Company release
The Finnish materials technology company
The most significant effects caused by the transition to IFRS reporting:
- IFRS 16 Leases - In accordance with IFRS, a right-of-use asset and a lease liability will be recorded on the balance sheet. These increase the balance sheet's long-term assets and financial liabilities. The increase in financial liabilities affects both the net debt and the equity ratio. According to FAS, rental payments are recorded in other business expenses for the rental period, and rental payments are at the end of the financial year presented as off-balance sheet liabilities. In the IFRS financial statements, rental expenses are adjusted from other business expenses to amortization of lease debt and interest expense. Depreciation of right-of-use assets recorded in the balance sheet is recorded in the income statement. These have an impact on the EBITDA indicator.
- IFRS 2 Share-based payments - The Group has option-based incentive and commitment plans, aimed to encourage the management and key persons and employees to work to increase shareholder value in the long term. In the FAS financial statements, option programs are not recorded in the income statement. According to IFRS, the fair value of stock options must be amortized as an expense in the income statement during the period in which the stock options are created. This has an impact on the EBITDA indicator.
- IAS 32 Listing costs - According to IFRS, transaction costs arising from equity transactions (e.g. initial public offering) should be treated as a reduction of equity in accounting to the extent that they are additional costs that directly result from equity transactions and which would otherwise have been avoided. The Group has transaction costs that are directly related to the issuance of new shares. In accordance with FAS, these are recorded as expenses in the income statement. With the application of IFRS, the expenses have been recorded to reserve for invested unrestricted equity.
(EUR thousand, unless otherwise specified) | |
Financial indicators (IFRS) | |
Net sales | 10 |
Gross margin1 | 7 |
EBITDA1 | -4 777 |
Operating profit (loss) | -5 513 |
Profit before appropriations and taxes | -5 587 |
Profit for the financial period | -4 124 |
Earnings per share, adjusted and unadjusted for dilution, EUR1,2 | -0.39 |
Cash and cash equivalents (at the end of the period) | 37 355 |
Operational indicators | |
Personnel (average number during the financial period) | 23 |
Number of pilot customers1 | 12 |
Betolar uses certain alternative performance measures (gross margin, EBITDA, EPS and number of pilot customers) as indicators of operational profitability and performance. The definitions and calculation formulas of these measures are enclosed to the report.-
The weighted average used in the calculation of earnings per share is as follows:
31 December 2021 : 10,448,522 shares.
The definitions of the key figures are presented in the attachment of this release.
During the first quarter of 2023,
For more information about historical financial information prepared in accordance with FAS, please visit
Further enquiries
Riikka Ylikoski, CFO,
Certified Adviser:
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