NYAB Plc’s financial statement release 2023: Strong growth in cash flow and order backlog

28.02.24

NYAB Plc
COMPANY ANNOUNCEMENT
28 February 2024 at 12:00

NYAB Plc’s financial statement release 2023: Strong growth in cash flow and order backlog
 

October-December in brief

  • Revenue amounted to EUR 87.8 (89.8) million, representing a change of -2.1%. In constant currencies, revenue growth was 1.3%.
  • EBITDA was EUR 8.6 (20.8) million, amounting to 9.8% (23.1%) of revenue. Comparison period includes sales gain from Skarta Energy transaction of EUR 14.7 million on EBITDA.
  • Operating profit (EBIT) was EUR 6.6 (19.2) million, amounting to 7.5% (21.4%) of revenue
  • Free cash flow was EUR 16.8 (9.5) million
  • Net debt/EBITDA was -0.3
  • NYAB signed a contract with an estimated value of EUR 89 million regarding the construction of Aurora Line and a contract with an estimated value of EUR 69 million to construct a solar farm in Utajärvi, Northern Ostrobothnia
  • Order backlog improved 23.0% and amounted to EUR 294.7 (239.7) million.

January-December in brief

  • Revenue amounted to EUR 280.4 (253.3) million, representing a change of 10.7%. In constant currencies, revenue growth was 16.6%.
  • EBITDA was EUR 21.4 (30.4) million, amounting to 7.6% (12.0%) of revenue. Comparison period includes sales gain from Skarta Energy transaction of EUR 14.7 million on EBITDA.
  • Operating profit (EBIT) was EUR 15.2 (25.7) million, amounting to 5.4% (10.2%) of revenue
  • Free cash flow was EUR 22.3 (3.7) million
  • The Board of Directors proposes a capital repayment of EUR 0.014 (0.007) per share, of which EUR 0.008 per share is ordinary profit distribution and EUR 0.006 is extraordinary profit distribution and which equals approximately EUR 9.9 (4.9) million, to be paid for shareholders.
  • NYAB gives a financial guidance where its revenue and operating profit for 2024 are expected to increase from 2023.

This announcement is a summary of NYAB Plc’s financial statement release January-December 2023. The complete release is attached to this announcement and available at https://nyabgroup.com/en/financial-information/. The information presented in the financial statement release is based on the audited financial statements for 2023.

Key figures (IFRS)

10–12
/2023
10–12/
2022
7–12/2023 7–12/2022 1–12/2023 1–12/2022
Revenue, EUR thousand 87,848 89,765 175,946 180,113 280,417 253,318
Year-on-year change in revenue, % -2.1% -0,6% -2.3% NA 10.7% 92.3%
EBITDA, EUR thousand 8,578 20,776 16,578 27,327 21,374 30,389
  % of net sales 9.8% 23.1% 9.4% 15.2% 7.6% 12.0%
EBITA, EUR thousand 7,644 19,729 14,776 25,424 17,818 27,217
  % of net sales 8.7% 22.0% 8.4% 14.10% 6.4% 10.7%
Operating Profit (EBIT), EUR thousand 6,614 19,214 13,190 24,425 15,187 25,744
  % of net sales 7.5% 21.4% 7.5% 13.6% 5.4% 10.2%
Profit for the period, EUR thousand 3,564 19,319 8,131 23,657 9,049 23,320
Earnings per share (EPS), basic, in euros 0.01 0.03 0.01 0.04 0.01 0.03
Earnings per share (EPS), diluted, in euros 0.01 0.03 0.01 0.04 0.01 0.03
Interest-bearing liabilities 17,014 20,837 17,014 20,837 17,014 20,837
Equity, EUR 185,326 180,418 185,326 180,418 185,326 180,418
Balance sheet total 266,088 259,098 266,088 259,098 266,088 259,098
Return on equity, previous 12 months, % 4.9% 22.5% 4.9% 22.5% 4.9% 22.5%
Return on capital employed, previous 12 months, % 6.6% 22.7% 6.6% 22.7% 6.6% 22.7%
Equity ratio -% 73.0% 69.6% 73.0% 69.6% 73.0% 69.6%
Net debt, EUR thousand -5,630 7,010 -5,630 7,010 -5,630 7,010
Net gearing -% -3.0% 3.9% -3.0% 3.9% -3.0% 3.9%
Net debt/EBITDA, previous 12 months -0.26 0.23 -0.26 0.23 -0.26 0.23
Free cash flow, EUR thousand 16,819 9,531 13,032 11,976 22,338 3,699
Order backlog, EUR thousand 294,730 239,682 294,730 239,682 294,730 239,682
Number of employees at the end of the period 403 383 403 383 403 383

CEO Johan Larsson’s review

NYAB accomplished great progress during 2023. We developed both our core business and our support functions, which included preparations for a future as a company listed in Stockholm. With this work, we have built a platform for future profitable growth.

Our reported growth was 10.7 percent and growth in constant currencies amounted to 16.6 percent. We maintained a healthy EBIT-margin of 5.4 percent and achieved a significant improvement in our free cash flow that amounted to EUR 22 million. In addition, we ended the year with a net cash position and the highest year-end order backlog ever, EUR 295 million, which provides a solid foundation going forward.

Our positive development should also be seen in the context that year 2023 was full of macroeconomic headwinds. Our customers were especially affected by inflation and uncertainties regarding interest rates. Hence, investments in our markets were practically frozen during our seasonally highest period between May and October. Several contracts that were expected to be signed during the first half of the year were delayed. It is satisfying to see that, despite these challenges, we stayed committed to our most important supporting pillar, not to grow with increased risk. Therefore, our growth was modest in NYAB measures, and we decided not to complete any M&A’s due to uncertainties in the market.

Stabilization of the macroeconomic environment towards the end of the year restored confidence among our customers, which resulted in a significant order intake during the fourth quarter. We signed our largest contracts ever regarding the construction of Aurora Line, a 400 kV transmission line between Sweden and Finland, and a 102.5 MWp solar farm in the municipality of Utajärvi in Northern Ostrobothnia. Estimated values of these projects are EUR 89 million and EUR 69 million, respectively, and they are good examples of our work to enable green transition in the Nordics.

Since the fourth quarter, we have noticed that all our markets are improving, and we currently see a strong demand in all our sectors. The most relevant global megatrends – green transition, de-globalization, and urbanization – heavily drive investments in the energy sector, where our growth is the fastest, as well as infrastructure and industry sectors.

To summarize, we achieved good growth and cash flow, as well as a strong margin in relation to our industry. Together with an all-time high backlog at the end of the year, we proved the scalability in our business model for the tenth consecutive year. To achieve all this in an extremely challenging environment says a lot about us and our favorable position in the market. We will continue to build value for our customers, employees, and shareholders in accordance with our new strategic plan, thus enabling the progress of society for future generations.

Finally, I want to thank NYAB’s employees who are working diligently to make us a better company every day. I am proud of the accomplishments that have been demonstrated throughout the year through your competence, dedication, and teamwork. Together, as one team, I am confident that we will continue to achieve even more in the coming years.

Future outlook

NYAB sees its record-high year-end order backlog together with its exposure to growing sectors and geographical markets as a basis for a positive outlook. NYAB gives a financial guidance where its revenue and operating profit for 2024 are expected to increase from 2023.

Global megatrends, such as green transition and urbanization, also provide robust demand for NYAB’s business areas. The transition of volumes to 2024 from 2023 due to late year winter conditions, as well as the stabilization of inflation and interest rate development at the end of the year, further support the solid foundation for the 2024 outlook.

Key uncertainties impacting the business and financial performance include the development of inflation, interest rates, and value of the Swedish krona, weather conditions, as well as the functionality of supply chains and other typical project risks.

The long-term outlook is positive for all business areas and NYAB is well positioned to deliver in accordance with its long-term financial targets.

Green transition accelerates the construction of renewable energy and power networks, as fossil fuels are being replaced and demand for energy increases with the electrification of industrial processes. Besides the rapidly growing wind power, an increasing number of industrial-scale solar farm projects is proceeding to the construction phase, and investment plans of main grid companies amount to several billions of euros.

Regarding infrastructure, there are large investment needs in the public sector for both transportation and water treatment, and urbanization increases demand especially in the Stockholm-Mälardalen region. Significant opportunities within industrial clients are expected, among others, in the mining industry that is essential for rapidly growing clean energy technologies especially in NYAB’s key market in Northern Sweden.

Invitation to a management webcast

NYAB will arrange a webcast regarding financial statement release on Wednesday, 28 February at 15:00 EET. In the webcast, NYAB CEO Johan Larsson and CFO Aku Väliaho will present NYAB’s financial information and significant events for the financial year 2023. Registration for the webcast can be done at https://nyabgroup.videosync.fi/results-q4-2023, where a recording of the webcast will be available also after the event.

Contacts

About NYAB Oyj

NYAB enables the progress of society for future generations with decades of experience from complex and challenging projects. We facilitate the green transition in the Nordics by offering engineering, construction and maintenance services in renewable energy and sustainable infrastructure to customers in the public and private sector. NYAB is headquartered in Oulu and has more than 400 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.

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Skarta and the Centre for Economic Development, Transport and the Environment for Lapland signed an extensive contract on the Jokikylä bridge in Oulu

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SkartaNYAB has signed a comprehensive framework agreement with the Swedish Transport Administration

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SkartaNYAB has signed a significant frame agreement with Swedish Transport Administration

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SkartaNYAB Plc establishes new share-based incentive plans

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Skarta signs two contracts with LKAB for the execution of infrastructure projects

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Skarta will be making everyday life effortless and clean also in Pirkanmaa – Skarta was awarded the contract for the building of pumping stations for Tampere Region Central Wastewater Treatment Plant

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SkartaNYAB Plc – Managers’ Transactions

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NYAB wins customer trust

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SkartaNYAB Plc – Managers’ Transactions

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SkartaNYAB Plc publishes new long-term financial targets

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SkartaNYAB Plc’s business review 1 January-31 March 2022 (unaudited): Stable performance in seasonally weakest quarter, high orderbook enables good outlook for the rest of the year

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SkartaNYAB Plc: Resolutions of the Annual General Meeting

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SkartaNYAB has signed a financing agreement of SEK 135 million

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SkartaNYAB Plc – Managers’ Transactions

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SkartaNYAB Plc – Managers’ Transactions

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NYAB signs extensive agreement with Piteå municipality

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SkartaNYAB Plc: Notice to the Annual General Meeting

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SkartaNYAB Plc – Managers’ Transactions

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SkartaNYAB Plc: Annual report from financial year 2021 has been published

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SkartaNYAB Plc – Managers’ Transactions

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SkartaNYAB Oyj – Managers’ Transactions

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Magnus Granljung takes over as CEO of NYAB

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SkartaNYAB Plc – Managers’ Transactions

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SkartaNYAB Plc: Trading in new shares began at First North marketplace

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SkartaNYAB Oyj – Managers’ Transactions

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SkartaNYAB Oyj – Managers’ Transactions

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SkartaNYAB Plc – Managers’ Transactions

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SkartaNYAB Plc – Managers’ Transactions

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Johan Larsson appointed as CEO of SkartaNYAB Plc – also other changes in the management team

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SkartaNYAB Plc: Decisions of the Board of Directors’ organizing meeting

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SkartaNYAB Plc publishes pro forma information regarding the acquisition of NYAB Group

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SkartaNYAB Plc: Board of Directors decided on the closing of the NYAB transaction – changes in the name and members of the Board of Directors

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The strongest actors in solar energy to cooperate – Skarta and Solarigo aim to build 1,000 megawatts of solar power

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Skarta founded a new business unit – electrical grid business to complement the value chain

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NYAB moves cultural buildings on behalf of LKAB

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NYAB signs framework agreement with Huddinge municipality

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NYAB is awarded three projects in the Ore Fields

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Skarta Group Plc clarifies the structuring of the NYAB arrangement and timetable, and summons an Extraordinary General Meeting

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NYAB is awarded an energy project in Umeå

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NYAB is awarded the “Operating area Överkalix & Övertorneå” by the Swedish Transport Administration

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Tuulivoimalan perustukset raudoitustyön alkuvaiheessa Juurakon tuulipuistossa Kalajoella. Laadunvarmistus on olennainen osa työvaihetta, ja siihen mennessä työmaalla on dokumentoitu jo monta suunnitelmaa ja pöytäkirjaa.

Quality is the basis of everything for Skarta

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Skarta Group Plc joins forces with Swedish NYAB Group to step up the pace of building a clean future

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Skarta joins forces with Swedish NYAB Group to step up the pace of building a clean future

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Skarta, builder of a clean future, developed a model for the calculation of CO2 emissions that relate to the infrastructure of wind farms

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NYAB contracted for projects in Stockholm and Umeå

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Near Energy at the center of the development of Skarta’s energy business

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NYAB is awarded an infrastructure contract worth 130 million for Huddinge municipality

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Skarta aims at being at the forefront of hydrogen economy – acquires the first new-generation hydrogen car in Finland for its use

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NYAB wins assignments in the Stockholm area

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First of its kind in Finland – Skarta had a major role in the closure of the Hitura mine

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The bridge over Siikajoki, built by Skarta, was opened to traffic

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Skarta completed the construction work for the Jämsä central sewage treatment plant three months early

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Skarta starts building a wind farm for Puhuri – a third common project for markets in clean energy

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New project for Skarta in Metsä Group’s bioproduct mill site

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NYAB is building a wind farm in Kalajoki at full power

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Skarta has launched new financial targets and strategic main directions – Activities will be expanded towards overall projects in wind power, solar energy, and hydrogen solutions

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Trading in Skarta Group Plc’s new shares began on the First North marketplace

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Skarta’s journey to become a First North company is progressing according to plan – the Board of Directors to have strong expertise in the energy sector

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Skarta got an order worth MEUR 10 from LKAB

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Skarta to build the foundations for EPV Energia’s wind farm in Närpiö

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NYAB wins the Group’s largest contract of all time

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Kuvituskuva, nainen ja mies tietokoneella

Job opportunities at Skarta

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NYAB is awarded assignments by Nacka municipality and the Swedish Fortifications Agency in Kiruna municipality

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Skarta Group seeks momentum for growth on the stock market

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Skarta to partner with Atria on a major wind power project

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NYAB is building a new road and bridge for Skellefteå municipality

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Skarta Energy Oy to be a new wind power subsidiary

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NYAB is awarded a bridge contract in Stockholm

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Skarta Finland started work on the construction site of the Kemi bioproduct factory

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HS-Vesi invests in Paroinen treatment plant in Hämeenlinna

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VSB selected NYAB as the main contractor for the Juurakko wind farm

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