NYAB Plc’s half-yearly report 1 January-30 June 2023: Strong growth and development despite macroeconomic headwinds

25.08.23

NYAB Plc
COMPANY ANNOUNCEMENT
25 August 2023 at 10:05

NYAB Plc’s half-yearly report 1 January–30 June 2023: Strong growth and development despite macroeconomic headwinds 

April-June in brief                                    

  • Revenue grew 17.2%, amounting to EUR 65.3 (55.7) million
  • EBITDA was EUR 5.4 (3.5) million, amounting to 8.3% (6.3%) of revenue
  • Operating profit (EBIT) was EUR 4.0 (2.2) million, amounting to 6.2% (3.9%) of revenue
  • Free cash flow was EUR 8.4 (-12.8) million
  • Net debt/EBITDA was 0.19
  • Order backlog amounted to EUR 252.0 million (EUR 305.0 million)

January-June in brief                               

  • Revenue grew 42.7%, amounting to EUR 104.5 (73.2) million
  • EBITDA was EUR 4.8 (3.1) million, amounting to 4.6% (4.2%) of revenue
  • Operating profit (EBIT) was EUR 2.0 (1.3) million, amounting to 1.9% (1.8%) of revenue
  • Free cash flow was EUR 9.3 (-8.3) million

Financial guidance for 2023 (unchanged, updated on 10 August 2023) 

  • Revenue for the full year is estimated to be EUR 290–315 million 
  • Operating profit (EBIT) is estimated to be EUR 16–24 million 

This release is a summary of NYAB Plc’s half-yearly report 1 January–30 June 2023. The complete report is attached to this release and available at https://nyabgroup.com/en/financial-information/. Financial information presented in the half-yearly report is unaudited.

Key figures (IFRS)

4-6/2023 4-6/2022 1-6/2023 1-6/2022 1-12/2022
Revenue, EUR thousand 65,319 55,729 104,471 73,204 253,318
Year-on-year change in revenue, % 17.2% NA 42.7% NA 92.3%
EBITDA, EUR thousand 5,444 3,508 4,796 3,062 30,389
  % of net sales 8.3% 6.3% 4.6% 4.2% 12.0%
EBITA, EUR thousand 4,561 2,648 3,025 1,792 27,217
  % of net sales 7.0% 4.8% 2.9% 2.4% 10.7%
Operating Profit (EBIT), EUR thousand 4,048 2,177 1,997 1,319 25,744
  % of net sales 6.2% 3.9% 1.9% 1.8% 10.2%
Profit for the period, EUR thousand 3,734 681 917 -337 23,320
Earnings per share (EPS), basic, in euros 0.01 0.00 0.00 0.00 0.03
Earnings per share (EPS), diluted, in euros 0.01 0.00 0.00 0.00 0.03
Balance sheet total 256,717 225,783 256,717 225,783 259,098
Return on equity, previous 12 months, % 14.9% NA 14.9% NA 22.5%
Return on capital employed, previous 12 months, % 14.5% NA 14.5% NA 22.7%
Equity ratio -% 68.6% 68.3% 68.6% 68.3% 69.6%
Net debt, EUR thousand 6,058 16,964 6,058 16,964 7,010
Net gearing -% 3.4% 11.0% 3.4% 11.0% 3.9%
Net debt/EBITDA, previous 12 months 0.19 NA 0.19 NA 0.23
Free cash flow, EUR thousand 8,424 -12,824 9,305 -8,276 3,699
Order backlog, EUR thousand 252,032 304,988 252,032 304,988 239,682
Number of employees at the end of the period 433 392 433 392 383

CEO Johan Larsson’s review

NYAB made significant progress during the first half of 2023 thanks to our skilled and dedicated people who worked tirelessly to move us forward as a company, enabling us to execute on our strategy and achieve yet another half-year of profitable growth. Our reported growth exceeded 42% and comparable growth in constant currencies amounted to 29%. We also improved our EBIT margin and free cash flow in the second quarter as well as in the first half-year.

As a large share of our business operations is concentrated in northern regions, we are subject to seasonality and most of our revenues and profits normally accumulate during the second half of the year. Our focus during last year in achieving a turnaround in Finland has shown good results and we started the year with a relatively high order backlog of good quality that have contributed to our revenue growth and EBIT-margin improvement in the first half-year.

Whilst we have taken large steps forward as a company, macroeconomic challenges have impacted our short-term outlook more than previously expected. Continued inflation and higher interest rates are expected to put slight pressure on project profitability and have kept some customers waiting for market conditions to stabilize, resulting in delays with investment decisions. This has affected all our business areas, with markedly impact on Finnish energy markets.

Order backlog amounted to EUR 252 (305) million, which shows a positive development from the first quarter but is behind the comparison period. However, the development is mainly a result of exchange rate fluctuations and lack of new renewable energy projects in Finland due to the macroeconomic environment.

New contracts achieved during the first half-year include, among others, contracts with several governmental clients regarding critical infrastructure for both transportation and energy. Our strategy within energy sector has shown good results and it has continued to be our fastest growing business area. After the start of several renewable energy projects last year, we have now increased our share of new power network construction projects. These projects also entail future growth opportunities and are not as heavily subject to macroeconomic fluctuations.

We see no signs of shifting long-term trends as the amount of planned large-scale investments in both Finland and Sweden is growing rapidly, which maintains the positive long-term outlook positive for our operations. To enable future growth, we have during the second quarter continued to develop and optimize our organization and further strengthened our Executive Management.

During the second quarter we have made progress in the evaluation concerning the company’s future listing and domicile and will communicate our conclusions as soon as possible.

To summarize, NYAB is developing, growing and has good earnings. We have set ourselves in a great position to continue our decade-long journey of sustainable profitable growth. We are continuously exposed to markets with high underlying demand, and with low net debt we stand strong to weather adverse market conditions. We recognize the current macroeconomic reality and adjust our business operations to balance risk and possibilities to maintain our strong position and thereby enable future positive development and profitable growth.

Financial reporting

NYAB Plc will arrange a webcast regarding the half-yearly report on Friday, 25 August 2023 at 14:00 EET. In the webcast, NYAB CEO Johan Larsson and CFO Aku Väliaho will present NYAB’s financial information and significant events for the first half of the year. Registration for the webcast can be done at https://nyabgroup.videosync.fi/results-q2-2023. Recording of the webcast will be available on NYAB’s investor pages https://nyabgroup.com/en/investors/ also after the event.

NYAB's Business review for the period 1 July–30 September 2023 will be published on 10 November 2023.

Contacts

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 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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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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