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 - 48
Parent company financial statements (FAS) 49 - 57
Signatures to the Financial Statements and Report of the Board of Directors 58
Auditor’s Report 59
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 2033.
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 2029.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 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 believe in the growth
potential of the market.
According to an estimate by management, the size of the entire HR services market in Finland was EUR 3.3 billion in 2023, of
which the staffing services were EUR 2.5 billion. The market size of the relevant recruitment services was over EUR 100 million.
The invoicing volume of light entrepreneurship services market has been estimated to be approx. EUR 300 million and revenue
to be approx. EUR 25-30 million. Market for employment services is estimated to be EUR 130-140 million. Employee experience
surveys and consulting services are approx. EUR 150 million.
According to the Employment Industry Finland (HELA) association, the revenue of the largest companies in the staffing service
market decreased approx. 15% in December 2023 and in January–December approx. 7% compared to last year. According to
HELA, the economic outlook in HR services is weak.
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
Weakening economic conditions in 2023 have clearly decreased the workforce needs of many of our customers. The impact
has been most prominent in the construction and industry sectors, where volumes have been clearly below last year. The lower
workforce needs are visible also in other customer segments, e.g. in horeca sector. Also the retail sector volumes have
decreased somewhat.
The development varies by geographic area and by customer, but the general trend is similar in whole Finland. Southern
Finland has performed better than other areas. The clear demand decrease in the early part of the year in our franchise areas
has leveled toward the year end.
Demand for the professional services has continued moderately good during the whole year. Especially the employment
services for the public sector have grown, and additionally the employee experience surveys and training services have grown.
However, some business like light entrepreneur services have decreased. Similarly, direct search services have decreased
while outplacement services have grown.
Revenue
Eezy’s revenue amounted to EUR 219.0 million (247.6), decreasing by 12% compared to the corresponding period in the
previous year.
Revenue decreased by 14% in the staffing services area, and the decline was strongest in the industry and construction
sectors. In the professional services area revenue increased by 9%, especially thanks to good growth in Employment services.
Eezy’s chain-wide revenue amounted to EUR 307.6 million (351.6) decreasing by 13%. Franchise fees totaled EUR 5.2 million
(6.3). The invoicing volume of light entrepreneurship services was EUR 38.9 million (42.3).
Revenue by service area
EUR million
1–12/2023
1–12/2022
Change %
Staffing services
188.3
219.6
-14%
Professional services
31.0
28.4
9%
Common functions and eliminations
-0.3
-0.4
-
Total
219.0
247.6
-12%
1 Jan 2023 onwards Eezy reports Staffing services including both group’s own staffing unit as well as the franchise fees, and
Professional services including also the light entrepreneurship services.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 4
Result
EBITDA was EUR 14.5 million (18.2). Decreased revenue was the main factor lowering the profit. EUR 1.1 million in personnel
expenses related to severance payments were recorded in the result.
Operating profit was EUR 4.0 million (10.0). Total depreciation, amortization and impairment was EUR 10.5 million (8.2), of
which EUR 5.9 million (4.1) was acquisition related amortization and impairment. Acquisition related impairment of EUR 1.7
million on trademarks and EUR 0.5 million on customer relationships, EUR 2.3 million in total, were recorded.
The result before taxes was EUR 1.4 million (9.1) and the result for the period was EUR 1.0 million (7.5). Earnings per share
was EUR 0.03 (0.29).
Financial position and cash flow
Eezy's consolidated balance sheet on 31 December 2023 amounted to EUR 206.7 million (216.7), of which equity made up
EUR 109.9 million (113.1).
Long-term financing was renewed in October, so that majority of the loans are due in 2028. As of 31 December 2023, the Group
has liabilities to credit institutions amounting to EUR 50.7 million (52.1), of which EUR 48.6 million (47.6) was non-current.
Cash balance on 31 December 2023 was EUR 1.3 million (5.8). The Group has overdraft facilities in total of EUR 10.0 million,
all of which were unused on 31 December 2023.
Equity ratio stood at 53.2% (52.2%). The Group’s net debt including IFRS16 leasing items on 31 December 2023 amounted to
EUR 58.0 million (52.5). Net debt excluding IFRS16 leasing items was EUR 50.4 million (47.3). The net debt/EBITDA ratio was
4.0 x (2.9 x).
Operative free cash flow amounted to EUR 5.9 million (13.9).
Investments and businesses sold
Investments in tangible and intangible assets totaled EUR 2.9 million (3.0). Investments were mainly related to IT investments.
In May, Eezy sold its share of VeggArt’s Oy. A capital loss from divestment of EUR 0.1 million and, in March, an impairment on
equity accounted investment of EUR 0.1 million was recorded.
Employees
Eezy employs people in Group functions and as staffed employees assigned to customer companies. In October–December,
Eezy employed on average of 496 (524) and in January–December 515 (527) people in Group functions and on average 2 920
(3 723) in October–December and 3 183 (3 837) in January–December staffed employees on FTE basis.
Due to the change negotiations that ended in October, and other actions, over 60 group employees left Eezy.
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
Siina Saksi started work as the CEO on 16 June 2023.
The deputy CEO, director of Professional Services, Pasi Papunen and the HR Director Hanna Lehto left the company on 16
June 2023.
Saara Tikkanen was appointed on 7 September 2023 as HR and Development Director and started work after the review period
on 8 January 2024. Substitute HR Director and development director Mikko Innanen left the company on 15 December 2023.
Markus Jussila was appointed as Director of Professional Services on 22 September 2023.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 5
On 24 November 2023 CFO Hannu Nyman resigned and will continue his career at another employer. He will continue at
Eezy’s service until spring 2024.
On 31 December 2023 the management team includes
• Siina Saksi, CEO
• Hannu Nyman, CFO
• Thomas Hynninen, Director, Staffing services
• Markus Jussila, Director, Professional services
• Päivi Salo, Chief Digital Officer (CDO)
• Marleena Bask, Chief Communication and Marketing Officer
After the review period, on 11 January 2024, Ari Myllyniemi was appointed as interim Director of Staffing services and as
member of the management team. Thomas Hynninen left the position of Director, Staffing services and management team.
Joni Aaltonen has been appointed as Eezy Plc’s Chief Financial Officer and a member of the Group management team effective
from 1 April 2024.
Shares and shareholders
On 31 December 2023, Eezy Plc had 25 046 815 (25 046 815) registered shares. The company holds no treasury shares. The
company had 3 411 (2 787) shareholders, including nominee registered shareholders.
In January–December 2023, a total of 3 098 945 (2 656 037) shares were traded and the total trading volume was EUR 7.5
million (12.5). During the period, the highest quotation was EUR 3.55 (6.38) and the lowest EUR 1.53 (3.01). The volume-
weighted average price of the share was EUR 2.41 (4.71). The closing price of the share at the end of December was EUR 1.67
(3.12) and the market value stood at EUR 41.8 million (78.1).
On 31 December 2023, the members of the Board of Directors and the members of the management team owned a total of 373
470 (394 470) Eezy shares, corresponding to approximately 1.5% (1.6%) 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.
After the review period the company has received flagging notices: The ownership of NoHo Partners Oyj has decreased below
5%, the ownership of Sentica Buyout V Ky has exceeded 25% and the ownership of Paul Savolainen has exceeded 5%.
Ten largest shareholders as of 31 January 2024:
Shareholder
Shares
%
1. Sentica Buyout V Ky
7 065 658
28.21
2. Meissa-Capital Oy
3 223 071
12.87
3. SVP-Invest Oy
1 500 000
5.99
4. Evli Suomi Small Cap fund
1 341 126
5.35
5. Op-Suomi Small Cap fund
1 219 668
4.87
6. WestStar Oy
552 464
2.21
7. Visio Allocator fund
500 000
2.00
8. Oy Jobinvest Ltd
410 093
1.64
9. Notacon Oy
331 353
1.32
10. Säästöpankki Small Cap fund
322 200
1.29
10 largest in total
16 465 633
65.74
Nominee-registered
1 362 181
5.44
Others
7 219 001
28.82
Total
25 046 815
100.00
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 6
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 13 April 2023.
The financial statements and the consolidated financial statements for the financial year 2022 were adopted. The members of
the board of directors and the CEOs were discharged from liability for financial year 2022. The remuneration report for
governing bodies was approved.
The AGM decided that for the year 2022, a dividend of EUR 0.15 per share be paid 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 2023. The second tranche of the dividend, EUR
0.05 per share and EUR 1.3 million in total, was paid in October 2023.
Seven members were elected to the board of directors. Tapio Pajuharju, Kati Hagros, Paul-Petteri Savolainen, Jarno Suominen,
Mika Uotila and Mikko Wirén were re-elected as members of the board of directors. Maria Pajamo was elected as a new
member.
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.
The AGM re-elected the company’s auditor KPMG Oy Ab, which has stated that Esa Kailiala, APA, will act as the responsible
auditor.
In a formation meeting of the board, held after the AGM, Tapio Pajuharju was elected to continue as the chairman. Mika Uotila
(chair), Kati Hagros and Jarno Suominen will be the Audit committee. The Human Resources Committee members will be Maria
Pajamo (chair), Tapio Pajuharju and Mikko Wirén.
Valid authorizations
The authorisations given by the AGM on 13 April 2023 are described in detail in the stock exchange release about the AGM's
decisions.
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 2024, 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 2024, however, for a maximum of 18 months. The
authorization is unused.
Long-term incentive plan
In March, Eezy Plc’s board of directors resolved on the fourth earning period of the long-term incentive plan for the company’s
key employees. The fourth earning period is 24 months, starting on 1 January 2023 and ending on 31 December 2024. The
reward criteria for the fourth earning period are based on Eezy Plc’s total shareholder return, operating profit percent and an
ESG component. A maximum of 256 000 reward shares could be awarded for the fourth earning 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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 7
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 2024
Eezy does not give guidance for 2024.
Dividend proposal
The parent company’s distributable funds in the financial statement on 31 December 2023 was EUR 123.1 million, of which
profit for the financial period was EUR 1.2 million. Board of Directors proposes that no dividend will be distributed for year 2023.
Events after the balance sheet date
After the financial year Ari Myllyniemi was nominated as interim Director, Staffing services and became member of the
management team on 11 January 2024. Thomas Hynninen left the position of Director, Staffing services and management
team.
After the financial year period the company has received flagging notices: The ownership of NoHo Partners Oyj has decreased
below 5%, the ownership of Sentica Buyout V Ky has exceeded 25% and the ownership of Paul Savolainen has exceeded 5%.
Joni Aaltonen has been appointed as Eezy Plc’s Chief Financial Officer and a member of the Group management team effective
from 1 April 2024.
Helsinki, 14 February 2024
Eezy Plc
Board of Directors
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 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. Eezy offers staffing services through its own units as well as through franchisees.
The Professional Services business unit provides staff research, training and development services, business management
consulting and coaching as well as recruitment services (executive searches, personnel assessments and outplacement
services). The unit also includes preparatory courses for upper secondary school pupils and other students as well as
employment services ranging from training and coaching to integration, counselling and rehabilitation services. Eezy’s light
entrepreneurship services enable private persons 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.
Good work for everyone
Eezy is a significant employer – we paid wages to approximately 25,000 people in 2023. We offer diverse opportunities for
employment and career transitions – from young people to pensioners, immigrants, small business owners, staffed employees
and permanent workers.
In 2023, we employed approximately 15,000 people under the age of 30 and 2,000 people over the age of 55. Employing the
young as well as people over 55 is significant for our society from the point of view of achieving a high employment rate. We are
often the first contact with working life for young people. Thus, Eezy plays a crucial role in ensuring that these youths have a
good experience from the very beginning of their career; for example, that job interviews, contracts, shift planning, orientations
and salaries are done correctly and on time, and, that a young person is supported in issues related to work and working life.
We educate and coach working life skills through Eezy Employment Services, for example, for those changing careers,
immigrants, aspiring entrepreneurs as well as people with difficulties in finding employment. In 2023, we trained approximately
8,000 people, of whom approximately 40% were employed in the open labour market or began studies. Our effectiveness is the
best in the industry, and our customers are highly satisfied with our service.
In 2023, we recruited approximately 500 people from abroad to Finland to meet the staffing 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. Regarding imported labour, we
commit our customers to a 12-month work period to ensure that the employee is well settled in Finland. Eezy provides support
throughout the employment relationship for both the customer and the employee.
In 2023, Eezy Group employed an average of 515 employees. Including staffed employees, we provided work for an average of
3,698 people in 2023.
Key themes for Eezy's personnel policy are occupational well-being, safety at work, equality and non-discrimination, plus the
development of professional competence. A total of 3,730 hours, spread over 497 training days, were used for personnel
training in 2023. The focus of the trainings was on strengthening professional skills, especially at Eezy Staffing Services that
concentrated on unifying operating methods and developing substance orientation.
The organization's competitiveness was strengthened with trainings that focused on the development of processes and sales,
as well as providing coaching for front-line managers. In addition, personnel were trained in current legal issues, for example,
knowledge of the annual leave law and collective agreements. The well-being of employees was supported by coaching
supervisors in managerial tools, such as early support discussions, to better prevent and manage sickness absences.
In its operations, Eezy follows its equality and non-discrimination plan, in which the focus is on ensuring equality in recruitment,
career development and remuneration, reconciling work and family life as well as preventing direct and indirect discrimination.
All recruiting personnel is to be trained in the principles of equality and non-discrimination by our legal department in 2024.
Eezy uses a Whistleblowing channel to facilitate the external and internal reporting of suspected misconduct in accordance with
the EU’s Whistleblower Directive. In 2023, the channel received approximately 10 notifications, but none of them led to further
measures.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 9
Wellbeing at work and a sustainable working life
Eezy's mission is to build good work life and generate growth for Finland by providing services that help contribute to a
sustainable and diverse working life as well as a high employment rate. We strive to achieve this through our own work
community and together with our customers. Eezy has a wide selection of services related to the development of work
communities; employee research, transition assistance, outplacement and recruitment services, as well as coaching for leaders
and work communities and company culture design.
Eezy Flow and Leidenschaft, part of Eezy group, study, design and coach companies for better leadership, company culture,
strategies and change capabilities. Well-being individuals and companies create success in working life, and humanly
sustainable working life is a tremendous asset for the well-being of our entire society. In 2023, we studied the job satisfaction of
more than 200,000 Finnish employees with the PeoplePower® personnel survey. The survey was conducted in 34 different
languages. We coached about 20,000 people in areas such as change management and better managerial work.
We use technology, artificial intelligence and data responsibly when building a good work life. We use and develop artificial
intelligence and technology to promote a good, equal, diverse and inclusive working life. We are open about the use of artificial
intelligence – we make sure that the users of our services can understand what data the AI is using. We also communicate
openly when artificial intelligence has been used in our services. Solutions using artificial intelligence are carefully tested and
piloted with a limited target group before production use. The data used to train the system is known to identify and correct data-
related biases. Artificial intelligence always works under human supervision.
Together with our customers, we ensure safety at work for our own as well as staffed employees. Eezy has an active
occupational health and safety committee. It is responsible for the work safety of Eezy's own employees and, in collaboration
with our customers, it develops the safety at work for staffed employees. Occupational accidents are monitored together with
our occupational health care service provider, based on accident statistics. Developing safety at work was one of our key
projects in 2023. Among others, we developed our operating models with our occupational health care and pension insurance
companies, especially focusing on strengthening the preventive measures. These include, for example, guidelines for employee
orientation about safety at work, the introduction of close call notifications and the active review of hazardous situations. As a
result of this work, the frequency of occupational accidents decreased significantly in 2023.
The well-being and commitment to work of Eezy employees is measured regularly via employee research. In addition, the
number of sickness absences is monitored. In February 2022, we conducted the Siqni employee experience survey to
investigate the most relevant factors for good work life, according to Eezy employees. A strong sense of unity in the workplace,
meaningful work tasks, the freedom to work regardless of time and place, and the fact that you can be yourself in the work
environment were some of the most important issues for Eezy employees. Of these, the factor "A working environment where
you can be yourself" received the best score: an excellent 88/100. This is a good indication of the good sense of community and
inclusivity among Eezy personnel.
For Eezy, data protection is an extremely important part of good governance and our sustainability 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 3 security breaches in
2023. None of these posed a high risk to the rights of the data subject and for that reason the incidents were not reported to the
Data protection ombudsman, and all cases were promptly rectified in accordance with our process.
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.
Eezy has an environmental policy, ratified in 2021, which aims to develop and enhance environmentally friendly actions 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 staffed employees’ commuting. We are committed to examining the effects of our own operations
and those of our value chain on the climate and the environment. We aim for climate targets related to our own operations that
comply with the Paris Climate Agreement.
Eezy is committed to adhering to the UN Guiding Principles on Business and Human Rights, as well as the ILO declaration on
Fundamental Principles and Rights at work. Eezy is not aware of any human rights violations related to the company's
operations during the past or current fiscal year.
Eezy cooperates with trade unions, the public sector and educational institutions. We pay our taxes in Finland and are
committed to responsible tax management in accordance with regulations and laws. In 2023, our tax footprint was 127 million
euros.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 10
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 revenue, 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 2023 and 2022. Therefore, the company has had no Taxonomy-
aligned operations in 2023 and 2022.
EUR million
Revenue 2023
Percentage of
Taxonomy-eligible
revenue in 2023
Percentage of
Taxonomy-eligible
revenue in 2022
A. Taxonomy-eligible operations
0
0%
0%
B. Non-Taxonomy-eligible operations
219.0
100%
100%
Total
219.0
EUR million
Capital
expenditure 2023
Percentage of
Taxonomy-eligible
capital expenditure in
2023
Percentage of
Taxonomy-eligible
capital expenditure in
2022
A. Taxonomy-eligible operations
0
0%
0%
B. Non-Taxonomy-eligible operations
8.0
100%
100%
Total
8.0
EUR million
Operational
expenditure 2023
Percentage of
Taxonomy-eligible
operational expenditure
in 2023
Percentage of
Taxonomy-eligible
operational expenditure
in 2022
A. Taxonomy-eligible operations
0
0%
0%
B. Non-Taxonomy-eligible operations
0.9
100%
100%
Total
0.9
Helsinki, 14 February 2024
Eezy Plc
Board of Directors
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 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
2023
2022
2021
2020
2019
Key figures for income statement
Revenue
218 974
247 596
203 328
190 637
169 784
EBITDA
14 519
18 231
19 492
13 495
12 586
EBITDA margin, %
6.6%
7.4%
9.6%
7.1%
7.4%
EBIT
4 031
10 004
11 812
5 565
8 022
EBIT margin, %
1.8%
4.0%
5.8%
2.9%
4.7%
Earnings per share, basic, EUR
0.03
0.29
0.31
0.11
0.25
Earnings per share, diluted, EUR
0.03
0.28
0.30
0.11
0.25
Weighted average number of outstanding
shares, pcs
25 046 815
25 046 815
24 883 655
24 849 375
18 296 109
Weighted average number of outstanding
shares, diluted, pcs
25 277 374
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
25 046 815
24 849 375
24 849 375
Key figures for balance sheet
Net debt
58 001
52 466
48 702
42 424
56 513
Net debt excluding IFRS16
50 383
47 307
44 200
36 440
51 887
Net debt/EBITDA
4.0 x
2.9 x
1)
2.4 x
1)
2.9 x
1)
2.7 x
1)
Gearing, %
52.8%
46.4%
44.6%
40.9%
55.5%
Equity ratio, %
53.2%
52.2%
52.8%
50.6%
48.6%
Equity per share, EUR
4.39
4.51
4.36
4.17
4.10
Key figures for cash flow
Operative free cash flow
5 898
13 908
6 244
19 269
11 545
Purchase of tangible and intangible assets
-2 899
-2 998
-1 688
-2 096
-1 691
Acquisition of subsidiaries, net of cash
acquired
-
-6 125
-4 609
-2 082
-11 417
Operative key figures
Chain-wide revenue, EUR million
307.6
351.6
305.5
282.6
285.6
Franchise-fees, EUR million
5.2
6.3
7.1
6.1
7.8
Light entrepreneurship invoicing volume,
EUR million
38.9
42.3
41.4
41.9
49.9
1)
EBITDA is based on estimated pro forma EBITDA of last 12 months.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 12
Reconciliation of Certain Alternative Performance Measures
EUR thousand
2023
2022
2021
2020
2019
EBITDA
EBIT
4 031
10 004
11 812
5 565
8 022
Acquisition related amortization
and impairment losses
1)
5 891
4 061
4 045
3 914
1 645
Other depreciation, amortization
and impairment losses
4 597
4 165
3 636
4 016
2 919
Total depreciation, amortization
and impairment losses
10 488
8 226
7 680
7 929
4 564
EBITDA
14 519
18 231
19 492
13 495
12 586
Operative free cash flow
Cash flows from operating
activities before financial items
and taxes
11 399
19 494
9 982
23 363
14 752
Purchase of tangible and
intangible assets
-2 899
-2 998
-1 688
-2 096
-1 691
Payment of lease liabilities
-2 603
-2 588
-2 050
-1 998
-1 516
Operative free cash flow
5 898
13 908
6 244
19 269
11 545
1)
The acquisition related amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 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
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 14
Consolidated financial statements
1 January – 31 December 2023
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 15
Consolidated statement of comprehensive
income (IFRS)
EUR thousand
Note
1 Jan – 31 Dec 2023
1 Jan – 31 Dec 2022
Revenue
3
Other operating income
4
Share of result of equity accounted investments
-2
Materials and services
5
-9 724
-9 379
Personnel expenses
6, 7
-178 326
-202 825
Other operating expenses
8, 9
-16 663
-17 515
Depreciation, amortization and impairment losses
10
-10 488
-8 226
Operating profit
Financial income
11
Financial expense
11
-2 740
-1 642
Financial income and expenses
11
-2 632
-879
Profit before taxes
Income taxes
12
-370
-1 654
Profit for the financial year
Comprehensive income for the financial year
Profit attributable to
Owners of the parent company
Non-controlling interests
Profit for the financial year
Earnings per share attributable to the owners of the
parent company
Earnings per share, basic (EUR)
23
Earnings per share, diluted (EUR)
23
The notes are an integral part of the consolidated financial statements.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 16
Consolidated balance sheet (IFRS)
EUR thousand
Note
31 Dec 2023
31 Dec 2022
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
-1 819
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
17, 24, 26
Other liabilities
25, 26
Deferred tax liability
19
Total non-current liabilities
Current liabilities
Loans from financial institutions
24, 26
Lease liabilities
17, 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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 17
Consolidated cash flow statement (IFRS)
EUR thousand
Note
1 Jan – 31 Dec 2023
1 Jan – 31 Dec 2022
Cash flows from operating activities
Customer payments received
Cash paid to suppliers and employees
-211 274
-229 242
Cash flows from operating activities before
financial items and taxes
Interest paid
-2 632
-1 518
Interest received
Other financial items
-24
Income taxes paid
-2 467
-3 507
Proceeds from repayments of loans
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible and intangible assets
15, 16
-2 899
-2 998
Proceeds from sale of tangible assets
16
Acquisition of subsidiaries, net of cash acquired
14
-6 125
Purchase of equity accounted investments
14
-245
Disposal of equity accounted investments
29
Loans granted
-33
Proceeds from repayments of loans
Net cash flows from investing activities
-2 849
-9 257
Cash flows from financing activities
Change in non-controlling interests
28
-215
-80
Proceeds from non-current borrowings
24
Repayment of non-current borrowings
24
-92
Repayment of current borrowings
24
-1 337
-6 941
Payment of lease liabilities
24
-2 603
-2 588
Dividends paid
22
-3 980
-4 036
Net cash flows from financing activities
-8 135
-5 737
Net change in cash and cash equivalents
-4 498
-338
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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 18
Changes in equity (IFRS)
Attributable to owners of the parent
EUR thousand
Note
Share
capital
Reserve for
invested
unrestricted
equity
Retained
earnings
Total
Non-
controlling
interests
Total equity
Equity 1 Jan 2023
Profit for the financial year
Total comprehensive
income
Transactions with owners
Dividend distribution
22
-3 757
-3 757
-223
-3 980
Changes in non-controlling
interests
28
-198
-198
-18
-215
Share based payments
7
Total equity 31 Dec 2023
-1 819
Attributable to owners of the parent
EUR thousand
Note
Share
capital
Reserve for
invested
unrestricted
equity
Retained
earnings
Total
Non-
controlling
interests
Total equity
Equity 1 Jan 2022
-1 857
Profit for the financial year
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
The notes are an integral part of the consolidated financial statements.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 19
Notes to the Consolidated Financial
Statements
1. General information and basis of presentation
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Parent company financial statements
1 January – 31 December 2023
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 50
Parent company income statement (FAS)
EUR
1 Jan – 31 Dec 2023
1 Jan – 31 Dec 2022
Revenue
9 225 974.84
13 905 949.54
Other operating income
277 393.41
49 262.19
Materials and services
-4 573.20
0.00
Personnel expenses
Wages and salaries
-3 111 646.79
-3 559 074.72
Social security expenses
Pension expenses
-481 330.27
-568 546.45
Other social security expenses
-118 479.25
-134 385.15
Social security expenses
-599 809.52
-702 931.60
Personnel expenses
-3 711 456.31
-4 262 006.32
Depreciation, amortization and impairment losses
Depreciation and amortization according to plan
-83 435.23
-82 788.68
Impairment on non-current assets
-8 139.29
0.00
Depreciation, amortization and impairment losses
-91 574.52
-82 788.68
Other operating expenses
-7 675 359.95
-8 555 631.87
Operating profit (loss)
-1 979 595.73
1 054 784.86
Financial income and expenses
Income from investments in group companies
0,00
80 000.00
Other interest income and other financial income
From other companies
238.48
24.34
From group companies
1 426 395.94
1 777 361.53
Interest expenses and other financial expenses
To other companies
-2 521 554.91
-1 462 712.65
To group companies
0.00
0.00
Financial income and expenses
-1 094 920.49
394 673.22
Profit (loss) before appropriations and taxes
-3 074 516.22
1 449 458.08
Appropriations
Group contribution
4 600 000.00
4 015 000.00
Appropriations
4 600 000.00
4 015 000.00
Income taxes
Taxes for the financial year and previous financial years
-307 429.28
-1 114 925.76
Income taxes
-307 429.28
-1 114 925.76
Profit (loss) for the financial year
1 218 054.50
4 349 532.32
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 51
Parent company balance sheet (FAS)
EUR
31 Dec 2023
31 Dec 2022
ASSETS
Non-current assets
Intangible assets
Intangible rights
49 473.23
24 440.75
Goodwill
0.00
0.00
Other non-current expenditures
240 553.83
199 513.52
Total intangible assets
290 027.06
223 954.27
Tangible assets
Machinery and equipment
48 839.36
65 119.15
Total tangible assets
48 839.36
65 119.15
Investments
Holdings in group companies
165 406 373.58
165 406 373.58
Total investments
165 406 373.58
165 406 373.58
Total non-current assets
165 745 240.00
165 695 447.00
Current assets
Non-current receivables
Receivables from group companies
5 150 000.00
4 500 000.00
Other non-current receivables
19 171.64
19 171.64
Total non-current receivables
5 169 171.64
4 519 171.64
Current receivables
Trade receivables
0.00
4 602.20
Receivables from group companies
24 703 738.05
32 726 213.15
Other receivables
7 656.26
1.18
Prepayments and accrued income
540 197.61
273 385.27
Total current receivables
25 251 591.92
33 004 201.80
Cash at bank and in hand
1 139 811.05
5 634 685.21
Total current assets
31 560 574.61
43 158 058.65
TOTAL ASSETS
197 305 814.61
208 853 505.65
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
11 402 748.89
10 810 238.82
Profit (loss) for the financial year
1 218 054.50
4 349 532.32
Total equity
123 208 212.41
125 747 180.16
Liabilities
Non-current liabilities
Liabilities to credit institutions
48 452 664.00
47 222 216.00
Other non-current liabilities
0.00
0.00
Total non-current liabilities
48 452 664.00
47 222 216.00
Current liabilities
Liabilities to credit institutions
1 880 664.00
4 222 224.00
Trade payables
416 291.74
501 830.82
Liabilities to group companies
22 225 361.67
29 445 579.83
Other liabilities
126 793.93
361 522.39
Accruals and deferred income
995 826.86
1 352 952.45
Total current liabilities
25 644 938.20
35 884 109.49
Total liabilities
74 097 602.20
83 106 325.49
TOTAL EQUITY AND LIABILITIES
197 305 814.61
208 853 505.65
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 52
Parent company cash flow statement
(FAS)
EUR
1 Jan – 31 Dec 2023
1 Jan – 31 Dec 2022
Cash flow from operating activities
Cash receipts from customers
9 962 628.77
13 689 393.39
Cash paid to suppliers and employees
-11 590 677.09
-13 434 387.83
Cash flow from operating activities
before financial items and taxes
-1 628 048.32
255 005.56
Interest and expenses paid from other operating financial expenses
-2 372 406.95
-1 357 305.22
Dividends received
0.00
80 000.00
Interest received from operating activities
2 397 036.27
1 881 005.56
Other financial expenses paid
-104 241.15
-13 098.16
Direct taxes paid
-860 225.38
-1 138 755.04
Net cash from operating activities
-2 567 885.53
-293 147.30
Cash flow from investing activities
Investments in tangible and intangible assets
-143 424.02
-176 689.00
Proceeds from sale of tangible assets
0.00
62 766.00
Investments in subsidiaries
0.00
-1 297 339.18
Net cash from investing activities
-143 424.02
-1 411 262.18
Cash flow from financing activities
Repayment of current loans and borrowings
-1 111 112.00
-4 222 224.00
Group cash pool
-2 530 430.36
4 512 677.43
Proceeds from non-current loans
0.00
8 000 000.00
Dividends paid
-3 757 022.25
-3 757 022.25
Granted loans
0.00
-5 450 000.00
Group contribution received and paid
4 015 000.00
2 500 000.00
Proceeds from repayment of loans
1 600 000.00
150 000.00
Net cash from financing activities
-1 783 564.61
1 733 431.18
Net increase/decrease in cash and cash equivalents
-4 494 874.16
29 021.70
Cash and cash equivalents at beginning of financial year
5 634 685.21
5 605 663.51
Cash and cash equivalents at end of financial year
1 139 811.05
5 634 685.21
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 53
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 principles 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 useful 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:
2023
2022
Salaried employees
36
49
Total
36
49
Auditor’s fees
KPMG Oy Ab
EUR
2023
2022
Statutory audit
196 040.76
142 689.21
Other advisory services
33 404.50
5 918.70
Tax advisory services
15 315.00
9 135.00
Other services
8 181.40
105 829.66
Total
252 941.66
266 572.57
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 54
Notes to assets
Intangible assets
EUR
Intangible
rights
Other
non-current
expenditures
Other
intangible
assets
Goodwill
Total
Cost at 1 Jan 2023
34 089.75
262 031.30
26 500.00
0.00
322 621.05
Additions
37 340.91
0.00
104 026.61
0.00
141 367.52
Disposals
-6 200.00
-62 504.01
0.00
0.00
-68 704.01
Cost at 31 Dec 2023
65 230.66
199 527.29
130 526.61
0.00
395 284.56
Accumulated amortization and
impairment losses at 1 Jan 2023
-9 649.00
-89 017.78
0.00
0.00
-98 666.78
Accumulated amortization on
disposals and reclassifications
6 200.00
62 504.01
0.00
0.00
68 704.01
Amortization
-6 508.43
-53 395.53
-7 251.48
0.00
-67 155.44
Impairment
-5 800.00
-2 339.29
0.00
-8 139.29
Accumulated amortization and
impairment losses at 31 Dec 2023
-15 757.43
-82 248.59
-7 251.48
0.00
-105 257.50
Book value 1 Jan 2023
24 440.75
173 013.52
26 500.00
0.00
223 954.27
Book value at 31 Dec 2023
49 473.23
117 278.70
123 275.13
0.00
290 027.06
EUR
Intangible
rights
Other
non-current
expenditures
Other
intangible
assets
Goodwill
Total
Cost at 1 Jan 2022
34 089.75
209 125.80
0.00
100 000.00
343 215.55
Additions
0,00
52 905.50
26 500.00
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
262 031.30
26 500.00
0.00
322 621.05
Accumulated amortization and
impairment losses at 1 Jan 2022
-3 746.82
-43 275.18
0.00
-5 833.31
-52 855.31
Accumulated amortization on
disposals and reclassifications
0.00
0.00
0.00
15 270.82
15 270.82
Amortization
-5 902.18
-45 742.60
0.00
-9 437.51
-61 089.29
Accumulated amortization and
impairment losses at 31 Dec 2022
-9 649.00
-89 017.78
0.00
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
173 013.52
26 500.00
0.00
223 954.27
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 55
Tangible assets
EUR
Machinery and equipment
Total
Cost at 1 Jan 2023
148 994.43
148 994.43
Additions
0.00
0.00
Cost at 31 Dec 2023
148 994.43
148 994.43
Accumulated depreciation and impairment losses at 1 Jan 2023
-83 875.28
-83 875.28
Depreciation
-16 279.79
-16 279.79
Accumulated depreciation and impairment losses
at 31 Dec 2023
-100 155.07
-100 155.07
Book value at 1 Jan 2023
65 119.15
65 119.15
Book value at 31 Dec 2023
48 839.36
48 839.36
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
Investments
EUR
Investments in
Group companies
Total
Cost at 1 Jan 2023
165 406 373.58
165 406 373,58
Additions
0.00
0.00
Cost at 31 Dec 2023
165 406 373.58
165 406 373.58
Book value at 1 Jan 2023
165 406 373.58
165 406 373.58
Book value at 31 Dec 2023
165 406 373.58
165 406 373.58
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
Prepayments and accrued income
EUR
31 Dec 2023
31 Dec 2022
Other accrued income
410 626.89
273 385.27
Tax receivables
129 570.72
0.00
Prepayments and accrued income
540 197.61
273 385.27
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 56
Notes to equity and liabilities
Changes in equity
EUR
2023
2022
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
110 507 409.02
Reserve for invested unrestricted equity at 31 Dec
110 507 409.02
110 507 409.02
Retained earnings at 1 Jan
15 159 771.14
14 567 261.07
Dividend distribution
-3 757 022.25
-3 757 022.25
Retained earnings at 31 Dec
11 402 748.89
10 810 238.82
Profit (loss) for the financial year
1 218 054.50
4 349 532.32
TOTAL UNRESTRICTED EQUITY
123 128 212.41
125 667 180.16
TOTAL EQUITY
123 208 212.41
125 747 180.16
Specification of distributable funds
EUR
31 Dec 2023
Retained earnings
11 402 748.89
Profit (loss) for the financial year
1 218 054.50
Reserve for invested unrestricted equity
110 507 409.02
Total unrestricted equity
123 128 212.41
TOTAL DITRIBUTABLE FUNDS
123 128 212.41
Notes to Report of the Board of Directors according to Limited Liability Companies Act
Share capital of the company:
Share capital
2023
2022
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 that no dividend will be distributed for year 2023.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 57
Accruals and deferred income
EUR
31 Dec 2023
31 Dec 2022
Accrued interests of the loans from financial institutions
245 639.68
200 732.87
Accrued income taxes
0.00
423 225.38
Personnel related accrued expenses
642 475.66
718 611.52
Other accrued expenses
107 711.52
10 382.68
Accruals and deferred income
995 826.86
1 352 952.45
Collaterals and commitments
EUR
31 Dec 2023
31 Dec 2022
LIABILITIES, MORTGAGES AND SHARES AS
COLLATERALS
Liabilities to credit institutions, other mortgage as collateral
50 333 328.00
51 444 440.00
Liabilities to credit institutions
50 333 328.00
51 444 440.00
LIABILITIES, MORTGAGES AND SHARES AS
COLLATERALS
50 333 328.00
51 444 440.00
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
165 406 373.58
160 107 914.32
Pledged shares
165 406 373.58
160 107 914.32
MORTGAGE AND SHARES, COLLATERAL FOR
LIABILITIES TO CREDIT INSTITUTIONS
265 406 373.58
260 107 914.32
COLLATERALS GIVEN ON OWN BEHALF
Guarantees
543 380.80
183 177.91
Collaterals given
543 380.80
183 177.91
COLLATERALS GIVEN ON OWN BEHALF
543 380.80
183 177.91
COLLATERALS GIVEN ON BEHALF OF
GROUP COMPANIES
Guarantees
10 543 380.80
10 760 524.40
Collaterals given
10 543 380.80
10 760 524.40
COLLATERALS GIVEN ON BEHALF OF
GROUP COMPANIES
10 543 380.80
10 760 524.40
COLLATERALS
276 493 135.18
271 051 616.63
COMMITMENTS AND OTHER OBLIGATIONS
Rental liabilities, payable in less than one year
1 877 373.84
453 403.96
Rental liabilities, payble in more than one year
4 737 832.84
5 052 261.55
Rental liabilities
6 615 206.68
5 505 665.51
Lease obligations, payable in less than one year
116 814.17
83 577.57
Lease obligations, payble in more than one year
93 690.87
80 888.06
Lease obligations
210 505.05
164 465.63
COMMITMENTS
6 825 711.73
5 670 131.14
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 58
Signatures to the Financial Statements and
Report of the Board of Directors
Helsinki, 14 February 2024
_________________________________________________
Tapio Pajuharju
Chair of the Board of Directors
_________________________________________________
Maria Pajamo
Member of the Board of Directors
_________________________________________________
Jarno Suominen
Member of the Board of Directors
_________________________________________________
Mikko Wirén
Member of the Board of Directors
_________________________________________________
Kati Hagros
Member of the Board of Directors
_________________________________________________
Paul-Petteri Savolainen
Member of the Board of Directors
_________________________________________________
Mika Uotila
Member of the Board of Directors
_________________________________________________
Siina Saksi
CEO
Auditor’s note
An auditor’s statement has been issued today on the complete audit.
Helsinki, 14 February 2024
KPMG Oy Ab
_________________________________________________
Esa Kailiala
Authorized Public Accountant
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 59
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,
2023. The financial statements comprise the consolidated balance sheet, income statement, statement of comprehensive
income, statement of changes in equity, statement of cash flows and notes, including material accounting policy information, 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 IFRS Accounting Standards 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 9 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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 60
THE KEY AUDIT MATTER
HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Revenue recognition (EUR 219.0 million)
(Accounting policies for the consolidated financial statements and note 3)
- Eezy Group’s revenue comprises income from
staffing services, professional services as well
as light entrepreneurship services.
- 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 2023
goodwill totaled EUR 141.7 million,
representing approximately 69% of the
consolidated total assets. The subsidiary
shares, EUR 165.4 million, account for
approximately 84% 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 utilized 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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 61
Interest-bearing liabilities (EUR 58.3 million)
(Notes 24 and 26 to the consolidated financial statements)
- At the financial year-end 2023 the consolidated
interest-bearing liabilities totaled EUR 58.3
million, representing approximately 28 % of the
consolidated equity and liabilities.
- Eezy Oyj has renewed its long-term loan
contracts during October 2023 and most of the
loans will mature in the year 2028.
- 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 IFRS Accounting Standards 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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 62
• 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.
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 seven 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 14.2.2024
KPMG OY AB
ESA KAILIALA
Authorised Public Accountant, KHT
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 63
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, 2023 included in the digital financial statements 743700ZKOMTB7X00OW54-2023-12-31-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.
EEZY PLC | REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023 64
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
743700ZKOMTB7X00OW54-2023-12-31-en.zip for the year ended 31 December, 2023 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, 2023 is set
out in our Auditor’s Report dated 14 February, 2024. In this report, we do not express any audit opinion or other assurance
conclusion on the consolidated financial statements.
Helsinki 11 March, 2024
KPMG OY AB
Esa Kailiala
Authorised Public Accountant, KHT