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Eezy Oyj Interim / Quarterly Report 2021
3311_rns_2021-05-11_ee7f98c5-9118-4938-bb70-3aff026fccc6.pdf
Interim / Quarterly Report
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Eezy Plc Q1/2021
Interim Report
January-March 2021
Corona continues, focus on the re-opening society
In Brief
January–March 2021
- Revenue was EUR 36.6 million (EUR 55.1 million in January–March 2020).
- EBITDA was EUR 2.8 million (2.8).
- EBIT was EUR 0.9 million (1.0).
- Earnings per share was EUR 0.01 (0.02).
- Continuing corona pandemic continued to decrease business volume.
Outlook for 2021
Due to the Corona pandemic, Eezy does not give guidance for year 2021.
The goal is to give guidance when visibility improves along the re-opening of the society.
Key figures (IFRS)
| EUR million, unless otherwise specified | 1–3/2021 | 1-3/2020 | 1–12/2020 |
|---|---|---|---|
| Revenue | 36.6 | 55.1 | 190.6 |
| EBITDA | 2.8 | 2.8 | 13.5 |
| EBITDA, % | 7.5% | 5.1% | 7.1% |
| EBIT | 0.9 | 1.0 | 5.6 |
| EBIT, % | 2.5% | 1.8% | 2.9% |
| EPS, undiluted, EUR | 0.01 | 0.02 | 0.11 |
| EPS, diluted, EUR | 0.01 | 0.02 | 0.11 |
| Net debt / EBITDA¹ | 4.1 x | 2.9 x | 3.1 x |
| Chain-wide revenue | 56.4 | 77.9 | 282.6 |
1 EBITDA is based on estimated pro forma EBITDA of last 12 months.
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Back to growth track during summer
"Eezy's performance was burdened by the lockdown and clear tightening of the Corona related restrictions. Fortunately, the infection rates are going down, vaccination progresses, and we expect the society to open up during the summer months. In the difficult conditions, we have successfully implemented our strategy and our focus is now tightly on the post-corona times.
Smallest quarter for staffing services
The first quarter is the smallest one even in normal conditions, and this time the tightening restrictions significantly affected our business. Our revenue was only approx. EUR 37 million. The decrease compared to last year comes especially from our horeca business, where our revenue was almost EUR 10 million below the corresponding quarter last year.
We estimate that the staffing services market has contracted by some 20% during Q1. For Eezy, the decrease has been visible, in addition to horeca, in our largest sectors, industry, construction and logistics, especially in the largest city areas. Our other units have been near the 2020 volumes. The franchise units have performed clearly better than the total market. This shows how corona's impact to our customers has been strongly polarised. The retail sector decreased mildly as some customers moved their own horeca sector employees to the retail sector.
During our history, we have consistently expanded into new customer segments. E.g. Eezy Doctors has already established its position in staffing of doctors. Eezy United has quickly found its place in bringing athletes and work together. We have also recently invested in developing office personnel staffing services and outsourcing services. All together, these developing business areas correspond to approx. 7% of the revenue in this small quarter. Our intention is to widen our offering further.
Professional services grew according to our strategy
We strengthened our professional services last autumn through acquisitions. Integrations inside both teams - Eezy Personnel and Eezy Flow - have been efficient and successful. Organisations, values and services have been combined to be part of Eezy. The revenue of professional services grew by 48% from last year, and its share of the total revenue doubled to 8%. We seek higher profitability from the professional services, so good progress there is vital in our journey toward our long-term profitability goals.
Recovery from corona conditions to normal will offer a great basis for growth of Eezy's employee and customer experience services, the change management services, and the recruiting services. Our goal is to grow the professional services both organically and inorganically, and that way widen the scope of the working-life services offered to our customers.
Success is built by operational abilities and good spirit
We focused last year in improving our efficiency, and thanks achieved a new productivity level. The main theme for this year is growth. We will not achieve growth by cost-cutting, so instead of one-time cost savings we have increased our sales activity and invested into good spirits and into enhancing the operational abilities of our employees. I am happy to note that the employee satisfaction surveys - done by Eezy Flow - confirm that we are on the right path. I am also delighted that some of our key persons have increased their ownership in the company during the spring. The ownership of our key persons and employees is currently almost 10%. This boosts our belief in Eezy's good future.
Toward growth
We expect the first quarter to be clearly the smallest in 2021. Naturally the corona restrictions will still have impact on the second quarter, but the activity level of customers has clearly increased in the last few weeks. This shows up as growth in open jobs and amount of applications, as well as growth in the number of projects in the professional services. Third quarter will likely be a clear step toward recovery, and we expect the last quarter to be near normal conditions. If all goes well, the opening of the society may trigger the pent-up demand and the domestic consumption springs into wild increase.
Availability of workforce will again rise as a competitive factor when the economic recovery is brisk. Also, as the underlying megatrends have not changed, we may need to import foreign labour into Finland to cover the resource gap in several sectors. The pandemic has also increased the customers' needs for flexible workforce, so we expect the share of staffing services of the total market to grow.
The positive result impact of our more efficient organisation will become visible along the revenue growth. We can clearly scale up the business from the current level with the current staff. During the corona we have also continued the active development of the company, e.g. digitalisation of our services, and we focus our growth investments according to our growth strategy. We, the Eezy employees, aim to build good team spirit via successful work experiences. I encourage everybody to use domestics services and products, and this way help the Finnish economy back to growth track."
"Ready for wild growth of Finnish economy"
Sami Asikainen. CEO
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Market review
The HR services market relevant to Eezy's business includes staffing services, light entrepreneurship services (earlier self-employment services) and selected professional services. Markets are estimated to have contracted in 2020 temporarily by 15-25%. Markets are expected to recover to the previous levels when the society re-opens. Due to the working life megatrends and the increased need for flexible workforce we expect the markets to continue on growth track. According to an estimate by management, the size of the entire HR services market in Finland was EUR 2.5 billion in 2020, of which the staffing services were EUR 2.15 billion. The market size of the relevant recruitment services was somewhat over EUR 100 million. The market size of light entrepreneurship services has been estimated to be approx. EUR 200 million.
According to The Private Employment Agencies Association (HPL), the revenue of the largest companies in the staffing service market decreased 18% in February and 20% in January-February. However, according to HPL, the economic outlook in staffing services has started to improve. The management estimates that the professional services market has decreased compared to the previous year, but the outlook has improved. In the light entrepreneurship services market, Corona is the largest factor affecting development, but also the competition has increased due to new actors.
In Finland, the share of flexible forms of working relative to all work remains significantly lower than in comparable European countries. Management believes that the market will continue its structural growth as flexible forms of working become more prevalent.
Corona effects
Corona virus has strongly affected our customers and us since spring 2020. Corona's negative effects can be clearly seen in the industrial and construction sectors, which normally generate almost half of our revenue. Impact varies a lot by the area and the customer. Importing foreign labor is still difficult. However, customers' activity seems to be increasing, as the expectations of a decrease of the pandemic have grown.
The negative impact has been largest in the Horeca sector, which normally generates about one quarter of our revenue. The sector's volume was only about a quarter of the normal. The lockdown that closed restaurants for March contributed to the decrease. Horeca market is estimated to gradually recover during the summer toward year-end as restrictions are lifted.
Volumes in the retail sector were near last year.
Corona crisis looks to be gradually moving to recovery phase as vaccination proceeds and restrictions are lifted, but there is no certainty on the recovery pace, which still makes reliable forecasting of the revenue difficult. Development will vary by sector as restrictions are lifted stepwise.
If the consumption demand recovers strongly, it is possible that the role of workforce availability increases again, like before corona.
Corona has decreased the demand for professional services, but customer demand is gradually recovering.
Lengthened crisis may increase customers' financial difficulties, which can lead to credit losses. We closely monitor our customers' payment practices. Our own liquidity is currently good.
Revenue
Eezy's revenue amounted to EUR 36.6 million (55.1), decreasing by 34% compared to the corresponding period in the previous year.
Revenue decreased by 38% in the staffing service area. Revenue was clearly below our targets due to the impact of the Corona virus especially on the Horeca sector and the industrial sector. In the professional services area revenue increased by 48% due to the acquisitions last year. In the light entrepreneurship service area revenue decreased by 23%.
Eezy's chain-wide revenue amounted to EUR 56.4 million (77.9) decreasing by 28%. Franchise fees totaled EUR 1.3 million (1.4). The invoicing volume of light entrepreneurship services was EUR 8.8 million (10.7).
Revenue by service area
| EUR million | 1–3/2021 | 1–3/2020 | Change % | 1–12/2020 |
|---|---|---|---|---|
| Staffing services | 31.8 | 51.0 | -38% | 173.4 |
| Franchise fees | 1.3 | 1.4 | -5% | 6.1 |
| Professional services | 3.0 | 2.0 | 48% | 8.4 |
| Light entrepreneurship services | 0.5 | 0.7 | -23% | 2.7 |
| Total | 36.6 | 55.1 | -34% | 190.6 |
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Result
EBITDA was EUR 2.8 million (2.8). Operating profit was EUR 0.9 million (1.0). Negative impact of Corona was visible in all business areas, both in staffing services and in professional services.
Other operating income includes approx. EUR 1.7 million positive impact from change in light entrepreneurship service fee's VAT handling.
The result before taxes was EUR 0.5 million (0.7) and the result for the period was EUR 0.3 million (0.5). Earnings per share was EUR 0.01 (0.02).
Financial position and cash flow
Eezy's consolidated balance sheet on 31 March 2021 amounted to EUR 195.9 million (206.8), of which equity made up EUR 103.8 million (102.1).
As of 31 March 2021, the Group has liabilities to credit institutions amounting to EUR 51.8 million (55.0). of which EUR 47.6 (51.0) was non-current.
Cash balance on 31 March 2021 was EUR 8.0 million (7.2). The Group has overdraft facilities in total of EUR 10.0 million, all of which were unused on 31 March 2021. The remaining positive effect from relaxed due dates on pension payments and taxes was approx. EUR 4 million.
Equity ratio stood at 53.0% (49.4%). The Group's net debt including IFRS16 leasing items on 31 March 2021 amounted to EUR 49.3 million (54.4). Net debt excluding IFRS16 leasing items was EUR 43.9 million (50.0). The net debt/EBITDA ratio was 4.1 × (2.9 ×).
Operative free cash flow amounted to EUR -5.6 million (3.1) in January-March. Tax and pension payments of approx. EUR 6 million, related to corona actions last year, decreased cash flow as planned.
Investments and acquisitions
Eezy sold its Swedish subsidiary VMP-Group Sweden AB to Palm & Partners Bemanning AB on 4 January 2021. The transaction did not generate any significant capital gain.
Investments in tangible and intangible assets totaled EUR 0.5 million (0.4). Investments in tangible and intangible assets were mainly related to IT investments.
Employees
Eezy employs people in Group functions and as staffed employees assigned to customer companies. In January-March, Eezy employed an average of 364 (374) people in Group functions and on average 2 334 (3 951) staffed employees on FTE basis.
Due to the nature of the staffing service business, Eezy's total number of personnel employed is higher than the number of personnel employed on average. In the calculation of the average number of staffed employees, the work input of the employees has been converted into person-years. The users of light entrepreneurship services are not included in the Group's personnel numbers.
Shares and shareholders
On 31 March 2021, Eezy Plc had 24 849 375 (24 849 375) registered shares. The company holds no treasury shares. The company had 2 557 (2 051) shareholders, including nominee registered shareholders.
In January–March 2021, a total of 834 627 (1 196 938) shares were traded and the total trading volume was EUR 4.4 million (6.5). During the period, the highest quotation was EUR 6.18 (7.35) and the lowest EUR 4.90 (2.58). The volume-weighted average price of the share was EUR 5.27 (5.46). The closing price of the share at the end of March was EUR 5.42 (2.96) and the market value stood at EUR 134.7 million (73.6).
On 31 March 2021, the members of the Board of Directors and the members of the management team owned a total of 1 496 604 (1 400 571) Eezy shares, corresponding to approximately 6.0% (5.6%) of shares and of the votes to which they entitle. The share numbers include the direct holdings of the persons in question and their controlled companies. In addition, Board members are employed in managerial duties by significant shareholders.
Ten largest shareholders as of 31 March 2021:
| Shareholder | Shares | % |
|---|---|---|
| 1. Noho Partners Oyj | 7 274 881 | 29.28 |
| 2. Sentica Buyout V Ky | 6 105 458 | 24.57 |
| 3. Meissa-Capital Oy | 3 223 071 | 12.97 |
| 4. Asikainen Sami | 414 350 | 1.67 |
| 5. OP Suomi Mikroyhtiöt Fund | 399 879 | 1.61 |
| 6. Evli Suomi Pienyhtiöt Fund | 391 699 | 1.58 |
| 7. Taaleritehdas Mikro Markka Osake | 380 000 | 1.53 |
| 8. Ilmarinen Mutual Pension | 274 261 | 1.10 |
| 9. Oy Jobinvest Ltd | 259 835 | 1.05 |
| 10. Laine Capital Oy | 256 785 | 1.03 |
| 10 largest in total | 18 980 219 | 76.38 |
| Nominee-registered | 1 704 806 | 6.86 |
| Others | 4 164 350 | 16.76 |
| Total | 24 849 375 | 100.00 |
The company has received one flagging notice during the period: The ownership of NoHo Partner Plc decreased below 30%. NoHo's ownership has decreased to approx. 25% in April, after the review period.
Governance
Annual General Meeting
The Annual General Meeting (AGM) was held on 13 April 2021. The AGM adopted the Financial Statements for the year 2020.
The AGM decided that for year 2020 a dividend of EUR 0.10 per share is distributed by a resolution of the general meeting, and in addition the board of directors was authorised to later decide on a possible dividend of max. EUR 0.05 per share.
The AGM elected eight members to the Board of Directors. Tapio Pajuharju, Kati Hagros, Liisa Harjula, Timo Laine, Timo Mänty, Paul-Petteri Savolainen, Jarno Suominen and Mika Uotila were re-elected as members of the Board of Directors.
The members of the board of directors will be paid monthly remuneration EUR 4 000 per month for the chairperson of the board and EUR 2 000 per month for all other members of the board each. In addition, for members of the board of directors' committees will be paid a meeting fee of EUR 300 for each committee meeting.
Authorized Public Accountant KPMG Oy Ab was re-elected as the company's auditor. KPMG Oy Ab has informed that Authorized Public Accountant Mr. Esa Kailiala will act as the principal auditor.
In the organization meeting held on the same day, the Board of Directors elected Tapio Pajuharju as its Chairman. Liisa Harjula was elected as Chairman of the Audit Committee and Jarno Suominen and Kati Hagros as members of the Audit Committee.
Valid authorizations
The authorizations given by the AGM on 13 April 2021 are described in detail in the stock exchange release about the AGM's decisions.
The AGM authorized the board of directors to decide on the distribution of dividends from the company's unrestricted equity so that the amount of dividends to be distributed does not exceed a total of EUR 0.05 per share. The authorization is unused.
The AGM authorised the board of directors to decide on the repurchase of the company's own shares using the company's unrestricted equity. The total maximum number of shares to be repurchased under the authorisation shall be 2 400 000 shares. The shares are repurchased in trading organized by Nasdaq Helsinki Oy at a price formed in public trading on the date of repurchase. The authorisation is valid until the end of the annual general meeting of 2022, however, for a maximum of 18 months. The authorization is unused.
The AGM authorised the board of directors to decide, in one or more tranches, on the issuance of shares as well as on the issuance of option rights and other special rights entitling to shares as referred to in chapter 10(1) of the Finnish Limited Liability Companies Act. The total maximum number of shares to be issued under the authorisation shall be 4 800 000 shares. The authorisation is valid until the end of the annual general meeting of 2022, however, for a maximum of 18 months. The authorization is unused.
Risks and uncertainties
Eezy's risk management principles are based on the Finnish Corporate Governance Code for Listed Companies. The objective of risk management is to ensure that the group's targets are reached and to safeguard the continuity of operations.
Corona virus and the restrictions related to it may continue to weaken the general economic conditions in Finland. This may negatively affect Eezy by customers' businesses stopping or disturbing, or by customers' financial difficulties. The virus can also directly affect Eezy through the sick leaves of either staffed employees or employees in group functions.
Poor economic development in Finland may have an indirect adverse impact on Eezy's business and result. In economic downturn it is possible that companies use less staffing services and other HR services offered by Eezy.
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Material short-term risks also include tighter competition in the HR and recruitment market, changes in legislation or collective agreements, and the cyclical nature of the business.
There are also significant risks related to acquisitions. If the performance of the acquired company does not match expectations, the integration fails, or other targets set for the acquisition are not reached, there may be material effects for Eezy's profitability and financial position.
More information about risk management is available on the company website.
Guidance for 2021
Due to the Corona pandemic, Eezy does not give guidance for year 2021.
The goal is to give guidance when visibility improves along the re-opening of the society.
Events after the review period
The annual General Meeting was held on 13 April 2021.
Eezy Plc
Board of Directors
More information:
Sami Asikainen. CEO
tel. +358 (0)40 700 9915
Hannu Nyman. CFO
tel. +358 (0)50 306 9913
Result publication event:
A Finnish-language briefing for analysts and media will be held on 11 May 2021 at 13.00 Finnish time as a webcast at https://eezy.videosync.fi/2021-q1-tulos
The briefing will be hosted by CEO Sami Asikainen and CFO Hannu Nyman. During the presentation, there will be an opportunity to ask questions. The presentation material will be available at the company website at https://sijoittajat.eezy.fi/en/investors/reports-and-presentations/ before the conference. A recording of the audiocast will be available at the same website later.
Result dates
| Half-Year Report January–June 2021 | 10 Aug 2021 |
|---|---|
| Interim Report January–September 2021 | 9 Nov 2021 |
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Consolidated statement of comprehensive income (IFRS)
(unaudited)
| EUR thousand | 1 Jan – 31 Mar 2021 | 1 Jan – 31 Mar 2020 | 1 Jan – 31 Dec 2020 |
|---|---|---|---|
| Revenue | 36 599 | 55 091 | 190 637 |
| Other operating income | 1 836 | 128 | 1 330 |
| Share of result of equity accounted investments | - | -1 | -1 |
| Materials and services | -1 238 | -1 559 | -4 444 |
| Personnel expenses | -30 710 | -45 948 | -155 124 |
| Other operating expenses | -3 737 | -4 918 | -18 904 |
| Other depreciation, amortization and impairment losses | -851 | -838 | -4 016 |
| IFRS3 amortization^{1} | -1 000 | -971 | -3 914 |
| Operating profit | 899 | 984 | 5 565 |
| Financial income | 54 | 63 | 150 |
| Financial expense | -435 | -371 | -1 702 |
| Financial income and expenses | -381 | -307 | -1 552 |
| Profit before taxes | 518 | 677 | 4 014 |
| Income taxes | -228 | -197 | -819 |
| Profit for the period | 290 | 480 | 3 195 |
| Profit attributable to: | |||
| Owners of the parent company | 258 | 411 | 2 680 |
| Non-controlling interests | 32 | 69 | 515 |
| Profit for the period | 290 | 480 | 3 195 |
| Earnings per share, basic (EUR) | 0.01 | 0.02 | 0.11 |
| Earnings per share, diluted (EUR) | 0.01 | 0.02 | 0.11 |
Other comprehensive income:
| Items that will not be reclassified to profit or loss | |||
|---|---|---|---|
| Changes in the fair value of share investments | 3 | -206 | -78 |
| Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translating foreign operations | 50 | -6 | 8 |
| Other comprehensive income for the period, net of tax | 52 | -213 | -69 |
| Total comprehensive income for the period | 342 | 267 | 3 126 |
| Total comprehensive income attributable to: | |||
| Owners of the parent company | 310 | 196 | 2 611 |
| Non-controlling interests | 32 | 72 | 515 |
| Total comprehensive income for the period | 342 | 267 | 3 126 |
The IFRS 3 amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations.
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Consolidated balance sheet (IFRS)
| EUR thousand | 31 Mar 2021 | 31 Mar 2020 | 31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 127 938 | 125 800 | 127 938 |
| Intangible assets | 28 901 | 31 082 | 29 731 |
| Property, plant and equipment | 6 324 | 6 488 | 6 984 |
| Investments in shares | 240 | 430 | 586 |
| Receivables | 1 237 | 1 718 | 1 227 |
| Deferred tax asset | 1 257 | 931 | 374 |
| Total non-current assets | 165 898 | 166 449 | 166 841 |
| Current assets | |||
| Trade receivables and other receivables | 22 022 | 32 350 | 20 851 |
| Current income tax receivables | 11 | 744 | 0 |
| Cash and cash equivalents | 7 952 | 7 224 | 15 447 |
| Total current assets | 29 985 | 40 318 | 36 298 |
| Assets classified as held for sale | - | - | 2 096 |
| TOTAL ASSETS | 195 883 | 206 767 | 205 235 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to the owners of the parent company | |||
| Share capital | 80 | 80 | 80 |
| Reserve for invested unrestricted equity | 106 572 | 106 572 | 106 572 |
| Fair value reserve | - | -131 | -3 |
| Translation differences | - | -60 | -50 |
| Retained earnings | -5 452 | -5 393 | -5 714 |
| Total equity attributable to the owners of the parent company | 101 200 | 101 067 | 100 885 |
| Non-controlling interests | 2 589 | 1 067 | 2 859 |
| Total equity | 103 789 | 102 134 | 103 744 |
| Non-current liabilities | |||
| Borrowings | 51 169 | 53 792 | 51 628 |
| Other liabilities | 50 | 72 | 66 |
| Deferred tax liability | 5 333 | 5 823 | 5 504 |
| Total non-current liabilities | 56 552 | 59 687 | 57 198 |
| Current liabilities | |||
| Borrowings | 6 104 | 5 638 | 6 242 |
| Trade payables and other liabilities | 28 302 | 38 137 | 34 620 |
| Current income tax liabilities | 1 136 | 1 171 | 1 679 |
| Total current liabilities | 35 542 | 44 946 | 42 542 |
| Liabilities directly associated with assets classified as held for sale | - | - | 1 752 |
| Total liabilities | 92 095 | 104 633 | 101 491 |
| TOTAL EQUITY AND LIABILITIES | 195 883 | 206 767 | 205 235 |
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Consolidated cash flow statement (IFRS)
| EUR thousand | 1 Jan – 31 Mar 2021 | 1 Jan – 31 Mar 2020 | 1 Jan – 31 Dec 2020 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Customer payments received | 38 117 | 59 005 | 204 069 |
| Cash paid to suppliers and employees | -43 307 | -55 522 | -180 705 |
| Cash flows from operating activities before financial items and taxes | -5 190 | 3 483 | 23 363 |
| Interest paid | -100 | -54 | -1 627 |
| Interest received | 20 | 17 | 66 |
| Other financial items | 23 | 14 | 52 |
| Income taxes paid | -1 830 | -1 016 | -397 |
| Loans granted | - | - | -21 |
| Proceeds from repayments of loans | 6 | 35 | 142 |
| Net cash flows from operating activities | -7 070 | 2 480 | 21 579 |
| Cash flows from investing activities | |||
| Purchase of tangible and intangible assets | -457 | -353 | -2 096 |
| Proceeds from sale of tangible assets | 63 | 90 | 332 |
| Acquisition of subsidiaries, net of cash acquired | - | -268 | -2 082 |
| Disposal of subsidiaries | 500 | - | - |
| Disposal of equity accounted investments | - | 135 | 135 |
| Purchase of investments | - | 37 | 41 |
| Proceeds from sale of investments | 311 | - | - |
| Proceeds from repayments of loans | 1 | 2 | 8 |
| Net cash flows from investing activities | 419 | -356 | -3 663 |
| Cash flows from financing activities | |||
| Change in non-controlling interests | -41 | -23 | -118 |
| Repayment of current borrowings | -5 | -56 | -3 204 |
| Repayment of non-current borrowings | - | -79 | -79 |
| Payment of lease liabilities | -515 | -444 | -1 998 |
| Dividends paid | -284 | - | -2 779 |
| Net cash flows from financing activities | -844 | -601 | -8 177 |
| Net change in cash and cash equivalents | -7 495 | 1 523 | 9 739 |
| Cash and cash equivalents at the beginning of the reporting period | 15 447 | 5 710 | 5 710 |
| Effects of exchange rate changes | - | -9 | -1 |
| Cash and cash equivalents at the end of the reporting period | 7 952 | 7 224 | 15 447 |
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Changes in equity
| EUR thousand | Attributable to owners of the parent | Non-controlling interests | Total equity | |||||
|---|---|---|---|---|---|---|---|---|
| Share capital | Reserve for invested unrestricted equity | Fair value reserve | Translation differences | Retained earnings | Total | |||
| Equity | ||||||||
| 1 Jan 2021 | 80 | 106 572 | -3 | -50 | -5 714 | 100 885 | 2 859 | 103 744 |
| Result for the period | - | - | - | - | 258 | 258 | 32 | 290 |
| Other comprehensive income: | ||||||||
| Change in fair value | - | - | 3 | - | - | 3 | - | 3 |
| Translation differences | - | - | - | 50 | - | 50 | - | 50 |
| Total comprehensive income | - | - | 3 | 50 | 258 | 310 | 32 | 342 |
| Transactions with owners | ||||||||
| Dividend distribution | - | - | - | - | - | - | -284 | -284 |
| Changes in non-controlling interests | - | - | - | - | -23 | -23 | -18 | -41 |
| Share based payments | - | - | - | - | 27 | 27 | - | 27 |
| Total equity | ||||||||
| 31 Mar 2021 | 80 | 106 572 | - | - | -5 452 | 101 200 | 2 589 | 103 789 |
| EUR thousand | Attributable to the owners of the parent | Non-controlling interests | Total equity | |||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Share capital | Reserve for invested unrestricted equity | Fair value reserve | Translation differences | Retained earnings | Total | |||
| Equity | ||||||||
| 1 Jan 2020 | 80 | 106 572 | 75 | -53 | -5 864 | 100 809 | 1 024 | 101 833 |
| Result for the period | - | - | - | - | 411 | 411 | 69 | 480 |
| Other comprehensive income: | ||||||||
| Change in fair value | - | - | -206 | - | - | -206 | - | -206 |
| Translation differences | - | - | - | -6 | 0 | -6 | - | -6 |
| Total comprehensive income | - | - | -206 | -6 | 411 | 199 | 69 | 268 |
| Transactions with owners | ||||||||
| Changes in non-controlling interests | - | - | - | - | 0 | 0 | -29 | -29 |
| Share based payments | - | - | - | - | 60 | 60 | - | 60 |
| Other changes | - | - | - | - | - | - | 3 | 3 |
| Total equity | ||||||||
| 31 Mar 2020 | 80 | 106 572 | -131 | -60 | -5 393 | 101 067 | 1 067 | 102 134 |
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Attributable to owners of the parent
| EUR thousand | Share capital | Reserve for invested unrestricted equity | Fair value reserve | Translation differences | Retained earnings | Total | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|
| Equity | ||||||||
| 1 Jan 2020 | 80 | 106 572 | 75 | -53 | -5 864 | 100 809 | 1 024 | 101 833 |
| Result for the period | - | - | - | - | 2 680 | 2 680 | 515 | 3 195 |
| Other comprehensive income: | ||||||||
| Change in fair value | - | - | -78 | - | - | -78 | - | -78 |
| Translation differences | - | - | - | 4 | 5 | 8 | - | 8 |
| Total comprehensive income | - | - | -78 | 4 | 2 685 | 2 611 | 515 | 3 126 |
| Transactions with owners | ||||||||
| Dividend distribution | - | - | - | - | -2 485 | -2 485 | -294 | -2 779 |
| Changes in non-controlling interests | - | - | - | - | -59 | -59 | 1 613 | 1 554 |
| Share based payments | - | - | - | - | 9 | 9 | - | 9 |
| Other changes | - | - | - | - | 1 | 1 | 1 | 2 |
| Total equity | ||||||||
| 31 Dec 2020 | 80 | 106 572 | -3 | -50 | -5 714 | 100 885 | 2 859 | 103 744 |
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Notes to the Interim Report
Eezy Group is a versatile HR services company creating successful work experiences by offering staffing services and light entrepreneurship services as well as a wide range of professional services for the working life.
Eezy Plc ("parent company", "Eezy Plc") the parent company of Eezy Group ("Eezy", "Group") is a Finnish public limited company with a business ID of 2854570-7. The domicile of Eezy Plc is in Helsinki, Finland and the registered postal address is PL 901, 20101 Turku.
Basis of preparation
Eezy Plc has prepared this Interim Report in accordance with IAS 34 Interim Financial Reporting. The financial information in the Interim Report has been prepared in accordance with International Financial Reporting Standards (IFRS) and the accounting policies comply with the IFRS standards and IFRIC interpretations effective as at 31 March 2021. The accounting policies in Interim Report are the same as in Financial Statement 2020.
The information presented in the Interim Report is unaudited. All figures presented have been rounded and consequently the sum of individual figures may deviate from the presented sum figure.
Accounting estimates
In preparing this Interim Report, management has been required to make judgements estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Effect of COVID-19 to accounting estimates and Group's business
The continuing corona virus pandemic and the measures taken to contain its spread represent the main short-term risk to business operations and the demand environment. Corona virus pandemic has had a negative effect on both general economic conditions in Finland and internationally as well as customers businesses, which in turn has diminished the demand for staffing and HR services. Spreading of Covid-19 virus and restrictions and negative effects on customer demand caused by it have affected adversely Eezy's financial result and business especially in the Horeca sector, which is impacted by the restrictions posed on restaurants. Restrictions on travelling have also an impact on importing foreign labor. Corona's negative effects can be clearly seen also in the industrial and construction sectors, but the impact varies a lot by area and customer. The ongoing vaccination roll-out and easing of some of the restrictions will lead to visible improvement. Eezy's management has updated business forecasts according to the effects of the pandemic, but the outlook for short-term development taking into account the pace of implementing vaccination programmes, the new waves of corona virus infections and the level of restrictions has been challenging since the operational requirements of our customer can change rapidly.
Key assumptions of impairment testing
The business growth and EBITDA used in goodwill impairment testing are based on management's assessment of the speed of recovery from the current COVID19 situation as well as the future market demand and environment. Goodwill is tested regularly for impairment. No indications of impairment have been noticed at the time of preparation of the Interim Report.
Revenue
Eezy's revenue comprises income from staffing services, professional services and light entrepreneurship services.
In staffing services Eezy signs a contract with the customer in which Eezy provides the customer the resources agreed. The customer receives the employees it requires and Eezy invoices the customers based on the contract. Eezy seeks employees through open applications as well as through its own employee pool in order to find an employee fulfilling the customer requirements within a short notice. The employee signs the employment contract with Eezy and Eezy is responsible for all the employer obligations, but work is performed under the customer company's management. Employee contracts are mainly fixed-term contracts made for varying customer needs and the length of the contract varies from customer to customer. Staffing services' revenue consists of income from services performed and invoiced by Eezy Group companies.
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
In franchising services Eezy signs a contract with local franchisees, which gives the local company a right to sell services using Eezy's business concept and brand. Eezy also provides business support services to their customers. Franchising revenue comprises charges based on cooperation agreements.
In the professional services area Eezy provides recruitment aptitude testing training and development and executive search services to its customers. Additionally, Eezy provides services for organizational development and personnel surveys. Flow acquisition in 2020 increased the share of consulting services of area's revenue.
With the light entrepreneurship services provided to private persons they can operate as independent entrepreneurs without establishing a company of their own. A private individual selling one's own expertise invoices the services provided through Eezy's service and receives the payment agreed with their customer with Eezy's fee deducted from the balance. Light entrepreneurship services comprise the invoicing and business support services provided to the employee customers and the revenue from light entrepreneurship services comprise the fees collected from the employee customers.
Revenue by service area:
| EUR thousand | 1 Jan – 31 Mar 2021 | 1 Jan – 31 Mar 2020 | 1 Jan – 31 Dec 2020 |
|---|---|---|---|
| Staffing services | 31 754 | 50 978 | 173 388 |
| Franchise fees | 1 340 | 1 413 | 6 106 |
| Professional services | 2 972 | 2 007 | 8 422 |
| Light entrepreneurship services | 533 | 694 | 2 721 |
| Total revenue | 36 599 | 55 091 | 190 637 |
Business combinations
Acquisitions in 1-3/2021
During reporting period there were no acquisitions.
Acquisitions in 1-3/2020
Eezy purchased all the shares of Hazana Oy in January 2020. Hazana Oy was previously part of the Eezy franchise chain. Acquisition had no significant impact on the revenue and result of Eezy group in January–March 2020.
In March 2020 Eezy established Eezy United Oy together with minority shareholders. Eezy United employs both current and former athletes.
Businesses sold
Divestments in 1-3/2021
Eezy sold its Swedish subsidiary VMP-Group Sweden AB to Palm & Partners Bemanning AB on 4 January 2021. The sale had no significant impact on Eezy's result in January–March 2021.
Divestments in 1-3/2020
Eezy sold its share of Enjoy Festival Oy on 31 January 2020. Outside of profit from the sale EUR 0.1 million the sale had no significant impact on Eezy's result in January–March 2020.
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Intangible assets
| EUR thousand | Goodwill | Trademarks | IT software | Customer relationships | Non-competition agreements | Advances paid | Total intangible assets |
|---|---|---|---|---|---|---|---|
| Cost at 1 Jan 2021 | 127 938 | 2 623 | 8 144 | 26 870 | 3 315 | - | 40 953 |
| Additions | - | 9 | 418 | - | - | - | 427 |
| Cost at 31 March 2021 | 127 938 | 2 632 | 8 562 | 26 870 | 3 315 | - | 41 379 |
| Accumulated amortization and impairment at 1 Jan 2021 | - | -420 | -5 526 | -3 780 | -1 496 | - | -11 222 |
| Amortizations | - | -65 | -214 | -677 | -262 | - | -1 218 |
| Impairment | - | - | -39 | - | - | - | -39 |
| Accumulated amortization and impairment at 31 Mar 2021 | - | -485 | -5 779 | -4 457 | -1 758 | - | -12 479 |
| Net carrying value at 1 Jan 2021 | 127 938 | 2 203 | 2 619 | 23 090 | 1 819 | - | 29 731 |
| Net carrying value at 31 Mar 2021 | 127 938 | 2 147 | 2 783 | 22 416 | 1 558 | - | 28 901 |
| EUR thousand | Goodwill | Trademarks | IT software | Customer relationships | Non-competition agreements | Advances paid | Total intangible assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cost at 1 Jan 2020 | 125 757 | 2 596 | 5 808 | 26 500 | 2 956 | 56 | 37 916 |
| Translation differences | -2 | - | - | - | - | - | - |
| Acquisitions | 45 | - | - | - | - | - | - |
| Additions | - | 8 | 215 | - | - | - | 223 |
| Transfers between classes | - | - | - | - | - | -50 | -50 |
| Cost at 31 Mar 2020 | 125 800 | 2 605 | 6 022 | 26 500 | 2 956 | 6 | 38 089 |
| Accumulated amortization and impairment at 1 Jan 2020 | - | -160 | -3 977 | -1 114 | -496 | - | -5 747 |
| Amortizations | - | -64 | -286 | -663 | -246 | - | -1 259 |
| Accumulated amortization and impairment at 31 Mar 2020 | - | -225 | -4 264 | -1 778 | -742 | - | -7 009 |
| Net carrying value at 1 Jan 2020 | 125 757 | 2 436 | 1 831 | 25 386 | 2 460 | 56 | 32 169 |
| Net carrying value at 31 Mar 2020 | 125 800 | 2 380 | 1 759 | 24 723 | 2 214 | 6 | 31 082 |
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
Property, plant and equipment
| EUR thousand | Buildings | Buildings right-of-use | Machinery and equipment | Machinery and equipment right-of-use | Other | Advances paid | Total |
|---|---|---|---|---|---|---|---|
| Cost at 1 Jan 2020 | 1080 | 9 616 | 1 646 | 341 | 102 | - | 12 786 |
| Additions | 30 | 10 | - | 444 | - | - | 484 |
| Disposals | - | -22 | -61 | -134 | - | - | -217 |
| Revaluation | - | -356 | - | - | - | - | -356 |
| Cost at 31 Mar 2021 | 1 110 | 9 249 | 1 585 | 651 | 102 | - | 12 696 |
| Accumulated depreciation and impairment at 1 Jan 2021 | -658 | -3 871 | -959 | -241 | -73 | - | -5 802 |
| Disposals | - | 22 | - | - | - | - | 22 |
| Depreciation | -34 | -477 | -40 | -34 | - | - | -585 |
| Impairment | - | - | -10 | - | - | - | -10 |
| Accumulated depreciation and impairment at 31 Mar 2021 | -691 | -4 325 | -1 009 | -275 | -73 | - | -6 373 |
| Net book value at 1 Jan 2021 | 422 | 5 745 | 687 | 100 | 29 | - | 6 984 |
| Net book value at 31 Mar 2021 | 419 | 4 924 | 577 | 376 | 29 | - | 6 324 |
| EUR thousand | Buildings | Buildings right-of-use | Machinery and equipment | Machinery and equipment right-of-use | Other | Advances paid | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cost at 1 Jan 2020 | 125 757 | 2 596 | 5 808 | 26 500 | 2 956 | 56 | 37 916 |
| Translation differences | -1 | - | - | - | - | - | - |
| Acquisitions | 2 353 | - | - | 370 | 360 | - | 730 |
| Additions | - | 21 | 2 336 | - | - | - | 2 357 |
| Classification as held for sale | -173 | - | - | - | - | - | - |
| Transfers between classes | - | 6 | - | - | - | -56 | -50 |
| Cost at 31 Dec 2020 | 127 938 | 2 623 | 8 144 | 26 870 | 3 315 | - | 40 953 |
| Accumulated amortization and impairment at 1 Jan 2021 | -160 | -3 971 | -1 114 | -496 | - | - | -5 740 |
| Amortizations | - | -260 | -1 024 | -2 666 | -1 001 | - | -4 951 |
| Impairment | - | - | -531 | - | - | - | -531 |
| Accumulated amortization and impairment at 31 Jan 2021 | - | -420 | -5 526 | -3 780 | -1 496 | - | -11 222 |
| Net carrying value at 1 Jan 2020 | 125 757 | 2 436 | 1 831 | 25 386 | 2 460 | 56 | 32 169 |
| Net carrying value at 31 Dec 2020 | 127 938 | 2 203 | 2 619 | 23 090 | 1 819 | - | 29 731 |
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021
| EUR thousand | Buildings | Buildings right-of-use | Machinery and equipment | Machinery and equipment right-of-use | Other | Advances paid | Total |
|---|---|---|---|---|---|---|---|
| Cost at 1 Jan 2020 | 962 | 6 409 | 1 947 | 388 | 102 | 557 | 10 366 |
| Translation differences | - | -12 | -3 | -10 | - | - | -25 |
| Additions | 27 | - | 11 | 52 | - | 157 | 247 |
| Disposals | - | - | -88 | - | - | -77 | -165 |
| Revaluation | - | 189 | - | - | - | - | 189 |
| Cost at 31 Mar 2020 | 988 | 6 587 | 1 867 | 430 | 102 | 637 | 10 611 |
| Accumulated depreciation and impairment at 1 Jan 2020 | -532 | -2 017 | -753 | -233 | -51 | - | -3 585 |
| Translation differences | - | 5 | 3 | 4 | - | - | 12 |
| Depreciation | -27 | -425 | -72 | -25 | - | - | -549 |
| Accumulated depreciation and impairment at 31 Mar 2020 | -560 | -2 437 | -821 | -254 | -51 | - | -4 123 |
| Net book value at 1 Jan 2020 | 430 | 4 392 | 1 194 | 155 | 52 | 557 | 6 780 |
| Net book value at 31 Mar 2020 | 430 | 4 149 | 1 045 | 176 | 52 | 637 | 6 488 |
| EUR thousand | Buildings | Buildings right-of-use | Machinery and equipment | Machinery and equipment right-of-use | Other | Advances paid | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cost at 1 Jan 2020 | 962 | 6 409 | 1 947 | 388 | 102 | 557 | 10 366 |
| Translation differences | - | 0 | 0 | -1 | - | - | -0 |
| Business combinations | - | - | 4 | - | - | - | 4 |
| Additions | 119 | 3 403 | 26 | 122 | - | 578 | 4 248 |
| Disposals | - | -24 | -296 | - | - | -1 135 | -1 454 |
| Classification as held for sale | - | -215 | -36 | -152 | - | - | -403 |
| Revaluation | - | 42 | - | -17 | - | - | 25 |
| Cost at 31 Dec 2020 | 1 080 | 9 616 | 1 646 | 341 | 102 | - | 12 786 |
| Accumulated depreciation and impairment at 1 Jan 2020 | -539 | -2 017 | -753 | -233 | -51 | - | -3 592 |
| Translation differences | - | -1 | -0 | 0 | - | - | -1 |
| Classification as held for sale | - | 106 | 36 | 97 | - | - | 239 |
| Depreciation | -119 | -1 914 | -242 | -105 | -23 | - | -2 403 |
| Impairment | - | -45 | - | - | - | - | -45 |
| Accumulated depreciation and impairment at 31 Dec 2020 | -658 | -3 871 | -959 | -241 | -73 | - | -5 802 |
| Net book value at 1 Jan 2020 | 430 | 4 392 | 1 194 | 155 | 52 | 557 | 6 780 |
| Net book value at 31 Dec 2020 | 422 | 5 745 | 687 | 100 | 29 | - | 6 984 |
17
Financial assets and liabilities measured at fair value
Below is presented the fair value hierarchy of the financial instruments recognized at fair value.
| EUR thousand | 31 Mar 2021
Fair value | Level | 31 Mar 2020
Fair value | Level | 31 Dec 2020
Fair value | Level |
| --- | --- | --- | --- | --- | --- | --- |
| Investments in shares, listed | - | 1 | 190 | 1 | 351 | 1 |
| Investments in shares, unlisted | 240 | 3 | 243 | 3 | 235 | 3 |
During the reporting period there were no transfers between hierarchy levels 1, 2 or 3.
The fair values of the financial assets and liabilities measured at amortized cost are not materially different from the carrying values.
Commitments and contingencies
Eezy has a group cash pooling arrangement managed by Eezy Plc and the arrangement includes all subsidiaries. All current and future cash pool receivables are a used as a comprehensive guarantee for liabilities on the bank accounts included in the cash pool agreement.
| EUR thousand | 31 Mar 2021 | 31 Mar 2020 | 31 Dec 2020 |
|---|---|---|---|
| Liabilities in balance sheet for which collaterals given | |||
| Borrowings non-current | 47 608 | 50 967 | 47 630 |
| Borrowings current | 4 229 | 4 029 | 4 247 |
| Total | 51 837 | 54 997 | 51 877 |
| EUR thousand | 31 Mar 2021 | 31 Mar 2020 | 31 Dec 2020 |
| --- | --- | --- | --- |
| Mortgages on own behalf | |||
| Company mortgages | 100 000 | 100 000 | 100 000 |
| Property plant and equipment | 37 | 64 | 51 |
| Total | 100 037 | 100 064 | 100 051 |
Related party transactions
Transactions and balances with related parties:
| EUR thousand | 1 Jan- 31 Mar 2021 | 1 Jan – 31 Mar 2020 | 1 Jan – 31 Dec 2020 |
|---|---|---|---|
| Companies that have significant influence | |||
| Sales | 822 | 3 361 | 9 322 |
| Purchases | -13 | -24 | -87 |
| Trade receivables | 732 | 2 643 | 797 |
| Trade payables and other liabilities | - | - | 3 |
| Associated companies | |||
| Loan receivables | 61 | 93 | 61 |
Related party transactions are made on the same terms and conditions as transactions with independent parties. Eezy had an office lease contract with a company controlled by a member of a related party until December 2020.
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Events after the review period
The annual General Meeting was held on 13 April 2021.
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Key figures, their calculation and reconciliations
Eezy presents selected key figures which relate to the performance and financial position of the company. All these key figures are not measures defined in the IFRS and they are thus considered as alternative performance measures.
Alternative performance measures should not be viewed in isolation and they are not substitutes to the key figures presented in the audited financial statements. The companies do not calculate alternative performance measures in a uniform way, and thus the alternative performance measures presented by Eezy may not be comparable with the similarly named key figures presented by other companies.
Key figures
| EUR thousand unless otherwise specified | 1 Jan – 31 Mar 2021 | 1 Jan – 31 Mar 2020 | Change % | 1 Jan – 31 Dec 2020 |
|---|---|---|---|---|
| Key figures for income statement | ||||
| Revenue | 36 599 | 55 091 | -34% | 190 637 |
| EBITDA | 2 750 | 2 794 | -2% | 13 495 |
| EBITDA margin, % | 7.5% | 5.1% | - | 7.1% |
| EBIT | 899 | 984 | -9% | 5 565 |
| EBIT margin, % | 2.5% | 1.8 % | - | 2.9% |
| Earnings per share basic EUR | 0.01 | 0.02 | - | 0.11 |
| Earnings per share diluted EUR | 0.01 | 0.02 | - | 0.11 |
| Weighted average number of outstanding shares pcs | 24 849 375 | 24 849 375 | - | 24 849 375 |
| Weighted average number of outstanding shares diluted pcs | 25 028 466 | 24 986 585 | - | 24 997 332 |
| Number of outstanding shares at the end of reporting period pcs | 24 849 375 | 24 849 375 | - | 24 849 375 |
| Key figures for balance sheet | ||||
| Net debt | 49 337 | 54 410 | - | 42 424 |
| Net debt excluding IFRS16 | 43 905 | 50 002 | - | 36 440 |
| Net debt/EBITDA¹ | 4.1 x | 2.9 x | - | 3.1 x |
| Gearing % | 47.5% | 53.3 % | - | 40.9% |
| Equity ratio % | 53.0% | 49.4 % | - | 50.6% |
| Equity per share EUR | 4.18 | 4.11 | - | 4.17 |
| Key figures for cash flow | ||||
| Operative free cash flow | -5 647 | 3 130 | - | 21 267 |
| Purchase of tangible and intangible assets | -457 | -353 | - | -2 096 |
| Acquisition of subsidiaries, net of cash acquired | - | -268 | - | -2 082 |
| Operative key figures | ||||
| Chain-wide revenue, EUR million | 56.4 | 77.9 | -28% | 282.6 |
| Franchise-fees EUR million | 1.3 | 1.4 | -5% | 6.1 |
| Light entrepreneurship invoicing volume EUR million | 8.8 | 10.7 | -18% | 41.9 |
¹ EBITDA is based on estimated pro forma EBITDA of last 12 months.
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Reconciliation of Certain Alternative Performance Measures
| EUR thousand | 1 Jan – 31 Mar 2021 | 1 Jan – 31 Mar 2020 | 1 Jan – 31 Dec 2020 |
|---|---|---|---|
| EBITDA | |||
| EBIT | 899 | 984 | 5 565 |
| IFRS3 amortization | 1 000 | 971 | 3 914 |
| Other depreciation, amortization and impairment losses | 851 | 838 | 4 016 |
| EBITDA | 2 750 | 2 794 | 13 495 |
| Operative free cash flow | |||
| Cash flows from operating activities before financial items and taxes | -5 190 | 3 483 | 23 363 |
| Purchase of tangible and intangible assets | -457 | -353 | -2 096 |
| Operative free cash flow | -5 647 | 3 130 | 21 267 |
EEZY PLC | INTERIM REPORT JANUARY–MARCH 2021
Calculation of key figures
Key figures for income statement
EBITDA = Operating profit + Depreciation – amortization and impairment losses
EBITDA margin, % = EBITDA / Revenue x100
Operating profit (EBIT) = Operating profit
Operating profit margin, % = Operating profit / Revenue x100
Earnings per share, basic = Profit for the period attributable to the owners of the parent company / Weighted average number of outstanding shares
Earnings per share, diluted = Profit for the period attributable to the owners of the parent company / Weighted average number of outstanding shares taking into account obligations arising from potential dilutive share issues of the Parent Company in the future
Key figures for the balance sheet
Net debt = Interest bearing liabilities – interest-bearing receivables – cash at bank and in hand
Net debt excluding IFRS16 = Net debt – IFRS 16 items
Net debt / EBITDA = Net debt / EBITDA
Gearing = Net debt / Equity x100
Equity ratio = Equity / (Total equity and liabilities – advances received) x100
Equity per share = Equity / Number of outstanding shares at the end of reporting period
Cash flow key figures
Operative free cash flow = Cash flow from operating activities presented in the cash flow statement before financing items and taxes – purchase of tangible and intangible assets
Purchase of tangible and intangible assets = Investments in tangible and intangible assets presented in the cash flow statement
Acquisition of subsidiaries, net of cash acquired = Acquired shares of subsidiaries presented in the cash flow statement
Operative key figures
Chain-wide revenue = Consolidated revenue + revenue of chain franchisees – franchise fees (and other significant internal chain revenue) light entrepreneurship invoicing volume to the extent it is excluded from consolidated revenue
Franchise fees = Fees paid by franchisees based on revenue and/or gross profit + initial fees
Light entrepreneurship invoicing volume = Invoicing volume of the light entrepreneurship services
EEZY PLC | INTERIM REPORT JANUARY-MARCH 2021