Key financials

The tables below present Canatu’s key financials for 2021-2023 as well as calculation formulas for alternative performance measures and their use.

As at and for the financial year ended 31 December (unaudited, unless otherwise stated).

EUR thousand	2023	2022	2021
Net turnover⁽¹	13,591	8,382	5,455
Gross profit	9,632	5,503	3,330
Gross profit %⁽²	71%	66%	61%
EBITDA	278⁽⁴	-1,782	-2,911
EBITDA %	2%⁽⁴	-21%	-53%
Operating profit (loss), EBIT⁽¹	-640⁽⁴	-2,440	-3,660
Operating profit (loss), EBIT %	-5%⁽⁴	-29%	-67%
Profit (loss) for the financial year⁽¹	-1,318⁽⁴	-2,974	-3,930
Equity ratio %⁽³	28%⁽⁴	30%	12%

¹⁾ Audited.
²⁾ Based on Lifeline SPAC I’s due diligence work, certain personnel expenses have been reclassified from operating expenses to cost of goods sold.
³⁾ Alternative performance measure.
⁴⁾ Includes approximately EUR 1.7 million conversion of a Business Finland loan into a grant, which has been recognised as other operating income.

Calculation of key figures

Alternative performance measure	Definition	Reason for use
Gross profit	Net turnover less cost of goods sold. Cost of goods sold is calculated as a sum of materials and external services total, change in inventory of finished and workinprogress products and production related variable staff expenses.	Shows Canatu’s profitability from operations.
Gross profit %	Gross profit as a percentage of net turnover.	Gross profit % is an indication of Canatu’s gross earnings capacity, over time.
EBITDA	Operating profit (loss) before depreciation according to plan.	The measure is used since it shows the profitability before financial items, taxes, depreciation, amortisation, and impairments and is used to analyse Canatu’s operating activities.
EBITDA %	Operating profit (loss) before depreciation according to plan in relation to net turnover.	EBITDA margin is an indication of the profitability of operations in relation to net turnover, over time.
Equity ratio %	Shareholders’ equity divided by total assets less received prepayments.	Used to measure solvency and describe the share of Canatu’s assets financed by equity.