Heeros Group key figures, income statement and balance sheet
Group key figures
| EUR thousand | Q4/ 2022 |
Q4/ 2021 |
Change % | H2/ 2022 |
H2/ 2021 |
Change % | Financial period 2022 | Financial period 2021 | Change % |
| Rule of 40, % (adjusted) 1 | 38.4% | 35.2% | 39.5% | 35.8% | 39.1% | 27.5% | |||
| Revenue | 2,893 | 2,497 | 16% | 5,534 | 4,770 | 16% | 11,083 | 9,201 | 20% |
| Recurring revenue 2 | 2,625 | 2,277 | 15% | 5,208 | 4,436 | 17% | 10,332 | 8,626 | 20% |
| Contract revenue | 2,001 | 1,574 | 27% | 3,971 | 3,027 | 31% | 7,854 | 5,737 | 37% |
| Transaction revenue | 624 | 703 | -11% | 1,237 | 1,409 | -12% | 2,478 | 2,889 | -14% |
| EBITDA | 651 | 612 | 6% | 1,282 | 1,301 | -1% | 1,997 | 1,990 | 0% |
| EBITDA, % of revenue | 22.5% | 24.5% | 23.2% | 27.3% | 18.0% | 21.6% | |||
| Adjusted EBITDA 1 | 651 | 644 | 1% | 1,298 | 1,328 | -2% | 2,061 | 2,062 | 0% |
| Adjusted EBITDA, % of revenue | 22.5% | 25.8% | 23.5% | 27.8% | 18.6% | 22.4% | |||
| EBIT | 96 | 281 | -66 % | 178 | 661 | -73 % | -230 | 723 | |
| EBIT, % of revenue | 3.3 % | 11.2 % | 3.2 % | 13.9 % | -2.1 % | 7.9 % | |||
| Adjusted EBIT 1 | 96 | 313 | -69 % | 194 | 687 | -72 % | -166 | 795 | |
| Adjusted EBIT, % of revenue | 3.3 % | 12.5 % | -74 % | 3.5 % | 14.4 % | -76 % | -1.5 % | 8.6 % | |
| Profit for the period | 29 | 192 | -85 % | 59 | 485 | -88 % | -405 | 499 | |
| Profit for the period, % of revenue | 1.0 % | 7.7 % | 1.1 % | 10.2 % | -3.7 % | 5.4 % | |||
| Profit for the period excluding goodwill depreciations | 165 | 192 | -14 % | 336 | 485 | -31 % | 151 | 499 | -70 % |
| Operational cash flow (adjusted) 3 | 967 | 1,058 | -9 % | 1,637 | 1,695 | -3 % | |||
| Equity ratio, % | 57.8 % | 36.8 % | |||||||
| Return on Equity (ROE), % | -8.9 % | 22.3 % |
| 1 Adjusted figures for 2022 include an adjustment of EUR 64 thousand for non-recurring restructuring costs. |
| Adjusted figures for 2021 include an adjustment of EUR 72 thousand for non-recurring expenses related to the assessment of inorganic growth. |
| 2 Recurring revenue is divided into two parts: contract revenue (usage fees and service agreements) and transaction revenue. |
| 3 Adjusted operational cash flow from the financial period 2021 includes an adjustment for tax and earnings-related pension payment arrangements as well as non-recurring restructuring costs. |
| The merger of the software company Taimer Ltd with the Heeros Group was completed on 1 January 2022. The reported figures for the comparison period do not include Taimer. |
Group income statement
| Thousand euros | H2/2022 | Year 2022 | H2/2021 | Year 2021 |
| Revenue | 5 534 | 11 083 | 4 770 | 9 201 |
| Other operating income | 3 | 14 | 0 | 0 |
| Materials and services | -860 | -1 660 | -702 | -1 182 |
| Staff expensess | -2 130 | -4 920 | -1 759 | -4 051 |
| Other operating expenses | -1 264 | -2 520 | -1 008 | -1 978 |
| Depreciation and reduction in value | -1 107 | -2 228 | -636 | -1 272 |
| Share of results of associated companies | 3 | 0 | -5 | 5 |
| Operating profit (EBIT) | 178 | -230 | 661 | 723 |
| Finance income and expenses | -56 | -107 | -48 | -85 |
| Profit before taxes | 122 | -337 | 613 | 638 |
| Income taxes | -63 | -67 | -128 | -139 |
| Profit for the period | 59 | -405 | 485 | 499 |
| Earnings per share, EUR | 0,01 | -0,08 | 0,11 | 0,11 |
Group balance sheet
| Tuhatta euroa | 31.12.2022 | 31.12.2021 |
| ASSETS | ||
| FIXED ASSETS | ||
| Intangible assets | 10 326 | 4 309 |
| Tangible assets | 16 | 15 |
| TOTAL FIXED ASSETS | 10 342 | 4 323 |
| CURRENT ASSETS | ||
| Current receivables | 0 | 0 |
| Long-term receivables | 83 | 20 |
| Short-term receivables | 1 046 | 1 434 |
| Cash in hand and at banks | 206 | 965 |
| TOTAL CURRENT ASSETS | 1 335 | 2 420 |
| TOTAL ASSETS | 11 677 | 6 743 |
| LIABILITIES | ||
| EQUITY | ||
| Share capital | 4 743 | 80 |
| Issue of shares | 9 | 0 |
| Invested unrestricted equity fund | 4 613 | 4 602 |
| Retained earnings | -2 200 | -2 697 |
| Translation difference | -9 | 0 |
| Profit (loss) for the financial year | -405 | 499 |
| TOTAL EQUITY | 6 752 | 2 484 |
| CREDITORS | ||
| Long-term creditors | 1 879 | 1 968 |
| Short-term creditors | 3 046 | 2 292 |
| TOTAL CREDITORS | 4 925 | 4 259 |
| TOTAL LIABILITIES | 11 677 | 6 743 |