NYAB Plc has decided on the transition to IFRS reporting and publishes consolidated IFRS financial statements for 2022
29.06.23NYAB Plc
COMPANY ANNOUNCEMENT
29 June 2023 at 15:30
NYAB Plc has decided on the transition to IFRS reporting and publishes consolidated IFRS financial statements for 2022
NYAB Plc transitions from the Finnish Accounting Standards (FAS) to the International Financial Reporting Standards (IFRS). The company has prepared consolidated financial statements for the financial year ended on 31 December 2022 in accordance with IFRS standards. The consolidated financial statements have been attached to this announcement in their entirety together with the auditor’s report. The consolidated financial statements also include comparative financial information for the financial year ended on 31 December 2021. The transition date for the IFRS reporting is 1 January 2021.
The adoption of IFRS standards results in a major change in NYAB’s reported financial information, as NYAB Sverige AB that NYAB Plc acquired on 31 March 2022 becomes the parent company of the group in accounting. The transaction between the companies has been treated as a reverse acquisition in accordance with IFRS 3 standard, in which case NYAB Sverige AB has been considered as the accounting acquirer and the legal parent company NYAB Plc (Skarta Group Plc at the moment of the transaction) as the accounting acquiree. Consequently, NYAB’s Finnish group companies have been consolidated to the IFRS financial statements as of 31 March 2022, and the prior financial information includes figures of NYAB Sverige AB subgroup.
Regarding the consolidated balance sheet, the treatment of the transaction as a reverse acquisition has a particular effect on the calculation of consolidated goodwill. Consequently, goodwill in the IFRS balance sheet of 31 December 2022 is EUR 85.4 million less than in the consolidated balance sheet under FAS. Under IFRS, goodwill is not amortized, but it is regularly tested for impairment. Therefore, transition to IFRS reporting significantly improves the operating profit (EBIT) of the group that has been significantly affected by the amortization of consolidated goodwill under FAS. Other significant transition effects have been presented in section “2. First-time adoption of IFRS standards” of the consolidated financial statements.
Key figures of the consolidated financial statements
| 1.1.- 31.12.2022 | 1.1.- 31.12.2021 | |
| Revenue, EUR thousand | 253,318 | 131,713 |
| Change in net sales, % | 92.3% | 5.3% |
| EBITDA, EUR thousand | 30,389 | 16,741 |
| % of net sales | 12.0% | 12.7% |
| EBITA, EUR thousand | 27,217 | 15,612 |
| % of net sales | 10.7% | 11.9% |
| Operating Profit (EBIT) , EUR thousand | 25,744 | 15,599 |
| % of net sales | 10.2% | 11.8% |
| Profit for the period, EUR thousand | 23,320 | 12,197 |
| Earnings per share (EPS), basic, in euros | 0.03 | 0.03 |
| Earnings per share (EPS), diluted, in euros | 0.03 | 0.03 |
| Return on equity, % | 22.5% | 45.4% |
| Return on capital employed, % | 22.7% | 54.8% |
| Equity ratio -% | 69.6% | 49.7% |
| Net gearing -% | 3.9% | -21.7% |
| Net debt/EBITDA | 0.23 | -0.35 |
| Free cash flow, EUR thousand | 3,699 | 5,681 |
| Order backlog, EUR thousand | 239,682 | 162,922 |
Consolidated income statement 1 January – 31 December 2021
| EUR thousand | NYAB Sverige AB subgroup | IFRS transition impact | IFRS consolidated financial statements |
| Revenue | 131 758 | -45 | 131 713 |
| Other operating income | 186 | 45 | 231 |
| Materials and services | -99 173 | 0 | -99 173 |
| Employee benefit expenses | -12 785 | 0 | -12 785 |
| Depreciation and amortisation expense | -982 | -159 | -1 142 |
| Other operating expenses | -3 419 | 174 | -3 245 |
| Operating profit | 15 585 | 14 | 15 599 |
| Finance income | 44 | 0 | 44 |
| Finance expense | -74 | -17 | -90 |
| Finance costs, net | -30 | -17 | -47 |
| Profit before taxes | 15 555 | -2 | 15 553 |
| Income tax expense | -3 356 | 0 | -3 356 |
| Non-controlling interest | -420 | 420 | 0 |
| Profit for the period | 11 779 | 418 | 12 197 |
| Attributable to: | |||
| Owners of the parent | 11 779 | -2 | 11 777 |
| Non-controlling interest | 0 | 420 | 420 |
| Other comprehensive income | |||
| Items that may be reclassified subsequently to profit or loss | |||
| Change in cumulative translation adjustment | 0 | -523 | -523 |
| Other comprehensive income for the year, net of tax | 0 | -523 | -523 |
| Total comprehensive income | 11 779 | -104 | 11 675 |
| Attributable to: | |||
| Owners of the parent | 11 779 | -520 | 11 259 |
| Non-controlling interests | 0 | 416 | 416 |
Consolidated income statement 1 January – 31 December 2022
| EUR thousand | NYAB Plc Group (FAS) | IFRS transition impact | IFRS consolidated financial statements |
| Revenue | 247 702 | 5 616 | 253 318 |
| Other operating income | 20 720 | -4 701 | 16 019 |
| Materials and services | -196 941 | -6 670 | -203 612 |
| Employee benefit expenses | -26 320 | -445 | -26 764 |
| Depreciation and amortisation expense | -20 858 | 16 213 | -4 645 |
| Other operating expenses | -12 061 | 3 489 | -8 571 |
| Operating profit | 12 242 | 13 503 | 25 744 |
| Finance income | 601 | -36 | 565 |
| Finance expense | -2 238 | 1 233 | -1 004 |
| Finance costs, net | -1 667 | 1 201 | -466 |
| Share of the associate's profits (losses) | -30 | 4 | -27 |
| Changes in untaxed reserves | 913 | -913 | 0 |
| Profit before taxes | 11 488 | 13 790 | 25 278 |
| Income tax expense | -3 092 | 1 134 | -1 958 |
| Profit for the period | 8 396 | 14 924 | 23 320 |
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
| Tax relating to items that will not be reclassified | 0 | 100 | 100 |
| Valuation (losses)/gains on fair value through other comprehensive income equity investments | 0 | -499 | -499 |
| Items that may be reclassified subsequently to profit or loss | |||
| Change in cumulative translation adjustment | 0 | -1 857 | -1 857 |
| Other comprehensive income for the year, net of tax | 0 | -2 257 | -2 257 |
| Total comprehensive income | 8 396 | 13 581 | 21 063 |
Quarterly consolidated income statement 2022
| EUR Thousand | Q1/2022 | Q2/2022 | Q3/2022 | Q4/2022 | Q1-Q4/2022 |
| Revenue | 17 476 | 55 728 | 90 349 | 89 765 | 253 318 |
| Other operating income | 40 | 615 | 409 | 14 955 | 16 019 |
| Materials and services | -16 576 | -42 932 | -73 902 | -70 202 | -203 612 |
| Employee benefit expenses | -3 013 | -6 974 | -7 632 | -9 145 | -26 764 |
| Other operating expenses | 1 628 | -2 929 | -2 673 | -4 597 | -8 571 |
| EBITDA | -445 | 3 507 | 6 551 | 20 776 | 30 389 |
| Depreciations, amortisations and impairment | -413 | -1 330 | -1 340 | -1 562 | -4 645 |
| Operating profit (EBIT) | -858 | 2 177 | 5 212 | 19 213 | 25 744 |
| Financial income | 41 | -3 | 34 | 493 | 565 |
| Financial expenses | -127 | -271 | -277 | -329 | -1 004 |
| Share of results in associated companies | 0 | 37 | 4 | -68 | -27 |
| Profit before tax | -943 | 1 939 | 4 972 | 19 310 | 25 278 |
| Income tax | -74 | -1 259 | -634 | 9 | -1 958 |
| Profit for the financial period | -1 017 | 680 | 4 339 | 19 318 | 23 320 |
Consolidated balance sheet 31 December 2022
| EUR thousand | NYAB Plc Group (FAS) | IFRS transition impact | IFRS consolidated financial statements |
| Non-current assets | |||
| Goodwill | 206 544 | -85 363 | 121 182 |
| Intangible assets | 31 | 3 809 | 3 840 |
| Tangible assets | 15 277 | -918 | 14 360 |
| Right-of-use assets | 0 | 3 377 | 3 377 |
| Participations in associates and joint ventures | 11 110 | 0 | 11 110 |
| Other non-current receivables and investments | 5 624 | 0 | 5 624 |
| Deferred tax assets | 0 | 480 | 480 |
| Total non-current assets | 238 587 | -78 615 | 159 973 |
| Current assets | |||
| Inventories | 2 303 | 0 | 2 303 |
| Trade receivables | 50 618 | 0 | 50 618 |
| Contract assets | 22 841 | 0 | 22 841 |
| Other receivables | 9 536 | 0 | 9 536 |
| Cash and cash equivalents | 13 827 | 0 | 13 827 |
| Total current assets | 99 125 | 0 | 99 125 |
| Total assets | 337 713 | -78 615 | 259 098 |
| EUR thousand | NYAB Plc Group (FAS) | IFRS transition impact | IFRS consolidated financial statements |
| EQUITY AND LIABILITIES | |||
| Issued capital and reserves attributable to owners of the parent | |||
| Share capital | 80 | 0 | 80 |
| Reserve for invested non-restricted equity | 273 235 | -130 860 | 142 375 |
| Translation adjustment | -1 503 | -878 | -2 382 |
| Retained earnings | -9 065 | 49 410 | 40 345 |
| Total equity | 262 747 | -82 328 | 180 418 |
| Provisions | 83 | -83 | 0 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 11 303 | -935 | 10 367 |
| Lease liabilities | 0 | 2 277 | 2 277 |
| Deferred tax liabilities | 3 134 | 1 245 | 4 379 |
| Accrued expenses | 0 | 113 | 113 |
| Provisions | 0 | 83 | 83 |
| Total non-current liabilities | 14 437 | 2 782 | 17 219 |
| Current liabilities | |||
| Current interest-bearing liabilities | 7 178 | 0 | 7 178 |
| Lease liabilities | 0 | 1 014 | 1 014 |
| Contract liabilities | 4 415 | 7 232 | 11 647 |
| Trade and other payables | 48 852 | -7 232 | 41 621 |
| Total current liabilities | 60 446 | 1 014 | 61 460 |
| Total liabilities | 74 883 | 3 797 | 78 680 |
| Total equity and liabilities | 337 713 | -78 615 | 259 098 |
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.
