1
Eezy Plc
Report of the Board of Directors and Financial Statements
1 January – 31 December 2022
2
Contents
Page
Report of the Board of Directors 3 - 7
Statement of non-financial information 8 – 10
Key figures 11 - 13
Consolidated financial statements (IFRS) 14 - 54
Parent company financial statements (FAS) 55 - 63
Signatures to the Financial Statements and Report of the Board of Directors 64
Auditor’s Report 65
Non-official version and translation.
These financial statements must be stored for at least ten years from the end of the financial year, or until 31 December 2032.
The vouchers for the financial year must be stored for at least six years after the end of the year during which the financial year
ended, or until 31 December 2028.
3
Report of the Board of Directors
Market review
The HR services market relevant to Eezy’s business includes staffing services, light entrepreneurship services and selected
professional services. 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 3.4 billion in 2022, of
which the staffing services were EUR 2.7 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 over EUR 300 million.
According to The Private Employment Agencies Association (HPL), the revenue of the largest companies in the staffing service
market increased approx. 7% in December 2022 and approx. 14% in January–December compared to last year. According to
HPL, the economic outlook in staffing services has weakened.
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
common.
Business developments
Corona virus has strongly affected our business for the last three years. The restrictions related to Corona have ended during
the year, but they impacted the early part of the year negatively.
General economic conditions have weakened clearly during the second year-half, which affected some of our businesses.
Growth has slowed in most of our business areas, and the revenue has even decreased in some businesses.
Workforce availability is still an important factor for our customers, but the role of staffing services as a provider of flexible
workforce has grown again.
Horeca sector developed mainly positively, and the delivery volumes in the sector grew clearly in the early part of the year. We
expected even higher growth but missed our growth targets due to workforce shortages.
The negative effects of the general economy have been most visible in our industry and construction sector, where volumes
grew in spring, but turned into decline toward the end of the year. The revenue of our franchise chain decreased clearly during
the quarter. However, the volume development varies a lot by customer.
The sick-leaves have continued on a higher level than in the earlier years, but the difference to the previous year has during the
second year-half not been quite as large as in the first year-half. We estimate that in the near future sick leave costs will remain
on a higher level than in the earlier years, and we aim to accommodate into that in our pricing.
Revenue
Eezy’s revenue amounted to EUR 247.6 million (203.3), increasing by 22% compared to the corresponding period in the
previous year.
Revenue increased by 19% in the staffing service area. In the professional services area revenue increased by 66% due both
organic growth and the Valmennuskeskus acquisition in 2021 and Leidenschaft/Siqni acquisition in April 2022. In the light
entrepreneurship service area revenue increased by 2%.
Eezy’s chain-wide revenue amounted to EUR 351.6 million (305.5) increasing by 15%. Franchise fees totaled EUR 6.3 million
(7.1). The invoicing volume of light entrepreneurship services was EUR 42.3 million (41.4).
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Revenue by service area
EUR million
1–12/2022
1–12/2021
Change %
Staffing services
212.7
178.1
19%
Franchise fees
6.3
7.1
-11%
Professional services
26.1
15.7
66%
Light entrepreneurship services
2.5
2.5
2%
Total
247.6
203.3
22%
Result
EBITDA was EUR 18.2 million (19.5). Operating profit was EUR 10.0 million (11.8). The sick leaves' profit impact has been EUR
-6.0 million (-3.3). Non-recurring costs related to acquisitions, change negotiations and the CEO change were approx. EUR 1.0
million. A non-recurring income of EUR 1.7 million and a corona subsidy from State treasury totaling EUR 1.0 million were
included in the result in comparative period last year.
Total depreciation, amortization and impairment was EUR 8.2 million (7.7), of which EUR 4.1 million (4.0) was acquisition
related amortization. The result before taxes was EUR 9.1 million (10.3) and the result for the period was EUR 7.5 million (8.1).
Earnings per share was EUR 0.29 (0.31).
Financial position and cash flow
Eezy's consolidated balance sheet on 31 December 2022 amounted to EUR 216.7 million (206.8), of which equity made up
EUR 113.1 million (109.1).
In March, a new bank loan of EUR 8.0 million was drawn to finance the acquisitions in April 2022. As of 31 December 2022, the
Group has liabilities to credit institutions amounting to EUR 52.1 million (48.3). of which EUR 47.6 (43.9) was non-current.
Cash balance on 31 December 2022 was EUR 5.8 million (6.1). The Group has overdraft facilities in total of EUR 10.0 million,
all of which were unused on 31 December 2022.
Equity ratio stood at 52.2% (52.8%). The Group’s net debt including IFRS16 leasing items on 31 December 2022 amounted to
EUR 52.5 million (48.7). Net debt excluding IFRS16 leasing items was EUR 47.3 million (44.2). The net debt/EBITDA ratio was
2.9 x (2.4 x).
Operative free cash flow amounted to EUR 13.9 million (6.2).
Investments and acquisitions
Eezy’s investments in subsidiary shares presented in the cash flow statement amounted to EUR 6.1 million (4.6). Investments
include acquisitions of Farenta Oy, The Siqnificant Company Oy and Leidenschaft Oy as well as increasing the ownership in
Eezy Valmennuskeskus Ltd.
In line with its strategy, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd from
Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest
pharmacy staffing service operator in Finland.
In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture
companies The Siqnificant Company Ltd and Leidenschaft Ltd on 1 April 2022. The companies will become part of Eezy Flow
Ltd, which offers management, strategy, research and change management services. Leidenschaft is Finland’s first business
culture agency, whose mission is to develop business culture into real competitive advantage. The Siqnificant Company’s
product, Siqni, is the world’s first tool for gaining employee understanding and measuring employee experience.
Additionally, Eezy made an investment of EUR 0.2 million in minority shareholding of VeggArt’s Oy that offers services for
immigrants.
Investments in tangible and intangible assets totaled EUR 3.0 million (1.7). Investments in tangible and intangible assets were
mainly related to IT investments.
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Employees
Eezy employs people in Group functions and as staffed employees assigned to customer companies. Eezy employed on
average of 527 (374) people in Group functions and on average 3 837 (3 320) 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.
Changes in management
Eezy announced in February 2022 that Content Director Isa Merikallio will leave the management team.
In August, Eezy announced that HR Director Hanna Lehto will start maternity leave. Director Mikko Innanen will act as her
substitute and as a member of the management team. Innanen will also continue in his role as the development director.
Marleena Bask started in October as the Chief Marketing and Communications officer as well as a member of the Group
management.
Eezy announced on 19 December 2022 that CEO will change and Sami Asikainen will leave the company. The recruitment
process of a new CEO has been started and the deputy CEO Pasi Papunen will act as the interim CEO.
On 31 December 2022 the management team members are:
• Pasi Papunen, interim CEO
• Hannu Nyman, CFO
• Thomas Hynninen, Staffing services
• Päivi Salo, CDO
• Marleena Back, CMO
• Mikko Innanen, Development, HR
• (Hanna Lehto, HR, maternity leave)
Shares and shareholders
On 31 December 2022, Eezy Plc had 25 046 815 (25 046 815) registered shares. The company holds no treasury shares. The
company had 2 787 (2 627) shareholders, including nominee registered shareholders.
In January–December 2022, a total of 2 656 037 (4 046 053) shares were traded and the total trading volume was EUR 12.5
million (23.7). During the period, the highest quotation was EUR 6.38 (7.20) and the lowest EUR 3.01 (4.90). The volume-
weighted average price of the share was EUR 4.71 (5.85). The closing price of the share at the end of December was EUR 3.12
(5.98) and the market value stood at EUR 78.1 million (149.8).
On 31 December 2022, the members of the Board of Directors and the members of the management team owned a total of 394
470 (1 237 129) Eezy shares, corresponding to approximately 1.6% (4.9%) 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.
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Ten largest shareholders as of 31 December 2022:
Shareholder
Shares
%
1. Sentica Buyout V Ky
6 105 458
24.38
2. NoHo Partners Oyj
5 139 745
20.52
3. Meissa-Capital Oy
3 223 071
12.87
4. Evli Finnish Small Cap Fund
1 341 126
5.35
5. OP Finland Micro Cap Fund
844 668
3.37
6. Asikainen Sami
414 350
1.65
7. Säästöpankki Small Cap Fund
322 200
1.29
8. WestStar Oy
293 398
1.17
9. Church Pension Fund
282 155
1.13
10. Ilmarinen Mutual Pension
274 261
1.09
10 largest in total
18 240 432
72.83
Nominee-registered
1 954 767
7.80
Others
4 851 616
19.37
Total
25 046 815
100.00
The company has received flagging notices during the period: The ownership of Evli Bank Plc has exceeded 5% and the
ownership of Handelsbanken Fonder has decreased below 5%.
Governance
The Corporate Governance Statement and the Remuneration Report are issued separately from the Report of the Board of the
Directors, and the documents are available at the company’s website.
Annual General Meeting
The Annual General Meeting (AGM) was held on 12 April 2022. The AGM adopted the Financial Statements for the year 2021.
The AGM decided that for year 2021 a dividend of EUR 0.15 per share is distributed in two tranches. The first tranche of the
dividend, EUR 0.10 per share and EUR 2.5 million in total, was paid in April 2022. The second tranche of the dividend, EUR
0.05 per share and EUR 1.3 million in total, was paid in October 2022.
The AGM elected eight members to the board of directors. Tapio Pajuharju, Kati Hagros, Liisa Harjula, Timo Mänty, Paul-Petteri
Savolainen, Jarno Suominen and Mika Uotila were re-elected as members of the board of directors. Mikko Wirén was elected as
a new member 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.
The Board decided to establish a Human Resources Committee which assists the Board by preparing matters pertaining to the
remuneration and nomination of the Company’s CEO and other management, as well as the Company’s remuneration
principles. Tapio Pajuharju was elected as Chairman of the Human Resources Committee and Mika Uotila and Mikko Wirén as
members of the Human Resources Committee.
Valid authorizations
The authorizations given by the AGM on 12 April 2022 are described in detail in the stock exchange release about the AGM's
decisions.
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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 2 500 000 shares.
The authorisation is valid until the end of the annual general meeting of 2023, 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 2 500 000 shares. The
authorisation is valid until the end of the annual general meeting of 2023, however, for a maximum of 18 months. The
authorization is unused.
Long-term incentive plan
In March, Eezy Plc’s board of directors resolved to extend the third earning period of the long-term incentive plan for the
company’s key employees, which has been announced in November 2021. The third earning period shall be 16 months, starting
on 1 December 2021 and ending on 31 March 2023. According to the previous decision a maximum of 246 000 reward shares
could be awarded for the third earning period. The reward criteria for the third earning period are based on Eezy Plc’s revenue
and operating profit margin. It is currently estimated that no shares will be earned for the period.
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.
Poor economic development and high inflation in Finland may have an 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.
Sick leaves may negatively affect Eezy through the sick leaves of either staffed employees or employees in group functions, as
well as by disturbing or stopping customers’ businesses.
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 2023
Eezy expects revenue to be approx. EUR 250 million and EBIT-% to grow in 2023.
Dividend proposal
The parent company’s distributable funds in the financial statement on 31 December 2022 was EUR 125.7 million, of which
profit for the financial period was EUR 4.3 million. Board of Directors proposes a dividend of EUR 0.15 per share, of which EUR
0.10 will be paid in April and 0.05 in October.
Helsinki, 15 February 2023
Eezy Plc
Board of Directors
8
Statement of non-financial information
Eezy’s business
Eezy Group consist of the parent company Eezy Plc and its subsidiaries. Eezy’s business operations are divided into two
business areas: The Staffing Services business unit and the Professional Services business unit.
The Staffing Services business unit provides staffing services to customers and employees. In staff leasing, Eezy serves
corporate customers, with the employee being in an employment relationship with Eezy and working for the customer company
for a specified period of time. Eezy offers staffing services through its own units as well as through franchisees.
The Professional Services business unit provides HR research, training and development services, management consulting and
coaching as well as recruitment services (executive search, suitability assessments and relocation). The unit also includes
tutoring services for upper secondary school students and university students as well as employment services ranging from
coaching, integration, guidance and rehabilitation services. Eezy’s light entrepreneurship services enable private individuals to
operate as independent entrepreneurs without having to start their own company, by invoicing their customers through Eezy’s
service.
With its extensive range of services, Eezy responds to the changing needs of working life in Finland. Eezy’s diverse and
nationwide service network enables the company to serve as a comprehensive partner to customers and individuals. Eezy is a
significant employer – we paid wages to approximately 32,000 people in 2022.
Responsible employer
Eezy’s mission is to help employers and employees succeed in the ever-changing work life. Eezy’s business, growth and
success are based on highly competent personnel, taking both the Group’s direct personnel and staffed employees into
consideration.
In all of its operations, Eezy observes collective agreements and applicable legislation. Eezy cooperates with trade unions, the
public sector and educational institutions. We pay our taxes in Finland.
The central themes of Eezy’s HR policy are well-being at work, occupational safety, equality and non-discrimination. Eezy
coaches its employees to enable professional development. In 2022, we trained 28 people through JYEAT training programme
and 15 people through the LIAT training programme. In addition, we trained our personnel in topical issues with the help of e.g.
legal department and HR.
The well-being at work of Eezy employees is measured by regular job satisfaction surveys and by monitoring sickness absence
rates. In February 2022, we studied the strengths, development areas and work culture of our organisation with the
PeoplePower® personnel survey. The response rate was excellent, 92.7%. The level of dedication of Eezy’s personnel is clearly
higher than that of the average Finnish employee-intensive organisation. All individual survey indices exceeded both the
external standard and the 2020 result level. The commitment index was the strongest compared to the external standard. Faith
in recent development and a bright future, as well as the strong communication strongly associated with these, were the
Group’s clearest strengths. In addition, the concrete prerequisites for smooth work (tools, premises, investments in well-being)
were among the strengths. On the other hand, stress, high turnover and clarity of goals and operations were our development
areas in terms of overall results.
Sickness absence rates increased compared to 2021. Part of the increase in sickness absence rates was attributable to COVID-
19, but the majority are related to the general increased caution when it comes to sickness – people no longer go to work with a
runny nose. Monitoring sickness absence rates and preventive occupational health are critical to our business, so we will invest
increasingly in this in 2023.
We take care of the occupational safety of both our in-house employees and staffed employees in cooperation with our
customers. Eezy has an active occupational health and safety committee that is responsible for the occupational safety of
Eezy’s in-house employees and works together with customer companies to develop the occupational safety of staffed
employees. Occupational accident monitoring is carried out together with the occupational health care provider on the basis of
accident statistics. The majority of accidents at work in 2022 were minor accidents. The development of occupational safety is
one of our key projects in 2023. For example, we will develop our operating model together with the occupational health care
provider and the employment pension insurance company and strengthen the employee orientation model together with our
customers.
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In its operations, Eezy follows its equality and non-discrimination plan, in which the main focus is on ensuring equality in
recruitment, career development and remuneration, reconciling work and family life and preventing direct and indirect
discrimination.
Eezy is committed to preventing all forms of corruption, including extortion and bribery. No favours, gifts or benefits are offered
or received that could reasonably be expected to influence decision-making within the company.
For Eezy, data protection is an extremely important part of good governance and our responsibility work. Eezy has established
a data protection and data security organisation based on the EU’s General Data Protection Regulation (GDPR) and the
company has operating processes in place to ensure appropriate data protection and data security. Data protection training is
part of our orientation programme and we regularly train our employees on data protection practices. There were 6 security
breaches in 2022. None of these posed a high risk to the rights of the data subject and all cases were promptly rectified in
accordance with our process.
Eezy uses a Whistleblowing channel to facilitate the external and internal reporting of suspected misconduct in accordance with
the EU’s Whistleblower Directive.
Reformer of working life
Eezy has an extensive service offering related to reforming the Finnish working life. The relationship with work and work
patterns is changing, labour shortages are affecting many sectors and digitalisation is changing the needs and roles of working
life. It is critical for our society that we are able to respond to these changes and challenges.
Eezy plays an important role in extending working careers and preventing social exclusion. Eezy works closely together with
Employment and Economic Development Offices and various employment promotion projects. Eezy provides advice and
training to the hard-to-employee on questions concerning working life, offers integration services for immigrants and is a
significant employer of young people. In 2002, we trained 8,000 jobseekers through Eezy Employment Services, of which about
3,000 were employed.
Eezy Pikaduuni promotes the employment of young people by offering 15–19-year-olds the opportunity for summer work. This
helps prevent the social exclusion of young people, provide all young people with an equal opportunity to find a summer job and
provide young people with a low threshold for the first step into working life. In summer 2022, Eezy employed nearly 800 young
people in twelve municipalities through Pikaduuni. The proceeds of the campaign, EUR 10,000, were donated to SOS
Children’s Villages’ “Unelmista totta” (“Dreams come true”) project. It enables recreation for those children whose families are in
very difficult financial situations.
Employing people with an immigrant background is very important to Eezy, but also to our society as a whole. The labour
shortage is huge in many sectors, and employment helps reduce prejudice and improve cohesion between immigrants and the
native population. In 2022, we employed a total of about 3,000 immigrants already residing in Finland. Eezy Shine, Finland’s
first staff leasing company specialising in employing immigrants, opened a service point in October 2022 at Itäkeskus in
Helsinki. Eezy Shine serves job seekers in up to 32 languages. Eezy franchise entrepreneur Sirpa Kilpeläinen and her team
have employed more than 200 Ukrainians in the Päijät-Häme region through their relentless work. In November, she received
an honorary mention at the Recruitment Gala event for her work to employ Ukrainians.
In 2022, we recruited approximately 600 people from abroad to Finland for the needs of our customers. The process of
recruiting foreign personnel has been audited by a third party. It excludes the possibility of human trafficking and verifies
compliance with labour law. Eezy’s ERP system is tied to the validity of work permits and certificates required to perform the
work, and the payment of wages requires a personal account number to prevent misuse. With regard to imported labour, we
commit our customers to a 12-month work period in order to ensure that the employee is well settled in Finland. Eezy provides
support throughout the employment relationship for both the customer and the employee.
Eezy Flow and Leidenschaft and Siqni, which joined Eezy in 2022, study, design and coach companies for better leadership,
corporate culture, strategies and change capabilities. Individuals and companies that feel good create successes in working life,
and a humanly sustainable working life is a huge resource for the well-being of our society as a whole. In 2022, we studied the
job satisfaction of more than 100,000 Finnish employees with the PeoplePower® personnel survey. The survey was conducted
in 26 different languages. We mentored about 20,000 people in areas such as change management and better managerial
work.
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Our climate and environmental footprint
Eezy has an environmental policy established in 2021, which aims to develop and enhance environmentally friendly operations
in the company. As part of the environmental programme, the office premises have extensive recycling facilities, staff are
encouraged to use public transport and, if possible, to have remote meetings. In addition to Eezy’s own employees,
environmental and climate impacts arise from leased employees’ commuting. The priorities for 2023 include updating the
environmental policy.
The company has estimated that climate change will not have significant direct impacts, as the company’s business operations
do not involve significant raw material or energy purchases. Climate change mainly has indirect effects through the climate
sensitivities of different customer industries. The company’s broad customer base reduces dependence on individual
customers.
Information in accordance with the EU Taxonomy
Regulation
The European Union’s Taxonomy Regulation establishes the basis for the EU Taxonomy and is part of the EU’s sustainable
finance package. Companies are required to disclose information on the share of their turnover, capital expenditure and
operational expenditure associated with Taxonomy-eligible operations. Eezy’s interpretation is that none of its business
operations belong to the sectors covered by the Taxonomy. In other words, 0% of Eezy’s revenue, capital expenditure and
operational expenditure have been Taxonomy-eligible, both in 2022 and 2021. Therefore, the company has had no Taxonomy-
aligned operations in 2022 and 2021.
Helsinki, 15 February 2023
Eezy Plc
Board of Directors
11
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. 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
2022
2021
2020
2019
2018
Key figures for income statement
Revenue
247 596
203 328
190 637
169 784
81 698
EBITDA
18 231
19 492
13 495
12 586
10 070
EBITDA margin, %
7.4%
9.6%
7.1%
7.4%
12.3%
EBIT
10 004
11 812
5 565
8 022
8 154
EBIT margin, %
4.0%
5.8%
2.9%
4.7%
10.0%
Earnings per share, basic, EUR
0.29
0.31
0.11
0.25
0.38
Earnings per share, diluted, EUR
0.28
0.30
0.11
0.25
-
Weighted average number of outstanding
shares, pcs
25 046 815
24 883 655
24 849 375
18 296 109
10 559 819
Weighted average number of outstanding
shares, diluted, pcs
25 287 264
25 081 134
24 997 332
18 301 372
-
Number of outstanding shares at the end of
reporting period, pcs
25 046 815
25 046 815
24 849 375
24 849 375
14 799 198
Key figures for balance sheet
Net debt
52 466
48 702
42 424
56 513
14 023
Net debt excluding IFRS16
47 307
44 200
36 440
51 887
11 373
Net debt/EBITDA
2.9 x
1
2.4 x
1
2.9 x
1
2.7 x
1
1.3 x
Gearing, %
46.4%
44.6%
40.9%
55.5%
27.6%
Equity ratio, %
52.2%
52.8%
50.6%
48.6%
52.8%
Equity per share, EUR
4.51
4.36
4.17
4.10
3.43
Key figures for cash flow
Operative free cash flow
13 908
6 244
19 269
11 545
8 970
Purchase of tangible and intangible assets
-2 998
-1 688
-2 096
-1 691
-667
Acquisition of subsidiaries, net of cash
acquired
-6 125
-4 609
-2 082
-11 417
-7 937
Operative key figures
Chain-wide revenue, EUR million
351.6
305.5
282.6
285.6
207.4
Franchise-fees, EUR million
6.3
7.1
6.1
7.8
8.9
Light entrepreneurship invoicing volume,
EUR million
42.3
41.4
41.9
49.9
46.1
1
EBITDA is based on estimated pro forma EBITDA of last 12 months.
12
Reconciliation of Certain Alternative Performance Measures
EUR thousand
2022
2021
2020
2019
2018
EBITDA
EBIT
10 004
11 812
5 565
8 022
8 154
Acquisiton related amortization
1)
4 061
4 045
3 914
1 645
16
Other depreciation, amortization
and impairment losses
4 165
3 636
4 016
2 919
1 900
Total depreciation, amortization
and impairment losses
8 226
7 680
7 929
4 564
1 916
EBITDA
18 231
19 492
13 495
12 586
10 070
Operative free cash flow
Cash flows from operating
activities before financial items
and taxes
19 494
9 982
23 363
14 752
10 510
Purchase of tangible and
intangible assets
-2 998
-1 688
-2 096
-1 691
-667
Payment of lease liabilities
-2 588
-2 050
-1 998
-1 516
-873
Operative free cash flow
13 908
6 244
19 269
11 545
8 970
1
The acquisition related amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations.
13
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 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
Key figures for cash flow
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 – payment of lease liabilities
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
14
Consolidated financial statements
1 January – 31 December 2022
15
Consolidated statement of comprehensive
income (IFRS)
EUR thousand
Note
1 Jan – 31 Dec 2022
1 Jan – 31 Dec 2021
Revenue
3
Other operating income
4
Share of result of equity accounted investments
Materials and services
5
-9 379
-6 059
Personnel expenses
6, 7
-202 825
-165 576
Other operating expenses
9, 10
-17 515
-15 270
Depreciation, amortization and impairment losses
8
-8 226
-7 680
Operating profit
Financial income
11
Financial expense
11
-1 642
-1 614
Financial income and expenses
11
-879
-1 465
Profit before taxes
Income taxes
12
-1 654
-2 266
Profit for the financial year
Profit attributable to
Owners of the parent company
Non-controlling interests
Profit for the financial year
Earnings per share, basic (EUR)
23
Earnings per share, diluted (EUR)
23
Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in the fair value of share investments
18
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations
Other comprehensive income for the financial year, net of
tax
Total comprehensive income for the financial year
Total comprehensive income attributable to
Owners of the parent company
Non-controlling interests
Total comprehensive income for the financial year
The notes are an integral part of the consolidated financial statements.
16
Consolidated balance sheet (IFRS)
EUR thousand
Note
31 Dec 2022
31 Dec 2021
ASSETS
Non-current assets
Goodwill
15
Intangible assets
15
Property, plant and equipment
16
Equity accounted investments
29
Investments in shares
18
Receivables
20, 26
Deferred tax asset
19
Total non-current assets
Current assets
Trade receivables and other receivables
20, 26
Current income tax receivables
Cash and cash equivalents
21
Total current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity attributable to the owners of the parent company
Share capital
22
Reserve for invested unrestricted equity
22
Retained earnings
22
-1 857
Total equity attributable to the owners of the parent
company
Non-controlling interests
Total equity
Non-current liabilities
Loans from financial institutions
24, 26
Lease liabilities
24, 26
Other liabilities
25, 26
Deferred tax liability
19
Total non-current liabilities
Current liabilities
Loans from financial institutions
24, 26
Lease liabilities
24, 26
Trade payables and other liabilities
25, 26
Current income tax liabilities
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
The notes are an integral part of the consolidated financial statements.
17
Consolidated cash flow statement (IFRS)
EUR thousand
Note
1 Jan – 31 Dec 2022
1 Jan – 31 Dec 2021
Cash flows from operating activities
Customer payments received
Cash paid to suppliers and employees
-229 242
-186 967
Cash flows from operating activities before
financial items and taxes
Interest paid
-1 518
-1 497
Interest received
Other financial items
Income taxes paid
-3 507
-2 497
Proceeds from repayments of loans
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible and intangible assets
15, 16
-2 998
-1 688
Proceeds from sale of tangible assets
16
Acquisition of subsidiaries, net of cash acquired
14
-6 125
-4 609
Disposal of subsidiaries
14
Purchase of equity accounted investments
29
-245
Proceeds from sale of investments
Proceeds from repayments of loans
Net cash flows from investing activities
-9 257
-5 065
Cash flows from financing activities
Change in non-controlling interests
-80
-41
Proceeds from non-current borrowings
24
Repayment of non-current borrowings
24
-92
Repayment of current borrowings
24
-6 941
-4 328
Payment of lease liabilities
24
-2 588
-2 050
Dividends paid
22
-4 036
-4 021
Net cash flows from financing activities
-5 737
-10 439
Net change in cash and cash equivalents
-338
-9 341
Cash and cash equivalents at the beginning of the
financial year
Cash and cash equivalents at the end of the
financial year
The notes are an integral part of the consolidated financial statements.
18
Changes in equity (IFRS)
Attributable to owners of the parent
EUR thousand
Note
Share
capital
Reserve for
invested
unrestricted
equity
Fair
value
reserve
Translation
differences
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity 1 Jan 2022
-1 857
Profit for the financial
year
Other comprehensive
income:
Change in fair value
Translation differences
Other comprehensive
income for the
financial year,
net of tax
Total comprehensive
income
Transactions with
owners
Dividend distribution
22
-3 757
-3 757
-279
-4 036
Changes in non-
controlling interests
28
-38
-38
Share based payments
7
-16
-16
-16
Total equity
31 Dec 2022
Attributable to owners of the parent
EUR thousand
Note
Share
capital
Reserve for
invested
unrestricted
equity
Fair
value
reserve
Translation
differences
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity 1 Jan 2021
-3
-50
-5 714
Profit for the financial
year
Other comprehensive
income:
Change in fair value
Translation differences
Other comprehensive
income for the
financial year,
net of tax
Total comprehensive
income
Transactions with
owners
Dividend distribution
22
-3 737
-3 737
-284
-4 021
Share issue
22
Changes in non-
controlling interests
28
-23
-23
-18
-41
Share based payments
7
Total equity
31 Dec 2021
-1 857
The notes are an integral part of the consolidated financial statements.
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
Parent company financial statements
1 January – 31 December 2022
56
Parent company income statement (FAS)
EUR
1 Jan – 31 Dec 2022
1 Jan – 31 Dec 2021
Revenue
13 905 949.54
12 064 136.50
Other operating income
49 262.19
7 101.53
Personnel expenses
Wages and salaries
-3 559 074.72
-3 119 606.46
Social security expenses
Pension expenses
-568 546.45
-509 527.35
Other social security expenses
-134 385.15
-109 490.18
Social security expenses
-702 931.60
-619 017.53
Personnel expenses
-4 262 006.32
-3 738 623.99
Depreciation, amortization and impairment losses
Depreciation and amortization according to plan
-82 788.68
-40 681.97
Depreciation, amortization and impairment losses
-82 788.68
-40 681.97
Other operating expenses
-8 555 631.87
-7 228 821.03
Operating profit (loss)
1 054 784.86
1 063 111.04
Financial income and expenses
Income from investmens in group companies
80 000.00
0,00
Other interest income and other financial income
From other companies
24.34
73.45
From group companies
1 777 361.53
1 679 042.61
Interest expenses and other financial expenses
To other companies
-1 462 712.65
-1 262 775.61
To group companies
0.00
-5.31
Financial income and expenses
394 673.22
416 335.14
Profit (loss) before appropriations and taxes
1 449 458.08
1 479 446.18
Appropriations
Group contribution
4 015 000.00
2 500 000.00
Appropriations
4 015 000.00
2 500 000.00
Income taxes
Taxes for the financial year and previous financial years
-1 114 925.76
-816 254.64
Income taxes
-1 114 925.76
-816 254.64
Profit (loss) for the financial year
4 349 532.32
3 163 191.54
57
Parent company balance sheet (FAS)
EUR
31 Dec 2022
31 Dec 2021
ASSETS
Non-current assets
Intangible assets
Intangible rights
24 440.75
30 342.93
Goodwill
0.00
94 166.69
Other non-current expenditures
199 513.52
165 850.62
Total intangible assets
223 954.27
290 360.24
Tangible assets
Machinery and equipment
65 119.15
45 366.54
Total tangible assets
65 119.15
45 366.54
Investments
Holdings in group companies
165 406 373.58
115 909 034.40
Total investments
165 406 373.58
115 909 034.40
Total non-current assets
165 695 447.00
116 244 761.18
Current assets
Non-current receivables
Receivables from group companies
4 500 000.00
47 500 000.00
Other non-current receivables
19 171.64
19 171.64
Total non-current receivables
4 519 171.64
47 519 171.64
Current receivables
Trade receivables
4 602.20
2 335.76
Receivables from group companies
32 726 213.15
35 754 774.17
Other receivables
1.18
22 875.17
Prepayments and accrued income
273 385.27
198 785.63
Total current receivables
33 004 201.80
35 978 770.73
Cash at bank and in hand
5 634 685.21
5 605 663.51
Total current assets
43 158 058.65
89 103 605.88
TOTAL ASSETS
208 853 505.65
205 348 367.06
EQUITY AND LIABILITIES
Equity
Share capital
80 000.00
80 000.00
Reserve for invested unrestricted equity
110 507 409.02
110 507 409.02
Retained earnings
10 810 238.82
11 404 069.53
Profit (loss) for the financial year
4 349 532.32
3 163 191.54
Total equity
125 747 180.16
125 154 670.09
Liabilities
Non-current liabilities
Liabilities to credit institutions
47 222 216.00
43 444 440.00
Other non-current liabilities
0.00
60 000.00
Total non-current liabilities
47 222 216.00
43 504 440.00
Current liabilities
Liabilities to credit institutions
4 222 224.00
4 222 224.00
Trade payables
501 830.82
744 729.80
Liabilities to group companies
29 445 579.83
30 100 671.38
Other liabilities
361 522.39
279 144.28
Accruals and deferred income
1 352 952.45
1 342 487.51
Total current liabilities
35 884 109.49
36 689 256.97
Total liabilities
83 106 325.49
80 193 696.97
TOTAL EQUITY AND LIABILITIES
208 853 505.65
205 348 367.06
58
Parent company cash flow statement
(FAS)
EUR
1 Jan – 31 Dec 2022
1 Jan – 31 Dec 2021
Cash flow from operating activities
Cash receipts from customers
13 689 393.39
11 831 516.36
Cash paid to suppliers and employees
-13 434 387.83
-10 424 746.33
Cash flow from operating activities
before financial items and taxes
255 005.56
1 406 770.03
Interest and expenses paid from other operating financial expenses
-1 357 305.22
-1 270 055.60
Dividends received
80 000.00
0.00
Interest received from operating activities
1 881 005.56
1 723 226.53
Other financial expenses paid
-13 098.16
-364.23
Direct taxes paid
-1 138 755.04
-606 535.03
Net cash from operating activities
-293 147.30
1 253 041.70
Cash flow from investing activities
Investments in tangible and intangible assets
-176 689.00
-99 370.25
Proceeds from sale of tangible assets
62 766.00
0.00
Investments in subsidiaries
-1 297 339.18
-4 950 846.17
Net cash from investing activities
-1 411 262.18
-5 050 216.42
Cash flow from financing activities
Repayment of current loans and borrowings
-4 222 224.00
-4 222 224.00
Group cash pool
4 512 677.43
583 696.41
Proceeds from non-current loans
8 000 000.00
0.00
Dividends paid
-3 757 022.25
-3 737 278.25
Granted loans
-5 450 000.00
-150 000.00
Group contribution received and paid
2 500 000.00
2 380 000.00
Proceeds from repayment of loans
150 000.00
0.00
Net cash from financing activities
1 733 431.18
-5 145 805.84
Net increase/decrease in cash and cash equivalents
29 021.70
-8 942 980.56
Cash and cash equivalents at beginning of financial year
5 605 663.51
14 548 644.07
Cash and cash equivalents at end of financial year
5 634 685.21
5 605 663.51
59
Notes to the Parent Company Financial
Statements
Notes to accounting principles for financial statements
Accounting principles for financial statements
The financial statements are prepared in accordance with Accounting Act on the information presented in the financial
statements.
Valuation and recognition priciples and methods
Intangible assets held under non-current assets are carried at cost consisting of related expenditures less amortization
according to plan. Tangible assets are carried at cost consisting of related variable expenditures less depreciation according to
plan.
Trade, loan and other receivables held under current assets are carried at the lower of nominal value and probable value.
Recognition priciples and methods
Cost of intangible and tangible assets held under non-current assets is amortized/depreciated in accordance with a pre-
determined plan by applying the maximum amortization/depreciation allowed under the Finnish Business Tax Act (BTA). The
cost of an asset, less its residual value, is depreciated/amortized over its estimated useful life.
Asset
Estimated usefu life, years
Depreciation/amortization:
percentage and method
Other non-current expenditures
5-10
10% or 20% straight line method
Machinery and equipment
approx. 8
maximum depreciation allowed
under BTA
IT software
5
20% straight line method
Foreign currency transactions
The receivables in foreign currencies are translated into Finnish currency using the exchange rate quoted on the balance sheet
date.
Notes to parent company
Eezy Plc, domicile Helsinki, is the parent company of the Eezy group.
A copy of the consolidated financial statements of the Eezy group is available from the Finnish patent and registration office.
Notes to the personnel and management
Average number of personnel during the financial year:
2022
2021
Salaried employees
49
44
Total
49
44
Auditor’s fees
KPMG Oy Ab
EUR
2022
2021
Statutory audit
145 689.21
142 235.18
Other advisory services
5 918.70
6 500.00
Tax advisory services
9 135.00
5 250.00
Other services
105 829.66
56 733.00
Total
266 572.57
210 718.18
60
Notes to assets
Intangible assets
EUR
Intangible
rights
Other
non-current
expenditures
Advances paid
Goodwill
Total
Cost at 1 Jan 2022
34 089.75
209 125.80
0.00
100 000.00
343 215.55
Additions
0,00
79 405.50
0,00
3 058.50
82 464.00
Disposals
0.00
0.00
0.00
-103 058.00
-103 058.50
Cost at 31 Dec 2022
34 089.75
288 531.30
0.00
0.00
322 621.05
Accumulated amortization and
impairment losses at 1 Jan 2022
-3 746.82
-43 275.18
-
-5 833.31
-52 855.31
Accumulated amortization on
disposals and reclassifications
0.00
0.00
-
15 270.82
15 270.82
Amortization
-5 902.18
-45 742.60
-
-9 437.51
-61 089.29
Accumulated amortization and
impairment losses at 31 Dec 2022
-9 649.00
-89 017.78
-
0.00
-98 666.78
Book value 1 Jan 2022
30 342.93
165 850.62
0.00
94 166.69
290 360.24
Book value at 31 Dec 2022
24 440.75
199 513.52
0.00
0.00
223 954.27
EUR
Intangible
rights
Other
non-current
expenditures
Advances paid
Goodwill
Total
Cost at 1 Jan 2021
0.00
163 845.30
0.00
0.00
163 845.30
Additions
34 089.75
154 462.50
126 907.45
100 000.00
415 459.70
Disposals
0.00
-109 182.00
-126 907.45
0.00
-236 089.45
Cost at 31 Dec 2021
34 089.75
209 125.80
0.00
100 000.00
343 215.55
Accumulated amortization and
impairment losses at 1 Jan 2021
0.00
-27 295.50
-
0.00
-27 295.50
Amortization
-3 746.82
-15 979.68
-
-5 833.31
-25 559.81
Accumulated amortization and
impairment losses at 31 Dec 2021
-3 746.82
-43 275.18
-
-5 833.31
-52 855.31
Book value 1 Jan 2021
0.00
136 549.80
0.00
0.00
136 549.80
Book value at 31 Dec 2021
30 342.93
165 850.62
0.00
94 166.69
290 360.24
61
Tangible assets
EUR
Machinery and equipment
Total
Cost at 1 Jan 2022
107 535.43
107 535.43
Additions
41 459.00
41 459.00
Cost at 31 Dec 2022
148 994.43
148 994.43
Accumulated depreciation and impairment losses at 1 Jan 2022
-62 168.89
-62 168.89
Depreciation
-21 706.39
-21 706.39
Accumulated depreciation and impairment losses
at 31 Dec 2022
-83 875.28
-83 875,28
Book value at 1 Jan 2022
45 366.54
45 366.54
Book value at 31 Dec 2022
65 119.15
65 119.15
EUR
Machinery and equipment
Total
Cost at 1 Jan 2021
107 535.43
107 535.43
Cost at 31 Dec 2021
107 535.43
107 535.43
Accumulated depreciation and impairment losses at 1 Jan 2021
-47 046.73
-47 046.73
Depreciation
-15 122.16
-15 122.16
Accumulated depreciation and impairment losses
at 31 Dec 2021
-62 168.89
-62 168.89
Book value at 1 Jan 2021
60 488.70
60 488.70
Book value at 31 Dec 2021
45 366.54
45 366.54
Investments
EUR
Investments in
Group companies
Total
Cost at 1 Jan 2022
115 909 034.40
115 909 034.40
Additions
49 497 339.18
49 497 339,18
Cost at 31 Dec 2022
165 406 373.58
165 406 373,58
Book value at 1 Jan 2022
115 909 034.40
115 909 034.40
Book value at 31 Dec 2022
165 406 373.58
165 406 373,58
EUR
Investments in
Group companies
Total
Cost at 1 Jan 2021
109 653 669.23
109 653 669.23
Additions
6 255 365.17
6 255 365.17
Cost at 31 Dec 2021
115 909 034.40
115 909 034.40
Book value at 1 Jan 2021
109 653 669.23
109 653 669.23
Book value at 31 Dec 2021
115 909 034.40
115 909 034.40
Prepayments and accrued income
EUR
31 Dec 2022
31 Dec 2021
Other accrued income
273 385.27
198 785.63
Prepayments and accrued income
273 385.27
198 785.63
62
Notes to equity and liabilities
Changes in equity
EUR
2022
2021
RESTRICTED EQUITY
Share capital at 1 Jan
80 000.00
80 000.00
Share capital at 31 Dec
80 000.00
80 000.00
TOTAL RESTRICTED EQUITY
80 000.00
80 000.00
UNRESTRICTED EQUITY
Reserve for invested unrestricted equity at 1 Jan
110 507 409.02
109 202 890.02
Issue of shares
0.00
1 304 519.00
Reserve for invested unrestricted equity at 31 Dec
110 507 409.02
110 507 409.02
Retained earnings at 1 Jan
14 567 261.07
15 141 347.78
Dividend distribution
-3 757 022.25
-3 737 278.25
Retained earnings at 31 Dec
10 810 238.82
11 404 069.53
Profit (loss) for the financial year
4 349 532.32
3 163 191.54
TOTAL UNRESTRICTED EQUITY
125 667 180.16
125 074 670.09
TOTAL EQUITY
125 747 180.16
125 154 670.09
Specification of distributable funds
EUR
31 Dec 2022
Retained earnings
10 810 238.82
Profit (loss) for the financial year
4 349 532.32
Reserve for invested unrestricted equity
110 507 409.02
Total unrestricted equity
125 667 180.16
TOTAL DITRIBUTABLE FUNDS
125 667 180.16
Notes to Report of the Board of Directors according to Limited Liability Companies Act
Share capital
2022
2021
Number of shares
25 046 815
25 046 815
The company has one share class, and each share entitles to one vote in the General Meetings. The shares carry no limitations
on voting. The shares in the company do not have a nominal value. All Eezy's shares carry equal rights to dividends and other
distributions of funds by the company (including distributions of assets in the event of the liquidation of the company).
Dividend proposal
Board of Directors proposes a dividend of EUR 0.15 per share, of which 0.10 eur will be paid in April and 0.05 eur in October.
63
Accruals and deferred income
EUR
31 Dec 2022
31 Dec 2021
Accrued interests of the loans from financial institutions
200 732.87
108 423.60
Accrued income taxes
423 225.38
447 054.66
Personnel related accrued expenses
718 611.52
772 227.10
Other accrued expenses
10 382.68
14 782.15
Accruals and deferred income
1 352 952.45
1 342 487.51
Collaterals and commitments
EUR
31 Dec 2022
31 Dec 2021
LIABILITIES, MORTGAGES AND SHARES AS
COLLATERALS
Liabilities to credit institutions, other mortgage as collateral
51 444 440.00
47 666 664.00
Liabilities to credit institutions
51 444 440.00
47 666 664.00
LIABILITIES, MORTGAGES AND SHARES AS
COLLATERALS
51 444 440.00
47 666 664.00
MORTGAGE AND SHARES, COLLATERAL FOR
LIABILITIES TO CREDIT INSTITUTIONS
Company mortgage given to collateral for liabilities to credit
institutions
100 000 000.00
100 000 000.00
Other mortgage, collateral for liabilities to credit
institutions
100 000 000.00
100 000 000.00
Book value of pledged shares, collateral for liabilities to credit
institutions
160 107 914.32
109 653 669.23
Pledged shares
160 107 914.32
109 653 669.23
MORTGAGE AND SHARES, COLLATERAL FOR
LIABILITIES TO CREDIT INSTITUTIONS
260 107 914.32
209 635 669.23
COLLATERALS GIVEN ON OWN BEHALF
Guarantees
183 177.91
0.00
Collaterals given
183 177.91
0.00
COLLATERALS GIVEN ON OWN BEHALF
183 177.91
0.00
COLLATERALS GIVEN ON BEHALF OF
GROUP COMPANIES
Guarantees
10 760 524.40
10 669 997.00
Collaterals given
10 760 524.40
10 669 997.00
COLLATERALS GIVEN ON BEHALF OF
GROUP COMPANIES
10 760 524.40
10 669 997.00
COLLATERALS
271 051 616.63
220 323 666.23
COMMITMENTS AND OTHER OBLIGATIONS
Rental liabilities, payable in less than one year
453 403.96
61 844.04
Rental liabilities, payble in more than one year
5 052 261.55
242 222.49
Rental liabilities
5 505 665.51
304 066.53
Lease obligations, payable in less than one year
83 577.57
67 547.52
Lease obligations, payble in more than one year
80 888.06
41 203.53
Lease obligations
164 465.63
108 751.05
COMMITMENTS
5 670 131.14
412 817.58
64
Signatures to the Financial Statements and
Report of the Board of Directors
Helsinki, 15 February 2023
_________________________________________________
Tapio Pajuharju
Chair of the Board of Directors
_________________________________________________
Liisa Harjula
Member of the Board of Directors
_________________________________________________
Paul-Petteri Savolainen
Member of the Board of Directors
_________________________________________________
Mika Uotila
Member of the Board of Directors
_________________________________________________
Pasi Papunen
CEO
_________________________________________________
Kati Hagros
Member of the Board of Directors
_________________________________________________
Timo Mänty
Member of the Board of Directors
_________________________________________________
Jarno Suominen
Member of the Board of Directors
_________________________________________________
Mikko Wirén
Member of the Board of Directors
Auditor’s note
An auditor’s statement has been issued today on the complete audit.
Helsinki, 15 February 2023
KPMG Oy Ab
_________________________________________________
Esa Kailiala
Authorized Public Accountant
65
Auditor’s Report
This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding.
To the Annual General Meeting of Eezy Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Eezy Oyj (business identity code 2854570-7) for the year ended 31 December,
2022. The financial statements comprise the consolidated balance sheet, consolidated statement of comprehensive income,
changes in equity, cash flow statement and notes, including a summary of significant accounting policies, as well as the parent
company’s balance sheet, income statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and
cash flows in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial performance and financial position in
accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group
companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not
provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we
have provided have been disclosed in note 10 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Materiality
The scope of our audit was influenced by our application of materiality. The materiality is determined based on our professional
judgement and is used to determine the nature, timing and extent of our audit procedures and to evaluate the effect of identified
misstatements on the financial statements as a whole. The level of materiality we set is based on our assessment of the
magnitude of misstatements that, individually or in aggregate, could reasonably be expected to have influence on the economic
decisions of the users of the financial statements. We have also taken into account misstatements and/or possible
misstatements that in our opinion are material for qualitative reasons for the users of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The significant risks of
material misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 10(2) are included in the description of
key audit matters below.
We have also addressed the risk of management override of internal controls. This includes consideration of whether there was
evidence of management bias that represented a risk of material misstatement due to fraud.
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THE KEY AUDIT MATTER
HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Revenue recognition (EUR 247.6 million)
(Accounting policies for the consolidated financial statements and note 3)
— Eezy Group’s revenue comprises income from
staffing services, professional services and self-
employment services. Franchising revenue
comprises charges based on cooperation
agreements.
— The amount and timing of recognition of reportable
revenues depend on range of services, contract
terms and conditions, and contract term.
— Revenue recognition involves a risk of revenue
being recognized in the financial statements in the
incorrect period or at inaccurate amount.
— We evaluated the appropriateness of the company’s
revenue recognition policies applied and tested
related internal controls in place.
— We verified the accuracy of revenue recognition by
testing on a sample basis that the service provided
and the related invoice were recognized in the
appropriate period in accordance with the contract
terms, among others. In respect of trade receivables
we examined doubtful receivables.
— Furthermore, we inspected credit notes and controls
over credit note approval and recognition.
Valuation of consolidated goodwill (EUR 141.7 million) and subsidiary shares in parent company’s financial
statements (EUR 165.4 million)
(Accounting policies for the consolidated financial statements, note 15 and notes to the parent company
financial statements)
— At the balance sheet date 31 December 2022
goodwill totaled EUR 141.7 million, representing
approximately 65% of the consolidated total assets.
The subsidiary shares, EUR 165.4 million, account
for approximately 79% for the parent company’s
total assets.
— Consolidated goodwill is not amortised, but is
tested at least annually for impairment. Valuation of
subsidiary shares is tested in connection with the
goodwill impairment testing.
— Group management is responsible for preparing
impairment tests. The calculations use discounted
future cash flow forecasts in which management
makes significant judgments over revenue growth
rate, discount rate and long-term growth rate
underlying the projections.
— Preparation of impairment testing calculations
requires management make significant judgments
and estimates about the future.
— We assessed the appropriateness of the cash flow
forecasts and discount rates used in the
calculations. We analysed critically the
management assumptions underlying the future
cash flow forecasts.
— We utilised our own valuation specialists that
assessed the technical accuracy of the calculations
and compared the assumptions used to market
and industry information.
— In the year-end audit we considered the
appropriateness and adequacy of the notes
provided on goodwill, subsidiary shares and
impairment testing calculations.
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Interest-bearing liabilities (EUR 57.2 million)
(Notes 24 and 26 to the consolidated financial statements)
— At the financial year-end 2022 the consolidated
interest-bearing liabilities totaled EUR 57.2 million,
representing approximately 26 % of the
consolidated equity and liabilities. Significant part of
the liabilities matures during the next three years.
— As part of the year-end audit procedures we
reconciled the interest-bearing liability balances to
external confirmations.
— We considered the appropriateness of the notes
concerning the interest-bearing liabilities.
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that
give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and of
financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of
financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are
also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent
company’s and the group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern
and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of
accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in accordance with good auditing practice will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
— Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company’s or the
group’s internal control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
— Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of
accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the parent company’s or the group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the parent
company or the group to cease to continue as a going concern.
— Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events so that the financial statements give a true and
fair view.
— Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
68
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We have been appointed as auditors by the Annual General Meeting, and our appointment represents a total period of
uninterrupted engagement of six years. Eezy Oyj has been a public interest entity since 9.9.2020.
Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other information comprises
the report of the Board of Directors and the information included in the Annual Report, but does not include the financial
statements and our auditor’s report thereon. We have obtained the report of the Board of Directors prior to the date of this
auditor’s report, and the Annual Report is expected to be made available to us after that date.
Our opinion on the financial
statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated. With respect to the report of the Board of Directors, our
responsibility also includes considering whether the report of the Board of Directors has been prepared in accordance with the
applicable laws and regulations.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements
and the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Helsinki 15.2.2023
KPMG OY AB
ESA KAILIALA
Authorised Public Accountant, KHT
69
Independent Auditor’s Reasonable
Assurance Report on Eezy Plc’s ESEF
Financial Statements
To the Board of Directors of Eezy Plc
We have undertaken a reasonable assurance engagement in respect of whether the consolidated financial statements for the
year ended 31 December 2022 included in the digital financial statements 743700ZKOMTB7X00OW54-2022-12-31-en.zip of Eezy
Plc (Business ID 2854570-7) have been marked up with iXBRL markups in accordance with the requirements of Article 4 of EU
Delegated Regulation 2018/815 (ESEF RTS).
The Responsibility of the Board of Directors and Managing Director
The Board of Directors and Managing Director are responsible for preparing the report of the Board of Directors and financial
statements (ESEF financial statements) that comply with the requirements of ESEF RTS. This responsibility includes:
• preparation of ESEF financial statements in XHTML format in accordance with Article 3 of the ESEF RTS
• marking up the primary statements and the notes to the consolidated financial statements, and the company identification
data included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of the ESEF RTS; and
• ensuring consistency between ESEF financial statements and audited financial statements.
The Board of Directors and the Managing Director are also responsible for such internal control as they deem necessary to prepare
the ESEF financial statements in accordance with the requirements of the ESEF RTS.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements applicable in Finland, which apply to the
engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The auditor applies International Standard on Quality Management ISQM 1, which requires the firm to design, implement and
operate a system of quality management including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulations requirements.
Auditor’s Responsibility
In accordance with the Engagement Letter our responsibility is to express an opinion on whether the marking up of the
consolidated financial statements included in the ESEF financial statements comply in all material respects with the Article 4 of
the ESEF RTS. We conducted our reasonable assurance engagement in accordance with International Standard on Assurance
Engagements 3000.
The engagement involves procedures to obtain evidence whether;
• the primary statements of the consolidated financial statements included in the ESEF financial statements are, in all material
respects, marked up with iXBRL tags in accordance with Article 4 of the ESEF RTS, and;
• whether the notes to the consolidated financial statements and the company identification data included in the ESEF financial
statements data, have been marked up, in all material respects, with iXBRL tags in accordance with Article 4 of the ESEF
RTS; and
• whether the ESEF financial statements and the audited financial statements are consistent with each other.
The nature, timing and the extent of procedures selected depend on practitioner’s judgement. This includes the assessment of
the risks of material departures from the requirements set out in the ESEF RTS, whether due to fraud or error.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Opinion
In our opinion, the primary statements of the consolidated financial statements, the notes to the consolidated financial
statements and the company identification data included in the ESEF financial statements of Eezy Plc identified as
743700ZKOMTB7X00OW54-2022-12-31-en.zip for the year ended 31 December 2022 are, in all material respects, marked up
in compliance with the ESEF Regulatory Technical Standard.
Our audit opinion on the audit of the consolidated financial statements of Eezy Plc for the year ended 31 December 2022 is set
out in our Auditor’s Report dated 15 February 2023. In this report, we do not express any audit opinion or other assurance
conclusion on the consolidated financial statements.
Helsinki 13 March, 2023
KPMG OY AB
Esa Kailiala
Authorised Public Accountant, KHT