We aspire to keep
the wonderful world
visible for all
Report by the
Board of Directors and
Financial Statements 2024
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 15
Consolidated comprehensive
profit & loss statement
19
Consolidated balance sheet 20
Consolidated cash flow statement 21
Consolidated statement of
changes in equity
22
Notes to the consolidated
financial statements
23 Auditor's report 63
Report by the
Board of Directors
January 1–December 31, 2024
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024 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 2024
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 Australia Pty
Ltd, Icare World Australia Pty Ltd, CT Operations
International UK Ltd, China iCare Medical Technology
Co. Ltd, and Thirona Retina B.V.
Changes in the Group structure
In August 2024, Revenio Group’s subsidiary Icare Finland
Oy acquired the artificial intelligence (AI) software com-
pany Thirona Retina B.V.
Revenio Research Oy and Oscare Medical Oy were
merged with the subsidiary Icare Finland Oy on December
31, 2024.
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 part of its strategy work Revenio has
defined its essential sustainability topics and improved
its reporting capabilities in relation to future reporting
obligations.
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 in-
creases, 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 main-
taining 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 2024
The year 2024 showed an upward trend towards the
end of the year. Although the first quarter was soft,
sales picked up as the year progressed and the last
quarter culminated in an all-time sales record in
December. This year, sales consisted of smaller in-
dividual transactions, and unlike in the comparison
period, there were no significant large one-time orders.
Recurring revenue from software licenses, service con-
tracts and probe sales accounted for nearly one-third
of our total net sales, and its share is expected to grow
in the future.
The scalable business model has proven to be very
effective, and the growth in net sales was also reflect-
ed in good profitability, which is among the best in the
industry. Revenio applied in 2024 for the U.S. Food and
Drug Administration (FDA) marketing authorization for
iCare ILLUME screening solution, which includes iCare
DRSplus fundus imaging device, iCare ILLUME cloud
platform, and AI. The costs of clinical trials related to
the marketing authorization process were concentrated
in the first quarter of the year.
The implementation of Revenio’s strategy is progressing
as planned and the company is on the path of profit-
able growth. New product innovations play a key role in
the growth strategy. In 2024, four new products were
launched: iCare ST500, iCare TONOVET Pro, TONOVET
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 2024
Pet, and iCare MAIA. The number of customers and
measurement volumes of the iCare ILLUME screening
solution has increased significantly, and the scalability of
the comprehensive solution has been validated. In soft-
ware solutions, Revenio took a significant step forward
in August with the acquisition of Thirona Retina, whose
RetCAD software improves eye disease screening using
AI technology. This strengthens the ambition to develop
innovative customer-centric solutions and lays down
the foundation for recurring revenue. Revenio believes
that software solutions will play a growing role in eye
health diagnostics and improving the efficiency of care
pathways.
The launch and marketing authorization in the US of the
iCare ST500 slit lamp mounted tonometer were signifi-
cant achievements that strengthened the global position.
Chinese authorities granted a marketing authorizatio
during the financial period for the updated version of iCare
IC200 featuring Quick Measure.
Obtaining a marketing authorization in China for the iCare
EIDON, iCare EIDON AF and iCare EIDON UWF fundus im-
aging systems strengthens Revenio’s position as a pioneer
in fundus imaging. The company is preparing commercial
deliveries of the new iCare MAIA microperimeter in early
2025.
The iCare ILLUME screening solution expanding into new
markets, such as Germany and the Middle East, is an im-
portant part of Revenio’s growth strategy. The AI-powered
RetCAD software by Thirona Retina, which was acquired
in the third quarter, is part of the iCare ILLUME screen-
ing solution, which has been very well received by our
customers. RetCAD uses artificial intelligence to screen
fundus images for eye diseases, including diabetic retinop-
athy, age-related macular degeneration, and glaucoma. In
2024, RetCAD already produced more than twice the num-
ber of patient reports compared to the previous year. The
number of iCare ILLUME screening sites also quadrupled
in 2024. The iCare ILLUME screening solution is currently
undergoing the marketing authorization process in the
United States.
Revenio also invested in sales and marketing activities as
well as our visibility to strengthen the awareness of the
iCare brand. People and culture are an important strategic
cornerstone for the company. Revenio supports compe-
tence development with the Talent Management frame-
work, which models competence at different organization-
al levels. The most important step forward in 2024 was the
definition of the work role architecture and role develop-
ment paths. Revenio launched a training program for man-
agers to support the implementation of the strategy and
the development of managerial work. In addition, Revenio
started working with Aalto Executive Education in 2024,
with 20 experts participating in a program focused on per-
sonal learning, leadership and business development.
Revenio continued our preparation for sustainability re-
porting in accordance with the Corporate Sustainability
Reporting Directive (CSRD). A double materiality assess-
ment was carried out, in which Revenio assessed the
impacts, financial risks and opportunities of operations
related to sustainability. The material topics are mainly
aligned with the previous sustainability program.
Revenio is a profitable growth company that is increasingly
shifting from a product-focused offering to providing com-
prehensive eye health solutions. Although Revenio expects
the operating environment to remain challenging in 2025,
the competitive product and solution offering provides a
strong foundation to outperform the overall industry de-
velopment. The macroeconomic and geopolitical outlook
for 2025 is challenging and includes uncertainties that
may impact the business environment. Monitoring these
developments and reacting promptly are key elements
of the Group’s strategy. Furthermore, uncertainty regard-
ing potential U.S. import tariffs is increasing, and Revenio
strives to prepare accordingly.
Net sales, profitability, and profit
Revenio Group’s net sales January 1–December 31, 2024
was EUR 103.5 (96.6) million. Net sales increased by
7.2%. The currency-adjusted growth of net sales was
5.9%, or 1.3%-points weaker than the reported growth.
EBITDA was EUR 30.2 (30.3) million, or 29.2% of net
sales, down by 0.2%.
The Group’s operating profit was EUR 25.0 (26.3) mil-
lion, down by 4.9%. The adjusted operating profit was
EUR 26.0 (27.3) million, or 25.1% of net sales, down by
5.0%.
Profit before taxes was EUR 24.6 (25.4) million, down by
3.0% year-on-year.
Earnings per share came to EUR 0.695 (0.719). Equity
per share came to EUR 4.04 (3.74).
Balance sheet, financial position and
cash flow
The Group’s balance sheet total totaled EUR 141.3 (137.4)
million on December 31, 2024. The value of goodwill on
the balance sheet totaled EUR 63.3 (59.4) million on
December 31, 2024.
The Group’s equity was EUR 107.7 (99.9) million. The
Group’s net debt at the end of the financial year totaled
EUR -7.9 (-3.6) million, and net gearing was -7.3 (-3.6)%.
The Group’s equity ratio was 76.2 (72.7)%. The Group’s
liquid assets at the end of the financial period on
December 31, 2024 totaled EUR 20.7 (21.5) million. Cash
flow from operations totaled EUR 23.9 (10.9) million.
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 2024
Personnel and management
On December 31, 2024, the members of the Leadership
Team of Revenio Group are
• President & CEO Jouni Toijala
• Vice President, Sales John Floyd
• Vice President, Quality Heli Huopaniemi
• Vice President, Operations Ari Isomäki
• CFO Robin Pulkkinen
• Vice President, R&D Marco Rizzardo
• Vice President, Products, Brand and
Marketing Erkki Tala
• Vice President, Strategy and
Business Development Kate Taylor
• Vice President, People & Culture Hanna Vuornos
Erkki Tala was appointed as a member of the
Leadership team and responsible for products, brand
and marketing as of March 1, 2024.
Marco Rizzardo was appointed as a member of the
Leadership team and responsible for reaserch and de-
velopment as of January 8, 2024.
At the end of the year the number of employees was
241 (216).
Shares, share capital, and management
and employee holdings
On December 31, 2024, 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, 2024, the President & CEO, members of the Board
of Directors, the Leadership team members and their
related parties held 0.24% of the Company’s shares, or
63,968 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 84,309 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 April 4, 2024, 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
Revenio Group Corporation’s Board of Directors has
decided on the three-year performance periods of the
performance-based long-term share-based incentive
plans for the company's key personnel, that were effect
during the financial year 2024, on January 2022 (PSP
2022-2024), August 2023 (PSP 2023-2025), and March
AVERAGE NUMBER OF PERSONNEL
DURING THE FINANCIAL YEAR
2024 (PSP 2024-2026). Longterm performance-based
share plans form part of the Company's remuneration
program for key personnel and are aimed at supporting
the implementation of the Company's strategy and har-
monizing the objective of key personnel and Company
shareholders in growing shareholder value. Based on
the ended earning period of the share-based incentive
plan 2021-2023 (PSP 2021-2023), no shares were trans-
ferred to the Company's key personnel participating in
the plan.
In addition, if certain conditions are met, the CEO is en-
titled to a restricted share plan (RSP 2021-2023) under
which the CEO would be entitled to receive a total of
3,000 shares in three installments of the Company.
The Board of Directors decided on March 2024 on the
establishment of a new individual restricted share plan
structure (RSP 2024-2026) which is intended to be used
as a complementary share-based retention plan for the
Company's key personnel.
The Company’s Board of Directors decided during
March, 2021, on a restricted share plan for five key em-
ployees 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, har-
monize the interests of shareholders and plan partici-
pants and increase the Company's value and profits in
the long term, as well as to strengthen the participants’
commitment to Revenio. The plan had a restricted
maximum number of shares. Under the plan, shares in
the Company were to 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 covered the
years 2021—2023. A total of 833 of the company’s trea-
JAN-DEC/2024 JAN-DEC/2023
Revenio Group 229 214
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 2024
SUMMARY OF TRADING ON NASDAQ HELSINKI
January 1–December 31, 2024
JANUARY–
DECEMBER
2024
TURNOVER,
NUMBER OF
SHARES
VALUE
TOTAL, EUR
HIGHEST,
EUR
LOWEST,
EUR
AVERAGE
PRICE, EUR
LATEST,
EUR
REG1V 4,832,876 135,684,138 35.84 23.36 28.08 26.58
DEC 31, 2024 DEC 31, 2023
Market value, EUR 709,184,063 724,659,111
Number of shareholders 22,902 25,057
sury shares were issued in August 2024 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, 2024,
Revenio Group Corporation’s share turnover on the
Nasdaq Helsinki exchange totaled EUR 135.7 (277.7)
million, representing 4.8 (10.0) million shares or 18.1
(37.5) % of all shares outstanding. The highest trans-
action price was EUR 35.84 (41.50) and the lowest was
EUR 23.36 (17.51). The closing price at the end of the
financial period was EUR 26.58 (27.16) and the weighted
average price for the financial period was EUR 28.08
(27.77). Revenio Group Corporation’s market value stood
at EUR 709 (725) million on December 31, 2024.
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 2024
Flagging notifications
Between January 1–December 31, 2024, 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
issued on January 1, 2025 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 2024
MAJOR SHAREHOLDERS
December 31, 2024*
SHAREHOLDERS BY SIZE OF HOLDING
NO. OF SHARES %
1 William Demant Invest A/S 5,229,023 19.60%
2 SEB Investment Management 1,140,063 4.27%
3 Vanguard 895,331 3.36%
4 Swedbank Robur Funds 749,000 2.81%
5 Ilmarinen Mutual Pension Insurance Company 699,792 2.62%
6 Elo Mutual Pension Insurance Company 393,324 1.47%
7 La Financière de l'Echiquier 385,370 1.44%
8 BlackRock 372,848 1.40%
9 Handelsbanken Funds 371,812 1.39%
10 Varma Mutual Pension Insurance Company 336,746 1.26%
OWNER DISTRIBUTION
BY HOLDINGS CAPITAL
NUMBER OF
SHARES
NUMBER
OF KNOWN
OWNERS
1 - 100 1.99% 531,265 14,392
101 - 500 5.11% 1,363,775 5,748
501 - 1,000 3.38% 902,352 1,238
1,001 - 5,000 9.70% 2,587,277 1,176
5,001 - 10,000 4.47% 1,192,793 168
10,001 - 50,000 10.52% 2,805,855 129
50,001 - 100,000 5.36% 1,430,319 21
100,001 - 500,000 22.33% 5,958,872 25
500,001 - 1,000,000 8.79% 2,344,123 3
1,000,001 - 23.87% 6,369,086 2
Unknown 4.48% 1,195,399 0
Tot a l 100,00 % 26,681,116 22,902
* 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
3.87%
Other
6.65%
Pension & insurance
19.60%
Investment & PE
0.23%
Foundations
33.80%
Private
Individuals
0.32%
Treasury shares
4.48%
Unknown
owner type
0.79%
State, munici-
pal & county
Total:
100%
30.26%
Fund companies
SHAREHOLDERS
BY SECTOR
31/12/2024
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 2024
Remuneration report
The AGM decided to approve the remuneration report.
The resolution on the remuneration report is advisory.
Remuneration policy
The AGM decided to approve the remuneration policy.
The resolution on the remuneration report is advisory.
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 structure, finance or implement any cor-
porate acquisitions or other transactions, implement
share-based incentive plans, pay board fees or other-
wise 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 2025, yet no further
than until June 30, 2025. This authorization shall super-
Annual General Meeting and currently valid
authorizations of the Board of Directors
Decisions by the Annual General Meeting of Revenio
Group Corporation on April 4, 2024
Financial statements, Board and Auditors
The AGM confirmed the company's financial statements
for the financial year 1 January – 31 December 2023 and
discharged the members of the Board of Directors and
the CEO from liability.
The AGM decided that five members be elected to the
Board of Directors and elected Arne Boye Nielsen, Ann-
Christine Sundell, Riad Sherif, Pekka Tammela, and Bill
Östman as members of the Board of Directors.
The AGM decided that the Chair of the Board be en-
titled to an annual emolument of EUR 60,000, the
possible Vice Chair of the Board of Directors be enti-
tled 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 percent 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 percent 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
January 1 - March 31, 2024, 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 the chairs of the Board
of Directors and the Board Committees be paid an
attendance allowance of EUR 1,000 for Board and
Board Committee meetings and EUR 600 for short
teleconferences, Board members EUR 600 for Board
and Board Committee meetings and EUR 300 for short
teleconferences per meeting, yet so that the aforemen-
tioned 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 aforementioned atten-
dance 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 (APA) Mikko Lahtinen
acting as the principal auditor. The AGM decided to
pay the auditors’ fees as invoiced and approved by the
company.
Dividend distribution
The AGM decided to accept the Board's proposal on
profit distribution, according to which a dividend of EUR
0.38 per share will be paid. The 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 April 8,
2024. The dividend payment date was April 15, 2024.
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 2024
The duties of the Audit Committee
are to:
• monitor and assess the financial
reporting system
• review the effectiveness of Revenio Group
Corporation’s internal control and risk
management systems, the Group’s risks,
and the quality and scope of risk management
• approve the internal audit guidelines and
reviewing the internal audit plans and reports
• monitor and assess how agreements and
other legal acts between the Company and its
related parties meet the requirements of the
ordinary course of business and market terms
• monitor the statutory auditing of the
financial statements and consolidated financial
statements as well as the reporting process
and ensure their accuracy
• monitor the Company’s auditing
• monitor and evaluate the independence of
the auditor and, in particular, the offering of
services other than auditing services by the
auditor and propose a resolution on the
election and fee of the auditor
• review 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
• evaluate compliance with laws, regulations,
and Company policies and monitoring
significant litigations of Group companies
• execute any other duties bestowed upon
it by the Board
sede the authorization granted at the Annual General
Meeting of March 23, 2023.
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 imple-
ment 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 2025, yet no further
than until June 30, 2025. This authorization shall su-
persede the issue authorization granted at the Annual
General Meeting of March 23, 2023.
Board of Directors and Auditors
Until the Annual General Meeting April 4, 2024, the
Company’s Board of Directors comprised Arne Boye
Nielsen (Chair), Riad Sherif, Ann-Christine Sundell,
Pekka Tammela and Bill Östman (Vice Chair). After the
Annual General Meeting 2024, the Company’s Board
of Directors comprises Arne Boye Nielsen (Chair), Riad
Sherif, Ann-Christine Sundell, Pekka Tammela, and Bill
Östman (Vice Chair).
In 2024, the Board met 10 times, and the average atten-
dance rate was 96%. In 2023, the average attendance
rate was 98%.
In 2024, the Audit Committee met 5 times and the
attendance rate was 100%. In 2024, the Nomination and
Remuneration Committee met 6 times and the atten-
dance rate was 94%.
In the course of the financial year, the company paid, in
total, EUR 304,000 in payments as Board emoluments.
In addition, a total of 3,200 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 2024, 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.
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 2024
development of key human resources and the manage-
ment of the subcontractor and supplier network. The
range and probability of cyber 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 sanctions. 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-today
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-
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
Nomination and Remuneration Committee
At its organizing meeting, held after the Annual General
Meeting 2024, the Board elected from amongst its
members the following members to serve on its
Nomination and Remuneration Committee: Bill Östman
(Chair), Riad Sherif and Arne Boye Nielsen.
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
successor planning
• the preparation of the salary and other financial
benefits of the CEO and other management
• 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 2024 as a sep-
arate document on March 19, 2025 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, op-
erational, business cycle, damage, financial, and politi-
cal risks. In addition, the threat of the global impact 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, CenterVue Spa and iCare World
Australia Pty Ltd, and any failure in the commercializa-
tion of individual development projects may result in
the depreciation of capitalized development expens-
es, with an impact on the result. Strategic risks in the
Group's segments that require special expertise are
also associated with the successful management and
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 2024
analysis as part of the preparations for the Corporate
Sustainability Reporting Directive (CSRD). With regard to
responsibility, the company also promoted its capacity
to carry out emissions accounting in accordance with
the GHG Protocol and updated its operating model for
sustainability management and interaction in 2024. The
development of sustainability reporting and materiality
assessment is an ongoing process that is used in the
assessment and development of changes in the operat-
ing environment and business.
For 2024, Revenio continued to implement the sustain-
ability program developed the previous year. The sus-
tainability program covers four main themes that are
linked to the company’s basic business—promoting eye
health and improving the quality of life through prod-
ucts and services and, for example, enhanced screening
coverage—and HR responsibility, environmental respon-
sibility and good corporate governance.
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 environmental values, and who
follow good practices and standards regarding human
rights, labor, health, safety, and environmental protec-
tion. We respect local cultures, customs and values in
all our operating countries. 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
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
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 over 100 coun-
tries. Economic and political uncertainties, interest and
inflation risks and the unstable trade and geopolitical
situation may affect the demand for Revenio Group
products. Revenio actively monitors political develop-
ments in different market areas from a risk manage-
ment perspective. Developments in national govern-
ment 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 busi-
ness 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 comprehensive eye care solu-
tions operating in the international market and a global
leader in ophthalmological devices and software solu-
tions. Revenio’s business has a positive impact on soci-
ety 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 sustainable development.
During 2024, Revenio completed its double materiality
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 2024
considerations to good business practices and an-
ti-corruption. Revenio regularly assesses its partners 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 glob-
al personnel survey results remained at a good level.
Revenio has a global, harmonized personnel policy. The
HR practices, including remuneration, support equality.
The company does not accept gender differences in
remuneration. The safety of the working environment is
supported, and inappropriate treatment or harassment
is not accepted. 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, 98.5%
of the personnel had undegone performance reviews.
In terms of environmental impacts, the key sustainability
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. In 2024, Revenio
continued to improve the coverage of emissions ac-
counting by surveying the emission sources in the value
chain, among other measures.
Revenio’s environmental policy guides the company’s
operations. Revenio uses a certified ISO 13485 Medical
Devices quality management system that provides us
with a framework for taking environmental consid-
erations and sustainability into account. In product
development, Revenio applies the environmental stan-
dard IEC 60601-1-9 (Requirements for Environmentally
Conscious Design). All new products will be designed in
accordance with the standard.
According to the estimate, Revenio’s largest emission
impact comes from value chain emissions, which were
surveyed in 2024. The readiness for Scope 3 emissions
accounting of the supply chain in accordance with the
GHG Protocol will be developed, and once the total
emissions have been analyzed, emission reduction
targets will be set for the entire value chain. In 2024,
Revenio's Scope 1 emissions were 72.21 tCO2e and
Scope 2 emissions were 171.20 tCO2e.
The external EcoVadis sustainability assessment was
repeated in 2024 in Finland and Italy. Both functions
were scored at the Bronze level. Revenio will publish
a report on corporate responsibility that details the
implementation, goals, management 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 19, 2025. The report
covers key themes 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
10.0 (10.4) million. A total of EUR 2.5 (2.6) million of R&D
costs were capitalized during the year.
Events after the financial period
No essential events after the financial period.
Financial guidance for 2025
Revenio Group’s exchange rate-adjusted net sales are
estimated to grow 6-15 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 2024 was EUR
18,497 thousand and the parent Company’s profit was
EUR 15,543,625.82. The parent Company’s distribut-
able assets on December 31, 2024, amounted to EUR
99,331,175.41. The Board will propose to the Annual
General Meeting of April 10, 2025, that the parent
Company’s distributable assets are used in such a way
that a dividend of EUR 0.40 (0.38) per share, a total
of EUR 10,672,446.40, be paid out for the number of
shares on December 31, 2024 with the remaining dis-
tributable 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
15REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
Key figures
12 months, IFRS 12 months, IFRS
1–12/2024 1–12/2023 1–12/2022 1–12/2021 1–12/2020
Net sales TEUR 103,517 96,576 96,976 78,778 61,067
Net sales TEUR 25,050 26,343 29,683 22,103 17,130
Operating profit % 24.2 27.3 30.6 28.1 28.1
Profit before taxes
TEUR
24,622 25,384 29,056 22,099 16,719
Profit before taxes % 23.8 26.3 30.0 28.1 27.4
Net profit for
financial period
TEUR
18,497 19,109 21,753 17,321 13,362
Net profit % 17.9 19.8 22.4 22.0 21.9
EBITDA 30,239 30,287 33,117 25,722 21,693
Gross capital
expenditure in
non-current assets
TEUR
4,344 5,844 4,546 15,665 2,389
Gross capital
expenditure, % of
net sales
4.2 6.1 4.7 19.9 3.9
R&D expenses TEUR 10,362 10,411 8,620 6,518 4,602
R&D expenses % 10.0 10.8 8.9 8.3 7.5
Return on equity % 17.8 20.0 25.7 23.4 19.9
Return on
investment %
22.1 23.5 28.2 22.4 18.1
Equity ratio % 76.2 72.7 66.8 63.0 60.9
Net leveraging % -7.3 -3.6 -13.1 -1.0 -2.4
Leveraging % 11.9 17.9 22.2 31.1 39.0
Average number of
personnel
229 214 194 167 135
KEY INDICATORS
PER SHARE
1–12/2024 1–12/2023 1–12/2022 1–12/2021 1–12/2020
Earnings per share EUR 0.70 0.72 0.82 0.65 0.50
Equity attributable to
equity owners of the
parent company per
share EUR
4.04 3.74 3.41 2.94 2.61
Dividend per share EUR 0.40 0.38 0.36 0.34 0.32
Dividend payout ratio % 57.5 52.9 44.0 52.1 63.4
Effective dividend
yield %
1.5 1.4 0.9 0.6 0.6
P/E ratio 38.2 37.8 47.2 85.2 99.6
Diluted number of
shares at end of period
26,681,116 26,681,116 26,681,116 26,681,116 26,658,952
Diluted number of
shares average during
period (acquired own
shares excluded)
26,596,807 26,592,774 26,580,374 26,557,464 26,476,975
Share price, year low
EUR
23.36 17.51 36.02 45.70 18.48
Share price, year high
EUR
35.84 41.50 58.70 72.00 51.5
Share price, average
EUR
28.08 27.77 44.46 56.65 30.98
Share price at the end
of period EUR
26.58 27.16 38.60 55.55 50.30
Market capitalization at
end of period MEUR
709 725 1,029 1,482 1,341
Turnover, number of
shares
4,832,876 10,000,744 6,256,523 9,506,333 14,420,198
Turnover % 18.1 37.5 23.4 35.6 54.1
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 2024
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)
1–12/2024
Reported net sales 103,517
Effect of exchange rates on net sales 816
Net sales adjusted by the effect of
exchange rates
102,702
Growth in net sales, adjusted by the effect
of exchange rates
5.9%
Reported net sales growth 7.2%
Difference, % points -1.3%
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 2024
ALTERNATIVE PROFITABILITY INDICATOR
EBITDA (EUR THOUSAND)
1–12/2024 1–12/2023
Operating profit, EBIT 25,050 26,343
Depreciation, amortization, and impairment 5,189 3,944
EBITDA 30,239 30,287
OPERATING PROFIT ADJUSTED BY NON-
RECURRING COSTS (EUR THOUSAND)
1–12/2024 1–12/2023
Operating profit, EBIT 25,050 26,343
One-time write downs 731 0
Costs from one-time projects 178 983
Adjusted operating profit, EBIT 25,958 27,326
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.
18REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated
Financial
Statements
January 1–December 31, 2024
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 2024 18
19REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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 | |
| NO. | 31, 2024 | 31, 2023 | |
Net sales | 1, 2 | ||
Other operating income | 3 | ||
| Cost of goods sold | |||
| Materials: | |||
Purchases during the financial period | - | - | |
Change in inventories | |||
External services | - | - | |
Cost of goods sold 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 | - | - | |
Amortization | - | ||
Depreciation, amortization, and impairment total | - | - | |
Other operating expenses | 7, 8 | - | - |
Operating profit |
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| NO. | 31, 2024 | 31, 2023 | |
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 |
20REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated balance sheet
| NOTE | DEC 31, | DEC 31, | |
| ASSETS | NO. | 2024 | 2023 |
| Non-current assets | |||
Goodwill | 12 | ||
Other intangible assets | 12 | ||
Property, plant, and equipment | 12 | ||
Right-of-use assets | 13 | ||
Other non-current financial assets | 15 | ||
Other receivables | |||
Deferred tax assets | 10 | ||
Non-current assets total | |||
| Current assets | |||
Inventories | 14 | ||
Trade and other receivables | 15 | ||
Assets for current tax | |||
Cash and cash equivalents | |||
Current assets total | |||
ASSETS TOTAL |
| NOTE | DEC 31, | DEC 31, | |
| EQUITY AND LIABILITIES | NO. | 2024 | 2023 |
Equity | 16, 17 | ||
Share capital | |||
Fair value reserve | - | ||
Reserve for invested unrestricted equity | |||
Other reserves | |||
Retained earnings | |||
Translation differences | - | - | |
Own shares | - | - | |
SHAREHOLDERS’ EQUITY TOTAL |
| NOTE | DEC 31, | DEC 31, | |
| LIABILITIES | NO. | 2024 | 2023 |
| Non-current liabilities | |||
Deferred tax liabilities | 10 | ||
Interest-bearing non-current liabilities | 19 | ||
Lease liabilities | 19 | ||
Pension obligations | 6 | ||
Other liabilities | 19 | ||
Non-current liabilities total | |||
| Current liabilities | |||
Current tax liabilities | |||
Interest-bearing current liabilities | 19 | ||
Lease liabilities | 19 | ||
Provisions | 20 | ||
Trade and other payables | 21 | ||
Current liabilities total | |||
LIABILITIES TOTAL | |||
EQUITY AND LIABILITIES TOTAL |
21REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated cash flow statement
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| CASH FLOW FROM OPERATIONS | NO. | 31, 2024 | 31, 2023 |
Profit for the period | |||
| Adjustments: | |||
Depreciation, amortization, and impairment | 12, 13 | ||
Non-cash items | 22 | ||
Financial income and expenses | 9 | ||
Taxes | 10 | ||
Other adjustments | 22 | - | - |
| Change in working capital: | |||
Change in trade and other receivables | - | - | |
Change in inventories | - | ||
Changes in trade and other payables | - | ||
Change in working capital, total | - | ||
Interests paid | - | - | |
Interest received | |||
Taxes paid | - | - | |
Net cash flow from operations |
| CASH FLOW FROM INVESTING | NOTE | JAN 1–DEC | JAN 1–DEC |
| ACTIVITIES | NO. | 31, 2024 | 31, 2023 |
Acquisitions of subsidiaries less cash and cash equivalents at acquisition time | 24 | - | |
Purchase of tangible assets | - | - | |
Purchase of intangible assets | - | - | |
Investments in other financial assets | - | ||
Net cash flow from investing activities | - | - |
| CASH FLOW FROM FINANCING | NOTE | JAN 1–DEC | JAN 1–DEC |
| ACTIVITIES | NO. | 31, 2024 | 31, 2023 |
| Repayments of loans | - | - | |
| Dividends paid | - | - | |
| Payments of lease agreement liabilities | - | - | |
| Net cash flow from financing activities | - | - | |
| Net change in cash and credit accounts | - | - | |
| Cash and cash equivalents at beginning | |||
| of period | |||
| Effect of exchange rates | - | ||
| Cash and cash equivalents at end | |||
| of period |
22REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 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 | - | - | |||||
EQUITY JAN 1, 2024 | - | - | |||||
| 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, 2024 | - | - | - |
23REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024
General
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,
Copies of the financial statements are available on the
company’s website at www.reveniogroup.fi.
Accounting principles for the
consolidated financial statements
24REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
25REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
1) Operating segments
Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) mea-
surement devices (tonometers), fundus imaging devices, perimeters and clinical
software under the iCare brand.
INFORMATION ABOUT GEOGRAPHICAL AREAS
2024 | OTHERS | TOTAL | ||
Net sales | 1,343 | 51,490 | 50,685 | 103,517 |
| Non-current | 6,382 | 1,408 | 82,726 | 90,516 |
| assets | ||||
2023 | USA | OTHERS | TOTAL | |
Net sales | 1,787 | 48,971 | 45,818 | 96,576 |
| Non-current | 5,991 | 1,692 | 76,274 | 83,956 |
| assets |
2) Net sales
3) Other operating income
| JAN 1–DEC | JAN 1–DEC | |
| 31, 2024 | 31, 2023 | |
Grants and subsidies received | 303 | 209 |
Others | 47 | 8 |
Total | 350 | 217 |
| AVERAGE NUMBER OF PERSONNEL | JAN 1–DEC | JAN 1–DEC |
| DURING FINANCIAL PERIOD | 31, 2024 | 31, 2023 |
229 | 214 |
| JAN 1–DEC | JAN 1–DEC | |
| EMPLOYEE BENEFIT EXPENSES | 31, 2024 | 31, 2023 |
Salaries and wages | -19,411 | -15,747 |
Share-based remuneration, paid in shares | -471 | -283 |
Pension costs – defined contribution plans | -1,735 | -1,635 |
Pension costs – defined benefit plans | -23 | -23 |
Other indirect personnel expenses | -1,441 | -1,436 |
Total | -23,081 | -19,124 |
Information on management’s employment benefits are presented in Note
5 Sharebased payments and Note 25 Related parties and remuneration of
management.
26REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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 |
2021-2023 | 2024 | 22 | Ended |
2022-2024 | 2025 | 22 | 16,052 |
2023-2025 | 2026 | 38 | 34,115 |
2024-2026 | 2027 | 40 | 58,800 |
| Restricted | |||
| share-based | 2022-2024 | 1 | Ended |
| incentive | 2022-2024 | 5 | Ended |
| schemes | 2024-2026 | 20 | 23,500 |
27REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
28REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024 | DEC 31, 2023 | IN THE BALANCE SHEET | DEC 31, 2024 | DEC 31, 2023 | |
Present value of funded obligations | 806 | 702 | Liabilities Jan 1 | 702 | 740 | |
Fair value of assets | 0 | 0 | Pension costs in the income statement | 23 | 23 | |
Present value of funded obligations on Dec 31 | 806 | 702 | Pension costs in the comprehensive income | 100 | 55 | |
| statement | ||||||
| DEFINED BENEFIT PENSION COSTS | Benefits paid | -19 | -115 | |||
| RECOGNIZED IN THE INCOME | Liabilities Dec 31 | 806 | 702 | |||
| STATEMENT AND COMPREHENSIVE | JAN 1–DEC | JAN 1–DEC | ||||
| INCOME STATEMENT | 31, 2024 | 31, 2023 | ||||
Current service cost | 0 | 0 | ACTUARIAL ASSUMPTIONS USED | DEC 31, 2024 | DEC 31, 2023 | |
Interest costs | -23 | -23 | Discount rate, % | 3,3 % | 3,3 % | |
Pension costs in the income statement | -23 | -23 | Inflation assumption, % | 2,1 % | 2,2 % | |
Actuarial gains and losses | -100 | -55 | Employee turnover, % | 4,7 % | 3,7 % | |
Defined benefit pension costs recognized in the income statement and comprehensive income statement | -124 | -78 | EFFECT OF | |||
| IMPACT OF CHANGES IN | EFFECT OF | GROWTH IN | ||||
| KEY ASSUMPTIONS | GROWTH IN | ASSUMP | ||||
PRESENT VALUE OF FUNDED OBLIGATIONS | DEC 31, 2024 | DEC 31, 2023 | CHANGE IN | ASSUMP | TION, | |
Obligation at the beginning of the period | 702 | 740 | ASSUMPTION | ASSUMPTION | TION | % |
Service cost | 0 | 0 | Discount rate | 0.5 percentage | -46 | -6 % |
Interest costs | 23 | 23 | point | |||
| Actuarial gains and losses arising from | Future salary increase rate | 0.5 percentage | 59 | 7 % | ||
| changes in financial assumptions | 100 | 55 | point | |||
Benefits paid | -19 | -115 | Employee turnover | 0.5 percentage | 5 | 1 % |
| point | ||||||
Present value of funded obligations | 806 | 702 | ||||
CHANGES IN FAIR VALUES OF PLAN ASSETS | DEC 31, 2024 | DEC 31, 2023 | ||||
Fair value of plan assets on Jan 1 | 0 | 0 | ||||
Interest income from assets | 0 | 0 | ||||
Contributions paid by the employer to the plan | 19 | 115 | ||||
Benefits paid | -19 | -115 | ||||
Fair values of plan assets on Dec 31 | 0 | 0 |
29REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
8) Other operating expenses
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2024 | 2023 | |
Voluntary personnel expenses | -1,267 | -939 |
Office space expenses | -586 | -492 |
IT, machinery, and equipment expenses | -2,640 | -2,157 |
Marketing and travel expenses | -5,915 | -5,290 |
Research and development | -2,675 | -2,853 |
Administrative expenses | -6,826 | -7,286 |
Other operating expenses | -60 | -25 |
Total | -19,969 | -19,040 |
Administrative services include the auditor’s fees as itemized below.
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| AUDITOR’S FEES | 2024 | 2023 |
| Deloitte | ||
Auditing fees | -130 | -124 |
Certificates and statements | -20 | -28 |
Other services | -11 | 0 |
Total | -161 | -152 |
9) Financing expenses (net)
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2024 | 2023 | |
Interest on financial liabilities | -684 | -725 |
Exchange rate gains and losses | 29 | -417 |
Other financial expenses | -26 | -38 |
Interest income | 254 | 220 |
Total | -428 | -959 |
30REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, | |
| 2024 | 2023 | |
| Tax based on taxable income for the current | -6,758 | -7,851 |
| period | ||
Tax from previous financial periods | 127 | -32 |
Change in deferred tax liabilities and assets | 506 | 1,609 |
Total | -6,125 | -6,274 |
| JAN 1–DEC 31, | ||
| 2023 | ||
Profit before taxes | 24,622 | 25,384 |
Income tax using parent company tax rate | -4,924 | -5,077 |
Different tax rates of foreign subsidiaries | -338 | -474 |
| Non-taxable income and non-deductible | -280 | -24 |
| expenses | ||
Unused losses fo the period | -710 | -667 |
Tax adjustments for previous fiscal years | 127 | -32 |
Taxes recognized in the income statement | -6,125 | -6,274 |
31REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEFERRED TAX ASSETS AND LIABILITIES, 2024 | DEFERRED TAX ASSETS AND LIABILITIES, 2023 | |||||||||||
| CHARGES | CHARGES | CHARGES | ||||||||||
| TO OTHER | TO IN | TO OTHER | ||||||||||
| ITEMIZATION OF | CHARGES | EX CHANGE | COM | ITEMIZATION OF | COME | EXCHANGE | COM | |||||
| DEFERRED TAX | JAN 1, | AC QUIRED | TO IN COME | RATE DIF | PR EHEN SIVE | DEC 31, | DEFERRED TAX | JAN 1, | STATE | RATE DIF | PR EHEN SIVE | DEC 31, |
| ASSETS, 2024 | 2024 | BUSI NES SES | STATE MENT | FERENCES | INCOME | 2024 | ASSETS, 2023 | 2023 | MENT | FERENCES | INCOME | 2023 |
| Internal inventory | 2,268 | 0 | -437 | 144 | 0 | 1,975 | Internal inventory | 1,117 | 1,151 | 0 | 0 | 2,268 |
| margin | margin | |||||||||||
| Unused tax | 624 | 121 | 0 | -19 | 0 | 725 | Unused tax | 646 | 0 | -23 | 0 | 624 |
| losses | losses | |||||||||||
| Right-of-use | 725 | 0 | -114 | -17 | 0 | 595 | Right-of-use | 342 | 383 | 0 | 0 | 725 |
| assets | assets | |||||||||||
| Other temporary | 287 | 150 | 541 | -5 | 0 | 973 | Other temporary | 281 | 6 | 0 | 0 | 287 |
| differences | differences | |||||||||||
| Netted against | -1,090 | 0 | 206 | -8 | 0 | -891 | Netted against | -798 | -291 | 0 | 0 | -1,090 |
| DTL | DTL | |||||||||||
Total | 2,815 | 271 | 197 | 96 | 0 | 3,378 | Total | 1,589 | 1,249 | -23 | 0 | 2,815 |
| CHARGES | CHARGES | CHARGES | ||||||||||
| ITEMIZATION OF | TO OTHER | ITEMIZATION OF | TO IN | TO OTHER | ||||||||
| DEFERRED TAX | CHARGES | EX CHANGE | COM | DEFERRED TAX | COME | EXCHANGE | COM | |||||
| LIABILITIES, | JAN 1, | ACQUIRED | TO INCOME | RATE DIF | PR EHEN SIVE | DEC 31, | LIABILITIES, | JAN 1, | STATE | RATE DIF | PR EHEN SIVE | DEC 31, |
| 2024 | 2024 | BUSINES SES | STATEMENT | FERENCES | INCOME | 2024 | 2023 | 2023 | MENT | FERENCES | INCOME | 2023 |
| Measurement of | Measurement of | |||||||||||
| tangible and | tangible and | |||||||||||
| intangible assets | intangible assets | |||||||||||
| at fair value in | 3,361 | 736 | -382 | -11 | 0 | 3,705 | at fair value in | 3,740 | -378 | 0 | 0 | 3,361 |
| connection with | connection with | |||||||||||
| combinations of | combinations of | |||||||||||
| business | business | |||||||||||
Lease liabilities | 733 | 0 | -114 | 8 | 0 | 627 | Lease liabilities | 342 | 391 | 0 | 0 | 733 |
| Other temporary | 269 | 0 | -82 | 0 | 3 | 189 | Other temporary | 373 | -108 | 0 | 4 | 269 |
| differences | differences | |||||||||||
| Netted against | -1,090 | 0 | 206 | -8 | 0 | -891 | Netted against | -798 | -291 | 0 | 0 | -1,090 |
| DTA | DTA | |||||||||||
Total | 3,273 | 736 | -371 | -11 | 3 | 3,630 | Total | 3,656 | -386 | 0 | 4 | 3,273 |
| Net deferred | 458 | 465 | -568 | -107 | 3 | 252 | Net deferred | 2,067 | -1,635 | 23 | 4 | 458 |
| taxes | taxes |
32REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
12) Intangible and tangible assets
Technology-based intangible assets | straight-line depreciation 7-17 years |
Customer-based intangible assets | straight-line depreciation 15 years |
Patents, trademarks, and brands | straight-line depreciation 10 years |
Software | straight-line depreciation 3–7 years |
Capitalized product development expenses | straight-line depreciation 3-10 years |
11) Earnings per share
| JAN 1–DEC | JAN 1–DEC | |
| 31, 2024 | 31, 2023 | |
Profit for the period | 18,497 | 19,109 |
Profit for the period attributable to owners of parent | 18,497 | 19,109 |
| Weighted average number of outstanding | ||
| shares during the financial period (own shares | 26,596,807 | 26,592,774 |
| deducted), qty | ||
Earnings per share | 0,695 | 0,719 |
33REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
34REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
1.1.–31.12.2024 | GOODWILL | OTHER INTANGIBLE ASSETS | TOTAL |
Acquisition cost Jan 1 | 59,440 | 27,169 | 86,609 |
Increase during the period | 0 | 3,216 | 3,216 |
Acquired businesses | 4,162 | 2,953 | 7,115 |
Impairment | -274 | -404 | -678 |
Acquisition cost Dec 31 | 63,328 | 32,934 | 96,262 |
Accumulated depreciation Jan 1 | 0 | -8,641 | -8,641 |
Depreciation during the year | 0 | -1,883 | -1,883 |
Impairment | 0 | -407 | -407 |
Accumulated depreciation Dec 31 | 0 | -10,932 | -10,932 |
Book value Dec 31 | 63,328 | 22,002 | 85,330 |
Book value Jan 1 | 59,440 | 18,528 | 77,968 |
JAN 1–DEC 31, 2023 | GOODWILL | OTHER INTANGIBLE ASSETS | TOTAL |
Acquisition cost Jan 1 | 59,768 | 24,143 | 83,911 |
Increase during the period | 0 | 3,377 | 3,377 |
Impairment | -328 | -351 | -679 |
Acquisition cost Dec 31 | 59,440 | 27,169 | 86,609 |
Accumulated depreciation Jan 1 | 0 | -7,143 | -7,143 |
Depreciation during the year | 0 | -1,799 | -1,799 |
Impairment | 0 | 300 | 300 |
Accumulated depreciation Dec 31 | 0 | -8,641 | -8,641 |
Book value Dec 31 | 59,440 | 18,528 | 77,968 |
Book value Jan 1 | 59,768 | 17,000 | 76,768 |
35REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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 | 2024 | 2023 |
Acquisition cost Jan 1 | 6,835 | 6,267 |
Increase during the period | 1,103 | 661 |
Acquired businesses | 19 | 0 |
Decreases during period | -321 | -93 |
Acquisition cost Dec 31 | 7,635 | 6,835 |
Accumulated depreciation Jan 1 | -4,790 | -3,941 |
Depreciation during the year | -1,056 | -860 |
Decreases during period | 407 | 11 |
Accumulated depreciation Dec 31 | -5,438 | -4,790 |
Book value Dec 31 | 2,197 | 2,045 |
Book value Jan 1 | 2,045 | 2,326 |
| ADVANCE PAYMENTS AND | JAN 1–DEC 31, | JAN 1–DEC 31, |
| PURCHASES IN PROGRESS | 2024 | 2023 |
Acquisition cost Jan 1 | 328 | 605 |
Increase during the period | 673 | 261 |
Decreases during period | -802 | -537 |
Acquisition cost Dec 31 | 199 | 328 |
Book value Dec 31 | 199 | 328 |
Book value Jan 1 | 328 | 605 |
The impact of exchange rate differences is included in decreases during period.
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 8.4%.
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.
36REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13) Lease agreements
RIGHT OF USE ASSETS
BUSINESS
| JAN 1–DEC | ||||
| 31, 2024 | ||||
PREMISES | CARS | DEVICES | TOTAL | |
Acquisition cost Jan 1 | 5,800 | 1,152 | 120 | 7,072 |
Increase during the period | 82 | 403 | 10 | 495 |
Decreases during period | -687 | -229 | -10 | -926 |
Acquisition cost Dec 31 | 5,195 | 1,326 | 120 | 6,641 |
| Accumulated depreciation | -2,923 | -508 | -53 | -3,485 |
| Jan 1 | ||||
Depreciation during the year | -1,126 | -379 | -33 | -1,538 |
Decreases during period | 743 | 229 | 10 | 982 |
| Accumulated depreciation | -3,307 | -657 | -76 | -4,040 |
| Dec 31 | ||||
Book value Dec 31 | 1,889 | 669 | 44 | 2,601 |
Book value Jan 1 | 2,877 | 644 | 67 | 3,588 |
| 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 |
| The impact of exchange rate differences is included in decreases during period. |
37REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, | JAN 1–DEC 31, | |
| 2024 | 2023 | |
Depreciation | -1,538 | -1,286 |
Interest on lease liabilities | -136 | -90 |
| Other operating expenses, leases | ||
Expenses from short-term leases | -288 | -237 |
Expenses from low-value leases | -17 | -12 |
| Expenses related to variable lease | -69 | -128 |
| payments not included in lease liabilities |
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2024 | 2023 | |
| Cash outflow from leases | ||
Payments of lease liabilities | -1,412 | -1,234 |
| Items recognized in the income | -510 | -468 |
| statement, excluding depreciation |
14) Inventories
INVENTORIES
DEC 31, 2024 | DEC 31, 2023 | |
Materials and supplies | 1,798 | 2,182 |
Work in progress/advance payments | 1,057 | 1,526 |
Finished products | 7,244 | 6,770 |
Total | 10,099 | 10,478 |
38REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEC 31, | ||
| 2023 | ||
Sales receivables | 12,435 | 10,498 |
Other receivables | 119 | 46 |
Accrued income | 1,875 | 2,007 |
Total | 14,429 | 12,551 |
39REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEC 31, 2023 | |||||||||||||||
| NOT FALLEN | < 30 | > 30 | > 60 | > 90 | UNITED STATES, | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | |||||
1,000 | USD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL | 1,000 | 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 % | 0,0 % | 0,5 % | 5,0 % | losses | 0 % | 0 % | 0 % | 0.5 % | 5 % | ||||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||||
Gross book value | 425 | 238 | 68 | 33 | 50 | 814 | Gross book value | 310 | 91 | 26 | 50 | 42 | 518 | ||
| ECL over validity | 0 | 0 | 0 | 0 | 2 | 3 | ECL over validity | 0 | 0 | 0 | 0 | 2 | 2 | ||
| period | period | ||||||||||||||
| Other | Other | ||||||||||||||
| Expected credit | Expected credit | ||||||||||||||
| losses | 0,0 % | 0,0 % | 0,0 % | 2,0 % | 4,0 % | losses | 0 % | 0 % | 0 % | 2 % | 4 % | ||||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||||
Gross book value | 2,144 | 1,725 | 688 | 363 | 536 | 5,456 | Gross book value | 1,439 | 2,169 | 1,069 | 332 | 809 | 5,818 | ||
| ECL over validity | 0 | 0 | 0 | 7 | 21 | 29 | ECL over validity | 0 | 0 | 0 | 7 | 32 | 39 | ||
| period | period | ||||||||||||||
| NOT FALLEN | < 30 | > 30 | > 60 | > 90 | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | ||||||
1,000 | EUR | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL | 1,000 | EUR | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL |
| Expected credit | Expected credit | ||||||||||||||
| losses | 0,0 % | 1,0 % | 2,0 % | 3,5 % | 5,5 % | losses | 0 % | 1 % | 2 % | 3.5 % | 5.5 % | ||||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||||
Gross book value | 3,303 | 288 | 44 | 0 | 1 | 3,635 | Gross book value | 1,821 | 380 | 18 | 0 | 1 | 2,220 | ||
| ECL over validity | 0 | 3 | 1 | 0 | 0 | 4 | ECL over validity | 0 | 4 | 0 | 0 | 0 | 4 | ||
| period, Finland | period, Finland | ||||||||||||||
| Expected credit | Expected credit | ||||||||||||||
| losses | 0,0 % | 1,0 % | 2,0 % | 5,0 % | 13,3 % | losses | 0 % | 1 % | 2 % | 5 % | 13.3 % | ||||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||||
Gross book value | 2,260 | 273 | 34 | 1 | 58 | 2,626 | Gross book value | 1,961 | 515 | 8 | 0 | 45 | 2,529 | ||
| ECL over validity | 0 | 3 | 1 | 0 | 8 | 11 | ECL over validity | 0 | 5 | 0 | 0 | 6 | 11 | ||
| period, other | period, other | ||||||||||||||
| AUSTRALIA, | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | AUSTRALIA, | NOT FALLEN | < 30 | > 30 | > 60 | > 90 | ||||
1,000 | AUD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL | 1,000 | AUD | DUE | DAYS | DAYS | DAYS | DAYS | TOTAL |
| Expected credit | Expected credit | ||||||||||||||
| losses | 0,0 % | 0,0 % | 0,0 % | 0,0 % | 5,0 % | losses | 0 % | 0 % | 0 % | 0 % | 5 % | ||||
| (ECL coefficient) | (ECL coefficient) | ||||||||||||||
Gross book value | 129 | 63 | 8 | 30 | 20 | 250 | Gross book value | 0 | 43 | 22 | 20 | 20 | 105 | ||
| ECL over validity | 0 | 0 | 0 | 0 | 1 | 1 | ECL over validity | 0 | 0 | 0 | 0 | 1 | 1 | ||
| period | period | ||||||||||||||
40REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
16) Capital structure
The Group's capital management activities seek to optimize capital structure and
thereby support the Group's business activities by ensuring normal operating condi-
tions for business activities, while also increasing shareholder value and aiming for
the best possible profit.
Capital structure can be influenced by dividend distribution and the issue of shares.
The Group may vary and adjust the amount of dividends paid to shareholders, or the
number of new shares issued, or decide to sell assets in order to reduce its debts.
The Group monitors its capital structure through leveraging. At the end of 2024, the
Group's interest-bearing net liabilities totaled EUR -7.9 million (EUR -3.6 million
at the end of 2023) and leveraging stood at -7.3 percent (-3.6%). When calculating
leveraging, interest-bearing net liabilities are divided by shareholders' equity. Net li-
abilities comprise debts less receivables and cash equivalents. The Group's strategy
is to keep leveraging below 25 percent. There has been no change in this strategy
since the previous year.
The loan taken out by the Group for the acquisition includes the following covenants:
The ratio of net debt to EBITDA may not exceed 2
Equity ratio must be more than 35%
The Group has complied with these covenants throughout the reporting period. The
ratio of net debt to EBITDA was -26.1% on December 31, 2024.
JAN 1–DEC 31, 2024 | JAN 1–DEC 31, 2023 | |
Financial liabilities | 12,783 | 17,914 |
Cash and cash equivalents | 20,687 | 21,542 |
Net liabilities | -7,904 | -3,628 |
Total equity | 107,708 | 99,894 |
Net leveraging | -7.3 % | -3.6 % |
41REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 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 |
| NUMBER | RESERVE FOR | ||||
| OF | SHARE | INVESTED | OWN | ||
| SHARES | CAPITAL | UNRESTRICTED | SHARES | TOTAL | |
Jan 1, 2024 | 26,681,116 | 5,315 | 52,179 | -1,732 | 55,764 |
Transfer of the company's own shares May 7, 2024 | -45 | 45 | 0 | ||
Transfer of the company's own shares Aug 13, 2024 | -12 | 12 | 0 | ||
Dec 31, 2024 | 26,681,116 | 5,315 | 52,122 | -1,674 | 55,764 |
42REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
18) Management of financial risks
Financial risks and the risk management process
The management of financial risks is the responsibil-
ity of the CEO together with the Board of Directors.
The Board defines the main outlines of the company’s
financing and the general management principles for
financial risks, and it gives guidelines as necessary for
any special issues such as liquidity risk, interest risk,
credit risk, and the investment of surplus liquid funds.
The Board of Directors discusses the Group’s financial
standing and funding at its monthly meetings.
According to its strategy, the company may seek growth
through acquisitions of companies and business oper-
ations. The implementation of these acquisitions may
require debt financing. Debt can also be used for other
strategic and operational purposes decided on by the
Board. Equity financing may also be used for all financ-
ing needs, in particular for acquisitions of companies
and business operations.
Types of financial risks
In its operational activities, the company may be
exposed to several types of financial risks, including
changes in currency exchange rates, interest rates, and
changes in the stock market. A central objective of fi-
nancial risk management is to identify financial market
risks that are relevant to the Group, and seek to mini-
mize the harmful effects of financial market changes on
the Group’s profit.
The main areas of financial risk management are:
NON EURO CASH AND CASH
| EFFECT | ||
| IF EURO | ||
| STRENGTHENED | ||
| 10% AGAINST | ||
| EQUIVALENTS AT THE CLOSING | THE CURRENCY | |
| DATE – THOUSAND | – THOUSAND | |
USD | 3,474 | -334 |
AUD | 1,762 | -105 |
RMB | 588 | -8 |
(II) Interest rate risk
In the company’s balance sheet structure, interest rate
risk is involved in borrowings. The Group’s profit and
cash flow from operations are to an essential extent
independent of fluctuations in market interest.
When taking up new financing, for example for corpo-
rate acquisitions, the company always evaluates the
need for interest rate hedging, taking into account the
amount of debt, hedging costs, and expected interest
rate development during the financing period. All of
the Group’s borrowings have fixed interest rates. As the
Group does not have floating rate loans, the Group is
not exposed to interest rate risk arising from chang-
es in interest rates. The company has no interest rate
investments or derivatives to which cash flow hedging
would be applied.
43REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
44REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| AT FAIR | ||||
| VALUE | ||||
| THROUGH | ||||
| PROFIT OR | AMORTIZED | BOOK | FAIR | |
| DEC 31, 2024 | LOSS | COST | VALUE | VALUE |
| Interest-bearing | ||||
| non-current | 0 | 7,319 | 7,319 | 7,319 |
| liabilities | ||||
Other non-in- terest bearing | 0 | 1,079 | 1,079 | 1,079 |
| non-current | ||||
| liabilities | ||||
| Interest-bearing | ||||
| current | 0 | 5,464 | 5,464 | 5,464 |
| liabilities | ||||
Trade pay- ables and other non-interest- bearing current | 0 | 15,464 | 15,464 | 15,464 |
| 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 | 0 | 5,563 | 5,563 | 5,563 |
| liabilities | ||||
Trade pay- ables and other non-interest- bearing current | 0 | 14,997 | 14,997 | 14,997 |
| liabilities |
| PRINCIPAL | ||||
| INITIAL | OUT | YEAR WHEN | ||
LIABILITY | USE | AMOUNT | STANDING | ESTABLISHED |
| Loan from finan- | Acquired | 30,000 | 10,050 | 2019 |
| cial institution | businesses |
| UNDER 1 | 1–5 | OVER 5 | TOTAL CASH | |
| DEC 31, 2024 | YEAR | YEARS | YEARS | FLOW |
Trade payables and other non-interest- bearing debt | 15,464 | 273 | 0 | 15,737 |
Lease liabilities | 1,350 | 1,473 | 63 | 2,886 |
Interest-bearing debt | 4,527 | 6,036 | 0 | 10,563 |
| UNDER 1 | 1–5 | OVER 5 | TOTAL CASH | |
| DEC 31, 2023 | YEAR | YEARS | YEARS | FLOW |
Trade payables and other non-interest- bearing debt | 14,997 | 0 | 0 | 14,997 |
Lease liabilities | 1,504 | 2,215 | 224 | 3,943 |
Interest-bearing debt | 4,772 | 10,373 | 0 | 15,145 |
45REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
20) Provisions
SHORT TERM PROVISIONS | DEC 31, 2024 | DEC 31, 2023 |
Provisions Jan 1 | 632 | 485 |
Increase | 49 | 171 |
Decrease | -33 | -23 |
Short-term provisions Dec 31 | 648 | 632 |
21) Trade and other payables
| DEC 31, 2024 DEC 31, 2023 | ||
Advances received | 0 | 21 |
Accounts payable | 7,003 | 6,796 |
Other liabilities | 1,087 | 972 |
Accrued expenses and deferred income | 7,374 | 4,593 |
Total | 15,464 | 12,382 |
| Material items included in accrued | ||
| liabilities and deferred income | ||
Accrued personnel expenses | 4,423 | 2,951 |
Other accruals and deferred income | 2,951 | 1,642 |
Total | 7,374 | 4,593 |
| 22) Other adjustements in cash flow calculations | ||
| OTHER TRANSACTIONS, NOT RELATED TO | ||
PAYMENT TRANSACTIONS | DEC 31, 2024 | DEC 31, 2023 |
Adjustement related to share incentives | 471 | 283 |
Other adjustements | 493 | 993 |
Total | 963 | 1,276 |
| Other adjustements | ||
Cash portion of share incentives | -71 | -572 |
DEC 31, 2024 | DEC 31, 2023 | |
Within 1 year | 90 | 100 |
In more than 1 and no more than 5 years | 23 | 8 |
Total | 113 | 108 |
46REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
24) Acquired businesses
Purchases in the financial period 2024
As stated in the press release on August 20, 2024, Revenio Group Corporation’s subsidiary Icare Finland Oy
("Icare") and the Dutch company Thirona B.V. signed an agreement transferring ownership of the artificial
intelligence (AI) software company Thirona Retina B.V. ("Thirona Retina") to Icare. Icare made a minority in-
vestment of EUR 1.9 million in Thirona Retina in 2023. In accordance with the agreement concluded at the
time and upon the fulfillment of certain conditions, Icare acquired the remaining share capital of Thirona
Retina in August 2024.
The acquisition advances Revenio’s current growth strategy as part of its mission to improve the quality of
ophthalmic diagnostics through innovative products and solutions. iCare's software solutions are playing
an increasingly important role in enhancing eye care pathways, notably for retinal screening. There is a
growing need for innovative eye care, given the increasing prevalence of eye diseases worldwide due to
aging and the growing prevalence of chronic diseases, combined with the static number of eye care pro-
fessionals and healthcare cost pressures.
In accounting, the acquisition has been treated as a step-by-step acquisition, according to which the
previous ownership has been valued at fair value at the time of acquisition of control. The fair value of the
previously acquired minority stake at the time of acquisition of control was EUR 1.1 million, and as a result
the company recorded a loss of EUR 0.8 million in other comprehensive income items.
At the time of acquisition of control, the fair value of the identifiable intangible assets of the acquired
company was determined to be EUR 3.0 million, consisting of the software platform. The fair value will be
amortized over fifteen years.
The (preliminary) goodwill is EUR 4.2 million. The goodwill comprises the acquired company’s personnel,
projected synergies and growth opportunities. Calculation of the acquisition cost is being finalized and it
will be completed within a one-year review period.
In the Group’s comprehensive income statement for 2024, the EUR 0.1 million in expenses related to the
acquisition are included in other expenses. In the cash flow statement, these expenses are included in the
net cash flow from operations.
The share of the acquired operations had no material impact on the reporting period's net sales or operat-
ing result. The effect would not have been material, had the acquisition been finalized on January 1, 2024.
Purchases in the financial period 2023
The Group did not acquire any new businesses during the financial period 2023.
| ACQUISITION COST CALCULATION | |
| (EUR THOUSAND) | |
| Acquisition cost of the previously acquired | 1,900 |
| ownership interest (19%) | |
Revaluation of previously acquired holdings | -791 |
| Acquisition cost during the financial year | 4,726 |
| (81%) | |
Purchase consideration | 5,835 |
| Assets | |
Intangible assets | 2,953 |
Tangible assets | 19 |
Deferred tax assets | 271 |
Trade and other receivables | 43 |
Cash and cash equivalents | 49 |
Total assets | 3,334 |
| Liabilities | |
Deferred tax liabilities | 736 |
Financial liabilities | 380 |
Trade and other payables | 545 |
Total liabilities | 1,661 |
Net (liabilities) / assets | 1,673 |
Goodwill | 4,162 |
Purchase consideration | 5,835 |
| Cash flow | |
Cash consideration paid during the finan- cial year | -4,726 |
Closing cash | 49 |
Total cash flow | -4,677 |
47REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
25) Related parties and remuneration of management
PARENT AND SUBSIDIARY RELATIONSHIPS OF THE GROUP | DOMICILE | HOLDING |
Parent company Revenio Group Corporation | Vantaa | |
Icare Finland 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% |
Thirona Retina B.V. | Nijmegen | 100% |
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| EMPLOYMENT BENEFITS FOR MANAGEMENT | 2024 | 2023 |
Management includes the Board and the Group's Management Team | ||
Salaries and other short-term employment benefits | 1,988 | 3,088 |
Other long-term benefits | 69 | 68 |
Pension costs | 251 | 274 |
Total | 2,307 | 3,430 |
| SALARIES AND REMUNERATIONS OF THE MEMBERS OF | JAN 1–DEC 31, | JAN 1–DEC 31, |
| THE BOARD OF DIRECTORS AND THE CEO: | 2024 | 2023 |
CEO Toijala Jouni | 288 | 661 |
Chair of the Board Nielsen Arne Boye | 89 | 90 |
Board member Sherif Riad | 43 | 49 |
Board member Sundell Ann-Christine | 45 | 65 |
Board member Tammela Pekka | 61 | 65 |
Board member Östman Bill | 66 | 64 |
Total | 592 | 992 |
48REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Board members will be paid remuneration for the term of office ending at the 2025
Annual General Meeting as follows: Chairman of the Board is entitled to an annual
emolument of EUR 60,000, possible deputy chair of the Board of Directors is enti-
tled to an annual emolument of EUR 45,000, the Board Members are entitled to an
annual emolument of EUR 30,000, the chair of the Audit Committee is entitled to an
annual emolument of EUR 20,000, the chair of the Nomination and Remuneration
Committee is entitled to an annual emolument of EUR 10,000, and the members of
the Board Committees are entitled to an annual emolument of EUR 5,000. The atten-
dance allowance of EUR 1,000 is to be paid for Chair of the Board or Board Committee
Chairs 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
aforementioned attendance allowance for the Board and Board Committee meetings
for members is EUR 1,200.
There are three share-based long-term incentive schemes as part of the company’s
remuneration program for the Revenio Group Corporation key personnel. The com-
pany’s Board of Directors has also decided on two restricted share-based incentive
schemes. The incentive schemes are described in Note 5 Share-based payments. The
members of the Board of Directors are not covered by share-based incentive systems.
During the financial period, no credit loss provisions or expenses have been
recognized for lost or uncertain related party transactions.
26) Events after the financial period
There has not been any material events after the financial period.
Amendments to IAS 21 | Lack of Exchangeability |
| Amendments to IFRS 9 and IFRS 7 | Classification and measurement of |
| financial instruments* | |
| Amendments to IFRS 9 and IFRS 7 | Contracts Referencing Nature-dependent |
| Electricity* | |
| Annual Improvements to IFRS | Volume 11* |
| Accounting Standards | |
| IFRS 18 | Presentation and Disclosures in |
| Financial Statements* | |
| IFRS 19 | Subsidiaries without Public |
| Accountability: Disclosures* |
49REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent Company
Financial Statements
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024 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 2024
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,
2024
JAN 1–DEC 31,
2023
Net sales 1 1,268,772.59 848,306.97
Other operating income 2 0.00 203.17
Personnel expenses
Salaries and fees 3 -1,710,172.64 -1,363,900.00
Indirect personnel costs
Pension costs -305,659.51 -305,408.44
Other indirect personnel expenses -21,595.45 5,728.91
Personnel expenses total -2,037,427.60 -1,663,579.53
Depreciation, amortization, and impairment
Planned depreciation -29,959.00 -38,876.00
Depreciation and amortization total -29,959.00 -38,876.00
Other operating expenses 4 -2,719,435.27 -2,973,032.79
NET PROFIT/LOSS -3,518,049.28 -3,826,978.18
Financial income and expenses 5
Other financial income and interest receivable 2,428,095.22 1,651,745.44
Interest and other financial expenses -573,701.22 -660,400.25
Financial income and expenses total 1,854,394.00 991,345.19
PROFIT/LOSS BEFORE APPROPRIATION AND TAXES -1,663,655.28 -2,835,632.99
Appropriation 6 21,099,454.50 27,368,120.26
Income taxes for the financial period 7 -3,892,173.40 -4,914,883.88
NET PROFIT/LOSS 15,543,625.82 19,617,603.39
51REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024 DEC 31, 2023
NON-CURRENT ASSETS 8
Intangible assets
Other intangible assets 18,537.70 47,162.50
Intangible assets total 18,537.50 47,162.50
Tangible assets
Machinery and equipment 1,223.20 2,557.20
Tangible assets total 1,223.20 2,557.20
Investments
Holdings in Group companies 9 20,266,897.39 20,266,897.39
Other shares 360,000.00 360,000.00
Investments total 20,626,897.39 20,626,897.39
NON-CURRENT ASSETS TOTAL 20,646,658.09 20,676,617.09
CURRENT ASSETS
Non-current receivables
Receivables from Group
companies
69,336,297.06 69,217,861.66
Non-current receivables, total 69,336,297.06 69,217,861.66
Short-term receivables
Receivables from Group
companies
10 22,175,334.36 23,350,190.62
Loan receivables 233.56 160.70
Other receivables 92,811.17 0.00
Advances paid 11 1,244,991.36 187,552.38
Short-term receivables total 23,513,370.45 23,537,903.70
Bank and cash 2,529,523.04 1,054,047.34
INVENTORIES AND SHORT-TERM
ASSETS TOTAL
95,379,190.55 93,809,812.70
TOTAL ASSETS 116,025,848.64 114,486,429.79
SHAREHOLDER EQUITY AND
LIABILITIES APPENDIX DEC 31, 2024 DEC 31, 2023
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 32,482,567.73 22,970,218.46
Profit for the period 15,543,625.82 19,617,603.39
SHAREHOLDERS’ EQUITY TOTAL 104,646,094.13 99,207,722.43
LIABILITIES
Non-current liabilities
Loans from financial institutions 13 5,850,000.00 10,050,000.00
Non-current liabilities total 5,850,000.00 10,050,000.00
Current liabilities
Loans from financial institutions 4,200,000.00 4,200,000.00
Accounts payable 506,565.38 285,689.09
Liabilities to Group companies 14 1,475.52 200,000.00
Other liabilities 42,565.36 67,947.78
Accrued expenses and deferred
income
15 779,148.25 475,070.49
Current liabilities total 5,529,754.51 5,228,707.36
BORROWED CAPITAL TOTAL 11,379,754.51 15,278,707.36
LIABILITIES TOTAL 116,025,848.64 114,486,429.79
52REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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,
2024
JAN 1–DEC 31,
2023
Profit/loss before appropriations and taxes -1,663,655.28 -2,835,632.99
Adjustments
Planned depreciation 29,959.00 38,876.00
Unrealized exchange rate gains and losses -34,607.57 -2,073.63
Financial income and expenses -1,819,786.43 -989,271.56
Other items 0.00 -203.17
Change in working capital:
Change in non-interest-bearing current
receivables
36,075.57 -1,167,538.67
Change in non-interest-bearing current
liabilities
569,845.66 -590.973,33
Interest and payments paid from operations -594,694.37 -636,102.15
Interest and payments received from operations 3,599,705.20 1,625,373.71
Direct taxes paid -4,943,056.84 -5,824,384.07
Cash flow from operations -4,820,215.06 -10,381,929.86
CASH FLOW FROM INVESTMENT
ACTIVITIES
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Loans granted -3,000,000.00 -4,000,000.00
Repayments of loan receivables 2,478,288.42 50,000.00
Cash flow from investing activities -521,711.58 -3,950,000.00
CASH FLOW FROM FINANCING ACTIVITIES
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Withdrawals and repayments of long-term
borrowings
-4,200,000.00 -4,200,000.00
Dividends paid and other distribution of profits -10,105,254.12 -9,572,003.28
Group contributions received and paid 21,088,048.89 28,400,000.00
Cash flow from financing activities 6,782,794.77 14,627,996.72
CHANGE IN CASH AND CASH EQUIVALENTS 1,440,868.13 296,066.86
Cash and cash equivalents at beginning of period 1,054,047.34 755,906.85
Effect of exchange rates 34,607.57 2,073.63
Cash and cash equivalents at end of period 2,529,523.04 1,054,047.34
Change in cash and cash equivalents 1,440,868.13 296,066.86
53REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024
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 ad-
justments 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 indi-
cations, 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 2022-2024, 2023-2025 and 2024-
2026. 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,
2024
JAN 1–DEC 31,
2023
Administrative services to subsidiaries 1,268,772.59 848,306.97
Net sales total 1,268,772.59 848,306.97
2) Other operating income
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Other income 0.00 203.17
Other operating income total 0.00 203.17
54REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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,
2024
JAN 1–DEC 31,
2023
CEO -287,502.40 -403,089.60
Board Members -245,000.00 -245,000.00
Other salaries and remunerations -690,707.13 -1,115,457.51
Total -1,223,209.53 -1,763,547.11
Accrued salaries and remunerations
total
-1,710,172.64 -1,363,900,00
AVERAGE NUMBER OF PERSONNEL
DURING PERIOD
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Management 3 3
Others 9 9
Total 12 12
4) Other operating expenses
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Rent of business premises -109,122.17 -106,113.37
Vehicle and travel expenses -179,132.03 -145,527.86
Machinery and equipment expenses -359,033.73 -408,701.21
Marketing and entertainment -41,006.35 -97,531.72
Expert services purchased -1,655,732.79 -1,917,001.52
Administrative expenses -125,947.85 -129,323.82
Other operating expenses -249,460.35 -168,833.29
Total -2,719,435.27 -2,973,032.79
Auditor’s fees
Deloitte Oy
Auditing fees -79,000.00 -86,000.00
Certificates and statements -20,400.00 -15,000.00
Other services -10,500.00 0.00
Total -109,900.00 -101,000.00
5) Financial income and expenses
FINANCIAL INCOME AND EXPENSES
FROM GROUP COMPANIES
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Interest income from Group companies 2,332,842.32 1,614,831.15
Total 2,332,842.32 1,614,831.15
FINANCIAL INCOME AND EXPENSES
FROM OTHERS
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Interest income from others 33,014.48 10,542.56
Other financial income 62,238.42 26,371.73
Interest expenses from loans from
financial institutions
-544,019.45 -632,145.88
Interest payable to others -191.90 -459.23
Other financial expenses -29,489.87 -27,795.14
Total -478,448.32 -623,485.96
6) Appropriation
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Group contributions received 22,000,000.00 27,700,000.00
Group contributions paid -900,545.50 -331,879.74
Total 21,099,454.50 27,368,120.26
7) Income taxes
JAN 1–DEC 31,
2024
JAN 1–DEC 31,
2023
Income tax for appropriation -4,219,890.90 -5,473,624.05
Income tax for actual operations 327,717.18 558,740.17
Income tax for previous years 0.32 0.00
Total -3,892,173.40 -4,914,883.88
55REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024 DEC 31, 2023
INTANGIBLE ASSETS
Other intangible assets
Acquisition cost Jan 1 150,553.28 150,553.28
Acquisition cost Dec 31 150,553.82 150,553.28
Accumulated depreciation Jan 1 -103,390.78 -69,436.78
Depreciation during the year -28,625.00 -33,954.00
Accumulated depreciation Dec 31 -132,015.78 -103,390.78
Book value Dec 31 18,537.50 47,162.50
Book value Jan 1 47,162.50 81,116.50
TANGIBLE ASSETS
Machinery and equipment
Acquisition cost Jan 1 31,389.20 31,389.20
Acquisition cost Dec 31 31,389.20 31,389.20
Accumulated depreciation Jan 1 -28,832.00 -23,910.00
Depreciation during the year -1,334.00 -4,922.00
Accumulated depreciation Dec 31 -30,166.00 -28,832.00
Book value Dec 31 1,223.20 2,557.20
Book value Jan 1 2,557.20 7,479.20
HOLDINGS IN GROUP COMPANIES
Acquisition cost Jan 1 20,266,897.39 20,911,906.38
Decreases during the period 0.00 -645,008.99
Acquisition cost Dec 31 20,266,897.39 20,266,897.39
Book value Dec 31 20,266,897.39 20,266,897.39
DEC 31, 2024 DEC 31, 2023
OTHER INVESTMENTS
Acquisition cost Jan 1 360,000.00 360,000.00
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 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9) Holdings in other companies Dec 31, 2024
GROUP COMPANIES DOMICILE HOLDING
Icare Finland Oy Helsinki 100%
Revenio Australia Pty Ltd Melbourne 100%
Revenio Italy S.R.L. Milan 100%
Oscare Medical Oy and Revenio Research Oy merged with Icare Finland Oy on Dec 31, 2024.
10) Receivables from Group companies
DEC 31, 2024 DEC 31, 2023
NON-CURRENT RECEIVABLES
FROM GROUP COMPANIES
Capital loan receivables 0.00 403,276.18
Loan receivables 69,336,297.06 68,814,585.48
Total 69,336,297.06 69,217,861.66
CURRENT RECEIVABLES FROM
GROUP COMPANIES
Trade receivables 247,841.38 536,503.39
Accrued and other receivables from Icare Finland Oy 21,210,246.75 19,461,808.43
Other receivables from other group companies 0.00 766,278.04
Accrued income 717,246.23 2,585,600.76
Total 22,175,334.36 23,350,190.62
Receivables from Group companies, total 91,511,631.42 92,568,052.28
11) Principal items in prepaid expenses and accrued income
DEC 31, 2024 DEC 31, 2023
Personnel expenses 47,579.20 42,250.00
Income taxes 1,045,195.60 14,486.67
Prepaid expenses 152,216.56 130,815.71
Total 1,244,991.36 187,552.38
57REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024 DEC 31, 2023
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, 2024 DEC 31, 2023
Profit/loss from previous financial periods
Profit/loss from previous financial periods
Jan 1
42,587,821.85 32,542,221.74
Dividends -10,105,254.12 -9,572,003.28
Profit/loss from previous financial periods
Dec 31
32,482,567.73 22,970,218.46
Profit/loss for the period Dec 31 15,543,625.82 19,617,603.39
Non-restricted equity total Dec 31 99,331,175.41 93,892,803.71
Equity total Dec 31 104,646,094.13 99,207,722.43
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 32,482,567.73 22,970,218.46
Profit for the period 15,543,625.82 19,617,603.39
Distributable unrestricted equity Dec 31 99,331,175.41 93,892,803.71
The share capital of Revenio Group Corporation on December 31, 2024 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 84,309 of its own shares (REG1V).
58REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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, 2024, the parent company had interest-bearing non-current
liabilities amounting to EUR 5.9 million. The company does not have any loans
falling due later than within five years. At the end of 2023, the parent company had
interest-bearing non-current liabilities amounting to EUR 10.1 million.
14) Intra-group liabilities
DEC 31, 2024 DEC 31, 2023
Current intra-group liabilities
Accounts payable 1,475.52 0.00
Other liabilities 0.00 200,000.00
Total 1,475.52 200,000.00
15) Principal items of accrued liabilities and deferred income
DEC 31, 2024 DEC 31, 2023
Personnel expenses 627,853.10 253,226.24
Income taxes 0.00 20,174.51
Other accruals and deferred income 151,295.15 201,669.74
Total 779,148.25 475,070.49
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 10,050,000.00.
LEASE COMMITMENTS DEC 31, 2024 DEC 31, 2023
Lease commitments maturing next year 22,506.25 21,318.53
Lease commitments maturing later than next year 23,686.19 14,337.92
Total 46,192.44 35,656.45
Lease agreements run for 2–5 years and do not include special notice or purchase
option clauses.
RENT LIABILITIES DEC 31, 2024 DEC 31, 2023
Rent liabilities for office premises, maturing next
year
445,924.45 447,189.96
Rent liabilities for office premises, maturing later
than next year
2,355,694.25 186,329.15
Total 2,801,618.70 633,519.11
BANK GUARANTEE AS SECURITY OF LIABILITIES DEC 31, 2024 DEC 31, 2023
Bank guarantee based on tenancy 103,380.00 103,380.00
Total 103,380.00 103,380.00
59REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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 supporting 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 max-
imum bonus of each participant, as well as performance criteria and the related
targets. The amount of bonus payable to the participants depends on the achieve-
ment 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.
The targets of the incentive schemes are related to the total absolute shareholder
return of the company's share and either cumulative operating result or earnings per
share over a three-year period. If the targets of the incentive scheme are met, the
bonuses will be paid in the spring of the year following 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
payment. Taking the objectives of the scheme into account, it is not possible to reli-
ably estimate the total amount of future cash considerations.
EARNING YEARS
TIME OF
BONUS PAYMENT
MAXIMUM AMOUNT OF SHARE BONUS
(GROSS EARNINGS)
2020–2022 2023 8,749 (realized)
2021–2023 2024 0 (not realized)
2022-2024 2025 max 6,021
2023-2025 2026 max 9,692
2024-2026 2027 max 15,400
In addition, if certain conditions are met, the company's key personnel are enti-
tled to a restricted share plan. During the financial year, the company recognized
a total of EUR -23 thousand in personal expenses related to this program.
60REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Signatures
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024 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 2024
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 18, 2025
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 18, 2025
Deloitte Oy
Authorized Public Accountants
Mikko Lahtinen
Authorized Public Accountant
62REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Auditor’s report
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024 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 2024
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 2024. 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 2024
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 103.5 million consists of income
from the sale of products, services and software licenses.
• Revenue from sales is recognized when the customer obtains control
over a good, service or software license (performance obligation).
As a rule, control is transferred to the customer upon delivery in
accordance with the terms 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
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
documents 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 63.3 million and other intangible assets of EUR 22.0 million.
• Goodwill and the majority of other intangible assets have arisen from
the business acquisitions executed in the financial year and previous
financials years. In addition, other intangible assets include capitalized
development costs.
• The valuation and impairment testing of goodwill and other intangible
ssets 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 assessed 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 2024
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.
• Plan and perform the group audit to obtain
sufficient appropriate audit evidence regarding
the financial information of the entities or
business units within the group as a basis for
forming an opinion on the group financial
statements. We are responsible for the
direction, supervision and review of the audit
work performed for purposes of the group
audit. We remain solely responsible for our
audit opinion.
66REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
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 eight years.
Other Information
The Board of Directors and the Managing Director are
responsible for the other information.
The other information 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
compliance with the applicable provision.
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 compliance with the
applicable provisions.
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, 18 March 2025
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
67REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Independent Auditor’s Report on the ESEF Financial
Statements of Revenio Group Corporation
To the Board of Directors of Revenio Group Corporation
We have performed a reasonable assurance engagement
on the financial statements [reveniogroup-2024-12-31-
0-fi.zip] of Revenio Group Oyj (business identity code
1700625-7) that have been prepared in accordance with
the Commission's regulatory technical standard for the
financial year ended 31 December 2024.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the company's report
of the Board of Directors and financial statements (the
ESEF financial statements) in such a way that they com-
ply with the requirements of the Commission's regulatory
technical standard.
This responsibility includes
• preparing the ESEF financial statements in
XHTML format in accordance with Article 3 of
the Commission's regulatory technical standard
• tagging the primary financial statements,
notes and company's identification data in
the consolidated financial statements that are
included in the ESEF financial statements with
iXBRL tags in accordance with Article 4 of the
Commission's regulatory technical standard, and
• ensuring the consistency between the ESEF
financial statements and the audited financial
statements.
The Board of Directors and the Managing Director
are also responsible for such internal control as they
determine is necessary to enable the preparation of
ESEF financial statements in accordance with the
requirements of the Commission's regulatory technical
standard.
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 firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance
with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter
7, Section 8 of the Securities Markets Act, provide
assurance on the financial statements that have been
prepared in accordance with the Commission's regu-
latory technical standard. We express an opinion on
whether the consolidated financial statements that are
included in the ESEF financial statements have been
tagged, in all material respects, in accordance with the
requirements of Article 4 of the Commission's regulato-
ry technical standard.
Our responsibility is to indicate in our opinion to what
extent the assurance has been provided. We conduct-
ed a reasonable assurance engagement in accordance
with International Standard on Assurance Engagements
(ISAE) 3000.
The engagement includes procedures
to obtain evidence on:
• whether the primary financial statements in
the consolidated financial statements that are
included in the ESEF financial statements have
been tagged, in all material respects, with iXBRL
tags in accordance with the requirements of
Article 4 of the Commission's regulatory
technical standard, and
• whether the notes and company's identification
data in the consolidated financial statements
that are included in the ESEF financial
statements have been tagged, in all material
respects, with iXBRL tags in accordance with
the requirements of Article 4 of the
Commission's regulatory technical
standard, and
• whether there is consistency between the
ESEF financial statements and the audited
financial statements.
68REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2024
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
The nature, timing and extent of the selected proce-
dures depend on the auditor’s judgment. This includes
an assessment of the risk of a material deviation
due to fraud or error from the requirements of the
Commission's regulatory technical standard.
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the
Securities Markets Act is that the primary financial
statements, notes and company's identification data in
the consolidated financial statements that are includ-
ed in the ESEF financial statements of Revenio Group
Oyj [reveniogroup-2024-12-31-0-fi.zip] for the financial
year ended 31 December 2024 have been tagged, in all
material respects, in accordance with the requirements
of the Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial
statements of Revenio Group Oyj for the financial year
ended 31 December 2024 has been expressed in our
auditor's report dated 18 March 2025. With this re-
port we do not express an opinion on the audit of the
consolidated financial statements nor express another
assurance conclusion.
Helsinki, 18 March 2025
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
REVENIO GROUP CORPORATION
Äyritie 22 | 01510 Vantaa
www.reveniogroup.fi/en