Norrhydro prepares for global markets with the help of Greenstep's IFRS experts

Norrhydro is a Finnish pioneer in motion control solutions and one of the leading suppliers of energy-efficient hydraulic cylinders in the Nordic countries, with almost 40 years of experience. It develops and manufactures innovative and environmentally friendly hydraulic solutions for industries such as forestry, material handling, mining, civil engineering and the marine sector.

The company is looking for strong growth and opportunities to expand into new geographical markets with its new NorrDigi® traffic management system. Many internationalization activities have become topical for the company, which also initiated the cooperation with Greenstep.

IFRS conversion opens the doors to global markets

Norrhydro is targeting global markets with Norrdigi®, a business management system that combines artificial intelligence and digitalization. This advanced emission-reducing technology is unique in the global market.

As a result of the internationalization process, Norrhydro needed to assess the impact of the IFRS conversion on the company's financial statements and key figures. That's where the collaboration with Greenstep began.

"IFRS standards are evolving so it was natural to use experts with experience of IFRS standards and up-to-date knowledge of the latest changes. We have modeled a possible IFRS conversion with Greenstep's experts. The cooperation has been smooth and efficient", describes Hanne Sarajärvi, the CFO of Norrhydro.

Sarajärvi describes how Greenstep's experts helped Norrhydro to understand how the IFRS conversion would affect the company's financial statements and how the preparation of the financial statements would change. The cooperation with Greenstep created added value for the company, especially in terms of the project schedule.

"Our project progressed significantly faster than if we had only worked with our own resources," says Sarajärvi.

Comprehensive experience on fast schedule

Norrhydro has been very satisfied with its cooperation with Greenstep. Sarajärvi believes that the two companies will continue to work together in the future whenever Norrhydro is faced with projects or situations requiring specific expertise.

"I am happy to recommend Greenstep, as we have gained evidence of strong expertise during our cooperation. Everything has gone smoothly", concludes Sarajärvi, who welcomes Greenstep to Rovaniemi!