NYAB Plc's transition to IFRS reporting - financial information for the first quarter of 2023

Thu, Jun 29, 2023 14:35 CET

NYAB Plc
COMPANY ANNOUNCEMENT
29.06.2023 at 15:35

NYAB Plc’s transition to IFRS reporting – financial information for the first quarter of 2023

NYAB Plc has transitioned from the Finnish Accounting Standards (FAS) to the International Financial Reporting Standards (IFRS). In this announcement, NYAB presents unaudited IFRS financial information for the first quarter of 2023. Significant effects of the transition have been presented in section “2. First-time adoption of IFRS standards” of the consolidated financial statements that were published on 29 June 2023. NYAB will publish its half-yearly report for period 1 January – 30 June 2023 in accordance with IFRS standards on 25 August 2023.

Key figures of the group (IFRS)

	01–03/2023 (3 months)	01–03/2022 (3 months)	01–12/2022 (12 months)
Revenue, 1000 EUR	39,152	17,476	253,318
EBITDA, 1000 EUR	-648	-445	30,389
% of net sales	-1.7%	-2.5%	12.0%
EBITA, 1000 EUR	-1,537	-856	27,217
% of net sales	-3.9%	-4.9%	10.7%
Operating Profit (EBIT), 1000 EUR	-2,051	-858	25,744
% of net sales	-5.2%	-4.9%	10.2%
Profit for the period, 1000 EUR	-2,816	-1,017	23,320
Return on equity, previous 12 months, %	13.0%	not available	22.5%
Return on capital employed, previous 12 months, %	13.3%	not available	22.7%
Equity ratio, %	73.6%	73.1%	69.6%
Net gearing, %	5.7%	-1.4%	3.9%
Net debt/EBITDA, previous 12 months	0.33	not available	0.23
Free cash flow, 1000 EUR	-3,252	4,548	3,699
Order backlog, 1000 EUR	235,026	156,308	239,682

Consolidated statement of comprehensive income 1 January – 31 March 2023

EUR thousand	FAS	IFRS transition impact	IFRS
Revenue	39 152	0	39 152
Other operating income	94	0	94
Materials and services	-31 153	0	-31 153
Employee benefit expenses	-7 057	-318	-7 375
Depreciation and amortisation expense	-6 522	5 120	-1 403
Other operating expenses	-1 517	150	-1 366
Operating profit	-7 003	4 952	-2 051
Finance income	268	0	268
Finance expense	-568	-21	-589
Finance costs, net	-300	-21	-321
Share of the associate's profits (losses)	-399	203	-195
Profit before tax	-7 701	5 135	-2 567
Income tax expense	-354	105	-250
Profit for the period	-8 056	5 239	-2 816

Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Change in cumulative translation adjustment	-319	-49	-368
Other comprehensive income for the year, net of tax	-319	-49	-368
Total comprehensive income	-8 375	5 190	-3 185

Consolidated balance sheet 31 March 2023

EUR thousand	FAS	IFRS transition impact	IFRS
ASSETS
Non-current assets
Goodwill	200 772	-79 586	121 186
Intangible assets	27	3 292	3 319
Tangible assets	14 996	-971	14 024
Right-of-use assets	0	3 253	3 253
Other non-current receivables and investments	16 325	203	16 529
Deferred tax assets	0	451	451
Total non-current assets	232 120	-73 358	158 762

Current assets
Inventories	1 467	0	1 467
Trade receivables	34 238	0	34 238
Contract assets	26 788	0	26 788
Other receivables	6 416	0	6 416
Cash and cash equivalents	13 572	0	13 572
Total current assets	82 481	0	82 481
TOTAL ASSETS	314 601	-73 358	241 242

EQUITY AND LIABILITIES
Equity attributable to owners of the parent company
Share capital	80	0	80
Reserve for invested unrestricted equity	273 235	-130 860	142 375
Translation adjustment	-319	-2 432	-2 752
Retained earnings	-18 684	56 508	37 824
Total equity	254 312	-76 784	177 528

Provisions	82	-82	0

Liabilities
Non-current liabilities
Non-current interest-bearing liabilities	17 028	-971	16 056
Lease liabilities	0	2 161	2 161
Deferred tax liabilities	3 109	1 108	4 217
Accrued expenses	0	102	102
Provisions	0	82	82
Total non-current liabilities	20 137	2 481	22 618

Current liabilities
Current interest-bearing liabilities	4 377	0	4 377
Lease liabilities	0	1 026	1 026
Contract liabilities	12 149	0	12 149
Trade and other payables	23 545	0	23 545
Total current liabilities	40 071	1 026	41 097
Total liabilities	60 207	3 507	63 715
TOTAL EQUITY AND LIABILITIES	314 601	-73 358	241 242

Consolidated statement of comprehensive income 1 January – 31 March 2022

EUR thousand	FAS	IFRS transition impact	IFRS
Revenue	11 613	5 863	17 476
Other operating income	718	-678	40
Materials and services	-8 622	-7 953	-16 576
Employee benefit expenses	-3 183	170	-3 013
Depreciation and amortisation expense	-1 364	952	-413
Other operating expenses	-1 513	3 141	1 628
Operating profit	-2 352	1 494	-858
Finance income	40	1	41
Finance expense	-177	51	-127
Finance costs, net	-137	52	-85
Share of the associate's profits (losses)	33	-33	0
Profit before tax	-2 456	1 512	-943
Income tax expense	-122	48	-74
Profit for the period	-2 578	1 561	-1 017

Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Change in cumulative translation adjustment	0	-234	-234
Other comprehensive income for the year, net of tax	0	-234	-234
Total comprehensive income	-2 578	1 327	-1 251

Consolidated balance sheet 31 March 2022

EUR thousand	FAS	IFRS transition impact	IFRS
ASSETS
Non-current assets
Goodwill	220 377	-102 239	118 138
Intangible assets	562	9 842	10 404
Tangible assets	13 627	-543	13 084
Right-of-use assets	0	2 445	2 445
Other non-current receivables and investments	5 368	-743	4 626
Deferred tax assets	0	492	492
Total non-current assets	239 935	-90 746	149 188

Current assets
Inventories	2 860	-1 049	1 811
Trade receivables	19 001	0	19 001
Contract assets	27 616	0	27 616
Other receivables	403	0	403
Cash and cash equivalents	13 033	0	13 033
Total current assets	62 914	-1 049	61 865
TOTAL ASSETS	302 849	-91 795	211 054

EQUITY AND LIABILITIES
Equity attributable to owners of the parent company
Share capital	80	0	80
Other reserves	2 045	-2 045	0
Reserve for invested unrestricted equity	270 565	-131 315	139 250
Translation adjustment	2	-762	-759
Retained earnings	-22 355	38 166	15 812
Total equity	250 337	-95 954	154 383

Untaxed reserves	2 228	-2 228	0
Provisions	19	-19	0

Liabilities
Non-current liabilities
Non-current interest-bearing liabilities	7 451	-677	6 774
Lease liabilities	0	1 709	1 709
Deferred tax liabilities	0	4 589	4 589
Provisions	0	19	19
Total non-current liabilities	7 451	5 639	13 091

Current liabilities
Current interest-bearing liabilities	1 799	0	1 799
Lease liabilities	0	663	663
Contract liabilities	43	0	43
Trade and other payables	40 973	103	41 076
Total current liabilities	42 814	767	43 581
Total liabilities	50 266	6 406	56 672
TOTAL EQUITY AND LIABILITIES	302 849	-91 795	211 054

Contacts

Aku Väliaho, CFO, NYAB Oyj, +358 (0)40 559 2772, aku.valiaho@nyabgroup.com
Johan Larsson, CEO, NYAB Oyj, +46 (0)70 182 5070, johan.larsson@nyabab.se

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 more than 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.