Vincit Plc's transition to IFRS reporting and unaudited IFRS comparative information
27 juni, 13:15
Vincit Plc, Company announcement, June 27,2025 at 14:15 EEST
Vincit Plc's transition to IFRS reporting and unaudited IFRS comparative information
Vincit Plc (together with its subsidiaries "Vincit" or the "Group") will transition from Finnish Accounting Standards (FAS) to International Financial Reporting Standards (IFRS) reporting. The company estimates that the transition to IFRS reporting will increase the comparability of financial figures with other companies in the industry, support the company's growth strategy and increase the interest of international investors in the company.
The transition to IFRS reporting has no effect on the company’s guidance for 2025.
Vincit publishes its first half-year report prepared in accordance with IFRS standards for the reporting period ending June 30, 2025. Comparative information is presented for the financial years ended December 31, 2024 and December 31, 2023 and for the comparison half-year periods ended June 30, 2024 and June 30,2023. The transition date for IFRS reporting is January 1, 2023. Previously, Vincit has prepared its consolidated financial statements in accordance with Finnish Accounting Standards (FAS).
Vincit has prepared the attached unaudited IFRS financial information to provide investors with comparative information for the consolidated statement of profit or loss, statement of financial position and key figures for the financial years December 31, 2024, December 31, 2023, and for the half-year periods ended June 30, 2024 and June 30, 2023. In addition, the opening statement of financial position for the IFRS transition date January 1, 2023, is presented. The key differences arising from the transition to IFRS reporting compared with FAS reporting are described in the attachment to this release.
The most significant impacts from the transition to IFRS reporting:
- Right of use assets and a lease liability corresponding to the rents to be paid are recognized in the consolidated statement of financial position, which increases long-term assets and lease liabilities. The increase of lease liabilities has an impact on net debt and equity ratio key figures. The presentation of lease expense as instalment of lease liability and interest expense improves cash flow from operating activities and EBITDA ratio.
- Vincit has cancelled the amortisation of goodwill in the IFRS consolidated statement of profit or loss and consolidated statement of financial position for the conversion period. In accordance with IFRS, goodwill is no longer amortised, but it is subject to annual impairment testing based on IAS 36 and whenever there are indications of impairment. In IFRS transition, goodwill has been subject to impairment testing for the dates January 1, 2023, December 31, 2023 and December 31, 2024. The test results did not lead to the recognition of impairment.
The financial information presented in this release is unaudited, with the exception of the consolidated income statements prepared in accordance with the Finnish Accounting Standards (FAS) for the financial years January 1 to December 31, 2024 and January 1 to December 31, 2023 and the consolidated statements of financial position for the financial years ended December 31, 2024 and December 31, 2023.
Key figures, IFRS
EUR thousand | 1-6/2024 | 1-6/2023 | 1-12/2024 | 1-12/2023 |
Revenue | 44,730 | 52,805 | 84,647 | 98,085 |
EBITDA | 1,592 | 4,157 | 3,837 | 6,126 |
% of revenue | 3.6% | 7.9% | 4.5% | 6.2% |
EBITA | -270 | 2,350 | -12 | 2,350 |
% of revenue | -0.6% | 4.5% | 0.0% | 2.4% |
Items affecting comparability | 498 | 92 | 520 | 1,993 |
Adjusted EBITDA | 2,090 | 4,249 | 4,358 | 8,119 |
Adjusted EBITDA % | 4.7% | 8.0% | 5.1% | 8.3% |
Adjusted EBITA | 228 | 2,442 | 508 | 4,343 |
Adjusted EBITA, % | 0.5% | 4.6% | 0.6% | 4.4% |
EBIT | -399 | 2,277 | -288 | 2,177 |
% of revenue | -0.9% | 4.3% | -0.3% | 2.2% |
Profit for the period | -662 | 1,422 | -629 | 972 |
Equity ratio -% | 61.5% | 61.3% | 58.3% | 60.6% |
Return on equity (ROE), % | -3.5% | 7.1% | -1.7% | 2.5% |
Return on Investment (ROI), % | -1.0% | 10.0% | 0.6% | 5.6% |
Net Gearing Ratio -% | -18.4% | -11.1% | 1.3% | -16.2% |
Number of employees at the end of the period | 641 | 766 | 640 | 720 |
EPS, EUR | -0.04 | 0.09 | -0.04 | 0.06 |
Dividend / Share,EUR | - | - | 0.11 | 0.10 |
EUR thousand | 1-6/2024 | 1-6/2023 | 1-12/2024 | 1-12/2023 |
Revenue | 44,730 | 52,805 | 84,647 | 98,085 |
EBITDA | 1,592 | 4,157 | 3,837 | 6,126 |
% of revenue | 3.6% | 7.9% | 4.5% | 6.2% |
EBITA | -270 | 2,350 | -12 | 2,350 |
% of revenue | -0.6% | 4.5% | 0.0% | 2.4% |
Items affecting comparability | 498 | 92 | 520 | 1,993 |
Adjusted EBITDA | 2,090 | 4,249 | 4,358 | 8,119 |
Adjusted EBITDA % | 4.7% | 8.0% | 5.1% | 8.3% |
Adjusted EBITA | 228 | 2,442 | 508 | 4,343 |
Adjusted EBITA, % | 0.5% | 4.6% | 0.6% | 4.4% |
EBIT | -399 | 2,277 | -288 | 2,177 |
% of revenue | -0.9% | 4.3% | -0.3% | 2.2% |
Profit for the period | -662 | 1,422 | -629 | 972 |
Equity ratio -% | 61.5% | 61.3% | 58.3% | 60.6% |
Return on equity (ROE), % | -3.5% | 7.1% | -1.7% | 2.5% |
Return on Investment (ROI), % | -1.0% | 10.0% | 0.6% | 5.6% |
Net Gearing Ratio -% | -18.4% | -11.1% | 1.3% | -16.2% |
Number of employees at the end of the period | 641 | 766 | 640 | 720 |
EPS, EUR | -0.04 | 0.09 | -0.04 | 0.06 |
Dividend / Share,EUR | - | - | 0.11 | 0.10 |
Alternative Performance Measures (APM)
Vincit complies with the guidelines issued by the European Securities and Markets Authority (ESMA) on the presentation of alternative performance measures, which have been in force since 2016.
Vincit uses and presents the following alternative performance measures that better illustrate the development of operations and statement of financial position: adjusted EBITDA, adjusted EBITA, ROI, ROE, equity ratio and net gearing.
Alternative performance measures should not be considered in isolation and are not a substitute for the performance measures presented in the audited financial statements. Companies do not calculate alternative performance measures in a consistent manner, and therefore alternative performance measures presented by Vincit may not be comparable to similarly named performance measures presented by other companies.
The definition of the key figures and reconciliations are presented in the attachment to this release.
This release is a summary of Vincit’s transition to IFRS reporting and unaudited comparative IFRS information. The complete report is attached to this release and available at: https://investors.vincit.com/en/
VINCIT Plc
Board of Directors
More information
Vincit Plc, CEO Julius Manni, phone: +358 50 424 3932
Certified advisor: Aktia Alexander Corporate Finance Oy, phone: +358 50 520 4098
Vincit Plc in brief
Vincit turns digital into business results by combining leading enterprise platforms and tailored solutions Vincit Plc’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.vincit.com
Vincit Plc's transition to IFRS reporting and unaudited IFRS comparative information
27 juni, 13:15
Vincit Plc, Company announcement, June 27,2025 at 14:15 EEST
Vincit Plc's transition to IFRS reporting and unaudited IFRS comparative information
Vincit Plc (together with its subsidiaries "Vincit" or the "Group") will transition from Finnish Accounting Standards (FAS) to International Financial Reporting Standards (IFRS) reporting. The company estimates that the transition to IFRS reporting will increase the comparability of financial figures with other companies in the industry, support the company's growth strategy and increase the interest of international investors in the company.
The transition to IFRS reporting has no effect on the company’s guidance for 2025.
Vincit publishes its first half-year report prepared in accordance with IFRS standards for the reporting period ending June 30, 2025. Comparative information is presented for the financial years ended December 31, 2024 and December 31, 2023 and for the comparison half-year periods ended June 30, 2024 and June 30,2023. The transition date for IFRS reporting is January 1, 2023. Previously, Vincit has prepared its consolidated financial statements in accordance with Finnish Accounting Standards (FAS).
Vincit has prepared the attached unaudited IFRS financial information to provide investors with comparative information for the consolidated statement of profit or loss, statement of financial position and key figures for the financial years December 31, 2024, December 31, 2023, and for the half-year periods ended June 30, 2024 and June 30, 2023. In addition, the opening statement of financial position for the IFRS transition date January 1, 2023, is presented. The key differences arising from the transition to IFRS reporting compared with FAS reporting are described in the attachment to this release.
The most significant impacts from the transition to IFRS reporting:
- Right of use assets and a lease liability corresponding to the rents to be paid are recognized in the consolidated statement of financial position, which increases long-term assets and lease liabilities. The increase of lease liabilities has an impact on net debt and equity ratio key figures. The presentation of lease expense as instalment of lease liability and interest expense improves cash flow from operating activities and EBITDA ratio.
- Vincit has cancelled the amortisation of goodwill in the IFRS consolidated statement of profit or loss and consolidated statement of financial position for the conversion period. In accordance with IFRS, goodwill is no longer amortised, but it is subject to annual impairment testing based on IAS 36 and whenever there are indications of impairment. In IFRS transition, goodwill has been subject to impairment testing for the dates January 1, 2023, December 31, 2023 and December 31, 2024. The test results did not lead to the recognition of impairment.
The financial information presented in this release is unaudited, with the exception of the consolidated income statements prepared in accordance with the Finnish Accounting Standards (FAS) for the financial years January 1 to December 31, 2024 and January 1 to December 31, 2023 and the consolidated statements of financial position for the financial years ended December 31, 2024 and December 31, 2023.
Key figures, IFRS
EUR thousand | 1-6/2024 | 1-6/2023 | 1-12/2024 | 1-12/2023 |
Revenue | 44,730 | 52,805 | 84,647 | 98,085 |
EBITDA | 1,592 | 4,157 | 3,837 | 6,126 |
% of revenue | 3.6% | 7.9% | 4.5% | 6.2% |
EBITA | -270 | 2,350 | -12 | 2,350 |
% of revenue | -0.6% | 4.5% | 0.0% | 2.4% |
Items affecting comparability | 498 | 92 | 520 | 1,993 |
Adjusted EBITDA | 2,090 | 4,249 | 4,358 | 8,119 |
Adjusted EBITDA % | 4.7% | 8.0% | 5.1% | 8.3% |
Adjusted EBITA | 228 | 2,442 | 508 | 4,343 |
Adjusted EBITA, % | 0.5% | 4.6% | 0.6% | 4.4% |
EBIT | -399 | 2,277 | -288 | 2,177 |
% of revenue | -0.9% | 4.3% | -0.3% | 2.2% |
Profit for the period | -662 | 1,422 | -629 | 972 |
Equity ratio -% | 61.5% | 61.3% | 58.3% | 60.6% |
Return on equity (ROE), % | -3.5% | 7.1% | -1.7% | 2.5% |
Return on Investment (ROI), % | -1.0% | 10.0% | 0.6% | 5.6% |
Net Gearing Ratio -% | -18.4% | -11.1% | 1.3% | -16.2% |
Number of employees at the end of the period | 641 | 766 | 640 | 720 |
EPS, EUR | -0.04 | 0.09 | -0.04 | 0.06 |
Dividend / Share,EUR | - | - | 0.11 | 0.10 |
EUR thousand | 1-6/2024 | 1-6/2023 | 1-12/2024 | 1-12/2023 |
Revenue | 44,730 | 52,805 | 84,647 | 98,085 |
EBITDA | 1,592 | 4,157 | 3,837 | 6,126 |
% of revenue | 3.6% | 7.9% | 4.5% | 6.2% |
EBITA | -270 | 2,350 | -12 | 2,350 |
% of revenue | -0.6% | 4.5% | 0.0% | 2.4% |
Items affecting comparability | 498 | 92 | 520 | 1,993 |
Adjusted EBITDA | 2,090 | 4,249 | 4,358 | 8,119 |
Adjusted EBITDA % | 4.7% | 8.0% | 5.1% | 8.3% |
Adjusted EBITA | 228 | 2,442 | 508 | 4,343 |
Adjusted EBITA, % | 0.5% | 4.6% | 0.6% | 4.4% |
EBIT | -399 | 2,277 | -288 | 2,177 |
% of revenue | -0.9% | 4.3% | -0.3% | 2.2% |
Profit for the period | -662 | 1,422 | -629 | 972 |
Equity ratio -% | 61.5% | 61.3% | 58.3% | 60.6% |
Return on equity (ROE), % | -3.5% | 7.1% | -1.7% | 2.5% |
Return on Investment (ROI), % | -1.0% | 10.0% | 0.6% | 5.6% |
Net Gearing Ratio -% | -18.4% | -11.1% | 1.3% | -16.2% |
Number of employees at the end of the period | 641 | 766 | 640 | 720 |
EPS, EUR | -0.04 | 0.09 | -0.04 | 0.06 |
Dividend / Share,EUR | - | - | 0.11 | 0.10 |
Alternative Performance Measures (APM)
Vincit complies with the guidelines issued by the European Securities and Markets Authority (ESMA) on the presentation of alternative performance measures, which have been in force since 2016.
Vincit uses and presents the following alternative performance measures that better illustrate the development of operations and statement of financial position: adjusted EBITDA, adjusted EBITA, ROI, ROE, equity ratio and net gearing.
Alternative performance measures should not be considered in isolation and are not a substitute for the performance measures presented in the audited financial statements. Companies do not calculate alternative performance measures in a consistent manner, and therefore alternative performance measures presented by Vincit may not be comparable to similarly named performance measures presented by other companies.
The definition of the key figures and reconciliations are presented in the attachment to this release.
This release is a summary of Vincit’s transition to IFRS reporting and unaudited comparative IFRS information. The complete report is attached to this release and available at: https://investors.vincit.com/en/
VINCIT Plc
Board of Directors
More information
Vincit Plc, CEO Julius Manni, phone: +358 50 424 3932
Certified advisor: Aktia Alexander Corporate Finance Oy, phone: +358 50 520 4098
Vincit Plc in brief
Vincit turns digital into business results by combining leading enterprise platforms and tailored solutions Vincit Plc’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.vincit.com
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