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

28.02.24

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 available here. The information presented in the financial statement release is based on the audited financial statements for 2023.

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.

Management webcast

NYAB arranged a management webcast after the publishing of the financial statement release. Recording of the webcast, where CEO Johan Larsson and CFO Aku Väliaho presented financial information and significant events for the financial year 2023, is available below.

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NYAB Oyj – Managers’ Transactions

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Regulatory press releases

NYAB Oyj – Managers’ Transactions

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NYAB has agreed on new financing facilities

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NYAB signs a contract to prepare for the construction of Aurora Line

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Skarta Energy and Solarigo’s 61 million euro solar farms project enabled by investment aid

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Regulatory press releases

NYAB Oyj – Managers’ Transactions

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Regulatory press releases

NYAB Oyj – Managers’ Transactions

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SkartaNYAB renamed to NYAB

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Vastuullisuus noston kuva

SkartaNYAB establishes a joint venture with CapMan fund to construct renewable energy producing facilities exceeding 500 MW

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Regulatory press releases

SkartaNYAB Plc raises its financial guidance for 2022 (inside information)

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Regulatory press releases

SkartaNYAB Plc establishes a joint venture with CapMan fund to construct renewable energy producing facilities exceeding 500 MW (inside information)

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SkartaNYAB Plc: Financial information and Annual General Meeting in 2023

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Regulatory press releases

SkartaNYAB Plc: Resolutions of the Extraordinary General Meeting

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Regulatory press releases

SkartaNYAB Plc’s business review 1 July – 30 September 2022: Strong growth despite a challenging operating environment

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Regulatory press releases

SkartaNYAB Plc has started the process of establishing a joint venture for the development of renewable energy projects (inside information)

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SkartaNYAB Plc changes its name to NYAB Plc and sets strategic objectives for 2022-2024

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Regulatory press releases

SkartaNYAB Plc: Notice to an Extraordinary General Meeting

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SkartaNYAB Plc changes its name to NYAB Plc and sets strategic objectives for 2022-2024

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Regulatory press releases

Composition of SkartaNYAB Plc’s Shareholders’ Nomination Board

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Fingrid concludes first solar power plant connection agreement with Skarta Energy – Utajärvi project moves forward

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Change negotiations to be launched at Skarta Finland Oy – the aim is to find ways to make operations more efficient, streamlined and achieve cost savings

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Skarta was accepted into Fingrid’s supplier register

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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NYAB was accepted into Fingrid’s supplier register

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Skarta and Tohmajärvi municipality to begin cooperation – Eastern Finland’s largest energy project under planning

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Utajärvi

Skarta’s Near Energy project in Utajärvi is progressing – action permit for a solar power plant and Horizon research funding from the EU

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc: Share issue directed to Power Forze AB’s shareholders has been executed and trading in new shares begins

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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SkartaNYAB strengthens its position on the energy construction market in Norrbotten by acquiring Power Forze AB

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Regulatory press releases

Changes in SkartaNYAB Plc’s Executive Management Team

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Regulatory press releases

SkartaNYAB Plc’s half-yearly report 1 January-30 June 2022: Profitable growth in Sweden – challenges in Finland

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Regulatory press releases

SkartaNYAB Plc acquires Power Forze AB and arranges a directed share issue

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Regulatory press releases

SkartaNYAB Plc lowers financial guidance for 2022 and publishes preliminary information on key figures of the first half of the year

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Sitema has been awarded ISO 9001, 14001 and 45001 certificates

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc: The final outcome of the personnel share issue 2022

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Regulatory press releases

SkartaNYAB and Uusiutuva Energia Karahka Oy have signed a BoP agreement for a Karahka wind park in Oulainen

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SkartaNYAB and Uusiutuva Energia Karahka Oy have signed a BoP agreement for a Karahka wind park in Oulainen

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Skarta will build a wind farm in Pajuperänkangas with a new customer, ABO Wind

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Skarta signed a contract with SSAB regarding construction project of new office building, as well as research and laboratory facility, to Raahe plant

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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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Regulatory press releases

SkartaNYAB has signed a significant frame agreement with Swedish Transport Administration

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Regulatory press releases

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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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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NYAB wins customer trust

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc publishes new long-term financial targets

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Regulatory press releases

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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Regulatory press releases

SkartaNYAB Plc: Resolutions of the Annual General Meeting

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Regulatory press releases

SkartaNYAB has signed a financing agreement of SEK 135 million

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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NYAB signs extensive agreement with Piteå municipality

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Regulatory press releases

SkartaNYAB Plc: Notice to the Annual General Meeting

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

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

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Magnus Granljung takes over as CEO of NYAB

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

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

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Oyj – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

SkartaNYAB Plc – Managers’ Transactions

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Regulatory press releases

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

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Regulatory press releases

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

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Regulatory press releases

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

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Regulatory press releases

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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