Quarterly Report • Apr 29, 2022
Quarterly Report
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Zalaris ranks among Europe's top providers of human capital management (HCM) and payroll solutions – addressing the entire employee lifecycle, from recruiting and onboarding to compensation, time and attendance, travel expenses and performance management.
Our proven local and multi-country delivery models include: on-premise implementations, software as a service (SaaS), cloud integration and business process outsourcing (BPO). Furthermore, Zalaris' experienced consultants and advisors cover all industries and IT environments.
Headquartered in Oslo, Norway, and publicly traded on the Oslo Stock Exchange (ZAL), we serve more than one million employees each month, across multiple industries and with many of Europe's most reputable employers. We have generated uninterrupted growth since our founding in 2000 and today operate in the Nordics, Baltics, Poland, Germany, Austria, Switzerland, France, India, Ireland, the UK and Australia.
*Defined in separate section: Alternative Performance Measure (APMs)
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| Revenue | 209 650 | 192 778 | 775 265 |
| Growth (YoY) | 8,8 % | -3,9 % | 4,2 % |
| EBITDA | 25 156 | 28 915 | 101 948 |
| Adjusted EBITDA1) | 27 996 | 25 890 | 101 353 |
| Adjusted EBITDA margin (as % of revenue) | 13,4 % | 13,4 % | 13,1 % |
| EBIT | 4 686 | 10 265 | 22 585 |
| Adjusted EBIT1) | 14 899 | 13 788 | 49 574 |
| Adjusted EBIT margin (as % of revenue) | 7,1 % | 7,2 % | 6,4 % |
| Profit/(loss) for the period | 9 457 | 17 475 | 12 812 |
| Earnings per share (EPS) | 0,44 | 0,89 | 0,60 |
| Total comprehensive income | (1 558) | 5 179 | 1 148 |
| Free cash flow1) | (9 145) | (2 187) | 12 407 |
| Net interest-bearing debt (NIBD)1) | 212 890 | 242 423 | 183 019 |
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| Revenue | |||
| Managed Services | 146 547 | 128 437 | 529 685 |
| Professional Services | 61 893 | 64 342 | 245 580 |
| Revenue | 208 440 | 192 778 | 775 265 |
| HR & Payroll Tech Investments | 1 210 | - | - |
| Total revenue | 209 650 | 192 778 | 775 265 |
| EBIT | |||
| Managed Services | 15 136 | 15 378 | 62 000 |
| Professional Services | 6 808 | 5 490 | 17 941 |
| HQ and other | (13 495) | (10 603) | (57 355) |
| EBIT | 8 449 | 10 265 | 22 586 |
| HR & Payroll Tech Investments | (3 763) | - | - |
| Total EBIT | 4 686 | 10 265 | 22 586 |
| EBIT margin (%) | |||
| Managed Services | 10,3 % | 12,0 % | 11,7 % |
| Professional Services | 11,0 % | 8,5 % | 7,3 % |
| EBIT margin (%) | 4,1 % | 5,3 % | 2,9 % |
| HR & Payroll Tech Investments | n.a | n.a | n.a |
| Total EBIT margin (%) | 2,2 % | 5,3 % | 2,9 % |
Our adjusted EBIT was NOK 14.9 million (7.1%). 8% up from last year, but still negatively impacted by costs related to build-up of capacity to serve customers not yet in production
We are not directly impacted by the war in Ukraine as we have no operations nor work with any suppliers located in Russia, Ukraine, or Belarus. With a distributed network of service centres operating on one common solution we can move work quickly between various locations if we should need to and still deliver on customer commitments. We are continuously monitoring the situation and are maintaining our business continuity plans. We are actively supporting where we can promote democratic and human values.
Within Managed Services we continued our streak of signing new fantastic customers further strengthening our recurring revenue streams in all main markets. Including a five-year agreement to deliver a new SaaS Payroll and HR solution to serve Kaefer's 3,000 employees in UK and Ireland and a five-year agreement to deliver a new integrated HR and Payroll solution and outsourcing services to serve German iconic retailer KaDeWe's 1,900 employees. Just after quarter-end we signed a seven-year agreement with Stora Enso, a leading provider of renewable solutions in packaging, biomaterials, wooden construction and paper, to deliver Payroll and Time Management technology and outsourcing services for their 6,000 employees in Finland.
In addition to securing successful implementation of our numerous ongoing payroll and HR transformation projects Professional services continued its strong development signing new agreements with leading brands like Hitachi, Veolia, and Porsche in the UK. In Poland we signed new and extended agreements with companies like ABB, Lidl, and Ryanair to provide Application Maintenance Services. In Germany we extended our long-term agreement for application maintenance services with the state of Rhineland-Pfalz, extended our agreement with Bitzer AG for a global rollout and finalized a new payroll solution to serve ThyssenKrupp Elevator's 7,000 employees.
Our pipeline continues being strong supporting our communicated ambition of securing ARR to continue on our current growth path in 2023.
To strengthen our position in the fast growing market for global payroll and to better support large customers complex needs including coverage of the APAC region we established local operations in Australia and Singapore during the quarter. Our initial five-person strong team has come off to a flying start signing an agreement to implement a new payroll solution for Google Australia and have already built a super pipeline of opportunities.
Through our partnership with ActivePayroll announced during the quarter we now can offer a comprehensive suite of cost-effective payroll and HR services to global enterprises with large employee population countries served on Zalaris Peoplehub and small employee population countries served by ActivePayroll. Fully integrated with Zalaris Peoplehub for a seamless user experience.
With the acquisition of the German entity vyble® in Q1, our ambition is to become a significant player in the growing market for fully digitised payroll and HR solutions for small and medium sized businesses. The German SME market segment, including companies with 10-250 employees, has an estimated annual value of EUR 1.5 billion.
Our initial focus for vyble will be to support the company in the German market using a network of accounting agencies and distributors to scale growth. With ownership of our own IP, we will explore the potential of porting vyble to our other markets.
Zalaris has from its inception aimed at creating a business based on Nordic values. We have always
believed in long-term thinking and treating people as human capital.
In 2021, we launched a strategic initiative to build ESG into all our products and services. As we are an office-based business, our environmental footprint is limited to travel, energy consumption related to the powering of our IT solutions and securing a good working environment for our people. To support creating awareness in how we can influence our personal and organizational footprint, we started developing an app, as part of PeopleHub, to help track and visualize our CO2 footprint from commuting and business travel. This was launched in Q1.
We have a key position in providing solutions to help our customers manage their workforce with cloudbased HR and payroll solutions, and are in an advantageous position to support reporting, and to visualize and target performance related to diversity, equity, and inclusion. We have created our first analytics and reporting solution for internal use that we will start marketing to customers later this year.
Further, to improving EBIT through scaling existing operations, we are stepping up our automation and smart shoring efforts with the aim to achieve further margin improvements through the implementation of our Zalaris 4.0 delivery models and packaged solutions.
We will continue pursuing non-organic growth options that can strengthen our position in existing markets and leverage the scale of our existing organization. This includes opportunities that can support expanding our geographic coverage, or companies with new HR Tech solutions that can be utilized by our existing customer portfolio. We successfully raised NOK 120 million in new equity in 2021 o be used in a disciplined manner for this purpose.
Consolidated revenue for the first quarter 2022 amounted to NOK 209.7 million (Q1 2021: NOK 192.8 million). The actual revenue increase was +8.8%. Measured in constant currency the increase was +12.0%.
Compared to the first quarter last year, revenue from new customers and the revenue from ba.se, which was acquired in the third quarter 2021, contributed to the growth, and was only partly offset by customers that did not renew their contracts in 2021.
Zalaris has signed several new BPO contracts within Managed Services ("MS") during the first quarter. These will be converted to monthly recurring revenue when the contracts go live. New contracts signed during the first quarter have expected annual recurring revenue ("ARR") of NOK 6 million. In addition, subsequent to quarter end, Zalaris signed a seven-year agreement with major Finish industrial company, Stora Enso, for delivery of Payroll and Time Management technology and outsourcing services for their employees in Finland. This is one of Zalaris' 10 largest contracts to date, and the value will be included in the expected ARR in the interim report for the second quarter.
As an illustration of the revenue impact of new contracts signed, the table below shows the ARR within MS at the end of the first quarter, and how the ARR will increase, when signed contracts as of 31 March 2021 have been implemented (not including the ARR from Stora Enso, which was signed in April).
Contracted ARR* in MS (NOKm)
* Please refer to the APMs section of this report for definition of ARR and contracted
The net ARR to be implemented from new contracts (NOK 65 million) represents an increase in total annual revenue for Zalaris of +8.2% (when compared to revenue last twelve months).
The figure below shows the timing of the expected increase in the ARR for MS, based on signed contracts.
Revenue in the Nordic & Baltic region was NOK 106.1 million in the first quarter. Adjusted for negative currency effects, the revenue was 2.9% higher than the figure last year of NOK 106.0 million. This was explained by the implementation of new customers, partly offset by non-renewals in 2021.
Revenue in the Central Europe region was NOK 94.7 million in the first quarter, compared to NOK 76.6 million last year. An increase of +26.4%, when adjusted for negative currency effects. The revenue was approximately 9% higher when adjusted for the inclusion of bas.se (consolidated from the third quarter 2021).
The organic growth came from Professional Services in Poland and from new customers in Managed Services in Germany that went live during the first quarter.
Within Professional Services, Poland and Germany showed a revenue growth of +37.7% and -4.7% respectively in local currency compared to last year.
Revenue in the UK & Ireland region amounted to NOK 8.8 million in the first quarter, compared to NOK 10.2 million in the same quarter last year. There has been increased activity within Manage Services in the region, and revenue from Managed Services has increase significantly. However, Professional Services resources have been utilized on the implementation of new BPO contracts (deferred revenue), which has had a negative impact on revenue in that segment.
The adjusted EBIT was NOK 14.9 million for the first quarter (NOK 13.8 million), an increase of +8.0%.
The adjustments made were the calculated costs of the Company's share-based payment plan (NOK 1.9 million), amortisation of excess values on acquisitions (NOK 3.0 million), negative EBIT in newly acquired vyble (NOK 3.8 million) and costs of approximately NOK 1.5 million relating to the establishment of operations in Australia, and the establishment of an Application Maintenance Services centre for Managed Services in Poland. These investments are expected to generate additional revenue in 2022.
There have also been some cost increases in preparation for increased volumes, as new BPO contracts go live.
Consolidated EBIT for the quarter was NOK 4.7 million (NOK 10.3 million). The variance from last year is due to higher calculated costs for sharebased payments, as well the factors noted above.
The Group had net financial income of NOK 6.3 million for the first quarter (net income NOK 11.2 million), including an unrealised currency gain of NOK 11.8 million (gain NOK 17.4 million) relating to the EUR 35 million bond loan and other foreign currency denominated balances.
The net profit for the quarter was NOK 9.5 million (NOK 17.5 million).
Total comprehensive income amounted to negative NOK 1.6 million (NOK 5.2 million), after currency translation differences of negative NOK 11.0 million (negative NOK 12.3 million) relating to foreign subsidiaries.
The Managed Services ("MS") segment had revenue of NOK 146.5 million for the first quarter 2022, compared to NOK 128.4 million in the same quarter last year. The increase was 17.4% when adjusted for negative currency effects. The inclusion of ba.se service & consulting GmbH ("ba.se") added NOK 13.1 million (+10.2%), while the remaining increase is mainly due to revenue from new customers that have gone live since the first quarter last year, partly offset by non-renewals during 2021.
As noted earlier in this report, new BPO contracts with a total ARR of NOK 6 million were signed during the first quarter. As a result of the increased number of new contracts in 2021, more resources are being utilized on contract implementation, compared to last year, resulting in increased deferred revenue, which will result in increased revenue as the projects go live during 2022 and onwards. MS revenue deferred for the first quarter was NOK 18.5 million, compared to NOK 8.6 million last year, an increase of 115%.
The EBIT for MS for the first quarter was NOK 15.1 million (NOK 15.4 million).
Revenue in the Professional Service ("PS") segment amounted to NOK 61.9 million for the first quarter 2022, compared to NOK 64.3 million last year. When adjusted for negative currency movements the reduction was approximately 0.5% year-on-year. Higher revenue in Poland, was offset by lower revenue in Germany and UK. The reduction in these countries is mainly due to PS resources being utilized on the implementation of new MS contracts, which has resulted in increased deferred revenue (invoiced but not recognized). The largest PS countries Poland and Germany showed
a revenue growth of +37.7% and -4.7% respectively, in local currency.
The EBIT for PS for the first quarter was NOK 6.8 million (NOK 5.5 million). The EBIT was positively impacted by higher customer margins in Poland.
In February 2022, Zalaris acquired the assets of vyble AG, a payroll and HR solution start-up located in Rostock and Hamburg, Germany. The business is being operated through a 90% owned subsidiary, vyble GmbH ("vyble"). vyble has a complete suite of Payroll and HR solutions delivered as Software as a Service (SaaS) targeting the SME market in Germany.
vyble is in a development phase, and had revenue of NOK 1.2 million and negative EBIT of NOK 3.8 million for the first quarter 2022.
Zalaris had total assets of NOK 821.5 million as of 31 March 2022, compared to NOK 826.6 million on 31 December 2021.
Cash and cash equivalents were NOK 134.7 million as of 31 March 2022, a decrease of NOK 41.5 million from the end of the previous quarter. The reduction in cash is mainly due to the acquisition of own shares through the announced buy-back program now completed (NOK 17.7 million – 1.6% of the total issued shares) and the acquisition of the assets of vyble AG ( NOK 10 million), and working capital movements.
Total equity as of 31 March 2022 was NOK 189.7 million, compared to NOK 209.0 million as of 31 December 2021. This corresponds to an equity ratio of 23.1% (25.3%).
The Company holds 640,693 own shares at 31 March 2022.
Net interest-bearing debt (interest-bearing debt less cash and cash equivalents) increased from NOK 183.0 million on 31 December 2021 to NOK 212.9 million on 31 March 2022. This corresponds to a ratio of net interest-bearing debt over adj. EBITDA of 2.0 (1.8). The decrease in net interest-bearing debt is mainly due to the reduction in cash noted above.
Operating cash flow during the first quarter 2022 was negative NOK 4.4 million (negative NOK 0.1 million).
Net cash flow from investing activities for the first quarter was negative NOK 14.8 million (negative NOK 2.1 million). The increase was due to the acquisition of the assts of vyble AG during the quarter of NOK 10.1 million, and some additional investments Zalaris' PeopleHub platform.
Net cash flow from financing activities for the first quarter was negative NOK 22.1 million (negative NOK 4.4 million). The increased outflow is due to the purchase of own share of NOK 17.7 million during the quarter
The board will propose a dividend of NOK 0.35 per share to be paid for 2021. The board will also
Zalaris is well positioned for future revenue growth, having signed an all-time high level of new longterm BPO contracts within Managed Services during 2021. This high activity level has continued into 2022, with a new major contract entered into with Stora Enso in April, and contracts with new significant customers in Germany and UK.
The increased scale of our operations from this revenue growth will be a key driver for higher profitability. Further automation of our delivery processes, and a more optimised use of resources from different Zalaris locations, are key targets for 2022 – hereunder extended use of offshoring.
Based on industry and market research reports, Zalaris' key markets within multi-country payroll and HR outsourcing are expected to grow in the foreseeable future. The Company is well positioned to capture part of this growth through new customers, as demonstrated by the multicountry contracts with Metsä and Yunex Traffic, entered in in 2021, and by expanding the service offering to existing customers, as we have done with e.g. Siemens and Tryg. Zalaris is also
propose that the general meeting provides an authorisation to the board to distribute additional dividends based on the Company's approved annual accounts for 2021, and may be used to distribute a dividend per share of up to NOK 0.65 to the extent the Company is in a position to distribute such dividend.
There have been no events after the balance sheet date, which have had a material effect on the issued accounts.
expanding its geographical coverage to strengthen its competitive position in this market.
We are actively pursuing non-organic growth options that can strengthen our position in existing markets, and leverage the scale of our existing organisation, exemplified by the acquisition of ba.se during 2021. The key focus is on opportunities that can support expanding our geographic coverage, or companies that add new HR Tech solutions that can be utilized by our existing customers, or that can expand our customer base. An example of this is the acquisition of vyble during the first quarter, which has a payroll and HCM software solution targeting the SME market.
Zalaris is not directly affected by the war in Ukraine, and has no operations or customers in Ukraine or Russia, however Zalaris is following the developments closely. Covid-19 may still have some impact short-term, however, the underlying fundamentals remain strong, and Zalaris has entered 2022 with a solid pipeline of potential new sales in all regions.
The Board of Directors of Zalaris ASA Oslo, 28 April 2022
| (NOK 1 000) | Notes | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
|---|---|---|---|---|
| unaudited | unaudited | |||
| Revenue | 2 | 209 650 | 192 778 | 775 265 |
| Operating expenses | ||||
| License costs | 19 862 | 15 575 | 67 481 | |
| Personnel expenses | 4 | 107 324 | 106 062 | 405 949 |
| Other operating expenses | 57 307 | 42 226 | 199 886 | |
| Depreciation and impairments | 1 098 | 755 | 4 078 | |
| Depreciation right-of-use assets | 4 136 | 3 930 | 16 114 | |
| Amortisation intangible assets | 7 214 | 7 208 | 29 296 | |
| Amortisation implementation costs customer projects | 3 | 8 022 | 6 756 | 29 874 |
| Total operating expenses | 204 964 | 182 513 | 752 679 | |
| Operating profit (EBIT) | 4 686 | 10 265 | 22 585 | |
| Financial items | ||||
| Financial income | 5 | 1 638 | 1 074 | 5 491 |
| Financial expense | 5 | (7 118) | (7 304) | (29 031) |
| Unrealized foreign exchange gain/(loss) | 5 | 11 769 | 17 449 | 15 968 |
| Net financial items | 6 289 | 11 220 | (7 571) | |
| Profit before tax | 10 975 | 21 485 | 15 014 | |
| Tax expense | (1 518) | (4 010) | (2 203) | |
| Profit for the period | 9 457 | 17 475 | 12 812 | |
| Profit attributable to: | ||||
| - Owners of the parent | 9 834 | 17 475 | 12 812 | |
| - Non-controlling interests | -376 | 0 | 0 | |
| Earnings per share: | ||||
| Basic earnings per share (NOK) | 0,44 | 0,89 | 0,60 | |
| Diluted earnings per share (NOK) | 0,41 | 0,85 | 0,56 |
| 2020 | 2021 | 2021 | ||
|---|---|---|---|---|
| (NOK 1 000) | Notes | Jan-Mar | Jan-Mar | Jan-Dec |
| unaudited | unaudited | |||
| Profit for the period | 9 457 | 17 475 | 12 812 | |
| Other comprehensive income | ||||
| Items that will be reclassified to profit and loss in subsequent periods | ||||
| Currency translation differences | (11 015) | (12 296) | (11 664) | |
| Total other comprehensive income | (11 015) | (12 296) | (11 664) | |
| Total comprehensive income | (1 558) | 5 179 | 1 148 | |
| Total comprehensive income attributable to: | ||||
| - Owners of the parent | (1 182) | 5 179 | 1 148 | |
| - Non-controlling interests | (376) | - | - |
| 2022 | 2021 | 2021 | ||
|---|---|---|---|---|
| (NOK 1 000) | Notes | 31. Mar | 31. Mar | 31. Dec |
| unaudited | unaudited | |||
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 121 667 | 116 336 | 120 140 | |
| Goodwill | 183 503 | 155 576 | 187 843 | |
| Total intangible assets | 305 169 | 271 912 | 307 983 | |
| Deferred tax asset | 26 928 | 22 326 | 26 999 | |
| Fixed assets | ||||
| Right-of-use assets | 34 603 | 21 840 | 29 765 | |
| Property, plant and equipment | 29 249 | 30 802 | 29 855 | |
| Total fixed assets | 63 852 | 52 642 | 59 620 | |
| Total non-current assets | 395 950 | 346 881 | 394 601 | |
| Current assets | ||||
| Trade accounts receivable | 154 807 | 144 859 | 141 397 | |
| Customer projects | 3 | 106 434 | 74 731 | 94 799 |
| Other short-term receivables | 29 576 | 25 149 | 19 614 | |
| Cash and cash equivalents | 6 | 134 704 | 117 561 | 176 224 |
| Total current assets | 425 521 | 362 300 | 432 034 | |
| TOTAL ASSETS | 821 470 | 709 181 | 826 635 |
| 2022 | 2021 | 2021 | ||
|---|---|---|---|---|
| (NOK 1 000) | Notes | 31. Mar | 31. Mar | 31. Dec |
| unaudited | unaudited | |||
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Paid-in capital | ||||
| Share capital | 2 149 | 1 964 | 2 185 | |
| Other paid in equity | 5 534 | 7 634 | 3 657 | |
| Share premium | 158 345 | 34 250 | 158 345 | |
| Total paid-in capital | 166 028 | 43 847 | 164 186 | |
| Other equity | (8 161) | 2 184 | 2 855 | |
| Retained earnings | 31 456 | 64 464 | 41 968 | |
| Equity attributable to equity holders of the parent | 189 323 | 110 496 | 209 009 | |
| Non-controlling interest | 350 | 0 | 0 | |
| Total equity | 189 673 | 110 496 | 209 009 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Deferred tax | 25 083 | 23 235 | 26 836 | |
| Interest-bearing loans | 7 | 346 282 | 358 625 | 357 887 |
| Other long-term liabilities | 3 033 | - | 3 134 | |
| Lease liabilities | 21 667 | 11 433 | 16 445 | |
| Total long-term liabilities | 396 065 | 393 293 | 404 303 | |
| Current liabilities | ||||
| Trade accounts payable | 14 978 | 21 510 | 18 257 | |
| Customer projects liabilities | 3 | 78 052 | 53 134 | 66 452 |
| Interest-bearing loans | 7 | 1 313 | 1 359 | 1 356 |
| Lease liabilities | 14 191 | 11 333 | 14 423 | |
| Income tax payable | 228 | 5 406 | 2 550 | |
| Public duties payable | 40 720 | 39 885 | 36 113 | |
| Other short-term liabilities | 86 137 | 72 082 | 73 921 | |
| Derivatives | 113 | 685 | 249 | |
| Total short-term liabilities | 235 732 | 205 393 | 213 322 | |
| Total liabilities | 631 797 | 598 686 | 617 625 | |
| TOTAL EQUITY AND LIABILITIES | 821 470 | 709 181 | 826 635 |
| 2022 | 2021 | 2021 | ||
|---|---|---|---|---|
| (NOK 1 000) | Notes | Jan-Mar | Jan-Mar | Jan-Dec |
| unaudited | unaudited | |||
| Cash Flow from operating activities | ||||
| Profit (Loss) before tax | 10 975 | 21 485 | 15 014 | |
| Net financial items | 5 | (6 289) | (11 220) | 7 571 |
| Share based program | 1 877 | 630 | 5 679 | |
| Depreciation and impairments | 1 098 | 755 | 4 077 | |
| Depreciation right-of-use assets | 4 136 | 3 930 | 16 114 | |
| Amortisation intangible assets | 7 214 | 7 208 | 29 296 | |
| Depreciation implementation costs customer projects | 3 | 8 022 | 6 756 | 29 874 |
| Capitalisation implementation costs customer projects | 3 | (21 118) | (7 959) | (51 350) |
| Customer project revenue deferred | 3 | 18 505 | 8 622 | 41 356 |
| Customer project revenue recognised | 3 | (4 565) | (4 205) | (21 701) |
| Taxes paid | (5 646) | (1 563) | (4 815) | |
| Changes in accounts receivable | (13 410) | 3 792 | 12 464 | |
| Changes in accounts payable | (3 279) | 320 | (3 525) | |
| Changes in other items | 2 659 | (23 669) | (27 581) | |
| Interest received | 16 | 15 | 99 | |
| Interest paid | (4 596) | (4 982) | (19 536) | |
| Net cash flow from operating activities | (4 400) | (85) | 33 037 | |
| Cash flows to investing activities | ||||
| Investment in fixed and intangible assets | (4 745) | (2 102) | (20 630) | |
| Investment in fixed and intangible assets business combinations | (10 103) | - | - | |
| Acquisition of subsidiaries, net of cash acquired | 9 | - | - | (43 322) |
| Net cash flow from investing activities | (14 848) | (2 102) | (63 952) | |
| Cash flows from financing activities | ||||
| Sale of own shares | - | - | 7 235 | |
| Buyback of own shares | (17 743) | - | (975) | |
| Capital increase (net proceeds) | - | - | 115 508 | |
| Payment of lease liabilities | (3 887) | (3 957) | (15 767) | |
| Repayment of loan | (464) | (481) | (1 919) | |
| Dividend payments to owners of the parent | - | - | (19 639) | |
| Net cash flow from financing activities | (22 094) | (4 437) | 84 444 | |
| Net changes in cash and cash equivalents | (41 342) | (6 624) | 53 529 | |
| Net foreign exchange difference | (177) | (657) | (2 151) | |
| Cash and cash equivalents at the beginning of the period | 176 224 | 124 843 | 124 843 | |
| Cash and cash equivalents at the end of the period | 134 704 | 117 561 | 176 224 |
| (NOK 1000) | Note | Share capital |
Share premium |
Other paid in equity |
Total paid-in equity |
Other equity | Retained earnings |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Equity at 01.01.2021 | 1 962 | 34 250 | 6 655 | 42 868 | 14 267 | 47 224 | 104 359 | |
| Profit of the year | 17 475 | 17 475 | ||||||
| Other comprehensive income | (12 296) | (12 296) | ||||||
| Sale of own shares | 2 | (1) | 1 | 1 | ||||
| Settlement of share based payments | 630 | 630 | 630 | |||||
| Other changes | 348 | 348 | 214 | (236) | 326 | |||
| Equity at 31.03.2021 | 1 964 | 34 249 | 7 634 | 43 847 | 2 185 | 64 463 | 110 495 | |
| Unaudited | ||||||||
| Profit of the year | (4 663) | (4 663) | ||||||
| Other comprehensive income | 632 | 632 | ||||||
| Sale of own shares | 13 | 6 732 | 6 745 | 490 | 7 234 | |||
| Purchase of own shares | (2) | (2) | (975) | (977) | ||||
| Share based payments | 5 679 | 5 679 | 5 679 | |||||
| Settlement of share based payments | 8 | 1 858 | (9 014) | (7 148) | (7 148) | |||
| Issue of Share Capital | 201 | 120 537 | 120 738 | 120 738 | ||||
| Transaction costs related to issue of new shares | (5 032) | (5 032) | (5 032) | |||||
| Other changes | (642) | (642) | 38 | 2 292 | 1 689 | |||
| Dividend | (19 639) | (19 639) | ||||||
| Equity at 31.12.2021 | 2 185 | 158 345 | 3 657 | 164 186 | 2 855 | 41 968 | 209 009 | |
| 9 457 | 9 457 | |||||||
| Profit of the year | (11 015) | (11 015) | ||||||
| Other comprehensive income | (35) | (35) | (17 743) | (17 778) | ||||
| Purchase of own shares | 1 877 | 1 877 | 1 877 | |||||
| Settlement of share based payments | (1 877) | (1 877) | ||||||
| Other changes | 2 150 | 158 345 | 5 534 | 166 028 | (8 161) 31 805 | 189 673 | ||
| Equity at 31.03.2022 Unaudited |
Zalaris ASA (the Group) is a public limited company incorporated in Norway. The Group's main office is in Hovfaret 4, Oslo, Norway. The Group delivers full-service outsourced personnel and payroll services.
These interim consolidated condensed financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed consolidated interim financial statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in conjunction with the annual financial statements. The interim condensed consolidated financial statements for the three months ended 31 March 2022, have not been audited or reviewed by the auditors.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December, 2021.
With reference to the Norwegian Accounting Act § 3-3, the Board confirms its belief that conditions exist for continuing operations and that these interim consolidated condensed financial statements have been prepared in accordance with the going concern principle.
The Company's operations are split into three main business segments; Managed Services, Professional Services and HR & Payroll Tech Investments. HR & Payroll Tech Investments is a segment established in the first quarter of 2022, following the establishment of vyble GmbH, and subsequent acquisition of the assets of vyble AG.
Managed Services includes a full range of payroll and HR outsourcing services, such as payroll processing, time and attendance, travel expenses as well as related cloud system solutions and services. This includes additional cloud-based HR functionality to existing outsourcing customers as talent management, digital personnel archive, HR analytics, mobile solutions, etc.
Professional Services includes deliveries of change projects based on Zalaris templates or implementation of customer-specific functionality. This business segment also assists with cost-effective maintenance and support of customers' own on-premise solutions. A large portion of these services are of recurring nature and much of the services are based on long-term customer relationships.
HR & Payroll Tech Investments currently only includes the activities of the subsidiary, vyble GmbH, which has a complete suite of Payroll and HR solutions delivered as Software as a Service (SaaS) targeting the SME market in Germany.
Information is organized by business area and geography. The reporting format is based on the Group's management and internal reporting structure. Items that are not allocated are mainly intercompany sales, interestbearing loans and other associated expenses and assets related to administration of the Group. The Group's executive management is the chief decision maker in the Group. The investing activities comprise total expenses in the period for the acquisition of assets that have an expected useful life of more than one year. The operating assets and liabilities of the Group are not allocated between segments.
| HR & Payroll | |||||
|---|---|---|---|---|---|
| Managed | Professional | Tech | Gr.Ovhd & | ||
| (NOK 1 000) | Services | Services | Investments | Unallocated | Total |
| Revenue, external | 146 547 | 61 893 | 1 210 | - | 209 650 |
| Operating expenses | (120 383) | (52 669) | (4 745) | (6 739) | (184 536) |
| EBITDA | 26 164 | 9 224 | (3 535) | (6 739) | 25 114 |
| Depreciation and amortisation | (11 028) | (2 416) | (228) | (6 756) | (20 428) |
| EBIT | 15 136 | 6 808 | (3 763) | (13 495) | 4 686 |
| Net financial income/(expenses) | - | 6 289 | 6 289 | ||
| Income tax | - | (1 518) | (1 518) | ||
| Profit for the period | 15 136 | 6 808 | (3 763) | (8 724) | 9 457 |
| Cash flow from investing activities | (17 019) |
| HR & Payroll | |||||
|---|---|---|---|---|---|
| Managed | Professional | Tech | Gr.Ovhd & | ||
| (NOK 1 000) | Services | Services | Investments | Unallocated | Total |
| Revenue, external | 128 437 | 64 342 | - | - | 192 778 |
| Operating expenses | (103 707) | (56 800) | - | (5 752) | (166 259) |
| EBITDA | 24 730 | 7 542 | - | (5 752) | 26 519 |
| Depreciation and amortisation | (9 352) | (2 052) | - | (4 851) | (16 254) |
| EBIT | 15 378 | 5 490 | - | (10 603) | 10 265 |
| Net financial income/(expenses) | - | 11 220 | 11 220 | ||
| Income tax | - | (4 010) | (4 010) | ||
| Profit for the period | 15 378 | 5 490 | - | (3 393) | 17 475 |
| Cash flow from investing activities | (2 102) |
| Managed | Professional | Tech | Gr.Ovhd & | ||
|---|---|---|---|---|---|
| (NOK 1 000) | Services | Services | Investments | Unallocated | Total |
| Revenue, external | 529 685 | 245 580 | - | - | 775 265 |
| Operating expenses | (428 087) | (218 921) | - | (26 309) | (673 317) |
| EBITDA | 101 598 | 26 658 | (26 309) | 101 947 | |
| Depreciation and amortisation | (39 598) | (8 717) | - | (31 047) | (79 362) |
| EBIT | 62 000 | 17 941 | (57 355) | 22 585 | |
| Net financial income/(expenses) | - | (7 571) | (7 571) | ||
| Income tax | - | (2 202) | (2 202) | ||
| Profit for the period | 62 000 | 17 941 | - | (67 128) | 12 812 |
| Cash flow from investing activities | (63 952) |
The Group's operations are carried in several countries, and information regarding revenue based on geography is provided below. Information is based on location of the entity generating the revenue, which to a large extent, corresponds to the geographical location of the customers.
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| Norway | 46 369 | 50 586 | 200 875 |
| Northern Europe ex Norway | 59 738 | 55 430 | 221 047 |
| Central Europe | 94 709 | 76 550 | 314 540 |
| UK & Ireland | 8 835 | 10 213 | 38 803 |
| Total | 209 650 | 192 778 | 775 265 |
The Group's revenue from contracts with customers has been disaggregated and presented in note 2.
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | 31. Mar | 31. Mar | 31. Dec |
| Trade receivables | 154 807 | 144 859 | 141 397 |
| Customer project assets | 106 434 | 74 731 | 94 799 |
| Customer project liabilities | (78 052) | (53 134) | (66 452) |
| Prepayments from customers | (14 030) | (11 845) | (9 474) |
Customer project assets are costs specific to a given contract, generate or enhance the Group's resources that will be used in satisfying performance obligations in the future, and are recoverable. These costs are deferred and amortized evenly over the period the outsourcing services are provided.
Customer project liabilities are prepayments from customer specific to a given contract and are recognized as revenue evenly as the Group fulfills the related performance obligations over the contract period.
Prepayments from customers comprises a combination of short- and long-term advances from customers. The short-term advances are typically deferred revenues related to smaller projects or change orders related to the system solution. The long-term liabilities relate to initial advances paid upon signing the contract. These advances are contracted to be utilized by the customer to either transformation-, change- or other projects. These advances are open for application until specified, or when the contract is terminated, where the eventual remainder of the amount become the property of Zalaris and is hence rendered as income by the Group.
| (NOK 1 000) | 2022 | 2021 | 2021 |
|---|---|---|---|
| Jan-Mar | Jan-Mar | 31. Dec | |
| Opening balance in the period | 94 799 | 78 246 | 78 246 |
| Cost capitalised | 21 118 | 7 959 | 51 350 |
| Amortisation | (8 022) | (6 756) | (29 874) |
| Disposals & currency | (1 460) | (4 718) | (4 923) |
| Customer projects assets end of period | 106 435 | 74 731 | 94 799 |
Movements in customer project liabilities through the period:
| (NOK 1 000) | 2022 | 2021 | 2021 |
|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | |
| Opening balance in the period | (66 452) | (50 256) | (50 256) |
| Revenue deferred | (18 505) | (8 622) | (41 356) |
| Revenue recognised | 4 565 | 4 205 | 21 701 |
| Disposals & currency | 2 341 | 1 539 | 3 458 |
| Customer project liabilities end of period | (78 052) | (53 134) | (66 452) |
| (NOK 1 000) | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
|---|---|---|---|
| Salary | 100 993 | 90 475 | 357 333 |
| Bonus | 5 122 | 3 160 | 19 452 |
| Social security tax | 15 796 | 14 903 | 55 823 |
| Pension costs | 4 528 | 4 495 | 18 480 |
| Share based payments | 1 888 | 631 | 5 749 |
| Other personnel expenses | 3 651 | 2 988 | 11 906 |
| Capitalised to internal development projects | (3 537) | (2 631) | (11 444) |
| Capitalised to customer project assets | (21 118) | (7 959) | (51 350) |
| Total personnel expenses | 107 324 | 106 062 | 405 949 |
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| Interest income on bank accounts and receivables | 16 | 15 | 99 |
| Currency gain | 1 432 | 800 | 4 020 |
| Other financial income | 190 | 259 | 1 372 |
| Finance income | 1 638 | 1 074 | 5 491 |
| Interest exp. on financial liab. measured at amortised cost | 4 013 | 4 524 | 17 625 |
| Currency loss | 1 576 | 1 373 | 5 685 |
| Interest expense on leasing | 446 | 263 | 1 281 |
| Other financial expenses | 1 083 | 1 143 | 4 440 |
| Finance expenses | 7 118 | 7 303 | 29 031 |
| Unrealized foreign exchange profit/(loss) | 11 769 | 17 449 | 15 968 |
| Net financial items | 6 289 | 11 220 | (7 571) |
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | 31. Mar | 31. Mar | 31. Dec |
| Cash in hand and at bank - unrestricted funds | 128 981 | 112 293 | 170 034 |
| Deposit accounts - guarantee rent obligations - restricted funds | 2 955 | 2 448 | 2 078 |
| Employee withheld taxes - restricted funds | 2 767 | 2 821 | 4 112 |
| Cash and cash equivalents | 134 704 | 117 561 | 176 224 |
| 2022 | 2021 | 2021 | |||
|---|---|---|---|---|---|
| (NOK 1 000) | Annual interest | Maturity | 31. Mar | 31. Mar | 31. Dec |
| Bond loan | 3 m Euribor + 4.75% | 28.09.2023 | 336 020 | 346 082 | 346 806 |
| Commerzbank - DE | 1.3% | 31.12.2031 | 11 029 | 12 587 | 11 687 |
| Landesbank Baden-Würtenberg | 2,45% | 31.12.2022 | 544 | 1 315 | 750 |
| Total interest-bearing loans | 347 594 | 359 984 | 359 244 | ||
| 346 282 | 358 625 | 357 887 | |||
| Total long-term interest-bearing loans Total short-term interest-bearing loans |
1 313 | 1 359 | 1 356 |
The Company's bond loan of EUR 35 million is listed on the Oslo Stock Exchange. The loan in Commerzbank DE relates to the office building in Leipzig, which is owned by the Company.
During Q1 202, there were no new share options granted to employees. As of 31 March 2022, there are 1,506,000 share options and 125,268 RSUs outstanding.
On 1 February 2022, the Group acquired 90% of the voting shares of vyble GmbH, a non-listed company based in Germany without previous activity. Subsequently vyble GmbH purchased assets from vyble AG, a payroll and HR solution start-up located in Rostock and Hamburg, Germany. vyble has a complete suite of Payroll and HR solutions delivered as Software as a Service (SaaS) targeting the SME market in Germany.
The Group has elected to measure the non-controlling interests in the acquiree at fair value.
Following is a preliminary purchase prices analysis ("PPA") for the acquisition of vyble.
| (NOK 1 000) | Amount |
|---|---|
| Estimated purchase consideration | 11 317 |
| Identified assets to fair value | 7 393 |
| Excess value to be allocated | 3 924 |
| Customer contracts | 2 684 |
| Deferred taxes | (805) |
| Total alocated to identifiable intangible assets | 1 879 |
| Goodwill | 2 045 |
* The acquired goodwill is not tax deductable and mainly relates to human relations
** The PPA performed is preliminary and may be adjusted
The goodwill is calculated on the basis of expected synergies between Zalaris' experience and technical solutions and vyble's market presence, and established customer relations, in addition to the assembled workforce. The intangible assets in vyble are license costs posted at face value. There are no contingent agreements. There are no transactions recognised separately from the acquisition of the assets and liabilities.
From the date of acquisition, vyble had revenue of NOK 1.2 million and negative EBIT of NOK 3.8 million for the first quarter 2022.
Zalaris' financial information is prepared in accordance with IFRS. In addition, financial performance measures (APMs) are used by Zalaris to provide supplemental information to enhance the understanding of the Group's underlying financial performance. These APMs take into consideration income and expenses defined as items regarded as special due to their nature and include among others restructuring provisions and write-offs. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. Disclosures of APMs are subject to established internal control procedures.
EBIT, earnings before interest and tax is defined as the earnings excluding the effects of how the operations where financed, taxed and excluding foreign exchange gains & losses. EBIT is used as a measure of operational profitability. EBITDA is before depreciation, amortization and impairment of tangible assets and in-house development projects. To abstract non-recurring or income not reflective of the underlying operational performance, the Group also lists the adjusted EBIT and EBITDA. Adjusted EBIT is defined as EBIT excluding non-recurring costs, costs relating to share based payments to employees, and amortization of excess values on acquisition. Adjusted EBITDA is EBITDA excluding non-recurring costs and costs relating to share based payments to employees, but after depreciation of right-of-use assets.
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| EBITDA | 25 156 | 28 915 | 101 948 |
| Restructuring costs* | - | 275 | 275 |
| Mergers & Acquisitions | - | - | 7 677 |
| Settlement of VAT dispute from 2018-2019 | - | - | 1 844 |
| vyble (new segment) | 3 606 | - | - |
| Cost incurred in establishing new regions (Australia) | 440 | - | - |
| Cost incurred in establishing AMS centre in Poland | 1 053 | - | - |
| Share-based payments | 1 877 | 630 | 5 723 |
| Depreciation right-of-use assets (IFRS 16 effect) | (4 136) | (3 930) | (16 114) |
| Adjusted EBITDA | 27 996 | 25 890 | 101 353 |
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| EBIT | 4 686 | 10 265 | 22 585 |
| Restructuring costs* | - | 275 | 275 |
| Mergers & Acquisitions | - | - | 7 677 |
| Settlement of VAT dispute from 2018-2019 | - | - | 1 844 |
| vyble (new segment) | 3 839 | - | - |
| Cost incurred in establishing new regions (Australia) | 440 | - | - |
| Cost incurred in establishing AMS centre in Poland | 1 053 | - | - |
| Share-based payments | 1 877 | 630 | 5 723 |
| Amortization of excess values on acquisition | 3 004 | 2 618 | 11 469 |
| Adjusted EBIT | 14 899 | 13 788 | 49 574 |
*Relates mainly to redundancy costs/severance pay for employees
Free cash flow represents the cash flow that Zalaris generates after capital investments in the Group's business operations have been made. Free cash flow is defined as operational cash flow.
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | Jan-Mar | Jan-Mar | Jan-Dec |
| Net cash flow from operating activities | (4 400) | (85) | 33 037 |
| Investment in fixed and intangible assets | (4 745) | (2 102) | (20 630) |
| Free cash flow | (9 145) | (2 187) | 12 407 |
Net interest-bearing debt (NIBD), consists of interest-bearing liabilities, less cash and cash equivalents.
The Group risk of default and financial strength is measured by the net interest-bearing debt.
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| (NOK 1 000) | 31. Mar | 31. Mar | 31.Dec |
| Cash and cash equivalents | 134 704 | 117 561 | 176 224 |
| Interest-bearing loans and borrowings - long-term | 346 282 | 358 625 | 357 887 |
| Interest bearing loans and borrowings - short-term | 1 313 | 1 359 | 1 356 |
| Net interest-bearing debt (NIBD) | 212 890 | 242 423 | 183 019 |
ARR is defined as the annualised value of revenue the Company expects to receive from SaaS (software as a service) and BPaaS (business process as a service) contracts with customers, but excludes change orders that do not result in regular future revenue. The ARR is calculated by taking the revenue for Managed Services in the applicable quarter, adjusted for change orders and, contracts that have not generated revenue for part of the quarter (revenue from customers that have exited during the quarter is deducted, and estimated revenue for new contracts that have gone live during the quarter is added), multiplied by four. Contracted ARR includes the ARR at the end of the quarter, plus the estimated ARR of new contracts yet to go live.
The following table reconciles the reported growth rates to a revenue growth rate adjusted for the impact of foreign currency. The impact of foreign currency is determined by calculating the current year revenue using foreign exchange rates consistent with the prior year.
| 2022 | 2021 | 2021 | |
|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | |
| Revenue growth, as reported | 8,8 % | -3,9 % | -2,2 % |
| Impact of foreign currency | 3,2 % | 0,3 % | 3,2 % |
| Revenue growth, constant currency | 12,0 % | -3,6 % | 1,0 % |
| MS revenue growth, as reported | 14,1 % | -9,8 % | -2,7 % |
| Adj. for customers moved from MS to PS in Q2 2020 | 0,0 % | 4,0 % | 1,2 % |
| Impact of foreign currency | 3,3 % | -0,4 % | 2,1 % |
| MS revenue growth, constant currency | 17,4 % | -6,2 % | 0,6 % |
| PS revenue growth, as reported | -3,7 % | 10,3 % | -1,0 % |
| Adj. for customers moved from MS to PS in Q2 2020 | 0,0 % | -9,8 % | -2,6 % |
| Impact of foreign currency | 3,2 % | 2,0 % | 5,3 % |
| PS revenue growth, constant currency | -0,5 % | 2,5 % | 1,7 % |
The ratio of the total number of normal agreed working hours for all employees (part-time or full-time) by the number of normal full-time working hours in that period (i.e. one FTE is equivalent to one employee working fulltime).
| (NOKm unless otherwise stated) | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Revenues | 200,6 | 198,4 | 189,7 | 203,5 | 192,8 | 185,4 | 195,4 | 201,7 | 209,7 |
| Revenue growth (YoY) | 4,3 % | 5,8 % | -0,5 % | -1,3 % | -3,9 % | -6,5 % | -4,0 % | 8,8 % | 3,9 % |
| EBITDA adjusted | 26,8 | 26,8 | 27,0 | 29,3 | 25,9 | 23,7 | 26,9 | 24,9 | 28,0 |
| EBITDA margin | 13,4 % | 13,5 % | 14,2 % | 14,4 % | 13,4 % | 12,8 % | 13,8 % | 12,3 % | 13,4 % |
| EBIT adjusted | 13,4 | 12,7 | 13,3 | 15,9 | 13,8 | 11,4 | 14,1 | 10,2 | 14,9 |
| EBIT margin | 6,7 % | 6,4 % | 7,0 % | 7,8 % | 7,2 % | 6,2 % | 7,2 % | 5,1 % | 7,1 % |
| Profit Before Tax | (62,5) | 27,2 | (3,1) | 25,1 | 21,5 | (9,0) | 1,0 | 1,6 | 11,0 |
| Income Tax Expense | 14,0 | (4,7) | 1,4 | (6,2) | (4,1) | 2,6 | (0,4) | (0,3) | (1,5) |
| Net income | (48,6) | 22,4 | (1,8) | 18,9 | 17,4 | (6,4) | 0,7 | 1,2 | 9,5 |
| Profit margin | -24,2 % | 11,3 % | -0,9 % | 9,3 % | 9,0 % | -3,5 % | 0,3 % | 0,6 % | 4,5 % |
| Weighted # of shares outstanding (m) | 19,6 | 19,6 | 19,6 | 19,6 | 19,6 | 20,7 | 21,1 | 21,3 | 21,5 |
| Basic EPS (NOK) | (2,48) | 1,14 | (0,09) | 0,96 | 0,89 | (0,31) | 0,03 | 0,06 | 0,44 |
| Diluted EPS (NOK) | (2,48) | 1,11 | (0,09) | 0,86 | 0,85 | (0,31) | 0,03 | 0,06 | 0,41 |
| Cash flow items | |||||||||
| Cash from operating activities | 16,9 | 45,4 | 13,3 | 16,7 | (0,1) | (3,4) | 13,4 | 23,2 | (4,4) |
| Investments | (3,7) | (3,6) | (5,0) | (2,0) | (2,1) | (4,0) | (8,4) | (6,2) | (4,7) |
| Net changes in cash and cash equi. | 3,9 | 41,0 | (14,0) | 8,1 | (6,6) | 93,9 | (41,3) | 7,5 | (41,3) |
| Cash and cash equivalents end of period | 87,5 | 129,0 | 116,3 | 124,8 | 117,6 | 211,3 | 168,8 | 176,2 | 134,7 |
| Net interest-bearing debt | 344,5 | 277,9 | 280,7 | 252,2 | 242,4 | 154,4 | 198,1 | 183,0 | 212,9 |
| Equity | 95,9 | 101,5 | 108,1 | 104,4 | 110,5 | 207,1 | 208,4 | 207,3 | 189,3 |
| Equity ratio | 12,4 % | 13,5 % | 14,9 % | 14,4 % | 15,6 % | 25,7 % | 24,9 % | 25,0 % | 23,0 % |
| ROE | -63,5 % | -36,9 % | -31,4 % | -8,8 % | 53,7 % | 21,2 % | 19,4 % | 7,0 % | 2,4 % |
| Number of FTE (Period End) | 728 | 723 | 713 | 712 | 754 | - | - | - | - |
| Segment overview | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 |
| Revenues | 200,6 | 198,4 | 189,7 | 203,5 | 192,8 | 185,4 | 195,4 | 201,7 | 209,7 |
| Managed Services | 142,3 | 137,1 | 127,4 | 137,5 | 128,4 | 125,8 | 132,5 | 143,0 | 146,5 |
| Professional Services | 58,3 | 61,3 | 62,4 | 66,0 | 64,3 | 59,6 | 62,9 | 58,7 | 61,9 |
| HR & Payroll Tech Investments | 1,2 | ||||||||
| EBIT | 9,5 | 7,4 | 9,2 | 11,3 | 10,3 | 3,1 | 7,7 | 1,5 | 4,7 |
| Managed Services | 16,7 | 16,0 | 14,8 | 15,6 | 15,4 | 16,1 | 16,4 | 14,1 | 15,1 |
| as % of revenue | 11,8 % | 11,7 % | 11,6 % | 11,3 % | 12,0 % | 12,8 % | 12,4 % | 9,9 % | 10,3 % |
| Professional Services | 6,3 | 4,1 | 6,8 | 8,2 | 5,5 | 3,6 | 4,1 | 4,8 | 6,8 |
| as % of revenue | 10,8 % | 6,7 % | 11,0 % | 12,5 % | 8,5 % | 6,0 % | 6,5 % | 8,1 % | 11,0 % |
| HR & Payroll Tech Investments | (3,8) | ||||||||
| as % of revenue | -310,9 % | ||||||||
| Gr.ovhd & Unallocated | (13,6) | (12,7) | (12,4) | (12,5) | (10,6) | (16,6) | (12,7) | (17,4) | (13,5) |
Gunnar Manum CFO [email protected] +47 951 79 190
Interim report Q2 2022 to be published on 25 August, 2022
All financial information is published on the Zalaris' website: http://www.zalaris.com/Investor-Relations/
Financial reports can also be ordered at [email protected].
Zalaris ASA PO Box1053 Hoff 0218 Oslo Norway
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