Earnings Release • Feb 19, 2021
Earnings Release
Open in ViewerOpens in native device viewer
| Q4 HIGHLIGHTS3 | |
|---|---|
| KEY FIGURES4 | |
| CEO INSIGHTS 5 | |
| INTERIM CONSOLIDATED FINANCIAL STATEMENTS 10 | |
| ALTERNATIVE PERFORMANCE MEASURES (APMS) 23 | |
| KEY FIGURES25 | |
Our proven local and multi-country solutions for payroll and HR includes software and business process as a service (SaaS/BPaaS), and outsourcing (BPO). Our solutions integrate with customers global HR systems. Mobile apps enable people to work from anywhere. We can implement with both local on-site and remote project teams, addressing needs in times of Covid-19 pandemic. #teamZalaris has 800 competent team members across Europe and APAC serving customers from local language service centers. Our 300+ consultants have more than 20 years of experience across all industries and IT environments including on premise, cloud and integration services. Zalaris manage solutions serving over 1.5 million employees each month, across multiple industries and with many of Europe's most reputable employers.
Headquartered in Oslo, Norway, Zalaris is publicly traded on the Oslo Stock Exchange (ZAL).
• The board will propose a dividend of NOK 1.00 per share to be paid for 2020
*Defined in separate section: Alternative Performance Measure (APMs)
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Revenue | 203 522 | 206 220 | 792 326 | 776 792 |
| Growth (YoY) | -1,3 % | 6,2 % | 2,0 % | 4,2 % |
| EBITDA | 31 346 | 20 594 | 121 816 | 103 381 |
| Adjusted EBITDA1) | 29 076 | 18 920 | 109 780 | 87 451 |
| Adjusted EBITDA margin (as % of revenue) | 14,3 % | 9,2 % | 13,9 % | 11,3 % |
| EBIT | 11 311 | (1 580) | 37 302 | 14 091 |
| Adjusted EBIT1) | 15 909 | 4 958 | 55 292 | 30 142 |
| Adjusted EBIT margin (as % of revenue) | 7,8 % | 2,4 % | 7,0 % | 3,9 % |
| Profit/(loss) for the period | 17 559 | (3 307) | (10 324) | (7 011) |
| Earnings per share (EPS) | 0,89 | (0,17) | (0,53) | (0,36) |
| Total comprehensive income | (5 606) | (1 939) | 6 219 | (5 323) |
| Free cash flow1) | 13 291 | 33 670 | 76 581 | 17 046 |
| Net interest-bearing debt (NIBD)1) | (252 234) | (286 610) | (252 234) | (286 610) |
| Full time equivalents (FTEs) period end1) | 712 | 753 | 712 | 753 |
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Revenue | ||||
| Managed services | 137 514 | 153 191 | 544 322 | 553 691 |
| Professional services | 66 008 | 53 029 | 248 004 | 223 101 |
| Total revenue | 203 522 | 206 220 | 792 326 | 776 792 |
| EBIT | ||||
| Managed services | 15 596 | 14 906 | 63 110 | 54 958 |
| Professional services | 8 234 | (315) | 25 414 | 20 961 |
| Group overhead and other | (12 519) | (16 170) | (51 222) | (61 828) |
| EBIT | 11 311 | (1 579) | 37 302 | 14 091 |
| EBIT margin (%) | ||||
| Managed services | 11,3 % | 9,7 % | 11,6 % | 9,9 % |
| Professional services | 12,5 % | -0,6 % | 10,2 % | 9,4 % |
| EBIT margin (%) | 5,6 % | -0,8 % | 4,7 % | 1,8 % |
*Revenue from certain consulting services previously report as part of Managed Services have been moved to Professional Services from 1 January 2020. Business development costs previously included within Group Overhead has been allocated to the business segments from 1 January 2020. Comparable historical information has been updated accordingly.
#teamZalaris delivered improvements in all dimensions in 2020 - an extremely disruptive year
Despite the impacts from the Covid-19 pandemic, #teamZalaris delivered its 20th year of consecutive growth with a revenue of NOK 792.3 million (+2%) for the year, and NOK 203.5 million (NOK 206.2 million) for the quarter.
Our adj. EBIT rose to NOK 55.3 million (7%) for the full year, up 83% from NOK 30.1 million last year. In absolute terms, we reached an all-time high adj. EBIT for the quarter of NOK 15.9 million (7.8%), up from NOK 5.0 million (3.9%) last year.
We continued to weather the Covid-19 storm and delivered on all customer commitments in a mixedmode, working from both our offices and homes.
Our efforts in managing the pandemic are being recognised by our employees, resulting in high employee engagement scores across all countries.
As a result of Covid-19, we have seen a slow-down in decision making for both new outsourcing and Cloud implementation projects as customers have focused on managing their way through stormy waters.
In previous quarters we have reported a growing pipeline of promising opportunities.
With pleasure, we now see results of our hard work resulting in signed landmark agreements, as with Finnish industrial company Metsä, where we will be delivering a global payroll, covering 28 countries based on our PeopleHub concept.
The PeopleHub concept gives multinationals one common payroll process across the countries they operate. Supported by advanced analytics, it is fully integrated with their global HR solutions through a centralised integration point, thereby targeting direct cost savings and improved operational efficiency and transparency.
In Professional Services, we continue to see a good inflow of work for our consultants and have signed numerous agreements for Cloud payroll, HR transformation projects and change orders. We have signed multiple expansions with customers for our Application Maintenance Services (AMS) – helping customers maintaining their in-house payroll and HR solutions mostly based on long term agreements of a recurring nature.
We leave 2020 with a healthy pipeline and high ambitions. We fully intend to continue our streak and deliver our 21st year of continuous growth.
Our markets are growing as customers are looking for new solutions coming out of Covid-19. They prioritise access to unified people data, cost reduction, digitisation of processes and securing business continuity for their global operations.
In Managed Services, we target growth by increasing share of wallet with existing customers, supporting them with additional services and increasing geographic coverage. In parallel, we target new customers in the fast-growing market for multi-country payroll with our PeopleHub concept.
In Professional Services, we support our customers on their journey to the Cloud through implementing innovative SAP SuccessFactors, SAP S4/Hana, SAP Analytics and our own HR Tech portfolio of solutions. Our AMS offering continues to be important in securing customers' business-critical payroll and HR functions, keeping up with fastchanging needs.
Our cost structure has improved significantly over the last 18 months. The current organisation and infrastructure have a significant capacity to scale with limited additional cost.
Increased level of M&A in our market is driven by both industrial and financial ambitions. We are an active player in this market.
The Covid-19 pandemic has allowed #teamZalaris to showcase its real capabilities and true strength.
The year has made us stronger and better at working together and utilising our total capabilities in servicing our customers. 800 employees in 10+ countries across the globe are increasingly working together as one team.
We enter 2021 with the goal to continue building on these capabilities and delivering on our ambition to become the European leader in Payroll and HR solutions.
Consolidated revenue for the fourth quarter 2020 amounted to NOK 203.5 million (Q4 2019: NOK 206.2 million), only marginally lower than last year despite some negative impact on revenue from Covid-19.
Revenue for the full-year 2020 amounted to NOK 792.3 million, up from NOK 776.8 million last year, a growth of 2.0%.
Revenue in the Nordic & Baltic region was NOK 115.4 million in the fourth quarter, which was a reduction from the figure last year of NOK 122.9 million. The revenue during the quarter has been negatively impacted by Covid-19 in terms of lower transaction volumes (e.g. travel controls) and less change orders and project revenue from existing customers.
Revenue for the full-year 2020 amounted to NOK 444.5 million, down from NOK 449.9 million last year.
Revenue in the Central Europe region for the fourth quarter was NOK 79.8 million, compared to NOK 75.5 million last year. Higher revenue from existing customers in Poland, and positive currency movements, was offset by some reduction in Germany, mainly within Professional Services. As reported in previous quarters, new business generation within Professional Services in Germany has been negatively impacted by Covid-19.
Revenue for the full-year 2020 amounted to NOK 308.8 million, up from NOK 294.1 million last year.
Revenue for the fourth quarter in the UK & Ireland region amounted to NOK 8.3 million, compared to NOK 7.8 million in the same quarter last year.
Revenue for the full-year 2020 amounted to NOK 39.1 million, up from NOK 32.8 million last year.
Consolidated EBIT for the quarter was NOK 11.3 million (negative NOK 1.6 million).
The adjusted EBIT was NOK 15.9 million for the fourth quarter (NOK 5.0 million) when adjusted for one-off costs (NOK 1.0 million) relating to redundancies, calculated costs of the Company's share-based payment plan (NOK 0.9 million), and amortisation of excess values on acquisitions (NOK 2.7 million).
Through the EBIT-improvement program initiated in 2019, employee costs and other operating expenses have been reduced by approximately NOK 8.8 million for the quarter and approximately NOK 50 million for the full-year compared to last year, when adjusted for currency effects and differences in costs capitalised. Thus, the Company's operational cost base has been significantly reduced, and has contributed to an increased operating cash flow.
EBIT for the full-year amounted to NOK 37.3 million, compared to NOK 14.1 million last year.
The Group had net financial income of NOK 13.7 million for the fourth quarter (net expenses NOK 2.4 million), including an unrealised currency gain of NOK 18.9 million (NOK 2.7 million) on the EUR 35 million bond loan and other foreign currency denominated balances. Excluding these unrealised gains, the net financial expenses for the fourth quarter was NOK 5.9 million (NOK 5.0 million).
Net financial expense for the full-year was NOK 50.8 million (expense NOK 24.1 million), including an unrealised currency loss of NOK 27.1 million (gain NOK 2.4 million).
The net profit for the quarter was NOK 17.6 million (loss NOK 3.3 million). The net loss for the full-year was NOK 10.3 million (NOK 7.0 million)
Total comprehensive income amounted to a loss of NOK 5.6 million (loss NOK 1.9 million), after currency translation differences of negative NOK 23.2 million (positive NOK 1.4 million). Total comprehensive income for the full-year was NOK 6.2 million (negative NOK 5.3 million).
The Managed Services ("MS") segment had revenue of NOK 137.5 million for the fourth quarter 2020, compared to NOK 145.1 million in the same quarter last year, when the 2019 figure is adjusted for NOK 8.1 million in revenue from MS customers moved to Professional Services in 2020.
MS revenue contributed to 67.6% (70.4%) of total revenue for the Group. Revenue within MS has been negatively impacted by lower volumes of travel controls and change orders and other projects for existing BPO customers, mainly as a result of Covid-19.
Revenue Managed Services (NOKm):
The EBIT for MS for the fourth quarter was NOK 15.6 million (NOK 14.9 million). The increased EBIT is mainly a result of the EBIT improvement program.
Revenue in the Professional Services ("PS") segment amounted to NOK 66.0 million for the fourth quarter 2020, 8% higher than last year's figure of NOK 61.1 million, when the 2019 figure is adjusted by NOK 8.1 million for revenue from MS customers moved to PS in 2020.
A significant increase in revenue in Poland, and a stronger EUR, was partly offset by a reduction in license sales in Germany.
Revenue Professional Services (NOKm):
The EBIT for PS for the fourth quarter was NOK 8.2 million (negative NOK 0.3 million). The significant increase in EBIT compared to last year is due to higher revenue, operational improvements within PS in Germany, and a particularly low EBIT in 2019. The low EBIT in the fourth quarter last year was due to the timing of expenses, including restructuring costs, in combination with lower utilization and higher use of temporary external consultants in Germany.
Zalaris had total assets of NOK 720.7 million as of 31 December 2020, compared to NOK 723.7 million at 30 September 2020.
Cash and cash equivalents were NOK 124.8 million as of 31 December 2020, an increase of NOK 8.5 million from the end of the previous quarter. Cash and cash equivalents have increased by NOK 42.4 million, after the repayment of interest-bearing debt of NOK 17.5 million, compared to the balance at 31 December 2019.
Total equity as of 31 December 2020 was NOK 109.8 million, compared to NOK 108.1 million as of 30 September 2020. This corresponds to an equity ratio of 15.2% (14.9%).
The Company holds 503,521 own shares at 31 December 2020.
Net interest-bearing debt (interest-bearing debt less cash and cash equivalents) decreased from NOK 280.7 million at 30 September 2020 to NOK 252.2 million at 31 December 2020. The decrease is mainly due a reduction in the NOK value of the EUR
35 million bond loan, as a result of the appreciation of NOK during the period. The net interest-bearing debt at 31 December 2019 was NOK 286.6 million.
Operating cash flow during the fourth quarter 2020 was NOK 14.1 million (NOK 50.7 million). The high operating cash flow in the fourth quarter last year was due a large net reduction in working capital (increase in trade payables), and some reclassifications.
Net cash flow from investing activities for the fourth quarter was negative NOK 0.8 million (negative NOK 17.0 million). Investments mainly relate to
As communicated in previous reports, Zalaris launched an EBIT improvement program in 2019, Vision2020, targeting NOK 4.7 million monthly cost reductions by the first quarter 2020. This included streamlining of the organization, ramp-up of digitizing efforts, automating services and increasing Robotic Process Automation (RPA) projects, all aimed at increasing quality in deliveries and reducing costs. As part of the program the total number of FTEs has been reduced by 91 (-11%) in the period from 30 June 2019 to 31 December 2020.
In the second quarter 2020, a follow up of Vision2020 was executed, realizing additional NOK 1 million in monthly cost reductions by the fourth quarter 2020, through a reorganizing of the Nordic Professional Services organization to align with the Professional Services organizations in our other regions. Key actions taken were:
• Moving consultants primarily working with Managed Services customers to the Managed Services Organization
internal product and system development projects. Net cash flow from financing activities for the fourth quarter was negative NOK 5.2 million (negative NOK 15.4 million).
Cash and cash equivalents balance at 31 December 2020 was NOK 124.8 million (NOK 82.4 million).
The board will propose a dividend of NOK 1.00 per share for 2020.
Other ongoing cost based EBIT initiatives focus on:
The EBIT improvement program has resulted in a reduction in total operating expenses of approximately NOK 50 million (-8%) for the full-year 2020, when adjusted for differences in costs capitalized and currency rates compared to last year. The key focus going forward will be to grow revenue, while maintaining capital discipline.
The market fundamentals remain strong and 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 and by expanding the service offering to existing customers.
The Covid-19 pandemic has had a short-term negative impact on revenue, as larger implementation projects within Professional Services are being postponed and
less travel and lower employee numbers are impacting Managed Services. This situation is also expected going forward, depending on the duration of Covid-19.
In the longer term, we expect to see an increase in HCM outsourcing post Covid-19, which should benefit Zalaris. The Company's pipeline of potential multi-0country payroll outsourcing projects is strong.
The Company's financial results have improved significantly compared to 2019, as a result of the cost
reduction initiatives implemented in 2019 through the EBIT improvement program, in combination with increased revenue and further optimization initiatives in 2020. These initiatives include streamlining of the organization, ramp-up of digitizing efforts, automating
services and increasing Robotic Process Automation (RPA) projects, all aimed at increasing quality in deliveries and reducing costs. Further improvements in the financial results are expected going forward.
The Board of Directors of Zalaris ASA Oslo, 18 February 2021
| 2020 | 2019 | 2020 | 2019 | ||
|---|---|---|---|---|---|
| (NOK 1 000) | Notes | Oct-Dec unaudited |
Oct-Dec unaudited |
Jan-Dec unaudited |
Jan-Dec |
| Revenue | 2 | 203 522 | 206 220 | 792 326 | 776 792 |
| Operating expenses | |||||
| License costs | 20 944 | 23 911 | 72 517 | 67 981 | |
| Personnel expenses | 4 | 106 851 | 117 298 | 431 000 | 438 543 |
| Other operating expenses | 44 380 | 44 418 | 166 993 | 166 887 | |
| Depreciation and impairments | 769 | 971 | 3 311 | 4 048 | |
| Depreciation right-of-use assets | 7 | 4 149 | 5 620 | 19 101 | 21 932 |
| Amortisation intangible assets | 6 | 6 765 | 6 733 | 27 436 | 26 704 |
| Amortisation implementation costs customer projects | 3 | 8 352 | 8 848 | 34 666 | 36 606 |
| Total operating expenses | 192 210 | 207 800 | 755 024 | 762 701 | |
| Operating profit (EBIT) | 11 311 | (1 580) | 37 302 | 14 091 | |
| Financial items | |||||
| Financial income | 5 | 1 009 | 1 564 | 5 763 | 2 632 |
| Financial expense | 5 | (6 241) | (6 603) | (29 507) | (29 057) |
| Unrealized foreign exchange gain/(loss) | 5 | 18 918 | 2 660 | (27 069) | 2 375 |
| Net financial items | 13 685 | (2 378) | (50 813) | (24 051) | |
| Profit before tax | 24 997 | (3 958) | (13 511) | (9 960) | |
| Tax expense | (7 437) | 651 | 3 187 | 2 950 | |
| Profit for the period | 17 559 | (3 307) | (10 324) | (7 011) | |
| Earnings per share: | |||||
| Basic earnings per share (NOK) | 0,89 | (0,17) | (0,53) | (0,36) | |
| Diluted earnings per share (NOK) | 0,86 | (0,17) | (0,53) | (0,36) |
| 2020 | 2019 | 2020 | 2019 | ||
|---|---|---|---|---|---|
| (NOK 1 000) | Notes | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| unaudited | unaudited | unaudited | |||
| Profit for the period | 17 559 | (3 307) | (10 324) | (7 011) | |
| Other comprehensive income | |||||
| Items that will be reclassified to profit and loss in subsequent periods | |||||
| Currency translation differences | (23 166) | 1 368 | 16 543 | 1 688 | |
| Total other comprehensive income | (23 166) | 1 368 | 16 543 | 1 688 | |
| Total comprehensive income | (5 606) | (1 939) | 6 219 | (5 322) |
| 2020 | 2019 | ||
|---|---|---|---|
| (NOK 1 000) | Notes | 31. Dec | 31. Dec |
| unaudited | |||
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 119 896 | 132 950 | |
| Goodwill | 160 418 | 153 248 | |
| Total intangible assets | 6 | 280 313 | 286 198 |
| Deferred tax asset | 18 397 | 11 710 | |
| Fixed assets | |||
| Right-of-use assets | 7 | 21 777 | 34 849 |
| Property, plant and equipment | 32 518 | 33 137 | |
| Total fixed assets | 54 295 | 67 986 | |
| Total non-current assets | 353 005 | 365 894 | |
| Current assets | |||
| Trade accounts receivable | 148 651 | 148 614 | |
| Customer projects | 3 | 78 246 | 88 808 |
| Other short-term receivables | 15 989 | 27 275 | |
| Cash and cash equivalents | 8 | 124 843 | 82 448 |
| Total current assets | 367 729 | 347 145 | |
| TOTAL ASSETS | 720 735 | 713 038 |
| 2020 | 2019 | ||
|---|---|---|---|
| (NOK 1 000) | Notes | 31. Dec | 31. Dec |
| EQUITY AND LIABILITIES Equity Paid-in capital |
unaudited | ||
| Share capital | 1 962 | 1 957 | |
| Other paid in equity | 6 523 | 3 804 | |
| Share premium | 35 580 | 34 252 | |
| Total paid-in capital | 44 065 | 40 014 | |
| Other equity | 14 266 | (374) | |
| Retained earnings | 51 443 | 52 526 | |
| Total equity | 109 774 | 92 166 | |
| Liabilities Non-current liabilities Deferred tax Interest-bearing loans Lease liabilities |
9 7 |
12 084 375 832 11 104 |
25 313 362 487 16 536 |
| Total long-term liabilities | 399 020 | 404 337 | |
| Current liabilities | |||
| Trade accounts payable | 21 190 | 29 845 | |
| Customer projects liabilities | 3 | 50 256 | 55 740 |
| Interest-bearing loans | 9 | 1 244 | 6 571 |
| Lease liabilities | 7 | 11 792 | 19 099 |
| Income tax payable | 5 612 | 5 408 | |
| Public duties payable | 49 486 | 37 314 | |
| Other short-term liabilities | 71 480 | 61 464 | |
| Derivatives | 880 | 1 095 | |
| Total short-term liabilities | 211 940 | 216 535 | |
| Total liabilities | 610 960 | 620 873 | |
| TOTAL EQUITY AND LIABILITIES | 720 735 | 713 038 |
| 2020 | 2019 | 2020 | 2019 | ||
|---|---|---|---|---|---|
| (NOK 1 000) | Notes | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| unaudited | unaudited | unaudited | |||
| Cash Flow from operating activities | |||||
| Profit (Loss) before tax | 24 997 | (3 958) | (13 511) | (9 960) | |
| Net financial items | 5 | (13 685) | 2 380 | 50 813 | 24 051 |
| Share-based payments | 932 | 628 | 2 718 | 1 743 | |
| Depreciation and impairments | 769 | 973 | 3 312 | 4 049 | |
| Depreciation right-of-use assets | 7 | 4 149 | 5 620 | 19 101 | 21 932 |
| Amortisation intangible assets | 6 | 6 765 | 6 733 | 27 437 | 26 705 |
| Depreciation implementation costs customer projects | 3 | 8 352 | 8 848 | 34 666 | 36 606 |
| Recognized customer projects assets | 3 | (5 935) | (1 393) | (18 026) | (29 505) |
| Recognized customer projects liabilities | 1 488 | (1 740) | (6 723) | (8 545) | |
| Taxes paid | (1 146) | (6 356) | (2 427) | (6 356) | |
| Changes in accounts receivable | (16 426) | 2 764 | (37) | 9 504 | |
| Changes in accounts payable | 7 777 | 24 535 | (8 655) | 5 487 | |
| Changes in other items | 1 068 | 19 879 | 25 714 | (8 313) | |
| Interest received | 37 | 37 | 195 | 162 | |
| Interest paid | (5 029) | (8 226) | (24 864) | (25 052) | |
| Net cash flow from operating activities | 14 113 | 50 724 | 89 713 | 42 508 | |
| Cash flows to investing activities | |||||
| Investment in fixed and intangible assets | (822) | (17 054) | (13 132) | (25 462) | |
| Net cash flow from investing activities | (822) | (17 054) | (13 132) | (25 462) | |
| Cash flows from financing activities | |||||
| Sale/(Buyback) of own shares | (0) | (6 515) | 1 332 | (10 934) | |
| Payment of lease liabilities | (5 595) | (4 277) | (21 491) | (22 807) | |
| Repayment of loan | 378 | (4 638) | (17 510) | (6 320) | |
| Net cash flow from financing activities | (5 217) | (15 430) | (37 669) | (40 062) | |
| Net changes in cash and cash equivalents | 8 073 | 18 240 | 38 912 | (23 016) | |
| Net foreign exchange difference | 519 | (604) | 3 483 | (2 379) | |
| Cash and cash equivalents at the beginning of the period | 116 251 | 64 812 | 82 449 | 107 844 | |
| Cash and cash equivalents at the end of the period | 124 844 | 82 448 | 124 844 | 82 448 |
| Share | Other paid in | Total paid-in | Retained | ||||
|---|---|---|---|---|---|---|---|
| (NOK 1000) | Share capital | premium | equity | equity | Other equity | earnings Total equity | |
| Equity at 01.01.2019 | 2 003 | 45 140 | 2 061 | 49 204 | (33) | 59 733 | 108 905 |
| Profit of the year | (7 011) | (7 011) | |||||
| Other comprehensive income | - | 1 688 | 1 688 | ||||
| Buyback of own shares | (46) | (10 888) | (10 934) | (10 934) | |||
| Share based payments | 1 743 | 1 743 | 1 743 | ||||
| Other changes | (2 030) | (196) | (2 226) | ||||
| Equity at 31.12.2019 | 1 957 | 34 252 | 3 804 | 40 013 | (374) | 52 526 | 92 166 |
| Profit of the year | (10 324) | (10 324) | |||||
| Other comprehensive income | 16 543 | 16 543 | |||||
| Sale of own shares | 5 | 1 327 | 1 332 | 1 332 | |||
| Share based payments | 2 718 | 2 718 | 2 718 | ||||
| Other changes | (1 903) | 9 241 | 7 338 | ||||
| Equity at 31.012.2020 | 1 962 | 35 580 | 6 522 | 44 064 | 14 266 | 51 443 | 109 774 |
| 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 December 2020, 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 December 31, 2019.
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 two main business segments; Managed Services and Professional Services.
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.
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.
| Managed | Professional | Gr.Ovhd & | ||
|---|---|---|---|---|
| (NOK 1 000) | Services | Services | Unallocated | Total |
| Revenue, external | 137 514 | 66 008 | - | 203 522 |
| Operating expenses | (111 248) | (55 275) | (5 653) | (172 176) |
| EBITDA | 26 266 | 10 733 | (5 653) | 31 346 |
| Depreciation and amortisation | (10 670) | (2 498) | (6 867) | (20 035) |
| EBIT | 15 596 | 8 234 | (12 519) | 11 311 |
| Net financial income/(expenses) | 13 685 | 13 685 | ||
| Income tax | (7 437) | (7 437) | ||
| Profit for the period | 15 596 | 8 234 | (6 271) | 17 559 |
| Cash flow from investing activities | (822) |
| Managed | Professional | Gr.Ovhd & | ||
|---|---|---|---|---|
| (NOK 1 000) | Services | Services | Unallocated | Total |
| Revenue, external | 153 191 | 53 029 | - | 206 220 |
| Operating expenses | (125 010) | (50 707) | (9 910) | (185 627) |
| EBITDA | 28 181 | 2 322 | (9 910) | 20 593 |
| Depreciation and amortisation | (13 275) | (2 637) | (6 260) | (22 172) |
| EBIT | 14 906 | (315) | (16 170) | (1 579) |
| Net financial income/(expenses) | (2 378) | (2 378) | ||
| Income tax | 651 | 651 | ||
| Profit for the period | 14 906 | (315) | (17 898) | (3 307) |
| Cash flow from investing activities | (11 785) |
| Managed | Professional | Gr.Ovhd & | ||
|---|---|---|---|---|
| (NOK 1 000) | Services | Services | Unallocated | Total |
| Revenue, external | 544 321 | 248 004 | - | 792 326 |
| Operating expenses | (435 925) | (212 633) | (21 952) | (670 509) |
| EBITDA | 108 397 | 35 371 | (21 952) | 121 816 |
| Depreciation and amortisation | (45 286) | (9 958) | (29 271) | (84 515) |
| EBIT | 63 110 | 25 414 | (51 222) | 37 302 |
| Net financial income/(expenses) | (50 813) | (50 813) | ||
| Income tax | 3 187 | 3 187 | ||
| Profit for the period | 63 110 | 25 414 | (98 848) | (10 324) |
| Cash flow from investing activities | (13 132) |
| Managed | Professional | Gr.Ovhd & | ||
|---|---|---|---|---|
| (NOK 1 000) | Services | Services | Unallocated | Total |
| Revenue, external | 553 691 | 223 101 | - | 776 792 |
| Operating expenses | (446 454) | (192 606) | (34 351) | (673 411) |
| EBITDA | 107 237 | 30 495 | (34 351) | 103 381 |
| Depreciation and amortisation | (52 279) | (9 534) | (27 477) | (89 290) |
| EBIT | 54 958 | 20 961 | (61 828) | 14 091 |
| Net financial income/(expenses) | (24 050) | (24 050) | ||
| Income tax | 2 950 | 2 950 | ||
| Profit for the period | 54 958 | 20 961 | (82 928) | (7 009) |
| Cash flow from investing activities | (25 462) |
*Revenue from certain consulting services previously report as part of Managed Services have been moved to Professional Services from 1 January 2020. Business development costs previously included within Group Overhead has been allocated to the business segments from 1 January 2020. Comparable historical information has been updated accordingly.
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.
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Norway | 57 911 | 63 994 | 215 979 | 228 438 |
| Northern Europe ex Norway | 57 533 | 58 932 | 228 486 | 221 455 |
| Central Europe | 79 822 | 75 498 | 308 776 | 294 135 |
| UK & Ireland | 8 256 | 7 796 | 39 085 | 32 764 |
| Total | 203 522 | 206 220 | 792 326 | 776 792 |
The Group's revenue from contracts with customers has been disaggregated and presented in note 2.
| 2020 | 2019 | |
|---|---|---|
| (NOK 1 000) | 31. Dec | 31. Dec |
| Trade receivables | 148 651 | 148 614 |
| Customer project assets | 78 246 | 88 808 |
| Customer project liabilities | (50 256) | (55 740) |
| Prepayments from customers | (11 633) | (9 608) |
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) | 2020 | 2019 | 2020 | 2019 |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | 31. Dec | |
| Opening balance in the period | 82 441 | 95 970 | 88 808 | 97 272 |
| Cost capitalized | 5 935 | 1 393 | 18 026 | 29 505 |
| Amortization | (8 352) | (8 848) | (34 666) | (36 606) |
| Disposals & currency | (1 778) | 293 | 6 077 | (1 363) |
| Customer projects assets end of period | 78 246 | 88 807 | 78 246 | 88 808 |
| (NOK 1 000) | 2020 | 2019 | 2020 | 2019 |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Opening balance in the period | (49 702) | (57 480) | (55 740) | (64 284) |
| Revenue deferred | (6 952) | (3 656) | (14 961) | (17 188) |
| Revenue recognized | 5 464 | 10 015 | 21 684 | 28 505 |
| Disposals & currency | 935 | (4 619) | (1 239) | (2 773) |
| Customer project liabilities end of period | (50 257) | (55 741) | (50 256) | (55 740) |
| (NOK 1 000) | 2020 Oct-Dec |
2019 Oct-Dec |
2020 Jan-Dec |
2019 Jan-Dec |
|---|---|---|---|---|
| Salary | 89 539 | 88 267 | 358 593 | 366 516 |
| Tantieme and variable compensation | 5 126 | 5 196 | 19 204 | 19 437 |
| Social security tax | 15 561 | 13 709 | 54 548 | 54 099 |
| Pension costs | 3 082 | 3 983 | 17 450 | 19 333 |
| Other expenses | 3 290 | 11 832 | 12 828 | 24 953 |
| Capitalised development expenses | (3 812) | (4 296) | (13 598) | (16 290) |
| Capitalised implementation costs customer projects | (5 935) | (1 393) | (18 026) | (29 505) |
| Total personnel expenses | 106 851 | 117 298 | 431 000 | 438 543 |
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Interest income on bank accounts and receivables | 33 | 37 | 191 | 160 |
| Currency gain | 607 | 517 | 4 679 | 1 916 |
| Other financial income | 369 | 1 009 | 893 | 556 |
| Finance income | 1 009 | 1 564 | 5 763 | 2 632 |
| Interest exp. on financial liab. measured at amortised cost | 4 561 | 4 408 | 23 145 | 19 253 |
| Currency loss | -24 | 386 | 987 | 3 377 |
| Unrealised foreign currency loss/(gain) | -18 918 | -2 660 | 27 069 | -2 375 |
| Interest expense on leasing | 265 | 462 | 1 503 | 2 126 |
| Other financial expenses | 1 439 | 1 346 | 3 871 | 4 302 |
| Finance expenses | -12 676 | 3 942 | 56 576 | 26 683 |
| Net financial items | 13 685 | -2 378 | -50 813 | -24 051 |
| (NOK 1 000) | Licenses | Intern. | Internally | Customer | Goodwill | Total |
|---|---|---|---|---|---|---|
| and | developed | developed | Relation & | |||
| Book value 01.01.2020 | 4 505 | 34 652 | 17 889 | 75 905 | 153 248 | 286 198 |
| Additions of the period | - | 1 858 | 10 527 | - | - | 12 385 |
| Reclassifications | - | 15 371 | (15 371) | - | - | - |
| Disposals and currency effects | 153 | 271 | (1 978) | 3 550 | 7 170 | 9 166 |
| This period ordinary amortisation | (1 746) | (14 709) | - | (10 982) | - | (27 437) |
| Book value 31.12.2020 | 2 912 | 37 443 | 11 068 | 68 473 | 160 417 | 280 313 |
| Book value 01.01.2019 | 9 057 | 28 768 | 19 937 | 85 302 | 151 996 | 295 059 |
| Additions of the period | 135 | 1 579 | 21 389 | - | - | 23 103 |
| Reclassifications | - | 18 055 | (18 055) | - | - | - |
| Disposals and currency effects | (1 744) | (39) | (5 381) | 652 | 1 253 | (5 259) |
| This period ordinary amortisation | (2 944) | (13 711) | - | (10 049) | - | (26 704) |
| Book value 31.12.2019 | 4 505 | 34 652 | 17 889 | 75 905 | 153 248 | 286 198 |
| Useful life | 3-10 years | 5 years | N/A | 10 years | N/A | |
| Depreciation method | linear | linear | linear |
Zalaris leases several assets such as buildings, equipment, and vehicles. The Group's right-of-use assets are categorized and presented in the table below:
| Right-of-use assets | ||||
|---|---|---|---|---|
| (NOK 1000) | Buildings | Equipment | Vehicles | Total |
| Acquisition cost | ||||
| At 1 January 2019 | 42 218 | 3 428 | 6 680 | 52 326 |
| Additions | 3 402 | 747 | 305 | 4 455 |
| At 1 January 2020 | 45 620 | 4 175 | 6 985 | 56 781 |
| Additions | 5 870 | 154 | 5 | 6 029 |
| At 31 December 2020 | 51 490 | 4 329 | 6 991 | 62 810 |
| Depreciation | ||||
| At1 January 2019 | 0 | 0 | 0 | - |
| Depreciation | 16 653 | 1 629 | 3 650 | 21 932 |
| At 31 December 2019 | 16 653 | 1 629 | 3 650 | 21 932 |
| Depreciation | 15 708 | 1 426 | 1 967 | 19 101 |
| At 31 December 2020 | 32 361 | 3 055 | 5 617 | 41 033 |
| Carrying amount at 31 December 2020 | 19 128 | 1 274 | 1 374 | 21 777 |
| (NOK 1000) | 2020 | 2019 |
|---|---|---|
| Current | 11 792 | 19 099 |
| Non-current | 11 104 | 16 536 |
| Lease liabilities at 31 December 2020 | 22 896 | 35 635 |
| Interest expense included (in finance cost) | 1 503 | 2 126 |
| Variable lease payments expensed in the period | 0 | 0 |
| Operating expenses related to short-term leases | 275 | 155 |
| Operating expenses period related to low value assets | 288 | 453 |
| Total cash outflows for leases | 22 994 | 24 933 |
| 2020 | 2019 | |
|---|---|---|
| (NOK 1 000) | 31. Dec | 31. Dec |
| Cash in hand and at bank - unrestricted funds | 118 145 | 56 132 |
| Deposit accounts - guarantee rent obligations - restricted funds | 2 247 | 21 529 |
| Employee withheld taxes - restricted funds | 4 451 | 4 787 |
| Cash and cash equivalents | 124 843 | 82 448 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| (NOK 1 000) | Annual interest | Maturity | 31. Dec | 31. Dec |
| Bond loan | 3 m Euribor + 4.75% | 28.09.2023 | 366 980 | 345 188 |
| Loan fees bond | 28.09.2023 | (4 957) | (6 760) | |
| Commerzbank - DE | 1.3% | 31.12.2031 | 12 256 | 13 834 |
| Landesbank Baden-Würtenberg | 4.0% | 31.12.2022 | 1 554 | 2 200 |
| Landesbank Baden-Würtenberg | 1.95 % | 31.12.2031 | 1 244 | 9 270 |
| MBG | From 5.0% to 6.5% | 2020-2026 | - | 5 326 |
| SG Finance loans | From 4.0% to 6.7% | 2019-2023 | - | - |
| Total interest-bearing loans | 377 077 | 369 058 | ||
| Total long-term interest-bearing loans | 375 832 | 362 487 | ||
| Total short-term interest-bearing loans | 1 244 | 6 571 | ||
| Total interest-bearing loans | 377 077 | 369 058 | ||
| Total unrealized foreign exchange profit/(loss) on bond loan | (21 792) | 2 531 |
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.
| (NOK 1 000) | 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Related party | Transaction | Oct-Dec Oct-Dec Jan-Dec Jan-Dec | |||
| Rayon Design AS 1) | Management Services | 854 | 684 | 2 371 | 1 556 |
| Haug Advisory AS 2) | Management Services | - | - | - | 200 |
| Total | 854 | 684 | 2 371 | 1 756 |
1 ) Hans-Petter Mellerud, CEO, owns 40% of Rayon Design AS though his company Norwegian Retail AS
2 ) Jon Erik Haug, Board Member of Zalaris ASA, owns 100% of Haug Advisory AS
There have been no events after the balance sheet date significantly affecting the Group's financial position.
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.
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| EBITDA | 31 346 | 20 594 | 121 816 | 103 381 |
| Restructuring costs* | 967 | 3 221 | 4 346 | 4 259 |
| Share-based payments | 912 | 726 | 2 718 | 1 743 |
| Depreciation right-of-use assets (IFRS 16 effect) | (4 149) | (5 620) | (19 101) | (21 932) |
| Adjusted EBITDA | 29 076 | 18 920 | 109 780 | 87 451 |
| 2020 | 2019 | |||
| 2020 | 2019 | |||
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| EBIT | 11 311 | (1 580) | 37 302 | 14 091 |
| Restructuring costs* | 967 | 3 221 | 4 346 | 4 259 |
| Share-based payments | 912 | 726 | 2 718 | |
| Amortization of excess values on acquisition | 2 719 | 2 591 | 10 926 | 1 743 10 049 |
*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.
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| (NOK 1 000) | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Net cash flow from operating activities | 14 113 | 50 724 | 89 713 | 42 508 |
| Investment in fixed and intangible assets | (822) | (17 054) | (13 132) | (25 462) |
| Free cash flow | 13 291 | 33 670 | 76 581 | 17 046 |
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.
| 2020 | 2019 | |
|---|---|---|
| (NOK 1 000) | 31.Dec | 31.Dec |
| Cash and cash equivalents | 124 843 | 82 448 |
| Interest-bearing loans and borrowings - long-term | (375 832) | (362 487) |
| Interest bearing loans and borrowings - short-term | (1 244) | (6 571) |
| Net interest-bearing debt (NIBD) | (252 234) | (286 610) |
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 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenues | 192,4 | 187,5 | 190,7 | 206,2 | 200,6 | 198,4 | 189,7 | 203,5 |
| Revenue growth (YoY) | 3,3 % | -0,7 % | 8,2 % | 6,2 % | 4,3 % | 5,8 % | -0,5 % | -1,3 % |
| EBITDA adjusted | 22,9 | 21,1 | 24,7 | 18,9 | 26,8 | 26,8 | 27,0 | 29,2 |
| EBITDA margin | 11,9 % | 11,2 % | 12,9 % | 9,2 % | 13,4 % | 13,5 % | 14,2 % | 14,3 % |
| EBIT adjusted | 9,3 | 7,2 | 8,9 | 5,0 | 13,4 | 12,7 | 13,3 | 15,9 |
| EBIT margin | 4,9 % | 3,8 % | 4,6 % | 2,4 % | 6,7 % | 6,4 % | 7,0 % | 7,8 % |
| Profit Before Tax | 7,6 | (4,3) | (9,3) | (4,0) | (62,5) | 27,2 | (3,1) | 25,0 |
| Income Tax Expense | (1,4) | 1,0 | 2,7 | 0,7 | 14,0 | (4,7) | 1,4 | (7,4) |
| Net income | 6,3 | (3,3) | (6,6) | (3,3) | (48,6) | 22,4 | (1,8) | 17,6 |
| Profit margin | 3,3 % | -1,8 % | -3,5 % | -1,6 % | -24,2 % | 11,3 % | -0,9 % | 8,6 % |
| Weighted # of shares outstanding (m) | 19,9 | 19,9 | 19,8 | 19,7 | 19,6 | 19,6 | 19,6 | 19,7 |
| Basic EPS (NOK) | 0,31 | (0,17) | (0,34) | (0,17) | (2,48) | 1,14 | (0,09) | 0,89 |
| Diluted EPS (NOK) | 0,28 | (0,17) | (0,34) | (0,17) | (2,48) | 1,11 | (0,09) | 0,86 |
| Cash flow items | ||||||||
| Cash from operating activities | (22,0) | 5,0 | 8,8 | 50,7 | 16,9 | 45,4 | 13,3 | 14,1 |
| Investments | (4,2) | (7,1) | 2,9 | (17,1) | (3,7) | (3,6) | (5,0) | (0,8) |
| Net changes in cash and cash equi. | (37,2) | (9,4) | (5,4) | 18,2 | 3,9 | 41,0 | (14,0) | 8,1 |
| Cash and cash equivalents end of period | 69,3 | 59,6 | 64,8 | 82,4 | 87,5 | 129,0 | 116,3 | 124,8 |
| Net interest-bearing debt | 299,0 | 308,7 | 311,0 | 286,6 | 344,5 | 277,9 | 280,7 | 252,2 |
| Equity | 105,3 | 100,1 | 101,6 | 92,2 | 95,9 | 101,5 | 108,1 | 109,8 |
| Equity ratio | 13,9 % | 13,8 % | 14,3 % | 12,9 % | 12,4 % | 13,5 % | 14,9 % | 15,2 % |
| Number of FTE (Period End) | 822 | 825 | 803 | 753 | 728 | 723 | 713 | 712 |
| Segment overview* | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 |
| Revenues | 192,4 | 187,5 | 190,7 | 206,2 | 200,6 | 198,4 | 189,7 | 203,5 |
| Managed Services | 136,2 | 133,9 | 130,4 | 153,2 | 142,3 | 137,1 | 127,4 | 137,5 |
| Professional Services | 56,1 | 53,7 | 60,3 | 53,0 | 58,3 | 61,3 | 62,4 | 66,0 |
| EBIT | 6,5 | 4,4 | 4,8 | (1,6) | 9,5 | 7,4 | 9,2 | 11,3 |
| Managed Services | 13,6 | 15,8 | 10,6 | 14,9 | 16,7 | 16,0 | 14,8 | 15,6 |
| as % of revenue | 10,0 % | 11,8 % | 8,2 % | 9,7 % | 11,8 % | 11,7 % | 11,6 % | 11,3 % |
| Professional Services | 8,7 | 3,5 | 9,1 | (0,3) | 6,3 | 4,1 | 6,8 | 8,2 |
| as % of revenue | 15,5 % | 6,5 % | 15,1 % | -0,6 % | 10,8 % | 6,7 % | 11,0 % | 12,5 % |
| Gr.ovhd & Unallocated | (15,8) | (14,9) | (15,0) | (16,2) | (13,6) | (12,7) | (12,4) | (12,5) |
*Revenue from certain consulting services previously report as part of Managed Services have been moved to Professional Services from 1 January 2020. Business development costs previously included within Group Overhead has been allocated to the business segments from 1 January 2020. Comparable historical information has been updated accordingly.
Gunnar Manum CFO [email protected] +47 951 79 190
Interim report Q1 2021 to be published on 29 April.
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
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.