NYAB Plc’s transition to IFRS reporting – financial information for the first quarter of 2023
NYAB Plc
COMPANY ANNOUNCEMENT
29.06.2023 at 15:35
NYAB Plc’s transition to IFRS reporting – financial information for the first quarter of 2023
NYAB Plc has transitioned from the Finnish Accounting Standards (FAS) to the International Financial Reporting Standards (IFRS). In this announcement, NYAB presents unaudited IFRS financial information for the first quarter of 2023. Significant effects of the transition have been presented in section “2. First-time adoption of IFRS standards” of the consolidated financial statements that were published on 29 June 2023. NYAB will publish its half-yearly report for period 1 January – 30 June 2023 in accordance with IFRS standards on 25 August 2023.
Key figures of the group (IFRS)
01–03/2023 |
01–03/2022 |
01–12/2022 |
|
Revenue, 1000 EUR |
39,152 |
17,476 |
253,318 |
EBITDA, 1000 EUR |
-648 |
-445 |
30,389 |
% of net sales |
-1.7% |
-2.5% |
12.0% |
EBITA, 1000 EUR |
-1,537 |
-856 |
27,217 |
% of net sales |
-3.9% |
-4.9% |
10.7% |
Operating Profit (EBIT), 1000 EUR |
-2,051 |
-858 |
25,744 |
% of net sales |
-5.2% |
-4.9% |
10.2% |
Profit for the period, 1000 EUR |
-2,816 |
-1,017 |
23,320 |
Return on equity, previous 12 months, % |
13.0% |
not available |
22.5% |
Return on capital employed, previous 12 months, % |
13.3% |
not available |
22.7% |
Equity ratio, % |
73.6% |
73.1% |
69.6% |
Net gearing, % |
5.7% |
-1.4% |
3.9% |
Net debt/EBITDA, previous 12 months |
0.33 |
not available |
0.23 |
Free cash flow, 1000 EUR |
-3,252 |
4,548 |
3,699 |
Order backlog, 1000 EUR |
235,026 |
156,308 |
239,682 |
Consolidated statement of comprehensive income 1 January – 31 March 2023
EUR thousand |
FAS |
IFRS transition impact |
IFRS |
Revenue |
39 152 |
0 |
39 152 |
Other operating income |
94 |
0 |
94 |
Materials and services |
-31 153 |
0 |
-31 153 |
Employee benefit expenses |
-7 057 |
-318 |
-7 375 |
Depreciation and amortisation expense |
-6 522 |
5 120 |
-1 403 |
Other operating expenses |
-1 517 |
150 |
-1 366 |
Operating profit |
-7 003 |
4 952 |
-2 051 |
Finance income |
268 |
0 |
268 |
Finance expense |
-568 |
-21 |
-589 |
Finance costs, net |
-300 |
-21 |
-321 |
Share of the associate's profits (losses) |
-399 |
203 |
-195 |
Profit before tax |
-7 701 |
5 135 |
-2 567 |
Income tax expense |
-354 |
105 |
-250 |
Profit for the period |
-8 056 |
5 239 |
-2 816 |
Other comprehensive income |
|||
Items that may be reclassified subsequently to profit or loss |
|||
Change in cumulative translation adjustment |
-319 |
-49 |
-368 |
Other comprehensive income for the year, net of tax |
-319 |
-49 |
-368 |
Total comprehensive income |
-8 375 |
5 190 |
-3 185 |
Consolidated balance sheet 31 March 2023
EUR thousand |
FAS |
IFRS transition impact |
IFRS |
ASSETS |
|||
Non-current assets |
|||
Goodwill |
200 772 |
-79 586 |
121 186 |
Intangible assets |
27 |
3 292 |
3 319 |
Tangible assets |
14 996 |
-971 |
14 024 |
Right-of-use assets |
0 |
3 253 |
3 253 |
Other non-current receivables and investments |
16 325 |
203 |
16 529 |
Deferred tax assets |
0 |
451 |
451 |
Total non-current assets |
232 120 |
-73 358 |
158 762 |
Current assets |
|||
Inventories |
1 467 |
0 |
1 467 |
Trade receivables |
34 238 |
0 |
34 238 |
Contract assets |
26 788 |
0 |
26 788 |
Other receivables |
6 416 |
0 |
6 416 |
Cash and cash equivalents |
13 572 |
0 |
13 572 |
Total current assets |
82 481 |
0 |
82 481 |
TOTAL ASSETS |
314 601 |
-73 358 |
241 242 |
|
|
|
|
EQUITY AND LIABILITIES |
|||
Equity attributable to owners of the parent company |
|||
Share capital |
80 |
0 |
80 |
Reserve for invested unrestricted equity |
273 235 |
-130 860 |
142 375 |
Translation adjustment |
-319 |
-2 432 |
-2 752 |
Retained earnings |
-18 684 |
56 508 |
37 824 |
Total equity |
254 312 |
-76 784 |
177 528 |
Provisions |
82 |
-82 |
0 |
Liabilities |
|||
Non-current liabilities |
|||
Non-current interest-bearing liabilities |
17 028 |
-971 |
16 056 |
Lease liabilities |
0 |
2 161 |
2 161 |
Deferred tax liabilities |
3 109 |
1 108 |
4 217 |
Accrued expenses |
0 |
102 |
102 |
Provisions |
0 |
82 |
82 |
Total non-current liabilities |
20 137 |
2 481 |
22 618 |
Current liabilities |
|||
Current interest-bearing liabilities |
4 377 |
0 |
4 377 |
Lease liabilities |
0 |
1 026 |
1 026 |
Contract liabilities |
12 149 |
0 |
12 149 |
Trade and other payables |
23 545 |
0 |
23 545 |
Total current liabilities |
40 071 |
1 026 |
41 097 |
Total liabilities |
60 207 |
3 507 |
63 715 |
TOTAL EQUITY AND LIABILITIES |
314 601 |
-73 358 |
241 242 |
Consolidated statement of comprehensive income 1 January – 31 March 2022
EUR thousand |
FAS |
IFRS transition impact |
IFRS |
Revenue |
11 613 |
5 863 |
17 476 |
Other operating income |
718 |
-678 |
40 |
Materials and services |
-8 622 |
-7 953 |
-16 576 |
Employee benefit expenses |
-3 183 |
170 |
-3 013 |
Depreciation and amortisation expense |
-1 364 |
952 |
-413 |
Other operating expenses |
-1 513 |
3 141 |
1 628 |
Operating profit |
-2 352 |
1 494 |
-858 |
Finance income |
40 |
1 |
41 |
Finance expense |
-177 |
51 |
-127 |
Finance costs, net |
-137 |
52 |
-85 |
Share of the associate's profits (losses) |
33 |
-33 |
0 |
Profit before tax |
-2 456 |
1 512 |
-943 |
Income tax expense |
-122 |
48 |
-74 |
Profit for the period |
-2 578 |
1 561 |
-1 017 |
|
|
|
|
Other comprehensive income |
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
Change in cumulative translation adjustment |
0 |
-234 |
-234 |
Other comprehensive income for the year, net of tax |
0 |
-234 |
-234 |
Total comprehensive income |
-2 578 |
1 327 |
-1 251 |
Consolidated balance sheet 31 March 2022
EUR thousand |
FAS |
IFRS transition impact |
IFRS |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Goodwill |
220 377 |
-102 239 |
118 138 |
Intangible assets |
562 |
9 842 |
10 404 |
Tangible assets |
13 627 |
-543 |
13 084 |
Right-of-use assets |
0 |
2 445 |
2 445 |
Other non-current receivables and investments |
5 368 |
-743 |
4 626 |
Deferred tax assets |
0 |
492 |
492 |
Total non-current assets |
239 935 |
-90 746 |
149 188 |
Current assets |
|||
Inventories |
2 860 |
-1 049 |
1 811 |
Trade receivables |
19 001 |
0 |
19 001 |
Contract assets |
27 616 |
0 |
27 616 |
Other receivables |
403 |
0 |
403 |
Cash and cash equivalents |
13 033 |
0 |
13 033 |
Total current assets |
62 914 |
-1 049 |
61 865 |
TOTAL ASSETS |
302 849 |
-91 795 |
211 054 |
|
|||
EQUITY AND LIABILITIES |
|||
Equity attributable to owners of the parent company |
|||
Share capital |
80 |
0 |
80 |
Other reserves |
2 045 |
-2 045 |
0 |
Reserve for invested unrestricted equity |
270 565 |
-131 315 |
139 250 |
Translation adjustment |
2 |
-762 |
-759 |
Retained earnings |
-22 355 |
38 166 |
15 812 |
Total equity |
250 337 |
-95 954 |
154 383 |
|
|||
Untaxed reserves |
2 228 |
-2 228 |
0 |
Provisions |
19 |
-19 |
0 |
|
|||
Liabilities |
|||
Non-current liabilities |
|||
Non-current interest-bearing liabilities |
7 451 |
-677 |
6 774 |
Lease liabilities |
0 |
1 709 |
1 709 |
Deferred tax liabilities |
0 |
4 589 |
4 589 |
Provisions |
0 |
19 |
19 |
Total non-current liabilities |
7 451 |
5 639 |
13 091 |
|
|||
Current liabilities |
|||
Current interest-bearing liabilities |
1 799 |
0 |
1 799 |
Lease liabilities |
0 |
663 |
663 |
Contract liabilities |
43 |
0 |
43 |
Trade and other payables |
40 973 |
103 |
41 076 |
Total current liabilities |
42 814 |
767 |
43 581 |
Total liabilities |
50 266 |
6 406 |
56 672 |
TOTAL EQUITY AND LIABILITIES |
302 849 |
-91 795 |
211 054 |
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 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.
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