NYAB Oyj IFRS conversion and Nasdaq listing plan

Challenge

NYAB Oyj, a builder of sustainable infrastructure and renewable energy solutions, planned to transition to IFRS reporting in spring 2022. As a First North-listed company, NYAB needed a partner capable of supporting a demanding project with strong expertise and a personal, approachable approach. The company faced a complex situation involving a reverse acquisition, where the acquiring party was defined as the acquisition target under IFRS standards, making the original acquisition target the consolidated parent company. This required sophisticated IFRS expertise to navigate correctly.

We chose BDO as our partner because of their reliable and flexible service and comprehensive expert network. Already in the proposal phase, BDO's experts paid special attention to details and were genuinely interested in supporting our finance team. — Aku Väliaho, Finance and CFO, NYAB Oyj. Our goal in the cooperation has been to help NYAB transition to IFRS reporting and to transfer our experts' knowledge to the company. The project team was strengthened with specialists from different areas as needed from both Finland and Sweden. — Vesa Vuorinen, IFRS Country Lead, BDO Oy. It was important to us that the work in the project was smooth and that project meetings were sometimes even enjoyable. This way the project team becomes unified and thus we achieve the best possible end result. Although NYAB's IFRS conversion turned out to be more complex than originally planned due to the reverse acquisition, we managed to get the project to completion on schedule. We also greatly appreciated the significant post-conversion support BDO provided to our finance function. Our cooperation has continued on a case-by-case basis in resolving more challenging IFRS questions. — Vesa Vuorinen, IFRS Country Lead, BDO Oy

NYAB Oyj BDO Suomi

Solution

BDO provided comprehensive IFRS conversion services starting in spring 2022. The solution included dedicated IFRS experts who were involved from the initial proposal stage, demonstrating genuine interest in supporting NYAB's finance team. BDO assembled a flexible project team that was strengthened with different specialists from various areas as needed, drawing expertise from both Finland and Sweden. The approach emphasised smooth collaboration and effective project management, with experienced professionals forming a core team to ensure efficient and seamless cooperation. BDO provided not only the conversion itself but also post-conversion support for the finance function, helping resolve complex IFRS questions on a case-by-case basis.

Results

NYAB successfully completed its IFRS conversion and published its first consolidated financial statements prepared in accordance with international financial reporting standards for the fiscal year ended 31 December 2022 in June 2023. The company is now targeting listing on the Nasdaq First North Premier Growth Market in Sweden. Despite the complexity of the reverse acquisition situation being more complicated than originally planned, BDO delivered the project on schedule. The partnership has continued beyond the conversion with ongoing support for challenging IFRS matters. The collaboration demonstrated effective project management and the ability to handle complex financial restructuring whilst maintaining smooth communication and a collaborative team environment.