NYAB Plc’s financial statement release 2022 and management webcast
17.03.23NYAB Plc published its financial statement release for 2022 on Friday, 17 March 2023 at 11.15 am. CET
- Reported revenue was EUR 247.7 (41.6) million.
- Reported EBITA was EUR 30.5 (1.3) million and EBITA margin 12.3% (3.2%).
- Order backlog was EUR 238.7 million, growth of 23.6% (pro forma)
Strong organic growth continued in Sweden – Finnish operations turned profitable during the end of the year
A summary of CEO Johan Larsson’s review:
“In many ways, 2022 was the year when today’s NYAB was formed.
In Sweden, we once again achieved strong organic growth, as the comparable revenue of our group companies grew approximately 40 percent. Changes in the operating environment created challenges with cost inflation, material shortage, energy shortage and increasing interest rates, but we were able to avoid negative impacts relatively well. Even very well, in comparison to our peers. Contract terms and conditions, typical for the Swedish market, made it possible to manage increased costs. Also, good relations with our customers supported a stable financial performance.
In Finland, the challenging operating environment complicated our business operations especially in the first half of the year. However, we were able to turn profitable during the autumn by, for example, cutting fixed costs and reorganizing operations. In retrospect, the turnaround has been faster than expected, which is thanks to our personnel who quickly adapted to changes. With the changes made, the level of specialization among our key personnel has increased. Clearly defined accountability for results also improves the performance of the organization. A diverse expertise in project execution is our obvious strength that enables good profitability going forward, as the organizational structure now also operates effectively.
At the end of the year, we took a significant step forward in renewable energy project development, as we established a joint venture with the CapMan fund to accelerate Skarta Energy’s business operations. Skarta Energy’s revised target is to construct 800 MW of solar power during the next five years. Together with CapMan, we can provide Skarta Energy with the resources to accelerate the monetization and construction of projects. We expect the joint venture to generate revenue for NYAB already this year with new projects in energy construction.
All in all, NYAB is in an excellent position for 2023. We have a record-high order backlog, our financial standing is stable, and our operations are concentrated on rapidly growing markets. The strategic objectives we set in the autumn – continuing profitable growth, accelerating the monetization of renewable energy projects, as well as strengthening an entrepreneurial culture – continue as an important part of our operations also in 2023. However, as is typical for entrepreneurs, we constantly aim at improving and explore new business opportunities. I believe that this year will also feature some interesting twists and turns with which we can generate more value for our various stakeholders.”
Management webcast
After publishing the financial statement release, NYAB arranged a webcast in which CEO Johan Larsson and CFO Aku Väliaho presented NYAB’s financial information and significant events. Recording of the webcast can be accessed below:
Read the entire financial statement release
