NYAB Plc: Judgement of the District Court regarding Mikkeli wastewater treatment plant projects (inside information)
NYAB Plc
COMPANY ANNOUNCEMENT
28 December 2022 at 14:25
NYAB Plc: Judgement of the District Court regarding Mikkeli wastewater treatment plant projects (inside information)
South Savo District Court has delivered a judgment in a dispute between NYAB group company NYAB Finland Oy and Mikkeli Waterworks. District Court ruled that Mikkeli Waterworks was not entitled to terminate two project agreements that were the object of the proceedings. Mikkeli Waterworks was ordered to pay to the company a total compensation of approximately 5.8 million euros with interests on delayed payments, as well as a compensation for lost profits, the amount of which is confidential information. In addition, Mikkeli Waterworks was ordered to reimburse NYAB’s costs of the proceedings with approximately 580.000 euros. Mikkeli Waterworks’ counter claim was rejected in its entirety.
Mikkeli Waterworks, as a municipal enterprise owned by the city of Mikkeli, terminated two NYAB Finland Oy’s project agreements in the middle of the projects in March 2020. Company contested Mikkeli Waterworks’ right to termination and raised a claim in the District Court to be compensated for damages caused by the termination, as well as already performed work. Total amount of the claimed compensation was more than six million euros. Mikkeli Waterworks left a counter claim and claimed damages that have resulted of the alleged breach of project agreements, a total of approximately 1.3 million euros.
Judgement of the District Court is not final. NYAB’s current view is that the judgment, having become final, would have a positive impact on the result of the group of more than four million euros. As a next step, NYAB will examine the details of the judgment and forms a more detailed assessments of its contents, as well as the possible impact on result. If necessary, NYAB will publish more information as the matter goes forward.
Contacts
- Essi Myllylä, Legal Director, NYAB Finland Oy, +358 40 195 0500, essi.myllyla@nyabgroup.com
- Investor Relations, NYAB Oyj, ir@nyabgroup.com
About NYAB Oyj
NYAB is a builder of a clean future with decades of experience in complex and demanding projects. We are enabling green transition in the Nordics by providing engineering, construction, and maintenance services to public and private sector clients regarding renewable energy and sustainable infrastructure. NYAB is headquartered in Oulu and it has approximately 350 employees at different locations in Finland and Sweden.
NYAB Plc's Certified Adviser is Augment Partners AB, info@augment.se, phone +46 8 604 22 55.