Brief: Harvia Preliminary Q2 Operating Result Down To Around EUR 8.7 mln

Harvia Oyj

19/07/2022 15:35

July 19 (Reuters) - Harvia Oyj  HARVIA.HE :
    * HARVIA OYJ - PREANNOUNCEMENT REGARDING HARVIA'S Q2 OF 2022
FINANCIAL PERFORMANCE: ADVANCED DEMAND FADED AWAY - REVENUE AND
PROFITABILITY BELOW RECORD HIGH Q2/2021
    * IN Q2 OF 2022, HARVIA'S REVENUE AND PROFITABILITY
DECREASED
COMPARED TO RECORD HIGH Q2 OF 2021.
    * ON TOP OF RUSSIA IMPACT, MAIN REASON FOR UNFAVORABLE
DEVELOPMENT
IS DECLINING SALES IN CENTRAL EUROPE.
    * SALES MIX WAS SUBSTANTIALLY SKEWED TOWARDS LOWER
PROFITABILITY
PRODUCTS GROUPS.
    * SLOWER ROTATION OF RUSSIAN RELATED TRADE RECEIVABLES
RESULTED IN
INCREASED PROVISIONS FOR POSSIBLE FUTURE WRITE DOWNS OF TRADE
RECEIVABLES IN RUSSIA.
    * Q2 REVENUE DECLINED BY 2% TO APPROXIMATELY EUR 46.0
MILLION
(46.8).
    * Q2 OPERATING RESULT DECLINED TO APPROXIMATELY EUR 8.7
MILLION
(12.9).
    * MANAGEMENT ESTIMATES THAT CURRENT MARKET SITUATION WILL
NOT
AFFECT LONG-TERM GROWTH EXPECTATIONS OF SAUNA AND SPA MARKET OR
HARVIA'S LONG-TERM TARGETS

Source text for Eikon:  ID:nGNEbsqbMJ 
Further company coverage:  HARVIA.HE 

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