4.9.2023 14:00:00 EEST | HLRE Holding Oyj |
Half Year financial report
HLRE Holding Group
Half-Year Financial Report 1 February – 31 July 2023
Comparison figures in brackets refer to the corresponding period previous year.
Brief Look at May – July 2023
Q2 revenue decreased by 19% to EUR 26,5 EUR million (EUR 32,8 Million).
Q2 gross profit decreased to EUR 11,1 million (EUR 11,9 Million).
Q2 adjusted EBITDA was EUR 1,4 million (EUR 1,7 million).
Q2 net cash from operating activities was EUR 0,6 million (EUR -0,2 Million).
Brief Look at February – July 2023
H1 revenue decreased by 14% to EUR 52,4 EUR million (EUR 60,7 Million).
H1 gross profit decreased to EUR 20,9 million (EUR 23,2 Million).
H1 adjusted EBITDA was EUR 2,3 million (EUR 3,6 million).
H1 net cash from operating activities was EUR 2,0 million (EUR -2,2 Million).
HLRE HOLDING GROUP EUR Million
May-Jul 23
Q2
May-Jul 22
Q2
Feb-Jul 23
Q1-Q2
Feb-Jul 22
Q1-Q2
Feb 22-Jan23
Q1-Q4
Revenue
26,5
32,8
52,4
60,7
129,4
Gross profit
11,1
11,9
20,9
23,2
52,3
Gross margin,%
41,9 %
36,3 %
39,9 %
38,2 %
40,4 %
Adjusted EBITDA
1,4
1,7
2,3
3,6
10,8
EBIT
-0,6
-0,3
-2,4
-0,8
2,5
Net cash from operating activities
0,6
-0,2
2,0
-2,2
4,7
Company description
HLRE Holding Group (commonly known as Vesivek Group) is a leading provider of roof and roof product renovations offered primarily to detached and row houses in Finland and Sweden under the brand name Vesivek. In addition to roof and roof product installations, Vesivek provides underground drain renovations in eight locations in Finland. The Group also develops, manufactures, and sells high quality rainwater systems and roof safety products.
HLRE Holding Group operated in 14 locations in Finland and three locations in Sweden in July 2023 and employs around 800 employees currently on average. The Group has two in-house manufacturing facilities in Finland, steel roofing profile production in Pirkkala and manufacture of rainwater systems and roof safety products in Orimattila.
Management Overview of the second quarter
Q2 financial performance in roof and rainwater systems installation and underground drain renovation business in Finland and roof renovation in Sweden was below forecasted. Low sales volumes in general and short order backlog in both Finland and Sweden led to inefficiency in installations and to weaker profitability.
HLRE Group Ltd and Vesivek Ltd issued a change negotiation initiative on 10th of May 2023. The negotiations concerned all employees of HLRE Group Ltd (excluding payroll personnel) and salaried employees of Vesivek Ltd (joint functions, unit management, sales personnel, profile production and workshop repair unit, excluding B2B sales personnel and site installation managers). Further, Oulu/Tornio, Nurmijärvi/Lohja, Kerava/Orimattila units were excluded. The purpose of the change negotiations was to discuss the adaptation and reorganization of the operations of HLRE Group Ltd. and Vesivek Ltd. to better reflect the economic situation and weakened demand.
Negotiations were concluded at the end of May 2023. The decisions that were made based on the negotiations led to the dismissal of 5 people and the lay-offs of 18 people.
Group decided on May 2023 to close down the Oulu branch office in Tornio. The effect on personnel reduction was about 10 people from the end of July.
Second quarter April 2023 – July 2023
Q2 revenue decreased by 19 % to EUR 26,5 Million (32,8 Million). Low sales volumes and short order backlog in roof installations in both Finland and Sweden and underground drain renovations in Finland led to inefficiency in installations and to weaker profitability. Gross profit was EUR 11,1 million (11,9 Million) in Q22023.
Q2 reported EBITDA was EUR 1,3 Million (1,6 Million) and adjusted EBITDA EUR 1,4 Million (1,9 Million). Reported adjustments totaled to EUR 0,15 Million including one-offs regarding restructuring costs in the businesses in Finland of EUR 0,1 Million and other non-recurring costs of EUR 0,05 Million. Impact of the adjustments to the operating cashflow in Q2 amounted to EUR 0,15 Million (EUR 0,3 Million).
Q2 net cash from operating activities was EUR 0,6 Million (-0,2 Million) mainly resulting from more effective management of working capital.
First half 2023
H1 revenue decreased by 14% to EUR 52,4 EUR Million (EUR 60,7 Million). H1 gross profit decreased to EUR 20,9 million (EUR 23,2 Million). H1 reported EBITDA decreased to EUR 1,3 Million (3,1 Million) and adjusted EBITDA to EUR 2,3 Million (3,6 Million). Reported adjustments totaled to EUR 1,0 Million including one-offs regarding restructuring costs in the businesses in Finland of EUR 0,7 Million and other non-recurring costs of EUR 0,3 Million. Impact of the adjustments to the operating cashflow in Q2 amounted to EUR 0,75 Million (EUR 0,5 Million).
H1 net cash from operating activities was EUR 2,0 Million (-2,2 Million) thanks to continued effective management of working capital. Also, some sale of own fleet had positive effect on cash situation during the Q2 (0,3 M€).
Outlook for the financial year 1 February 2023 – 31 January 2024
No outlook for the financial year 1 February 2023 – 31 January 2024.
Risks and uncertainties
The Group’s revenues and operating profit are affected by general economic conditions, which are, in turn, influenced by many factors beyond the Group’s control. The Group currently operates in Finland and Sweden. Currently, the majority of the Group’s operations are located in Finland but growth in both markets, for example, by way of increasing market share and/or expanding the Group’s product and service offering is an important factor in fulfilling the Group’s strategic objectives. Respectively, the Group’s revenue and operating profit are particularly susceptible to general economic conditions and perception of future general economic conditions in the Finnish and Swedish markets.
Uncertainty or adverse trends in general economic conditions could affect the Group’s business and demand for the Group’s products and services through, inter alia, affecting consumer confidence as well as through adverse impacts on the business activities of the Group’s corporate clients purchasing the Group’s rainwater systems and roof safety products. Importantly, the general economic conditions may adversely affect the level and cost of financing available to the Group’s consumer and corporate clients to make investments in renovations and refurbishments. Moreover, increases in the costs of financing and decreases in the level of available financing may adversely affect the Group’s ability to make investments and fulfil its strategic objectives and may have a material adverse effect on the Group’s business, financial position and results. Through its manufacturing operations, the Group is furthermore exposed to the risk of fluctuations in certain commodity prices (such as steel, aluminium and wood) and energy prices (especially through fuel costs for vehicles) and increases in prices due to economic disruptions and changes in general market conditions may have an adverse effect on the Group’s business, financial position and results. All of the factors mentioned above could harm the Group’s operations and the Group cannot predict the ways in which the future economic environment and market conditions may affect the Group’s operations.
In general, the frequency of accidents at construction sites is worth noticing and the Group operates in a business segment subject to extensive laws and regulations regarding the work environment. Despite required health and safety measures and, for example, the use of scaffoldings on its construction sites improving the safety of the personnel, the Group is exposed to the risk of, possibly even fatal, accidents at the workplace especially on its roof renovation sites but also at its manufacturing facilities. In addition to physical injuries, employees of the Group are exposed to risks related to hazardous substances as certain of the Groups renovation sites contain asbestos. Respectively, the Group must also comply with specific environmental regulations with respect to asbestos. Finnish legislation includes particularly stringent requirements for any activities involving asbestos and the safety requirements for such activities. Any failure to comply with the regulations concerning health and safety or asbestos related activities may result in liability for the Group and/or the Group’s permit being revoked. For example, if Group’s permit to handle asbestos would be revoked, the Group would need to stop all business activities relating to handling of asbestos and acquire the work through subcontractors. Moreover, all potential accidents and health impacts have an adverse effect on its personnel’s well-being. The Group as an employer is exposed to the risks related to health and safety issues of its employees possibly resulting in reduced working capacity of employees.
The Group may, in the future, become in breach of financial covenants and other obligations in its financing agreements that constitute grounds for termination or acceleration. A failure by the Group to obtain necessary capital in the future, or obtaining financing on less favourable terms, may have an adverse effect on the Group’s business, financial position and results. The Group issued a three-year senior secured bond in an amount of SEK 300 million (approximately EUR 28-30 million) in February 2021 including EUR 2 million Super Senior RCF maturing 6 months prior to the bond termination date. A failure by the Group to refinance the bond and the SSRCF, or obtaining financing on substantially less favourable terms, have an adverse effect on the Group’s business, financial position and results.
For more information
Jari Raudanpää, CFO
+358 40 566 6399
Holding Group
2611405-7
Consolidated Statement of Comprehensive Income
1000 EUR
1.5.2023-31.7.2023
1.2.2023-31.7.2023
1.5.2022-31.7.2022
1.2.2022-31.7.2022
1.2.2022-31.1.2023
REVENUE
26 511
52 418
32 747
60 677
129 455
Other operating income
554
836
274
630
1 064
Material and services
-9 259
-18 518
-12 791
-22 678
-47 702
Employee benefits expense
-11 651
-22 835
-12 796
-24 172
-49 747
Depreciation and amortisation
-1 854
-3 776
-1 924
-3 873
-7 757
Other operating expenses
-4 859
-10 565
-5 809
-11 358
-22 844
OPERATING PROFIT
-557
-2 440
-299
-774
2 469
Finance income
1 156
1 238
-125
28
2 018
Finance cost
-1 227
-2 300
-614
-1 946
-4 450
Finance income and cost
-72
-1 062
-739
-1 919
-2 432
PROFIT/LOSS BEFORE TAX
-629
-3 503
-1 038
-2 693
36
Tax on income from operations
125
591
-38
239
-374
PROFIT/LOSS FOR THE PERIOD
-504
-2 911
-1 076
-2 454
-338
Profit attributable to:
Owners of the parent company
-472
-2 841
-1 073
-2 448
-458
Non-controlling interests
-32
-71
-3
-5
120
-504
-2 911
-1 076
-2 454
-338
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
-34
-33
-22
9
-147
Items that may be reclassified subsequently to profit or loss
-34
-33
-22
9
-147
TOTAL COMPREHENSIVE INCOME
-538
-2 944
-1 097
-2 445
-484
Total comprehensive income attributable to:
Owners of the parent company
-503
-2 871
-1 092
-2 440
-591
Non-controlling interests
-35
-73
-5
-5
107
-538
-2 944
-1 097
-2 445
-484
HLRE Holding Group
2611405-7
Consolidated Statement of Financial Position
1000 EUR
31.7.2023
31.7.2022
31.1.2023
ASSETS
NON-CURRENT ASSETS
Goodwill
40 304
40 304
40 304
Intangible assets
785
766
976
Property, plant, equipment
23 778
27 272
26 261
Other non-current financial assets
48
48
48
Loan receivables
19
6
17
Non-current prepayments and accrued income (from others)
0
2
0
Deferred tax assets
742
567
235
NON-CURRENT ASSETS
65 676
68 965
67 841
CURRENT ASSETS
Inventories
14 201
19 183
15 756
Trade and other receivables
9 481
9 494
9 494
Loan receivables
52
625
625
Income tax receivable
453
259
158
Cash and cash equivalents
2 796
481
3 557
CURRENT ASSETS
26 984
31 391
29 394
ASSETS
92 660
100 357
97 235
EQUITY AND LIABILITIES
Owners of the parent company
Share capital
80
80
80
Reserve for invested unrestricted equity
18 002
18 002
18 002
Translation differences
-181
-8
-151
Retained earnings
6 674
7 500
9 511
Owners of the parent company
24 575
25 574
27 442
Non-controlling interests
-1
-36
71
EQUITY
24 574
25 537
27 512
NON-CURRENT LIABILITIES
Finance and lease liabilities
22 176
52 640
50 349
Employee benefit obligation
427
422
427
Deferred tax liabilities
0
112
150
NON-CURRENT LIABILITIES
22 603
53 174
50 926
CURRENT LIABILITIES
Finance and lease liabilities
30 377
5 380
4 742
Other current liabilities
13 175
15 526
12 433
Derivatives
1 759
545
1 461
Income tax liabilities
172
194
161
CURRENT LIABILITIES
45 483
21 646
18 797
Liabilities
68 085
74 819
69 722
EQUITY AND LIABILITIES
92 660
100 357
97 235
HLRE Holding Group
2611405-7
Consolidated Statement of Cash Flows, indirect
1000 EUR
1.5.2023-31.7.2023
1.2.2023-31.7.2023
1.5.2022-31.7.2022
1.2.2022-31.7.2022
1.2.2022-31.1.2023
Cash flows from operating activities
PROFIT/LOSS FOR THE PERIOD
-504
-2 911
-1 076
-2 454
-338
Adjustments to the profit/loss for the period
Depreciation, amortisation and impairment
1 854
3 776
1 924
3 873
7 757
Financial income and expenses
961
1 876
820
1 588
3 437
Tax on income from operations
-124
-591
38
-239
374
Other adjustments
-1 127
-901
-61
281
-1 051
Adjustments total
1 563
4 160
2 720
5 502
10 517
Working capital changes
Increase / decrease in inventories
1 118
1 523
-988
-3 708
-394
Increase / decrease in trade and other receivables
872
334
1 036
-1 800
-429
Increase / decrease in trade payables
-1 551
644
-1 213
2 069
-934
0
Interest paid
-789
-1 464
-628
-1 200
-2 483
Interest received
32
61
7
10
65
Other financial items
-3
-5
-22
-12
-203
Income taxes paid
-147
-352
-60
-610
-776
Net cash from operating activities
592
1 991
-223
-2 202
5 026
Cash flows from investing activities
Purchase of tangible and intangible assets
-460
-768
-259
-669
-1 987
Proceeds from sale of tangible and intangible assets
752
864
18
218
245
Disposal of subsidiaries
0
0
0
0
8
Loans granted
0
-9
0
0
-18
Proceeds from repayments of loans
3
8
1
4
21
Addition / deduction of cash equivalents
5
5
0
0
0
Net cash used in investing activities
299
98
-240
-448
-1 731
Cash flows from financing activities
0
Proceeds from sale of treasury shares
0
0
0
0
9
Proceeds from current borrowings
0
0
-332
411
0
Repayment of current borrowings
0
0
-4
-6
-6
Addition / deduction of current borrowings
0
0
-6
-2
0
Proceeds from non-current borrowings
0
0
0
0
0
Repayment of non-current borrowings
0
0
1
0
0
Payment of lease liabilities
-1 608
-2 849
-1 279
-2 474
-4 942
Net cash used in financing activities
-1 608
-2 849
-1 621
-2 071
-4 938
Net change in cash and cash equivalents
-717
-761
-2 083
-4 721
-1 644
Cash and cash equivalents, opening amount
3 514
3 557
2 564
5 201
5 201
Net increase/decrease in cash and cash equivalents
-718
-761
-2 083
-4 721
-1 644
Effects of exchange rate fluctuations on cash held
0
0
0
0
Cash and cash equivalents
2 796
2 796
481
481
3 557
Cash and cash equivalents, other arrangements
0
0
0
0
0
Consolidated Statement of Changes in Equity
Attributable to owners of the Company
1000 EUR
Share capital
Reserve for invested unrestricted equity
Translation differences
Retained earnings
Total
Non-controlling interests
Total equity
EQUITY 1 Feb 2023
80
18 002
-151
9 511
27442
71
27 512
Comprehensive income
Profit/loss for the period
-2 841
-2 841
-71
-2 911
Other comprehensive income
Translation differences
0
0
-30
0
-30
-3
-33
TOTAL COMPREHENSIVE INCOME
0
0
-30
-2 841
-2 871
-74
-2 945
Other changes
0
0
0
4
4
2
6
TOTAL EQUITY 31 July 2023
80
18 002
-181
6 674
24575
1
24 576
1000 EUR
Share capital
Reserve for invested unrestricted equity
Translation differences
Accumulated earnings
Total
Non-controlling interests
Total equity
EQUITY 1 Feb 2022
80
18002
-17
9935
28000
-37
27963
Comprehensive income
Profit/loss for the period
-458
-458
120
-338
Other comprehensive income:
Translation differences
-133
-133
-13
-147
TOTAL COMPREHENSIVE INCOME
-133
-458
-591
107
-484
Transactions with owners
Acquisition of treasury shares
Other changes
23
23
9
31
Total transactions with owners
23
23
9
31
Changes in ownership interests in subsidiaries
Changes of non-controlling interests without change in control
10
10
-7
3
TOTAL EQUITY 31 Jan 2023
80
18002
-151
9510
27442
71
27512
Notes to the condensed consolidated financial statements
1. Reporting entity
These condensed consolidated interim financial statements are the financial statements of a group of companies comprised of HLRE Holding Oyj (formerly HLRE Holding Oy), a Finnish public limited liability company operating under the laws of Finland with business ID 2611405-7 (hereinafter referred to as “HLRE Holding”, “the Company” or “the parent company”) and its subsidiaries, which are jointly referred to as “HLRE”, “HLRE Group” or “the Group”. The parent company of the Group is domiciled in Pirkkala, and its registered address is Jasperintie 273, FI-33960 Pirkkala, Finland.
HLRE Group (commonly known as Vesivek Group) is a leading provider of roof and roof product renovations offered primarily to detached and row houses in Finland and Sweden under the brand name Vesivek. In addition to roof and roof product installations, Vesivek provides underground drain renovations in eight locations in Finland. The Group also develops, manufactures, and sells high quality rainwater systems and roof safety products.
2. Basis of preparation
This condensed interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group’s annual consolidated financial statements for the financial year ended 31 January 2023, which have been prepared in accordance with IFRS.
These condensed consolidated interim financial statements do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS and accordingly, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. The accounting policies applied are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the financial year ended 31 January 2023.
The consolidated financial statements are presented as thousands of euros, unless otherwise specified, and the numbers are rounded off to the nearest thousand. Because of this, the sum of individual figures can deviate from the reported total.
This condensed interim report has not been reviewed by the Company’s auditors.
3. Seasonality of operations
The Group operates in an industry that sees seasonal changes. In a typical year, the second and third quarter together amount major share of the Group’s full-year EBITDA.
Management has reacted to seasonal changes in customer volumes and demand for roof, roof product and underground drain renovations through workforce adjustment and temporary layoffs of installation and white-collar personnel.
4. Segment information and revenue
The Board of Directors of HLRE Holding is the Group’s chief operating decision maker, and operating segments have been specified based on the information reviewed by the Board of Directors in order to allocate resources and assess the profitability of business operations. The Board of Directors manages the HLRE Group as a single integrated business aggregate, and therefore HLRE has a single operating and reportable segment.
The revenue of the HLRE Holding Group is primarily generated by roofing, roof product and underground drain renovations for single-family homes and housing companies pursuant to the service concept developed by the Company, as well as project and direct sales of rainwater systems and roof safety products. The entire service chain – product development, manufacturing, sales and installation – is managed in-house by the Group.
The HLRE Holding Group is operating in Finland and Sweden. Small-scale out of total H1 revenue was generated by direct sales of rainwater systems and roof safety products from Vesivek Tuotteet Oy in Finland to Baltic countries and Sweden. No sales to Russia since February 2022. The Swedish turnover was generated by roofing and roof product installations and small-scale by direct sales of rainwater systems and roof safety products:
Breakdown of revenue by country
1000 EUR
Feb 23 – Jul 23Q1-Q2
Feb 22 – Jul 22Q1-Q2
Feb 22 – Jan 23Q1-Q4
Finland
43275
49340
107387
Sweden
8513
11056
21389
Baltic countries and Russia
630
281
679
Total
52418
60677
129455
5. Financial liabilities
In February 2021, the Company rearranged its financing, and issued a secured three-year SEK 300 million bond that includes an option of increasing the total loan, when separately agreed conditions are met, by a maximum total of SEK 100 million to a maximum total of SEK 400 million in one or more tranches. The bond is a non-amortizing bullet loan that matures on 12 February 2024 and carries interest at the rate of STIBOR 3 months plus a margin of 6,60 per cent per annum.
The bond involves a leverage covenant (ratio of net debt to EBITDA). The covenant should be equal to or less than 5.00/4.50/4.00 for the first/second/third year from the original issue date of the bond (12 February 2021).
The issuance of additional bonds requires that the Group’s ratio of net debt to EBITDA does not exceed 3.00/2.75/2.50 one/two/three years after the original issue of the bond.
The Group complied with the leverage covenant throughout the reporting period. As at 31 July 2023, the leverage ratio was 3,80.
The bond has been listed on the Open Market segment of the Frankfurt Stock Exchange since February 2021. On 8 February 2022 the bond was admitted to trading on the corporate bond segment of Nasdaq Stockholm.
Maturities of contracts of financial liabilities 31 July 2023
1000 EUR
No more than 12 months
Over 1 year and no more than 2 years
Over 2 years and no more than 5 years
Over 5 years
Total
Book value
Trade payables
5 411
5 411
5 411
Lease liabilities
4 406
3 425
3 054
97
10 982
11 665
Bonds
27 746
27746
25 734
Shareholder loans
15 976
15 629
Derivatives
1 759
Maturities of contracts of financial liabilities 31 January 2023
1000 EUR
No more than 12 months
Over 1 year and no more than 2 years
Over 2 years and no more than 5 years
Over 5 years
Total
Book value
Trade payables
5 431
5 431
5 431
Lease liabilities
5 013
3 883
4 593
414
13904
13 387
Bonds
2 547
26 520
29067
26 143
Shareholder loans
15 976
15 976
15 308
Derivatives
0
1 461
6. Commitments and contingent liabilities
The following shares have been pledged as collateral for the bond and overdraft facility: HLRE Group Oy, Vesivek Oy, Vesivek Sverige AB and Vesivek Tuotteet Oy (former Nesco Oy).
Furthermore, the following internal loans have been pledged as collateral for the bond agreement:
Loan granted by HLRE Holding Oyj to HLRE Group Oy totaling EUR 11,996,333
Loan granted by HLRE Holding Oyj to Vesivek Oy totaling EUR 1,442,609
Loan granted by HLRE Holding Oyj to Nesco Invest Oy totaling EUR 8,446.71
Loan granted by HLRE Holding Oyj to Vesivek Tuotteet Oy (former Nesco Oy) totaling EUR 4,510,442
The following business mortgages have been confirmed and pledged as collateral for the bond and overdraft facility.
HLRE Group Oy EUR 57,200 thousand
Vesivek Oy EUR 57,200 thousand
Nesco Invest Oy EUR 57,200 thousand
Vesivek Tuotteet Oy (former Nesco Oy) EUR 57,200 thousand
Vesivek Sverige AB SEK 20,000 thousand
The following real estate mortgages have been pledged as collateral for the bond and overdraft facility:
Vesivek Tuotteet Oy( former Nesco Oy) Orimattila production plant EUR 13,673 thousand
Vesivek Oy industrial hall in Lieto EUR 46,800 thousand.
7. Events after reporting date
The agreement of a three-year senior secured bond launched in February 2021 specifies EUR 2 Million Super Senior RCF from Danske Bank Finland maturing 6 months prior to the bond termination date. Based on the agreement, Danske Bank Finland Branch terminated the Super Senior RCF in August 2023.
On 16th of August the managing director of Vesivek Oy and Vesivek Salaojat Oy, Mr. Juha Höyhtyä, was relieved of his duties as managing director effective immediately. His duties were taken over by the Group CEO, Mr. Kimmo Riihimäki. Financial performance of both companies during the ongoing financial period has been behind the targets.
Use of Alternative Performance Measures
Alternative Performance Measures (APM) are financial measures of historical or future financial performance, financial position, or cash flows, other than financial measures defined or specified in the applicable financial reporting framework. HLRE Group reports the financial measures [Gross profit], [Gross margin] and [Adjusted EBITDA] in its quarterly reports, which are not financial measures as defined in IFRS. The Group believes that the alternative performance measures provide significant additional information on HLRE’s results of operations, financial position and cash flows The APMs are used consistently over time and accompanied by comparatives for the previous periods.
Gross profit= Revenues – cost of goods sold
Gross margin (%) = Gross profit in relation to Revenue
EBITDA = Operating profit (EBIT) + Depreciation + Amortization
EBITDA % = EBITDA in relation to Revenue
Adjusted EBITDA = EBITDA – EBITDA Adjustments
Adjusted EBITDA % = (EBITDA – EBITDA Adjustments) / Revenue
Operating profit (EBIT) % = Operating profit in relation to Revenue
EBITDA adjustments = One-offs regarding restructuring costs and other non-recurring costs
