a total of 3,000 shares in
the Company during 2022–2024. In order to pay the
share bonus of 1,000 shares earned in 2022 in ac-
cordance with the terms of the program, 400 of the
company's treasury shares were issued to the CEO on
February 13, 2023 through a directed share issue with-
out payment, and the rest of the share bonus was used
for the tax consequences of the issued shares.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
7REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
SUMMARY OF TRADING ON NASDAQ HELSINKI
January 1–December 31, 2023
JANUARY–
DECEMBER
2023
TURNOVER,
NUMBER OF
SHARES
VALUE
TOTAL, EUR
HIGHEST,
EUR
LOWEST,
EUR
AVERAGE
PRICE, EUR
LATEST,
EUR
REG1V 10,000,744 277,741,804 41.50 17.51 27.77 27.16
DEC 31, 2023 DEC 31, 2022
Market value, EUR 724,659,111 1,029,891,078
Number of shareholders 25,057 21,793
The Company’s Board of Directors decided during March, 2021, on a restricted
share plan for five key employees of the Oculo business (nowadays Icare World
Australia Pty Ltd.). The plan was established as part of a long-term incentive
and commitment program to support the realization of Revenio Group’s strategy,
harmonize the interests of shareholders and plan participants and increase the
Company's value and profits in the long term, as well as to strengthen the par-
ticipants’ commitment to Revenio. The plan has a restricted maximum number of
shares. Under the plan, shares in the Company will be issued for a total maximum
value of 1,660,000 Australian dollars, calculated using the trade-weighted average
price of the Revenio share on the date of the completion of the Oculo acquisition.
The performance-based, three-year plan covers the years 2021—2023. A total of
1,083 of the company’s treasury shares were issued in June 8, 2023 in a directed
share issue without payment to persons included in the share-based incentive
scheme.
Information on the remuneration schemes currently used in Revenio Group can
be found at the Company’s website at: www.reveniogroup.fi/en/investors
/corporate_governance/remuneration
Trading on Nasdaq Helsinki
During the period January 1–December 31, 2023, Revenio Group Corporation’s share
turnover on the Nasdaq Helsinki exchange totaled EUR 277.7 (278.1) million, rep-
resenting 10.0 (6.3) million shares or 37.5 (23.4) % of all shares outstanding. The
highest transaction price was EUR 41.50 (58.70) and the lowest was EUR 17.51 (36.02).
The closing price at the end of the financial period was EUR 27.16 (38.60) and the
weighted average price for the financial period was EUR 27.77 (44.46). Revenio Group
Corporation’s market value stood at EUR 725 (1,030) million on December 31, 2023.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
8REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
Flagging notifications
Between January 1–December 31, 2023, Revenio Group
Corporation did not receive notifications of any changes
in holdings as referred to in Chapter 9, Section 5, of the
Securities Markets Act.
Management transactions
Transactions in Revenio securities by members of
Revenio Group Corporation's management during the
financial period have been published as stock exchange
releases and can be viewed on the Company website at
www.reveniogroup.fi/en/releases.
Corporate Governance
In its decision-making and corporate governance,
Revenio Group Corporation abides by the Finnish
Limited Liability Companies Act, other legal provi-
sions concerning listed companies, Revenio Group
Corporation's Articles of Association, and the rules and
guidelines issued by Nasdaq Helsinki Ltd. The company
complies with the Finnish Corporate Governance Code
approved on September 19, 2019 and issued on January
1, 2020 by the Securities Market Association.
Revenio’s Corporate Governance statements are pub-
lished annually on the company website at
www.reveniogroup.fi/en/investors
/corporate_governance.
The company’s Corporate Governance statements are
available in the Investors section of the company web-
site at www.reveniogroup.fi/en/investors
/corporate_governance.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
MAJOR SHAREHOLDERS
December 31, 2023*
SHAREHOLDERS BY SIZE OF HOLDING
NO. OF SHARES %
1 William Demant Invest A/S 4,792,299 17.96%
2 SEB Funds 1,058,940 3.97%
3 Vanguard 865,479 3.24%
4 Swedbank Robur Funds 729,000 2.73%
5 Ilmarinen Mutual Pension Insurance Company 699,792 2.62%
6 Nordea Funds 458,359 1.72%
7 Elo Mutual Pension INsurance Company 386,000 1.45%
8 TIN Funds 367,869 1.38%
9 Norges Bank 360,019 1.35%
10 BlackRock 354,324 1.33%
OWNER DISTRIBUTION
BY HOLDINGS CAPITAL
NUMBER OF
SHARES
NUMBER
OF KNOWN
OWNERS
1 - 100 2.24% 597,362 15,970
101 - 500 5.60% 1,495,013 6,310
501 - 1,000 3.65% 974,328 1,331
111,001 - 5,000 10.21% 2,725,408 1,238
5,001 - 10,000 4.77% 1,271,891 180
10,001 - 50,000 11.70% 3,120,785 145
50,001 - 100,000 5.43% 1,450,047 22
100,001 - 500,000 21.00% 5,603,361 24
500,001 - 1,000,000 10.61% 2,830,500 4
1,000,001 - 21.94% 5,851,239 2
Unknown holding size 2.85% 761,182 0
Tota l 100.00 % 26,681,116 25,226
* Monitor by Modular Finance AB. Compiled and processed ownership data from various public sources,
including Euroclear Finland and Morningstar, and from direct shareholder disclosures. While all efforts
have been made to secure as updated and complete information as possible, neither Modular Finance
nor Revenio Group can guarantee the completeness or accuracy of the data.
OWNERSHIP STRUCTURE
36.17%
Private Individuals
0.33%
Treasury Shares
2.18%
State, municipal and
county
2.85%
Anonymous ownership
4.55%
Other
29.13%
Fund company
0.24%
Foundations
6.58%
Pension & Insurance
17.96%
Investment & PE
Total:
100%
SHAREHOLDERS
BY SECTOR
31/12/2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
10REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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 com-
pany’s profit for the financial period, EUR 17,686,519.09,
will be added to retained earnings, and a dividend of
EUR 0.36 per share will be paid. Dividend will be paid to
shareholders who have been registered in the com-
pany's shareholder register, maintained by Euroclear
Finland Ltd, by the dividend record date on March 27,
2023. The dividend payment date was April 3, 2023.
3. Authorizing the Board of Directors to
change the Articles of Association
The AGM authorized the Board of Directors to change
Articles 4 (“Board of Directors”), 8 (currently “Notice
of general meetings of shareholders”) and 10 (“Annual
General Meeting”) of the Articles of Association so
that Article 4 is changed by increasing the maximum
number of ordinary members of the Board of Directors,
provisions concerning the place of the meeting and the
holding of the remote meeting are added to Article 8
and the provision concerning the place of the meeting
is deleted from Article 10. Following the changes, the
above-mentioned sections of the Articles of Association
read as follows:
”4 Board of Directors
A Board of Directors comprising no fewer than three (3)
and no more than seven (7) ordinary members elected
by the Annual General Meeting is responsible for the
management of the company and the appropriate orga-
nization of its business operations.
A Board member’s term of office ends at the close
of the Annual General Meeting following his or her
election.
Annual General Meeting and currently valid
authorizations of the Board of Directors
Decisions by the Annual General Meeting of Revenio
Group Corporation on March 23, 2023
1. Financial statements, Board and Auditors
The AGM confirmed the company's financial statements
for the financial year 1 January – 31 December 2022 and
discharged the members of the Board of Directors and
the Managing Director from liability.
The AGM decided that five members be elected to
the Board of Directors and elected Arne Boye Nielsen,
Riad Sherif, Ann-Christine Sundell, Pekka Tammela,
and Bill Östman as members of the Board of Directors.
In the board meeting held after the AGM, the Board
of Directors elected Arne Boye Nielsen as Chair of
the Board and Bill Östman as Vice Chair of the Board.
The Board of Directors also decided the members of
Audit Committee and elected Pekka Tammela, Ann-
Christine Sundell and Arne Boye Nielsen. The Board of
Directors elected Pekka Tammela as Chair of the Audit
Committee. The Board of Directors also decided the
members of Nomination and Remuneration Committee
and elected Ann-Christine Sundell, Riad Sherif and Bill
Östman. The Board of Directors elected Ann-Christine
Sundell as Chair of the Nomination and Remuneration
Committee.
The AGM decided that the Chair of the Board be enti-
tled to an annual emolument of EUR 60,000, the pos-
sible deputy chair of the Board of Directors be entitled
to an annual emolument of EUR 45,000, the Board
Members be entitled to an annual emolument of EUR
30,000, the chair of the Audit Committee be entitled to
an annual emolument of EUR 20,000, the chair of the
Nomination and Remuneration Committee be entitled
to an annual emolument of EUR 10,000, and the mem-
bers of the Board Committees be entitled to an annual
emolument of EUR 5,000.
Approximately 40 per cent of the Board members' an-
nual 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 - 31 March 2023, using the trade volume
weighted average price on the day following the release
of the interim report as the share value.
The AGM further decided that an attendance allow-
ance of EUR 1,000 for members of the Board or Board
Committees per Board or Committee meeting and EUR
600 per short teleconference, Board members EUR
600 for Board and Board Committee meetings and
EUR 300 for short teleconferences per meeting, yet so
that the aforementioned attendance allowance for the
Board and Board Committee meetings for Board and
Committee chairs who live outside of Finland and travel
to Finland for the meeting is EUR 2,000 and the afore-
mentioned attendance allowance for the Board and
Board Committee meetings for members is EUR 1,200.
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 Deloitte Ltd, Authorized Public
Accountants, as the company's auditors, with
Authorized Public Accountant (KHT) Mikko Lahtinen
acting as the principal auditor. The AGM decided to
pay the auditors’ fees as invoiced and approved by the
company.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
11REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
sede the authorization granted at the Annual General
Meeting of April 8, 2022.
5. 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 2,668,111 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. by issuing them
in a directed manner. The authorization of the Board
covers both the issue of new shares and the transfer of
any shares that may be held by the company.
The authorization is effective until the end of the
Annual General Meeting held in 2024, yet no further
than until June 30, 2024. This authorization shall su-
persede the issue authorization granted at the Annual
General Meeting of April 8, 2022.
Board of Directors and Auditors
Until the Annual General Meeting March 23, 2023, the
Company’s Board of Directors comprised Arne Boye
The Board of Directors will elect a Chairman from
among its members. The Board of Directors is quorate
when more than half of its members are present.”
”8 Notice of general meetings of shareholders and the
place of the meeting
Notice of a General Meeting shall be given no earlier
than two months and no later than twenty-one (21)
days prior to the meeting by publishing the notice on
the company’s website at www.reveniogroup.fi or in at
least one Finnish-language national daily newspaper
determined by the Board of Directors.
An Annual General Meeting may be held at the compa-
ny's domicile or at another Finnish location decided by
the Board of Directors. The Board of Directors may also
decide that the Annual General Meeting will be held
without a meeting venue so that the shareholders will
exercise their decision-making power full-on and on an
up-to-date basis by means of a telecommunications
connection and a technical device during the meeting.”
”10 Annual General Meeting
An Annual General Meeting must be held annually on
a date determined by the Board of Directors, no more
than six months after the end of the financial year.
The AGM must decide:
1. whether to adopt the Financial Statements;
2. how to dispose of the profit shown in the
balance sheet;
3. whether to discharge the President & CEO and
the members of the Board of Directors from liability;
4. what remuneration and compensation for travel
expenses should be paid to members of the Board
of Directors;
5. the number of members of the Board of Directors;
6. who will be elected to the Board of Directors;
7. who will be the company’s auditor;
8. on any mandatory items contained in the Limited
Liability Companies Act and any other matters
mentioned in the invitation.”
4. 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 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 struc-
ture, finance or 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 pur-
chase, 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 mar-
ket 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 max-
imum 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 2024, yet no further
than until June 30, 2024. This authorization shall super-
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
12REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
• evaluating the independence and work of the
statutory auditor and proposing a resolution
on the election and fee of the auditor to the
Annual General Meeting
• evaluating compliance with laws, regulations,
and Company policies and monitoring
significant litigations of Group companies
• executing any other duties bestowed upon it
by the Board
Nomination and Remuneration Committee
At its organizing meeting, held after the Annual General
Meeting 2023, the Board elected from amongst its
members the following members to serve on its
Nomination and Remuneration Committee: Ann-
Christine Sundell (Chair), Riad Sherif and Bill Östman.
The duties of the Nomination and
Remuneration Committee include:
• the preparation of a proposal for the appoint-
ment of directors made to the general meeting
• the preparation of a proposal concerning the
remuneration of the directors made to the
general meeting
• the presentation of a proposal concerning
directors to be made to the general meeting
• finding successor candidates for directors
• the preparation of the appointment of the
CEO and other management as well as s
uccessor planning
• the preparation of the salary and other financial
benefits of the CEO and other management
Nielsen (Chair), Riad Sherif, Ann-Christine Sundell,
Pekka Tammela and Bill Östman (Vice Chair). After the
Annual General Meeting 2023, the Company’s Board
of Directors comprises Arne Boye Nielsen (Chair), Riad
Sherif, Ann-Christine Sundell, Pekka Tammela and Bill
Östman (Vice Chair).
In 2023, the Board met 19 times, and the average atten-
dance rate was 98%. In 2022, the average attendance
rate was 100%.
In 2023, the Audit Committee met 5 times and the
attendance rate was 100%. In 2023, the Nomination and
Remuneration Committee met 8 times and the atten-
dance rate was 100%.
In the course of the financial year, the company paid, in
total, EUR 331,500 in payments as Board emoluments.
In addition, a total of 2,793 Revenio Group Corporation
shares were granted as Board emoluments.
Deloitte Oy, Authorized Public Accountants, acts as the
company’s auditors, with Mikko Lahtinen, Authorized
Public Accountant, as the principal auditor.
Audit Committee
At its organizing meeting, held after the Annual General
Meeting 2023, the Board elected from amongst its
members the following members to serve on its Audit
Committee: Pekka Tammela (Chair), Arne Boye Nielsen
and Ann-Christine Sundell.
The duties of the Audit Committee
are to:
• monitor and assess the financial reporting
system
• monitor and assess the efficiency of internal
controls, internal auditing and risk management
systems
• monitor and assess how legal agreements and
other transactions between the Company and
its related parties meet the requirements of
the ordinary course of business and market
terms
• monitor and evaluate the independence of the
auditor and, in particular, the offering of
services other than auditing by the auditor
• monitor the company’s auditing
• formulate the proposal for the appointment
of the Company’s auditor by the Annual
General Meeting
In addition, the tasks of the Audit
Committee include:
• monitoring the statutory auditing of the
financial statements and consolidated
financial statements as well as the
reporting process and ensure their accuracy
• supervising the financial reporting process
• reviewing the effectiveness of internal control
and risk management systems, the Group's
risks, and the quality and scope of risk
management
• approving the internal audit guidelines and
reviewing the internal audit plans and reports
• reviewing the description of the main features
of the internal control and risk management
systems in relation to the financial reporting
process, which is included in the Company's
Corporate Governance Statement
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
tomer base and markets. Operational risks in the eye
health sector that the Company specializes in include,
in particular, factors related to expansion into new mar-
kets, such as various countries' national regulations of
marketing authorizations for medical instruments and
the related official decisions concerning the health care
market. Success in eye health R&D projects launched in
accordance with the strategy can also be classified as
an operational risk. Furthermore, the global availability
challenges related to electronic components may cause
operational risks.
The operational risks related to the manufacture, prod-
uct development, and production control of medical
instruments are estimated to be higher than average
due to the sector’s ambitious requirements concerning
quality. 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 cred-
it, interest-rate, liquidity, and foreign exchange risks.
The Board assesses financial risks and other financial
matters in its monthly meetings, or more frequently,
as necessary. If required, the Board provides deci-
sions 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 oper-
ations, and changes in the payment behavior of cus-
tomers. Liquidity risks are monitored by means of cash
forecasts, which are drawn up for periods of, at most,
12 months at a time.
The management of corporate responsibility risks is a
part of the Company’s risk management process, ac-
cording to which risks are assessed annually. Corporate
• the preparation of matters concerning the
company’s remuneration schemes
• the assessment of the remuneration of the
CEO and other management as well as seeing
to the appropriateness of the remuneration
schemes
• the preparation of the remuneration policy
and report
• the presentation of the remuneration policy
and report in the general meeting and
responding to questions related thereto
Remuneration reporting
Revenio’s remuneration reporting consists of the
Remuneration Policy presented to the Annual General
Meeting at least once every four years and, from 2020,
the Remuneration Report, presented each year, which
provides information on the fees paid to the company’s
governing bodies in the financial period. The company
will publish the Remuneration Report for 2023 as a sep-
arate document on March 12, 2024 on the company’s
website at www.reveniogroup.fi/en/investors
/corporate_governance/remuneration. In addition, the
company’s website provides information on the cur-
rent remuneration schemes for the Board of Directors
and the President and CEO as well information on the
remuneration of the Group Management Team on an
aggregate level.
Risks and uncertainty factors
Risks Revenio Group is exposed to include strategic,
operational, business cycle, damage, financial, and
political risks. In addition, the threat of the global im-
pact of pandemics and the risk of cyber threats have
increased.
The Group’s strategic risks include competition in all
sectors, the threat posed by new competing products,
and any other actions of the Company’s rivals that may
affect the competitive situation. Another strategic risk
is related to the ability to shift the strategic focus to-
wards integrated and predictive eye care pathways and
to succeed in R&D activities and to maintain a competi-
tive product mix. The Group develops new technologies
under Icare Finland Oy, Revenio Research Oy, CenterVue
Spa and iCare World Australia Pty Ltd, and any failure
in the commercialization of individual development
projects may result in the depreciation of capitalized
development expenses, with an impact on the result.
Strategic risks in the Group's segments that require
special expertise are also associated with the suc-
cessful management and development of key human
resources and the management of the subcontractor
and supplier network. The range and probability of cy-
ber threats has increased. When realized, a cyber threat
can affect the continuity of Revenio Group's business,
the Group's reputation, or lead to significant sanc-
tions. Risks caused by cyber threats are prepared with
technical, administrative and organizational information
security development.
Corporate acquisitions and the purchase of assets with
growth potential related to eye health are part of the
Group strategy. The success of these acquisitions has
a significant impact on the achievement of growth and
profitability targets. Acquisitions may also change the
Group’s risk profile.
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 updates.
Operational risks are associated with the retention and
development of major customers, the operations of the
distribution network, and success in extending the cus-
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
14REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
responsibility is viewed through economic, environmen-
tal and social responsibility.
Revenio Group offers eye health diagnostics solutions
under the iCare brand. Reputational damage might
have a negative impact on Revenio Group’s business.
Possible causes for reputational damage include cyber
security or compliance challenges or notable delivery or
product quality issues. Leakage of sensitive employee
or customer data might also lead to reputational dam-
age and notable financial consequences.
Revenio Group products are sold in nearly 100 coun-
tries. Economic and political uncertainties, interest and
inflation risks and the unstable geopolitical situation
may affect the demand for Revenio Group products.
Revenio actively monitors political developments in dif-
ferent market areas from a risk management perspec-
tive. Developments in national government policies or
changes to relevant legislation may have an impact on
the Group’s business. The security situation in Europe
has changed drastically since the Russia invasion of
Ukraine. Revenio stopped all its business in Russia and
Belarus in the first quarter of 2022. Revenio’s sales in
Russia have been limited prior to the war, accounting
for less than two per cent of Revenio’s net sales.
Moreover, global pandemics such as Covid-19 could
have direct and indirect effects on Revenio Group's
business, including and an increased risk of personnel
being incapacitated. Government-mandated closures
of factories or borders may weaken Revenio Group's
operating environment and restrictions on the move-
ment of people could hamper the sales and delivery of
Revenio’s products.
Disputes
The company is not currently involved in any disputes or
legal proceedings that, in the opinion of the Board, would
have a significant impact on the Group's financial position.
Corporate responsibility
Revenio is a supplier of holistic eye care solutions oper-
ating in the international market and a global leader
in ophthalmological devices and software solutions.
Through its business, Revenio produces a positive
impact on people and society by promoting eye health.
Revenio takes into account the unique characteristics
of the sector’s business and operating environment in
all its operations concerning responsibility and sustain-
able development.
In 2023, Revenio started preparing for the Corporate
Sustainability Reporting Directive (CSRD) by, among
other things, involving its stakeholders in the assess-
ment of its material sustainability impacts. The speci-
fication of materiality will continue in 2024 by applying
the double materiality perspective. Materiality analysis
is a continuous process that involves assessing changes
in the operational environment and the impact of op-
erations on a continuous basis. Revenio will be covered
by the CSRD as of the financial year 2025.
Revenio’s responsibility program, which was updated in
2023, covers four main themes that are linked to the
company’s basic business—promoting eye health and
improving the quality of life through products and ser-
vices and, for example, enhanced screening coverage—
and HR responsibility, environmental responsibility and
good corporate governance. The company is committed
to the principles of sustainable development as defined
by the UN, and it has selected eight UN Sustainable
Development Goals that are closely connected to its
business.
Revenio seeks to increase the positive impact of its
operations and mitigate any negative effects. According
to a 2023 net impact assessment, once again conduct-
ed by the independent evaluator Upright, Revenio is a
company with a strong positive net impact.
Revenio complies with laws, regulations, rules issued by
Nasdaq Helsinki, principles of good corporate gover-
nance as well as its Code of Conduct and agreed on
operating practices. Our group-wide ethical principles
are aimed at supporting us in our decision-making in
the global business environment and ensuring respon-
sibility in all our actions. For our partners, we choose
operators who share our ethical, social, and environ-
mental values, and who follow good practices and
standards regarding human rights, labor, health, safety,
and environmental protection. We respect local cul-
tures, customs and values in all our operating coun-
tries. Revenio supports both local and international
officials in their efforts to eradicate corruption. Revenio
requires all its suppliers to commit to the Supplier
Code of Conduct, which covers a broad range of themes
from human rights and environmental considerations to
good business practices and anti-corruption. Revenio
assesses its partners at regular intervals in accordance
with its supplier policy. As part of supplier assessments
and audits, we utilize, among other things, third-party
audits.
Revenio has a whistleblowing service in accordance
with the EU Whistleblower Directive. Stakeholders can
use the service to anonymously report any serious risks
of misconduct that could have a negative impact on
human rights, the organization, society or environment.
In terms of personnel, the material responsibility
themes are personnel safety, health and well-be-
ing, diversity and inclusion, good management and a
corporate culture that supports innovation, as well as
competence development and learning. The global per-
sonnel survey results remained at a good level.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
15REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
Revenio has a global, harmonized personnel policy. The
HR practices, including remuneration, support equali-
ty. The company does not accept gender-based dif-
ferences in remuneration and aims for equal pay. The
company has zero tolerance for inappropriate conduct
and harassment. Competence development is central.
The goal is for 100% of the personnel to undergo annual
performance reviews in accordance with our perfor-
mance review model. During the reporting year, 90% of
the personnel possessed set development targets.
In terms of environmental impacts, the key sustain-
ability themes are the reduction of greenhouse gas
emissions and other harmful environmental effects in
our own operations and in the value chain, promoting
sustainable and circular product design and reducing
the lifecycle environmental impacts of our products.
The progress we made in 2023 included increasing the
coverage of emission calculations and committing criti-
cal suppliers to independent sustainability reviews.
Revenio uses a certified ISO 13485 Medical Devices
quality management system that provides us with a
framework for taking environmental and responsibil-
ity considerations into account. The Group also has
an environmental policy in place. In product develop-
ment, Revenio applies the environmental standard IEC
60601-1-9 (Requirements for Environmentally Conscious
Design). All new products developed in 2023 were de-
signed according to the standard.
During 2023, Revenio calculated its direct greenhouse
gas emissions (Scope 1) and indirect greenhouse gas
emissions (Scope 2) at the Group level. Our Scope 1
emissions in 2023 were 46 tCO2e and Scope 2 emis-
sions were 80 tCO2e. The biggest emission impact from
the company's operations comes through the supply
chain. The readiness to calculate the Scope 3 emissions
of the supply chain will be developed, and once the
total emissions have been analyzed, emission reduction
targets will be set for the entire value chain.
The external EcoVadis sustainability assessment was
repeated in 2023 in Finland and Italy. The company
received silver for the Finnish operations and bronze for
the Italian operations.
Revenio will publish a report on corporate responsi-
bility that details the implementation, goals, manage-
ment and indicators of the responsibility program in
accordance with the GRI framework (Global Reporting
Initiative). The report will be published on Revenio’s
website at www.reveniogroup.fi on March 12, 2024. The
report covers key issues concerning Revenio’s corporate
responsibility and sustainability impact, such as the
company's most significant social and environmental
impacts, stakeholder interaction, risks as well as the
corporate responsibility management model and the
central policies and guidelines directing responsibility
and sustainability.
Research and development activities
R&D expenditure during the financial year totaled EUR
10.4 (8.6) million. A total of EUR 2.6 (0.8) million of R&D
costs were capitalized during the year.
Events after the financial period
After the financial period, on February 14, 2024, Revenio
announced changes in its Leadership team from March
1, 2024. Revenio Group Corporation’s Leadership team
member Tomi Karvo (Vice President, Products, Brand
and Marketing), responsible for iCare products, brand
and marketing has decided to take on new challenges
outside the company. He was, as of March 1, 2024, suc-
ceeded by Director Erkki Tala who is currently working
on the development of Revenio's strategy process and
business planning.
Financial guidance for 2024
Revenio Group’s exchange rate-adjusted net sales are
estimated to grow 5-10 percent from the previous year
and profitability, excluding non-recurring items, is esti-
mated to remain at a good level.
Proposal by the Board of Directors for
distribution of profit
The Group’s profit for the financial year 2023 was
TEUR 19,109 and the parent Company’s profit was EUR
19,617,603.39. The parent Company’s distributable assets
on December 31, 2023, amounted to EUR 93,892,803.71.
The Board will propose to the Annual General Meeting
of April 4, 2024, that the parent Company’s distributable
assets are used in such a way that a dividend of EUR 0.38
(0.36) per share, total EUR 10,138,824.08, be paid out for
the total number of shares on December 31, 2023 with
the remaining distributable assets to be added to equity.
The Board of Directors finds that the proposed distri-
bution of profit does not endanger the liquidity of the
parent Company or the Group.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
16REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
Key figures
12 months, IFRS 12 months, IFRS
1–12/2023 1–12/2022 1–12/2021 1–12/2020 1–12/2019
Net sales TEUR 96,576 96,976 78,778 61,067 49,474
Net sales TEUR 26,343 29,683 22,103 17,130 12,593
Operating profit % 27,3 30.6 28.1 28.1 25.5
Profit before taxes
TEUR
25,384 29,056 22,099 16,719 12,273
Profit before taxes % 26.3 30.0 28.1 27.4 24.8
Net profit for
financial period
TEUR
19,109 21,753 17,321 13,362 9,343
Net profit % 19.8 22.4 22.0 21.9 18.9
EBITDA 30.3 33.1 25.7 21.7 14.6
Gross capital
expenditure in
non-current assets
TEUR
5,844 4,546 15,665 2,389 68,167
Gross capital
expenditure, % of
net sales
6.1 4.7 19.9 3.9 137.8
R&D expenses TEUR 10,411 8,620 6,518 4,602 4,227
R&D expenses % 10.8 8.9 8.3 7.5 8.5
Return on equity % 20.0 25.7 23.4 19.9 22.7
Return on
investment %
23.5 28.2 22.4 18.1 22,6
Equity ratio % 72.7 66.8 63.0 60.9 58.6
Net leveraging % -3.6 -13.1 -1.0 -2.4 2.2
Leveraging % 17.9 22.2 31.1 39.0 44.8
Average number of
personnel
214 194 167 135 88
KEY INDICATORS
PER SHARE
1–12/2023 1–12/2022 1–12/2021 1–12/2020 1–12/2019
Earnings per share EUR 0.72 0.82 0.65 0.50 0.36
Equity attributable to
equity owners of the
parent company per
share EUR
3.74 3.41 2.94 2.61 2.42
Dividend per share EUR 0.38 0.36 0.34 0.32 0.30
Dividend payout ratio % 52.9 44.0 52.1 63.4 85.1
Effective dividend
yield %
1.4 0.9 0.6 0.6 1.1
P/E ratio 37.8 47.2 85.2 99.6 72.0
Diluted number of
shares at end of period
26,681,116 26,681,116 26,681,116 26,658,952 26,544,742
Diluted number of
shares average during
period (acquired own
shares excluded)
26,592,774 26,580,374 26,557,464 26,476,975 25,645,898
Share price, year low
EUR
17.51 36.02 45.70 18.48 12.56
Share price, year high
EUR
41.50 58.70 72.00 51.5 28.05
Share price, average
EUR
27.77 44.46 56.65 30.98 20.80
Share price at the end
of period EUR
27.16 38.60 55.55 50.30 26.25
Market capitalization at
end of period MEUR
725 1,029 1,482 1,341 696.8
Turnover, number of
shares
10,000,744 6,256,523 9,506,333 14,420,198 5,957,650
Turnover % 37.5 23.4 35.6 54.1 22.4
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
17REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
Formulas used Alternative growth indicators used in
financial reporting
EBITDA
Operating profit + amortization + impairment
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
EQUITY RATIO, %
Shareholders’ equity + non-controlling interest
Balance sheet total – advance payments received
NET GEARING, %
Interest-bearing debt – cash and cash equivalents
Total equity
RETURN ON EQUITY (ROE), %
Profit for the period
Shareholders’ equity + non-controlling interest
RETURN ON INVESTMENT
(ROI), %
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
LEVERAGING, %
Interest-bearing liabilities
Toal equity
DIVIDEND PAYOUT RATIO, %
Dividend
Earnings per share
EFFECTIVE DIVIDEND YIELD, %
Dividend proposal presented to the AGM
Share price at the end of period
x 100
x 100
x 100
x 100
x 100
x 100
x 100
Revenio Group Corporation has adopted the guidelines of the
European Securities and Market Authority (ESMA) on Alternative
Performance Measures. In addition to the IFRS-based key
figures, the Company will publish certain other generally used
key figures that may, as a rule, be derived from the income
statement and balance sheet. The calculation of these figures
is presented below. According to the Company’s view, these key
figures supplement the income statement and balance sheet,
providing a better picture of the company’s financial perfor-
mance and position.
Revenio Group’s reported 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)
1–12/2023
Reported net sales 96,576
Effect of exchange rates on net sales 1,604
Net sales adjusted by the effect of
exchange rates
94,972
Growth in net sales, adjusted by the effect
of exchange rates
2.2%
Reported net sales growth -0.4%
Difference, % points 2.6%
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
18REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
ALTERNATIVE PROFITABILITY INDICATOR
EBITDA (EUR THOUSAND)
1–12/2023 1–12/2022
Operating profit, EBIT 26,343 29,683
Depreciation, amortization, and impairment 3,944 3,434
EBITDA 30,287 33,117
OPERATING PROFIT ADJUSTED BY NON-
RECURRING COSTS (EUR THOUSAND)
1–12/2023 1–12/2022
Operating profit, EBIT 26,343 29,683
Costs from one-time projects 983 0
Adjusted operating profit, EBIT 27,326 29,683
EBITDA ADJUSTED BY NON-RECURRING
COSTS (EUR THOUSAND)
1–12/2023 1–12/2022
EBITDA 30,287 33,117
Costs from one-time projects 983 0
Adjusted, EBITDA 31,270 33,117
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.
Consolidated
Financial
Statements
January 1–December 31, 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 19
20REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
The notes to the financial statements form an essential part of the financial statements.
Consolidated comprehensive profit & loss statement
NOTE
| JAN 1–DEC | JAN 1–DEC | NOTE | ||
| NO. | 31, 2023 | 31, 2022 | NO. | |
Net sales | 1, 2 | |||
Other operating income | 3 | |||
| Use of materials and services | ||||
| Materials: | ||||
Purchases during the financial period | - | - | ||
Change in inventories | ||||
External services | - | - | ||
Materials and services total | - | - | ||
Employee benefit expenses | 4, 5, 6 | |||
Salaries and fees | - | - | ||
| Indirect personnel costs | ||||
Pension costs | - | - | ||
Other indirect personnel expenses | - | - | ||
Employee benefit expenses total | - | - | ||
Depreciation, amortization, and impairment | 12, 13 | |||
Depreciation | - | - | ||
Depreciation, amortization, and impairment total | - | - |
| JAN 1–DEC | JAN 1–DEC | ||
| 31, 2023 | 31, 2022 | ||
Other operating expenses | 7, 8 | - | - |
Operating profit | |||
Financial income and expenses | 9 | ||
Financial income | |||
Financial expenses | - | - | |
Financial income and expenses total | - | - | |
Profit before taxes | |||
Taxes | 10 | ||
Income taxes | - | - | |
Taxes total | - | - | |
Profit for the period | |||
| Other comprehensive income items | |||
| Items that may be reclassified | |||
| subsequently to profit or loss | |||
| Translation differences from foreign | - | ||
| operations | |||
Items that are not reclassified to profit or loss | |||
Changes in fair value | |||
| Remeasurements of defined | - | ||
| benefit liabilities | |||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | |||
Earnings per share calculated from the profit Earnings per share | 11 |
21REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated balance sheet
ASSETS
NOTE
NO.
DEC 31,
2023
DEC 31,
2022
Non-current assets
Goodwill 12 59,440 59, 768
Other intangible assets 12 18,639 17 ,08 3
Property, plant, and equipment 12 2,262 2,848
Right-of-use assets 13 3,588 1, 710
Other non-current financial assets 15 2,336 417
Other receivables 27 178
Deferred tax assets 10 2,815 1,589
Non-current assets total 89, 10 7 83,592
Current assets
Inventories 14 1 0 , 47 8 6 ,7 4 1
Trade and other receivables 15 12,551 11,510
Assets for current tax 3, 736 2, 186
Cash and cash equivalents 21,542 32,062
Current assets total 48,306 52,500
ASSETS TOTAL 13 7 ,413 136,091
EQUITY AND LIABILITIES
NOTE
NO.
DEC 31,
2023
DEC 31,
2022
Equity 16, 17
Share capital 5,315 5,315
Fair value reserve 360 345
Reserve for invested unrestricted equity 52, 179 52,355
Other reserves 280 280
Retained earnings 43,504 34,290
Translation differences -13 239
Own shares -1, 731 -1,907
SHAREHOLDERS’ EQUITY TOTAL 99,894 90,916
LIABILITIES
NOTE
NO.
DEC 31,
2023
DEC 31,
2022
Non-current liabilities
Deferred tax liabilities 10 3,273 3,656
Interest-bearing non-current liabilities 19 10,05 0 14,250
Lease liabilities 2,302 865
Pension obligations 6 702 74 0
Non-current liabilities total 16,328 19,511
Current liabilities
Current tax liabilities 21 2,615 3,983
Interest-bearing current liabilities 19 4,200 4,200
Lease liabilities 1,363 880
Provisions 20 632 485
Trade and other payables 21 12,382 16, 116
Current liabilities total 21, 192 25,664
LIABILITIES TOTAL 3 7 ,520 45, 175
EQUITY AND LIABILITIES TOTAL 13 7 ,413 136,091
22REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated cash flow statement
CASH FLOW FROM OPERATIONS
NOTE
NO.
JAN 1–DEC
31, 2023
JAN 1–DEC
31, 2022
Profit for the period 19 , 109 21, 753
Adjustments:
Depreciation, amortization, and
impairment
12 3,944 3,434
Non-cash items 22 1,27 6 529
Financial income and expenses 9 763 627
Taxes 10 6,27 4 7 ,30 3
Other adjustments 22 -572 -950
Change in working capital:
Change in trade and other receivables 15 -1, 126 -4 ,566
Change in inventories 14 -3, 736 -327
Changes in trade and other payables 21 -3, 7 49 1, 7 43
Change in working capital, total -8,611 -3, 150
Interests paid 9 -7 6 2 -344
Interest received 9 220 53
Taxes paid 10 -10, 779 -6,014
Net cash flow from operations 10,862 23,241
CASH FLOW FROM INVESTING
ACTIVITIES
NOTE
NO.
JAN 1–DEC
31, 2023
JAN 1–DEC
31, 2022
Purchase of tangible assets 12 -653 -1, 113
Purchase of intangible assets 12 -3,4 22 -883
Investments in other financial assets -1,900 -160
Net cash flow from investing activities -5,97 5 -2, 155
CASH FLOW FROM FINANCING
ACTIVITIES
NOTE
NO.
JAN 1–DEC
31, 2023
JAN 1–DEC
31, 2022
Repayments of loans
19 -4,200 -4,259
Dividends paid
17 -9,57 2 -9,03 6
Payments of lease agreement liabilities
-1,234 -846
Net cash flow from financing activities
-15,006 -14, 141
Net change in cash and credit accounts
-10, 119 6,944
Cash and cash equivalents at beginning
of period
Effect of exchange rates
-401 -9 9
Cash and cash equivalents at end
of period
23REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| Consolidated statement of changes in equity | |||||||
| PARENT COMPANY SHAREHOLDERS’ EQUITY | |||||||
| RESERVE FOR | |||||||
| INVESTED | |||||||
| UNRESTRICTED | OTHER | OWN | TRANSLATION | RETAINED | TOTAL | ||
| EQUITY | EQUITY | RESERVES | SHARES | DIFFERENCES | EARNINGS | EQUITY | |
EQUITY JAN 1, 2022 | - | - | |||||
| Comprehensive profit | |||||||
Net profit for the period | |||||||
Other comprehensive income | |||||||
Total comprehensive income for the period | |||||||
| Transactions with owners | |||||||
Dividend distribution | - | - | |||||
Share-based remuneration | - | ||||||
Share-based payments adjusted by taxes | - | - | |||||
Other direct entries to retained earnings | - | - | |||||
Transactions with owners total | - | - | - | ||||
Equity Dec 31, 2022 | - | ||||||
EQUITY JAN 1, 2023 | - | ||||||
| Comprehensive profit | |||||||
Net profit for the period | |||||||
Other comprehensive income | - | - | - | ||||
Total comprehensive income for the period | - | ||||||
| Transactions with owners | |||||||
Dividend distribution | - | - | |||||
Share-based remuneration | - | ||||||
Share-based payments adjusted by taxes | - | - | |||||
Other direct entries to retained earnings | - | - | |||||
Transactions with owners total | - | - | - | ||||
Equity Dec 31, 2023 | - | - |
24REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to the consolidated financial statements
DEC 31, 2023
General
Revenio is a global provider of comprehensive eye care
diagnostic solutions. The group offers fast, user-friend-
ly, and reliable tools for diagnosing glaucoma, diabetic
retinopathy, and macular degeneration (AMD). Revenio’s
ophthalmic diagnostic solutions include intraocular
pressure (IOP) measurement devices (tonometers), fun-
dus imaging devices, and perimeters as well as clinical
software under the iCare brand.
company of the Revenio Group. The company is a public
cile in the City of Vantaa , and is listed on the Nasdaq
Helsinki Stock Exchange since October 2001. The com-
pany’s registered address is Äyritie 22, 01510 Vantaa,
The Board of Directors of the Revenio Group
publication at its meeting on March 11, 2024. According
to the Finnish Limited Liability Companies Act, share-
holders have the right to approve or reject the financial
statements at the Annual General Meeting following
their issuance. The AGM may also decide on amend-
ments to the financial statements.
Copies of the financial statements are available on the
company’s website at www.reveniogroup.fi.
Accounting principles for the
consolidated financial statements
Basis of preparation
The consolidated financial statements have been pre-
pared in accordance with the International Financial
Reporting Standards, IFRS, approved for use in the
EU. The IAS and IFRS Standards and SIC and IFRIC
Interpretations in effect on December 31, 2023
have been applied. International Financial Reporting
Standards refer to the Standards and their interpreta-
tions approved for application in the EU in accordance
with the procedure stipulated in Regulation (EC) No
1606/2002 and embodied in Finnish accounting legis-
lation and the statutes enacted under it. The notes to
the consolidated financial statements also comply with
Finnish accounting and company legislation comple-
menting the IFRS Standards.
The consolidated financial statements are presented in
thousands of euros. The euro is the operating currency
and presentation currency of the Group’s parent com-
pany and all of its subsidiaries with the exception of
Icare USA Inc, which has the US dollar as its operating
currency, the subsidiaries Icare World Australia Pty Ltd
and Revenio Australia Pty Ltd, which have the Australian
dollar as their operating currency, China iCare Medical
Technology Co. Ltd. which has the renminbi as its oper-
ating currency and CT Operations International UK Ltd,
which has the British pound as its operating currency.
25REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
• Note 12) Intangible and tangible assets,
Foreign currency items
26REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| NORTH | |||||
| EUROPE | AMERICA | OTHERS | TOTAL | ||
Net sales | 1,787 | 23,082 | 51,060 | 20,647 | 96,576 |
| Non-current | 5,991 | 65,544 | 1,692 | 10,730 | 83,956 |
| assets | OTHER | NORTH | |||
2022 | EUROPE | AMERICA | OTHERS | TOTAL | |
Net sales | 818 | 16,287 | 52,265 | 27,606 | 96,976 |
| Non-current | 5,417 | 64,114 | 515 | 11,540 | 81,586 |
| assets |
2) Net sales
Basis of preparation
3) Other operating income
Basis of preparation
| JAN 1–DEC | JAN 1–DEC | |
| 31, 2023 | 31, 2022 | |
Grants and subsidies received | 209 | 254 |
Others | 8 | 53 |
Total | 217 | 307 |
4) Personnel and personnel expenses
| AVERAGE NUMBER OF PERSONNEL | JAN 1–DEC | JAN 1–DEC |
| DURING FINANCIAL PERIOD | 31, 2023 | 31, 2022 |
214 | 194 |
| JAN 1–DEC | JAN 1–DEC | |
| EMPLOYEE BENEFIT EXPENSES | 31, 2023 | 31, 2022 |
Salaries and wages | -15,747 | -16,097 |
Share-based remuneration, paid in shares | -283 | -556 |
Pension costs – defined contribution plans | -1,635 | -1,441 |
Pension costs – defined benefit plans | -23 | -5 |
Other indirect personnel expenses | -1,436 | -1,251 |
Total | -19,124 | -19,351 |
Information on management’s employment benefits are presented in Note
5 Sharebased payments and Note 24 Related parties and remuneration of
management.
27REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| TIME OF | MAXIMUM | MAXIMUM | |
| BONUS | NUMBER OF | AMOUNT OF | |
| EARNING YEARS | PAYMENT | PARTICIPANTS | SHARE BONUS |
2020-2022 | 2023 | 8 | Ended |
2021-2023 | 2024 | 22 | 18,212 |
2022-2024 | 2025 | 22 | 16,052 |
2023-2025 | 2026 | 38 | 37,646 |
| Restricted | |||
| share-based | |||
| incentive | 2022-2024 | 1 | 3,000 |
| schemes | 2022-2024 | 5 | 3,000 |
28REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
29REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEFINED BENEFIT PENSION LIABILITIES | CHANGES OF LIABILITIES PRESENTED | |||||
RECOGNIZED IN THE BALANCE SHEET | DEC 31, 2023 | DEC 31, 2022 | IN THE BALANCE SHEET | DEC 31, 2023 | DEC 31, 2022 | |
Present value of funded obligations | 702 | 740 | Liabilities Jan 1 | 740 | 777 | |
Fair value of assets | 0 | 0 | Acquired businesses | 0 | 0 | |
Present value of funded obligations on Dec 31 | 702 | 740 | Pension costs in the income statement | 23 | 5 | |
| Pension costs in the comprehensive income | 55 | -13 | ||||
| DEFINED BENEFIT PENSION COSTS | statement | |||||
| RECOGNIZED IN THE INCOME | Benefits paid | -115 | -30 | |||
| STATEMENT AND COMPREHENSIVE | JAN 1–DEC | JAN 1–DEC | Liabilities Dec 31 | 702 | 740 | |
| INCOME STATEMENT | 31, 2023 | 31, 2022 | ||||
Current service cost | 0 | 0 | ||||
Interest costs | -23 | -5 | ACTUARIAL ASSUMPTIONS USED | DEC 31, 2023 | DEC 31, 2022 | |
Pension costs in the income statement | -23 | -5 | Discount rate, % | 3,3 % | 3,1 % | |
Actuarial gains and losses | -55 | 13 | Inflation assumption, % | 2,2 % | 2,5 % | |
Defined benefit pension costs recognized in the income statement and comprehensive income statement | -78 | 8 | Employee turnover, % | 3,7 % | 4,2 % | |
| EFFECT OF | ||||||
PRESENT VALUE OF FUNDED OBLIGATIONS | DEC 31, 2023 | DEC 31, 2022 | IMPACT OF CHANGES IN | EFFECT OF | GROWTH IN | |
Obligation at the beginning of the period | 740 | 777 | KEY ASSUMPTIONS | GROWTH IN | ASSUMP | |
Acquired businesses | 0 | 0 | CHANGE IN | ASSUMP | TION, | |
Service cost | 0 | 0 | ASSUMPTION | ASSUMPTION | TION | % |
Interest costs | 23 | 5 | Discount rate | 0.5 percentage | -43 | -6 % |
| point | ||||||
| Actuarial gains and losses arising from | 55 | -13 | Future salary increase rate | 0.5 percentage | 50 | 7 % |
| changes in financial assumptions | point | |||||
Benefits paid | -115 | -30 | Employee turnover | 0.5 percentage | 2 | 0 % |
Present value of funded obligations | 702 | 740 | point | |||
CHANGES IN FAIR VALUES OF PLAN ASSETS | DEC 31, 2023 | DEC 31, 2022 | ||||
Fair value of plan assets on Jan 1 | 0 | 0 | ||||
Interest income from assets | 0 | 0 | ||||
Contributions paid by the employer to the plan | 115 | 30 | ||||
Benefits paid | -115 | -30 | ||||
Fair values of plan assets on Dec 31 | 0 | 0 | ||||
30REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
7) Research and development expenses
Basis of preparation
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| AUDITOR’S FEES | 2023 | 2022 |
| Deloitte | ||
Auditing fees | -124 | -118 |
Certificates and statements | -28 | -14 |
Total | -152 | -132 |
9) Financing expenses (net)
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2023 | 2022 | |
Interest on financial liabilities | -725 | -263 |
Exchange rate losses | -417 | -381 |
Other financial expenses | -38 | -36 |
Interest income | 220 | 53 |
Total | -959 | -627 |
31REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2023 | 2022 | |
| Tax based on taxable income for the current | -7,851 | -7,837 |
| period | ||
Tax from previous financial periods | -32 | 0 |
Change in deferred tax liabilities and assets | 1,609 | 534 |
Total | -6,274 | -7,303 |
| JAN 1–DEC 31, | ||
| 2022 | ||
Profit before taxes | 25,384 | 29,056 |
Income tax using parent company tax rate | -5,077 | -5,811 |
Different tax rates of foreign subsidiaries | -474 | -594 |
| Non-taxable income and non-deductible | -24 | -102 |
| expenses | ||
Unused losses fo the period | -667 | -796 |
Tax adjustments for previous fiscal years | -32 | 0 |
Taxes recognized in the income statement | -6,274 | -7,303 |
32REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEFERRED TAX ASSETS AND LIABILITIES, 2023 | DEFERRED TAX ASSETS AND LIABILITIES, 2022 | ||||||||||
| CHARGES | CHARGES | ||||||||||
| TO OTHER | TO OTHER | ||||||||||
| ITEMIZATION OF | CHARGES | EXCHANGE | COMPR E | ITEMIZATION OF | CHARGES | EXCHANGE | COMPRE | ||||
| DEFERRED TAX | JAN 1, | TO INCOME | RATE | HENSIVE | DEC 31, | DEFERRED TAX | JAN 1, | TO INCOME | RATE | HENSIVE | DEC 31, |
| ASSETS, 2023 | 2023 | STATEMENT | DIFFERENCES | INCOME | 2023 | ASSETS, 2022 | 2022 | STATEMENT | DIFFERENCES | INCOME | 2022 |
| Internal inventory | 1,117 | 1,151 | 0 | 0 | 2,268 | Internal inventory | 874 | 244 | 0 | 0 | 1,117 |
| margin | margin | ||||||||||
Unused tax losses | 646 | 0 | -23 | 0 | 624 | Unused tax losses | 650 | 0 | -3 | 0 | 646 |
| Right-of-use | 342 | 383 | 0 | 0 | 725 | Right-of-use | 234 | 108 | 0 | 0 | 342 |
| assets | assets | ||||||||||
| Other temporary | 281 | 6 | 0 | 0 | 287 | Other temporary | 331 | -50 | 0 | 0 | 281 |
| differences | differences | ||||||||||
| Netted against | -798 | -291 | 0 | 0 | -1,090 | Netted against | -781 | -20 | 3 | 0 | -798 |
| DTL | DTL | ||||||||||
Total | 1,589 | 1,249 | -23 | 0 | 2,815 | Total | 1,308 | 282 | -1 | 0 | 1,589 |
| CHARGES | CHARGES | ||||||||||
| TO OTHER | TO OTHER | ||||||||||
| ITEMIZATION OF | CHARGES | EXCHANGE | COMPRE | ITEMIZATION OF | CHARGES | EXCHANGE | COMPRE | ||||
| DEFERRED TAX | JAN 1, | TO INCOME | RATE | HENSIVE | DEC 31, | DEFERRED TAX | JAN 1, | TO INCOME | RATE | HENSIVE | DEC 31, |
| LIABILITIES, 2023 | 2023 | STATEMENT | DIFFERENCES | INCOME | 2023 | LIABILITIES, 2022 | 2022 | STATEMENT | DIFFERENCES | INCOME | 2022 |
| Measurement of | Measurement of | ||||||||||
| tangible and | tangible and | ||||||||||
| intangible assets | intangible assets | ||||||||||
| at fair value in | 3 ,740 | -378 | 0 | 0 | 3,361 | at fair value in | 4,124 | -381 | -3 | 0 | 3,740 |
| connection with | connection with | ||||||||||
| combinations of | combinations of | ||||||||||
| business | business | ||||||||||
Lease liabilities | 342 | 391 | 0 | 0 | 733 | Lease liabilities | 234 | 107 | 0 | 0 | 342 |
| Other temporary | 373 | -108 | 0 | 4 | 269 | Other temporary | 332 | 30 | 0 | 11 | 373 |
| differences | differences | ||||||||||
| Netted against | -798 | -291 | 0 | 0 | -1,090 | Netted against | -781 | -20 | 3 | 0 | -798 |
| DTA | DTA | ||||||||||
Total | 3,656 | -386 | 0 | 4 | 3,273 | Total | 3,909 | -264 | 0 | 11 | 3,656 |
| Net deferred | 2,067 | -1,635 | 23 | 4 | 458 | Net deferred | 2,602 | -546 | 1 | 11 | 2,067 |
| taxes | taxes | ||||||||||
33REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
12) Intangible and tangible assets
Basis of preparation
Goodwill
Basis of preparation
11) Earnings per share
| JAN 1–DEC | JAN 1–DEC | |
| 31, 2023 | 31, 2022 | |
Profit for the period | 19,109 | 21,753 |
Profit for the period attributable to owners of parent | 19,109 | 21,753 |
| Weighted average number of outstanding | ||
| shares during the financial period (own shares | 26,592,774 | 26,580,374 |
| deducted), qty | ||
Earnings per share | 0,719 | 0,818 |
34REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Basis of preparation
Property, plant, and equipment
35REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
36REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| PROPERTY, PLANT, AND EQUIPMENT | ||
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| MACHINERY AND EQUIPMENT | 2023 | 2022 |
Acquisition cost Jan 1 | 5,906 | 4,892 |
Increase during the period | 636 | 1,196 |
Decreases during period | -89 | -182 |
Acquisition cost Dec 31 | 6,453 | 5,906 |
Accumulated depreciation Jan 1 | -3,663 | -3,176 |
Depreciation during the year | -865 | -682 |
Decreases during period | 8 | 196 |
Accumulated depreciation Dec 31 | -4,520 | -3,663 |
Book value Dec 31 | 1,934 | 2,243 |
Book value Jan 1 | 2,243 | 1,715 |
| ADVANCE PAYMENTS AND | JAN 1–DEC 31, | JAN 1–DEC 31, |
| PURCHASES IN PROGRESS | 2023 | 2022 |
Acquisition cost Jan 1 | 605 | 839 |
Increase during the period | 261 | 520 |
Decreases during period | -537 | -754 |
Acquisition cost Dec 31 | 328 | 605 |
Book value Dec 31 | 328 | 605 |
Book value Jan 1 | 605 | 839 |
Impairment testing
The need for impairment of goodwill and intangible assets in progress is assessed
annually, and continuously if there are indications that the value of the asset item
has decreased. The recoverable amounts from CGUs are determined by the value-
in-use method.
The cash flow forecasts serving as the basis for these calculations are based on
management-approved forecasts, generally for a five-year period. In addition to
strategy, latest budgets, and forecasts, management bases its cash flow projections
on an estimate of the effect of the recent trade cycle changes on the capability of
the CGUs to generate cash flows, and on other external information management
deems to have this effect. The assumptions used are consistent with past develop-
ments, and, in the management’s opinion, moderate in respect of the growth and
profitability opportunities in the coming years. According to IAS 36, goodwill does
not generate cash flows that are independent of those from other assets or asset
groups.
Cash flows are most affected by discount interest rates, closing values, as well as
the assumptions and estimates used in assessing cash flows. The pre-tax dis-
count interest rate used for calculating value-in-use is determined using the WACC
(Weighted Average Cost of Capital) method, which projects the total cost of own
and borrowed capital taking into account the specific risks of the assets. Even
though management estimates that the assessments have been made with due dil-
igence, the estimates may differ significantly from actual future values. The terminal
value growth rate is assumed to be 2%, based on the inflation rate assumption, and
WACC 8.9%.
Goodwill impairment testing sensitivity analysis
The management’s view is that no reasonably possible change in the key assump-
tion(s) would cause the carrying values of the CGU to exceed their recoverable
amounts.
37REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13) Lease agreements
Basis of preparation
RIGHT | OF USE ASSETS | |||
| JAN 1–DEC | ||||
| BUSINESS | 31, 2023 | |||
PREMISES | CARS | DEVICES | TOTAL | |
Acquisition cost Jan 1 | 3,678 | 647 | 69 | 4,394 |
Increase during the period | 2,742 | 521 | 47 | 3,310 |
Decreases during period | -619 | -16 | 4 | -631 |
Acquisition cost Dec 31 | 5,800 | 1,152 | 120 | 7,072 |
| Accumulated depreciation | -2,431 | -249 | -4 | -2,684 |
| Jan 1 | ||||
Depreciation during the year | -980 | -275 | -31 | -1,286 |
Decreases during period | 487 | 16 | -18 | 486 |
| Accumulated depreciation | -2,923 | -508 | -53 | -3,485 |
| Dec 31 | ||||
Book value Dec 31 | 2,877 | 644 | 67 | 3,588 |
Book value Jan 1 | 1,247 | 398 | 65 | 1,710 |
| JAN 1–DEC | ||||
| BUSINESS | 31, 2022 | |||
PREMISES | CARS | DEVICES | TOTAL | |
Acquisition cost Jan 1 | 3,196 | 525 | 72 | 3,793 |
Increase during the period | 610 | 231 | 39 | 880 |
Decreases during period | -129 | -109 | -41 | -278 |
Acquisition cost Dec 31 | 3,678 | 647 | 69 | 4,394 |
| Accumulated depreciation | -1,900 | -189 | -13 | -2,102 |
| Jan 1 | ||||
Depreciation during the year | -660 | -169 | -32 | -861 |
Decreases during period | 129 | 109 | 41 | 278 |
| Accumulated depreciation | -2,431 | -249 | -4 | -2,684 |
| Dec 31 | ||||
Book value Dec 31 | 1,247 | 398 | 65 | 1,710 |
Book value Jan 1 | 1,296 | 335 | 59 | 1,690 |
38REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
AMOUNTS RECOGNIZED FOR LEASES IN THE
INCOME STATEMENT
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Depreciation -1,286 -861
Interest on lease liabilities -90 -41
Other operating expenses, leases
Expenses from short-term leases -237 -259
Expenses from low-value leases -12 -9
Expenses related to variable lease
payments not included in lease liabilities
-128 -53
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Cash outflow from leases
Payments of lease liabilities -1,234 -846
Items recognized in the income
statement, excluding depreciation
-468 -361
39REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
15) Financial assets
| TRADE AND OTHER RECEIVABLES | ||
| DEC 31, | DEC 31, | |
| 2023 | 2022 | |
Sales receivables | 10,498 | 9,779 |
Other receivables | 46 | 690 |
Accrued income | 2,007 | 1,042 |
Total | 12,551 | 11,510 |
40REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
DEC 31, 2023
UNITED STATES,
| DEC 31, 2022 | |||||||||||||
| NOT FALLEN | < 30 | > 30 | > 60 | > 90 | UNITED STATES, | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | |||
| USD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL | USD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL |
| Hospitals and pub- | Hospitals and pub- | ||||||||||||
| lic corporations | lic corporations | ||||||||||||
| Expected credit | Expected credit | ||||||||||||
| losses | 0 % | 0 % | 0 % | 0.5 % | 5 % | losses | 0 % | 0 % | 0 % | 0.5 % | 5 % | ||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||
Gross book value | 310 | 91 | 26 | 50 | 42 | 518 | Gross book value | 237 | 162 | 51 | 42 | 69 | 562 |
| ECL over validity | 0 | 0 | 0 | 0 | 2 | 2 | ECL over validity | 0 | 0 | 0 | 0 | 3 | 4 |
| period | period | ||||||||||||
| Other | Other | ||||||||||||
| Expected credit | Expected credit | ||||||||||||
| losses | 0 % | 0 % | 0 % | 2 % | 4 % | losses | 0 % | 0 % | 0 % | 2 % | 4 % | ||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||
Gross book value | 1,439 | 2,169 | 1,069 | 332 | 809 | 5,818 | Gross book value | 1,506 | 2,063 | 713 | 355 | 331 | 4,968 |
| ECL over validity | 0 | 0 | 0 | 7 | 32 | 39 | ECL over validity | 0 | 0 | 0 | 7 | 13 | 20 |
| period | period | ||||||||||||
| NOT FALLEN | < 30 | > 30 | > 60 | > 90 | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | ||||
| EUR | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL | EUR | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL |
| Expected credit | Expected credit | ||||||||||||
| losses | 0 % | 1 % | 2 % | 3.5 % | 5.5 % | losses | 0 % | 1 % | 2 % | 3 % | 5 % | ||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||
Gross book value | 1,821 | 380 | 18 | 0 | 1 | 2,220 | Gross book value | 2,334 | 93 | 1 | 0 | 0 | 2,429 |
| ECL over validity | 0 | 4 | 0 | 0 | 0 | 4 | ECL over validity | 0 | 2 | 0 | 0 | 0 | 2 |
| period, Finland | period, Finland | ||||||||||||
| Expected credit | Expected credit | ||||||||||||
| losses | 0 % | 1 % | 2 % | 5 % | 13.3 % | losses | 0.5 % | 1 % | 2 % | 5 % | 13.3 % | ||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||
Gross book value | 1,961 | 515 | 8 | 0 | 45 | 2,529 | Gross book value | 1,526 | 377 | 82 | 0 | -2 | 1,983 |
| ECL over validity | 0 | 5 | 0 | 0 | 6 | 11 | ECL over validity | 8 | 4 | 2 | 0 | 0 | 13 |
| period, Italy | period, Italy | ||||||||||||
| AUSTRALIA, | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | AUSTRALIA, | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | ||
| AUD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL | AUD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL |
| Expected credit | Expected credit | ||||||||||||
| losses | 0 % | 0 % | 0 % | 0 % | 5 % | losses | 0% | 0% | 0% | 1% | 2% | ||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||
Gross book value | 0 | 43 | 22 | 20 | 20 | 105 | Gross book value | 181 | 28 | 34 | 0 | 85 | 328 |
| ECL over validity | 0 | 0 | 0 | 0 | 1 | 1 | ECL over validity | 0 | 0 | 0 | 0 | 2 | 2 |
| period | period | ||||||||||||
41REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
16) Capital structure
1–DEC 31, 2023 | JAN 1–DEC 31, 2022 | |
Financial liabilities | 17,914 | 20,196 |
Cash and cash equivalents | 21,542 | 32,062 |
Net liabilities | -3,628 | -11,866 |
Total equity | 99,894 | 90,916 |
Net leveraging | -3.6 % | -13,1 % |
42REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| CHANGES IN THE NUMBER OF SHARES AND THEIR IMPACT ON EQUITY | |||||
| NUMBER | RESERVE FOR | ||||
| OF | SHARE | INVESTED | OWN | ||
| SHARES | CAPITAL | UNRESTRICTED | SHARES | TOTAL | |
Jan 1, 2022 | 26,681,116 | 5,315 | 52,597 | -2,149 | 55,764 |
Transfer of the company's own shares Feb 11, 2022 | -190 | 190 | 0 | ||
Transfer of the company's own shares May 11, 2022 | -29 | 29 | 0 | ||
Transfer of the company's own shares Oct 2, 2022 | -18 | 18 | 0 | ||
Transfer of the company's own shares Nov 9, 2022 | -4 | 4 | 0 | ||
Dec 31, 2022 | 26,681,116 | 5,315 | 52,356 | -1,907 | 55,764 |
| NUMBER | RESERVE FOR | ||||
| OF | SHARE | INVESTED | OWN | ||
| SHARES | CAPITAL | UNRESTRICTED | SHARES | TOTAL | |
Jan 1, 2023 | 26,681,116 | 5,315 | 52,356 | -1,907 | 55,764 |
Transfer of the company's own shares Feb 13, 2023 | -121 | 121 | 0 | ||
Transfer of the company's own shares May 11, 2023 | -40 | 40 | 0 | ||
Transfer of the company's own shares Jun 8, 2023 | -15 | 15 | 0 | ||
Dec 31, 2023 | 26,681,116 | 5,315 | 52,179 | -1,732 | 55,764 |
43REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
18) Management of financial risks
| EFFECT | ||
| IF EURO | ||
| STRENGTHENED | ||
| 10% AGAINST | ||
| EQUIVALENTS AT THE CLOSING | THE CURRENCY | |
| DATE – THOUSAND | – THOUSAND | |
USD Icare USA Inc | 6,405 | -580 |
| USD Finland | 5,316 | -481 |
| companies | ||
AUD | 1,069 | -66 |
RMB | 541 | -7 |
44REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
19) Financial liabilities
45REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| CLASSIFICATION OF FINANCIAL LIABILITIES | ||||
| AT FAIR | ||||
| VALUE | ||||
| THROUGH | ||||
| PROFIT OR | AMORTIZED | BOOK | FAIR | |
| DEC 31, 2023 | LOSS | COST | VALUE | VALUE |
| Interest-bearing | ||||
| non-current | 0 | 12,352 | 12,352 | 12,352 |
| liabilities | ||||
| Interest-bearing | ||||
current liabil- ities | 0 | 5,563 | 5,563 | 5,563 |
Trade pay- ables and other non-interest- bearing current | 0 | 14,997 | 14,997 | 14,997 |
| liabilities | AT FAIR | |||
| VALUE | ||||
| THROUGH | ||||
| PROFIT OR | AMORTIZED | BOOK | FAIR | |
| DEC 31, 2022 | LOSS | COST | VALUE | VALUE |
| Interest-bearing | ||||
| non-current | 0 | 15,115 | 15,115 | 15,115 |
| liabilities | ||||
| Interest-bearing | ||||
current liabil- ities | 0 | 5,080 | 5,080 | 5,080 |
Trade pay- ables and other non-interest- bearing current | 0 | 20,099 | 20,099 | 20,099 |
| liabilities |
All financial institution loans have fixed interest rate and their book values are
valued at amortized cost. All of the Group’s current and non-current loans from
financial institutions are in the euro denomination and mature by the end of 2025.
| THE GROUP’S INTEREST BEARING DEBT AT END OF PERIOD: | ||||
| PRINCIPAL | ||||
| INITIAL | OUT | YEAR WHEN | ||
LIABILITY | USE | AMOUNT | STANDING | ESTABLISHED |
| Loan from finan- | Acquired | 30,000 | 14,250 | 2019 |
| cial institution | businesses | |||
The loan related to the acquired business operations includes covenants, which the
company has complied with during the 2023 financial period. The loan is secured by
mortgages issued by Revenio Group Corporation assets worth EUR 91,000,000 and sub-
sidiary shares with a book value of EUR 6,200,000 in parent company balance sheet.
| MATURITY ANALYSIS OF CONTRACTUAL LIABILITIES | |||||
| UNDER 1 | 1–2 | 2–5 | OVER 5 | TOTAL CASH | |
| DEC 31, 2023 | YEAR | YEARS | YEARS | YEARS | FLOW |
| Trade payables | |||||
and other non-in- terestbearing debt | 14,997 | 0 | 0 | 0 | 14,997 |
Lease liabilities | 1,504 | 1,181 | 1,034 | 224 | 3,943 |
| Interest-bearing | |||||
| debt | |||||
principal | 4,200 | 10,050 | 0 | 0 | 14,250 |
Interest payments | 572 | 323 | 0 | 0 | 895 |
| UNDER 1 | 1–2 | 2–5 | OVER 5 | TOTAL CASH | |
| DEC 31, 2022 | YEAR | YEARS | YEARS | YEARS | FLOW |
| Trade payables | |||||
and other non-in- terestbearing debt | 20,099 | 0 | 0 | 0 | 20,099 |
Lease liabilities | 925 | 555 | 339 | 0 | 1,819 |
| Interest-bearing | |||||
| debt | |||||
principal | 4,200 | 4,200 | 10,050 | 0 | 18,450 |
Interest payments | 403 | 297 | 202 | 0 | 902 |
The figures are not discounted and include both interest and principal payments.
46REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
20) Provisions
Basis of preparation
SHORT TERM PROVISIONS | DEC 31, 2023 | DEC 31, 2022 |
Provisions Jan 1 | 485 | 476 |
Increase | 171 | 249 |
Decrease | -23 | -240 |
Short-term provisions Dec 31 | 632 | 485 |
21) Trade and other payables
| DEC 31, 2023 DEC 31, 2022 | ||
Advances received | 21 | 40 |
Accounts payable | 6,796 | 7,905 |
Other liabilities | 972 | 931 |
Accrued expenses and deferred income | 4,593 | 7,240 |
Total | 12,382 | 16,116 |
| Material items included in accrued | ||
| liabilities and deferred income | ||
Accrued personnel expenses | 2,951 | 4,624 |
Other accruals and deferred income | 1,642 | 2,616 |
Total | 4,593 | 7,240 |
| 22) Other adjustements in cash flow calculations | ||
| OTHER TRANSACTIONS, NOT RELATED TO | ||
PAYMENT TRANSACTIONS | DEC 31, 2023 | DEC 31, 2022 |
Adjustement related to share incentives | 283 | 556 |
Other adjustements | 993 | -27 |
Total | 1,276 | 529 |
| Other adjustements | ||
Cash portion of share incentives | -572 | -950 |
23) Commitments and contingent liabilities
The company has mortgages given as security on company assets worth EUR
91,000,000 and pledged subsidiary shares worth EUR 6,200,000.
Minimum lease payments not recognized in the balance sheet payable on the basis
of other non-cancelable leases:
31, 2023 | DEC 31, 2022 | |
Within 1 year | 100 | 109 |
In more than 1 and no more than 5 years | 8 | 10 |
Total | 108 | 118 |
Revenio Group has made a minority investment in 2023 and has a commitment to
acquire the remaining shares if certain criteria are met. The shares will be acquired
at the latest in the third quarter of 2024 and the maximum contingent liability is
8.1 million euros.
47REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
24) Related parties and remuneration of management
OF THE GROUP | DOMICILE | HOLDING |
Parent company Revenio Group Corporation | Vantaa | |
Icare Finland Oy | Helsinki | 100% |
Revenio Research Oy | Vantaa | 100% |
Oscare Medical Oy | Helsinki | 100% |
Icare USA Inc | Missouri | 100% |
CenterVue S.p.A | Padua | 100% |
Revenio Italy S.R.L | Milan | 100% |
Revenio Australia Pty Ltd | Melbourne | 100% |
Icare World Australia Pty Ltd | Melbourne | 100% |
CT Operations International UK Ltd | London | 100% |
China iCare Medical Technology Co. Ltd | Shanghai | 100% |
| All Group companies are consolidated in the parent company’s consolidated financial statements. |
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| EMPLOYMENT BENEFITS FOR MANAGEMENT | 2023 | 2022 |
Management includes the Board and the Group's Management Team | ||
Salaries and other short-term employment benefits | 3,088 | 3,141 |
Other long-term benefits | 68 | 78 |
Pension costs | 274 | 224 |
Total | 3,430 | 3,443 |
Expenses arising from incentive programs are recognized as provisions in the financial statements of the year
of their determination and are presented under Related party transactions in the financial period during which
the Board of Directors decides on their payment.
| SALARIES AND REMUNERATIONS OF THE MEMBERS OF | JAN 1–DEC 31, | JAN 1–DEC 31, |
| THE BOARD OF DIRECTORS AND THE CEO: | 2023 | 2022 |
CEO Toijala Jouni | 661 | 373 |
Chair of the Board Nielsen Arne Boye | 90 | 75 |
Chair of the Board Rönkä Pekka until April 8, 2022 | 0 | 2 |
Board member Sherif Riad | 49 | 41 |
Board member Sundell Ann-Christine | 65 | 56 |
Board member Tammela Pekka | 65 | 53 |
Board member Östman Bill | 64 | 58 |
Total | 992 | 657 |
48REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEC 31, 2023 | |
Loans granted to key management personnel as at Jan 1, 2023 | 52 |
Accrued interest | 0 |
Repaid loan receivable | -52 |
Loans granted to key management personnel as at Dec 31, 2023 | 0 |
| The figures include both interest and principal. |
25) Events after the financial period
There has not been any material events after the financial period.
26) Published new and amended IFRS standards that are
not yet in force
The Group has not adopted the following new and amended IFRS standards that
have been published but have not yet entered into force.
IFRS 10 and IAS 28 (amendments)
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
Amendments to IAS 1
Classification of Liabilities as Current or
Non-current
Amendments to IAS 1 Non-current Liabilities with Covenants
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements*
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
Amendments to IAS 21 Lack of Exchangeability*
The managers do not expect that the adoption of the Standards listed above will
have a material impact on the financial statements of the Group in future periods.
*) The new or amended IFRS standard had not been approved for application in the
EU on the date when these financial statements were approved for publication.
Parent Company
Financial Statements
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 49
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
50REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent company profit & loss statement (FAS)
APPENDIX
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Net sales 1 848,306.97 1,482,898.71
Other operating income 2 203.17 0.00
Personnel expenses
Salaries and fees 3 -1,363,900.00 -1,805,794.33
Indirect personnel costs
Pension costs -305,408.44 -273,724.66
Other indirect personnel expenses 5,728.91 -37,716.65
Personnel expenses total -1,663,579.53 -2,117,235.64
Depreciation, amortization, and impairment
Planned depreciation -38,876.00 -43,356.00
Depreciation and amortization total -38,876.00 -43,356.00
Other operating expenses 4 -2,973,032.79 -2,784,134.32
NET PROFIT/LOSS -3,826,978.18 -3,461,827.25
Financial income and expenses 5
Other financial income and interest receivable 1,651,745.44 1,620,003.47
Interest and other financial expenses -660,400.25 -280,097.33
Financial income and expenses total 991,345.19 1,339,906.14
PROFIT/LOSS BEFORE APPROPRIATION AND TAXES -2,835,632.99 -2,121,921.11
Appropriation 6 27,368,120.26 24,187,167.30
Income taxes for the financial period 7 -4,914,883.88 -4,378,727.10
NET PROFIT/LOSS 19,617,603.39 17,686,519.09
51REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent company balance sheet (FAS)
ASSETS APPENDIX DEC 31, 2023 DEC 31, 2022
NON-CURRENT ASSETS 8
Intangible assets
Other intangible assets 47,162.50 81,116.50
Intangible assets total 47,162.50 81,116.50
Tangible assets
Machinery and equipment 2,557.20 7,479.20
Tangible assets total 2,557.20 7,479.20
Investments
Holdings in Group companies 9 20,266,897.39 20,911,906.38
Other shares 8 360,000.00 360,000.00
Investments total 20,626,897.39 21,271,906.38
NON-CURRENT ASSETS TOTAL 20,676,617.09 21,360,502.08
CURRENT ASSETS
Non-current receivables
Receivables from Group
companies
69,217,861.66 65,217,861.66
Other receivables 0.00 50,000.00
Non-current receivables, total 69,217,861.66 65,267,861.66
Short-term receivables
Receivables from Group
companies
10 23,350,190.62 23,175,011.56
Loan receivables 160.70 100.45
Other receivables 0.00 26,071.74
Advances paid 11 187,552.38 201,061.02
Short-term receivables total 23,537,903.70 23,402,244.77
Bank and cash 1,054,047.34 755,906.85
INVENTORIES AND SHORT-TERM
ASSETS TOTAL
93,809,812.70 89,426,013.28
TOTAL ASSETS 114,486,429.79 110,786,515.36
SHAREHOLDER EQUITY AND
LIABILITIES APPENDIX DEC 31, 2023 DEC 31, 2022
SHAREHOLDER EQUITY 12
Share capital 5,314,918.72 5,314,918.72
Reserve for invested non-restricted
equity
51,304,981.86 51,304,981.86
Retained earnings 22,970,218.46 14,855,702.65
Profit for the period 19,617,603.39 17,686,519.09
SHAREHOLDERS’ EQUITY TOTAL 99,207,722.43 89,162,122.32
LIABILITIES
Non-current liabilities
Loans from financial institutions 13 10,050,000.00 14,250,000.00
Non-current liabilities total 10,050,000.00 14,250,000.00
Current liabilities
Loans from financial institutions 4,200,000.00 4,200,000.00
Accounts payable 285,689.09 403,986.11
Liabilities to Group companies 14 200,000.00 845,212.16
Other liabilities 67,947.78 34,225.80
Accrued expenses and deferred
income
15 475,070.49 1,890,968.97
Current liabilities total 5,228,707.36 7,374,393.04
BORROWED CAPITAL TOTAL 15,278,707.36 21,624,393.04
LIABILITIES TOTAL 114,486,429.79 110,786,515.36
52REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent company cash flow statement (FAS)
CASH FLOW FROM OPERATING ACTIVITIES
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Profit/loss before appropriations and taxes -2,835,632.99 -2,121,921.11
Adjustments
Planned depreciation 38,876.00 43,356.00
Financial income and expenses -991,345.19 -1,339,906.14
Other items -203.17 0.00
Change in working capital:
Change in non-interest-bearing current
receivables
-1,167,538.67 -872,086.63
Change in non-interest-bearing current
liabilities
-590.973,33 -745,800.48
Interest and payments paid from operations -660,400.25 -280,097.33
Interest and payments received from operations 1,651,745.44 1,620,003.47
Direct taxes paid -5,824,384.07 -3,449,510.64
Cash flow from operations -10,379,856.23 -7,145,962.86
CASH FLOW FROM INVESTMENT
ACTIVITIES
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Investment in tangible and intangible assets 0.00 -4,237.90
Loans granted -4,000,000.00 -3,000,000.00
Repayments of loan receivables 50,000.00 1,468,002.45
Investments in other investments 0.00 -160,000.00
Cash flow from investing activities -3,950,000.00 -1,696,235.45
CASH FLOW FROM FINANCING ACTIVITIES
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Withdrawals and repayments of long-term
borrowings
-4,200,000.00 -4,200,000.00
Dividends paid and other distribution of profits -9,572,003.28 -9,036,091.60
Group contributions received and paid 28,400,000.00 22,303,276.18
Cash flow from financing activities 14,627,996.72 9,067,184.58
CHANGE IN CASH AND CASH EQUIVALENTS 298,140.49 224,986.27
Cash and cash equivalents at beginning of period 755,906.85 530,920.58
Cash and cash equivalents at end of period 1,054,047.34 755,906.85
Change in cash and cash equivalents 298,140.49 224,986.27
53REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to parent company financial statements
Dec 31, 2023
Accounting principles for the parent company
financial statements
Basis of preparation
The financial statements of the parent company Revenio Group Corporation have
been prepared in accordance with the Finnish Accounting Act, Limited Liability
Companies Act, and the Finnish Accounting Standards (FAS).
Valuation and depreciation principles
Valuation of non-current assets
The company’s non-current assets are stated at acquisition cost less planned
depreciation. The depreciation plan is defined based on experiences. Value adjust-
ments are made based on the difference between the acquisition cost and the
residual value and estimated useful life.
The bases for planned depreciation are as follows:
Intangible rights 3 years straight-line depreciation
Other non-current expenses 3 years straight-line depreciation
Machinery and equipment 3 years straight-line depreciation
Subsidiaries
Direct expenses from the acquisition of subsidiary companies are recognized in the
acquisition cost of subsidiary company holdings. The Group management continu-
ously reviews Group items for any indication of impairment. If there are such indica-
tions, the amount recoverable from the said asset item is assessed.
Employee benefits
Personnel pension security is handled by external pension insurance companies.
Pension costs are recorded as expenses in the year in which they are incurred.
The company's Leadership Team participates in a long-term share plan, within
which programs are valid for the earning years 2021- 2023, 2022-2024 and 2023-
2025. The minimum, target and maximum bonus of each participant shall be decid-
ed separate, as well as performance criteria and the related targets. The accounting
and financial statement treatment of share-based payment plans is described in
more detail in Note 17.
Notes to the income statement
1) Distribution of net sales
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Administrative services to subsidiaries 848,306.97 1,482,898.71
Net sales total 848,306.97 1,482,898.71
2) Other operating income
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Other income 203.17 0.00
Other operating income total 203.17 0.00
54REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
3) Salaries and remunerations
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
CEO -403,089.60 -329,146.20
Board Members -245,000.00 -240,000.00
Other salaries and remunerations -1,115,457.51 -809,494.03
Tot al -1,763,547.11 -1,378,640.23
Accrued salaries and remunerations
total
-1,363,900,00 -1,805,794.33
AVERAGE NUMBER OF PERSONNEL
DURING PERIOD
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Management 3 3
Others 9 8
Tot al 12 11
4) Other operating expenses
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Rent of business premises -106,113.37 -81,085.36
Vehicle and travel expenses -145,527.86 -173,500.80
Machinery and equipment expenses -408,701.21 -356,741.46
Marketing and entertainment -97,531.72 -126,350.36
Expert services purchased -1,917,001.52 -1,669,125.56
Administrative expenses -129,323.82 -127,547.12
Other operating expenses -168,833.29 -249,783.66
Tot al -2,973,032.79 -2,784,134.32
Auditor’s fees
Deloitte Oy
Auditing fees -86,000.00 -76,500.00
Certificates and statements -15,000.00 -9,900.00
Tot al -101,000.00 -86,400.00
5) Financial income and expenses
FINANCIAL INCOME AND EXPENSES
FROM GROUP COMPANIES
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Interest income from Group companies 1,614,831.15 1,548,413.09
Tot al 1,614,831.15 1,548,413.09
FINANCIAL INCOME AND EXPENSES
FROM OTHERS
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Interest income from others 10,542.56 6,039.83
Other financial income 26,371.73 65,550.55
Interest expenses from loans from
financial institutions
-632,145.88 -218,060.30
Interest payable to others -459.23 -2,504.05
Loan management expenses 0.00 -1,000.00
Other financial expenses -27,795.14 -58,532.98
Tot al -623,485.96 -208,506.95
6) Appropriation
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Group contributions received 27,700,000.00 24,700,000.00
Group contributions paid -331,879.74 -512,832.70
Tot al 27,368,120.26 24,187,167.30
7) Income taxes
JAN 1–DEC 31,
2023
JAN 1–DEC 31,
2022
Income tax for appropriation -5,473,624.05 -4,837,433.46
Income tax for actual operations 558,740.17 458,706.36
Tot al -4,914,883.88 -4,378,727.10
55REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to balance sheet assets
8) Changes in fixed assets itemized by balance sheet item
DEC 31, 2023 DEC 31, 2022
INTANGIBLE ASSETS
Other intangible assets
Acquisition cost Jan 1 150,553.28 150,553.28
Acquisition cost Dec 31 150,553.28 150,553.28
Accumulated depreciation Jan 1 -69,436.78 -35,483.78
Depreciation during the year -33,954.00 -33,953.00
Accumulated depreciation Dec 31 -103,390.78 -69,436.78
Book value Dec 31 47,162.50 81,116.50
Book value Jan 1 81,116.50 115,069.50
TANGIBLE ASSETS
Machinery and equipment
Acquisition cost Jan 1 31,389.20 27,151.30
Increase during the period 0.00 4,237.90
Acquisition cost Dec 31 31,389.20 31,389.20
Accumulated depreciation Jan 1 -23,910.00 -14,507.00
Depreciation during the year -4,922.00 -9,403.00
Accumulated depreciation Dec 31 -28,832.00 -23,910.00
Book value Dec 31 2,557.20 7,479.20
Book value Jan 1 7,479.20 12,644.30
HOLDINGS IN GROUP COMPANIES
Acquisition cost Jan 1 20,911,906.38 20,911,906.38
Decreases during the period -645,008.99 0.00
Acquisition cost Dec 31 20,266,897.39 20 911 906,38
Book value Dec 31 20,266,897.39 20 911 906,38
DEC 31, 2023 DEC 31, 2022
OTHER INVESTMENTS
Acquisition cost Jan 1 360,000.00 200,000.00
Increase during the period 0.00 160,000.00
Acquisition cost Dec 31 360,000.00 360,000.00
Book value Dec 31 360,000.00 360,000.00
56REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9) Holdings in other companies Dec 31, 2023
GROUP COMPANIES DOMICILE HOLDING
Icare Finland Oy Helsinki 100%
Oscare Medical Oy Helsinki 100%
Revenio Australia Pty Ltd Melbourne 100%
Revenio Italy S.R.L. Milan 100%
Revenio Research Oy Vantaa 100%
10) Receivables from Group companies
DEC 31, 2023 DEC 31, 2022
NON-CURRENT RECEIVABLES
FROM GROUP COMPANIES
Capital loan receivables 403,276.18 403,276.18
Loan receivables 68,814,585.48 64,814,585.48
Tot al 69,217,861.66 65,217,861.66
CURRENT RECEIVABLES FROM
GROUP COMPANIES
Trade receivables 536,503.39 499,073.57
Accrued and other receivables from Icare Finland Oy 19,461,808.43 20,361,808.43
Other receivables from other group companies 766,278.04 898,157.78
Accrued income 2,585,600.76 1,415,971.78
Tot al 23,350,190.62 23,175,011.56
Receivables from Group companies, total 92,568,052.28 88,392,873.22
11) Principal items in prepaid expenses and accrued income
DEC 31, 2023 DEC 31, 2022
Personnel expenses 42,250.00 43,800.00
Taxes 14,486.67 0.00
Prepaid expenses 130,815.71 157,261.02
Tot al 187,552.38 201,061.02
Done Medical Oy merged with Revenio Group Oyj on Oct 31, 2023.
57REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to balance sheet liabilities
12) Changes in equity
DEC 31, 2023 DEC 31, 2022
Share capital
Share capital Jan 1 5,314,918.72 5,314,918.72
Share capital Dec 31 5,314,918.72 5,314,918.72
Restricted equity total Dec 31 5,314,918.72 5,314,918.72
Reserve for invested non-restricted equity
Reserve for invested non-restricted equity
Jan 1
51,304,981.86 51,304,981.86
Reserve for invested non-restricted equity
Dec 31
51,304,981.86 51,304,981.86
DEC 31, 2023 DEC 31, 2022
Profit/loss from previous financial periods
Profit/loss from previous financial periods
Jan 1
32,542,221.74 23,891,794.25
Dividends -9,572,003.28 -9,036,091.60
Profit/loss from previous financial periods
Dec 31
22,970,218.46 14,855,702.65
Profit/loss for the period Dec 31 19,617,603.39 17,686,519.09
Non-restricted equity total Dec 31 93,892,803.71 83,847,203.60
Equity total Dec 31 99,207,722.43 89,162,122.32
Calculation of the amount of distributable
unrestricted equity on 31 Dec
Invested unrestricted capital reserve 51,304,981.86 51,304,981.86
Retained earnings 22,970,218.46 14,855,702.65
Profit for the period 19,617,603.39 17,686,519.09
Distributable unrestricted equity Dec 31 93,892,803.71 83,847,203.60
The share capital of Revenio Group Corporation on December 31, 2023 was EUR
5,314,918.72, and the number of shares was 26,681,116. There is one class of shares.
All shares confer an equal right to dividends and the company’s funds.
On the closing date, the company held 88,342 of its own shares (REG1V).
58REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13) Non-current liabilities
Loans from financial institutions
As at December 31, 2023, the parent company had interest-bearing non-current
liabilities amounting to EUR 10.1 million. The company does not have any loans
falling due later than within five years. At the end of 2022, the parent company had
interest-bearing non-current liabilities amounting to EUR 14.3 million.
14) Intra-group liabilities
DEC 31, 2023 DEC 31, 2022
Current intra-group liabilities
Other liabilities 200,000.00 845,212.16
Tot al 200,000.00 845,212.16
15) Principal items of accrued liabilities and deferred income
DEC 31, 2023 DEC 31, 2022
Personnel expenses 253,226.24 837,871.35
Income taxes 20,174.51 929,216.46
Other accruals and deferred income 201,669.74 123,881.16
Tot al 475,070.49 1,890,968.97
16) Notes to collateral and commitments
Banks and financial institutions have granted Revenio Group Corporation mortgages
on company assets worth EUR 91,000.000 and subsidiary shares with an accounting
value of EUR 6,205,984.75. The remaining capital of the bank loan at the end of the
financial year was EUR 14,250,000.00.
LEASE COMMITMENTS DEC 31, 2023 DEC 31, 2022
Lease commitments maturing next year 21,318.53 21,928.32
Lease commitments maturing later than next year 14,337.92 24,941.41
Tot al 35,656.45 46,869.73
Lease agreements run for 2–5 years and do not include special notice or purchase
option clauses.
RENT LIABILITIES DEC 31, 2023 DEC 31, 2022
Rent liabilities for office premises, maturing next
year
447,189.96 433,816.68
Rent liabilities for office premises, maturing later
than next year
186,329.15 180,756.95
Tot al 633,519.11 614,573.63
BANK GUARANTEE AS SECURITY OF LIABILITIES DEC 31, 2023 DEC 31, 2022
Bank guarantee based on tenancy 103,380.00 103,380.00
Tot al 103,380.00 103,380.00
59REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
17) Other notes
Management incentive scheme
Basis of preparation
The Board of Directors of Revenio Group Corporation has decided has decided on the
three-year earning periods of the share-based long-term incentive schemes directed
towards the key personnel of Revenio Group. Long-term incentive schemes form part
of the company's remuneration program for key personnel and are aimed at support-
ing the implementation of the company's strategy and harmonizing the objectives of
key personnel and the company in order to grow the company's value.
The Board of Directors shall decide separately on the minimum, target and maximum
bonus of each participant, as well as performance criteria and the related targets.
The amount of bonus payable to the participants depends on the achievement of the
pre-set targets. No bonus will be paid if the targets are not met, or if the participant's
work or employment relationship ends before the bonus is paid. If the targets of the
incentive scheme are met, the bonuses will be paid in the spring of the year follow-
ing the earning period. The total amount of share bonus to be paid on the basis of
the program earning period is gross earnings minus the amount of cash required to
cover taxes due on the share bonus and any other tax-like payments, after which the
remaining net bonus shall be paid in shares. However, in certain circumstances the
company has the right to pay the entire bonus in cash.
Benefits granted under the share plan are recognized with caution as expenses in the
income statement when the Board of Directors has approved the bonuses for pay-
ment. Taking the objectives of the scheme into account, it is not possible to reliably
estimate the total amount of future cash considerations.
EARNING YEARS
TIME OF
BONUS PAYMENT
MAXIMUM AMOUNT OF SHARE BONUS
(GROSS EARNINGS)
2018–2020 2021 5,570 (realized)
2019–2021 2022 5,048 (realized)
2020–2022 2023 8,749 (realized)
2021–2023 2024 max 5,303
2022-2024 2025 max 6,021
2023-2025 2026 max 9,692
In addition, if certain conditions are met, the CEO is entitled to a restricted share
plan under which the CEO would be entitled to receive a total of 3,000 shares in
the Company during 2022-2024. In order to pay the share bonus of 1,000 shares
earned in 2022 in accordance with the terms of the program, 400 of the com-
pany's treasure shares were issued to the CEO on February 12, 2023 throught a
directed share issue without payment, and the rest of the share bonus was used
for the tax consequences of the issued shares. During the financial year, the com-
pany recognized a total of EUR -155 thousand in personal expenses related to this
program.
Signatures
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 60
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
61REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Signatures to the financial
statements and review
of operations
Vantaa, March 11, 2024
Board of Directors and CEO of Revenio Group Corporation
Arne Boye Nielsen
Chair of the Board
Riad Sherif
Board member
Ann-Christine Sundell
Board member
Bill Östman
Board member
Pekka Tammela
Board member
Jouni Toijala
CEO
Auditor's note
We have issued an audit report today based on the audit we have performed.
Helsinki, March 11, 2024
Deloitte Oy
Authorized Public Accountants
Mikko Lahtinen
Authorized Public Accountant
Auditor’s report
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 62
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
63REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Auditor’s report
To the Annual General Meeting of Revenio Group Corporation
Report on the Audit of the
Financial Statements
Opinion
We have audited the financial statements of Revenio
Group Oyj (business identity code 1700625-7) for the
year ended 31 December 2023. The financial statements
comprise the consolidated statement of comprehen-
sive income, balance sheet, statement of cash flows,
statement of changes in equity and notes, including
material accounting policy information, as well as the
parent company’s income statement, balance sheet,
statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a
true and fair view of the group’s financial
position, financial performance and cash flows
in accordance with IFRS Accounting Standards
as adopted by the EU
• the financial statements give a true and fair
view of the parent company’s financial
performance and financial position in
accordance with the laws and regulations
governing the preparation of financial
statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good audit-
ing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the parent company and of the
group companies in accordance with the ethical re-
quirements that are applicable in Finland and are rele-
vant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-au-
dit services that we have provided to the parent com-
pany and group companies are in compliance with laws
and regulations applicable in Finland regarding these
services, and we have not provided any prohibited
non-audit services referred to in Article 5(1) of regula-
tion (EU) 537/2014. The non-audit services that we have
provided have been disclosed in note 8 to the consoli-
dated financial statements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our profes-
sional judgment, were of most significance in our audit
of the financial statements of the current period. These
matters were addressed in the context of our audit
of the financial statements as a whole and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.
We have also addressed the risk of management over-
ride of internal controls. This includes consideration of
whether there was evidence of management bias that
represented a risk of material misstatement due to
fraud.
64REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Revenue recognition
Refer to notes 1 and 2 in the consolidated financial statements.
• Consolidated net sales of EUR 96.6 million consists of the income
from the sale of products, services and software licenses.
• Revenue from sales is recognized when the customer gains control
over a good, service or software license (performance obligation).
As a rule, control is transferred to the customer upon delivery as per
the terms and conditions of agreement.
• For audit purposes, the key is that revenue is recognized timely and
in the correct amount.
• We have assessed the controls relating to the sales process and
the revenue recognition.
• We have reviewed the accounting principles and practices associated
with revenue recognition to assess whether the recognition is in
accordance with IFRS 15.
• We have tested the timing and quantitative accuracy of revenue
recognition by comparing individual sales transactions to sales
agreements and delivery notes.
• We have assessed the appropriateness of the presentation in the
consolidated financial statements.
Valuation of goodwill and other intangible assets
Refer to accounting principles for the consolidated financial statements
and note 12 in the consolidated financial statements.
• The consolidated statement of financial position includes goodwill of
EUR 59.4 million and other intangible assets of EUR 18.6 million.
• Goodwill and the majority of other intangible assets have arisen from
the business acquisitions executed in previous financials years.
In addition, other intangible assets include capitalized development
costs relating to the development of health technology products.
• The valuation and impairment testing of goodwill and other intangible
assets involve management estimates of cash flow projections and
trade cycle changes, and hence this matter is addressed
as a key audit matter.
• We have reviewed and assessed the management’s methods
and assumptions used in impairment testing.
• We have assessed the indications of impairment identified by the
management and performed audit procedures on the impairment
testing prepared by the management.
• We have tested the mathematical accuracy of the model used in
impairment testing, evaluated and challenged the projections used
in the calculations and related changes, and compared the prior year
forecasts to the actual figures.
• We have evaluated the appropriateness of the presentation in the
consolidated financial statements.
We have no key audit matters to report with respect to our audit of the parent company’s financial statements. There are no significant risks of material misstatement referred
to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements.
65REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Responsibilities of the Board of
Directors and the Managing Director
for the Financial Statements
The Board of Directors and the Managing Director are
responsible for the preparation of consolidated finan-
cial statements that give a true and fair view in accor-
dance with IFRS Accounting Standards as adopted by
the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations
governing the preparation of financial statements in
Finland and comply with statutory requirements. The
Board of Directors and the Managing Director are also
responsible for such internal control as they deter-
mine is necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Board of
Directors and the Managing Director are responsible
for assessing the parent company’s and the group’s
ability to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using
the going concern basis of accounting. The financial
statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate
the parent company or the group or cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit con-
ducted in accordance with good auditing practice will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of the
financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and main-
tain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to those
risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of
the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the Board
of Directors’ and the Managing Director’s use
of the going concern basis of accounting and
based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt
on the parent company’s or the group’s ability
to continue as a going concern. If we conclude
that a material uncertainty exists, we are
required to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may cause
the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including
the disclosures, and whether the financial
statements represent the underlying
transactions and events so that the financial
statements give a true and fair view.
• Obtain sufficient appropriate audit evidence
regarding the financial information of the
entities or business activities within the group
to express an opinion on the consolidated
financial statements. We are responsible for
the direction, supervision and performance of
the group audit. We remain solely responsible
for our audit opinion.
66REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and communi-
cate with them all relationships and other matters that
may reasonably be thought to bear on our indepen-
dence, and where applicable, related safeguards.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our au-
ditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not
be communicated in our report because the adverse
consequences of doing so would reasonably be ex-
pected to outweigh the public interest benefits of such
communication.
Other Reporting Requirements
Information on Our Audit Engagement
We were first appointed as auditors by the Annual
General Meeting on 22 March 2017, and our appoint-
ment represents a total period of uninterrupted en-
gagement of seven years.
Other Information
The Board of Directors and the Managing Director are
responsible for the other information. The other infor-
mation comprises the report of the Board of Directors.
Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial state-
ments, our responsibility is to read the other infor-
mation and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated. Our
responsibility also includes considering whether the
report of the Board of Directors has been prepared in
accordance with the applicable laws and regulations.
In our opinion, the information in the report of the
Board of Directors is consistent with the information
in the financial statements and the report of the Board
of Directors has been prepared in accordance with the
applicable laws and regulations.
If, based on the work we have performed, we conclude
that there is a material misstatement of the report of
the Board of Directors, we are required to report that
fact. We have nothing to report in this regard.
Helsinki, 11 March 2024
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
67REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Independent Auditor’s Report on the ESEF Consolidated
Financial Statements of Revenio Group Corporation
To the Board of Directors of Revenio Group Corporation
We have performed a reasonable assurance
engagement on whether the iXBRL tagging of the
consolidated financial statements in the ESEF
consolidated financial statements [reveniogroup-
2023-12-31-fi.zip] of Revenio Group Oyj (1700625-7)
for the financial year 1.1.–31.12.2023 has been prepared
in accordance with the requirements of Article 4 of
Commission Delegated Regulation (EU) 2018/815 (ESEF
RTS).
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and Managing Director are respon-
sible for the preparation of the report of the Board of
Directors and financial statements (ESEF financial state-
ments) that comply with the requirements of ESEF RTS.
This responsibility includes
• preparation of ESEF financial statements in
XHTML format in accordance with Article 3 of
ESEF RTS
• tagging the consolidated financial statements’
primary statements, disclosures and
identifying information in the ESEF financial
statements with iXBRL tags in accordance with
Article 4 of ESEF RTS, and
• ensuring consistency between ESEF financial
statements and audited financial statements.
The Board of Directors and the Managing Director are
also responsible for such internal control as they de-
termine is necessary to enable the preparation of ESEF
financial statements in accordance with the require-
ments of ESEF RTS.
Auditor’s Independence and Quality
Management
We are independent of the company in accordance with
the ethical requirements that are applicable in Finland
and are relevant to the engagement we have performed,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The auditor applies International Standard on Quality
Management (ISQM) 1, which requires the audit firm to
design, implement and operate a system of quality man-
agement including policies and procedures regarding
compliance with ethical requirements, professional stan-
dards and applicable legal and regulatory requirements.
Auditor’s Responsibilities
In accordance with the engagement letter, we express
an opinion on whether the tagging of the consolidated
financial statements in the ESEF financial statements
has been prepared in all material respects in accor-
dance with the requirements of Article 4 of ESEF RTS.
We conducted a reasonable assurance engagement in
accordance with International Standard on Assurance
Engagements (ISAE) 3000.
The engagement includes procedures
to obtain evidence on:
• whether the tagging of the consolidated
financial statements’ primary statements in
the ESEF financial statements has been
prepared in all material respects in accordance
with the requirements of Article 4 of ESEF RTS
• whether the tagging of the consolidated
financial statements’ disclosures and
identifying information in the ESEF
financial statements has been prepared in all
material respects in accordance with the
requirements of Article 4 of ESEF RTS, and
• whether the ESEF financial statements are
consistent with the audited financial
statements.
The nature, timing and extent of the procedures se-
lected depend on the auditor’s judgment. This includes
the assessment of risk of material departures from
the requirements set out in ESEF RTS, whether due to
fraud or error.
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
68REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Opinion
In our opinion, the tagging of the consolidated finan-
cial statements’ primary statements, disclosures and
identifying information in the ESEF financial statements
[reveniogroup-2023-12-31-fi.zip] of Revenio Group Oyj
for the financial year 1.1.–31.12.2023 has been prepared
in all material respects in accordance with the require-
ments of Article 4 of ESEF RTS.
Our audit opinion on the consolidated financial state-
ments of Revenio Group Oyj for the financial year
1.1.–31.12.2023 has been expressed in our auditor’s
report dated 11 March 2024. In this report, we do not
express an audit opinion or any other assurance con-
clusion on the consolidated financial statements.
Helsinki, 11 March 2024
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
REVENIO GROUP CORPORATION
Äyritie 22 | 01510 Vantaa
www.reveniogroup.fi/en