Report by the
Board of Directors and
Financial Statements 2022
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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, 2022
Revenio is a leading company in the global market
for ophthalmological devices and software solutions.
Revenio’s ophthalmic diagnostic solutions include
intraocular pressure (IOP) measurement devices
(tonometers), fundus imaging devices, and perimeters
as well as clinical software under the iCare brand.
iCare is a trusted partner in ophthalmic diagnostics,
offering physicians fast, easy-to-use, and reliable
tools for the diagnosis of glaucoma, diabetic
retinopathy, and macular degeneration (AMD). iCare
Solutions offer digital clinical tools that increase
efficiency and improve the quality of eye care.
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 2022 3
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 2022
Revenio is a leading company in the global market
for ophthalmological devices and software solutions.
Revenio’s ophthalmic diagnostic solutions include
intraocular pressure (IOP) measurement devices (to-
nometers), fundus imaging devices, and perimeters as
well as clinical software under the iCare brand. iCare
is a trusted partner in ophthalmic diagnostics, offering
physicians fast, easy-to-use, and reliable tools for the
diagnosis of glaucoma, diabetic retinopathy, and mac-
ular degeneration (AMD). iCare Solutions provide digital
clinical tools that drive greater efficiency and enhance
quality in eye care. Eye diseases increase with age.
Such diseases include e.g. glaucoma, macular degener-
ation, diabetic retinopathy and cataracts.
Revenio's strong technological know-how, precise qual-
ity system that runs through the entire supply chain,
and knowledge of different markets create a strong
foundation for the company to be a global leader in its
industry in the future as well. Continuous investment
in research and product development opens up new
opportunities for the group and strengthens the market
position of existing products and software solutions.
The Revenio Group comprises Revenio Group
Corporation, Icare Finland Oy, Icare USA Inc., Revenio
Italy S.R.L, CenterVue SpA, Revenio Research Oy,
Revenio Australia Pty Ltd, Icare World Australia Pty Ltd,
CT Operations International UK Ltd, China iCare Medical
Technology Co. Ltd, Done Medical Oy, and Oscare
Medical Oy.
Changes in the Group structure
During the financial period, Revenio established a sales
company, China iCare Medical Technology Co. Ltd., in
China to strengthen its presence in the growing Chinese
market.
Development of business operations and
the operating environment in 2022
Revenio's markets are global. The most important long-
term growth driver is the global increase in eye diseases
due to the aging of the population. Diseases that are
becoming more common with the aging population are
glaucoma, diabetic retinopathy and macular degenera-
tion. The market for diagnostic devices for eye diseas-
es is approximately 3.4 billion dollars globally, and its
device sales are estimated to grow by approximately
4-5% annually. The market for devices related to eye dis-
eases is thus growing faster than the rest of the health
technology device market. Revenio's position in the eye
diagnostics care chain is strong.
Demand for intraocular pressure measurement devic-
es developed positively. iCare HOME2, the device for
measuring intraocular pressure at home has received
positive feedback from customers and is growing strong-
ly in demand.
In the third quarter, Revenio concluded a rather large
contract related to multinational clinical research, with
deliveries continuing into the fourth quarter. The iCare
EIDON product family made impressive sales through-
out the year, and the sales of the iCare DRSplus retinal
imaging device continued to be strong. In April, the fully
automatic iCare ILLUME and iCare DRSplus screen-
ing solution, which utilizes artificial intelligence in the
screening of diabetic retinopathy, was launched. iCare
ILLUME has received excellent feedback from the mar-
ket. The iCare ILLUME pilot projects have proceeded as
planned, and the first commercial system-level delivery
at the end of the review period were started. During the
review period, several country-specific language versions
were created.
The core of Revenio's growth strategy is to strengthen
the position in the eye care market through innovative,
user-friendly products and software solutions designed
to improve patient experience in the eye care path-
ways. Revenio's screening solutions supporting clinical
decision-making, such as iCare ILLUME, based on the
high-quality data generated by the company's devices
and the related software solutions, substantially improve
the patient’s eye care pathway and the processes of eye
care professionals.
Revenio has been working on increasing brand aware-
ness of the iCare brand and won market shares with
the main products in key markets. Revenio continues to
invest on product development in order to launch new
product and system innovations into the market. The
aim is to speed up our organic growth in the future as
well. Furthermore, Revenio continues to survey the mar-
ket to identify acquisition opportunities and to expand
the product selection in the ocular diagnostics market.
After the end of the financial period, on February 1, 2023,
Revenio announced a new organizational structure effec-
tive from February 1, 2023. Over the past two years, the
company has gone through a significant evolution from
an equipment supplier to a global leader of compre-
hensive eye diagnostics solutions. The objective of the
change in the organizational structure is to support the
solution business and the increasingly stronger customer
experience. Revenio will be updating our strategy with
the support of the new organization during the Spring of
2023.
In 2022, Revenio continued the development of its sus-
tainability program with surveys providing feedback for
the further specification of sustainability focus areas.
The net impact of Revenio’s sustainability and business
was assessed by the net impact assessment model of
Upright, an independent assessment company. The as-
sessment model measures positive and negative impacts
in the company’s value chain. The net impact profile
based on artificial intelligence and scientific research
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 2022
shows that Revenio is a company with a strong posi-
tive net impact. Revenio’s most significant and relevant
positive impact is the promotion of health. The compa-
ny's products and services create a significant positive
impact when they are used for the diagnosis of physical
ocular disease and for preventing other diseases in addi-
tion to ocular disease.
In the autumn of 2022, Ecovadis implemented a sustain-
ability review of Revenio'sFinnish operations 2022 (Icare
Finland), and towards the end of 2022, implementation
was expanded the review to cover our Italian organi-
zation as well. The reviews cover all Revenio’s medical
device design and manufacturing. Revenio achieved the
Silver level in both reviews. The review also gave good
feedback on how to developthe company's operations,
and Revenio has started systematic development work
based on it. Revenio is in the highest quadrant of the
classification compared to our peers. The reviews are
intended to repeat in 2023 and make them a regular part
of measuring the development of our operations.
Challenges related to Revenio's operating environment
continue due to the war in Ukraine, cost inflation as well
as the COVID-19 pandemic. Revenio estimates that the
spreading of the pandemic in China may especially affect
the availability of components and the company has
attempted to prepare for this in advance. The organiza-
tion is working constantly to ensure the availability of its
products and the operation of its global delivery chain.
The effects of the war in Ukraine on
Revenio
The security situation in Europe has changed drastically
since Russia invasion of Ukraine. Revenio stopped all
its business in Russia and Belarus in the first quarter
of the year. Revenio’s sales in Russia have been limited
prior to the war, accounting for less than two per cent
of net sales.
Net sales, profitability, and profit
Revenio Group’s net sales January 1–December 31, 2022
were EUR 97.0 (78.8) million. Net sales increased by
23.1%. The currency-adjusted growth of net sales in
January–December was 16.4%, or 6.7%-points weaker
than the reported growth. EBITDA was EUR 33.1 (25.7)
million, or 34.1% of net sales, up by 28.7%.
The Group’s operating profit in January–December was
EUR 29.7 (22.1) million, up 34.3%. The operating profit
of the review period increased by 26.8% compared to
the adjusted operating profit of the comparison period.
Comparison period adjustment includes the Cutica-
related 0.6 million impairment as well as the EUR 0.7
million non-recurring acquisition costs.
Profit before taxes was EUR 29.1 (22.1) million, up 31.5%
year-on-year.
Undiluted earnings per share came to EUR 0.818 (0.652).
Equity per share came to EUR 3.41 (2.94).
Balance sheet, financial position and cash flow
The Group’s balance sheet total totaled EUR 136.1
(124.6) million on December 31, 2022. The value of
goodwill on the balance sheet totaled EUR 59.8 (59.8)
million on December 31, 2022.
The Group’s equity was EUR 90.9 (78.4) million. The
Group’s net debt at the end of the period totaled
EUR -11.9 (-0.8), and net gearing was -13.1 (-1,0)%. The
Group’s equity ratio was 66.8 (63.0)%. The Group’s liquid
assets at the end of the financial period on December
31, 2022 totaled EUR 32.1 (25.2) million. Cash flow from
operations totaled EUR 23.2 (21.5) million.
Personnel and management
On December 31, 2022, the members of Revenio Group’s
Management Team were Jouni Toijala, President and
CEO of Revenio Group Corporation (Chair); Giuliano
Barbaro, Vice President, Devices; Heli Huopaniemi,
Vice President, Quality; Ari Isomäki, Vice President,
Operations; Tomi Karvo, Vice President, Sales and
Marketing; Robin Pulkkinen, CFO; Kate Taylor, Vice
President Eye Care Solutions, and Hanna Vuornos, Vice
President, People & Culture.
Mika Salkola, Vice President, Research, retired on
October 4, 2022.
At the end of the year the number of employees was
207 (184), an increase of 23 employees. The increase
mainly results from the recruitment of new employ-
ees. Wages, salaries, and other remuneration paid in
January–December amounted to EUR 16.6 (14.4) million.
Loans granted to key management
personnel
During the financial year 2020, Revenio Group
Corporation's President & CEO Jouni Toijala took out a
loan of EUR 50,000 granted by the company on market
terms for the purchase of Revenio’s shares. The shares
acquired using the loan will act as security for the
loan. This arrangement was entered into at the request
of Revenio’s Board of Directors in order to secure the
commitment and motivation of the CEO. The CEO has
agreed to hold the company shares he acquired using
the loan financing granted by the company for a period
of five (5) years. The CEO’s obligation to hold the ac-
quired shares ends if the CEO’s employment relation-
ship ends before the end of the five-year period.
JAN-DEC/2022 JAN-DEC/2021
Revenio Group 194 167
AVERAGE NUMBER OF PERSONNEL
DURING THE FINANCIAL YEAR
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
6REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
Shares, share capital, and management
and employee holdings
On December 31, 2022, 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, 2022, the President & CEO, members of the Board
of Directors, the Leadership team members and their
related parties held 0.23% of the Company’s shares, or
60,814 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 100,742 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 8, 2022, decided
that approximately 40% of Board members' emolument
will be settled in the form of Company shares.
The valid authorizations of the Board of Directors relat-
ing to repurchase and issuance of shares are presented
in the section on the Annual General Meeting.
Share option schemes
At the end of the financial period the Company has no
existing option schemes.
Share incentive plans
On June 20, 2019, March 13, 2020, January 26, 2021,
and January 26, 2022 the Board of Directors of Revenio
Group Corporation has decided on the three-year
earning periods of the share-based long-term incen-
tive schemes directed towards the President & CEO
and other key personnel of Revenio Group. Long-term
incentive schemes form part of the Company's remu-
neration program for key personnel and are aimed at
supporting the implementation of the Company's strat-
egy and harmonizing the objective of key personnel and
Company shareholders in growing shareholder value.
Based on the ended earning period of the share-based
incentive plan 2019-2021, a total of 12,983 company’s
treasury shares were transferred in a directed share
issue withour payment to the company's key personnel
participating in the plan on February 10, 2022.
In addition, if certain conditions are met, the CEO is
entitled to a restricted share plan under which the
CEO would be entitled to receive a total of 3,000
shares in the Company during 2022–2024. In order to
pay the share bonus of 1,000 shares earned in 2021 in
accordance with the terms of the program, 400 of the
company's treasury shares were issued to the CEO on
February 10, 2022 through a directed share issue with-
out payment, and the rest of the share bonus was used
for the tax consequences of the issued shares.
The Company’s Board of Directors decided during
March, 2021, on a restricted share plan for five key
employees of the Oculo business. The plan was estab-
lished as part of a long-term incentive and commitment
program to support the realization of Revenio Group’s
strategy, harmonize the interests of shareholders and
plan participants and increase the Company's value
and profits in the long term, as well as to strengthen
the participants’ commitment to Revenio. The plan has
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 2022
SUMMARY OF TRADING ON NASDAQ HELSINKI
January 1–December 31, 2022
JANUARY–
DECEMBER
2022
TURNOVER,
NUMBER OF
SHARES
VALUE
TOTAL, EUR
HIGHEST,
EUR
LOWEST,
EUR
AVERAGE
PRICE, EUR
LATEST,
EUR
REG1V 6,256,523 1,029,891,078 58.70 36.02 44.46 38.60
DEC 31, 2022 DEC 31, 2021
Market value, EUR 1,029,891,078 1,482,135,994
Number of shareholders 21,793 22,634
a restricted maximum number of shares. Under the plan,
shares in the Company will be issued for a total maximum
value of 1,660,000 Australian dollars, calculated using the
trade-weighted average price of the Revenio share on the
date of the completion of the Oculo acquisition. The perfor-
mance-based, three-year plan covers the years 2021—2023.
A total of 1,579 of the company’s treasury shares were issued
in October 3, 2022 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, 2022, Revenio
Group Corporation’s share turnover on the Nasdaq Helsinki
exchange totaled EUR 278.1 (538.6) million, representing 6.3
(9.5) million shares or 23.4% (35.6) of all shares outstanding.
The highest transaction price was EUR 58.70 (72.00) and the
lowest was EUR 36.02 (45.70). The closing price at the end of
the financial period was EUR 38.60 (55.55) and the weighted
average price for the financial period was EUR 44.46 (56.65).
Revenio Group Corporation’s market value stood at EUR
1,030 (1,482) million on December 31, 2022.
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 2022
Flagging notifications
In the period of January 1–December 31, 2022, Revenio
Group Corporation received one notification in ac-
cordance with Chapter 9, Section 5, of the Securities
Markets Act regarding a change in holdings. According
to the notification, the total number of Revenio Group
Corporation shares owned by William Demant Invest
A/S increased to over fifteen (15) per cent of the share
capital of Revenio Group Corporation.
Management transactions
Transactions in Revenio securities by members of
Revenio Group Corporation's management during the
financial period have been published as stock exchange
releases and can be viewed on the Company website at
www.reveniogroup.fi/en/releases.
Corporate Governance
In its decision-making and corporate governance,
Revenio Group Corporation abides by the Finnish
Limited Liability Companies Act, other legal provi-
sions concerning listed companies, Revenio Group
Corporation's Articles of Association, and the rules and
guidelines issued by Nasdaq Helsinki Ltd. The company
complies with the Finnish Corporate Governance Code
approved on September 19, 2019 and issued on January
1, 2020 by the Securities Market Association.
Revenio’s Corporate Governance statements are pub-
lished annually on the company website at
www.reveniogroup.fi/en/investors
/corporate_governance
The company’s Corporate Governance statements are
available in the Investors section of the company web-
site at www.reveniogroup.fi/en/investors
/corporate_governance
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
MAJOR SHAREHOLDERS
December 31, 2022*
OWNERSHIP STRUCTURE
SHAREHOLDERS BY SIZE OF HOLDING
NO. OF SHARES %
1 William Demant Invest A/S 4,292,299 16.09%
2 SEB Funds 1,140,249 4.27%
3 Columbia Threadneedle 1,072,769 4.02%
4 Vanguard 828,891 3.11%
5 Capital Group 610,304 2.29%
6 Norges Bank 542,283 2.03%
7 Ilmarinen Mutual Pension Insurance Company 498,632 1.87%
8 Groupama Asset Management 493,976 1.85%
9 Nordea Funds 436,737 1.64%
10 BlackRock 390,998 1.47%
OWNER DISTRIBUTION
BY HOLDINGS CAPITAL
NUMBER OF
SHARES
NUMBER
OF KNOWN
OWNERS
1 - 100 1.85% 494,663 13,991
101 - 500 4.51% 1,204,900 5,034
501 - 1,000 3.21% 856,257 1,181
111,001 - 5,000 9.73% 2,594,952 1,19711
5,001 - 10,000 5.01% 1,335,661 190
10,001 - 50,000 11.96% 3,192,289 148
50,001 - 100,000 4.85% 1,294,271 20
100,001 - 500,000 22.26% 5,938,518 26
500,001 - 1,000,000 8.04% 2,144,565 3
1,000,001 - 24.38% 6,505,317 3
Unknown holding size 4.20% 1,119,723 0
Tota l 100.00% 26,681,116 21,793
* 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.
34.83%
Private Individuals
0.38%
Treasury Shares
2.05%
State, municipal and
county
4.20%
Anonymous ownership
4.59%
Other
33.82%
Fund company
0.17%
Foundation
3.87%
Pension & Insurance
16.09%
Investment & PE
Total:
100%
SHAREHOLDERS
BY SECTOR
31/12/2022
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10REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
The AGM decided based on the Board's proposal to pay
a dividend of EUR 0.34 per share. 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 12,
2022. The dividend payment date was April 21, 2022.
3. Authorizing the Board of Directors to decide
to repurchase the Company's own shares
The AGM authorized the Board of Directors to resolve
on the acquisition or accepting as pledge 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 devel-
op its capital structure, finance and implement any
corporate 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 2023, yet no further
than until June 30, 2023. This authorization shall super-
sede the authorization granted at the Annual General
Annual General Meeting and currently valid
authorizations of the Board of Directors
Decisions by the Annual General Meeting of Revenio
Group Corporation on April 8, 2022
1. Financial statements, Board and Auditors
The Annual General Meeting (AGM) adopted the
Company's financial statements for the financial year
January 1–December 31, 2021 and discharged the
members of the Board of Directors and the Managing
Director from liability.
The AGM decided that five members be elected to the
Board of Directors and elected Arne Boye Nielsen, Riad
Sherif, Ann-Christine Sundell, Pekka Tammela, and
Bill Östman as members of the Board of Directors. In
the board meeting held after the AGM, the Board of
Directors elected Arne Boye Nielsen as Chair of the
Board. The Board of Directors also decided the mem-
bers of Audit Committee and elected Arne Boye Nielsen,
Pekka Tammela and Ann-Christine Sundell. The Board of
Directors elected Pekka Tammela as Chair of the Audit
Committee. The Board of Directors also decided the
members of Nomination and Remuneration Committee
and elected Ann-Christine Sundell, Riad Sherif and Bill
Östman. The Board of Directors elected Ann-Christine
Sundell as Chair of the Nomination and Remuneration
Committee.
The AGM decided that the Chairman of the Board be
entitled to an annual emolument of EUR 60,000, the
possible deputy chair of the Board of Directors is entitled to
an annual emolument of EUR 45,000 the Board Members
be entitled to an annual emolument of EUR 30,000, the
chair of the Audit Committee be entitled to an annual
emolument of EUR 15,000, the chair of the Nomination
and Remuneration Committee be entitled to an annu-
al emolument of EUR 10,000, and the members of the
Board Committees be entitled to an annual emolument
of EUR 5,000.
Approximately 40 per cent of the Board members' an-
nual remuneration (gross) will be settled in the form of
the company’s shares held in its treasury, however not
exceeding a maximum of 3,200 shares in total, while
approximately 60 per cent will consist of a monetary
payment. Tax will be deducted from the monetary
payment, calculated on the amount of the entire annual
remuneration.
The AGM further decided that an attendance allowance
of EUR 1,000 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 afore-
mentioned attendance allowance for the Board and
Board Committee meetings for members is EUR 1,200.
Any travel expenses of the members of the Board or
Board Committees will be compensated in accordance
with the Company’s travel expense regulations.
The AGM re-elected Deloitte Ltd, Authorized Public
Accountants, as the Company's auditors, with
Authorized Public Accountant (KHT) Mikko Lahtinen
acting as the principal auditor. The AGM decided to
pay the auditors’ fees as invoiced and approved by the
Company.
2. Annual profit distribution and dividend
distribution
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 2022
its related parties meet the requirements of
the ordinary course of business and market
terms
• monitor and evaluate the independence of the
auditor and, in particular, the offering of
services other than auditing by the auditor
• monitor the company’s auditing
• formulate the proposal for the appointment
of the Company’s auditor by the Annual
General Meeting
In addition, the tasks of the Audit
Committee include:
• monitoring the statutory auditing of the
financial statements and consolidated
financial statements as well as the
reporting process and ensure their accuracy
• supervising the financial reporting process
• reviewing the effectiveness of internal control
and risk management systems, the Group's
risks, and the quality and scope of risk
management
• approving the internal audit guidelines and
reviewing the internal audit plans and reports
• reviewing the description of the main features
of the internal control and risk management
systems in relation to the financial reporting
process, which is included in the Company's
Corporate Governance Statement
• evaluating the independence and work of the
statutory auditor and proposing a resolution
on the election and fee of the auditor to the
Annual General Meeting
Meeting of March 17, 2021.
4. 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 1,334,055 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. in a directed
manner. The authorization of the Board covers both the
issue of new shares and the assignment of any shares
that may be held in the company’s treasury.
The authorization is effective until the end of the
Annual General Meeting held in 2023, yet no further
than until June 30, 2023. This authorization shall su-
persede the issue authorization granted at the Annual
General Meeting of March 17, 2022.
Board of Directors and Auditors
Until the Annual General Meeting April 8, 2022, the
Company’s Board of Directors comprised Pekka Rönkä
(Chair), Arne Boye Nielsen, Ann-Christine Sundell, Pekka
Tammela and Bill Östman. After the Annual General
Meeting 2022, the Company’s Board of Directors compris-
es Arne Boye Nielsen (Chair), Riad Sherif, Ann-Christine
Sundell, Pekka Tammela and Bill Östman (Vice Chair).
In 2022, the Board met 11 times, and the average atten-
dance rate was 100%. In 2021, the average attendance
rate was 97.8%.
In the course of the financial year, the company paid, in
total, EUR 284,500 in payments as Board emoluments.
In addition, a total of 2,055 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 2022, the Board elected from amongst its
members the following members to serve on its Audit
Committee: Pekka Tammela (Chair), Arne Boye Nielsen
and Ann-Christine Sundell.
The duties of the Audit Committee are to:
• monitor and assess the financial reporting
system
• monitor and assess the efficiency of internal
controls, internal auditing and risk management
systems
• monitor and assess how legal agreements and
other transactions between the Company and
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 2022
Pty Ltd, and any failure in the commercialization of
individual development projects may result in the im-
pairment of capitalized development expenses, with an
impact on the financial result. Strategic risks also relate
to the successful management and development of key
human resources, and management of the subcontrac-
tor and supplier network.
Acquisitions and the purchase of health technolo-
gy-related assets with growth potential are part of the
Group’s strategy. The success of acquisitions by the
Group may have a significant impact on Revenio Group
meeting its growth and profitability targets. Acquisitions
may also change the Group’s risk profile.
Strategic risks and the need for action are regularly
monitored and assessed in connection with day-to-
day management, monthly Group reporting, and annual
strategy reviews.
Operational risks are associated with the retention and
development of major customer relationships, activities
amongst the distribution network, and success in ex-
panding the customer base and markets. In the health
technology sector, there are particular operational
risks related to business expansion into new markets,
such as countries' marketing authorizations and other
national regulatory activities related to medical devices
and the local health care market. Success in strategic
health technology R&D projects can also be classified
as an operational risk. Furthermore, global shortage of
electronics components may cause operational risks.
Due to the health technology sector’s stringent quality
requirements, operational risks related to the manu-
facture, product development, and production control
of medical devices are estimated to be higher than
average for industry.
Damage-related risks are covered by insurance.
• evaluating compliance with laws, regulations,
and Company policies and monitoring
significant litigations of Group companies
• executing any other duties bestowed upon it
by the Board
Nomination and Remuneration Committee
At its organizing meeting, held after the Annual General
Meeting 2022, the Board elected from amongst its
members the following members to serve on its
Nomination and Remuneration Committee: Ann-
Christine Sundell (Chair), Riad Sherif and Bill Östman.
The duties of the Nomination and
Remuneration Committee include:
• preparing a proposal to the Annual General
Meeting on the members of the Board of
Directors
• preparing a proposal to the Annual General
Meeting on the remuneration of Board members
• preparatory work for the appointment of the
President & CEO
• preparing proposals related to the salary and
other financial benefits of the President & CEO
and other management
• preparing matters related to the Company’s
remuneration schemes
• assessing the remuneration of the President &
CEO and other management and ensuring the
appropriateness of the remuneration schemes
• preparing the Remuneration Report
• answering questions related to the
Remuneration Report at the Annual General
Meeting
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 compa-
ny will publish the Remuneration Report for 2022 as a
separate document on March 1, 2023 on the company’s
website at www.reveniogroup.fi/en/investors
/corporate_governance/remuneration. In addition, the
company’s website provides information on the cur-
rent remuneration schemes for the Board of Directors
and the President and CEO as well information on the
remuneration of the Group Management Team on an
aggregate level.
Risks and uncertainty factors
Risks Revenio Group is exposed to include strategic,
operational, business cycle, damage, financial, and
political risks. In addition, the threat of the global im-
pact of pandemics and the risk of cyber threats have
increased.
The Group’s strategic risks include competition in all
segments, threats posed by new competing products
and other actions by rivals that may affect the compet-
itive situation. There are strategic risks also related to
the ability of the Group to succeed in its R&D activities
and to maintain a competitive product mix. The Group
develops new technologies at Icare Finland Oy, Revenio
Research Oy, CenterVue SpA and iCare World Australia
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 2022
operating practices. Our group-wide ethical principles
are aimed at supporting us in our decision-making in
the global business environment and ensuring respon-
sibility in all our actions. For our partners, we choose
operators who share our ethical, social, and environ-
mental values, and who follow good practices and stan-
dards regarding human rights, labor, health, safety, and
environmental protection. We respect local cultures,
customs and values in all our operating countries. We
conduct all our business ethically and with integrity.
We have zero tolerance towards all forms of bribery.
We support both local and international officials in their
efforts to eradicate corruption.
Revenio has a whistleblowing service in accordance
with the EU Whistleblower Directive. Stakeholders can
use the service to report any serious risks of mis-
conduct that could have a negative impact on human
rights, the organization, society or environment.
With regard to the personnel, our key corporate respon-
sibility themes are the nurturing of corporate responsi-
bility and good management that promotes innovation
and development, promotion of diversity, inclusion, and
equality in our culture and recruiting, and the promo-
tion of safety, health and wellbeing. Our global person-
nel survey on commitment and wellbeing was recon-
ducted in spring 2022. The survey results remained at a
good level.
In terms of the environment, our key themes are the
promotion of sustainable product development, re-
duction of the environmental impacts of our products’
lifecycles in cooperation with the supply chain, and
the reduction of greenhouse gas emissions and other
detrimental environmental effects in our own opera-
tions and in the value chain. Revenio uses a certified
ISO 13485 Medical Devices quality management system
that provides us with a framework for taking environ-
mental and responsibility considerations into account.
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 decisions and
guidelines for the management of financial risks includ-
ing, for example, interest-rate and currency hedging de-
cisions. Liquidity risk can be affected by the availability
of external financing, the development of the Group’s
credit standing, trends in business operations, and
changes in the payment behavior of customers. Cash
forecasts, drawn up for periods of up to 12 months are
employed to monitor liquidity risks.
The management of corporate responsibility risks is a
part of the Company’s risk management process. Under
this process, the risks are assessed yearly.
Revenio Group products are sold in nearly 100 coun-
tries. Uncertainty over trade policy or unstable polit-
ical situations may affect demand for our products.
Revenio actively monitors political developments in
various market areas from a risk management perspec-
tive. Developments in national government policies or
changes to relevant legislation may have an impact on
the Group’s business.
Moreover, global pandemics such as Covid-19 may have
direct and indirect effects on Revenio Group's business,
including and an increased risk of personnel being inca-
pacitated. Government-mandated closures of factories
or borders may weaken Revenio Group's operating en-
vironment and restrictions on the movement of people
could hamper the sales and delivery of our 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 operates in the international markets and is a
global leader in ophthalmological devices and software
solutions. Our business is aimed at exerting a positive
influence on individuals and society by promoting eye
health. Revenio takes into account the unique charac-
teristics of the health technology sector’s business and
operating environment in all its operations concerning
responsibility and sustainable development.
Revenio is committed to the principles of sustain-
able development as defined by the UN, and we have
selected eight UN Sustainable Development Goals that
are closely connected to our business. Four umbrella
themes have been chosen for our responsibility pro-
gram as a result of a materiality analysis. These themes
are linked to our basic business—in which we promote
health and improve the quality of life through products
and services—and HR responsibility, financial respon-
sibility, and environmental responsibility. We adhere to
the principle of continuous assessment in our material-
ity evaluations.
Revenio seeks to increase the positive impact of its
operations and mitigate any negative effects. According
to a 2022 net impact assessment conducted by an
independent evaluator, Upright, Revenio is a company
with a strong positive net impact.
Revenio complies with laws, regulations, rules issued by
Nasdaq Helsinki, principles of good corporate gover-
nance as well as its Code of Conduct and agreed on
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 2022
In product development, Revenio applies the envi-
ronmental standard IEC 60601-1-9 (Requirements for
Environmentally Conscious Design).
In 2022, Revenio reviewed scope 1 and 2 CO2 emissions
of its Finnish operations (iCare Finland), and we intend
to expand these reviews to cover the entire Group.
Revenio’s future goal is to report its most central
sources of carbon emissions and other environmental
impacts derived from its operations and the supply
chain on the basis of materiality.
Revenio will publish a report on corporate sustanability
that details the implementation and goals of its re-
sponsibility program with reference with the GRI frame-
work (Global Reporting Initiative). The report will be
published on Revenio’s website at www.reveniogroup.fi
on March 1, 2023. The report covers key issues con-
cerning Revenio’s corporate sustainability, such as most
significant societal, social and environmental impacts,
and corporate responsibility management model.
Research and development activities
R&D expenditure during the financial year totaled EUR
8.6 (6.5) million. A total of EUR 0.8 (0.7) million of R&D
costs were capitalized during the year.
Events after the financial period
On February 1, 2023, Revenio announced the renewal
of its organizational structure from February 1, 2023.
The new organizational structure will bring changes to
the responsibilities of the Leadership Team and intro-
duce one new member to the Leadership Team. Tomi
Karvo, who was previously responsible for sales and
marketing, takes full responsibility for the Products,
Brand and Marketing unit’s operations. John Floyd has
been appointed Vice President, Sales, and a member
of the Leadership Team. He has long served as CEO
of Revenio's subsidiary Icare USA Inc in the United
States, where he was also responsible for sales. Kate
Taylor, previously responsible for the Eye Care Solutions
business, has been appointed Vice President of the
new Strategy and Business Development unit. Giuliano
Barbaro, who has successfully led the Research and
Product Development unit, has announced that he will
take up new responsibilities outside the company and
will continue in his position until the end of June, and
he will ensure a controlled transfer of his tasks during
the Spring. The search for the new Vice President for
the Research and Product Development unit will be
launched immediately.
Financial guidance for 2023
Revenio Group’s exchange rate-adjusted net sales are
estimated to grow strongly from the previous year and
profitability, excluding non-recurring items, is estimat-
ed to remain at a good level.
The Board's Proposal to the Annual General
Meeting
The Group’s profit for the financial year 2022 was EUR
21,752,822.72 and the parent Company’s profit was EUR
17,686,519.09. The parent Company’s distributable assets
on December 31, 2022, amounted to EUR 83,847,203.60.
The Board proposes to the Annual General Meeting of
March 23, 2023, that the parent Company’s distributable
assets are used in such a way that a dividend of EUR
0.36 (0.34) per share, total EUR 9,605,201.76, be paid out
for the number of shares on December 31, 2022 with the
remaining distributable assets to be added to equity.
The Board of Directors finds that the proposed distribu-
tion 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 2022
Key figures
12 months, IFRS 12 months, IFRS
1–12/2022 1–12/2021 1–12/2020 1–12/2019 1–12/2018
Net sales TEUR 96,976 78,778 61,067 49,474 30,658
Net sales TEUR 29,683 22,103 17,130 12,593 10,205
Operating profit % 30.6 28.1 28.1 25.5 33.3
Profit before taxes
TEUR
29,056 22,099 16,719 12,273 10,235
Profit before taxes % 30.0 28.1 27.4 24.8 33.4
Net profit for
financial period
TEUR
21,753 17,321 13,362 9,343 8,103
Net profit % 22.4 22.0 21.9 18.9 26.4
EBITDA 33.1 25.7 21.7 14.6 10.8
Gross capital
expenditure in
non-current assets
TEUR
4,546 15,665 2,389 68,167 1,895
Gross capital
expenditure, % of
net sales
4.7 19.9 3.9 137.8 6.2
R&D expenses TEUR 8,620 6,518 4,602 4,227 3,477
R&D expenses % 8.9 8.3 7.5 8.5 11.3
Return on equity % 25.7 23.4 19.9 22.7 47.6
Return on
investment %
28.2 22.4 18.1 22,6 59.5
Equity ratio % 66.8 63.0 60.9 58.6 81.8
Net leveraging % -13.1 -1.0 -2.4 2.2 -55.6
Leveraging % 22.2 31.1 39.0 44.8 1.8
Average number of
personnel
194 167 135 88 48
KEY INDICATORS
PER SHARE
1–12/2022 1–12/2021 1–12/2020 1–12/2019 1–12/2018
Earnings per share EUR 0.82 0.65 0.50 0.36 0.34
Equity attributable to
equity owners of the
parent company per
share EUR
3.41 2.94 2.61 2.42 0.75
Dividend per share EUR 0.36 0.34 0.32 0.30 0.28
Dividend payout ratio % 44.0 52.1 63.4 85.1 82.6
Effective dividend
yield %
0.9 0.6 0.6 1.1 2.2
P/E ratio 47.2 85.2 99.6 72.0 37.0
Diluted number of
shares at end of period
26,681,116 26,681,116 26,658,952 26,544,742 24,016,476
Diluted number of
shares average during
period (acquired own
shares excluded)
26,580,374 26,557,464 26,476,975 25,645,898 23,960,263
Share price, year low
EUR
36.02 45.70 18.48 12.56 11.35
Share price, year high
EUR
58.70 72.00 51.5 28.05 16.6
Share price, average
EUR
44.46 56.65 30.98 20.80 13.93
Share price at the end
of period EUR
38.60 55.55 50.30 26.25 12.56
Market capitalization at
end of period MEUR
1,029 1,482 1,341 696.8 301.6
Turnover, number of
shares
6,256,523 9,506,333 14,420,198 5,957,650 6,521,878
Turnover % 23.4 35.6 54.1 22.4 27.2
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 2022
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
Assets
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
1–12/2022
Reported net sales 96,976
Effect of exchange rates on net sales 5,980
Net sales adjusted by the effect of
exchange rates
90,996
Growth in net sales, adjusted by the effect
of exchange rates
16.4%
Reported net sales growth 23.1%
Difference, % points -6.7%
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 2022
ALTERNATIVE PROFITABILITY INDICATOR
EBITDA (EUR THOUSAND)
1–12/2022 1–12/2021
Operating profit, EBIT 29,683 22,103
Depreciation, amortization, and impairment 3,434 3,620
EBITDA 33,117 25,722
OPERATING PROFIT ADJUSTED BY NON-
RECURRING COSTS (EUR THOUSAND)
1–12/2022 1–12/2021
Operating profit, EBIT 29,683 22,103
Cutica-related impairment 0 628
Non-recurring costs of the acquisition 0 678
Adjusted operating profit, EBIT 29,683 23,409
Alternative profitability indicator EBITDA (EUR thousand)
EBITDA = Operating profit + depreciation + impairment
As an alternative growth indicator, the Company also presents profitability as an
operating margin (EBITDA) key figure.
Consolidated
Financial
Statements
January 1–December 31, 2022
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 2022 18
19REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| NO. | 31, 2022 | 31, 2021 | |
Net sales | 1, 2 | ||
Other operating income | 3 | ||
| Use of materials and services | |||
| Materials: | |||
Purchases during the financial period | - | - | |
Change in inventories | |||
External services | - | - | |
Materials and services total | - | - | |
Employee benefit expenses | 4, 5, 6 | ||
Salaries and fees | - | - | |
| Indirect personnel costs | |||
Pension costs | - | - | |
Other indirect personnel expenses | - | - | |
Employee benefit expenses total | - | - | |
Depreciation, amortization, and impairment | 12, 13 | ||
Depreciation | - | - | |
Impairments | - | ||
Depreciation, amortization, and impairment total | - | - |
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| NO. | 31, 2022 | 31, 2021 | |
Other operating expenses | 7, 8 | - | - |
Operating profit | |||
Financial income and expenses | 9 | ||
Financial income | |||
Financial expenses | - | - | |
Financial income and expenses total | - | - | |
Profit before taxes | |||
Taxes | 10 | ||
Income taxes | - | - | |
Taxes total | - | - | |
Profit for the period | |||
| Other comprehensive income items | |||
| Items that may be reclassified | |||
| subsequently to profit or loss | |||
| Translation differences from foreign | |||
| operations | |||
Items that are not reclassified to profit or loss | |||
Changes in fair value | |||
| Remeasurements of defined | - | ||
| benefit liabilities | |||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | |||
Earnings per share calculated from the profit Earnings per share | 11 | ||
Undiluted earnings per share | |||
Diluted earnings per share |
Consolidated comprehensive profit & loss statement
The notes to the financial statements form an essential part of the financial statements.
20REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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. | 2022 | 2021 |
| 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. | 2022 | 2021 |
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. | 2022 | 2021 |
| Non-current liabilities | |||
Deferred tax liabilities | 10 | ||
Interest-bearing non-current liabilities | 19 | ||
Lease liabilities | |||
Pension obligations | 6 | ||
Non-current liabilities total | |||
| Current liabilities | |||
Current tax liabilities | 21 | ||
Interest-bearing current liabilities | 19 | ||
Lease liabilities | |||
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 2022
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, 2022 | 31, 2021 |
Profit for the period | |||
| Adjustments: | |||
Depreciation, amortization, and impairment | 12 | ||
Non-cash items | 22 | ||
Financial income and expenses | 9 | ||
Taxes | 10 | ||
Other adjustments | 22 | - | - |
| Change in working capital: | |||
Change in trade and other receivables | 15 | - | |
Change in inventories | 14 | - | - |
Changes in trade and other payables | 21 | ||
Change in working capital, total | - | ||
Interests paid | 9 | - | - |
Interest received | 9 | ||
Taxes paid | 10 | - | - |
Net cash flow from operations |
| CASH FLOW FROM INVESTING | NOTE | JAN 1–DEC | JAN 1–DEC |
| ACTIVITIES | NO. | 31, 2022 | 31, 2021 |
Acquisitions of subsidiaries less cash and cash equivalents at acquisition time | - | ||
Purchase of tangible assets | 12 | - | - |
Purchase of intangible assets | 12 | - | - |
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, 2022 | 31, 2021 |
| Repayments of loans | 19 | - | - |
| Dividends paid | 17 | - | - |
Share subscription through exercised options | 17 | ||
| 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 2022
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, 2021 | - | - | |||||
| 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 | - | - | |||||
Exercised options | |||||||
Transactions with owners total | - | - | |||||
Equity Dec 31, 2021 | - | - | |||||
EQUITY JAN 1, 2022 | - | - | |||||
| Comprehensive profit | |||||||
Net profit for the period | |||||||
Other comprehensive income | |||||||
Total comprehensive income for the period | |||||||
| Transactions with owners | |||||||
Dividend distribution | - | - | |||||
Share-based remuneration | - | ||||||
Share-based payments adjusted by taxes | - | - | |||||
Other direct entries to retained earnings | - | - | |||||
Transactions with owners total | - | - | - | ||||
Equity Dec 31, 2022 | - |
23REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
30REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
46REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
48REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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 2022 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 2022
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,
2022
JAN 1–DEC 31,
2021
Net sales 1 1,482,898.71 1,184,065.56
Other operating income 2 0.00 31,447.00
Personnel expenses
Salaries and fees 3 -1,805,794.33 -592,840.78
Indirect personnel costs
Pension costs -273,724.66 -191,008.46
Other indirect personnel expenses -37,716.65 -27,947.73
Personnel expenses total -2,117,235.64 -811,796.97
Depreciation, amortization, and impairment
Planned depreciation -43,356.00 -33,206.00
Depreciation and amortization total -43,356.00 -33,206.00
Other operating expenses 4 -2,784,134.32 -2,990,805.42
NET PROFIT/LOSS -3,461,827.25 -2,620,295.83
Financial income and expenses 5
Other financial income and interest receivable 1,620,003.47 1,576,786.83
Interest and other financial expenses -280,097.33 -205,772.71
Financial income and expenses total 1,339,906.14 1,371,014.12
PROFIT/LOSS BEFORE APPROPRIATION AND TAXES -2,121,921.11 -1,249,281.71
Appropriation 6 24,187,167.30 19,229,830.25
Income taxes for the financial period 7 -4,378,727.10 -3,383,096.63
NET PROFIT/LOSS 17,686,519.09 14,597,451.91
51REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
ASSETS APPENDIX DEC 31, 2022 DEC 31, 2021
NON-CURRENT ASSETS 8
Intangible assets
Other intangible assets 81,116.50 115,069.50
Intangible assets total 81,116.50 115,069.50
Tangible assets
Machinery and equipment 7,479.20 12,644.30
Tangible assets total 7,479.20 12,644.30
Investments
Holdings in Group companies 9 20 911 906,38 20,911,906.38
Other shares 8 360,000.00 200,000.00
Investments total 21,271,906.38 21,111,906.38
NON-CURRENT ASSETS TOTAL 21,360,502.08 21,239,620.18
CURRENT ASSETS
Non-current receivables
Receivables from Group
companies
65,217,861.66 63,689,140.29
Other receivables 50,000.00 50,000.00
Non-current receivables, total 65,267,861.66 63,739,140.29
Short-term receivables
Receivables from Group
companies
10 23,175,011.56 20,425,995.23
Loan receivables 100.45 0.00
Other receivables 26,071.74 31,350.89
Advances paid 11 201,061.02 185,644.72
Short-term receivables total 23,402,244.77 20,642,990.84
Bank and cash 755,906.85 530,920.58
INVENTORIES AND SHORT-TERM
ASSETS TOTAL
89,426,013.28 84,913,051.71
TOTAL ASSETS 110,786,515.36 106,152,671.89
SHAREHOLDER EQUITY AND
LIABILITIES APPENDIX DEC 31,2022 DEC 31,2021
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 14,855,702.65 9,294,342.34
Profit for the period 17,686,519.09 14,597,451.91
SHAREHOLDERS’ EQUITY TOTAL 89,162,122.32 80,511,694.83
LIABILITIES
Non-current liabilities
Loans from financial institutions 13 14,250,000.00 0,00
Non-current liabilities total 14,250,000.00 0,00
Current liabilities
Loans from financial institutions 4,200,000.00 22,650,000.00
Accounts payable 403,986.11 343,083.70
Liabilities to Group companies 14 845,212.16 845,212.16
Other liabilities 34,225.80 29,048.27
Accrued expenses and deferred
income
15 1,890,968.97 1,773,632.93
Current liabilities total 7,374,393.04 25,640,977.06
BORROWED CAPITAL TOTAL 21,624,393.04 25,640,977.06
LIABILITIES TOTAL 110,786,515.36 106,152,671.89
Parent company balance sheet (FAS)
52REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
CASH FLOW FROM OPERATING ACTIVITIES
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Profit/loss before appropriations and taxes -2,121,921.11 -1,291,440.30
Adjustments
Planned depreciation 43,356.00 33,206.00
Financial income and expenses -1,339,906.14 -1,371,014.12
Other items 0.00 -718,170.00
Change in working capital:
Change in non-interest-bearing current
receivables
-872,086.63 -542,574.32
Change in non-interest-bearing current
liabilities
-745,800.48 -1,737,732.38
Interest and payments paid from operations -280,097.33 -205,772.71
Interest and payments received from operations 1,620,003.47 1,576,786.83
Direct taxes paid -3,449,510.64 -2,302,260.12
Cash flow from operations -7,145,962.86 -6,558,971.12
CASH FLOW FROM INVESTMENT
ACTIVITIES
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Investment in tangible and intangible assets -4,237.90 -46,234.46
Loans granted -3,000,000.00 -1,000,000.00
Repayments of loan receivables 1,468,002.45 1,433,458.85
Purchased subsidiary shares 0.00 -12,050,912.64
Investments in other investments -160,000.00 -200,000.00
Cash flow from investing activities -1,696,235.45 -11,863,688.25
CASH FLOW FROM FINANCING ACTIVITIES
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Share subscription through exercised options 0.00 274,741.44
Withdrawals and repayments of short-term
borrowings
0.00 -3,150,000.00
Withdrawals and repayments of long-term
borrowings
-4,200,000.00 0.00
Dividends paid and other distribution of profits -9,036,091.60 -8,498,074.24
Group account liabilities 0.00 -226,885.61
Group contributions received and paid 22,303,276.18 26,058,047.63
Cash flow from financing activities 9,067,184.58 14,457,829.22
CHANGE IN CASH AND CASH EQUIVALENTS 224,986.27 -3,964,830.15
Cash and cash equivalents at beginning of period 530,920.58 4,495,750.73
Cash and cash equivalents at end of period 755,906.85 530,920.58
Change in cash and cash equivalents 224,986.27 -3,964,830.15
Parent company cash flow statement (FAS)
53REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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, 2022
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 Management Team participates in a long-term share plan, within
which programs are valid for the earning years 2020-2022, 2021- 2023 and 2022-
2024. 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
2) Other operating income
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Administrative services to subsidiaries 1,482,898.71 1,184,065.56
Net sales total 1,482,898.71 1,184,065.56
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Grants and subsidies received 0.00 31,447.00
Grants and subsidies received total 0.00 31,447.00
54REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
3) Salaries and remunerations
4) Other operating expenses
5) Financial income and expenses
6) Appropriation
7) Income taxes
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
CEO -329,146.20 -253,102.00
Board Members -240,000.00 -156,000.00
Other salaries and remunerations -809,494.03 -718,438.46
Total -1,378,640.23 -1,127,540.46
Accrued salaries and remunerations
total
-1,805,794.33 -592,840.78
AVERAGE NUMBER OF PERSONNEL
DURING PERIOD
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Management 3 3
Others 8 5
Total 11 8
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Rent of business premises -81,085.36 -76,015.28
Vehicle and travel expenses -173,500.80 -53,112.15
Machinery and equipment expenses -356,741.46 -281,139.61
Marketing and entertainment -126,350.36 -153,646.78
Expert services purchased -1,669,125.56 -2,039,706.57
Administrative expenses -127,547.12 -94,686.71
Other operating expenses -249,783.66 -292,498.32
Total -2,784,134.32 -2,990,805.42
Auditor’s fees
Deloitte Oy
Auditing fees -76,500.00 -74,000.00
Certificates and statements -9,900.00 -12,900.00
Tax services 0.00 -7,350.00
Total -86,400.00 -94,250.00
FINANCIAL INCOME AND EXPENSES
FROM GROUP COMPANIES
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Interest income from Group companies 1,548,413.09 1,547,829.29
Total 1,548,413.09 1,547,829.29
FINANCIAL INCOME AND EXPENSES
FROM OTHERS
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Interest income from others 6,039.83 1,150.38
Other financial income 65,550.55 27,807.16
Interest expenses from loans from
financial institutions
-218,060.30 -183,683.51
Interest payable to others -2,504.05 -4,774.06
Loan management expenses -1,000.00 0.00
Other financial expenses -58,532.98 -17,315.14
Total -208,506.95 -176,815.17
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Group contributions received 24,700,000.00 20,600,000.00
Group contributions paid -512,832.70 -1,370,169.75
Total 24,187,167.30 19,229,830.25
JAN 1–DEC 31,
2022
JAN 1–DEC 31,
2021
Income tax for appropriation -4,837,433.46 -3,845,966.05
Income tax for actual operations 458,706.36 462,869.42
Total -4,378,727.10 -3,383,096.63
55REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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, 2022 DEC 31, 2021
INTANGIBLE ASSETS
Other intangible assets
Acquisition cost Jan 1 150,553.28 104,318.28
Increase during the period 0.00 46,235.00
Acquisition cost Dec 31 150,553.28 150,553.28
Accumulated depreciation Jan 1 -35,483.78 -11,620.78
Depreciation during the year -33,953.00 -23,863.00
Accumulated depreciation Dec 31 -69,436.78 -35,483.78
Book value Dec 31 81,116.50 115,069.50
Book value Jan 1 115,069.50 92,697.50
TANGIBLE ASSETS
Machinery and equipment
Acquisition cost Jan 1 27,151.30 43,464.84
Increase during the period 4,237.90 0.00
Decreases during period 0.00 -16,313.54
Acquisition cost Dec 31 31,389.20 27,151.30
Accumulated depreciation Jan 1 -14,507.00 -21,477.00
Depreciation during the year -9,403.00 -9,343.00
Decreases of accumulated depreciation 0.00 16,313.00
Accumulated depreciation Dec 31 -23,910.00 -14,507.00
Book value Dec 31 7,479.20 12,644.30
Book value Jan 1 12,644.30 21,987.84
HOLDINGS IN GROUP COMPANIES
Acquisition cost Jan 1 20,911,906.38 8,860,993.74
Increase during the period 0.00 12,050,912.64
Acquisition cost Dec 31 20 911 906,38 20,911,906.38
Book value Dec 31 20 911 906,38 20,911,906.38
DEC 31, 2022 DEC 31, 2021
OTHER INVESTMENTS
Acquisition cost Jan 1 200,000.00 0.00
Increase during the period 160,000.00 200,000.00
Acquisition cost Dec 31 360,000.00 200,000.00
Book value Dec 31 360,000.00 200,000.00
The breakdown of the balance sheet of the previous financial year has been
changed to match the breakdown of the past financial year regarding the presen-
tation of other investments.
56REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9) Holdings in other companies Dec 31, 2022
10) Receivables from Group companies
11) Principal items in prepaid expenses and accrued income
GROUP COMPANIES DOMICILE HOLDING
Done Medical Oy Seinäjoki 100%
Icare Finland Oy Helsinki 100%
Oscare Medical Oy Helsinki 100%
Revenio Australia Pty Ltd Melbourne 100%
Revenio Italy S.R.L. Milan 100%
Revenio Research Oy Vantaa 100%
DEC 31, 2022 DEC 31, 2021
NON-CURRENT RECEIVABLES
FROM GROUP COMPANIES
Capital loan receivables 403,276.18 403,276.18
Loan receivables 64,814,585.48 63,285,864.11
Total 65,217,861.66 63,689,140.29
CURRENT RECEIVABLES FROM
GROUP COMPANIES
Trade receivables 499,073.57 209,747.93
Accrued and other receivables from Icare Finland Oy 20,361,808.43 18,461,808.43
Other receivables from other group companies 898,157.78 910,990.48
Accrued income 1,415,971.78 843,448.39
Total 23,175,011.56 20,425,995.23
Receivables from Group companies, total 88,392,873.22 84,115,135.52
DEC 31, 2022 DEC 31, 2021
Personnel expenses 43,800.00 30,803.29
Prepaid expenses 157,261.02 154,841.43
Total 201,061.02 185,644.72
57REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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, 2022 DEC 31, 2021
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 51,030,240.42
Share subscriptions with stock options 0.00 274,741.44
Reserve for invested non-restricted equity
Dec 31
51,304,981.86 51,304,981.86
DEC 31, 2022 DEC 31, 2021
Profit/loss from previous financial periods
Profit/loss from previous financial periods
Jan 1
23,891,794.25 17,792,416.58
Dividends -9,036,091.60 -8,498,074.24
Profit/loss from previous financial periods
Dec 31
14,855,702.65 9,294,342.34
Profit/loss for the period Dec 31 17,686,519.09 14,597,451.91
Non-restricted equity total Dec 31 83,847,203.60 75,196,776.11
Equity total Dec 31 89,162,122.32 80,511,694.83
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 14,855,702.65 9,294,342.34
Profit for the period 17,686,519.09 14,597,451.91
Distributable unrestricted equity Dec 31 83,847,203.60 75,196,776.11
The share capital of Revenio Group Corporation on December 31, 2022 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 100,742 of its own shares (REG1V).
58REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13) Non-current liabilities
14) Intra-group liabilities
16) Notes to collateral and commitments
15) Principal items of accrued liabilities and deferred income
Loans from financial institutions
As at December 31, 2022, the parent company had interest-bearing non-current lia-
bilities amounting to EUR 14.2 million. The company does not have any loans falling
due later than within five years. At the end of 2021, the company did not have any
interest-bearing loans. Revenio Group Oyj renegotiated the payment schedule for
its short-term bank loans in the 2022 financial year.
DEC 31, 2022 DEC 31, 2021
Current intra-group liabilities
Other liabilities 845,212.16 845,212.16
Total 845,212.16 845,212.16
DEC 31, 2022 DEC 31, 2021
Personnel expenses 837,871.35 538,746.59
Income taxes 929,216.46 1,080,836.51
Other accruals and deferred income 123,881.16 154,049.83
Total 1,890,968.97 1,773,632.93
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 18,450,000.00.
Lease agreements run for 2–5 years and do not include special notice or purchase
option clauses.
LEASE COMMITMENTS DEC 31, 2022 DEC 31, 2021
Lease commitments maturing next year 21,928.32 19,513.35
Lease commitments maturing later than next year 24,941.41 29,649.16
Total 46,869.73 49,162.51
RENT LIABILITIES DEC 31, 2022 DEC 31, 2021
Rent liabilities for office premises, maturing next
year
433,816.68 405,427.44
Rent liabilities for office premises, maturing later
than next year
180,756.95 0.00
Total 614,573.63 405,427.44
BANK GUARANTEE AS SECURITY OF LIABILITIES DEC 31, 2022 DEC 31, 2021
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 2022
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 person-
nel and the company in order to grow the company's value.
The Board of Directors shall decide separately on the minimum, target and maximum
bonus of each participant, as well as performance criteria and the related targets. The
amount of bonus payable to the participants depends on the achievement of the pre-set
targets. No bonus will be paid if the targets are not met, or if the participant's work or
employment relationship ends before the bonus is paid. Each performance share plan
shall cover a maximum of 10 persons and the objectives of the plan shall be related to
the absolute total yield of the company's share and the cumulative operating result over
a period of three years. 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 cer-
tain 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.
During the financial year, the company recognized a total of EUR -203 thousand in per-
sonnel expenses related to the incentive scheme 2020–2022. On December 31, 2022, the
accrued expense recognized on the balance sheet from these schemes amounted to
EUR 203 thousand. Taking the objectives of the scheme into account, it is not possible to
reliably estimate the total amount of future cash considerations.
EARNING YEARS
TIME OF
BONUS PAYMENT
MAXIMUM AMOUNT OF SHARE BONUS
(GROSS EARNINGS)
2018–2020 2021 5 570 (realized)
2019–2021 2022 5 048 (realized)
2020–2022 2023 max 8 749
2021–2023 2024 max 5 303
2022-2024 2025 max 6 021
In addition, if certain conditions are met, the CEO is entitled to a restricted share
plan under which the CEO would be entitled to receive a total of 3,000 shares in
the Company during 2022-2024. In order to pay the share bonus of 1,000 shares
earned in 2021 in accordance with the terms of the program, 400 of the com-
pany's treasure shares were issued to the CEO on February 10, 2022 throught a
directed share issue without payment, and the rest of the share bonus was used
for the tax consequences of the issued shares. During the financial year, the com-
pany recognized a total of EUR -26 thousand in personal expenses related to this
program.
Signatures
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022 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 2022
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, February 28, 2023
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, February 28, 2023
Deloitte Oy
Authorized Public Accountants
Mikko Lahtinen
Authorized Public Accountant
Auditor’s report
To the Annual General Meeting of Revenio Group Corporation
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022 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 2022
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 2022. 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
a summary of significant accounting policies, 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 International Financial
Reporting Standards (IFRS) 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
auditing 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 2022
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 97.0 million consists of the income
from the sale of products, services and software licenses.
• Revenue from sales is recognized when the customer gains control
over a good, service or software license (performance obligation).
As a rule, control is transferred to the customer upon delivery as per
the terms and conditions of agreement.
• For audit purposes, the key is that revenue is recognized timely and
in the correct amount.
• We have assessed the controls relating to the sales process and
the revenue recognition.
• We have reviewed the accounting principles and practices associated
with revenue recognition to assess whether the recognition is in
accordance with IFRS 15.
• We have tested the timing and quantitative accuracy of revenue
recognition by comparing individual sales transactions to sales
agreements and delivery notes.
• We have assessed the appropriateness of the presentation in the
consolidated financial statements.
Valuation of goodwill and other intangible assets
Refer to accounting principles for the consolidated financial statements
and note 12 in the consolidated financial statements.
• The consolidated statement of financial position includes goodwill of
EUR 59.8 million and other intangible assets of EUR 17.1 million.
• Goodwill and the majority of other intangible assets have arisen from
the business acquisitions executed in previous financials years.
In addition, other intangible assets include capitalized development
costs relating to the development of health technology products.
• The valuation and impairment testing of goodwill and other intangible
assets involve management estimates of cash flow projections and
trade cycle changes, and hence this matter is addressed
as a key audit matter.
• We have reviewed and assessed the management’s methods
and assumptions used in impairment testing.
• We have assessed the indications of impairment identified by the
management and performed audit procedures on the impairment
testing prepared by the management.
• We have tested the mathematical accuracy of the model used in
impairment testing, evaluated and challenged the projections used
in the calculations and related changes, and compared the prior year
forecasts to the actual figures.
• We have evaluated the appropriateness of the presentation in the
consolidated financial statements.
We have no key audit matters to report with respect to our audit of the parent company’s financial statements. There are no significant risks of material misstatement referred
to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements.
65REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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 financial
statements that give a true and fair view in accordance
with International Financial Reporting Standards (IFRS)
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 finan-
cial 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 determine is necessary to enable the prepara-
tion of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of
Directors and the Managing Director are responsible
for assessing the parent company’s and the group’s
ability to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using
the going concern basis of accounting. The financial
statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate
the parent company or the group or cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit con-
ducted in accordance with good auditing practice will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of the
financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and main-
tain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to those
risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of
the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the Board
of Directors’ and the Managing Director’s use
of the going concern basis of accounting and
based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt
on the parent company’s or the group’s ability
to continue as a going concern. If we conclude
that a material uncertainty exists, we are
required to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may cause
the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including
the disclosures, and whether the financial
statements represent the underlying
transactions and events so that the financial
statements give a true and fair view.
• Obtain sufficient appropriate audit evidence
regarding the financial information of the
entities or business activities within the group
to express an opinion on the consolidated
financial statements. We are responsible for
the direction, supervision and performance of
the group audit. We remain solely responsible
for our audit opinion.
66REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
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 six years.
Other Information
The Board of Directors and the Managing Director are
responsible for the other information. The other infor-
mation comprises the report of the Board of Directors.
Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial state-
ments, our responsibility is to read the other infor-
mation and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated. Our
responsibility also includes considering whether the
report of the Board of Directors has been prepared in
accordance with the applicable laws and regulations.
In our opinion, the information in the report of the
Board of Directors is consistent with the information
in the financial statements and the report of the Board
of Directors has been prepared in accordance with the
applicable laws and regulations.
If, based on the work we have performed, we conclude
that there is a material misstatement of the report of
the Board of Directors, we are required to report that
fact. We have nothing to report in this regard.
Helsinki, 28 February 2023
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
67REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Independent Auditor’s Report on the ESEF Consolidated
Financial Statements of Revenio Group Corporation
To the Board of Directors of Revenio Group Corporation
We have performed a reasonable assurance
engagement on whether the iXBRL tagging of the
consolidated financial statements in the ESEF
consolidated financial statements [reveniogroup-
2022-12-31-fi.zip] of Revenio Group Oyj (1700625-7)
for the financial year 1.1.–31.12.2022 has been prepared
in accordance with the requirements of Article 4 of
Commission Delegated Regulation (EU) 2018/815 (ESEF
RTS).
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and Managing Director are respon-
sible for the preparation of the report of the Board of
Directors and financial statements (ESEF financial state-
ments) that comply with the requirements of ESEF RTS.
This responsibility includes
• preparation of ESEF financial statements in
XHTML format in accordance with Article 3 of
ESEF RTS
• tagging the consolidated financial statements’
primary statements, disclosures and
identifying information in the ESEF financial
statements with iXBRL tags in accordance with
Article 4 of ESEF RTS, and
• ensuring consistency between ESEF financial
statements and audited financial statements.
The Board of Directors and the Managing Director are
also responsible for such internal control as they de-
termine is necessary to enable the preparation of ESEF
financial statements in accordance with the require-
ments of ESEF RTS.
Auditor’s Independence and Quality
Management
We are independent of the company in accordance with
the ethical requirements that are applicable in Finland
and are relevant to the engagement we have performed,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The auditor applies International Standard on Quality
Management (ISQM) 1, which requires the audit firm to
design, implement and operate a system of quality man-
agement including policies and procedures regarding
compliance with ethical requirements, professional stan-
dards and applicable legal and regulatory requirements.
Auditor’s Responsibilities
In accordance with the engagement letter, we express
an opinion on whether the tagging of the consolidated
financial statements in the ESEF financial statements
has been prepared in all material respects in accor-
dance with the requirements of Article 4 of ESEF RTS.
We conducted a reasonable assurance engagement in
accordance with International Standard on Assurance
Engagements (ISAE) 3000.
The engagement includes procedures
to obtain evidence on:
• whether the tagging of the consolidated
financial statements’ primary statements in
the ESEF financial statements has been
prepared in all material respects in accordance
with the requirements of Article 4 of ESEF RTS
• whether the tagging of the consolidated
financial statements’ disclosures and
identifying information in the ESEF
financial statements has been prepared in all
material respects in accordance with the
requirements of Article 4 of ESEF RTS, and
• whether the ESEF financial statements are
consistent with the audited financial
statements.
The nature, timing and extent of the procedures se-
lected depend on the auditor’s judgment. This includes
the assessment of risk of material departures from
the requirements set out in ESEF RTS, whether due to
fraud or error.
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
68REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2022
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Opinion
In our opinion, the tagging of the consolidated finan-
cial statements’ primary statements, disclosures and
identifying information in the ESEF financial statements
[reveniogroup-2022-12-31-fi.zip] of Revenio Group Oyj
for the financial year 1.1.–31.12.2022 has been prepared
in all material respects in accordance with the require-
ments of Article 4 of ESEF RTS.
Our audit opinion on the consolidated financial state-
ments of Revenio Group Oyj for the financial year
1.1.–31.12.2022 has been expressed in our auditor’s
report dated 28 February 2023. In this report, we do not
express an audit opinion or any other assurance con-
clusion on the consolidated financial statements.
Helsinki, 1 March 2023
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
REVENIO GROUP CORPORATION
Äyritie 22 | 01510 Vantaa
www.reveniogroup.fi/en