ANNUAL REPORT 2022
| CONTENTS
Komplett Group in brief ................................4
CEO’s letter ...................................................8
Business segments .....................................12
Board and management ............................. 18
Board of Directors’ report ...........................27
Corporate governance ............................... 40
Sustainability ..............................................48
Financial statements ................................. 114
KOMPLETT ASA ANNUAL REPORT 2022
2
KOMPLETT ASA ANNUAL REPORT 2022
3
| OUR VISION
TO BE “THE OBVIOUS CHOICE”
This expresses how Komplett Group
would like to be perceived and
where we are heading. Our vision
provides guidance and energy.
Each and every day, we strive to be
“the obvious choice” for customers,
suppliers and employees, and for
the community around us.
| OUR MISSION
To develop complete solutions
that MAKE LIFE SIMPLER.
| OUR VALUES
Our values are fundamental to our
corporate culture. Our values tell us
how to work, how to treat each other,
and how we are perceived by the
world around us.
PRECISION Keep our promises, meet
deadlines, keep up, be clear and
accurate. Have respect
for and condence in each other.
SIMPLICITY Think smart, nd sim-
ple solutions. Make life easier for our
customers and ourselves.
ENTHUSIASM Get involved and wish
each other well. Create enthusiasm
and gain pleasure from our work.
| AN ONLINE-FIRST ELECTRONICS
CHAMPION OF THE NORDICS
The group operates an ecient and scalable business model and is widely recognised for having an
industry leading cost position.
KOMPLETT ASA ANNUAL REPORT 2022
4
KOMPLETT IN BRIEF
| LEADING SAME-DAY AND
LAST-MILE SERVICE
Same day delivery
SWEDEN
>50%
Same + next day delivery
SWEDEN
>90%
Central fulllment
NetOnNet local fulllment
Distribution centres located
in the most densely populated
areas in Norway and Sweden
Same day delivery
NORWAY
>40%
Same + next day delivery
NORWAY
>90%
KOMPLETT ASA ANNUAL REPORT 2022
5
KOMPLETT IN BRIEF
| HIGHLIGHTS & KEY FIGURES
REVENUESBYCOUNTRY
DENMARK
2%
NORWAY
50%
SWEDEN
48%
Revenues 2022
NOK 14.6
billion
REVENUESBYSEGMENT
DISTRIBUTION
22%
B2C
67%
B2B
11%
Revenues 2022
NOK 14.6
billion
KEY FIGURES KOMPLETT GROUP*
Amounts in NOK million 2022 2021
Operating revenue 14 618 11 043
Growth (%) 32.4% 11.9%
Gross prot 1 794 1 462
Gross margin (%) 12.3% 13.2%
Operating expenses (ex dep) (adj.) (1 451) (945)
Depreciation and amortisation (256) (129)
Total operating expenses (adj.) (1 707) (1 074)
Operating cost percentage (adj.) (11.7%) (9.7%)
EBIT (adj.) 87 388
EBIT margin (adj.) (%) 0.6% 3.5%
One-off cost (80) (19)
EBIT 6 369
Net nancials (104) (22)
Prot before tax, continued operations (98) 347
Prot for the period (32) 300
* Denitions of alternative performance measures (APM) can be found on page 168 of this report.
NetOnNet has been consolidated into the Komplett Group’s nancial statements as of 1 April 2022.
NetOnNet
Synergies
on track
Material
inventory
improvement
Cash ow
from operations of
NOK 1.1 billion
Industry-
leading
cost position
KOMPLETT ASA ANNUAL REPORT 2022
6
KOMPLETT IN BRIEF
Key milestones from our
establishment in 1991:
2022:
— Market position doubled following combination
with NetOnNet
2021:
— Komplett ASA listed on Oslo Stock Exchange
2013:
— Webhallen becomes a part of the Komplett
Group
2011:
— Canica acquires 100 per cent of Komplett ASA
and the Company is delisted from Oslo Stock
Exchange.
— NetOnNet delisted by SIBA Invest
2000:
— Komplett ASA listed at Oslo Stock Exchange
NetOnNet AB listed at Stockholm Stock
Exchange
1999:
— Itegra, NetOnNet and Webhallen established
1998:
— Norek and Komplett merged
1996:
— Launch of online retail with Komplett.no
1991:
— Establishment of Norek AS
Komplett was established in Sandefjord, Norway
in 1991. In 1996 we introduced e-commerce to
the Norwegian market by establishing the online
platform and webshop “Komplett.no”. We are a
pioneer within online retail and have a particular
heritage for consumer electronics and gaming
products.
20222021202020192018
EBIT
EBIT adjusted (NOK million) EBIT adjusted (%)
(71)
48
276
388
87
0.6%
3.5%
2.8%
0.6%
(1.1%)
20222021202020192018
20222021202020192018
NOK million
ex. NetOnNet NetOnNet
6 697
7 543
9 866
11 043
4 784
9 834
14 618
20222021202020192018
837
960
1 318
1 462
1 794
20222021202020192018
20222021202020192018
OPERATING COST LEADERSHIP
Per cent
Operating cost Adjusted for M&A
13.5%
9.6%
12.1%
10.6%
9.7%
11.7%
10.3%
1) Figures for 2018 have been restated.
KOMPLETT ASA ANNUAL REPORT 2022
7
KOMPLETT IN BRIEF
CHIEF EXECUTIVE OFFICER:
| A MUCH STRONGER POSITION
Marking my rst ocial letter as the CEO of Komplett Group, I would like to start
by acknowledging the tremendous effort and amount of work that has gone into
strengthening the group's position in 2022.
The past year was no easy period for the retail industry,
and I am impressed by the many different workstreams
that have come together. Despite lower consumer con-
dence throughout 2022, the group made bold decisions
and acquired NetOnNet in February 2022. The combina-
tion of two strong brands has cemented Komplett’s posi-
tion in the market as a leading online-rst electronics
platform in the Nordics and doubled our market share.
Moving forward, we remain committed to realising the
transaction’s signicant cost synergies of at least NOK
200 million on an annual basis.
In 2022, the retail industry experienced the effects of
overlled warehouses and corresponding price pressure
across the industry. Komplett acted swiftly in response to
the inventory build-up and successfully reduced its inven-
tory by NOK 600 million during the year. As we neared the
end of the year, our inventory position was healthy, and the
gross margins have started to recover.
Ahead of the holiday season, we entered a period asso-
ciated with increased spending. At Komplett, we ramped
up campaign activities with the aim of providing our cus-
tomers with a trusted platform where they gain access
to the products they want and need. We are also near-
ing a replacement cycle where consumers will seek to
replace their current technology. Undoubtedly, tech-
nology and electronics continue to play a major role in
society, and we will always aim to meet our customers’
expectations.
The nal quarter of the year also represents a time for
Komplett where we get to opportunity to give back. In
November, we supported Barnekreftforeningen (the Chil-
dren’s Cancer Association) through a concept named
“Gamers against childhood cancer”. Through a three-day
live-streaming event, we raised NOK 1.9 million to sup-
port Barnekreftforeningen’s efforts to help children and
young people affected by cancer. Similar initiatives were
made in NetOnNet and Webhallen.
Operating in the electronics industry, we are also aware
of the need to recycle and reuse electronic components.
This is why the group offers programs such as Komplett
"FLEX", Webhallen’s "Revive" and NetOnNet’s "Byt in" ser-
vice as part of our initiatives to promote circularity. The
aim of these programs is to facilitate the resale of prod-
ucts in the second-hand market.
The group also demonstrated its commitment to run-
ning a sustainable and responsible business in 2022 with
the launch of its new packaging line. With an internal
task force of logisticians and tech enthusiasts, Komplett
launched a packaging line reducing the annual usage of
plastic by 16-19 tons. This project has also signicantly
reduced the amount of air being shipped to customers
and decreased the number of containers transporting
our packages by 390 per year.
We remain committed to our ESG goals and will increase
our efforts to reduce our climate footprint. Part of that
work includes mapping our emissions and monitor
-
ing our progress. Even with our new packaging line, we
will continue identifying solutions that will make the
transportation of our packages even more ecient.
There is no doubt that operating sustainably is high on
our agenda, and moving forward, we will work hard to
ensure that we continue to run a healthy business that
takes care of its people, surrounding community and
the environment.
In summary, the group is well-placed to continue build-
ing on its strong market position and is entering 2023 in a
much stronger position than when it entered 2022.
We have a healthy stock composition with sought-af-
ter products and have signicantly improved working
capital. Between improved inventory and market prices
normalising, we are condent that the pressure on our
gross margin will begin to alleviate. Though the tepid
consumer sentiment is expected to carry on into 2023,
we anticipate that the market is nearing a replacement
cycle which will initiate higher consumer demand. Going
forward, we will continue to build on the strong market
position that Komplett has in Norway and Sweden, and
to deliver continued good results as well as realising the
potential that lies in the acquisition of NetOnNet.
KOMPLETT ASA ANNUAL REPORT 2022
8
CHIEF EXECUTIVE OFFICER
| THE GROUP IS WELL-PLACED
TO CONTINUE BUILDING ON ITS
STRONG MARKET POSITION
Personally, I am excited to embark on this new chapter
and explore the opportunities that lie ahead. Komplett
Group is the largest e-commerce player in the Nordics,
regardless of industry, with huge opportunities ahead.
On this journey, we will have the best customer experi-
ences, innovative and sustainable solutions, the lowest
cost position, competitive sourcing terms, enabling us to
be a very protable and cash generating company with
good returns to our shareholders.
Yours sincerely
Jaan Ivar Semlitsch
CEO Komplett ASA
KOMPLETT ASA ANNUAL REPORT 2022
9
CHIEF EXECUTIVE OFFICER
KOMPLETT ASA:
| SHARE INFORMATION
The Komplett Group aims to be an attractive investment. Supported by strong commercial execution
and a competitive, scalable, and cost-ecient business model, the Komplett Group is well-positioned
to create value both for our customers and shareholders.
Komplett ASA is a public limited liability company organ-
ised pursuant to the Norwegian Public Limited Com-
panies Act, which is part of the laws of Norway. The
company was listed on the Oslo Stock Exchange on 21
June 2021 under the ticker code KOMPL.
Komplett has one class of shares, and in accordance with
the Norwegian Public Limited Companies Act, all shares
have equal rights and are freely transferable.
The total number of shares issued at 31 December 2022
were 175 297 579. The nominal value per share is NOK 0.40.
SHARE CAPITAL CHANGES
The combination of Komplett ASA and NetOnNet AB was
completed 4 April 2022. As part of the settlement, 35 242
424 new shares were issued to SIBA Invest, making SIBA
Invest the second largest shareholder of Komplett ASA.
At the end of 2022, a private placement of 67 800 000 new
shares was completed at a subscription price of NOK 14.75
per share, raising gross proceeds of NOK 1000050 000.
The net proceeds from the private placement and new
long-term credit facilities were used to repay the NOK 1
500 million bridge loan, which was obtained in connection
with the combination with NetOnNet AB. At year-end 2022,
there was a remaining balance of NOK 500 million on the
bridge loan, which was repaid in 2023.
In January 2023, the company launched a subsequent
offering of up to 3 390 000 new shares, each with a nomi-
nal value of NOK 0.40, at a subscription price of NOK 14.75.
The company received subscriptions for a total of 43 582
shares. Following the issuance of the 43 582 offer shares,
the company’s share capital is NOK 70 136 464.40, divided
into 175 341 161 shares, each with a nominal value of NOK
0.40.
TRADING IN THE KOMPLETT SHARE
The average daily volume of Komplett shares traded on
the Oslo Stock Exchange in 2022 was 0.13 million, equiv-
alent to 0.07 per cent of the total number of Komplett
shares issued that year.
The share closed at NOK 14.44 on 31 December 2022. The
highest closing price was NOK 71.72 and the lowest clos-
ing price was NOK 13.42.
Komplett’s market capitalisation was NOK 2.53 billion at
31 December 2022.
OUR DIVIDEND POLICY
The group has a policy of distributing 60-80 per cent of
net prot as annual dividend adjusted for one-offs and
special items but expects no dividend to be paid for the
nancial year 2022.
SHARE BUYBACKS
At the annual general meeting in 2022, the board of direc-
tors was granted an authorisation, on behalf of the com-
pany, to acquire Komplett shares with a total nominal
value equal to 10 per cent of the company’s share capital
at the time the authorisation was granted.
The authorisation is valid until the company’s annual gen-
eral meeting in 2023, but no longer than 30 June 2023.
The authorisation was not used in 2022, and the company
owns no treasury shares at year-end 2022.
VOTING RIGHTS
Komplett has one class of share, and each share carries
one vote.
Shareholders are entitled to vote for the number of
shares they own. The shares must be registered in the
Norwegian Central Securities Depository (VPS) at the
date of the general meeting.
KOMPLETT ASA ANNUAL REPORT 2022
10
KOMPLETT IN BRIEF
SHAREHOLDERS
At 31 December 2022, Komplett had 3 288 shareholders.
The top 20 shareholders own 93 per cent of the shares.
Top 20 shareholders at 31 December 2022:
Name Holding Stake Type of account
1 Canica Invest AS 74 376 317 42.43% Ordinary
2 SIBA Invest AB 55 581 404 31.71% Ordinary
3 Verdipapirfondet Alfred Berg Gambak 5 532 206 3.16% Ordinary
4 The Bank of New York Mellon 4 398 418 2.51% Nominee
5 The Bank of New York Mellon 3 331 182 1.90% Nominee
6 The Northern Trust Comp, London 3 300 000 1.88% Nominee
7 Verdipapirfondet Holberg Norge 2 100 000 1.20% Ordinary
7 Verdipapirfondet Holberg Norden 2 100 000 1.20% Ordinary
9 Morgan Stanley & Co. Int. Plc. 1 887 234 1.08% Nominee
10 Sole Active AS 1 883 646 1.07% Ordinary
11 Wenaasgruppen AS 1 273 370 0.73% Ordinary
12 Verdipapirfondet Storebrand Norge 1 174 943 0.67% Ordinary
13 BNP Paribas 1 162 340 0.66% Nominee
14 Verdipapirfondet Pareto Investment 1 145 000 0.65% Ordinary
15 Citibank, N.A. 910 735 0.52% Nominee
16 UBS Europe SE 898 359 0.51% Nominee
17 Strømstangen AS 713 539 0.41% Ordinary
18 Vineberg Invest AS 713 538 0.41% Ordinary
19 Nian AS 685 625 0.39% Ordinary
20 UBS AG 618 057 0.35% Nominee
Total top 20 163 785 913
Total number of shares 175 297 579
FINANCIAL CALENDAR:
Date Event
27 April 2023 Q1 2023 reporting
9 May 2023 Annual general meeting
20 July 2023 Q2 2023 reporting
26 October 2023 Q3 2023 reporting
SHARE PRICE DEVELOPMENT:
Scan the QR-code for access to the
share price development.
ANALYST COVERAGE:
Firm Contact Phone Email
ABG Sundal Collier Petter Nystrøm +47 22 01 61 35 petter.nystrom@abgsc.no
DNB Ole Martin Westgaard +47 24 16 92 98 ole.martin.westgaard@dnb.no
Pareto Joachim Huse +47 24 13 21 07 joachim.huse@paretosec.com
SEB Håkon Fuglu +47 21 00 85 49 hakon.fuglu@seb.no
KOMPLETT ASA ANNUAL REPORT 2022
11
KOMPLETT IN BRIEF
KOMPLETT ASA ANNUAL REPORT 2022
12
BUSINESS SEGMENTS
BUSINESS SEGMENTS:
| BUSINESS TO CONSUMER (B2C)
The Komplett Group’s operations in the B2C segment cover sales to private consumers across Norway,
Sweden and Denmark through the brands Komplett, NetOnNet and Webhallen.
The group serves the private consumer market for electron-
ics, technology products and consumer goods through six online
shops, selling products sourced from third-party brands and its
own private labels.
Komplett serves its B2C customers on the platforms Komplett.
no, Komplett.se and Komplett.dk. Komplett also operates two
pick-up points, one in Oslo and one at the warehouse in San-
defjord.
Webhallen is an omnichannel provider within consumer electron-
ics, with the online platform Webhallen.com and 17 retail stores
and pick-up points in Sweden, located strategically around Stock-
holm and bigger cities in Sweden.
NetOnNet has two online shops in Sweden and Norway, NetOnNet.
se and NetOnNet.no, and a total of 30 complementary self-service,
logistics and warehouse shops located in Sweden and Norway.
The combination of the Komplett Group and NetOnNet was suc-
cessfully completed on 4 April 2022. For accounting purposes,
NetOnNet has been consolidated into the company’s nancial
statements with effect from 1 April 2022 and is reported as part
of the B2C segment from this date.
The Komplett Group began its operations in the B2C segment in
Norway in 1996.
22%
B2B
11%
67%
NOK 9.8 billion
20222021202020192018
REVENUES
4 882
4 523
Revenues (NOK million) Gross margin (%)
6 142
6 382
9 785
15.1%
13.4%
12.9%
15.4%
13.6%
20222021202020192018
EBIT
22
(72)
EBIT (NOK million) EBIT margin (%)
194
230
12
0.4%
(1.6%)
0.1%
3.2%
3.6%
20222021202020192018
OPERATINGCOST
12.9%
14.5%
Per cent of revenue
11.9%
11.8%
13.5%
KOMPLETT ASA ANNUAL REPORT 2022
13
BUSINESS SEGMENTS
KOMPLETT ASA ANNUAL REPORT 2022
14
BUSINESS SEGMENTS
BUSINESS SEGMENTS:
| BUSINESS TO BUSINESS (B2B)
Komplett B2B is an online player market for corporate customers in the Nordics focusing on the small
and medium sized enterprises and small oce/home oce segments.
Komplett B2B offers its customers a fully digital cus-
tomer journey through its web shops Komplettbedrift.
no and Komplettforetag.se and serving the Norwegian
and Swedish market, respectively.
The Komplett Group further expanded its operations
in the B2B segment during 2021 through the acqui-
sition of Ironstone, which is a pure cloud technology
company offering IT services to corporate custom-
ers that complement traditional hardware purchases.
Ironstone was consolidated into the group’s opera-
tions from 1 September 2021, and its operations are
reected in the B2B segment reporting from this date.
The Komplett Group began its operations in the B2B
market in Norway in 2002.
22%
B2C
67%
11%
NOK 1.6 billion
20222021202020192018
REVENUES
1 125
913
Revenues (NOK million) Gross margin (%)
1 286
1 528
1 615
17.1%
18.0%
17.0%
15.5%
15.4%
20222021202020192018
EBIT
48
66
EBIT (NOK million) EBIT margin (%)
109
146
116
5.3%
5.9%
8.5%
9.6%
7.2%
20222021202020192018
OPERATINGCOST
10.1%
9.6%
Per cent of revenue
8.6%
8.4%
9.9%
KOMPLETT ASA ANNUAL REPORT 2022
15
BUSINESS SEGMENTS
KOMPLETT ASA ANNUAL REPORT 2022
16
BUSINESS SEGMENTS
BUSINESS SEGMENTS:
| DISTRIBUTION
The Komplett Group began its operations in the
distribution segment in 1999.
The group’s activities in the distribution segment
consist of large-scale distribution contracts for sale
to resellers and other big entities not covered by B2B,
which are operated under the Itegra brand and its
own platform. Itegra is present in Norway and Swe-
den and serves its customers through the websites
Itegra.no and Itegra.se, respectively.
The Komplett Group began its operations in the
Distribution segment in Norway in 1999.
B2B
11%
B2C
67%
22%
NOK 3.2 billion
20222021202020192018
REVENUES
1 522
1 263
Revenues (NOK million) Gross margin (%)
2 426
3 124
3 207
5.4%
6.2%
6.8%
7.6%
7.5%
20222021202020192018
EBIT
(9)
11
EBIT (NOK million) EBIT margin (%)
51
79
63
(0.7%)
0.7%
2.1%
2.5%
2.0%
20222021202020192018
OPERATINGCOST
8.2%
6.8%
Per cent of revenue
4.8%
3.7%
3.4%
KOMPLETT ASA ANNUAL REPORT 2022
17
BUSINESS SEGMENTS
JO OLAV LUNDER
Chair since 2022, not
independent
Jo Olav Lunder (born 1961) has more than
25 years of broad directorial and exec
-
utive experience from multiple private
and public companies within telecom
-
munications, IT services, business solu-
tions, and e-commerce. Lunder has
held positions such as COO of Telenor
Mobile AS, CEO of Ementor ASA, Presi
-
dent of Ferd Capital, CEO of Vimpelcom
Ltd and CEO of John Fredriksen group.
Lunder currently holds board positions
in various companies, including as chair
of Elopak ASA, Axxelerator Capital AS,
Element Logic Holding AS, Swoosh
group AB, Oleter group AB, DeepOcean
group Holding AS, BUS AS, and Cigalep
AS and director of Canica AS and Sten
-
shagen Invest AS. He also served as a
board director of Komplett ASA from
2018 until 4 April 2022. Lunder has an
MBA from Henley Business School, and
a bachelor’s degree from Oslo Business
School. He is a Norwegian citizen, cur
-
rently residing in Norway.
Jo Olav Lunder is not independent of
the company’s main shareholder, Can-
ica Invest AS.
Lunder and related parties held
391 777 shares in Komplett ASA at
01.03.2023.
Lunder attended 10 of 11 board meet-
ings in 2022.
JENNIFER GEUN KOSS
Director since 2020,
independent
Jennifer Geun Koss (born 1977) is a
founding partner of Springbank Collec
-
tive, a venture fund investing in com-
panies building tools, products and
services that disproportionately bene
-
t women across the themes of Career,
Care and Household Consumer. She is
also the founder of the retail agency
BRIKA, which was acquired by the expe
-
riential commerce agency Salt XC. Prior
to her current roles, she has had shorter
engagements with the investment
banks JP Morgan and Goldman Sachs,
and has worked as a management con
-
sultant at The Parthenon group and The
Bridgespan group, as well as a private
equity investor at Ontario Teachers’ Pri
-
vate Capital as both a general partner
and a limited partner. Koss holds various
board positions, including Dream Unlim
-
ited (publicly listed on the Toronto Stock
Exchange), Active Brands AS and Møller
Eiendom Holding AS. Koss has an MBA
from Harvard Business School, an MPhil
from the University of Oxford and an A.B.
from Harvard University. She is a US and
a Canadian citizen, currently residing in
Norway.
Koss and related parties held 4 166
shares and no options in Komplett
ASA at 01.03.2023.
Koss attended 13 of 15 board meetings
in 2022.
LARS BJØRN THORESEN
Director since 2019, independent
Lars Bjørn Thoresen (born 1970) has sev-
eral years of directorial experience from
service as chair and director of various
private and public companies. He cur-
rently serves in boards for companies
such as Kristian Gerhard Jebsens Red-
eri, LER Invest, Ragde Partner Invest, LT
Invest AS and numerous Verdane related
portfolio companies both in Norway and
internationally. Thoresen is also board
advisor to Nordic Investment Opportuni-
ties AS and CEO of the investment com-
pany LT Invest. Thoresen has, for a period
of over 20 years, held various manage-
rial positions since he was part of the
founding team of the private equity rm
Verdane Capital, where he also served
as managing partner from 2008 until
2016. Prior to joining Verdane, Thoresen
worked at Braxton Associates in London,
UK, and Deloitte Consulting. Thoresen
has a bachelor of science from St. John’s
University, and an MBA from INSEAD. He
also serves on the board of directors of
INSEAD Alumni Norway. He is a Norwe-
gian citizen, currently residing in Norway.
Thoresen serves the role as chair of the
audit committee in Komplett.
Thoresen and related parties held 378 646
shares in Komplett ASA at 01.03.2023.
Thoresen attended 14 of 15 board meet-
ings in 2022.
| BOARD OF DIRECTORS
KOMPLETT ASA ANNUAL REPORT 2022
18
THE BOARD OF DIRECTORS
SARAH C. J. WILLAND
Director since 2021, independent
Sarah C. J. Willand (born 1977) took
up the position as CEO of Cappelen
Damm in February 2023. Prior to that,
she was director for marketing, com-
munication, and organisation at TV 2,
and has previously held management
positions at Egmont Publishing and
Geodata AS, and worked as a consult-
ant at Centre for Corporate Diversity.
Willand also holds various board posi-
tions at companies such as Cappelen
Damm AS, Mediebedriftenes Lands-
forening, and the Norwegian Opera
& Ballet. Willand has a master of sci-
ence in business and an executive
master of management from the Nor-
wegian Business School (BI). She is a
Norwegian citizen, currently residing
in Norway. Willand serves the role as
chair of the remuneration committee
in Komplett.
Willand and related parties held no
shares in Komplett ASA at 01.03.2023.
Willand attended 13 of 15 board meet-
ings in 2022.
FABIAN BENGTSSON
Director since 2022, not
independent
Fabian Bengtsson (born 1972) has
extensive experience in retail and
e-commerce as the former CEO of
SIBA AB from 2001 to 2015 and with
several positions and directorships
within the SIBA Invest group from
1987. He is the current chair of SIBA
Invest AB and CEO of SIBA Fastigheter
AB, a real estate company. He is also
member of the board of Axfood AB
and chair of the Swedish federation
of Business Owners (Företagarna
AB). Bengtsson has served as the for-
mer chair of NetOnNet from 2012 to
2015 and as a director of the board at
NetOnNet, prior to the combination
with Komplett. He holds a bachelor
of science in business and econom-
ics from Lund University, Sweden.
Bengtsson is a Swedish citizen, cur-
rently residing in Sweden.
Fabian Bengtsson is not independent
of the company’s large shareholder
SIBA Invest AB.
Bengtsson and related parties indi-
rectly held 55 581 404 shares in Kom-
plett ASA at 01.03.2023. through his
ownership of approximately one third
of the votes and shares in SIBA Invest.
Bengtsson attended 12 of 12 board
meetings in 2022.
NORA ELIN ELDÅS
Worker director since 2021,
independent
Nora Elin Eldås (born 1995) joined
the group in 2016 as a salesperson at
Webhallen AB in Täby, Sweden. Eldås
currently holds the position as prod-
uct manager at Webhallen. She is also
a part of Webhallen Loyalty Strategy
Force Club, where she works in a team
with the development of Webhal-
len’s website loyalty program. Prior to
this, Eldås has held various positions
within the service industry. She has
experience as a waitress in the res-
taurant industry, and experience with
health care for elderly people. She is a
Swedish citizen, currently residing in
Sweden.
Eldås and related parties held no
shares in Komplett ASA at 01.03.2023.
Eldås attended 12 of 15 board meet-
ings in 2022.
Continues on next page
>
KOMPLETT ASA ANNUAL REPORT 2022
19
BOARD OF DIRECTORS
ANDERS ODDEN
Worker director since 2019,
independent
Anders Odden (born 1978) joined the
group in 2007 as Nordic product man-
ager for PC components. Odden cur-
rently holds the position as a sales
director in the group, and he has also
worked as a sales manager in the
group. Odden has experience as a
sales manager and key account man-
ager in various companies within the
electronics industry. Odden holds a
bachelor of science in management
from the Norwegian Business School
(BI). He is a Norwegian citizen, cur-
rently residing in Norway.
Odden and related parties held 8 333
shares and 11 411 options in Komplett
ASA at 01.03.2023.
Odden attended 14 of 15 board meet-
ings in 2022.
CARL ERIK HAGEN
Board observer since 2022, not
independent
Carl Erik Hagen (born 1988) currently
works in the nancial investment arm
of Canica AS, which is part of Canica
International. He holds board posi-
tions in Canica AS and Brandbassa-
dor AS. He has studied Business and
Entrepreneurship at the International
University of Switzerland, Business
Studies at Marymount Manhattan Col-
lege, and impact investing at Harvard
Business School. He is a Norwegian
citizen, currently residing in Swit-
zerland. Hagen has held the position
as observer at the board since 2022,
but has held the positions as dep-
uty board director and board director
since 2013, thus having a longer con-
nection to the group’s operations than
what his position as board observer is
associated with.
Carl Erik Hagen is not independent
of the company’s main shareholder,
Canica Invest AS.
Hagen and related parties held no
shares and no options in Komplett
ASA at 01.03.2023.
Hagen attended 10 of 12 board meet-
ings in 2022.
ROLAND VEJDEMO
Board observer since 2022, not
independent
Roland Vejdemo (born 1957) has
served as the chair of NetOnNet since
2015, as well as the chair of the remu-
neration committee. Vejdemo has
extensive experience from the IT
industry, as the former CEO of Com-
paq Computer AB and Hewlett Pack-
ard AB from 2001 to 2010, and through
his board directorship in Avensia AB.
Vejdemo holds a master’s degree in
business and economics from Stock-
holm University. He is a Swedish citi-
zen, currently residing in Sweden.
Roland Vejdemo is not independent of
the company’s large shareholder SIBA
Invest AB.
Vejdemo and related parties held no
shares in Komplett ASA at 01.03.2023.
Vejdemo attended seven of nine board
meetings in 2022.
KOMPLETT ASA ANNUAL REPORT 2022
20
THE BOARD OF DIRECTORS
KOMPLETT ASA ANNUAL REPORT 2022
21
THE BOARD OF DIRECTORS
JAAN IVAR SEMLITSCH
Chief executive ocer (CEO)
Jaan Ivar Semlitsch joined the group
as CEO in February 2023. Jaan Ivar
was previously the CEO of Orkla ASA
from 2019 to 2022. After that, he ran
his own consulting business, Scilla AS.
Prior to joining Orkla, Semlitsch was
the CEO of Elkjøp Nordic, where he
joined in 2013. During this period, he
was also the managing director of Dix-
ons Carphone International, managing
all operations outside the UK. Sem-
litsch also has extensive experience in
grocery and consumer goods as CEO
of REMA Industrier and from various
companies in Scandinavia and the UK
during his six years as a consultant
at McKinsey & Company. Semlitsch
holds a Master of Business Econom-
ics (Siviløkonom) from the Norwegian
School of Economics (NHH). He is a
Norwegian citizen, residing in Norway.
Semlitsch and related parties held
125000 shares and 500000 options in
Komplett ASA at 01.03.2023.
SUSANNE HOLMSTRÖM
Deputy CEO and managing
director of NetOnNet
Susanne Holmström joined the group
as deputy CEO and managing direc-
tor of NetOnNet in 2022. Holmström
has served as the CEO of NetOnNet
from 2018. Prior to joining NetOnNet,
Holmström was the head of B2C at
Trygg-Hansa and director in the board
of directors of Bubbleroom and Skan-
dia. She also held several leadership
positions in Tele2. Holmström holds
a master of science in international
business from the University of Goth-
enburg, Sweden. She is a Swedish cit-
izen, currently residing in Sweden.
Holmström and related parties
held 48 shares in Komplett ASA at
01.03.2023.
THOMAS RØKKE
Chief nancial ocer (CFO)
Thomas Røkke joined the group as
CFO 1 March 2023. Since Decem-
ber 2018, Thomas Røkke has held the
position of group CFO of Saferoad
based in Oslo, Norway. He has previ-
ously held similar senior positions at
FristadsKansas group (formerly Kwin-
tet), headquartered in Sweden, and
the Danish diversied food business
Løgismose Meyers. Further, Røkke
has broad international experience in
both operational management posi-
tions and strategy consulting. He
holds a master’s degree in addition
to a PhD in nance and accounting
from the University of St. Gallen in
Switzerland. He is a Norwegian citi-
zen, currently residing in Denmark and
Norway.
Røkke and related parties held no
shares in Komplett ASA at 01.03.2023.
| GROUP MANAGEMENT
KOMPLETT ASA ANNUAL REPORT 2022
22
GROUP MANAGEMENT
ROGER SANDBERG
Chief procurement ocer
Roger Sandberg joined the group as
chief procurement ocer in 2022, fol-
lowing the completion of the combina-
tion of NetOnNet and Komplett. He is
one of the founders of NetOnNet and
was the CEO of NetOnNet in 1999. Fur-
ther, Sandberg has held the position
as chief operating ocer of NetOn-
Net from 2016 until April 2022, the
position as interim CEO from May 2018
until November 2018 and the position
as chief purchasing ocer from 2011
until 2016. Sandberg also has experi-
ence from SIBA AB and has held the
position as purchase manager from
2005 until 2012. He is a Swedish citi-
zen, residing in Sweden.
Sandberg and related parties held no
shares in Komplett ASA at 01.03.2023.
TRINE-LISE JENSEN
Head of group supply chain/IT
program
Trine-Lise Jensen joined the group
in 2019, as chief technical ocer
(CTO). She served as chief infor-
mation ocer (CIO) and chief oper-
ating ocer (COO) since February
2020, before taking up the position
as head of group supply chain/IT pro-
gram in April 2022. Prior to joining
the group, Jensen has held various
CIO and COO positions in the retail
and e-commerce industry, including
CIO for Boots Norge and CIO/COO for
Helly Hansen. She also has 13 years
of experience from working with IT at
Orkla. Jensen has a bachelor’s degree
in management from the Norwegian
Business School (BI). She is a Norwe-
gian citizen, currently residing in Nor-
way.
Jensen and related parties held
102590 shares and 32668 options in
Komplett ASA at 01.03.2023.
KRISTIN HØDAL TORGERSEN
Chief HR ocer
Kristin Hødal Torgersen joined the
group in 2021 as interim HR director,
and has held the position as chief HR
ocer since March 2022. Prior to this,
Torgersen has held various manage-
ment positions with Danske Bank and
the position as CEO at Huseby Kjøkken
and CEO at Neas ASA. She also has
experience from Vital Eiendom, from
various positions at Mars and as head
of sales at Cinet AS. Kristin Hødal
Torgersen holds a master of science
in economics and business adminis-
tration from Copenhagen Business
School (CBS). She is a Norwegian citi-
zen, currently residing in Norway.
Torgersen and related parties held
11 835 shares in Komplett ASA at
01.03.2023.
Continues on next page
>
KOMPLETT ASA ANNUAL REPORT 2022
23
GROUP MANAGEMENT
ANDERS TORELL
Managing director Webhallen
Anders Torell joined the group in April
2022, and holds the position of man-
aging director of Webhallen Sver-
ige AB, a Swedish subsidiary of the
group. Previous experience includes
the position as managing director in
Kronans Apotek as well as serving
as chair or board director in his fam-
ily-owned business mainly within
mechanical equipment and services,
with Smålandsstenars mekaniska
Verkstad SMV Industrier AB as the
parent company. He holds a master’s
degree in mechanical engineering
from Chalmers University of Technol-
ogy in Gothenburg, Sweden. Torell is a
Swedish citizen, currently residing in
Sweden.
Torell and related parties held 16 949
shares in Komplett ASA at 01.03.2023.
ERLEND STEFANSSON
Managing director B2B
Erlend Stefansson joined the group in
June 2022 as CEO for Ironstone and
was appointed managing director B2B
in February 2023.
Prior to Komplett, he has held the
position as Managing Director of
Arcus’ Spirits Division for 9 years
responsible for product development,
marketing and sales of the group’s
spirits brands globally. He was also
responsible for Production in two
years at Arcus’ facilities at Gjelleråsen
Norway. Erlend held the position as
group Director Sales in Ringnes AS
(part of Carlsberg group) for four
years. He was CEO of Spits ASA from
2006 to 2008, and has held several
management positions in sales, retail
development, marketing and com-
munication. He has also three years’
experience as a management consult-
ant in McKinsey & Co.
Erlend holds a Master of Business
Economics (Siviløkonom) with spe-
cialisation in nance from BI Norwe-
gian Business School.
Stefansson and related parties held
50847 shares in Komplett ASA at
01.03.2023.
KOMPLETT ASA ANNUAL REPORT 2022
24
THE BOARD OF DIRECTORS
KOMPLETT ASA ANNUAL REPORT 2022
25
THE BOARD OF DIRECTORS
KOMPLETT ASA ANNUAL REPORT 2022
26
THE BOARD DIRECTORS' REPORT
BOARD OF DIRETORS’ REPORT 2022:
| ATTRACTIVELY POSITIONED FOR THE
LONG-TERM: PERFORMANCE IN 2022
HAMPERED BY CHALLENGING MARKETS
In 2022, the group succeeded in strengthening its market position through the combination with
NetOnNet, where synergy realisation is progressing as planned. Financial performance for the year
was impacted by challenging market conditions for online retail across the Nordics. Revenue for the
year came in at NOK 14.6 billion, corresponding to a 32.4 per cent growth from the year before, driven
by the acquisition of NetOnNet. Adjusted EBIT came in at NOK 87 million, compared with NOK 388
million one year earlier. Even in a challenging market environment, the group maintained its industry-
leading cost position, secured new nancing facilities and successfully reduced excess inventory.
Going into 2023, the top line continues to be impacted by a challenging market while a more positive
trend is expected on the gross margin.
In 2022, the market experienced a signicant decline in
demand following historically strong sales in 2020 and
2021. This led to a situation where many industries were
left with excess inventories due to high level of incoming
goods and lags in the supply chain. One of the key rea-
sons for this decline was the shift in consumer behav-
iour, with many customers opting to return to physical
stores and shopping malls, rather than continuing to
shop online as they had been doing during the Covid-19
pandemic. This shift in consumer behaviour also led to
an increase in spending on services such as travel, res-
taurants, and other social activities. The consumer elec-
tronics industry was particularly hard hit by this trend,
seeing a steeper decline in sales compared to other
retail sectors.
Despite these challenges, the company was able to main-
tain good cost control, and reduce its operating expenses
thanks to its scalable business model. This helped to mit-
igate the negative impact on the company’s bottom line.
Additionally, the company was able to reduce its inven-
tory back to healthy levels, although this did come at the
cost of a negative impact on gross margin.
In 2022, the Komplett Group doubled its market size fol-
lowing the strategic acquisition of NetOnNet. Komplett
and NetOnNet are both recognised for their scalable
business models and cost leadership positions and share
a strong track record of protable growth and market
share gain. The transaction is expected to enable reali-
sation of cost synergies, mainly related to sourcing, of at
least NOK 200 million on an annual basis with expected
full effect within the rst quarter of 2024.
Komplett has also strengthened its nancial position
in 2022 with a private placement of new shares in the
amount of NOK 1 billion and new credit facilities. The
company used the proceeds to partly repay a bridge loan
obtained for the acquisition of NetOnNet and replaced its
existing loan facilities. At the end of the year, the com-
pany had a strong liquidity reserve and good liquidity.
In terms of nancial gures, the company saw an
increase in sales in 2022 compared to 2021, driven by the
inclusion of NetOnNet from 1 April 2022. Excluding the
contribution from NetOnNet, sales for 2022 decreased by
10.9 per cent from the previous year due to the decline in
the market and the shift in consumer behaviour.
The company’s gross margin also saw a decline in 2022,
down to 12.3 per cent, compared to 13.2 per cent in 2021.
This decrease was a result of inventory reductions in
combination with weaker markets which led to tougher
competition and price pressure across the industry.
Despite the underlying decrease in sales and gross mar-
gin, the company was able to maintain a positive EBIT of
NOK 6 million in 2022, compared to NOK 369 million in
2021. This was a result of the efforts to control costs and
reduce operating expenses. Prot for the year was neg-
ative NOK 32 million, a decrease from NOK 300 million in
2021. The decrease was due to the volume decline and
KOMPLETT ASA ANNUAL REPORT 2022
27
THE BOARD DIRECTORS' REPORT
reduced gross margin.
The company expects market demand to remain chal-
lenging into 2023, which will impact top line growth. A
positive trend in gross margin was reported towards the
end of the year 2022 and, supported by synergy extrac-
tion from the NetOnNet acquisition and continued strong
cost control, the company believes it will be well posi-
tioned for further gross margin improvements. In the
longer term, the company will continue to benet from
the long-term growth in online sales and its scalable,
multi-segment business model.
OVERVIEW OF THE BUSINESS
The board of directors’ report for Komplett Group (“Kom-
plett” or “the group”) encompasses Komplett ASA (“the
parent company” or “the company”) with subsidiaries in
Norway and Sweden.
Business concept and location
Komplett ASA is a public limited liability company organ-
ised and existing under the laws of Norway pursuant to
the Norwegian Public Limited Companies Act. The shares
of Komplett ASA are listed on Oslo Børs with the stock
ticker KOMPL.
Komplett is the leading online-rst player in the e-com-
merce segment for electronics and IT-products in the
Nordic region. The group is headquartered in Sandefjord,
Norway. The group has oces at Lysaker, Norway and in
Borås (NetOnNet), Stockholm and Gothenburg to serve
the Swedish and Danish markets.
The group has an ecient and central fullment set-up
based on its warehouses in Sandefjord, Stockholm, and
Borås. The group has also a purchase oce in located in
Dongguan, China, which also functions as a developer of
NetOnNet’s private label products.
Komplett offers a broad range of products and services
within categories such as components, gaming, brown
goods, peripherals, white goods & home, handheld &
accessories and PC for consumers, the business market
and the public sector.
The online-rst concept implies that products are sold
mainly through online channels supplemented with
physical retail stores. Ten different web shops consti-
tute the main sales channel together with 17 physical
retail stores in Sweden under the Webhallen brand. The
group also has local presence throughout Sweden and
Norway with 30 NetOnNet warehouse shops, of which
27 are located in Sweden, and three are located in Nor-
way. Komplett.no also operates two pick-up points in
Norway, one in Oslo and one at the warehouse in San-
defjord. The business model is ecient and scalable,
supporting cost leadership and enabling a competitive
product offering.
The vision of Komplett is to be the «the obvious choice»
for its customers, suppliers, employees and investors
through competitive prices, great customer service, e-
cient supply chain and being the sole link between the
producers and the end customers.
The group has industry-leading customer satisfaction, a
loyal and growing customer base, strong brands with a
long heritage and high awareness, and a strong company
culture driven by tech enthusiasts.
Business segments
The business is organised in three business segments:
The "B2C" (consumer market) segment comprises the
brands Komplett, NetOnNet and Webhallen and repre-
sented 67 per cent of group revenues in 2022
The "B2B" (business to business) segment operates
under the brands Komplett Bedrift, Komplett Företag
and Ironstone, and accounted for 11 per cent of group
revenues in 2022
The "Distribution" segment includes the Itegra brand
and accounted for 22 per cent of group revenues in
2022
The group has B2C operations in Norway, Sweden and
Denmark, while the B2B and Distribution operations are
mainly in Norway, although with small-scale operations
in Sweden.
In addition to the business segments mentioned above,
the company operates with two segments on group level.
The "Other" segment represents group costs not allo-
cated to the business segments. Typical cost elements
under this segment include management costs and
group strategic initiatives. The different effects of "IFRS
16" (International Financial Reporting Standards) are not
part of the operational measures and are excluded from
the business segments.
Market presence and position
The competitive landscape for e-commerce implies
global competition for all players. Komplett focuses on
local customers in Norway, Sweden and Denmark. Busi-
ness in Norway accounts for 50 per cent of group reve-
nues, Sweden 48 per cent and Denmark 2 per cent.
On 9 February 2022 the company announced that an
agreement for the acquisition of Net-On-Net had been
entered into, and the completion of the transaction was
announced on 4 April 2022. The combined company cre-
KOMPLETT ASA ANNUAL REPORT 2022
28
THE BOARD DIRECTORS' REPORT
ates an even stronger player as the leading online-rst
electronics platform in the Nordic area. Komplett and
NetOnNet are both attractively positioned in the large
and structurally growing Nordic electronics and IT-prod-
ucts market and they benet further from the growth
impact of accelerating online migration. The aggregated
market share in the Nordic area is estimated to be in the
level of 10 per cent, approximately double that of the
respective companies’ estimated market shares prior to
the combination. Komplett and NetOnNet combined is
the largest online-rst electronics platform in the Nor-
dic area. Komplett and NetOnNet are both recognised
for their scalable business models and cost leadership
positions and share a strong track record of protable
growth and market share gain. NetOnNet also contrib-
utes with an extensive portfolio of own brands enabled by
a local purchasing presence in China since 2005. Building
on their complementary market positions and strengths,
Komplett and NetOnNet will be even better positioned
together to deliver a market leading online shopping
experience to their customers.
The group’s market share varies between the differ-
ent segments and markets, with a particularly strong
position in the B2C segment (Komplett, NetOnNet and
Webhallen). Komplett is also well positioned in the B2B
segment (Komplett Bedrift, Komplett Foretag, and Iron-
stone) and in long term and large-scale distribution
contracts through the Itegra brand. The group has a sig-
nicant competitive edge through superior customer
satisfaction, a very ecient logistics operation shared
between all three segments and lower costs than most
business peers.
Komplett is well-positioned to continue benetting from
a large structurally growing electronics and IT-products
market driven among other by continued technology
development and product innovation. As an online-rst
| KOMPLETT AND NETONNET
COMBINED IS THE LARGEST
ONLINE-FIRST ELECTRONICS
PLATFORM IN THE NORDIC AREA.
KOMPLETT ASA ANNUAL REPORT 2022
29
THE BOARD DIRECTORS' REPORT
retailer the group benets from an increasing preference
among consumers for online shopping and introduction
of exible and convenient delivery solutions.
Strategy
In 2018, Komplett launched its back to core strategy and
went back to the roots as an online-rst retailer of elec-
tronic goods and services. As an online-rst player, the
group has been able to optimise its e-commerce plat-
form without balancing resources and compromising
against a physical retail offering and strategy. As a result,
Komplett is attractively positioned in the large and struc-
turally growing Nordic electronics and IT-products mar-
ket and benets from the growth impact of increasing
preference for online trade.
Komplett operates an ecient and scalable business
model which has given rise to its cost leadership position
and enables an attractive and competitive product offer-
ing.
Komplett is deeply committed to delivering best in class
customer experience supported by competitive prices,
attractive delivery options and payment solutions, and
sustainable business concepts.
Komplett’s strategy is built on ve pillars:
1. Maintain a superior cost position
The Komplett Group has an industry-leading cost posi-
tion compared to peers and it considers its ability to
continuously improve its cost position as a key lever for
future success in the Nordic electronics goods market.
Komplett Group has seen a particularly strong develop-
ment in its product margin over the last years, and sees
clear potential to improve margins further from contin-
ued supplier cooperation and negotiations. NetOnNet has
seen signicant contributions from its own brands and
sees clear potential to drive further improvement in this
area for the combined group. Furthermore, the combi-
nation of the Komplett Group and NetOnNet is expected
to realise signicant synergies within purchasing. This is
expected to further increase the cost competitiveness of
the group going forward.
2. Next-generation supply chain and IT as
a growth enabler
The Komplett Group has planned investments into sup-
ply chain and IT systems over the coming years, which
are expected to facilitate long-term growth and improved
operational eciency for the group.
While the group’s warehouse in Sandefjord has capacity
to absorb up to approximately twice its current volume
on the current infrastructure, the warehouse in Stock-
holm has potential to improve operations from increased
automation. NetOnNet’s central warehouse facilities and
supply chain have also been under review with plans for
upgrades over the coming years. When implementing any
supply chain and IT initiatives, such could lead to oper-
ational disruptions, and the group would need to handle
the challenge of implementing such updates while main-
taining focus on its day-to-day business.
Even though NetOnNet and the rest of the group have
separate project teams to drive the planning and imple-
mentation of new supply chain and IT set-up, the group is
in a process of optimising the businesses, including coor-
dinating its platforms and logistics. The group will look
at the combined supply chain and IT systems, and how
to best facilitate long-term growth and eciency for the
combined company.
3. Sustainability in everything we do
Sustainability is a key theme for the group, and it is seen
as instrumental to support a long-term viable busi-
ness model, as sustainability is becoming increasingly
important among consumers, investors, sharehold-
ers, employees and regulators. Within sustainability, the
group’s strategy focuses on circularity, inclusiveness,
environmental footprint and sustainable products. Read
more about these topics in the Sustainability report on
page 48.
4. Brand improvement and innovation
A focus for the group is also to continuously improve its
customer experience, product offering and go-to-market
strategy, to secure growth and strengthening of its mar-
ket position. As part of improving the customer experi-
ence and product offering, the group sees clear potential
to launch services such as subscription model for prod-
ucts, home installation support and PC support, as well
as initiatives that will be implemented within customer
care to replace customers’ in-store needs. This will add
recurring revenue, allow customers to have access to the
latest technology in a sustainable manner and improve
convenience for customers. The group plans to expand
its successful private label and the "Komplett PC" offer-
ing, as well as improving its broader own brand offer-
ing through leveraging NetOnNet’s capabilities within
the area. Given the group’s strong track record in intro-
ducing adjacent products to its core offering, the group
seeks to continue to launch new product groups and
expand its product categories as a key strategic priority.
To increase customer retention, customer life-time value
and reduce customer acquisition costs, the group will
also work actively with campaigns, digital marketing and
personalisation to create an even better customer expe-
rience, putting customers at the centre of the group’s
daily operations.
KOMPLETT ASA ANNUAL REPORT 2022
30
THE BOARD DIRECTORS' REPORT
5. Accelerate growth with M&A opportunities
There is a strong rationale behind driving consolidation
within B2C electronic goods in the Nordics and the group
will consider proceeding with M&A opportunities. The
company believes that acquisitions could have the poten-
tial to further strengthen the group’s position in the Nor-
dic electronics market and allow the group to leverage
further on its track record of realising synergies across
brands to create value. It would also offer potential syn-
ergies on purchasing back-oce functions and from
cross selling of the group’s private label products. M&A
could also be used to accelerate the group’s sustainabil-
ity strategy, particularly within circularity, which is a key
theme for the group today.
The company’s acquisitions of NetOnNet and Ironstone
demonstrates the ability to nd M&A opportunities and
provide an attractive offering to potential targets. Fur-
ther, the transaction demonstrates the clear rationale
behind consolidating in this industry, with substantial
synergies identied through thorough analysis.
KOMPLETT ASA ANNUAL REPORT 2022
31
THE BOARD DIRECTORS' REPORT
| OUR 2025 BUSINESS STRATEGY
IS BUILT ON FIVE STRATEGIC
PILLARS; ONE OF THESE IS TO
PROMOTE SUSTAINABILITY IN
EVERYTHING WE DO.
5. Accelerate growth
with M&A
1. Maintain superior
cost position
3. Sustainability in
everything we do
FINANCIAL REVIEW
(All gures in brackets refer to the corresponding period or
balance date in 2021, unless otherwise specied)
The following nancial review is based on the consol-
idated nancial statements of Komplett ASA and its
subsidiaries. The statements have been prepared in
accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU as well as the Nor-
wegian accounting legislation.
In the view of the board, the statement of prot and loss,
the statement of nancial position, the statement of
cash ows, the statement of changes in equity and the
accompanying notes provide satisfactory information
about the operations, nancial results and position of the
group and the parent company at 31 December 2022.
Statement of prot and loss
Total operating revenue was NOK 14 618 million in 2022,
corresponding to an increase of 32.4 per cent compared
with NOK 11 043 million in 2021. NetOnNet has been con-
solidated into the gures from 1 April 2022 and contrib-
uted NOK 4 784 million. Excluding the contribution from
NetOnNet, the group’s revenue decreased by 10.9 per
cent mainly due to the challenging market conditions for
the B2C segment across the Nordics.
Cost of goods sold was NOK 12 824 million in the full
year, compared with NOK 9 581 million in 2021. NetOn-
Net accounted for NOK 4 098 million of the total cost of
goods sold in 2022. The gross margin decreased from
13.2 per cent in 2021 to 12.3 percent in 2022, and was neg-
atively impacted by price pressure in the industry and
efforts to reduce inventory for the group. Softer demand
has led to inventory build-up across the industry result-
ing in tougher competition, higher campaign activity and
increased price pressure.
Employee benet expenses were NOK 820 million for
the year, compared to NOK 511 million in 2021. NetOnNet
accounted for NOK 332 million of the employee benet
expenses in 2022.
Depreciation and amortisation totalled NOK 256 mil-
lion, of which NOK 35 million is related to amortisation
of acquired customer value. Other operating expenses
were NOK 712 million in the full year compared with NOK
453 million in 2021. The increase was driven by operating
expenses from NetOnNet of NOK 216 million.
The operating result (EBIT) for the full year amounted to
NOK 6 million, compared with a prot of NOK 369 million
in the full year of 2021. The EBIT included a positive con-
tribution of NOK 43 million from NetOnNet.
Net nancial items in the full year totalled a negative NOK
104 million, compared with a negative NOK 22 million in
the same period last year. The increase is driven by NOK
41 million in interest costs related to the bridge facility.
Tax income was NOK 56 million in the full year, compared
with a tax expense of NOK 48 million in 2021. A tax deduc-
tion of NOK 47 million has been recognised related to
losses from Marked Gruppen for previous years.
Prot from discontinued operations was NOK 10 million
net of tax. The full amount is explained by a repayment of
a supplier guarantees from the bankruptcy estates of the
former subsidiaries Comtech GmbH and JES Computer
GmbH (Comtech group).
Prot for the period came in at negative NOK 32 million,
compared with a prot of NOK 300 million in the full year
last year. NetOnNet represented a prot of NOK 22 million
and Ironstone reported a loss of NOK 6 million for the period.
The results in NetOnNet were impacted by decline in rev
-
enues and pressure on gross margins, while Ironstone in
2022 focused on building the platform for future growth.
Statement of cash ows
Cash ow from operating activities amounted to a positive
NOK 1 102 million (NOK 65 million), of which prot for the
year had a negative impact of NOK 86 million. The positive
cash ow from operations was driven by inventory reduc-
tions of NOK 686 million and reduction in trade receivables
of NOK 421 million, of which NOK 380 million was derived
from factoring, while reduced trade payables had a nega-
tive impact of NOK 149 million. In total, changes in net core
working capital had a positive effect of NOK 958 million.
Depreciation and amortisation contributed with an addi-
tional NOK 256 million.
Cash ow used in investing activities amounted to NOK
1701 million, compared with NOK 114 million in the same
period last year. The cash ow used in investing activities
was driven by the NetOnNet acquisition.
Cash ow from nancing activities amounted to NOK 706
million in the full year, an increase from NOK 36 million in
the same period last year. The increase was driven by the
private placement in the fourth quarter.
Statement of nancial position and liquidity
Non-current assets amounted to NOK 4 487 million at
the end of the full year of 2022, including NOK 416 million
related to NetOnNet, compared with NOK 971 million at
the end of last year. The additions were related to good-
will adjustment of NOK 1 699 million and NOK 1 355 million
in other intangible assets.
Current assets amounted to NOK 3 046 million at the end
of the year, compared with NOK 2 498 million in the same
KOMPLETT ASA ANNUAL REPORT 2022
32
THE BOARD DIRECTORS' REPORT
period last year. Current assets at the end of Decem-
ber 2022 included NOK 1 250 million from NetOnNet, of
which inventory in NetOnNet represented NOK 948 mil-
lion. Excluding NetOnNet, current assets were reduced
by NOK 703 million in 2022.
Total cash and cash equivalents amounted to NOK 149
million at the end of the full year 2022 versus NOK 41 mil-
lion over the same period last year.
Equity amounted to NOK 3 496 million at the end of the
full year 2022, including NOK 488 million from NetOn-
Net, compared with NOK 806 million in the same period
last year. The increased equity was mainly driven by
increased share premium from the issuance of 35 242
424 new shares to SIBA Invest in April as part of the set-
tlement of the NetOnNet transaction and the issuance of
67 800 000 new shares in November and December 2022.
The share capital of Komplett ASA at 31 December 2022
was NOK 70 119 031.60, divided into 175 297 579 shares,
each with a nominal value of NOK 0.40.
Total liabilities amounted to NOK 4 037 million at the end
of the full year 2022, of which NetOnNet accounted for
NOK 1 177 million, compared with NOK 2 663 million in the
same period last year. The main driver was increased
bank overdraft and trade payables.
Total equity and liabilities amounted to NOK 7 533 million
at the end of the full year 2022, including NOK 1 666 mil-
lion from NetOnNet, compared with NOK 3 469 million in
the same period last year.
Financing and capital structure
Komplett has strengthened its nancial position in 2022,
and liquidity is good.
In November and December 2022 the company com-
pleted a private placement of 67 800 000 new shares
in the company at a subscription price of NOK 14.75 per
share raising gross proceeds of NOK 1 000 050 000. The
company also secured a new revolving credit facility in
the amount of NOK 1 300 million and an overdraft facility
in the amount of NOK 400 million (increased to NOK 500
million in Q4 each year). The new loan facilities replaced
the company’s existing overdraft facilities of NOK 500
million, as well as its two existing revolving credit facili-
ties of NOK 500 million and SEK 650 million.
The company used the net proceeds from the private
placement, a new factoring agreement and funds availa-
ble under the new facilities to repay the NOK 1 500 million
bridge loan, which was obtained in connection with the
company’s combination with NetOnNet AB, announced 9
February 2022. The last repayment of NOK 500 million on
the bridge loan was repaid after year-end.
| IMPROVING OUR
PACKAGING LINE
When Komplett rst started to consider ways to
improve the packaging line, it was clear that we
wanted to address the amount of air delivered to
customers. So, we put together an internal task
force of logisticians and tech enthusiasts with
the ambition to signicantly improve our pack-
aging line and make it sustainable and t for the
future. In 2022, our packaging line underwent a
complete overhaul, and we are proud to see our
efforts result in a packaging system that consid-
ers our customers, employees, and the environ-
ment.
With the new packaging line in place, as many as
99 per cent of our orders leaving AutoStore are
shipped without plastic. This has led to an annual
16–19-ton reduction in our use of plastic. We have
also worked on using as little material as possible
whilst ensuring a damage-free delivery, result-
ing in a line consisting of three packaging boxes
instead of ten. This has signicantly reduced the
amount of air being shipped to customers and
decreased the number of containers transport-
ing our packages by 390 each year.
Our new packaging line is an excellent testament
to our commitment to customers and to operat-
ing a sustainable and responsible business.
KOMPLETT ASA ANNUAL REPORT 2022
33
THE BOARD DIRECTORS' REPORT
At 31 December 2022, NOK 49 million of the credit facil-
ities, NOK 476 million of the revolving credit facility and
NOK 500 million of the bridge loan were utilised. Includ-
ing available cash of NOK 149 million, the liquidity reserve
was NOK 1 333 million at the end of 2022 compared with
NOK 534 million one year earlier. The equity ratio was
46.4 per cent at the end of the year compared with 23.2
per cent at the end of 2021.
Net interest-bearing debt at 31 December was NOK 876
million excluding IFRS 16 and NOK 1 434 million including
IFRS 16. The leverage ratio (NIBD / LTM EBITDA) was 3.7x
at the close of 2022. Comparable gures for the last year
were a net interest-bearing debt including IFRS 16 of NOK
876 million, which gave a leverage ratio of 1.7x.
SEGMENT INFORMATION
The business is organised in three reporting segments:
B2C, B2B and Distribution. Additional information about
these segments can be found on page 12 of this annual
report.
B2C nancial review
Comments below are based on reported gures, with
NetOnNet included from 1 April 2022.
In B2C, revenues increased due to the acquisition of
NetOnNet. Excluding NetOnNet, revenues declined mainly
as a result of more conservative consumer spending espe-
cially in capital intensive categories, and temporary mar-
ket saturation following the consumption peak during the
Covid-19 pandemic. The share of online retail trade has
also settled back in line with pre-pandemic trends but is
expected to continue to grow in a long-term perspective.
Operating revenues for the B2C segment were NOK 9 785
million in 2022, an increase of 53.3 per cent from 2021.
NetOnNet has been consolidated into the gures from 1
April 2022 and contributed NOK 4 784 million. Without the
contribution from NetOnNet, revenues declined 19.6 per
cent in 2022.
In local currency, the operations in Norway and Swe-
den had a revenue decline of 17.9 per cent and a revenue
growth of 139.6 per cent, respectively. Denmark, which
represents approximately 2.5 per cent of the B2C sales
volume, had a decline of 33.0 per cent.
Gross prot was NOK 1 334 million, an increase from NOK
984 million in 2021. NetOnNet represented NOK 686 mil-
lion of the gross prot in 2022. Gross margin decreased
to 13.6 per cent in 2022 compared to 15.4 per cent in 2021.
Without the contribution from NetOnNet, gross margin
in 2022 was 13.0 per cent. Gross margin was negatively
impacted by increased pricing pressure in the market
and efforts to reduce inventory.
Operating expenses was NOK 1 322 million in 2022, com-
pared to NOK 754 million in 2021. NetOnNet represented
NOK 626 million of the operating expenses in 2022. With-
out the contribution from NetOnNet, operating expenses
declined by 7.7 per cent i 2022, demonstrating the group’s
cost ecient and scalable business model.
Operating prot (EBIT) declined to NOK 12 million in 2022,
down from NOK 230 million in 2021. NetOnNet contrib-
uted NOK 59 million in 2022. The EBIT margin was 0.1
per cent in 2022, compared to 3.6 per cent in 2021. The
decline is mainly due to lower sales volume and price
pressure in the market.
B2C Key gures:
NOK million 2022 2021
Operating revenues 9 785 6 382
Gross prot 1 334 984
Gross margin (%) 13.6% 15.4%
Operating expenses (ex dep) (1 259) (706)
Depreciation and amortisation (64) (48)
Total operating expenses (1 322) (754)
Operating cost percentage (%) (13.5%) (11.8%)
Operating prot (EBIT) 12 230
Operating prot (EBIT) margin (%) 0.1% 3.6%
B2B nancial review
The B2B segment has experienced lower demand from
smaller businesses in the SME segment towards the end
of the year, which are displaying similar behaviours to
that of consumers in the B2C segment. Revenue growth
was also negatively impacted by supply issues due to
Covid-19 lockdowns in China with major constraints on
Apple products.
Operating revenues for the B2B segment was NOK 1 615
million in 2022, an increase of 5.7 per cent from 2021. In
local currency, the operation in Norway delivered growth
of 6.5 per cent, Sweden had a revenue growth of 4.2 per
cent.
Gross prot was NOK 276 million, compared with NOK 275
million in 2021. Gross margin decreased to 17.1 per cent
in 2022 compared with 18.0 per cent in 2021. The margin
decline is mainly a result of increased sales of lower mar-
gin products and reduction of inventory.
Operating expenses were NOK 160 million in 2022, up
from NOK 129 million in 2021, the increase is mainly a
result of the acquisition of Ironstone. Total operating
expenses relative to the operating revenue increased
from 8.4 per cent in 2021 to 9.9 per cent in 2022.
KOMPLETT ASA ANNUAL REPORT 2022
34
THE BOARD DIRECTORS' REPORT
Operating prot (EBIT) decreased to NOK 116 million in 2022,
down from NOK 146 million in 2021. This gave an EBIT mar
-
gin of 7.2 per cent in 2022 compared to 9.6 per cent in 2021.
In the third quarter of 2021 Komplett acquired 65.1 per cent
of the shares in Ironstone Holding AS. Ironstone has been
consolidated into the nancial statements as of 1 Septem
-
ber 2021. In 2022, Ironstone accounted for NOK 109 mil-
lion of the revenues, NOK 32 million of the gross prot and
an EBIT result of negative NOK 6 million. In 2021, Ironstone
accounted for NOK 27 million of the revenues, NOK 8 million
of the gross prot and an EBIT of negative NOK 2 million.
B2B Key gures:
NOK million 2022 2021
Operating revenues 1 615 1 528
Gross prot 276 275
Gross margin (%) 17.1% 18.0%
Operating expenses (ex dep) (152) (120)
Depreciation and amortisation (8) (9)
Total operating expenses (160) (129)
Operating cost percentage (%) (9.9%) (8.4%)
Operating prot (EBIT) 116 146
Operating prot (EBIT) margin (%) 7.2% 9.6%
Distribution nancial review
Total revenues reached NOK 3 207 million and grew by 2.7
per cent from NOK 3 124 million in 2021.
Increased sales to large customer accounts and strong
sale of Apple products contributed positively to the
sales growth, but an overall weaker consumer sentiment
impacted demand also in the Distribution segment. Sup-
ply issues due to Covid-19 lockdowns in China resulted
in constraints on Apple products, but the impact dimin-
ished towards year-end.
In local currency, the operation in Norway delivered
growth of 3.1 per cent, Sweden had a revenue growth of
1.8 per cent.
Gross prot amounted to NOK 173 million, down 10.8 per
cent from 2021. Gross margins decreased to 5.4 per cent
in 2022 compared with 6.2 per cent in 2021. The new dis-
tribution agreements primarily include a signicant share
of products at lower gross margins but are well-suited for
Komplett’s business model with low handling costs.
More ecient logistics and increased economies of scale
from new distribution agreements lowered the total
operating expenses per centage from 3.7 per cent in 2021
to 3.4 per cent in 2022.
Distribution recorded operating prot (EBIT) of NOK 63
million in 2022, down from NOK 79 million in 2021. This
gave an EBIT margin of 2.0 per cent in 2022 compared
with 2.5 per cent in 2021.
Distribution key gures:
NOK million 2022 2021
Operating revenues 3 207 3 124
Gross prot 173 194
Gross margin (%) 5.4% 6.2%
Operating expenses (ex dep) (103) (109)
Depreciation and amortisation (6) (6)
Total operating expenses (109) (115)
Operating cost percentage (%) (3.4%) (3.7%)
Operating prot (EBIT) 63 79
Operating prot (EBIT) margin (%) 2.0% 2.5%
GOING CONCERN
The board of directors rmly believes that Komplett Group
has the ability to continue its operations in the foreseeable
future and hence conrms that the accounts have been
prepared on a going concern basis and that this assump-
tion is appropriate at the date for the accounts, and that
the group, after the proposed dividend, has sucient
equity and liquidity to full its obligations.
PARENT COMPANY RESULTS AND ALLOCATION OF
NET PROFIT
The parent company Komplett ASA had no commercial oper-
ations in 2022, and revenues, costs and prots are mainly
recorded in the operational subsidiaries. Komplett ASA
recorded prot before taxes of NOK 19 million in 2022, com
-
pared to a prot before taxes of NOK 219 million in 2021. The
prot included group contributions from subsidiaries of NOK
84 million in 2022 compared with NOK 241 million in 2021.
The company’s prot after taxes in 2022 was NOK 67 mil-
lion compared with a net prot of NOK 168 million in 2021.
The board proposes the following allocation of the net
prot of NOK 67 million for the parent company:
Transferred to other equity: NOK 67 million
The board proposes that no dividend is to be paid for 2022.
Following an evaluation, the board has concluded that the
group will have an equity and liquidity which is acceptable
in relation to the risks and scope of its activities.
RESEARCH AND DEVELOPMENT
The group does not perform research and development
activities beyond development activities connected to
technical solutions and functionality on the group’s web
-
stores.
KOMPLETT ASA ANNUAL REPORT 2022
35
THE BOARD DIRECTORS' REPORT
RISK FACTORS AND RISK MANAGEMENT
Below is a summary of the key risks for the group. See
note 4 for a more detailed description of the company’s
nancial and market risks.
Financial risks
The group is exposed to nancial risk in various areas,
including currency risk. The objective is to reduce the
nancial risk from nancial instruments to the great-
est extent possible. The company's current strategy
includes the use of nancial instruments in the business
in Sweden, while the the currency risk for the business
in Norway is primarily sought reduced by continuously
matching the selling price of the products against devel-
opments in purchase for goods measured in NOK, as well
as buying currency at the same time placed for goods in a
foreign currency. The currency is then used to pay suppli-
ers. Many of Komplett's products are purchased and sold
in a market where prices can change up to several times
per day. The best hedging of currency uctuations has
therefore historically been shown to be close follow-up
and change of selling price, combined with high turnover
rate of goods exposed to currency risk.
Credit risks
New suppliers and business customers are credit eval-
uated by the group’s own credit department. The risk on
sales to end consumers is mitigated by limiting the aver-
age order size and by customer prepayment.
Liquidity risks
Komplett continuously strives to improve working cap-
ital focusing on inventory management, current assets
and liabilities. Improved working capital and protability
shall contribute to strengthening the group’s liquidity. At
the end of 2022 the short-term interest-bearing debt was
NOK 643 million including IFRS.
KOMPLETT ASA ANNUAL REPORT 2022
36
THE BOARD DIRECTORS' REPORT
Market risks
Komplett Group provides products to consumers, busi-
nesses, and the public sector in the Nordics. The demand
situation in its main markets is correlated with the gen-
eral economic development of each country. The group
sees considerable uncertainties in the development of
relevant markets in 2023, both in terms of reduced pur-
chasing power among consumers and uncertainties fol-
lowing the war in Ukraine.
Russia’s invasion of Ukraine in February 2022 caused a
dramatic increase in energy costs. There is a risk that
energy prices will stay elevated on continued uncertainty,
which may in turn impact costs of raw material and other
input factors. Higher energy prices , ination and interest
rates may inuence consumer preferences and have an
adverse impact on consumer spending, which could neg-
atively impact demand for electronics products.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The group’s sustainability strategy is based on three
pillars:
Komplett Circularity
Komplett Environment, and
Komplett Tolerance
Komplett Circularity is the path for developing new and cir-
cular business concepts, focusing on recycling, durability,
and reusability. A particular emphasis is put on miner-
als and materials used in electronics that have signicant
environmental footprints. Komplett aims to develop meth-
ods for salvaging these resources so that they can be rein-
corporated into the lifecycle of electronic products.
Komplett Environment serves as a guidance toward
decreasing the environmental impact of the group’s
operations. This commitment is focused on reducing
GHG emissions associated with the transportation of our
products.
Komplett Tolerance consolidates how the Komplett
Group is committed to creating and upholding a healthy
workspace where our employees feel included and val-
ued. Further, the group also emphasises the need to
improve documentation and secure decent work stand-
ards among its suppliers through increased due diligence.
The wider societal focus of Komplett Tolerance includes
promoting digital inclusion in all parts of society.
Corporate social responsibility
Komplett is required to report on its corporate responsi-
bility and selected related issues under §3-3a and §3-3c of
the Norwegian Accounting Act. Reporting on relevant top-
ics is approved by the board of directors and can be found
in the Sustainability section on page 48 of this report.
Komplett Group will publish a statement of the due dili-
gence required in the Transparency act before 30 June
2023. The statement will be published at https://www.
komplettgroup.com/.
Activities on gender equality and non-
discrimination
Komplett is required to provide an annual equality state-
ment describing the company’s efforts to secure equal
opportunities under section 26-a in the Norwegian Equal-
ity and Anti-Discrimination Act. The annual statement on
equality is included in the Komplett Tolerance chapter in
the Sustainability section on page 89 of this report.
People and organisation
During 2022, the group had 1 955 employees. The number
of full-time equivalents (FTEs) that has been employed
during 2022 was 1 251. These gures include the employ-
ees of Ironstone. Komplett is, during certain periods,
using contracted personnel mainly within warehouses,
logistics and customer service. In 2022, the group had
328 temporary workers. Many of these were students
helping out during weekends and summer holidays.
The working environment is considered to be healthy.
Komplett has since the end of 2019 introduced a tool to
follow the working environment on a weekly basis. The
tool is based on input from employees and is evaluated
on an ongoing basis both by employees and managers in
addition to the executive management. Further, the tool
is based on a broader system for following up on health,
safety and environment.
Average sick leave in 2022 was 6.0 per cent compared
with 4.4 per cent in 2021. During 2022, one work related
injury was reported resulting in long term sick leave in the
subsidiary NetonNet.
For further information please refer to the Komplett Tol-
erance chapter included in the Sustainability section on
page 85 of this report.
Changes to the executive management and
board of directors
Following the combination of Komplett and NetOnNet
during 2022, several changes have been made to the
executive management team. Susanne Holmström, man-
aging director of NetOnNet, was appointed deputy CEO of
Komplett Group, and Roger Sandberg joined the group as
chief procurement ocer during 2022.
The articles of association provide that the board of direc-
tors shall consist of between three and nine directors
elected by the company’s shareholders. Fabian Bengtsson
was elected director at the extraordinary general meeting
on 16 March 2022. Jo Olav Lunder has been a director since
KOMPLETT ASA ANNUAL REPORT 2022
37
THE BOARD DIRECTORS' REPORT
2018 and was elected chair of the board at the annual gen-
eral meeting on 2 June 2022. The board consists of Jo Olav
Lunder (chair), Jennifer Geun Koss, Lars Bjørn Thoresen,
Fabian Bengtsson, Sarah Willand, Anders Odden (worker
director) and Nora Elin Eidås (worker director).
Directors’ and ocers’ insurance
Komplett ASA has a board liability insurance for the group,
including the parent company and its subsidiaries. The
insurance covers the board members, CEO and members
of the management team. The insurance comprises per-
sonal legal liabilities, including defence- and legal costs.
CORPORATE GOVERNANCE
The board of directors recognises the importance of
good corporate governance. The goal to ensure the pro-
tection of all shareholders’ interests and to ensure that
the company complies with high ethical and social stand-
ards. Komplett ASA has established a corporate gov-
ernance policy in order to ensure a clear division of roles
between the board of directors, the executive manage-
ment and the shareholders. The policy is based on the
Norwegian Code of Practice for Corporate Governance.
The corporate governance policy is published on the
Komplett Group website, together with other relevant
policy documents such as the investor relation policy,
guidelines for remuneration of executives and instruc-
tions for handling inside information.
Komplett is subject to corporate governance report-
ing requirements under section 3-3b of the Norwegian
Accounting Act and the Norwegian Code of Practice for
Corporate Governance, cf. section 4-4 on the continu-
ing obligations of stock exchange listed companies. The
Accounting Act may be found (in Norwegian) at www.lov-
data.no. The Norwegian Code of Practice for Corporate
Governance, which was last revised on 14 October 2021,
may be found at www.nues.no.
The annual statement on corporate governance for 2022
has been approved by the board of directors and can be
found on page 40 of this annual report of 2022.
SHARE INFORMATION
Komplett ASA is listed on the Oslo Stock Exchange
where it trades under the ticker symbol KOMPL. The
company was listed on the Oslo Stock Exchange on 21
June 2021.
On 15 November 2022 the company completed a private
placement of 67 800 000 new shares in the company at
a subscription price of NOK 14.75 per share raising gross
proceeds of NOK 1 000 050 000.
In an extraordinary general meeting on 8 December 2022
the board of directors was granted an authorisation to
carry out a subsequent offering of up to 3 390 000 new
shares at a subscription price equal to the subscription
price in the private placement.
At 31 December 2022, the company’s share capital con-
sisted of 175 297 579 ordinary shares.
During 2022, the share traded between NOK 13.42 and
NOK 71.72 per share, with a closing price of NOK 14.44 at
year-end 2022.
Komplett ASA’s annual general meeting is planned to be
held 9 May 2023.
EVENTS AFTER 31 DECEMBER 2022
On 6 January 2023 the company launched a subse-
quent offering of up to 3 390 000 new shares at a sub-
scription price of NOK 14.75. The company received
subscriptions for a total of 43 582 shares. Following
the issuance of these shares, the company’s share
capital is NOK 70 136 464.40, divided into 175 341 161
shares, each with a nominal value of NOK 0.40.
Jaan Ivar Semlitsch was appointed new Chief Execu-
tive Director (CEO) of Komplett ASA effective from 10
February 2023. Mr. Semlitsch takes over the role from
Lars Olav Olaussen, who has been the CEO of Komplett
since 2018.
Thomas Røkke has been appointed Chief Financial
Ocer (CFO) of Komplett ASA, effective from 1 March
2023.
At 22 March 2023, the management team consist
of Jaan Ivar Semlitsch (CEO), Thomas Røkke (CFO),
Susanne Holmström (managing director NetOnNet),
Anders Torell (managing director Webhallen), Erlend
Stefansson (managing director B2B), Trine-Lise Jensen
(head of group SC/IT program), Kristin Hødal Torgersen
(chief HR ocer), and Roger Sandberg (chief procure-
ment ocer).
SUMMARY AND OUTLOOK
The previous year has proven to be a challenging period
for the entire retail industry, and the board expects mar-
ket demand to remain challenging into 2023. Over time,
market demand and the share of online trade is expected
to return to its attractive growth trajectory.
As reported, the gross margin trended positive in the
fourth quarter. The group expects its gross margin perfor-
mance to continue to improve going forward, supported
by good cost control and a healthy inventory position. The
group's protability is also set to benet from its solid and
scalable business model, as well as from the realisation of
synergies and other initiatives to reduce operating costs.
KOMPLETT ASA ANNUAL REPORT 2022
38
THE BOARD DIRECTORS' REPORT
The combination with NetOnNet allows for signicant econ-
omies of scale. Execution of the integration continues to
progress as planned, and supplier negotiations are yield
-
ing the expected synergies. Cost synergies, mainly related
to supplier terms, of at least NOK 200 million on an annual
basis are expected to have full effect within the rst quar
-
ter of 2024, of which an annual run rate of NOK 100 million is
expected as from 2023.
The group has succeeded in maintaining an indus-
try-leading cost position, and identied and implemented
further eciency gains and cost-reducing initiatives. In
NetOnNet, initiatives have been launched to reduce oper-
ating costs by approximately SEK 70-90 million at a gross
level with effect from 2023.
The Komplett Group expects annual capital expenditures
related to maintenance at the level of NOK 80-100 million
for the period 2023-2025. In addition, expansion of sup-
ply chain facilities and upgrades to the group’s IT systems
involve planned investments in the range of NOK 350-
400 million in the coming years. The programme is ex-
ible, without any committed agreements, and the board
will evaluate the capex programme based on the market
development.
The group has a policy of distributing 60-80 per cent
of net prot adjusted for one-off and special items as
annual dividend but the board proposes that no dividend
be paid for the nancial year 2022.
In sum, the group has quickly responded to the market
challenges seen in 2022. The group enters 2023 with a
healthy stock composition, a stronger balance sheet and
strong cost control. Supported by its highly competitive,
scalable and cost-ecient business model, the Kom-
plett Group is in a strong position to benet from a market
recovery.
Sandefjord, 22 March 2023
Board of directors, Komplett ASA
Jo Olav Lunder
Chair
Jennifer Geun Koss
Director
Lars Bjørn Thoresen
Director
Fabian Bengtsson
Director
Sarah Willand
Director
Anders Odden
Worker director
Nora Elin Eidås
Worker director
Jaan Ivar Semlitsch
CEO
KOMPLETT ASA ANNUAL REPORT 2022
39
THE BOARD DIRECTORS' REPORT
KOMPLETT ASA ANNUAL REPORT 2022
40
CORPORATE GOVERNANCE
KOMPLETT ASA:
| CORPORATE GOVERNANCE
Komplett considers good corporate governance to be a prerequisite for value creation, trust from
shareholders, and adequate access to capital. In order to secure a sound and sustainable corporate
governance, Komplett considers it important to ensure good and healthy business practices, reliable
nancial reporting, and an environment of compliance based on applicable legislation and regulations,
across the group structure.
1. STATEMENT OF POLICY ON CORPORATE
GOVERNANCE
Komplett is required to report on corporate governance
under section 3-3b of the Norwegian Accounting Act and
the Norwegian Code of Practice for Corporate Govern-
ance. The Accounting Act may be found (in Norwegian)
at www.lovdata.no. The Norwegian Code of Practice
for Corporate Governance, which was last revised on 14
October 2021, may be found at www.nues.no. This state-
ment of policy will be an item of business at Komplett’s
annual general meeting on 9 May 2023. The compa-
ny’s auditor has assessed whether the information with
regard to section 3-3b of the Accounting Act provided
in this statement is consistent with the information pro-
vided in the annual nancial statements. The auditor’s
statement is attached to this annual report.
The board of directors at Komplett actively adheres to good
corporate governance standards and will at all times ensure
that Komplett complies with the requirements of section
3-3b of the Accounting Act and the Norwegian Code of
Practice for Corporate Governance. This is done by ensur
-
ing that the topic of good governance is an integral part of
the decision-making process in matters dealt with by the
board. Furthermore, the board annually assesses and dis
-
cusses the principles, and has also considered this state-
ment at a board meeting. Komplett’s corporate governance
policy is structured in the same way as the Code of Practice,
covers each point of the Code, and describes how Komplett
complies with the Code requirements.
2. ACTIVITIES
Komplett’s objectives, as dened in its articles of associ-
ation, are as follows:
The objective of the company is trade in computer equip-
ment, electronics, and other goods, and to participate in
other companies and businesses.
In accordance with its objects clause, Komplett oper-
ates in several segments and countries. The group’s core
business is electronic consumer goods across the seg-
ments B2C, B2B, and distribution. The group primarily
operates in Norway and Sweden, but also has activities in
Denmark. Komplett’s vision is to be “the obvious choice”
for customers, suppliers, employees, and society, and
Komplett’s mission is "to develop complete solutions that
make life easier". Komplett’s values are fundamental to
our corporate culture. Our values tell us how to work, how
to treat each other, and, not least, how we want to be per-
ceived by the world around us. Komplett’s values are pre-
cision, simplicity, and enthusiasm.
The board of directors and executive management
ensures good corporate governance by transparent and
trustful cooperation between all parties involved with
the group and its business. These include the company’s
shareholders, board of directors, and executive manage-
ment team, employees, customers, suppliers, and other
business partners, as well as public authorities, and soci-
ety at large. The core objectives in achieving transparent
and trustful cooperation are transparent communication,
independence between stakeholders, and equal treat-
ment and rights for all of the company’s shareholders.
Komplett’s sustainability strategy is based on three main
pillars: tolerance, by taking care of our employees, cus-
tomers, and suppliers, circularity, by contributing to a
circular economy, and environment, by reducing our
emissions.
3. EQUITY AND DIVIDENDS
The board of directors ensures that the company has
an equity capital at a level appropriate to its objectives,
strategy, and risk prole, and continuously monitors the
group’s capital situation. At 31 December 2022, the group
equity totalled NOK 3 496 million. During 2022, 35 242 424
new shares were issued to SIBA Invest as part of the set-
tlement for the acquisition of NetOnNet, making SIBA
Invest the second largest shareholder of Komplett ASA.
On 15 November 2022 the company completed a private
placement of 67 800 000 new shares in the company at
KOMPLETT ASA ANNUAL REPORT 2022
41
CORPORATE GOVERNANCE
a subscription price of NOK 14.75 per share raising gross
proceeds of NOK 1 000 050 000.
In an extraordinary general meeting on 8 December 2022
the board of directors was granted an authorisation to
carry out a subsequent offering to shareholders who
were not allocated shares in the private placement. After
year-end, the subsequent offering was launched, and
the company received subscriptions for a total of 43 582
shares. Following the issuance of these shares, the com-
pany’s share capital is NOK 70 136 464.40, divided into 175
341 161 shares, each with a nominal value of NOK 0.40.
Komplett shall, at all times, have a clear and predicta-
ble dividend policy. Komplett targets stable growing div-
idends year-on-year, and a pay-out ratio of 60-80 per
cent of net prot adjusted for one-off costs and special
items. The board of directors has proposed that no div-
idend be paid out for the 2022 nancial year. Authorisa-
tions empowering the board of directors to increase the
company’s share capital or to purchase treasury shares
are limited to dened purposes and are granted for a
period no longer than until the next general meeting. The
general meeting is given the opportunity to vote on every
purpose covered by the authorisation. Questions con-
cerning increases in share capital must be submitted to
the general meeting for decision.
4. EQUAL TREATMENT OF SHAREHOLDERS
Komplett has one class of shares. Each share of the com-
pany carries one vote, and all shares carry equal rights.
Each share has a nominal value of NOK 0.40. Further
information on voting rights at general meetings is pro-
vided under the section for general meetings.
Any decision to waive the pre-emption rights of exist-
ing shareholders to subscribe for shares in a share capi-
tal increase, shall be justied by the common interest of
the company and the shareholders, as well as applicable
equal treatment regulations.
If the board of directors resolves to issue new shares and
deviate from existing shareholders’ pre-emptive rights
pursuant to an authorisation granted to the board of
directors, the stock exchange announcement issued in
connection with the share issue shall also include a justi-
cation for the deviation.
The company’s transactions in treasury shares shall be
carried out through Oslo Børs’ trading platform at the
prevailing trading price or by making a public offer to
all shareholders. If the company’s shares suffer from
weak liquidity, the board of directors shall take particu-
lar care even when making purchases and sales through
the stock exchange, in order to ensure equal treatment of
shareholders.
5. FREELY TRANSFERABLE SHARES
The shares of the company are freely transferable and
there are no limitations on any party’s ability to own or
vote for shares in the company. No special limitations on
transactions have been laid down in Komplett’s articles
of association.
6. GENERAL MEETINGS
Komplett seeks to ensure that as many shareholders as
possible are able to exercise their rights by participating
in general meetings, and that the general meeting is an
effective meeting place for shareholders and the board of
directors. The annual general meeting is held every year
before the end of May. Notices of general meetings and
related documents are made available on Komplett’s web-
site no later than 21 days prior to the date of the meeting.
The nal date for giving notice of attendance is no ear-
lier than three days prior to the general meeting. Share-
holders are given the opportunity to vote on the election
of every single candidate to an oce in the nomination
committee and on the board of directors. The auditor and
members of the board of directors and nomination com-
mittee are present at general meetings.
Under Norwegian law, only shares that are registered
in the name of the shareholder include the right to vote.
Shares that are registered in a nominee account must be
reregistered in the VPS for the shareholder to be able to
vote with the shares. Further information may be found in
the notice of the general meeting and on Komplett’s web-
site. Shareholders who are unable to attend the general
meeting may vote in advance or by proxy.
Komplett will appoint the board chair or meeting chair
to vote for the shareholders. The proxy form is designed
in such a way that voting instructions can be given for
each item of business that is to be considered. Both the
notice of the general meeting and Komplett’s website pro-
vide further information regarding the use of proxies and
shareholders’ right to submit items of business for con-
sideration at general meetings. Under the rst paragraph
of article eight in the articles of association, the board of
directors may decide that documents concerning items of
business to be considered at the general meeting are not
to be sent to shareholders when the documents are made
available on the company’s website. This also applies to
documents which by law must be included in or attached
to the notice of the general meeting. A shareholder may
nonetheless ask to be sent documents pertaining to items
of business to be considered at the general meeting. The
provision in the articles of association departs from the
general rule in chapter ve of the Public Limited Liability
Companies Act which prescribes that the annual nan-
cial statements, the report of the board of directors, the
auditor’s report, and the board of directors’ report on
remuneration of the executive management pursuant to
KOMPLETT ASA ANNUAL REPORT 2022
42
CORPORATE GOVERNANCE
section 6-16b must be sent to all shareholders no later
than one week prior to the general meeting.
The company facilitates the election of an independent
chair of the general meeting. The nomination committee
chair and members of the board of directors are present
at general meetings, but normally not the entire board.
To date, no items of business at general meetings have
made this necessary. The board chair, the general man-
ager, and the heads of the various business areas are nor-
mally present in order to reply to any questions that may
be raised.
Two extraordinary general meetings were held during
2022, on 16 March and 8 December, in connection with
the acquisition of NetOnNet. Meeting notices and min-
utes were published on Newsweb.no and on the compa-
ny’s website.
7. THE NOMINATION COMMITTEE
Under the articles of association, Komplett has a nomi-
nation committee that is elected at the general meeting.
The nomination committee consists of three members,
who are elected for a term of up to two years. The major-
ity of the nomination committee shall be independent
from the company’s board of directors and executive
management. The general meeting elects the chair and
members of the committee, and determines its remuner-
ation. The committee is tasked with submitting the fol-
lowing reasoned recommendations:
Recommendation to the general meeting
recommend candidates for the election to the board of
directors and the nomination committee, and
recommend a suitable remuneration for the members
of the board of directors and the nomination committee.
The nomination committee’s recommendation of can-
didates to the board of directors shall ensure that the
board of directors is composed to comply with legal
requirements and principles of corporate governance
and that they represent a broad group of the company’s
shareholders.
The rules of procedure for the nomination committee
contain further guidelines for the preparation and imple-
mentation of elections to the nomination committee and
the board of directors, as well as criteria for eligibility,
general requirements regarding recommendations, the
number of members in the committee and their term of
service, and detailed procedural rules for the work of the
nomination committee.
The participants at the general meeting elected the fol-
lowing members for the nomination committee:
Sverre R. Kjær, chair, elected until the annual general
meeting of 2024
Nina Camilla Hagen Sørli, member, elected until the
annual general meeting of 2024
Martin Bengtsson, member, elected until the annual
general meeting of 2024
Input and proposals submitted to the nomination com-
mittee may be sent to the chair of the nomination com-
mittee by email to sverre.kjaer@online.no by 1 April 2023
at the latest.
Information regarding the composition of the nomination
committee is posted on Komplett’s website under “Inves-
tor Relations”.
The composition of the nomination committee is
intended to ensure that the interests of all the sharehold-
ers are served, and meets the requirement of the Nor-
wegian Code of Practice for Corporate Governance as
regards independence of the company’s management
and board of directors. None of the members of the nom-
ination committee is a member of the board of directors
of Komplett ASA. Neither the general manager nor other
senior executives are members of the committee.
8. THE BOARD OF DIRECTORS, COMPOSITION, AND
INDEPENDENCE
The composition of the board of directors is intended to
serve the interests of all the shareholders and to meet the
company’s need for competence, working capacity, and
diversity. The board’s composition meets the require-
ments of the Norwegian Code of Practice for Corporate
Governance as regards board members’ independence of
the company’s executive management, main sharehold-
ers, and material business relationships. At least two of
the directors are dened as non-independent of the com-
pany’s main shareholders. All the directors are dened
as independent of the company’s executive manage-
ment or material business relationships. There are few
instances in which directors are disqualied from con-
sidering board matters. Representatives of the executive
management are not members of the company’s board of
directors. Under article 5 of Komplett’s articles of asso-
ciation, the company’s board of directors shall consist of
between 3 and 9 members, according to the decision of
the participants at the general meeting. There are no other
provisions in the articles of association governing the
appointment and replacement of directors.
Under Norwegian law and in accordance with Komplett’s
current system of corporate democracy, group employ-
ees have the right to elect two members of the board of
directors of Komplett ASA.
KOMPLETT ASA ANNUAL REPORT 2022
43
CORPORATE GOVERNANCE
The board held a total of 15 meetings in 2022, three of
which were written proceedings, including six ordi-
nary meetings. The extraordinary meetings were mainly
related to the acquisition of NetOnNet. The attend-
ance rate was 91.4 per cent. A description of the compe-
tence and background of the individual board members
can be found on page 18 of this annual report for 2022
and on https://www.komplettgroup.com/about/
board-and-management. The directors are encouraged
to hold shares in the company.
9. THE WORK OF THE BOARD OF DIRECTORS
The tasks of the board of directors are laid down in the
rules of procedure for the board of directors, which
govern the board’s responsibilities and duties and the
administrative procedures of the board, including which
matters are subject to board consideration and rules
for convening and holding meetings. The board’s rules
of procedures also contain rules regarding the general
manager’s duty to inform the board about important
matters and to ensure that board decisions are imple-
mented. There are also provisions intended to ensure
that company employees and other parties involved are
adequately informed of board decisions, and that the
guidelines for preparing matters for board consideration
are followed. Other instructions to the board and clar-
ication of its duties, authorisations, and responsibili-
ties in respect of the general management are provided
through routine communication.
The rules of procedure further establish that a direc-
tor must not take part in the consideration of or a deci-
sion on an issue that is of such importance to himself
or herself or to any related party that the member must
be considered to have an obvious personal or nancial
interest in the matter. It is incumbent upon each director
to consider on an ongoing basis whether there are mat-
ters which, from an objective point of view, are liable to
undermine the general condence in that board mem-
ber’s independence and impartiality, or which could give
rise to conicts of interest in connection with the board
of directors’ consideration of the matter. Such matters
must be discussed with the board chair. According to the
Komplett’s code of conduct, employees must on their
own initiative inform their superior if they should recuse
themselves from dealing with or if they have a conict of
interest in connection with a matter, and consequently
should not take part in considering the matter.
The board of directors adopts an annual meeting and
activity plan that covers strategic planning, business
issues, and oversight activities.
Transactions between the company and its shareholders,
a shareholder’s parent company, members of the board
of directors, executive management or closely associ-
ated persons to any such party that are deemed material
under the Norwegian Public Limited Liability Companies
Act, are subject to approval by the participants at the
general meeting. Furthermore, the board of directors is
required to arrange an independent auditor valuation of
the transaction.
The board of directors has established two perma-
nent board committees, which are described in further
detail below. These committees do not make decisions
but supervise the work of the company management on
behalf of the board and prepare matters for board con-
sideration within their specialised areas. In this prepara-
tory process, the committees have the opportunity to
draw on company resources, and to seek advice and rec-
ommendations from sources outside the company.
The remuneration committee
The remuneration committee members are Sarah Willand
(chair), Fabian Bengtsson and Jo Olav Lunder. The com-
position of the committee meets the requirements of the
Norwegian Code of Practice for Corporate Governance
as regards independence, and all the committee mem-
bers are considered to be independent of the executive
management. The mandate of the committee, which is
set out in the Instructions for the remuneration commit-
tee, is as follows:
review the remuneration and benets strategy for the
members of the executive management
review the performance of the chief executive ocer
(CEO) versus the adopted objectives and recruitment
policies, career planning, and management develop-
ment plans; and
prepare matters relating to other material employ-
ment issues in respect of the executive management.
The committee will otherwise deal with special ques-
tions relating to compensation for group employees
insofar as the committee nds that these ques-
tions concern matters of particular importance for
the group’s competitive position, corporate identity,
recruitment ability, etc.
The audit committee
The audit committee members are Lars Bjørn Thoresen
and Jennifer Geun Koss. The composition of the commit-
tee meets the requirements of the Norwegian Code of
Practice for Corporate Governance as regards independ-
ence and competence. The Nomination Committee’s rec-
ommendation of candidates for election to the board
contains information as to which board members satisfy
the requirements as regards independence and com-
petence to sit on the audit committee. The committee’s
KOMPLETT ASA ANNUAL REPORT 2022
44
CORPORATE GOVERNANCE
mandate, which is set out in the Instructions for the audit
committee, is as follows:
inform the board of directors of the outcome of the
company’s statutory audit and explain how the stat-
utory audit contributed to the integrity of nancial
reporting and what the role of the audit committee
was in that process
monitor the company’s nancial reporting process
and submit recommendations or proposals to the
board of directors to ensure its integrity
monitor the effectiveness of the company’s inter-
nal quality control and risk management systems and,
where applicable, its internal audit, regarding the
company’s nancial reporting, without breaching its
independence
monitor the statutory audit of the group’s annual and
consolidated nancial statements, in particular, its
performance, taking into account any ndings and
conclusions by the Norwegian nancial supervisory
authority
review and monitor the independence of the compa-
ny’s statutory auditor, and in particular the appropri-
ateness of the provision of non-audit services to the
company
be responsible for the procedure for the selection of
the company’s statutory auditor and recommend the
statutory auditor to be appointed.
The board of directors’ evaluation
Each year, the board of directors carries out an eval-
uation of its own activities and competence, and
discusses improvements in the organisation and imple-
mentation of its work, both at an individual level and as a
group, in relation to the goals that were set for its work.
The results are made available to the nomination com-
mittee.
10. RISK MANAGEMENT AND INTERNAL CONTROL
The board of directors is responsible for ensuring a
sound organisation of the business and management
of the group. This is done, among other things, through
the group’s structure for monitoring nancial protabil-
ity and eciency in the value chain. The executive man-
agement group wants to ensure operational and nancial
follow-up and effective decision-making based on open-
ness, clear communication, and understanding of roles
and responsibilities across the organisation.
Komplett Group is subject to several risk areas, includ-
ing market and competition risk, nancial risk, oper-
ational risk, and cyber security. The board and the
executive management are continuously monitor-
ing the group’s risk exposure and the group constantly
strives to improve its internal control processes. An
active approach is taken to risk management, where
an annual risk assessment and mitigation is presented
and discussed with the board. The management of each
business unit is responsible for risk management and
internal control to ensure:
identication and exploitation of business
opportunities
goal-oriented and ecient operations
compliance with applicable laws and regulations
operations in accordance with governing policies
and procedures, including ethical and corporate
responsibility guidelines.
Governing documents clarifying the standards that apply
to the group’s businesses are available to all employees
through the internal web portals.
Risk management
The group’s risk management is centralised and intends
to ensure that all signicant risks, including both oper-
ational and strategic risk areas, are identied, analysed,
and effectively followed up by business units and func-
tions. The group controlling function is responsible for
the risk management model, including:
presenting the group’s consolidated risk matrix to the
executive management group, the audit committee,
and the board of directors
maintaining guidelines and templates for risk manage-
ment and reporting
A key objective of the enterprise risk management pro-
cess is to highlight risk areas relevant for review by the
board and the audit committee, and to facilitate their dis-
cussions of risk mitigating activities with the executive
management.
All business units update their risk assessments on a reg-
ular basis to ensure proper reporting and follow-ups of
risk indicators and associated risk mitigation measures.
Environment, health, and safety
Risk identication is also an important tool to prevent
unwanted incidents related to the environment, health,
and safety. The group’s Norwegian operations are cer-
tied under ISO 14001:2015. The environmental impact
from the business operations is estimated to be what
KOMPLETT ASA ANNUAL REPORT 2022
45
CORPORATE GOVERNANCE
is expected to be normal for these kinds of businesses.
Komplett Group is compliant to relevant environmental
acts and regulations, and through partners, the group
handle outdated ICT products and toxic waste.
The nancial reporting processes
Komplett Group prepares and presents its consolidated
nancial statements in accordance with current interna-
tional nancial reporting standards (IFRS). The nancial
statements are prepared according to uniform principles,
and all subsidiaries follow the same accounting princi-
ples as the parent company.
Every month, each subsidiary reports its nancials to
the group reporting function using standardised tem-
plates and a general chart of accounts. The reporting
is expanded in the year-end reporting process to meet
various requirements for supplementary information.
Financial data are consolidated and checked at several
management levels, including monthly business reviews
with business units.
The group provides the board of directors with monthly
nancial reports and prepares quarterly reports that are
made public. The audit committee and the external audi-
tor review the quarterly and annual reports before they
are approved by the board.
11. REMUNERATION OF THE BOARD OF DIRECTORS
Remuneration of directors shall be reasonable and
reect the board’s responsibilities, expertise, time
invested, and the complexity of the business. All remu-
neration of the board of directors is disclosed in note 7
to Komplett ASA’s nancial statements and in the remu-
neration report. The note shows that remuneration of the
directors is not linked to the group’s performance and
that no options have been issued to directors.
12. REMUNERATION OF THE EXECUTIVE
MANAGEMENT GROUP
The board of directors has adopted clear and under-
standable guidelines for the remuneration of the exec-
utive management team. The guidelines are approved
by the participants at the general meeting. The compa-
ny’s remuneration principles shall be designed to ensure
responsible and sustainable remuneration decisions
that support the company’s business strategy, long-term
interests, and sustainable business practices.
The board’s remuneration committee presents a recom-
mendation concerning the terms and conditions for the
CEO to the board of directors and monitors the general
terms and conditions for other senior executives in the
group. The board assesses the CEO and his terms and
conditions once a year. A description of the remunera-
tion of the executive management and the group’s com-
pensation and benets policy, including the scope and
design of bonus and share-price-related programmes,
is given in the board of directors’ statement of guide-
lines for the remuneration of executive management
approved by the general meeting and the remuneration
report; see note 7 to the group consolidated nancial
statements.
13. INFORMATION AND COMMUNICATIONS
Komplett seeks to ensure that its accounting and nan-
cial reporting inspires investor condence. Komplett’s
accounting procedures are highly transparent. The board
of directors’ audit committee monitors company report-
ing on behalf of the board. Komplett strives to communi-
cate actively and openly with the market. The company’s
annual and quarterly reports contain extensive infor-
mation on the various aspects of the company’s activi-
ties. The company’s quarterly presentations are webcast
live and may be found on Komplett’s website, along with
the quarterly and annual reports under “Investor Rela-
tions”. Komplett aims to hold a capital markets day at reg-
ular intervals, on which occasion the market is given an
in-depth review of the group’s strategic direction and
operational development.
All shareholders and other nancial market players are
treated equally as regards access to nancial informa-
tion. The group’s investor relations department maintains
regular contact with company shareholders, potential
investors, analysts, and other nancial market stake-
holders. The board is regularly informed of this activity.
The nancial calendar for 2023 may be found on Kom-
plett’s website.
14. TAKEOVERS
The board of directors will not seek to hinder or obstruct
any takeover bid for the company’s operations or shares.
In the event of such a bid as discussed in section 14 of
the Norwegian Code of Practice for Corporate Govern-
ance, the board of directors will, in addition to complying
with relevant legislation and regulations, seek to com-
ply with the recommendations in the code of practice.
This includes obtaining a valuation from an independent
expert.
On this basis, the board will make a recommendation as
to whether or not the shareholders should accept the
bid. There are no other written guidelines for procedures
to be followed in the event of a takeover bid. The group
has not found it appropriate to develop any principles for
Komplett’s conduct in the event of a takeover bid, other
than the actions described above. In addition, the board
of directors will refer to what is stated in the code of
practice regarding this issue.
1
KOMPLETT ASA ANNUAL REPORT 2022
46
CORPORATE GOVERNANCE
5. AUDITOR
The board of directors has decided that the external audi-
tor shall regularly report to the board. Every year, the
external auditor presents to the board an assessment of
risk, internal control, and the quality of nancial report-
ing at Komplett, and an audit plan for the following year.
The external auditor also takes part in the board’s dis-
cussions of the annual nancial statements. The board
of directors ensures that relevant matters may be dis-
cussed with the external auditor without the presence
of the management. The external auditor is invited to all
meetings of the board’s audit committee. Komplett has
established guidelines for the right of the general man-
agement to use the external auditor for services other
than auditing. Responsibility for monitoring such use in
detail has been delegated to the audit committee. Details
of the company’s use and remuneration of the external
auditor are disclosed in note 7 to the group consolidated
nancial statements. The participants of the general
meeting are informed about the group’s overall remu-
neration to the auditor, broken down in accordance with
statutory requirements into remuneration for statutory
auditing and remuneration for other services. In con-
nection with the auditor’s participation in the audit com-
mittee and the board of directors’ consideration of the
annual nancial statements, the auditor also conrms
his independence.
KOMPLETT ASA ANNUAL REPORT 2022
47
CORPORATE GOVERNANCE
KOMPLETT ASA ANNUAL REPORT 2022
48
SUSTAINABILITY REPORT
| SUSTAINABILITY
REPORT 2022
Sustainability at Komplett Group ................ 51
Materiality assessment ......................................... 52
Materiality and stakeholder dialogue .................... 53
Our sustainability pillars .......................................54
The sustainable development goals ...................... 56
Governance perspectives ...........................58
Sustainability governance structure .................... 58
Business Conduct ................................................. 58
Customer privacy and product safety....................61
Supply chain engagement and human rights ........ 65
Komplett circularity ...................................69
Circular business ..................................................69
Waste management ............................................. 72
Sustainable products and services ...................... 75
Komplett environment ............................... 79
Climate and nature impact ................................... 79
Komplett tolerance .....................................85
Employee health ................................................... 85
Diversity and inclusion ..........................................89
Competence development .................................... 93
Community engagement initiatives ...................... 95
Plans and aims going forward .................... 97
Appendix ..................................................... 98
Numbers and statistics ........................................ 98
GRI-index.............................................................. 101
Carbon accounting report 2022 (Cemasys) .........105
KOMPLETT ASA ANNUAL REPORT 2022
49
SUSTAINABILITY REPORT
In 2022, company representatives from all our
subsidiaries participated in our materiality
assessment to ensure that our work and priorities
within sustainability are relevant and targeted.
Komplett’s FLEX initiative offered 1000 products to
consumers.
NetOnNet’s Hyreshyllan allowed customers to rent
products, reducing EE-waste by 12000-15000 items
in 2022.
Webhallen’s Revive program was expanded to
include products beyond phones, resulting in 485
trades with a total product value of SEK 709781 in
2022.
We achieved a 6 percentage point increase in the
average share of women in our workforce in 2022,
mainly due to efforts by NetOnNet.
Our zero-tolerance policy on discrimination was
upheld with no reported incidents in 2022.
Komplett’s operation in Norway improved its SHE
index score by 12 points in 2022, and women in
management positions earned an average of 7.3 per
cent more than their male counterparts.
NetOnNet launched a sustainable recruitment
training program in 2022, including recruitment
guidelines aimed at creating balanced workgroups.
This is the rst time Komplett Group reports its
emissions on a group level including all subsidiaries.
The total emission for the group was 5 083 tCO
2
e.
Conducted a group wide
materiality assessment
Komplett Group made
signicant progress in
promoting circular business
practices in 2022
Improved diversity efforts
Prioritised to improve the
data quality in our climate
account
KOMPLETT ASA ANNUAL REPORT 2022
50
SUSTAINABILITY REPORT
| SUSTAINABLILITY PERFORMANCE AT A GLANCE
SUSTAINABILITY REPORT 2022:
| SUSTAINABILITY AT KOMPLETT GROUP
This sustainability report aims to offer insights into our integration of sustainability throughout
the strategy and operations of our entire group. The 2022 materiality assessment rearmed that
circularity, environment, and tolerance should remain our top priorities across all our companies.
SUSTAINABILITY IS INTEGRATED IN OUR BUSINESS
MODEL AND STRATEGY
Komplett Group operates an ecient and scalable business
model that supports cost leadership, and enables a com
-
petitive product offering. The company serves customers
in the B2C, B2B and distribution markets in Norway, Sweden
and Denmark, and is deeply focused on delivering best in
class customer experience with focus on sustainable prod
-
ucts with a high quality and long shelf life.
In 2020, we developed our 2025 Business Strategy, which
serves as our roadmap to become the leading e-retail com
-
pany in the large and structurally growing Nordic market for
electronics and IT products by 2025. As part of this strategy,
“sustainability in everything we do” is one of the group’s ve
pillars.
Read more about our business model and 2025 business
strategy in the board of directors’ report.
SUSTAINABILITY REPORTING
The information in the Sustainability Report 2022 is pre-
pared with reference to the GRI Universal Standard 2021.
Since 2020, Komplett Group has used the GRI as a report-
ing guideline. Going forward, we aim to report in accord-
ance with the GRI Universal Standard. The GRI index at the
end of this report provides an overview of the disclosures
made according to the GRI Universal Standard.
The report, which is published annually, covers the scal
year from 1 January 2022, to 31 December, 2022. It is pub-
lished as part of the annual report of 2022. No restate-
ments from previous reports have been made, and the
sustainability reporting has not been externally assured.
This report covers the entire Komplett Group, including its
subsidiaries; Komplett, Webhallen and NetOnNet. When
data and sustainability efforts pertain to a specic sub-
sidiary, the report species this accordingly. In general,
NetOnNet has more extensive sustainability data available
than Komplett and Webhallen.
GOVERNANCE ENVIRONMENT SOCIAL
Business ethics
Governance structure
Code of conduct
Supply chain engagement and
human rights
Circular business
Sustainable products and
services
Climate and nature impact
Less transportation
Human rights and decent
working conditions
Emplyee health
Diversity and inclusion
Community engagement and
competence development
KOMPLETT CIRCULARITY
KOMPLETT ENVIRONMENT
KOMPLETT TOLERANCE
KOMPLETT ASA ANNUAL REPORT 2022
51
SUSTAINABILITY REPORT
| MATERIALITY ASSESSMENT
The 2022 materiality assessment conducted for the
entire group identied three main material topics that
are of highest importance for both Komplett Group and
its key stakeholders. These topics conrmed that Kom-
plett Group's strategic pillars of circularity, environment,
and tolerance continue to be top priorities across all our
companies.
The 2022 assessment process began with a materiality
assessment with management representatives from all
subsidiaries in the group. The assessment was based on
a stakeholder analysis and an evaluation of megatrends
as well as an industry analysis. The company represent-
atives discussed developments in the world, changes
in the industry’s focus on sustainability, and how per-
ceptions of the company and the value chain may have
changed in relation to ESG issues.
The main topics discussed were:
Economic downturns
Human and labour rights
Equality and diversity
(conscious recruitment and hiring)
Employees
(working conditions, salary, living conditions)
Equality and diversity
(conscious recruitment and hiring)
Climate – emissions
Circular economy (reuse, rental, repair, product design)
Risks in the value chain – Chinese dependence
In the discussion, Komplett Group representatives high-
lighted concerns about the economic downturn, as well
as the importance of equality and diversity in a relatively
male-dominated industry. They also emphasised the need
to reduce climate emissions and explore circular business
concepts, and acknowledged challenges related to human
and labor rights among suppliers in the global value chain.
These discussions, along with stakeholder and industry
analyses, formed the foundation of Komplett Group’s 2022
materiality assessment:
KOMPLETT ASA ANNUAL REPORT 2022
52
SUSTAINABILITY REPORT
OUR
STAKEHOLDERS
Employees
Majority
owner
Suppliers
Other
investors
Non-governmental
institutions
The public
Financial
institutions
B2C customers
Government
(The Norwegian
Environment Agency)
B2B customers
Community
| MATERIALITY AND STAKEHOLDER DIALOGUE
Komplett Group conducted a stakeholder analysis
to identify key stakeholders for the 2022 materiality
assessment. Communications and sustainability man-
agers, as well as the CEO's advisor, participated in the
discussion, resulting in the addition of three key new
stakeholders: nancial institutions, non-governmental
organisations, and the general public.
Ongoing engagement with these stakeholders is a top
priority for Komplett Group. Below follows a summary of
the key stakeholders identied for Komplett Group:
Majority owners
Other investors
Financial institutions
B2C customers
B2B customers
Suppliers
Government
Community
Employees
NGOs
The public (Nordic countries)
KOMPLETT ASA ANNUAL REPORT 2022
53
SUSTAINABILITY REPORT
| OUR SUSTAINABILITY PILLARS
The material topics identied for 2022 are closely linked
to Komplett Group's sustainability strategy, which is
based on three pillars – Circularity, Environment and Tol-
erance. Each pillar has a distinct set of ambitions and
corresponding activities, and we aim to track progress in
each of these impact areas.
| KEY FIGURES FROM OUR THREE PILLARS
KOMPLETT ASA ANNUAL REPORT 2022
54
SUSTAINABILITY REPORT
5 083
tonnes CO
2
e
Total GHG
emissions
33%
Women
67%
Men
2.1%
Return rate
Komplett
2.0%
Return rate
Webhallen
3.6%
Return rate
NetOnNet
64.5%
Komplett Group’s
average share
of renewable
energy use
1 955
of employees
during 2022
Circularity Environment Tolerance
KOMPLETT CIRCULARITY KOMPLETT ENVIRONMENT KOMPLETT TOLERANCE
WHAT IT IS
Komplett Circularity is our
path to developing new and
circular business concepts
focusing on recycling, durability,
and reusability. We focus
particularly on the minerals and
materials used in the electronics
industry that leave signicant
environmental footprints. Our
goal is to develop methods to
recover these resources so that
they can be reintegrated into the
lifecycle of electronic products.
The Komplett Environment
principle is designed to
help us reduce the impact
of our operations on the
environment. This commitment
focuses on reducing GHG
emissions associated with the
transportation of our products.
Komplett Group is committed
to creating and maintaining a
healthy work environment where
our employees feel included
and valued. We work to improve
documents and demand decent
labour standards from our
suppliers. We promote digital
inclusion in all parts of society.
WHAT WE WANT TO ACHIEVE
Increase the durability and
reusability of everything we
sell.
Ensure that products
purchased from Komplett
Group are made from more
recycled materials.
Create solutions that make
it easier for customers to
choose to repair or reuse
electronic equipment.
Introduce longer warranties
and upgrade solutions and
continue to improve our
buyback and leasing options.
We record, document, and
limit our emissions through
various environmental
programs and ISO
certications.
We work with our suppliers to
nd transportation solutions
with a lower carbon footprint.
We guide our customers
towards more environmentally
friendly products.
Promote an inclusive work
environment by encouraging
and mentoring our employees.
Promote digital inclusion in
all areas where we have a
presence.
Develop a complete view of
our value chain – taking care
of people and resources at all
levels.
WHAT IT WILL TAKE
We will invest in the
development of new services
to encourage recycling and
reuse of products.
We will improve the
management of these
initiatives by introducing tools
and systems for easier use.
We will strengthen our
service and circular business
models and take measures to
communicate the importance
of a circular economy to our
customers and suppliers.
Continue to closely track and
monitor our GHG emissions.
Work with our suppliers to
nd the most effective and
environmentally friendly forms
of transportation.
We prioritise suppliers who are
committed to reducing their
GHG emissions, and encourage
our existing partners to work
towards this as well.
Promote sustainable products
in our inventory.
Establish mechanisms
to measure and manage
employee satisfaction and
well-being at all levels of our
organisation.
Implement processes to
improve transparency in
our value chain and ensure
collaboration with suppliers in
this area.
Promote digital inclusion by
raising awareness, forming
partnerships, and conducting
fundraising activities together
with suppliers and customers.
SDGs
SDG 13: Climate Action SDG 12: Responsible
consumption and production
SDG 5: Gender equality
SDG 8: Decent work and
economic growth
SDG 10: Reduced inequalities
KOMPLETT ASA ANNUAL REPORT 2022
55
SUSTAINABILITY REPORT
| THE SUSTAINABLE DEVELOPMENT GOALS
Our strategic pillars are closely linked to the UN Sustainable Development Goals (SDGs), which are
important guiding principles that identify challenges for society, but also promote solutions for the
future. The 17 goals can only be achieved through signicant efforts of businesses globally and we aim
to support all goals through our business. With our three impact areas - Circularity, Environment and
Tolerance - serving as a foundation, we have identied the following goals that we believe our core
business can have a signicant contribution to and that we will prioritise going forward:
SDG 5:
As we operate in an industry that is considered typically
male-dominated and our main activities are related to
warehousing, SDG 5 is a priority for Komplett Group. To
address the challenges that may arise from this imbal-
ance, we work constantly to ensure equality at all lev-
els of the group. Our priorities are to recruit and retain
female employees and to ensure that all our employees
are treated fairly, both in terms of opportunities and com-
pensation. And that all employees feel safe and protected
from discrimination and harassment.
SDG 8 and 10:
To strengthen and communicate our commitment to
ensure decent working conditions and respect for
fundamental workers’ and human rights, both within
our company and across our value chain, we empha-
sise SDGs 8 and 10. One priority is to improve our sys-
tems for conducting due diligence to closely monitor
the impact of our operations by our suppliers. This
is particularly true for those who rely on labour in
regions with a high risk of human and labour rights
violation. Through this work, we can help reduce
regional and global inequalities and advocate for bet-
ter working and economic conditions for all workers
affected by our supply- and value chain.
SDG 12:
As part of our work with SDG 12 and the core of the cir-
cularity principle, we strive to contribute to more reuse,
repair, and sustainable management of electronic prod-
ucts. Electronic waste is a major international challenge
that Komplett Group seeks to minimise. Many electronic
components are highly dependent on minerals, which are
in short supply and increasingly needed. This is another
reason as to why we need to work with our partners to
develop solutions that improve the recycling and recov-
ery of these scarce minerals. The group recognises that
electronics manufacturing presents many challenges,
and we strive to produce and consume all our products
responsibly to reduce our material footprint.
SDG 13:
We believe it is crucial for Komplett Group to focus on
SDG 13 because our operations contribute to GHG emis-
sions, primarily through the production and transpor-
tation of goods. Therefore, it is important for us to map
our current climate footprint and initiate actions that
will reduce our emissions in the coming years. This
also relates to scope 3 emissions, especially emis-
sion related to our supply chain and the production of
goods.
KOMPLETT ASA ANNUAL REPORT 2022
56
SUSTAINABILITY REPORT
KOMPLETT ASA ANNUAL REPORT 2022
57
SUSTAINABILITY REPORT
| OUR VALUE CHAIN AND KEY SUSTAINABILITY IMPACTS
Producer Sourcing Warehouse Sales Packaging Logistics Customer End of line
1
Circular business concepts
2
Sustainable packaging
3
Innovative solutions with partners
4
Circular value chain
5
Zero emissions logistics
6
Responsible supply chain
7
Competence development
8
Inclusive workplace
9
Climate impact
10
Digital inclusion
11
Sustainable products
12
Renewable energy
13
Business ethics
14
Employee health
15
Community engagemnet
Komplett Circular
We will contribute to
a circular economy
Komplett Tolerance
We will take care of people
at all levels of our value chain
Komplett Environment
We will reduce our
emissions
Signicant Impact
Impact
IMPACT:
| GOVERNANCE PERSPECTIVES
To ensure commitment to the highest standards of business ethics, we have incorporated
sustainability into our strategy, business model and governance policies. This is a long-term
commitment, and we believe it is key to ensure growth and business success.
Komplett Group’s governance model is closely aligned with
the “Norwegian Code of Practice for Corporate Govern
-
ance”. For additional information on our group’s governance
model and policy, please read the Corporate Governance
Statement on page 40, or click or scan the QR-code.
| SUSTAINABILITY GOVERNANCE STRUCTURE
Sustainability permeates all operations and the organisa-
tional structure, from top-level board and management to
all levels of the organisation. Each subsidiary has a Head
of Sustainability and Communications or a Communica-
tion Manager that handles the group’s ESG initiatives. The
CFO is involved in overseeing these efforts and has the
ultimate responsibility for corporate governance, includ-
ing the oversight of strategic planning, review of strategic
processes and sustainability reporting.
GROUP STANDARDS AND POLICIES
The group's policies are discussed with local manage-
ment teams as part of our risk management, internal
control, and governance processes.
All policies and guidelines are available on the Kom-
plett, Webhallen and NetOnNet intranet pages. In addi-
tion, employees can nd delegation of authority policies,
employee handbooks (including country-specic ver-
sions), ethics and harassment policies, the General Data
Protection Regulation (GDPR) policy and guidelines for
remuneration of executives here.
Where applicable, the standards and policies have been
developed based on internationally recognised initia-
tives such as the UN Guiding Principles on Business and
Human Rights. Komplett Group is also certied according
to ISO 9001 and ISO 14001.
| BUSINESS CONDUCT
CODE OF CONDUCTS
Each subsidiary within Komplett Group has a separate
Code of Conduct, which describes its commitment to
maintaining high ethical standards in line with the group’s
overall ambition. We require all employees across our
subsidiaries to make a personal commitment to these
Code of Conducts.
Mandatory onboarding sessions in our companies’ Code
of Conducts are provided to all new employees across our
organisation. In addition, employees can nd informa-
tion and guidance on our standards and procedures for
ethical business conduct, available on our subsidiaries’
intranet pages.
In 2022, no major breaches of the subsidiaries’ Code of
Conducts were reported.
KOMPLETT ASA ANNUAL REPORT 2022
58
SUSTAINABILITY REPORT
Essential insights from our subsidiaries’ Code of Conducts:
Komplett Webhallen NetOnNet
In 2021, Komplett initiated a
review process to update its
Code of Conduct in line with
its increased sustainability
standards and to bring it up
to internationally recognised
initiatives, such as the UN Guiding
Principles on Business and
Human Rights. The process is
ongoing as of 2022. A newly hired
compliance ocer, who will take
up the position from 1March 2023,
will be responsible for completing
the process.
Webhallen’s Code of Conduct
for employees describes its
commitment to maintaining high
ethical standards in everything
the company does. It sets out
the standards of behaviour that
Webhallen can expect from internal
parties, and what external parties
can expect from Webhallen. The
Code of Conduct for employees is
part of its People policy, which is
available at the intranet, and the
company aims to further develop
this during 2023.
NetOnNet has done extensive
work in recent years to develop,
implement and update the
HR policy, guidelines and its
Code of Conducts for both
employees and suppliers. This
work continued in 2022 and the
company aims to do more in
subsequent years.
KOMPLETT ASA ANNUAL REPORT 2022
59
SUSTAINABILITY REPORT
SUPPLIER CODE OF CONDUCT
Komplett Group continuously works to improve inter-
nal training and maintain close dialogue with our exter-
nal suppliers. Across all our subsidiaries we want to work
with suppliers that share our values and requirements
regarding responsible business conduct.
NetOnNet has come far on this matter, and has specied its
supplier requirements in its Code of Conducts. The require
-
ments include commitments within key subjects such as:
Quality, Environmental Health & Safety (QEHS), anti-corrup
-
tion and business ethics, fair pay and working conditions,
compliance with laws and regulations, and audit rights.
In 2023, Komplett aims to adapt standards and require-
ments from NetOnNet’s Supplier Code of Conduct. This
will be an important aspect to comply and report in line
with the expectations and regulations of the Transpar-
ency Act, which came into force in Norway in July 2022.
NetOnNet’s Global Procurement Policy provides guide-
lines to ensure a transparent and consistent pro-
curement process that supports its Code of Conduct,
strategy, and other policies.
For more information, please see section Supply Chain
Engagement and Human Rights.
ANTI-CORRUPTION
Komplett Group has a zero tolerance for corruption and
is committed to comply with anti-corruption laws and
regulations across all its subsidiaries. All of our subsidi-
aries explicitly express their commitment to zero corrup-
tion through their respective Code of Conducts.
In 2023, Komplett Group will prioritise strengthening its
anti-corruption policies, with a particular focus on inte-
grating NetOnNet’s standards and policies into a unied
anti-corruption program.
For more information on our approach to the supply
chain, please see the section “Supply chain engagement
and human rights”.
Takeaways from our subsidiaries’ anti-corruption and anti-bribery efforts in 2022:
Komplett NetOnNet
Komplett’s Code of Conduct provides information
on its zero-tolerance policy on bribery and
corruption. This is signed by all employees during
onboarding. In addition, Komplett has included
anti-corruption guidelines in its employee ethics
manuals, which all employees must sign.
Komplett’s purchasing policy explicitly states its
zero tolerance for bribery and corruption.
Through the educational platform Learnier,
all employees in Komplett must undergo regular
courses on corruption risk and business ethics.
Komplett Group aims to integrate Webhallen’s
managers into these digital courses in 2023.
NetOnNet has integrated the zero tolerance for corruption
and bribery in both its internal code of conduct, its
Supplier Code of Conduct and its supply chain management
program.
NetOnNet requires all subcontractors to comply with the
Supplier Code of Conducts, with the aim to prohibit all forms
of corruption, bribery, extortion and embezzlement.
In cases where a product supplier has not signed the
Supplier Code of Conducts, the suppliers themselves have a
stricter policy than NetOnNet’s Code of Conduct.
NetOnNet works with an external whistleblowing system
that is shared with all employees and all suppliers of private
labels to make it easy to report any objectionable incidents.
ANTI-COMPETITIVE BEHAVIOUR
In 2020, Komplett Group made its anti-competitive
behaviour manual available to all employees via the sub-
sidiaries’ intranet. Since the implementation, key staff in
each subsidiary have received training on the subject. As
of 2022, the group has not received any reported cases
or claims of anti-competitive behaviour, anti-trust or
monopoly practices.
KOMPLETT ASA ANNUAL REPORT 2022
60
SUSTAINABILITY REPORT
| CUSTOMER PRIVACY AND PRODUCT SAFETY
PRIVACY AND DATA PROTECTION
Komplett Group is committed to protecting the privacy of
our employees and everyone with whom we do business,
especially our customers. Our customers submit their
personal information when they purchase our products
or join our customer club. We are committed to handling
this data responsibly. Personal data will only be used
for appropriate purposes and processed in accordance
with the mandatory policies of EU GDPR which came into
effect in 2018.
Key takeaways from our subsidiaries’ data protection efforts in 2022:
Komplett Webhallen NetOnNet
Most of the IT operations of Komplett are
run internally. We keep both technical sys-
tems and organisational procedures up to
date to protect against improper access
or misuse, and work proactively to make
improvements. All suppliers are subject
to strict requirements set out in agree-
ments with data processors, with specic
instructions to track and regularly report
on security risks. All our customer ser-
vice staff are trained in the GDPR and are
constantly reminded of the importance of
high compliance. Komplett conducts spot
checks, reviews reports and commissions
security tests from external, independ-
ent suppliers as required. An e-commerce
platform has been developed that includes
instructions on how developers should
assess data protection and the need for
the storage of personal data when devel-
oping new systems. A contingency plan
has been created in the event of serious
incidents. There is also a separate rou-
tine for when the security of personal
data is breached. In 2022, Komplett did
not receive any substantiated complaints
about the violation of customer privacy- or
the loss of data.
Webhallen runs a hybrid IT
Operations where a major
part of infrastructure is
on-prem, in addition to
SAAS service. All infra-
structure is secured with
adequate IT Security soft-
ware and hardware, and
constantly reviewed and
improved if needed. Dur-
ing 2022, Webhallen had no
identied leaks, thefts or
losses of customer data.
Webhallen’s primary touch-
point for identifying leaks
is Customer Service, who
has instructions to relay all
GDPR related support tick-
ets to the IT Department. In
general, Webhallen cares
for and listens to its cus-
tomers. During 2022 there
was one complaint from a
customer on Data Privacy
that resulted in a review of
the GDPR policy and a deci-
sion to rewrite some parts
of the policy during 2023.
Most of the IT operations of
NetOnNet are run internally.
Some systems are operated
externally if the system is a
SAAS solution. The company
has implemented techni-
cal systems and routines for
handling customer privacy
in a responsible manner, and
all employees handling cus-
tomer service are educated
on GDPR. In 2022, NetOnNet
recorded a total of 41 identi-
ed leaks, thefts or losses of
customer data, of which four
were reported to the IMY.
None of the four incidents
reported to the IMY resulted
in monitoring. NetOn-
Net registered 35 custom-
er-identied incidents and
no authority-identied inci-
dents substantiated com-
plaints of breaches and loss
of customer data. NetOn-
Net registers all incidents
regardless of their size.
INFORMATION SECURITY
Komplett Group is committed to protecting business
information and information systems, such as proprie-
tary design data, intellectual property of external stake-
holders entrusted to Komplett Group, and personal data,
from any unauthorised access or misuse.
For online visitors to the group’s websites, personal data
is collected via Google Analytics. If the visitor does not
wish to provide personal data, users can choose to block
cookies. Other cookies and tracking pixels, for instance
for Facebook and personalisation must be accepted by
the visitor.
KOMPLETT ASA ANNUAL REPORT 2022
61
SUSTAINABILITY REPORT
Subsidiaries’ subscriber statistics for 2022:
Komplett Webhallen NetOnNet
Komplett Bedrift’s blog has
3000 voluntary subscribers
who receive notications on
new posts, with each post
typically receiving approxi-
mately 30000 monthly read-
ers.
At the end of 2022,
Webhallen had 382477
subscribers to its news-
letters, which represents
46 per cent of the compa-
ny’s members.
In 2022, 96 per cent of NetOnNet’s website
visitors accepted the use of personal cook-
ies. The remaining either left the site or
blocked the option for cookies. A total of 77
per cent of the online visitors signed up for
newsletters. This amounts to a total of 2 mil-
lion people.
KOMPLETT ASA ANNUAL REPORT 2022
62
SUSTAINABILITY REPORT
PRODUCT SAFETY AND QUALITY CONTROL
Komplett Group is at the forefront of delivering high qual-
ity products and all our products undergo strict safety
assessments. Continuous process improvement is a key
priority to meet customer, regulatory and internal quality
requirements.
Across all our companies, we closely monitor defect rates,
the feedback we receive on products, and take action if
they fail to meet our customers’ high expectations for
quality and durability. For these reasons, we regularly
remove products from our shelves that do not meet our
customers’ expectations.
When we develop new products, the product development
team analyses the requirements for functions and the
applicable legal regulations, which include the EU Eco-de-
sign Directive, to ensure high quality. In addition, a risk
assessment process, Product Development test (PD) and
Final Quality Control (FQC) tests are conducted, to ensure
the safety and user-friendliness of potential new prod-
ucts. See next page for more information about PD and
FQC tests.
Subsidiaries’ reported product safety incidents for 2022:
Komplett Webhallen NetOnNet
Komplett had no
incidents related to
product safety in
2022.
In 2022, one incident related
to product safety was handled
by Webhallen. The product was
immediately sent to the manu-
facturer for inspection, but no
fault was found with the product
itself. Nevertheless, the partner
manufacturer paid all expenses
related to the damage. Recalls
due to defects amounted to less
than one per cent in 2022 and
Webhallen had no signicant
recalls in 2022.
NetOnNet had 11 reported incidents of
non-compliance related to the health and
safety impacts of products and services,
either through customers returning with com-
plaints or through self-inspections based on
the work mentioned above. For this reason,
NetOnNet removed one product from the shelf
line. None of these products have violated any
guidelines or laws of the country in which they
were sold, neither EU nor national laws, but
the incidents were based solely on voluntary
commitments from NetOnNet.
WHISTLEBLOWER PROGRAM
Komplett Group’s employees are encouraged to report
any misconduct related to the company by using the
available whistleblower channels available at our subsid-
iaries’ intranet websites. Whistleblower reports are han-
dled in accordance with our established whistleblower
programs.
Reporting concerns can relate to any area, including
the environment, human and labour rights, equality and
diversity, health and safety, business ethics and anti-cor-
ruption, and conicts of interest. These channels aim to
prevent discrimination and ensure professional conduct.
Reports of misconduct are handled by a whistleblower
group in each subsidiary. All reported concerns are inves-
tigated to identify root causes and evaluate corrective
and preventive actions, including the potential involve-
ment of relevant authorities, while maintaining the
condentiality of reports in accordance with relevant
jurisdiction. To enable anonymous reporting, the group
aims to have an anonymous whistleblower channel in
each subsidiary, managed by independent third parties.
Webhallen aims to establish their channel in 2023.
In 2022, no report was made through the group’s availa-
ble whistleblower channels.
RESPONSIBLE MARKETING
In Komplett Group, we take a case-by-case approach to
product recalls, as such incidents do not occur frequently.
We take all inquiries seriously and have appropriate pro-
cedures in place to reach customers through private infor-
mation as well as in-store and online advertising.
KOMPLETT ASA ANNUAL REPORT 2022
63
SUSTAINABILITY REPORT
Subsidiaries’ product recall statistics for 2022:
Komplett Webhallen NetOnNet
Komplett was found to have
infringed the Marketing Control
Act and the Financial Agree-
ments Act in two separate
cases by the Consumer Coun-
cil in 2022. However, Komplett
complied with the Council’s
orders in both cases, and at the
end of 2022, one of the cases
has been resolved.
Webhallen reported no incidents
of non-compliance with applica-
ble marketing laws and voluntary
regulations regarding product
information. There were also
no non-compliances related to
product and service information,
labelling, or marketing commu-
nications.
NetOnNet reported no incidents
of non-compliance with applica-
ble marketing laws and voluntary
regulations regarding product
information. There were also no
non-compliances related to prod-
uct and service information,
labelling, or marketing communi-
cations.
| KEY FACTS ABOUT PD
TESTS AND FQC CHECKS
PRODUCT DEVELOPMENT TEST (PD)
Tests to ensure that each product is of sucient
quality, functions according to specications, is
user-friendly and does not contain any chemicals
that are harmful to health. Any potential devia-
tions will require action, which will be provided by
the supplier and reviewed by the companies.
FINAL QUALITY CONTROL (FQC)
Checks before shipments leaves factories, fol-
lowing international standards developed to
ensure consistent quality. The checks include
a visual inspection to ensure that the product
is not damaged, that it has correct information
such as the serial number and energy label, that
the user manual is included, and that the product
has been commissioned and all functions tested
according to specications.
KOMPLETT ASA ANNUAL REPORT 2022
64
SUSTAINABILITY REPORT
| SUPPLY CHAIN ENGAGEMENT AND HUMAN RIGHTS
SUPPLY CHAIN MAPPING
At Komplett Group, we value transparency as a key com-
ponent to ensure that the products we sell are of high
quality and are manufactured in safe and clean con-
ditions with no violations of human rights. We have
implemented supply chain mapping throughout all our
subsidiaries to identify any potential risks and ensure
compliance with our standards. By having a clear under-
standing of our supply chain, we can make informed
decisions and take necessary actions to reduce our envi-
ronmental impact.
In 2022, NetOnNet was the only subsidiary of Komplett
Group to screen all new suppliers using social criteria
based on international guidelines. However, going for-
ward, the entire company, including our subsidiaries
Komplett and Webhallen, will implement procedures and
report on their performance in due diligence for human
rights and decent working conditions in line with the
OECD guidelines and the Transparency act.
NetOnNet aims to screen all new suppliers of private
labels against environmental criteria in 2023, as some
consumer electronics products may contain conict min-
erals or have been collected under working conditions
violating human rights (i.e. gold, tantalum, tin and tung-
sten). In 2021, NetOnNet initiated a third-party review of
its private label products to address this issue. Komplett
Group aims for all its subsidiaries to implement a process
similar to what NetOnNet has initiated.
KOMPLETT ASA ANNUAL REPORT 2022
65
SUSTAINABILITY REPORT
Key takeaways from Komplett Group’s subsidiaries’ 2022 supply chain mapping:
Komplett Webhallen NetOnNet
In 2022, Komplett collaborated with
509 suppliers.
Based on revenue, the most popular
product categories in 2022 were:
PCs
Phones
Komplett PC
Monitors
Tablets
TVs
In 2022, Webhallen
collaborated with 754
suppliers.
In 2022, NetOnNet collaborated with
167 suppliers.
In total, NetOnNet conducted 88
audits in 2022, including both
announced and unannounced audits.
Of these audits, 26 were conducted
at new suppliers.
For 2023, NetOnNet has set a target
to screen all new suppliers of private
labels against environmental criteria.
PRIVATE LABEL
Our private label lines and products are becoming
increasingly popular with our customers.
In 2022, Komplett initiated a project to further monitor
sourcing partners through audits for compliance with the
standards and requirements set out in its Code of Con-
duct and the EU Regulations on Registration, Evaluation,
Authorisation, and Restriction of Chemicals. This project
is still ongoing and will be strengthened in the coming
year with the introduction of the 4human TQM Manage-
ment System. The new system will provide the company
with a platform to improve management of its private
label suppliers.
Komplett and NetOnNet are working together to consol-
idate private label products, and this new system will
therefore also feed into Komplett’s routines for monitor-
ing sourcing partners.
Key takeaways from Komplett Group’s subsidiaries’ 2022 private label lines:
Komplett Webhallen NetOnNet
Komplett’s procurement part-
ners for its private label prod-
ucts are F&H, CBK and Calisto.
Komplett offers private label
products under the brand
names Svive, Iiglo, Intono,
Khameleon, Komplett PC, 3241
and Protech.
Webhallen does not have its own
private labels, and source these
from NetOnNet and Komplett.
NetOnNet’s private labels are
sourced through the company’s
sourcing oce in Dongguan in
China.
In 2022, NetOnNet introduced 356
new products.
KOMPLETT ASA ANNUAL REPORT 2022
66
SUSTAINABILITY REPORT
NETONNET - SUSTAINABLE PRODUCTION LINES ARE
KEY TO LONG-TERM GROWTH
NetOnNet purchases products directly from global con-
sumer electronics manufacturers and from distributors.
Asia dominates the production of consumer electron-
ics, with China being by far the dominant manufacturing
country with 166 active factories in China and 1 in Tur-
key. From this perspective, NetOnNet's home markets
are small and its ability to inuence global supply chains
is therefore also limited. However, as a leading Nordic
player, NetOnNet sees the opportunity to inuence the
Swedish and Norwegian markets in the right direction
through our choices.
Using nudging, which means to inuence people’s behav-
iour by making it easier for them to make certain deci-
sions, NetOnNet aims to encourage its customers to
make more sustainable choices and can expand its
product range actively through industry collaborations.
NetOnNet also has the opportunity to carefully select its
collaboration partners, set requirements for sustainabil-
ity in the purchasing process, and thereby inuence the
sustainability of its product range.
The external suppliers NetOnNet purchase from must
also adhere to its Supplier Code of conduct, which is
based on the UN Universal Declaration of Human Rights,
the ILO’s (International Labour Organiation) eight fun-
damental human rights conventions on working life, the
Convention on the Rights of the Child, UN Global Com-
pact, and the OECD Guidelines for the Operations of Multi-
national Enterprises. If its suppliers have their own Code
of conduct, they must comply with at least the same level
and provide NetOnNet with information about its subcon-
KOMPLETT ASA ANNUAL REPORT 2022
67
SUSTAINABILITY REPORT
tractors upon request. All of NetOnNet’s suppliers have
signed NetOnNet’s Supplier Code of conduct. NetOnNet
does not conduct physical inspections to verify compli-
ance with its Supplier Code of Conduct of suppliers other
than its own brands due to lack of capacity. For this rea-
son, the expected compliance is clearly stated in its con-
tracts.
Various types of risks related to the working environment
occur in the supply chain. In this regard, NetOnNet places
extensive requirements to suppliers, and these are a
standard appendix included in its contract to other sup-
pliers. This includes requirements for materials, work-
ing conditions, and whistleblowing programs, which are
thoroughly described in the Supplier Code of conduct.
Through its Supplier Code of conduct, NetOnNet ensures
that its suppliers contractually regulate these risks, and
for its own brands NetOnNet also carries out controls.
NetOnNet does, however, experience some diculties
in its control of private label distributors, as some large
suppliers, such as Apple, have their own Code of con-
duct. Moreover, NetOnNet has carried out extensive
work to update its policies and training in GDPR in 2022.
All employees have access to its GDPR policies on its
intranet.
NetOnNet’s ability to inuence suppliers of its own
brands is greater, even though NetOnNet is only a small
customer to most of its factories. NetOnNet has com-
mercial agreements with all its 166 suppliers in China,
where its Supplier Code of Conduct is a key component.
Compliance is ensured through ongoing physical inspec-
tions as part of its factory audits. The aim is to inspect
each factory at least every two years.
Despite restrictions linked to the pandemic in the begin-
ning of the year, NetOnNet still managed to carry out 88
audits in 2022.
NetOnNet's inspection protocol is based on the standards
from ISO and includes approximately 70-100 questions
for each of the three areas: Corporate Social Responsi-
bility (CSR), Quality Management System (QMS) and Envi-
ronmental Management System (EMS). The QMS and CSR
were updated in 2021 and the EMS in 2022.
The greatest risk associated with CSR is that NetOnNet’s
employees are not covered by fundamental rights. There-
fore, the updated CSR now covers nine subcategories:
Child labour
Forced Labour
Discrimination
Compensation
Environment
Work environment
Health
Union Rights
Disciplinary action
Potential suppliers are scored on all categories during
pre-screening.
NetOnNet's QMS includes about 70 questions and covers
energy, greenhouse gas emissions, air pollution, waste
and waste management, chemical management, and
environmental compliance for new products. NetOnNet
now has a high level of expertise in CSR and QMS. EMS
is new to the company, and NetOnNet is gradually build-
ing its skills and knowledge. In 2022, ve suppliers were
audited using the EMS protocol. In 2023, NetOnNet aims
to audit all suppliers regarding EMS.
In addition to audits, NetOnNet aims to provide all suppli-
ers with mentors who can help them set requirements for
their subcontractors, of which there are typically 40-50
per factory. NetOnNet is constantly looking at the pos-
sibility of doing inspections on subcontractors as well.
However, its suppliers are not allowed to use subcon-
tractors that are not approved by NetOnNet. The plan is
to conduct inspections of approximately 100 suppliers in
2023 in accordance with the new inspection protocol.
This work is followed up by the company’s local dele-
gation in China, where the employees are familiar with
local conditions. In this context, NetOnNet is pleased to
announce that none of its factories had any reported inci-
dents of child- or forced labour.
Komplett Group's journey to secure transparency
With the enforcement of the newly established Transpar-
ency Act in Norway, we continue to focus our efforts on
increasing transparency and overview at all stages of our
value chain to safeguard the people who are impacted by
our business. Complying with the standards put forth in
the new law is of great importance to our business. Kom-
plett Group is currently preparing for increased human
rights due diligence from our suppliers.
To secure the necessary progress, Komplett has engaged
external consultants to assist in the establishment of
new procedures. Komplett Group will publish a statement
of the due diligence required in the Transparency act
before 30 June 2023. The statement will be published at
https://www.komplettgroup.com/
KOMPLETT ASA ANNUAL REPORT 2022
68
SUSTAINABILITY REPORT
| KOMPLETT CIRCULARITY
Komplett Group sees the transition to a circular economy as necessary from a societal perspective
and as a great opportunity from a business perspective. By exploring models that contribute to
more circular consumption patterns, we aim to contribute to reducing the industry’s impact while
strengthening our market position and relationship with customers
At Komplett Group, we recognise that the retail busi-
ness faces many sustainability challenges. These
include resource scarcity, the environmental footprint
of resource extraction, and hazardous components that
must be safely handled. Additionally, electronic products
tend to be replaced frequently. Komplett Group aims to
contribute more to business models based on circular
models’ principles for optimal reuse and recycling, than
on traditional linear production.
Our goal is to reduce the use of consumption of natu-
ral resources, reduce waste and develop new high-qual-
ity electronic products from recycled resources and raw
materials. This is an important measure to prevent the
loss of valuable resources. As a leading online electronic
retailer, our products should be designed to meet a sus-
tainable standard where all products are built to last.
Our products are designed to meet a sustainable stand-
ard for longevity. We continuously work with our suppli-
ers to constantly improve the quality and design of our
products.
We are committed to implementing a sustainable waste
management system and ensuring that the products we
sell are recollected, handled responsibly, and reused.
| CIRCULAR BUSINESS
The consumers in the Scandinavian market are becoming
increasingly interested in circular services and products.
In 2021 Komplett Group introduced solutions to enhance
recycling of electronic waste from e-commerce.
By partnering with waste management actors in Norway
and Sweden as well as our suppliers, we have developed
new ways to eciently collect electronic waste from
our customers. We have also introduced concepts that
offer customers the opportunity to buy, or rent used and
remanufactured products and buybacks.
In 2022, we developed these solutions and services fur-
ther in Komplett, Webhallen and NetOnNet:
CIRCULAR
ECONOMY
RESOURCES
WASTE
U
S
E
M
A
K
E
R
E
C
Y
C
L
E
KOMPLETT ASA ANNUAL REPORT 2022
69
SUSTAINABILITY REPORT
KOMPLETT FLEX
– A PRODUCT SUBSCRIPTION SERVICE
In May 2021, Komplett launched FLEX, a service that ena-
bles a consumer to subscribe to a product, with an option
after 2 years, to either return the used product or keep it.
Customers can now choose this service for 1 000 of Kom-
plett’s products. This gives Komplett more control over
the product life cycle and makes it easier for the con-
sumer to dispose of their products. Komplett ensures
that returned products are either refurbished and given
a new owner or recycled in an eco-friendly manner, align-
ing with Komplett Group's goal of promoting sustainable
product life cycles. Today, FLEX represents approxi-
mately 10 per cent of sales in Norway and Sweden. The
aim is to grow FLEX to 50 per cent of Komplett’s revenue.
In 2022, Komplett improved the FLEX subscription ser-
vice with help of its partners. The use of data and statis-
tics was vital in assessing FLEX's sustainability, with the
number of products recycled or reused being a key met-
ric. The FLEX subscriptions are to be renewed starting in
2023.
WEBHALLEN REVIVE - A PRODUCT BUY-BACK
PROGRAM
Webhallen launched the new buy-back program, Revive,
in Sweden in December 2021. The service enables cus-
tomers to bring their old mobile phone, iPad or Macbook
to Webhallen in exchange for a new one. Based on cri-
teria set by Corporate Mobile Recycling (CMR), Webhal-
len receives a buy-back value of the product. This value
can be used for new purchases or is given out on a gift
card. The rst launch was primarily for mobile phones but
opened for other products such as computers from Apple
in 2022.
In 2022 there were a total of 485 trades with an average
value of SEK 1 463. The total product value was SEK 709
781. These products are bought by the partner company
CMR who sells the products as second-hand products.
NETONNET - BUY-BACK AND RENT PROGRAMS
Byt in
NetOnNet launched their service “Byt in’’ both online and
in warehouses in Norway in 2022 and Sweden in 2020.
The service enabels customers to purchase used prod-
ucts. When a customer turns in their old product, they
are either rewarded with a gift card or a discount on
a new product. In 2022, 95 per cent of products were
reused. In 2022, NetOnNet offered about 8 800 products
through the service, worth around eight million SEK. The
estimated CO
2
e savings from this service is about 600
tonnes.
| THE ESTIMATED CO
2
SAVINGS
FROM THIS SERVICE IS ABOUT
600 TONNES
NetOnNet's partner, Foxway, purchases NetOnNet's used
products, repairs them, and produces spare parts, cre-
ating a second lifecycle for the devices. This approach
saves energy and resources by avoiding the production of
new products. Repairing old equipment saves energy and
nite resources that would otherwise be consumed in the
production of new products. The remanufacturing and
remarketing of used ICT equipment and IT devices ben-
et all parties. Partners and consumers receive a work-
ing device at a signicantly lower price. In 2022, Foxway
received about 8 800 individual products from NetOnNet
SE. Only a small percentage of items are sent to recy-
cling. The majority of devices are given a new life by being
sold to new customers.
The collected products are sorted according to their con-
dition. Some items do not need much attention and can
simply be sent to the 2nd Lifecycle after repair, while oth-
ers need to undergo a more thorough repair. To replace
broken or worn parts, NetOnNet reuses components
from unrepairable products as far as possible before
using new parts. Some items are severely damaged and
therefore not suitable for 2nd Lifecycle. The items can
still be recycled, and the raw materials can be reused.
HYRESHYLLAN
Through NetOnNet's service “Hyreshyllan” the company
provides the customers with an opportunity to rent what
KOMPLETT ASA ANNUAL REPORT 2022
70
SUSTAINABILITY REPORT
they need for as long as they want. At the end of the
rental period, the product is returned, stored, and then
offered for rent to other customers. This ensures that the
products can be used throughout their lifetime.
This service was launched in Sweden in February 2022.
After the launch, the project received great media atten-
tion and was warmly welcomed by NetOnNet's cus-
tomers. The project is still in the testing phase, and a
signicant challenge is to nd out whether it is possible
to build a sustainable business with the rental model.
NetOnNet opened an online outlet in 2022, offering bar-
gain and outbound products for sale in addition to items
returned by customers. All products for sale in the online
outlet are of high quality but cannot be sold as A-grade
goods. The initiative has reduced NetOnNet's e-waste by
12000–15 000 items in 2022.
KOMPLETT ASA ANNUAL REPORT 2022
71
SUSTAINABILITY REPORT
| WASTE MANAGEMENT
For Komplett Group, effective and responsible waste man-
agement is a top priority in our sustainability strategy. We
continually strive to nd solutions to reduce waste in our
operations and to help our customers do the same.
This includes establishing a sustainable waste system,
recovering valuable resources more eciently by incor-
porating them into the life cycle of new products and ser-
vices.
Waste management key gures:
Komplett NetOnNet Webhallen
Komplett
Group
Tonnes 2022 2021 2022 2021 2022 2021 2022
Metal and glass 23.4 14 42.5 51.8 7.5 - 73.5
Wood 311.1 378 358.3 434.6 2.5 - 672.0
Plastic 20.4 36 16.9 21.8 16.6 - 48.1
Paper and coardboard 418.7 688 417.1 541.9 148.8 - 984.6
Electronic waste,
mixed EE waste 11.6 5 196.4 239.7 20.3 - 228.2
General waste, including food
waste 110.4 127 255.5 286.4 42.6 - 408.4
Hazardous waste 0.1 0.14 0.9 0.4 3 - 4
Total 895.7 1 248.1 1 287.5 1 576.5 241.3 - 2 424.5
Numbers are based on HQ Sandefjord (Komplett), Warehouse and e-shop (CWB), HQ, retail Sweden, technical service (Borås)
(NetOnNet) and Retail, warehouse, HQ and Cong (Webhallen)
In 2022, the total amount of waste in the Komplett Group
was approximately 2 424 tonnes. This is an increase from
2021 due to the inclusion of NetonNet and Webhallen
in the gure. For the group, the largest waste fractions
were paper and cardboard, wood, general waste and
electronic waste. All fractions are in general recycled,
either as materials or as energy recovery.
The total amount of waste in Komplett in 2022 was about
896 tonnes, which represents a decrease of 353 tonnes
from 2021. 53 per cent of the waste was recycled, an
improvement of 46 per cent over 2021.
For Webhallen, the total amount of waste in 2022 was
approximately 241 tonnes, 62 per cent was recycled as
materials and 36 per cent went to energy recovery.
For NetOnNet, the total amount of waste in 2022 was
approximately 1 287 tonnes, a decrease from 2021 of 289
tonnes. Most of the waste was recycled, of which 196
tonnes was electronic waste.
KOMPLETT ASA ANNUAL REPORT 2022
72
SUSTAINABILITY REPORT
| SHARE OF WASTE AND MATERIALS RECYCLED IN OUR SUBSIDARIES IN 2022
Komplett NetOnNet Webhallen
53% 49% 62%
KOMPLETT ASA ANNUAL REPORT 2022
73
SUSTAINABILITY REPORT
PARTNERSHIPS TO ENHANCE RECYCLING
To enhance waste management efforts, we have part-
nered up with waste companies. Norsirk handles the
e-waste for Komplett and NetOnNet in Norway as well as
most of the IT-sector in the country. They aim to develop
new methods for the recovery and recycling of elec-
tronic products. The partnership provides us with valua-
ble insight on how to improve our waste management and
recycling.
In Sweden, NetOnNet has partnerships with LBC Borås,
Stena Recycling and El-kretsen. These partners contrib-
ute to recycling and to meet the requirements in the EU
Waste Electrical and Electronic Equipment directive.
MANAGEMENT OF ELECTRONIC WASTE
Products containing electronic materials can be both
dangerous and toxic. Therefore, it is very important that
these products are recycled when they no longer func-
tion or if they are no longer in use. Materials such as lead,
chromium, mercury, beryllium, arsenic, and cadmium can
be dangerous if not handled properly. There is also a risk
if these chemicals get into the soil and water. Komplett
Group encourages all customers to return their broken or
damaged electronics to us so that we can make sure all
e-waste is recycled in an approved manner.
In accordance with existing policies on e-waste, we
accept all E- and EE-waste free of charge. Customers
can bring their old or broken e-waste to one of our ware-
houses during normal business hours. For customers
who purchased online or are unable to transport it them-
selves, they may contact our customer service depart-
ment for help, and we offer to send them a delivery bill.
Subsequently, they can drop off the item at their nearest
post oce.
Of the group’s total recycled waste in 2022, 228 tonnes
were e-waste. All e-waste is recycled by our partners.
Komplett and NetOnNet in Norway are members of Nor-
sirk, which has producer responsibility for electron-
ics, packaging, and batteries. This means that Norsirk
collects these fractions depending on what Komplett
imports and puts on the market. Komplett paid NOK 3 972
956 in environmental fees which directly contributed to
better management of electronic waste.
NetOnNet in Sweden has partnered with Förpackning-
sinsamlingen (FTI), Stena, LBC, ElKretsen and Norsirk
(Norway). There is an expanded quality work in the pur-
chasing department and an expanded collaboration with
external partners to dispose of used goods which previ-
ously could be seen as obsolete, which led to a reduction
of the amount of electronic waste by 18 per cent in 2022,
despite an increased focus on collecting used electron-
ics from our customers in warehouses. In 2022, NetOn-
Net paid NOK 100 288 678 in environmental fees which
directly contribute to better management of electronic
waste.
All Webhallen’s stores have the option of accepting
e-waste free of charge. All e-waste is handled by the Ser-
vice & Return department who ships it to Stena Recy-
cling. Some stores in Malmø use the partner Rang-Sells
for the handling of e-waste. Plastic casings are inciner-
ated for energy, metal is sent to smelters, and glass is
also recycled. Hazardous materials, such as mercury, are
disposed of at approved facilities.
| CUSTOMERS CAN BRING THEIR
OLD OR BROKEN E-WASTE TO ONE
OF OUR WAREHOUSES DURING
NORMAL BUSINESS HOURS.
Komplett GroupWebhallenNetOnNetKomplett
ENERGY RECOVERY
Per cent
46%
50%
36%
44%
KOMPLETT ASA ANNUAL REPORT 2022
74
SUSTAINABILITY REPORT
| SUSTAINABLE PRODUCTS AND SERVICES
For Komplett Group, it is important to reduce the use of
natural resources and develop new high-quality elec-
tronic products from recycled resources and raw materi-
als. We aim to make our packaging more sustainable and
strive to reduce the consumption of materials and the
number of non-renewable materials.
SUSTAINABLE PACKAGING
In 2022 the group used both renewable packaging mate-
rials such as cardboard and wood and non-renewable
materials like plastics. The aim is to use as much certied
material as possible. The most common materials in our
packaging are paper, cardboard, plastics, and disposable
wooden pallets.
Webhallen works to reuse packaging as much as possi-
ble to reduce their environmental impact. The main pack-
aging supplier, Boxon, is certied with ISO 9001 and FSC,
and is assessed by EcoVadis annually. Webhallen has
established routines for recycling packaging in all stores
and warehouses, and pallets and boxes sent to Webhal-
len stores are reused. Products are sent from the ware-
houses to the stores, where internal cartons and pallets
are used multiple times until they are no longer func-
tional. However, reusing packaging brings some chal-
lenges in terms of packaging quality. The company
therefore works with different recycling quality policies.
Komplett and Webhallen’s main suppliers of packag-
ing operate with strict environmental policies that are
KOMPLETT ASA ANNUAL REPORT 2022
75
SUSTAINABILITY REPORT
reected in packaging in a variety of ways. Many pack-
ages are for instance made from recycled bres, plastics
can be incinerated without producing hazardous gases,
or they are members of the Forest Stewardship Coun-
cil (FSC), an international organisation that promotes the
labelling of products from sustainable forests.
NetOnNet has actively worked on its own brand prod-
ucts by reducing the proportion of plastic and corrugated
cardboard that does not add a protective value to the
packaging. The company has enhanced the effective-
ness of packaging by reducing airspace. In 2022, NetOn-
Net reduced 22 per cent plastics and 23 per cent paper
in terms of total weight generated waste. To take this
even further, the company has during Q4 2022 worked to
develop a new packaging strategy which will be imple-
mented in 2023.
INITIATIVES TO REDUCE THE USE OF CARDBOARD IN
KOMPLETT AND WEBHALLEN
Almost all of Komplett and Webhallen products are
shipped in cardboard boxes, often lled with a lot of air or
with llers like paper or plastics. Up until 2022, all pack-
aging has been based on standardised box sizes, where
Komplett and Webhallens system suggests which size to
use based on the content of each order.
Due to the standardised sizes, the boxes are often larger
than the products ordered. The use of material and trans-
port volume is therefore bigger than necessary. This
has been a huge challenge for effective material use and
transport, and a big concern expressed by our custom-
ers. To handle this challenge, Komplett has introduced
new packaging machines at the warehouse in Sandefjord.
With the new packaging line in place, as many as 99 per
cent of Komplett’s orders leaving AutoStore are shipped
without plastic. This has led to an annual 16 to 19 tonnes
reduction in our use of plastic. This has signicantly
reduced the amount of air being shipped to custom-
ers, and decreased the number of trucks and containers
transporting our packages by 390 each year.
Webhallen has purchased and started to use a new card-
board wrapping during 2022. These are used for small
goods and it is now possible to send packages with less
air and without lling material. The purchases of lling
material have decreased most of all material being pur-
chased during 2022.
Approximately 25 per cent of Webhallen’s orders are
being sent in these new cardboard wrappers. The new
minimum height that is possible to send is now one centi-
metre instead of 10 centimetres.
KOMPLETT ASA ANNUAL REPORT 2022
76
SUSTAINABILITY REPORT
Webhallen’s new cardboard wrappers have resulted in an
estimated decrease of 450 m
3
in volume being sent, lead-
ing to a reduction in transport volumes. In addition, the
company has experienced a signicant increase in pro-
ductivity since implementing these boxes.
REUSE OF PACKAGING MATERIALS
Some of Komplett’s suppliers use Styrofoam as a packag-
ing material to protect their products before they arrive at
the warehouses. Through an innovative collaboration with
Norsirk, Komplett has been able to reduce the amount of
Styrofoam that gets thrown away. Komplett reuses the
Styrofoam to package other products. That way, the mate-
rial is repurposed, and as a result, gets a longer lifespan.
Webhallen has established routines for recycling pack-
aging in all stores and warehouses. Many products are
sent from the warehouses to the stores, where internal
cartons and pallets are used multiple times until they are
no longer functional. However, reusing packaging brings
some challenges in terms of packaging quality. Webhal-
len works with different recycling quality policies where,
for instance, large cartons, which are not defective or
have affected strength, are reused two to three times for
internal deliveries.
NetOnNet’s upcoming packaging strategy for 2023 will
include measures for extended use of recycled materials.
Material use for Komplett, Webhallen and NetOnNet in 2022:
In tonnes Komplett NetOnNet Webhallen
Cardboard and paper 580.3 173.8 134.4
Single-use wood pallets 113.9 238 94.5
Plastics 181.6 25.6 19
Steel 11.4 - 0.02
Total 875.8 437.3 247.9
KOMPLETT ASA ANNUAL REPORT 2022
77
SUSTAINABILITY REPORT
KOMPLETT ASA ANNUAL REPORT 2022
78
SUSTAINABILITY REPORT
| KOMPLETT ENVIRONMENT
Komplett Group recognises that the transition to a low-carbon society presents both challenges and
opportunities for development. The group welcomes the transition and aims to contribute by reducing
its own emission and seek to help customers make environmentally friendly choices.
| CLIMATE AND NATURE IMPACT
In 2022, the group has prioritised improving the data
quality in our climate accounts and continued mapping
the organisation’s GHG emissions, including all its subsid-
iaries in the process.
2022 marks the rst year we report on all our subsidi-
aries’ climate accounts, and we have dedicated signi-
cant time and effort to improve the quality in our climate
accounts, including the use of recognised and updated
conversion factors. This has resulted in some changes in
historical gures, and as we now include all subsidiaries,
comparisons with previous periods are of less relevance
in 2022.
We enlisted the help of a third party to assist with our
2022 climate account. Additional details on the account-
ing methods and ndings can be found in their report on
page 104.
CARBON ACCOUNTS
In 2022, Komplett Group made signicant strides
towards reducing its carbon footprint, including increas-
ing its use of renewable energy sources and minimising
travel activities across its subsidiaries. Komplett Group
has a relatively low direct carbon footprint in a global
context. However, the carbon footprint of our value chain,
is signicant and represents 85.5 per cent of our carbon
footprint, as our scope 3 emissions represent 85.5 per
cent of our carbon footprint.
While we have been able to collect data from more
sources than previous years, we acknowledge that there
are still weaknesses concerning our carbon account for
2022. We have not been able to map our entire climate
footprint, especially emissions from our upstream trans-
portation and distribution.
Despite this, many areas of the organisation have
improved data collection processes, resulting in
improved data quality. We still have a long way to go in
structuring and streamlining our routines to ease data
collection, and we will continue to improve the extent of
our reporting going forward.
Total GHG emissions*
t CO
2
e 2022
Komplett 1525.2
NetOnNet 3174.1
Webhallen 383.4
Total 5 082.6
*Includes scope 1,2,3 (Source: Cemasys).
Scope 3Scope 2
location based
Scope 1
KOMPLETTGROUPGHG EMISSIONS PER SCOPE2022
Tonnes COe
102
633
4 348
(Source: Cemasys)
KOMPLETT ASA ANNUAL REPORT 2022
79
SUSTAINABILITY REPORT
Komplett Group’s carbon accounts includes the
following sources of GHG emissions
Direct emissions (Scope 1):
Emissions from the use of fuel oil and gas for heating
and processes, as well as from the production of dis-
trict heating at Komplett Group’s storages.
Indirect emissions from electricity (Scope 2):
Emissions from electricity consumption and dis-
trict heating or cooling from external suppliers. The
CO
2
emission factors used for electricity are loca-
tion-based and in accordance with GHG Protocol
Scope 2 Guidance.
Indirect emissions (Scope 3):
Included emission sources are waste, fuels and ener-
gy-related activities, business travel, upstream trans-
portation, and distribution, as well as purchased goods
and services.
Scope 1
Komplett Group’s Scope 1 emissions stem from the fuel
combustion from leased vehicles and refrigerants. The
total of Scope 1 emissions was 102 tCO
2
e, which is two per
cent of the share of total emissions. Komplett Group has
no stationary combustion.
Scope 2
Komplett Group’s Scope 2 includes emissions from
acquired electricity, heat, and cooling in oces, ware-
houses, and stores. The total GHG emissions in Scope 2
stands for 12.4 per cent of Komplett Groups’ total emis-
sions with a total of 633 tCO
2
e.
The total energy consumption related to all scope 2 emis-
sions was 18 129.7 MWh. Energy from electricity and heat-
ing at our owned and leased locations makes up most of
our total energy consumption and scope 2 emissions.
For 2022, it has been particularly dicult to collect
energy consumption data from our operations at Web-
hallen in Sweden. Webhallen has gone through multiple
changes over the past year including changes in the staff
responsible for data collection which might have affected
the data quality. In 2023, the group will evaluate our
reporting and data collection routines to ensure that we
report the most correct and precise data every year.
Scope 3
Komplett Group’s Scope 3 emissions stands for a total
of 85.5 per cent of the total carbon footprint. Upstream
transportation and distribution accounted for the larg-
est share of emissions, representing 55 per cent of the
total GHG emissions for the group. The second larg-
est category was purchased goods and services, which
accounted for 25 per cent of the emissions and included
emissions from the production of materials used for
packaging. Other Scope 3 emissions were waste (2 per
cent), fuels- and energy-related (3 per cent) and business
travel (1 per cent).
It should be noted, however, that the Scope 3 emissions
are not yet complete or fully mapped, and as more emis-
sion sources are included in the carbon accounting, the
distribution of emissions per category is likely to change.
To address this, Komplett Group is committed to expand-
ing the Scope 3 emissions to include more emission
sources and improving data quality going forward. This
is critical to track the emission pathway and increase the
comparability of emissions over time, enabling the set-
ting of meaningful mitigation targets.
Scope 3:
Upstream transportation and distribution
Scope 3: Purchased goods and services
Scope 3: Fuel and energy related activities
Scope 3: Waste
Scope 3: Business travel
Scope 2: Electricity
Scope 2: DH Nordic locations
Scope 2: Electric veichles
Scope 1: Transportation
Scope 1: Refrigerants
TOTAL GHG EMISSIONS PER CATEGORY2022
Tonnes COe
85
347
285
1 253
128
121
2 787
58
17
0
Source: Cemasys (location-based reporting).
KOMPLETT ASA ANNUAL REPORT 2022
80
SUSTAINABILITY REPORT
Key gures GHG emissions
Category Unit Total group Komplett NetOnNet Webhallen
Scope 1
Transportation total tCO
2
e 85.3 7.6 77.8 -
Refrigerants total tCO
2
e 16.9 - 16.9 -
Scope 1 emission tCO
2
e 102.3 7.6 94.7 -
Scope 2
District heating location total tCO
2
e 285.2 221.2 64
Electric vehicles total tCO
2
e 0.2 0.2
Electricity location-based total tCO
2
e 347.1 120.2 189.2 37.7
Scope 2 emission tCO
2
e 632.5 120.2 410.6 101.7
Scope 3
Waste Total tCO
2
e 121.3 71.6 27.5 22.2
Fuel-and-energy-related activities total tCO
2
e 128.4 10.3 84.2 33.9
Business travel total tCO
2
e 58.3 30.2 28.1 -
Upstream transportation and distribution total tCO
2
e 2 787.2 235.8 2529 22.5
Purchased goods and services total tCO
2
e 1 252.6 1 049.6 - 203.1
Scope 3 emission tCO
2
e 4 347.8 1 397.5 2 668.8 281.7
Total (scope 1 + 2) tCO
2
e 734.8 127.8 505.3 101.7
Total emissions (scope 1 + 2 + 3) tCO
2
e 5 082.6 1 525.2 3174.1 383.4
Annual market-based GHG emissions
Category Unit Total group Komplett NetOnNet Webhallen
Electricity total (scope 2) with market-based calculations tCO
2
e 1 920.7 1 136.2 398.5 386.0
Scope 2 total with market-based electricity calculations tCO
2
e 2 206.0 1 136.2 619.9 449.9
Scope 1+2+3 total with market-based electricity calculations
tCO
2
e 6 656.1 2 541.2 3 383.4 731.6
(Source: Cemasys)
Upstream transportation and distribution
As an e-commerce actor, transport logistics is an exten-
sive part of our business. This means that we transport
large quantities of goods every day. We recognise that
our impact from the upstream transportation and dis-
tribution is our largest contributor to GHG emissions as
it counts for over a half of the total Group emissions of
2022.
Komplett Group works with several small and large cou-
rier suppliers for our outgoing transportation in Sweden,
Denmark, and Norway, as well as several suppliers and
producers who deliver products to our warehouses. In
2022, we have increased our efforts to collaborate with
our delivery suppliers and to nd collective solutions to
this mutual industry challenge.
Webhallen’s transports, both internally and with part-
ners, must be carried out in the most climate-friendly way
possible. Solutions like biodiesel, ecient packaging to
reduce the number of transports, or optimised transpor-
tation routes to reduce fuel consumption are key. All out-
going shipments are handled through the warehouses,
where Webhallen cooperates with various transportation
partners.
Through participation in the branch-initiative “Fossil free
deliveries” driven by Svensk Handel, NetOnNet works
towards fossil-free deliveries with the goal of becom-
ing fossil-free somewhere between 2025 and 2030. The
transporters “Best” and “Instabox” are already operating
fossil-free, but the partner PostNord are experiencing
diculties due to their community mission and cannot
KOMPLETT ASA ANNUAL REPORT 2022
81
SUSTAINABILITY REPORT
yet drive exclusively fossil-free in all areas of Sweden.
Moreover, NetOnNet will in 2023 take part in a research
project in Sweden, which sets out to research the envi-
ronmental footprints of e-retail versus physical stores.
ENERGY CONSUMPTION
Komplett Group uses energy in the form of electricity,
district heating and during transportation. Total con-
sumption of electricity in 2022 was 12 388.8 MWh. The
total use of energy from district heating and was 5 734.1
MWh, represented 31 per cent of total energy consump-
tion and 6 per cent of Komplett Groups total emissions
(285.2 tCO
2
e)
Energy consumption key gures
MWh 2022
Komplett 4 652.9
NetOnNet 10 996.4
Webhallen 2 869.9
Total 18 519.1
(Source: Cemasys)
The group has an ambition to reduce energy consump-
tion and establish more renewable sources for energy
generation at our locations. In 2022, Komplett had a total
renewable energy share of 75.5 per cent, NetonNet had
a total renewable energy share of 61.1 per cent, and Web-
hallen had a total renewable energy share of 60.1 per
cent.
NetOnNet uses green electricity at all properties where
the company is free to decide the electricity supplier.
LED-lightning was installed a few years back in all our
stores in Sweden. For the stores in Norway this is still in
process. Going forward, NetOnNet aims to increase its
share, and will look into the possibilities of solar panels
going forward.
Key gurures energy
Category Unit Total group Komplett NetOnNet Webhallen
Scope 1
Transportation total MWh 389.5 29.9 359.6 -
Refrigerants total MWh - - - -
Scope 1 total MWh 389.5 29.9 359.6 -
Scope 2
District heating location total MWh 5734.1 - 4 315.3 1 418.8
Electric vehicles total MWh 6.7 - 6.7 0
Electricity total MWh 12 388.8 4 623 6 314.7 1 451.1
Scope 2 total MWh 18 129.7 4 623 10 636.7 2 869.9
Total energy MWh 18 519.1 4 652.9 10 996.4 2 869.9
GJ 66 668.9 16 750.3 39 586.9 10 331.7
Scope 1 renewable energy MWh 53.2 - 53.2 -
Scope 1 renewable energy share % 13.6% - 14.8% -
Scope 2 renewable energy MWh 11 899.7 3 513.5 6 662.5 1 723.7
Scope 2 renewable energy share % 65.6% 76% 62.6% 60.1%
Total renewable energy MWh 11 952.9 3 513.5 6715.7 1 723.7
Total renewable energy share % 64.5% 75.5% 61.1% 60.1%
Percentage change
8%
Komplett sources about 8 per
cent of its energy in Norway from
renewable solar energy, gener-
ated by its installed solar panels
at its warehouse in Sandefjord.
KOMPLETT ASA ANNUAL REPORT 2022
82
SUSTAINABILITY REPORT
| FEWER RETURNS
– LESS TRANSPORTATION
The high return rate within the e-commerce
business is receiving increased public attention
because of its negative climate impact. Komplett
Group strives to reduce the return rate to a mini-
mum serving both our business and the environ-
ment by reducing our emissions. This requires us
to ensure that our customers receive the correct
products with the expected standard and qual-
ity. Detailed descriptions of our products, along
with reviews from other customers, play a part in
maintaining low return rates.
Return rates
MWh 2022 2021
Komplett 2.1% 2.1%
Webhallen 2.0% 2.2%
NetOnNet 3.6% 3.3%
KOMPLETT ASA ANNUAL REPORT 2022
83
SUSTAINABILITY REPORT
KOMPLETT ASA ANNUAL REPORT 2022
84
SUSTAINABILITY REPORT
| KOMPLETT TOLERANCE
Our employees contribute to the continuous development and growth of our company, and their safety
and well-being are key to our success. It is our top priority that our employees feel responsibility,
security, and motivation. We want to be an employer where managers, in their respected role, create
the conditions for employees’ development and success.
We strive to be a driving force for safety, equality, and
diversity. Through our strategic principle of tolerance,
these are integral to our sustainability strategy and are
implemented throughout the entire Komplett Group.
Promoting these principles commits us to ensure diver-
sity and safety in our organisation and to actively work to
include people with different backgrounds, characteris-
tics, and experiences. We continually strive to create and
maintain an inclusive and uplifting work environment that
ensures motivated, active, and healthy employees who
are committed to our vision and values.
As a group that relies on many suppliers, some from
regions with a higher risk of human and labour rights vio-
lation, we recognise that we have an important responsi-
bility to manage and document our social impact beyond
our own direct operations.
Promoting digital inclusion is another important part
of our sustainability strategy, as we see it as crucial to
creating equal opportunities for all groups in society.
Through innovative solutions and our position as the
leading online retailer of electronic products in Scandi-
navia, we aim to make technology and digital services
accessible to all.
Komplett Group aspires to be a desired employer with
high integrity, both internally and externally. To achieve
this, we work systematically to create a good and safe
working environment for all our people in our supply- and
value chain, and to ensure that we always act ethically as
a company.
| EMPLOYEE HEALTH
The health, safety and wellbeing of our employees is of
paramount importance to Komplett Group. Our occupa-
tional health and safety management systems are being
developed on an on-going basis. Through regular training
and development of routines and procedures, Komplett
Group actively works to prevent harm and promote health
at work.
Our warehouse routines and mitigation efforts are reg-
ularly assessed to secure the safety and welfare of
employees. Non-conformities are reported and man-
aged, and measures are taken to prevent similar inci-
dents in the future.
HEALTH AND SAFETY
NetOnNet has an ambition to have a sick leave per cent-
age below 5.5 per cent , Komplett 4 per cent and Webhal-
len below 6 per cent in 2023.
The Covid 19 pandemic continued to impact our lives
and work environment in early 2022. It was important to
maintain the safety measures implemented in 2020 and
2021 to prevent contagion and illness among our employ-
ees. All administrative tasks were delegated to the home
oces during the most restrictive times of the year to
maintain normal operations and protect our critical oper-
ations from further infections. During the course of the
year, however, we are pleased that the impact of the pan-
demic on our business and people decreased, and we
were able to return to normal operations.
KOMPLETT ASA ANNUAL REPORT 2022
85
SUSTAINABILITY REPORT
At Komplett Group we are systematically striving to
reduce occupational and health-related risks. Komplett,
Webhallen and NetOnNet have occupational health and
safety policies and guidelines based on national laws
and emphasise the managers’ obligation to act respon-
sibly. Our managers are responsible for ensuring that
all internal policies and legal requirements for occupa-
tional health and safety are complied with. Each of our
locations have health and safety representatives who,
in cooperation with managers, regularly review work-
ing conditions to ensure the safety and well-being of our
employees. The risk of occupational accidents in the
Komplett Group is highest in logistics and in our ware-
houses, where vehicles and several people are in circula-
tion.
Komplett Group’s warehouse routines and risk miti-
gation measures are regularly reviewed to ensure the
safety and well-being of our employees. Occupational
health and safety issues are discussed on a regular basis
in various committees, as well as with works council
representatives, safety representatives and manage-
ment representatives at the various levels of the com-
pany. In addition, health and safety training is part of the
on-boarding process.
Komplett Group has established whistleblower programs
in each subsidiary. To allow for anonymous reporting, the
group has one anonymous whistleblower channel in each
subsidiary. At Komplett and NetOnNet the channels are
managed by independent third parties. For more informa-
tion on our whistleblower program, see page 63.
Komplett’s work on safety is led by a protection commit-
tee consisting of managers and employees from different
areas of the company and meets quarterly. Violations are
reported and addressed on an ongoing basis, and meas-
ures are taken to prevent similar incidents in the future.
All warehouse employees are required to wear safety
shoes, and Komplett provides in-house training on equip-
ment and forklift operator requirements. All deviations
are registered in the management system TQM, where an
email is sent to the responsible manager who must close
any deviations. Komplett is a member of the Occupational
Health Services and provides health insurance for its
employees and a massage therapist in the workplace.
Webhallen has integrated injury reporting systems in
its warehouses. Webhallen currently uses ADAPT as its
system for reporting health and injury incidents. These
reports are sent to safety representatives and manage-
ment. Webhallen’s injury risk assessments are reviewed
two to three times a year. For each reported case, Web-
hallen creates an action plan for its warehouses to pre-
vent repetitive and frequent injuries.
In 2022, Webhallen conducted a comprehensive and
thorough review of re safety in all its stores. All manag-
ers, safety representatives, and leaders receive annual
training on re safety and routines.
In 2023, Webhallen plans to conduct an overall risk
assessment and implement routines to improve how it
communicates its policies to its employees. All manag-
ers will be trained in SAM (systematiskt arbetsmiljöar-
bete) and labour law. Webhallen will continue to roll out
its SAM action plan with training, appointing safety rep-
resentatives and regular health and safety check-ups
throughout the year.
Webhallen’s system ADAPT will serve as an enabler and
regulator in ensuring it complies with existing laws and
regulations.
In 2022, NetOnNet converted its HR system and digitised
several of its HR and payroll processes through SD Worx.
Digitising these processes has allowed the company to
reserve more time in 2022 and future years for value-cre-
ating tasks. NetOnNet’s HR policy is primarily a support
for managers and summarises how NetOnNet works
with a wide range of HR-related issues, from recruit-
ment, employee health, diversity and inclusion to targets,
skills development and working conditions. All NetOn-
Net’s employees have received training on these policies.
All truck drivers must undergo training each year, where
they are obliged to conduct an assessment with the
safety representative each year. In addition, all NetOn-
Net’s employees have participated in workshops to famil-
iarise themselves with and sign its Code of Conduct.
Good leadership is an important tool in creating a good
work environment where employees can develop and
thrive. NetOnNet’s leadership is relationship-based and
insight-driven. Leaders must build relationships with
KOMPLETT ASA ANNUAL REPORT 2022
86
SUSTAINABILITY REPORT
their own employees by being responsive to them and
caring about their personal and professional well-being.
All leaders and managers meet three times per year to
discuss the work environment. This is complemented by
weekly surveys of all employees on how they experience
their work situation through Winningtemp.
NetOnNet continuously works on risk assessment related
to health, safety, and well-being. All serious workplace
accidents and risks are addressed and evaluated. The
system applies to all of NetOnNet’s organisational units in
Norway and Sweden.
In the case of any organisational changes, both Webhal-
len and NetOnNet conduct thorough risk assessments,
including looking at the pace of changes, how this affects
the relevant department, cooperation between depart-
ments, safety, and consequences for the work environ-
ment. These risk assessments are conducted and applied
by management, HR and safety representatives.
EMPLOYEE SATISFACTION
Komplett Group values feedback from our employees
and believes we can use this information to ensure our
employees thrive in the workplace.
To engage with our employees and measure employee
satisfaction, Komplett Group makes use of the AI soft-
ware Winningtemp. The tool helps us measure indicators
such as leadership, employee satisfaction, work situa-
tion, and personal development, and serves as a channel
for feedback. Surveys are sent to all employees regularly.
KOMPLETT ASA ANNUAL REPORT 2022
87
SUSTAINABILITY REPORT
Rating of employee satisfaction:
Komplett Webhallen NetOnNet
Average rating 7.4 out of 10 7.3 out of 10 7.3 out of 10
Change from 2021 - N/A* +6.9%
Response rate 86% 72% 53%
* Winningtemp was introduced in April 2021
Webhallen is pleased to report increased score on
“Team feeling" from 7.8 to 8.2 and “Personal develop-
ment” from 6.1 to 6.6. Its NPS score has also increased
from –5 to 11. The average score of Webhallen has
increased by 0.4 in each measured category compared
to the previous year. To improve its scores in 2023, Web-
hallen plans to conduct an additional employee sur-
vey, followed by customised action plans for each team
and manager. This process will be repeated annually to
track progress. The company is particularly focused on
improving in the area of "Personal development" in Win-
ningtemp, but also aims to improve in other areas.
Both at Komplett and NetOnNet “Team feeling” is one of
the categories that consistently receives high scores
from employees during annual check-ins (8.1 out of 10).
We continuously work to improve the response rate in
all our subsidaries, and NetOnNet has initiated a project
in order to increase the response rate in 2023. The data
obtain from the employee surveys are systematically
reviewed and appropriate measures are taken to continu-
ously improve the work environment.
Komplett established the Komplett Employee Advisory
Board in 2021. The role of the Employee Advisory Board
is to provide input from our employees and implement
actions that have been agreed upon with the manage-
ment team. Employees at all levels of Komplett's busi-
nesses are involved in and can identify with the 2025
Corporate Strategy. Komplett's aim is to improve the
overall satisfaction, commitment, and well-being of its
employees. Komplett's work with this board has contin-
ued in 2022, and it is committed to use the group's stra-
tegic principles to translate these responses into action
items for 2023.
FREEDOM OF ASSOCIATION
An important prerequisite for the well-being and safety
in our organisation is respect for the fundamental human
rights of our employees. Komplett Group fully supports
the right of workers to freedom of association and col-
lective bargaining as enshrined in the International
Labour Organisation’s Core Convention. Operating in a
labour-intensive industry, we understand and recognise
the importance of unions in protecting the rights of our
workers and creating a cooperative and safe work envi-
ronment.
In 2022, 64 employees in Komplett were unionised and
a total of 124 employees were covered by collective bar-
gaining agreements in Norway. In Sweden, employees
are aliated with the Unionen (administrative employ-
ees) and Handels unions (store and warehouse employ-
ees), while in Norway employees are aliated with the EL
& IT Forbundet and Fellesforbundet. Komplett Group is a
member of the employer associations NHO Service, Virke
(in Norway) and Svensk Handel (in Sweden).
| AN IMPORTANT PREREQUISITE FOR
THE WELL-BEING AND SAFETY IN
OUR ORGANISATION IS RESPECT
FOR THE FUNDAMENTAL HUMAN
RIGHTS OF OUR EMPLOYEES.
KOMPLETT ASA ANNUAL REPORT 2022
88
SUSTAINABILITY REPORT
| DIVERSITY AND INCLUSION
Komplett Group is committed to being a preferred
employer and to providing equal opportunities at all lev-
els of our organisation. We always seek to ensure that
our employees enjoy their work and feel valued for what
they do. As a company that is constantly looking to grow
and improve its services, we value diversity as essential
to developing new ideas and solutions that will lead our
company into the future. Moreover, we welcome people
who have fallen on the outside a way back into working life
where they can develop and thrive. We welcome people
with different backgrounds and ways of thinking to cre-
ate a dynamic and organic work environment where our
employees feel comfortable and thrive. Discrimination or
harassment based on gender, nationality, ethnicity, lan-
guage, sexual orientation, age, or religious and political
beliefs will not be tolerated in any part of our organisation.
Our zero-tolerance policy is reected in the fact that no
incidents of discrimination were reported in 2022.
To actively work to promote diversity and inclusion, as
well as develop and retain existing skills and attract quali-
ed employees, Komplett Group offers competitive com-
pensation packages. We offer good insurance schemes
and a comprehensive human resources policy. We believe
that the combination of competitive compensation and
comprehensive policies that promote a positive and
engaging environment makes us a desired employer.
At 31 December 2022, Komplett Group had a total of 1 955
permanent employees, a signicant increase from a total
of 755 in 2021. The signicant increase from last year is
mainly due to the inclusion of NetOnNet in the gures.
Total number of employees in 2022
Head count*
Komplett 363
NetOnNet 1 278
Webhallen 287
Ironstone (72.15% ownership) 27
Total 1 955
* Full-time employees in average during 2022.
KOMPLETT ASA ANNUAL REPORT 2022
89
SUSTAINABILITY REPORT
Our team continues to grow and develop. Throughout
2022, Komplett Group welcomed 205 new employees, 138
men and 67 women. The average turnover rate in our sub-
sidiaries was 24 per cent in 2022.
Parts of our business, particularly logistics and cus-
tomer service, are subject to signicant seasonal and
volume-related uctuations. As a result, we rely on the
support of temporary staff during the busiest times of
the year. In total, the group had 328 temporary employees
hired during 2022.
Collecting HR data from various departments has been
challenging in previous years due to an outdated system
that required manual calculations. To address this, Kom-
plett Group implemented the CatalystOne HRM system
in September 2022, solving many of the previous chal-
lenges, despite still being in the early implementation
phase.
Komplett:
27%Women 73%Men
NetOnNet:
35%Women 65%Men
Webhallen:
29%Women 71%Men
| KEY DIVERSITY FIGURES FOR KOMPLETT GROUP 2022 (HEAD COUNT)
1 955
Employees
total
205
New
hires
AGE DISTRIBUTION
OF NEW HIRES:
Age <30 119
Age 30-50 82
Age 50+ 4
KOMPLETT ASA ANNUAL REPORT 2022
90
SUSTAINABILITY REPORT
328Employ-
ees
temporary
EQUALITY AND DIVERSITY
In 2022, the average share of female employees in Kom-
plett Group was 32 per cent, which represents an increase
of 5 percentage points from 2021. The increase is due to
the higher share of women in NetOnNet. The gender imbal-
ance is mainly due to several departments, such as ware-
housing and logistics, being traditionally considered male
domains. However, the imbalance varies between depart-
ments; in some areas of our business, particularly in
administrative positions, women and men are equally rep-
resented. Obtaining an improved gender balance will be
an important focus area for the subsequent years for the
group.
Komplett supports and participates in the SHE Index ini-
tiative to contribute to transparency in gender equality.
Komplett’s operation in Norway received a high SHE-
score for the year 2022, with an increase of 12 points
compared to the previous year.
At Komplett Group, we strive to encourage both parents
to use their available parental leave. We believe that by
providing good conditions for parental leave, we facilitate
the phase of life adjustment and enable an equal every-
day life that allows both parents to play a caring role in
the family. In 2022, a total of 115 employees took paren-
tal leave, including 135 men and 95 women. The aver-
age number of weeks of parental leave was 36 weeks for
women and 12 weeks for men.
| WE STRIVE TO ENCOURAGE
BOTH PARENTS TO USE THEIR
AVAILABLE PARENTAL LEAVE.
Pay gap statistics in our subsidiaries 2022:
Komplett Webhallen NetOnNet
At Komplett, male employees earn
on average 1.3 per cent more per
year than female employees, not
including CEO compensation. This
must be seen in the context of the
gender distribution in the company.
Women tend to hold more
administrative positions, while
men make up a larger proportion
in our warehouse and logistics
departments.However, when
looking at management levels (L1-
L3), women earn on average 7.3 per
cent more than men.
In line with its commitment to
promoting fair and equitable
compensation practices,
Webhallen has set a goal to
conduct a comprehensive analysis
of salaries in 2023. This analysis
will provide a more complete
overview of the company’s
compensation practices and allow
for the identication of any areas in
need of improvement.
Based on the ndings of this
analysis, Webhallen will take
necessary initiatives and actions to
ensure that its employees are fairly
and equitably compensated. This
includes addressing any gender,
racial, or other disparities that
may be present in the company’s
compensation practices.
NetOnNet has a strong focus on
gender equality. On an overall level,
NetOnNet consists of 35 per cent
women and 65 per cent men. At
management level, the balance is
38 per cent women and 62 per cent
men.
As part of NetOnNet’s work on
equality, it updated its hiring policies
in 2021. NetOnNet also implemented
a sustainable recruitment training
program in 2022, where equality
is a central focus. This includes
recruitment guidelines with the
overall goal of balanced workgroups,
meaning that at least one member of
the underrepresented gender of the
workgroup being recruited should
be among the nal candidates.
However, nal hiring decisions
are always made based on how
candidates will strengthen the
company by meeting short- and
long-term needs.
KOMPLETT ASA ANNUAL REPORT 2022
91
SUSTAINABILITY REPORT
For further information about diversity and inclusion in
Komplett Group
1
, see "Number and statistics" on page 98.
DIGITAL INCLUSION
As a leading provider of digital technologies in Scandi-
navia, Komplett Group uses its position to promote dig-
ital inclusion. We continuously work on innovations and
well-designed services, and occationally introduce initia-
tives to include all groups in society.
The group works to develop its websites in line with uni-
versal design. Universal design is based on the idea that
services should be accessible to everyone, regardless
of age, functional ability, or education. We have already
appointed a Universal Design Lead among our developers
and have held workshops to provide insight and aware-
ness. Our goal is to be a leader in universal design and
keep availability as part of our digital inclusion strategy.
1 Komplett Group is present in both Sweden and Norway and different legal framework applies when it comes to equality and inclusion in Norway and Sweden.
Komplett Norway,i.e. Komplett Services AS, has initiated a process to report on its systematically work to promote diversity and combat discrimination following
the the four mandatory steps outlined in Norwegian law, in the Equality and Anti-discrimination Act: (1) risk assessment, (2) analysis of identied risks, (3)
implementation of appropriate measures, and (4) evaluation of results from steps 1-3.. The statement will be posted at the company’s website.
We promote gaming as an important arena for learning,
development, and social networking where everyone
should be able to participate. As one of the largest suppli-
ers of gaming equipment, Komplett Group invests heavily
in gaming and e-sports in the Nordic countries. We want
to use our position to counteract the negative image of
gaming in many parts of society by showing that gaming
is an important activity with a positive impact on the lives
of many people.
Another important aspect of this issue is ensuring a gen-
der-equal gaming and esports environment. The number
of female gamers is still signicantly lower than that of
men, and many girls and women who participate in gam-
ing are subject to prejudice and harassment. Komplett
Group is committed to using its position to create a safe
and welcoming space for all who want to participate in
gaming. As part of our philanthropic work, gaming makes
an important contribution. Our annual initiatives include
“Gamers against Cancer’’ in Norway and “Webhallen festi-
val” in Sweden.
KOMPLETT ASA ANNUAL REPORT 2022
92
SUSTAINABILITY REPORT
| COMPETENCE DEVELOPMENT
Komplett Group believes that skills enhancement is an
important prerequisite for a successful business. The ben
-
ets are twofold: It is an important requirement for the
well-being of our employees to develop and challenge them
-
selves, and it is an important investment in our company.
At Komplett Group, training our employees is critical to
ensure they are adequately prepared for their role as part
of the team. In addition to mandatory safety training and
new employee onboarding, we offer training courses in
GDPR, ergonomics, customer management, and sales
to all employees who wish to improve and expand their
knowledge. All employees are offered courses on the
company’s environmental policy.
Training and education can not only motivate our employ-
ees, but also build the necessary skills within the com-
pany. Komplett’s Logistics School was established in
2019 together with its external partner Fønix. It has also
developed a modular logistics course for the purchasing
department.
Komplett is in the planning phase of establishing a pro-
gram for identifying and developing talents in the organi-
sation. The program will be developed in 2023.
As part of its initiatives in our local community of San-
defjord, Komplett has been working with Sandefjord High
School since 2014 as part of the 4S partnership, in offer-
ing apprenticeships for students. The students, who typi-
cally start at the age of 15-16, are given the opportunity to
work as apprentices in various areas of the company for
two years. In 2022, two apprentices passed their appren-
ticeship exams, and Komplett still has four apprentices
who will continue their training until 2023. By partici-
pating in the program, students earn a general univer-
sity entrance qualication or a vocational qualication in
sales and oce administration.
Webhallen has implemented several arenas for employee
skills development and will launch new skills develop-
ment programs in 2023, such as sales trainings, leader-
ship trainings and trainee programs.
All employees will have a unique development plan,
related to their work. This plan will be reviewed and fol-
lowed up regularly during the year and revised annually.
A new onboarding process is being implemented to
ensure the best possible employee experience. The rou-
tine includes both administrative, informative and inclu-
sive actions.
Throughout Webhallen’s organisation, it conducts per-
formance appraisals for all employees and talent assess-
ments at various levels through our HRM. In the second
half of 2022, it also set out to track these talent reviews
more closely. Webhallen has integrated processes for
offboarding, which include “exit conversations” as a ser-
vice to the employees. This has proven to be helpful as
the company is dominated by many younger employees
who can use the feedback from exit conversations as
they take on new roles in the future.
Through Webhallen’s Internal Warehouse Leadership
Program, all warehouse employees can receive training
to become team managers. This program is implemented
to secure succession and nd and evaluate talents in real
working environments. Additionally, this is an effective
method to ensure that it has enough highly skilled leaders
during peak periods. Webhallen is also looking forward
to the launch of its online leadership training program,
which will be rolled out to all managers in 2023.
Continuous skill development is important to NetOnNet,
and all systems, onboarding programs and other training
programs apply to all employees, regardless of their posi-
tion. A digital learning platform was introduced in 2021. At
this learning platform, employees have access to a digital
course catalogue that NetOnNet is constantly adding new
courses to. Through this tool, NetOnNet has digitised its
onboarding program, dened training requirements, and
held digital lectures.
NetOnNet has thorough onboarding processes, where all
new employees undergo mandatory onboarding courses,
depending on their position. Through its HR-system, a
full list of checkpoints is sent to their manager with a pro-
gram for their onboarding. Additionally, all new employ-
ees are also included in its Winningtemp systems. All
employees have access to how NetOnNet works with
these issues through the company’s intranet.
In 2022, NetOnNet launched its sustainable development
training program. The company’s skills development
routines are complemented by cycles of conversations
in which it carries out annual conversations with all its
employees. In these conversations, the work situation as
well as goals and development are discussed, and at least
one skills development goal must be dened.
KOMPLETT ASA ANNUAL REPORT 2022
93
SUSTAINABILITY REPORT
| AT KOMPLETT GROUP, TRAINING OUR EMPLOYEES
IS CRITICAL TO ENSURE THEY ARE ADEQUATELY
PREPARED FOR THEIR ROLE AS PART OF THE TEAM.
KOMPLETT ASA ANNUAL REPORT 2022
94
SUSTAINABILITY REPORT
| COMMUNITY ENGAGEMENT INITIATIVES
At Komplett Group, we are dedicated to giving back to our
communities and contributing to society. We aim to con-
tribute to the development of local communities through
offering jobs, supporting local businesses and initiatives
and by trying to be good neighbours.
Managers at Komplett lecture at Gokstad Akademiet,
a lifelong education academy near our headquarter.
Every year, employees may apply for funding for activi-
ties (sports clubs etc) they are involved in from “Komplett
sponsorfond” (sponsorship”). Broad and visible engage-
ment in our local community is our focus going forward.
Komplett initiated a project in the early days of the war
in Ukraine, collaborating with Fabres (its subsidiary in
Poland) and the Ukrainian Association of Eastern Norway.
The following actions were taken:
Fabres collected returned equipment such as PCs,
mobile phones, power banks, etc. worth approximately
NOK 100000. The employees from Fabres personally
travelled to Ukraine to deliver this equipment to local
aid organisations.
The Ukrainian Association of Eastern Norway, in col-
laboration with the Ukrainian embassy and Norwegian
Ukraine Aid, requested donations. Komplett sent its
Private Label products (ashlights, headlamps, power
banks, batteries, etc.). Additionally, the company
donated a total of NOK 1 036 560 to Ukraine to aid vic-
tims of the war.
Webhallen’s project Streamhjälpen was introduced to
take a stand to reduce inequality and contribute to digi-
tal inclusion in gaming. The purpose of the initiative was
to collect donations in terms of games and consoles
for organisations working with vulnerable children and
youth. This included kindergartens, sheltered housing,
and hospitals where children do not have the opportunity
to participate in digital play.
In December, Streamhjälpen 2022 raised SEK 770020 for
"En tryggere barndom". Overall, the project has collected
SEK 3509756 from 2017 to 2022. Additionally, Webhallen
donated christmas presents to Bymisjonen in Oslo and
Stadsmissionen in 2022.
NetOnNet has decided to donate to a charity project every
year instead of Christmas gifts to employees. The previ-
ous years the chosen project has been MIND, a non-prot
organisation promoting, supporting, and educating the
public on mental health issues. MIND operates online
chats and phone lines for different mental health issues
and groups in the society.
KOMPLETT ASA ANNUAL REPORT 2022
95
SUSTAINABILITY REPORT
| GAMERS AGAINST CANCER
Komplett's Black Week charity initiative, “Gamers
against Cancer”, was established in 2020. The
community aims to raise money for the Child-
hood Cancer Society in Norway, an organisation
that contributes to the ght against childhood
cancer.
In 2022, Komplett continued the success of pre-
vious years. During “Black Week” several of Nor-
way’s top gaming inuencers joined Komplett for
a livestream from its studio in Sandefjord. The
campaign also has an educational aspect, as rep-
resentatives from the Childhood Cancer Society
participated during the event, providing infor-
mation on current research, and on the areas of
the organisation that the funds will support. Fur-
ther, its suppliers also supported the initiative
by donating money to the cause and products as
giveaways.
Komplett's yearly Black Friday Live Stream is its
biggest stream with a total of 42 300 viewers. It
is therefore the best occasion to raise the most
donations for this cause. At its peak, 3 555 view-
ers were streaming at the same time. The event
raised NOK 1.9 million for the Childhood Cancer
Society in the course of the 54-hour livestream
event.
| WEBHALLEN FESTIVAL
Webhallen has arranged several e-sport tourna-
ments, in collaboration with the digital culture
centre SPACE. It’s a Corporate Social Respon-
sibility activation, which is conducted together
with schools from the Stockholm metropolitan
area. The participants learn how to code ses-
sions at SPACE academy, and events are con-
ducted in Webhallen’s stores.
SPACE is a digital cultural centre in the heart of
Stockholm. A physical meeting place for the dig-
ital generation. Here, some of the most impor-
tant ingredients in digital culture are combined
- gaming, music, content creation and digital
know-how, all under the same roof. An inclusive
house where people can meet, collaborate and
create together - a community where new forma-
tions and business ideas take off.
KOMPLETT ASA ANNUAL REPORT 2022
96
SUSTAINABILITY REPORT
| PLANS AND AIMS GOING FORWARD
Komplett Group will continue to invest and take greater responsibility for how our customers use their
electronics. We aim to make it easier to return expired products, and we will continue to identify and
test how we can contribute more to closing the material loop with full product life cycles. We aim to set
high goals for recycling to contribute to slowing down and closing resource ows. We strive to reduce
the environmental footprint caused by production of products and packaging.
Going forward, Komplett Group will increase the efforts
to reduce our climate footprint. Continuing to map our
emissions and monitoring progress, are the rst steps
towards identifying appropriate action areas to reduce
our GHG emissions further. We acknowledge that we still
have much work to do to secure high-quality data, and
our reporting process this year has demonstrated the
need to establish structured data collection routines.
We will continue identifying solutions for ecient trans-
port, while also actively engaging with our transportation
suppliers to establish and uphold environmentally con-
scious transport standards throughout our value chain.
We will further develop our environmental management
system, and engage with our stakeholders on initiatives
to reduce the climate impact of our entire value chain.
Komplett, Webhallen and NetOnNet all have different
strengths on tolerance work, and we look forward to see-
ing how we can implement the work in these areas into
the other businesses. We believe this is an effective
way for us to strengthen our position, both as a desired
employer and as a responsible social actor.
Komplett recognises the importance of updating its code
of conduct to ensure it is compliant across our entire
value chain. This collaborative effort is planned for 2023
and will be done in collaboration with NetOnNet, who has
extensive experience in this area.
With the enforcement of the newly established Transpar-
ency Act in Norway, we continue to focus our efforts on
increasing transparency and overview at all stages of our
value chain to safeguard the people who are impacted
by our business. Komplett Group’s board of directors
has delegated responsibility and adopted plans to imple-
ment the Norwegian Transparency Act and guidelines for
the entire group, including our subsidiaries. While legis-
lation may vary across the Nordic countries, we remain
fully committed to promoting a value chain that priori-
tises human and labor rights in all of our operations in all
regions.
Going forward, we will seek to strengthen our work with
sustainability reporting and draw on the knowledge and
experience of the subsidiary companies.
For more information about sustainability in Komplett
Group and the sustainability reporting, please contact:
Komplett Group: Kristin Hovland, head of
communications.
E-mail: kristin.hovland@komplett.com
Komplett: Daniel Hauan, communications manager.
E-mail: daniel.hauan@komplett.com
Webhallen: Åsa Lundberg, communications manager.
E-mail: asa.lundberg@webhallen.com
NetOnNet: Kristina Wärmare, head of communications
and sustainability.
E-mail: kristina.warmare@netonnet.com
| WE WILL ENGAGE WITH OUR
TRANSPORTATION SUPPLIERS
AND DEVELOP STANDARDS FOR
ENVIRONMENTALLY CONSCIOUS
TRANSPORT SOLUTIONS IN OUR
VALUE CHAIN.
KOMPLETT ASA ANNUAL REPORT 2022
97
SUSTAINABILITY REPORT
| APPENDIX
| NUMBERS AND STATISTICS
Unit Total group Komplett NetOnNet Web hallen 2021
2)
EMPLOYMENT
1)
Employees in Komplett Group
Total employees Head count
3)
1 928 363 1278 287 755
Number of permanent employees Head count 1 580 343 961 276 682
Of which are full time Head count 1 014 329 530 155 497
Of which are part time Head count 566 14 431 121 185
Number of temporary employees Head count 328 0 317 11 22
Of which are full time Head count 46 0 46 0 4
Of which are part time Head count 282 0 271 11 18
Number of total management positions Head count 158 50 79 28 48
Number of trainees Head count 4 4 0 0 6
New hires
Total Head count 205 42 99 64 135
Women Head count 67 9 31 27
Men Head count 138 33 68 37
By age group
Age <30 Head count 119 21 60 38
Age 30-50 Head count 84 20 39 23
Age >50 Head count 4 1 0 3
Total man-years by region
Total
FTE 1 222
Norway FTE 367 326 41 0
Sweden FTE 831 15 621 195
China FTE 23 0 23 0
Turnover
Total Per cent of total
(head count) 24% 15% 22% 35% 18%
Women Per cent of total
(turnover) 28% 18% 34% 31%
Men Per cent of total
(turnover) 61% 82% 66% 35%
1) These gures excludes the employees from Ironstone. The average FTE from Ironstone during 2022 was 29 and the average number of full time employees was 27.
2) Numbers from 2021 are not directly comparable with 2022 gures, due to all companies being included for the rst time in 2022.
3) Head count gures and FTE gures are based on average employees and man-years through the year.
KOMPLETT ASA ANNUAL REPORT 2022
98
SUSTAINABILITY REPORT
Unit Total group Komplett NetOnNet Web hallen 2021
*
Turnover by age group
Age <30 Per cent of total
(turnover) 42% 20% 50% 56%
Age 30-50 Per cent of total
(turnover) 53% 71% 47% 43%
Age >50 Per cent of total
(turnover) 5% 10% 4% 1%
Turnover by region
Norway Per cent of total
(turnover) 24% 15% 32% n/a
Sweden Per cent of total
(turnover) 25% 19% 22% 35%
DIVERSITY AND EQUALITY*
Gender balance
Total female employees Per cent of total
(head count) 32% 27% 35% 29% 27%
Full time positions Per cent of total
(head count) 24% 26% 22% 32% 38%
Part time positions Per cent of total
(head count) 28% 50% 17% 17% 33%
Management positions Per cent of total
(head count) 34% 30% 38% 31% 31%
Age distribution*
Age <30 Head count 493 66 388 39 73
Age 30-50 Head count 776 236 501 39 250
Age >50 Head count 115 42 72 1 42
Parental leave
Employees in parental leave (women) Head count 95 11 81 3 16
Employees in parental leave (men) Head count 135 14 109 12 12
Average weeks parental leave (women) SWE Head count 36 22 14 n/a 14
Average weeks parental leave (men) SWE Head count 12 6 6 n/a
Average weeks parental leave (women) NO Head count 34 11 23 n/a 8
Average weeks parental leave (men) NO Head count 21 10 11 n/a
Pay gap (salary ratio women to men)
Total employees Per cent 101% 100% - (11%)
Executive committee Per cent 45% - - (26%)
Management Per cent 107% - - (2%)
* Numbers from 2021 are not directly comparable with 2022 gures, due to change all companies being included for the rst time in 2022.
KOMPLETT ASA ANNUAL REPORT 2022
99
SUSTAINABILITY REPORT
Unit Total group Komplett NetOnNet Web hallen 2021
2)
HEALTH AND SAFETY
Estimated man hours Amount 1 035 274 668 389 - 366 885 1 035 853
Sick leave Per cent 6% 5% 6% 7% 4%
Work related Injuries Amount 20 - 12 8 -
Work related Injuries leading to long-time sick
leave (>6 months) Amount 1 - 1 - -
Fatalities Amount - - - - -
Unit Total group Komplett NetOnNet Web hallen 2021
2)
Total emissions (tCO
2
e) tCO
2
e 5 083 1 525.2 3174 380 4 540
Scope 1
Transportation and refrigerants tCO
2
e 102 8 95 n.a. 24
Scope 2
Electricity tCO
2
e 347 120 - 38 235
District heating (Sweden) tCO
2
e 285 n.a 221 64 17
Electric veichles n.a 189 n.a
Scope 3
Upstream transportation and distribution tCO
2
e 2 787 236 2 529 23 3 091
Waste tCO
2
e 121 72 28 19 49
Business travel tCO
2
e 58 30 28 n.a. 18
Fuel-and-energy-related activities tCO
2
e 128 10 84 34 n.a
Purchased goods and services tCO
2
e 1 253 1 050 n.a. 203 n.a
WASTE
Total waste Tonnes 2 425 896 1 288 241 1 249
ELECTRONIC WASTE
Electronic waste, (incl. EE-waste) Tonnes 228 12 196 20 n.a
PACKING MATERIALS
Plastics Tonnes 226 182 26 19 123
Paper and coardboard Tonnes 889 580 174 134 672
Single-use wood pallets Tonnes 446 114 238 95 276
ENERGY CONSUMPTION
Total energy consumption (scope 1,2) MWh 18 519 16 750 10 997 2 870 9 555
Scope 1 MWh 390 30 360 n.a n.a
Scope 2 (district heating, electric veichles and
electricity) MWh 18 130 4 653 10 637 2 870 n.a
Total renewable energy MWh 11 953 3 514 6 716 1 724 n.a
Total renewable energy share % 65% 76% 61% 60% n.a
* Numbers from 2021 are not directly comparable with 2022 gures, due to change in climate accounting and all companies being included for the rst time in 2022.
KOMPLETT ASA ANNUAL REPORT 2022
100
SUSTAINABILITY REPORT
| GRI-INDEX
GRI universal standard
disclosure number Disclosure title Status Reference/response
General disclosures
GRI 2-1 Organisational details Completed p.4 , 28
GRI 2-2 Entities included in the organisation's sustainability reporting Completed p. 51
GRI 2-3 Reporting period, frequency and contact point Completed p. 51
GRI 2-4 Restatements of information Completed p. 51
GRI 2-6 Activities, value chain and other Completed p. 57
GRI 2-7 Employees Completed p. 37, 89 , 98
GRI 2-8 Workers who are not employees In progress p. 37 , 98
GRI 2-9 Governance structure and composition Completed p. 18-25 , 58
GRI 2-10 Nomination and selection of the highest governance body Completed p. 43-44
GRI 2-11 Chair of the highest governance body Completed p. 18
GRI 2-12 Role of the highest governance body in overseeing the management
of impacts
Completed p. 44 , 58
GRI 2-13 Delegation of responsibility for managing impacts Completed p. 44 , 58
GRI 2-14 Role of the highest governance body in sustainability reporting Completed p.58
GRI 2-15 Conicts of interest In progress p.44
GRI 2-16 Communication of critical concerns In progress 54-55 , 63
GRI 2-17 Collective knowledge of the highest governance body In progress p.18-24
GRI 2-18 Evaluation of the performance of the highest governance body Completed p.38
GRI 2-19 Remuneration policies Completed p.38
GRI 2-20 Process to determine remuneration Completed p.38
GRI 2-22 Statement on sustainable development strategy Completed p. 54-55
GRI 2-23 Policy commitments In progress p. 58-60
GRI 2-24 Embedding policy commitments In progress p. 56-60
GRI 2-25 Processes to remediate negative impacts In progress p. 61
GRI 2-26 Mechanisms for seeking advice and raising concerns In progress p. 63
GRI 2-27 Compliance with laws and regulations Completed p. 64
GRI 2-28 Membership associations Completed p. 88, 99
GRI 2-29 Approach to stakeholder engagement Completed p. 53
GRI 2-30 Collective bargaining agreements Completed p. 88
Material topics
GRI 3-1 Process to determine material topics Completed p. 52-53
GRI 3-2 List of material topics Completed p. 52
GRI 3-3 Management of material topics Completed p. 52-57
Economic performance
201-1 Direct economic value generated and distributed Completed p.114-169
201-3 Dened benet plan obligations and other retirement plans Completed p. 127, 136
Anti-corruption
205-1 Operations assessed for risks related to corruption In progress p. 60
205-2 Communication and training about anti-corruption policies and
procedures
In progress p. 60 , 63
205-3 Conrmed incidents of corruption and actions taken Completed p. 60
Anti-competitive
behaviour
206-1 Legal actions for anti-competitive behaviour, anti-trust, and
monopoly practices
Completed p. 60
KOMPLETT ASA ANNUAL REPORT 2022
101
SUSTAINABILITY REPORT
GRI universal standard
disclosure number Disclosure title Status Reference/response
KOMPLETT PILLARS: CIRCULARITY AND ENVIRONMENT
Materials
301-1 Materials used by weight or volume In progress p. 80-81
301-2 Recycled input materials used Completed p. 70, 72, 74, 76-77
301-3 Reclaimed products and their packaging materials Completed p, 63,
Energy
302-1 Energy consumption within the organisation Completed p. 82, 100
302-2 Energy consumption outside of the organisation In progress p. 82, 100
302-4 Reduction of energy consumption In progress p. 82
Emissions
305-1 Direct (Scope 1) GHG emissions In progress p. 79-81, 100
305-2 Energy indirect (Scope 2) GHG emissions Completed p. 79-81, 100
305-3 Other indirect (Scope 3) GHG emissions In progress p. 79-81, 100
305-5 Reduction of GHG emissions In progress p. 81
Euents and waste
306-2 Waste by type and disposal method Completed p. 69-77 , 100
306-6 Transport of hazardous waste In progress p. 72
Environmental
compliance
307-1 Non-compliance with environmental laws and regulations Completed No cases recorded in 2022
Supplier environmental
assessment
308-1 New suppliers that were screened using environmental criteria In progress for
NetOnNet
p. 65-66
KOMPLETT PILLAR: TOLERANCE
Employment
401-1 New employees hires and employee turnover In progress p. 90
401-3 Parental leave In progress p. 91
Occupational health
and safety
403-1 Occupational health and safety management system In progress p. 86-87
403-2 Hazard identication, risk assessment, and incident investigation In progress p. 86-87
403-5 Worker training on occupational health and safety In progress p. 86-87
403-8 Workers covered by an occupational health and safety management
system
In progress p. 86-87
403-9 Work-related injuries In progress p.86
Training and education
404-2 Programs for upgrading employee skills and transition assistance
programs
In progress p. 93
Diversity and equal
opportunity
405-1 Diversity of governance bodies and employees Completed p. 90-91
405-2 Ratio of basic salary and remuneration of women to men In progress p. 91
KOMPLETT ASA ANNUAL REPORT 2022
102
SUSTAINABILITY REPORT
GRI universal standard
disclosure number Disclosure title Status Reference/response
Non-discrimination
406-1 Incidents of discrimination and corrective actions taken Completed p. 63, 68 , 89. No incidents
recorded in 2022.
Child labour
408-1 Operations and suppliers at signicant risk for incidents of child
labour
Completed for
NetOnNet
p. 68
Forced or compulsory
labour
409-1 Operations and suppliers at signicant risk for incidents of forced or
compulsory labour
Completed for
NetOnNet
p. 68
Human rights
assessment
412-2 Employee training on human rights policies or procedures Completed for
NetOnNet
p. 93
Supplier social
assessment
414-1 New suppliers that were screened using social criteria In progress for
NetOnNet
p. 68
Customer health and
safety
416-1 Assessment of the health and safety impacts of product and service
categories
Completed p. 63-64
416-2 Incidents of non-compliance concerning the health and safety
impacts of products and services
Completed p. 63-64
Marketing and labelling
417-1 Requirements for product and service information and labeling In progress p. 63-64
417-2 Incidents of non-compliance concerning product and service
infprmation and labelling
In progress p. 63-64
417-3 Incidents of non-compliance concerning marketing
communications
In progress p. 63-64
Customer privacy
418-1 Substantiated complaints concerning breaches of customer privacy
and losses of customer data
Completed p. 61-62. No cases recorded
in 2022
Material topic Material topic imprtance SDG GRI disclosure number
Circular business Very high materiality for Komplett and stakeholders SDG 12, 13 301-1, 301-2, 301-3,
306-2, 306-6
Sustainable products
and services
Very high materiality for Komplett and stakeholders SDG 12, 13 301-1, 301-2, 301-3,
306-2, 306-6
Human rights and
decent working
conditions
Very high materiality for Komplett and stakeholders SDG 5, 6, 10 412-2, 416-1, 416-2
Climate and nature
impact
Very high materiality for Komplett, high materiality for stakeholders SDG 12, 13 302-3, 302-4, 305-1,
305-2, 305-4
Employee health Very high materiality for Komplett, high materiality for stakeholders SDG 5, 6, 10 403-1, 403-2, 403-5,
403-8, 403-9
Diversity and inclusion Very high materiality for Komplett, high materiality for stakeholders SDG 5, 6, 10 405-1, 405-2
Business ethics High materiality for Komplett and stakeholders SDG 5, 6, 10 205-1, 206-1, 406-1, 408-1,
409-1, 412-1
Competence
development
High materiality for Komplett and stakeholders SDG 5, 6, 10 404-2
KOMPLETT ASA ANNUAL REPORT 2022
103
SUSTAINABILITY REPORT
KOMPLETT ASA ANNUAL REPORT 2022
104
SUSTAINABILITY REPORT
22
Carbon Accounting Report 2022
Komplett Group
KOMPLETT ASA ANNUAL REPORT 2022
105
SUSTAINABILITY REPORT
33
Content
This report provides an overview of the organization’s greenhouse gas (GHG) emissions, which is an
integrated part of an organization’s climate strategy. Carbon accounting is a fundamental tool in
identifying tangible measures to reduce GHG emissions. The annual carbon accounting report enables
the organization to benchmark performance indicators and evaluate progress over time.
This report includes emissions from Komplett Group including the organizational units Komplett ASA,
NetonNet and Webhallen.
The input data is based on consumption data from internal and external sources, which are converted
into tonnes of CO2-equivalents (tCO2e). The carbon footprint analysis is based on the international
standard; A Corporate Accounting and Reporting Standard, developed by the Greenhouse Gas Protocol
Initiative (GHG Protocol). The GHG Protocol is the most widely used and recognized international standard
for measuring greenhouse gas emissions and is the basis for the ISO standard 14064-I.
2023-03-07
KOMPLETT ASA ANNUAL REPORT 2022
106
SUSTAINABILITY REPORT
44
Carbon accounting 2022
Figure 1: Total GHG emissions per category for 2022
KOMPLETT ASA ANNUAL REPORT 2022
107
SUSTAINABILITY REPORT
66
Komplett Groups´Carbon accounting 2022
Komplett has started the work of calculating their greenhouse gas emissions. This is the first time
Komplett Group reports their emissions on a group level including the organizational unit NetonNet. The
absolute emissions have increased by 543.6 tCO2e from 4539 to 5082.6 tCO2e, which is an increase of
12% compared to the emissions calculated in 2021. Upstream transportation and distribution stand for
the largest share of the emissions (55%) in the carbon accounting for 2022. The second largest category
is Purchased goods and services (emissions from the production of the materials used for packaging)
which stand for 25% of the total emissions. However, it should be noted that the Scope 3 emissions are
not complete or fully mapped and that the distribution of emissions per category is likely to change as
more emission sources are included in the carbon accounting. Komplett Group will continue to work on
expanding Scope 3 to include more emission sources as well as on improving the data quality. This is
fundamental to tracking the emission pathway and increasing the comparability of emissions over time in
order to be able to set fruitful mitigation targets.
The greenhouse gas emissions are distributed to the different scopes accordingly:
• 102 tCO2e (2% share of total emissions) in Scope 1.
• 633 tCO2e (12.4% of total emissions) in Scope 2. This is according to the location-based reporting
method.
• 4 348 tCO2e (85.5% of total emissions) in Scope 3.
Figure 3
: Annual GHG emissions per Scope (tCO2e)
KOMPLETT ASA ANNUAL REPORT 2022
108
SUSTAINABILITY REPORT
77
Scope 1
The emissions in Scope 1 stem from the fuel combustion from leased vehicles as well as refrigerants. The
total consumption of fuel for mobile combustion from transportation in 2022 was 39161 liters, resulting
in emissions of 102 tCO2e from fuel combustion. The fuels used by Komplett Group are petrol and diesel.
Komplett Group has no stationary combustion.
Scope 2
The emissions in Scope 2 stand for 12.4 % of Komplett Groups’ total emissions with a total of
633 tCO2e.
Scope 2
includes emissions from acquired electricity, heat, and cooling. The data points included in
Komplett Groups’ Scope 2 calculations are electricity and district heating and cooling
. The numbers
include data from all units within Komplett Group, i.e., NetonNet, Webhallen and Komplett. The total
consumption of electricity under 2022 was 12 395 554 kWh, resulting in 347.1 tCO2e (location-based
reporting).
The emissions from electricity with a market-based reporting in 2022 are 1921 tCO2e. Komplett Group
purchases electricity from renewable energy for some of its premises (a total of 5080261 kWh). In the
market-based reporting, the emissions covered by GoOs (Guarantees of Origin) are considered 0. The
practice of presenting emissions from electricity consumption with two different emissions factors is
explained further under Scope 2 in Methods and Sources.
Furthermore, the emissions from district heating and cooling stand for 6 % of Komplett Groups total
emissions, 285.2 tCO2e.
Scope 3
Scope 3 rmission sources in 2022 are waste, fuels and energy-related activities, business travel,
upstream transportation, and distribution, as well as purchased goods and services.
W
W
a
a
s
s
t
t
e
e
:
:
Waste stands for 2% of Komplett Group´s total emissions in 2022. The total amount of 241.36
ton waste resulted in 121 tCO2e. The numbers include data from all units within Komplett Group, i.e.
NetonNet, Webhallen and Komplett.
F
F
u
u
e
e
l
l
s
s
a
a
n
n
d
d
e
e
n
n
e
e
r
r
g
g
y
y
-
-
r
r
e
e
l
l
a
a
t
t
e
e
d
d
a
a
c
c
t
t
i
i
v
v
i
i
t
t
i
i
e
e
s
s
:
:
Fuels- and energy-related activities stands for 3 % of Komplett
Group´s total emissions in 2022. The total amount of emissions resulted in 128 tCO2e. Included in this
category are the upstream emissions from the fuel and energy in Scope 1 and 2. The numbers include
data from all units within Komplett Group, i.e., NetonNet, Webhallen and Komplett.
B
B
u
u
s
s
i
i
n
n
e
e
s
s
s
s
t
t
r
r
a
a
v
v
e
e
l
l
:
:
Business travel stands for 1 % of Komplett Group´s total emissions in 2022. The total emissions from
business travel in 2022 were 58.3 tCO2e, whereof 32.4 tCO2e from air travel, 25.9 tCO2e from millage
KOMPLETT ASA ANNUAL REPORT 2022
109
SUSTAINABILITY REPORT
88
allowance and close to 0 tCO2e from train. The numbers include data from NetonNet and Komplett, but
not Webhallen.
U
U
p
p
s
s
t
t
r
r
e
e
a
a
m
m
t
t
r
r
a
a
n
n
s
s
p
p
o
o
r
r
t
t
a
a
t
t
i
i
o
o
n
n
a
a
n
n
d
d
d
d
i
i
s
s
t
t
r
r
i
i
b
b
u
u
t
t
i
i
o
o
n
n
:
:
The category upstream transportation and distribution
stands for the largest share of Komplett Group’s total emissions in the accounting year 2022, namely of
55 %. The total emissions from upstream transportation and distribution in 2022 was 2,787 tCO2e.
Emissions data were received directly from suppliers and include transports for NetonNet, and part of
Webahallens and Kompletts acquired transportation.
P
P
u
u
r
r
c
c
h
h
a
a
s
s
e
e
d
d
g
g
o
o
o
o
d
d
s
s
a
a
n
n
d
d
s
s
e
e
r
r
v
v
i
i
c
c
e
e
s
s
:
:
Purchased goods and services stand for 25 % of Komplett Group´s total emissions in 2022, which
amounts to 1 253 tCO2e. This year it includes only materials from packaging for Komplett and
Webhallen.
KOMPLETT ASA ANNUAL REPORT 2022
110
SUSTAINABILITY REPORT
Methodology
The Greenhouse Gas Protocol Initiative (GHG Protocol) was developed by the World
Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD).
This analysis is done according to A Corporate Accounting and Reporting Standard Revised
edition, currently one of four GHG Protocol accounting standards on calculating and
reporting GHG emissions. The reporting considers the following greenhouse gases, all
converted into CO2-equivalents: CO2, CH4 (methane), N2O (laughing gas), SF6, HFCs, PFCs
and NF3.
For corporate reporting, two distinct approaches can be used to consolidate GHG emissions:
the equity share approach and the control approach. The most common consolidation
approach is the control approach, which can be defined in either financial or operational
terms.
The carbon inventory is divided into three main scopes of direct and indirect emissions.
S
S
c
c
o
o
p
p
e
e
1
1
includes all direct emission sources. This includes all use of fossil fuels for stationary
combustion or transportation, in owned and, depending on the consolidation approach
selected, leased, or rented assets. It also includes any process emissions, from e.g. chemical
processes, industrial gases, direct methane emissions etc.
S
S
c
c
o
o
p
p
e
e
2
2
includes indirect emissions related to purchased energy; electricity and
heating/cooling where the organisation has operational control. The electricity emission
factors used in Cemasys are based on national gross electricity production mixes from the
International Energy Agency’s statistics (IEA Stat).
Emission factors per fuel type are based on assumptions in the IEA methodological
framework. Factors for district heating/cooling are either based on actual (local) production
mixes, or average IEA statistics.
In January 2015, the GHG Protocol published new guidelines for calculating emissions from
electricity consumption. Primarily two methods are used to “allocate” the GHG emissions
created by electricity generation to the end consumers of a given grid. These are the location-
based and the market-based methods. The location-based method reflects the average
emission intensity of the grids on which energy consumption occurs, while the market-based
method reflects emissions from electricity that companies have purposefully chosen (or not
chosen).
Organisations who report on their GHG emissions will now have to disclose both the location-
based emissions from the production of electricity, and the marked-based emissions related
to the potential purchase of Guarantees of Origin (GoOs) and Renewable Energy Certificates
(RECs).
KOMPLETT ASA ANNUAL REPORT 2022
111
SUSTAINABILITY REPORT
2
The purpose of this amendment in the reporting methodology is on the one hand to show
the impact of energy efficiency measures, and on the other hand to display how the
acquisition of GoOs or RECs affect the GHG emissions. Using both methods in the emission
reporting highlights the effect of all measures regarding electricity consumption.
The location-based method: The location-based method is based on statistical emissions
information and electricity output aggregated and averaged within a defined geographic
boundary and during a defined time period. Within this boundary, the different energy
producers utilize a mix of energy resources, where the use of fossil fuels (coal, oil, and gas)
result in direct GHG-emissions. These emissions are reflected in the location-based emission
factor.
The market-based method: The choice of emission factors when using this method is
determined by whether the business acquires GoOs/RECs or not. When selling GoOs or RECs,
the supplier certifies that the electricity is produced exclusively by renewable sources, which
has an emission factor of 0 grams CO2e per kWh. However, for electricity without the GoO or
REC, the emission factor is based on the remaining electricity production after all GoOs and
RECs for renewable energy are sold. This is called a residual mix, which is normally
substantially higher than the location-based factor. As an example, the market-based
Norwegian residual mix factor is approximately 7 times higher than the location-based Nordic
mix factor. The reason for this high factor is due to Norway’s large export of GoOs/RECs to
foreign consumers. In a market perspective, this implies that Norwegian hydropower is largely
substituted with an electricity mix including fossil fuels.
S
S
c
c
o
o
p
p
e
e
3
3
includes indirect emissions resulting from value chain activities. The scope 3
emissions are a result of the company’s upstream and downstream activities, which are not
controlled by the company, i.e. they are indirect. Examples are business travel, goods
transportation, waste handling, consumption of products etc.
In general, the carbon accounting should include information that users, both internal and
external to the company, need for their decision making. An important aspect of relevance
is the selection of an appropriate inventory boundary which reflects the substance and
economic reality of the company’s business relationships.
KOMPLETT ASA ANNUAL REPORT 2022
112
SUSTAINABILITY REPORT
3
References
Department for Business, Energy & Industrial Strategy (2019). Government emission
conversion factors for greenhouse gas company reporting (DEFRA)
IEA (2019). CO2 emission from fuel combustion, International Energy Agency (IEA), Paris.
IEA (2019). Electricity information, International Energy Agency (IEA), Paris.
IMO (2014). Reduction of GHG emissions from ships - Third IMO GHG Study 2014 (Final
report). International Maritime Organisation, http://www.iadc.org/wp-
content/uploads/2014/02/MEPC-67-6-INF3-2014-FinalReport-complete.pdf
IPCC (2014). IPCC fifth assessment report: Climate change 2013 (AR5 updated version
November 2014). http://www.ipcc.ch/report/ar5/
AIB, RE-DISS (2019). Reliable disclosure systems for Europe – Phase 2: European residual
mixes.
WBCSD/WRI (2004). The greenhouse gas protocol. A corporate accounting and reporting
standard (revised edition). World Business Council on Sustainable Development (WBCSD),
Geneva, Switzerland /World Resource Institute (WRI), Washington DC, USA, 116 pp.
WBCSD/WRI (2011). Corporate value chain (Scope 3) accounting and reporting standard:
Supplement to the GHG Protocol corporate accounting and reporting standard. World
Business Council on Sustainable Development (WBCSD), Geneva, Switzerland /World
Resource Institute (WRI), Washington DC, USA, 149 pp.
WBCSD/WRI (2015). GHG protocol Scope 2 guidance: An amendment to the GHG protocol
corportate standard. World Business Council on Sustainable Development (WBCSD),
Geneva, Switzerland /World Resource Institute (WRI), Washington DC, USA, 117 pp.
KOMPLETT ASA ANNUAL REPORT 2022
113
SUSTAINABILITY REPORT
Consolidated statement of comprehensive income ................................................................ 116
Consolidated statement of nancial position ......................................................................... 117
Consolidated statement of nancial position ......................................................................... 118
Consolidated statement of cash ows ..................................................................................... 119
Consolidated statement of changes in equity ......................................................................... 120
Notes to the consolidated nancial statements ...................................................................... 121
Note 01 General information and basis for preparation ......................................................................121
Note 02 Critical accounting estimates and judgements .....................................................................121
Note 03 Accounting policies ...............................................................................................................122
Note 04 Financial instruments – risk management ........................................................................... 127
Note 05 Segment Information .............................................................................................................131
Note 06 Revenues from contracts with customers ............................................................................133
Note 07 Employee benet expenses and audit fees...........................................................................134
Note 08 Finance income and expenses .............................................................................................. 137
Note 09 Income tax ............................................................................................................................. 138
Note 10 Earnings per share ................................................................................................................140
Note 11 Intangible assets ....................................................................................................................141
Note 12 Property, plant, and equipment .............................................................................................144
Note 13 Investments in associates ..................................................................................................... 144
Note 14 Trade and other receivables .................................................................................................. 145
Note 15 Inventories ............................................................................................................................. 147
Note 16 Cash and cash equivalents .................................................................................................... 147
Note 17 Share capital, shareholder information, and dividend .......................................................... 147
Note 18 Share option plan ...................................................................................................................149
Note 19 Leases ...................................................................................................................................150
Note 20 Other current liabilities and long-term debt ..........................................................................152
Note 21 Provision for service and guarantee obligations ...................................................................152
Note 22 Notes supporting the cash ows ........................................................................................... 152
Note 23 Pledges and guarantees ........................................................................................................ 153
Note 24 Related party transactions ....................................................................................................154
Note 25 Consolidated companies .......................................................................................................155
Note 26 Business combinationsand discontinued operations ...........................................................155
Note 27 Events after the reporting date ............................................................................................. 157
FINANCIALSTATEMENTS
| KOMPLETT GROUP
KOMPLETT ASA ANNUAL REPORT 2022
114
FINANCIAL STATEMENTS
Statement of prot and loss – Komplett ASA .......................................................................... 158
Statement of nancial position – Komplett ASA .................................................................... 159
Statement of nancial position – Komplett ASA ................................................................... 160
Statement of cash ows – Komplett ASA ................................................................................ 161
Notes to the nancial statements – Komplett ASA ................................................................. 162
Note 01 Accounting principles............................................................................................................162
Note 02 Corporate changes ................................................................................................................163
Note 03 Investments in subsidiaries and associated companies .......................................................163
Note 04 Cash and cash equivalents ....................................................................................................164
Note 05 Group balances (receivables and payables) .........................................................................164
Note 06 Equity ...................................................................................................................................164
Note 07 Income tax ............................................................................................................................ 165
Note 08 Pledges and guarantees ......................................................................................................166
Note 09 Employee benet expenses .................................................................................................166
Note 10 Items that are aggregated in the nancial statement .......................................................... 167
Note 11 Financial market risk ............................................................................................................ 167
Alternative performance measures (APM) ..........................................................................................168
FINANCIALSTATEMENTS
| KOMPLETT ASA
KOMPLETT ASA ANNUAL REPORT 2022
115
FINANCIAL STATEMENTS
| | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
| FOR THE YEAR ENDED 31 DECEMBER | |||
Amounts in NOK million | Note | 2022 | 2021 |
| Operating revenues | |||
Revenues from sale of goods | |||
Other operating income | |||
Total operating income | 6 | ||
| Operating expenses | |||
Cost of goods sold | 15 | ( | ( |
Employee benet expenses | 7 | ( | ( |
Depreciation and amortisation expense | 11, 12, 19 | ( | ( |
Other operating expenses | 19, 21, 26 | ( | ( |
Total operating expenses | ( | ( | |
Operating prot | |||
| Finance income and expenses | |||
Share of post-prots from equity accounted investments | 13 | ||
Finance income | 8 | ||
Finance expenses | 8, 19 | ( | ( |
Net nance income and expenses | ( | ( | |
Prot before tax | 5 | ( | |
Tax expense | 9 | ( | |
PROFIT FROM CONTINUING OPERATIONS | ( | ||
Prot/(loss) from discontinued operations | 26 | ||
Prot for the year | ( | ||
| Other comprehensive income | |||
| Items that will or may be reclassied to prot or loss: | |||
Exchange gains arising on translation of foreign operations | ( | ||
Total comprehensive income | ( | ||
| Prot for the year attributable to: | |||
Owners of the parent | ( | ||
Total | ( | ||
| Total comprehensive income attributable to: | |||
Owners of the parent | ( | ||
Total | ( | ||
| Earnings per share | |||
Continued operation (basic and diluted) - in NOK | 10 | ( | ( |
Discontinued operation (basic and diluted) - in NOK | 10 | ||
KOMPLETT ASA ANNUAL REPORT 2022 |
116
FINANCIAL STATEMENTS – KOMPLETT GROUP
| | CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| AT 31 DECEMBER (ASSETS) | |||
Amounts in NOK million | Note | 31 December 2022 | 31 December 2021 |
| NON-CURRENT ASSETS | |||
| Non-current nancial assets | |||
Goodwill | 11 | ||
Software | 11 | ||
Other intangible assets | 11 | ||
Total intangible assets | |||
| Property, plant, and equipment | |||
Right-of-use assets | 2, 3, 19 | ||
Leasehold improvements | 12 | ||
Machinery and xtures | 12 | ||
Total property, plant, and equipment | |||
| Other non-current assets | |||
Deferred tax asset | 9 | ||
Investments in equity-accounted associates | 13 | ||
Other receivables | 4, 14, 19 | ||
Total other non-current assets | |||
TOTAL NON-CURRENT ASSETS | |||
| CURRENT ASSETS | |||
Inventories | 15 | ||
Total inventories | |||
| Current receivables | |||
Trade receivables - regular | 4, 14 | ||
Trade receivable from deferred payment arrangements | 4, 14 | ||
Other current receivables | 4, 14, 19 | ||
Prepaid expenses | |||
Total current receivables | |||
| Cash and cash equivalents | |||
Cash and cash equivalents | 4, 16 | ||
Total cash and cash equivalents | |||
TOTAL CURRENT ASSETS | |||
TOTAL ASSETS |
KOMPLETT ASA ANNUAL REPORT 2022
117
FINANCIAL STATEMENTS – KOMPLETT GROUP
| | CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| AT 31 DECEMBER (EQUITY AND LIABILITIES) | |||
Amounts in NOK million | Note | 31 December 2022 | 31 December 2021 |
| Equity | |||
Share capital | 17 | ||
Share premium | 17 | ||
Other equity | ( | ( | |
Total equity | |||
| Liabilities | |||
| Non-current liabilities | |||
Deferred tax liabilities | 9 | ||
Pension liability | |||
Provisions and other liabilities | |||
Interest-bearing loans and borrowings | 4, 20 | ||
Non-current lease liabilities | 3, 19, 20 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Short-term loans | 4, 16, 22, 23 | ||
Trade payables | 4 | ||
Public duties payable | 4 | ||
Current income tax | 9 | ||
Current lease liabilities | 3.19 | ||
Other current liabilities | 4, 6, 20, 21 | ||
Total current liabilities | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
Sandefjord, 22 March 2023
Board of directors, Komplett ASA
Jo Olav Lunder Jennifer Geun Koss Lars Bjørn Thoresen Fabian Bengtsson
Chair Director Director Director
Sarah Willand Anders Odden Nora Elin Eldås Jaan Ivar Semlitsch
Director Worker director Worker director CEO
KOMPLETT ASA ANNUAL REPORT 2022
118
FINANCIAL STATEMENTS – KOMPLETT GROUP
| | CONSOLIDATED STATEMENT OF CASH FLOWS | |||
| FOR THE YEAR ENDED 31 DECEMBER | |||
Amounts in NOK million | Note | 2022 | 2021 |
| Cash ows from operating activities | |||
Prot before income tax | ( | ||
Prot/(loss) on discontinued operations (before tax) | |||
Prot for the year | ( | ||
Income taxes paid | ( | ||
Depreciation and amortisation expense | 11, 12 | ||
Long-term incentive programme | 18 | ( | |
Payment received on nance lease receivable | 19 | ||
Interest on nance lease receivable | 8, 19 | ||
Share of post-tax prots from equity accounted investments | 13 | ( | ( |
Net nance items | 8 | ||
Changes in deferred payment arrangements receivables | 14 | ||
Changes in inventories, trade payables, and trade receivables | 15 | ( | |
Currency effects | ( | ( | |
Other changes in accruals | ( | ( | |
Net cash ows from operating activities | |||
| Investing activities | |||
Investments in property, plant, and equipment | 11, 12 | ( | ( |
Acquisition of subsidiary, net of cash acquired | 26 | ( | ( |
Dividend from associated company | |||
Net cash used in investing activities | ( | ( | |
| Financing activities | |||
Proceeds from loans and borrowings | 20, 22 | ||
Repayment of loans and borrowings | 20, 22 | ( | |
Changes in bank overdrafts | 22 | ( | |
Principal paid on lease liabilities | 19 | ( | ( |
Interest paid on lease liabilities | 8, 19 | ( | ( |
Net Interest paid on loans and overdrafts | 8 | ( | ( |
Issue of share capital | |||
Distributions to owners | ( | ||
Net cash (used in)/from nancing activities | |||
Net increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | 16 | ||
Cash and cash equivalents at end of year | 16 |
KOMPLETT ASA ANNUAL REPORT 2022
119
FINANCIAL STATEMENTS – KOMPLETT GROUP
| | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||
| FOR THE YEAR ENDED 31 DECEMBER | ||||||
| Foreign | ||||||
| Share | Share | Other | currency | Total | ||
Amounts in NOK million | Note | capital | premium | equity | changes | equity |
At 1 January 2021 | ( | |||||
Prot for the year | - | - | - | |||
Other comprehensive Income | - | - | - | ( | ( | |
Total comprehensive Income for the year | - | - | ( | |||
Long-term incentive programme | - | - | - | |||
Dividend/group contribution | 17 | - | - | ( | - | ( |
Contributions by and distributions to owners | - | - | ( | - | ( | |
At 31 December 2021 | ( | ( | ||||
At 1 January 2022 | ( | ( | ||||
Prot for the year | - | - | ( | - | ( | |
Other comprehensive Income | - | - | - | |||
Total comprehensive income for the year | - | - | ( | ( | ||
Long-term incentive programme | - | - | - | |||
Issue of share capital | 17 | - | - | |||
Transaction costs | - | ( | - | - | ( | |
Contributions by and distributions to owners | - | |||||
At 31 December 2022 | ( | |||||
KOMPLETT ASA ANNUAL REPORT 2022
120
FINANCIAL STATEMENTS – KOMPLETT GROUP
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
121
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
122
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
123
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
124
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
125
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
126
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
127
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
129
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
130
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
131
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Information about the group's segments is presented below.
KOMPLETT ASA ANNUAL REPORT 2022
132
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
133
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
134
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
135
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
136
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
137
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
138
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1) Includes non-deductible costs such as transaction costs, representation, gifts and non-taxable income such as capital gains and dividends from associated
KOMPLETT ASA ANNUAL REPORT 2022
139
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
140
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
141
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
142
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
143
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
144
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
145
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
146
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
147
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
148
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
149
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
150
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
151
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
152
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
153
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
154
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
155
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
156
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
157
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| STATEMENT OF PROFIT AND LOSS – KOMPLETT ASA
FOR THE YEAR ENDED 31 DECEMBER
Amounts in NOK million Note 2022 2021
Operating revenues
Revenues from sale of goods - -
Total operating income - -
Operating expenses
Employee benet expenses 9 (5) (3)
Other operating expenses 9 (23) (16)
Total operating expenses (28) (19)
OPERATING PROFIT (28) (19)
Finance income and expenses
Income from investments in subsidiaries 2 1
Finance income 10 111 242
Finance expenses 10 (65) (5)
Net nance 48 238
PROFIT BEFORE TAX 19 219
Tax expense 7 47 (51)
PROFIT FOR THE YEAR 67 168
Attributable to:
Ordinary dividends - 210
Other equity 6 67 (41)
TOTAL 67 168
KOMPLETT ASA ANNUAL REPORT 2022
158
FINANCIAL STATEMENTS – KOMPLETT ASA
| STATEMENT OF FINANCIAL POSITION – KOMPLETT ASA
AT 31 DECEMBER (ASSETS)
Amounts in NOK million Note 31 December 2022 31 December 2021
NON-CURRENT ASSETS
Intangible assets
Deferred tax asset 7 2 2
Total intangible assets 2 2
Non-current nancial assets
Investments in subsidiaries 2, 3 4 412 1 079
Investments in associates 3 5 5
Total other non-current assets 4 417 1 083
TOTAL NON-CURRENT ASSETS 4 418 1 085
CURRENT ASSETS
Current receivables
Current receivables from group companies 5 106 242
Other current receivables 1 2
Total current receivables 107 244
Cash and cash equivalents
Cash and cash equivalents 4 - -
Total cash and cash equivalents - -
TOTAL CURRENT ASSETS 107 244
TOTAL ASSETS 4 525 1 329
KOMPLETT ASA ANNUAL REPORT 2022
159
FINANCIAL STATEMENTS – KOMPLETT ASA
| STATEMENT OF FINANCIAL POSITION – KOMPLETT ASA
AT 31 DECEMBER (EQUITY AND LIABILITIES)
Amounts in NOK million Note 31 December 2022 31 December 2021
EQUITY
Paid in equity
Share capital 70 29
Share premium 3 741 1 075
Other paid in equity 32 30
Total paid in equity 6 3 843 1 134
Retained earnings
Other equity (301) (577)
Total retained earnings 6 (301) (577)
TOTAL EQUITY 6 3 542 558
LIABILITIES
Non-current provisions
Provisions 2 37 49
Total non-current provision 37 49
Non-current liabilities
Long-term loans 8 400 400
Total non-current liabilities 400 400
Current liabilities
Short-term loans 8 500 -
Current payables to group companies 5 24 58
Trade payables 5 0
Income tax payable 7 - 47
Provision for group contribution 5 - 210
Other current liabilities 5 17 8
Total current liabilities 545 322
TOTAL LIABILITIES 983 771
TOTAL EQUITY AND LIABILITIES 4 525 1 329
Sandefjord, 22 March 2023
Board of directors, Komplett ASA
Jo Olav Lunder Jennifer Geun Koss Lars Bjørn Thoresen Fabian Bengtsson
Chair Director Director Director
Sarah Willand Anders Odden Nora Elin Eldås Jaan Ivar Semlitsch
Director Worker director Worker director CEO
KOMPLETT ASA ANNUAL REPORT 2022
160
FINANCIAL STATEMENTS – KOMPLETT ASA
| STATEMENT OF CASH FLOWS – KOMPLETT ASA
FOR THE YEAR ENDED 31 DECEMBER
Amounts in NOK million Note 2022 2021
Cash ows from operating activities
Prot before tax 19 219
Change in fair value of nanial liabilities (12) -
Group contribution received (84) (241)
Changes in trade payables 5 (0)
Other changes in accruals 11 (7)
Net cash ows from operating activities (61) (29)
Investing activities
Investments in subsidiaries 2, 3 (1 587) (82)
Net cash used in investing activities (1 587) (82)
Financing activities
Proceeds from loans and borrowings 8 500 400
Changes in bank overdrafts (80) 112
Group contributions received 241 -
Issue of share capital 987 -
Dividend paid to equity holders of the parent - (400)
Net cash (used in)/from nancing activities 1 649 112
Net increase in cash and cash equivalents - -
Cash and cash equivalents at beginning of year - -
Cash and cash equivalents at end of year - -
KOMPLETT ASA ANNUAL REPORT 2022
161
FINANCIAL STATEMENTS – KOMPLETT ASA
| NOTES TO THE FINANCIAL STATEMENTS – KOMPLETT ASA
NOTE 01 ACCOUNTING PRINCIPLES
The nancial statements have been prepared in accordance
with the Norwegian Accounting Act and generally accepted
accounting principles in Norway.
The following describes the main accounting policies
used in the preparation of the nancial statements of the
parent company. These policies are applied in the same
way in all periods presented, unless otherwise stated in the
description.
Subsidiaries and investment in associates
Subsidiaries and investments in associates are valued at
cost in the company accounts. The investment is valued as
cost of the shares in the subsidiary, less any impairment
losses. An impairment loss is recognised if the impairment
is not considered temporary, in accordance with generally
accepted accounting principles. Impairment losses are
reversed if the reason for the impairment loss disappears in
a lather period.
Dividends, group contributions and other distributions
from subsidiaries are recognised in the same year as they
are recognised in the nancial statement of the provider.
If dividends / group contribution exceed withheld prots
after the acquisition date, the excess amount represents
repayment of invested capital, and the distribution will be
deducted from the recorded value of the acquisition in the
balance sheet for the parent company.
Distributions
The proposed dividend/group contribution for the nancial
year are recognised as current liabilities.
Balance sheet classication
Current assets and short term liabilities consist of
receivables and payables due within one year, and items
related to the inventory cycle. Other balance sheet items are
classied as xed assets / long-term liabilities.
Current assets are valued at the lower of cost and fair value.
Short-term liabilities are recognised at nominal value.
Fixed assets are valued at cost, less depreciation and
impairment losses. Long-term liabilities are recognised at
nominal value.
Accounts receivable and other receivables
Accounts receivable and other current receivables are
recorded in the balance sheet at nominal value less
provisions for doubtful accounts. Provisions for doubtful
accounts are based on an individual assessment of the
different receivables. For the remaining receivables, a
general provision is estimated based on expected loss.
Liabilities
Short-term and long-term liabilities are recognised in
the balance sheet at the nominal amount at the time of
establishment.
Foreign currency translation
Transactions in foreign currency are translated at the
rate applicable on the transaction date. Monetary items
in a foreign currency are translated into NOK using the
exchange rate applicable on the balance sheet date. Non-
monetary items that are measured at their historical price
expressed in a foreign currency are translated into NOK
using the exchange rate applicable on the transaction
date. Non-monetary items that are measured at their fair
value expressed in a foreign currency are translated at
the exchange rate applicable on the balance sheet date.
Changes to exchange rates are recognised in the income
statement as they occur during the accounting period.
Income tax
The tax expense consists of the tax payable and changes to
deferred tax.
Period tax constitutes the expected tax payable on this
year's taxable result at the current tax rates on the balance
sheet date and any corrections of tax payable for previous
years.
Deferred tax / tax assets are calculated on all differences
between the book value and tax value of assets and
liabilities.
Deferred tax is calculated as 22 percent of temporary
differences and the tax effect of tax losses carried forward.
Deferred tax assets are recorded in the balance sheet when
it is more likely than not that the tax assets will be utilised.
Taxes payable and deferred taxes are recognised directly in
equity to the extent that they relate to equity transactions.
Cash ow statement
The cash ow statement is presented using the indirect
method. Cash and cash equivalents includes cash, bank
deposits and other short-term, highly liquid investments
with maturities of three months or less. At year-end, cash
and cash equivalents consist of cash and bank deposits.
KOMPLETT ASA ANNUAL REPORT 2022
162
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
NOTE 02 CORPORATE CHANGES
On 4 April 2022, Komplett ASA acquired 100 per cent of the
shares in NetOnNet AB, a leading online rst electronics
retainer. On 26 August 2021, Komplett ASA acquired 60.4 per
cent of the shares in Ironstone Holding AS, a leading supplier
of cloud-based IT solutions and services. See note 26 to the
consolidated nancial statement for additional information.
NOTE 03 INVESTMENTS IN SUBSIDIARIES AND ASSOCIATED COMPANIES
Amounts in NOK
Share
capital Currency
Number
of shares
Face
value
Ownership=
voting rights
Carrying
amount
Subsidiary
(in NOK million)
Komplett Services AS 900 000 NOK 900 1 000 100.0% 503
Komplett Services Sweden AB 100 000 SEK 1 000 100 100.0% 137
Komplett Distribusjon AS 10 000 000 NOK 100 100 000 100.0% 110
Komplett Distribution Sweden AB 300 000 SEK 3 000 100 100.0% 23
NetOnNet AB 604 068 SEK 6 040 680 0.10 100.0% 3 287
Webhallen Sverige AB 210 000 SEK 210 1 000 100.0% 200
Ironstone Holding AS 410 400 NOK 3 623 113 72.15% 152
Marked Gruppen AS 1 000 000 NOK 1 000 000 1 100.0% -
Total 4 412
Amounts in NOK
Share
capital Currency
Number
of shares
Face
value
Ownership=
Voting rights
Carrying
amount
Associated company
(in NOK million)
Fabres Sp. z o.o. 950 000 PLN 19 000 50 40.0% 5
Total 5
Information about the subsidiaries' equity and prot and loss
in accordance with the latest nancial statements:
Amounts in NOK million Business oce Equity
Prot or loss
before tax
Company
Komplett Services AS Sandefjord 320 77
Komplett Distribusjon AS Sandefjord 193 45
Komplett Services Sweden AB Solna in Sweden 38 2
Komplett Distribution Sweden AB Göteborg in Sweden 14 0
NetOnNet AB Borås in Sweden 490 32
Webhallen Sverige AB Solna in Sweden 39 (79)
Ironstone Holding AS Oslo 21 (6)
Marked Gruppen AS Sandefjord (225) (0)
KOMPLETT ASA ANNUAL REPORT 2022
163
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
NOTE 04 CASH AND CASH EQUIVALENTS
The company has no restricted bank deposits at
31 December 2022 (or at 31 December 2021).
NOTE 05 GROUP BALANCES (RECEIVABLES AND PAYABLES)
Receivables
Amounts in NOK million 2022 2021
Group contribution 84 241
Current receivables from group companies 22 -
Total 106 241
Liabilities
Amounts in NOK million 2022 2021
Current payables to group companies 24 58
Other current liabilities - 2
Total 24 60
NOTE 06 EQUITY
Receivables
Amounts in NOK million Share capital Share premium Other equity Total
Equity at 31 December 2021 29 1 075 (546) 558
Prot for the year - - 67 67
Long-term incentive programme - - 2 2
Issue of share capital 41 2 679 - 2 720
Transaction costs - (13) - (13)
Reversal of dividends - - 210 210
Equity at 31 December 2022 70 3 741 (269) 3 542
KOMPLETT ASA ANNUAL REPORT 2022
164
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
NOTE 07 INCOME TAX
Basis for current income tax
Amounts in NOK million 2022 2021
Prot before tax 19 219
Non-deductible income and expenses (15) (1)
Changes in temporary differences (5) (3)
Use of tax loss carried forward (215) -
Basis for current income tax (215) 215
Income tax expense
Current income tax (22%) (47) 47
Changes in deferred tax - 3
Income tax expense (47) 51
Temporary differences and tax positions
Amounts in NOK million 2022 2021
Provision - (5)
Interest deductions carried forward (8) (8)
Total (8) (13)
Differences not included in the basis for deferred tax - 5
Basis for deferred tax (8) (8)
Deferred tax asset (2) (2)
Reconciliation of effective tax rate
Amounts in NOK million 2022 2021
Prot before tax 19 219
Income tax based on applicable tax rate (22%) 4 48
Income tax expense (47) 51
Deviation 51 (2)
Reconciliation
Non-deductible expenses 3 0
Tax loss not included in deferred tax asset 1 44
No use of tax loss carried forward 47 (47)
Total 51 (2)
KOMPLETT ASA ANNUAL REPORT 2022
165
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
NOTE 08 PLEDGES AND GUARANTEES
Amounts in NOK million Classication
Total
facility
Covenants (C) /
pledge (P)
Utilised
31.12.2022
Utilised
31.12.2021
Type
Revolving credit facility Long-term loans NOK 500 million C - Leverage Ratio < 3.00 400 400
Bridge loan Short-term loans NOK 500 million 500 -
Total 900 400
On 31 May 2021, Komplett ASA entered into a NOK 500
million unsecured revolving credit facility agreement with
Skandinaviska Enskilda Banken AB (publ), with a three years'
duration and 1 + 1 year renewal option. At 31 December 2022,
NOK 400 were utilised.
Covenants are measured and reported quarterly. The group
was in compliance with nancial covenants in 2022.
Financial guarantees
Amounts in NOK million 2022 2021
The tax collector 12 12
Warranty for account payables (parent company guarantees) 396 105
Total 408 117
Komplett ASA guarantees for an additional amount of NOK
1339 million related to loans in subsidiaries.
NOTE 09 EMPLOYEE BENEFIT EXPENSES
Employee benet expenses
Amounts in NOK million 2022 2021
Compensations to board members 1.78 1.48
Social security expenses 0.25 0.21
Total 2.03 1.69
There are no employees in the company. Members of the group management are employed by either Komplett Services AS,
NetOnNet AB or Webhallen AB. For additional information see note 7 to the consolidated nancial statement.
Audit fees
Audit fees to the auditors in the group entities is as follows (excluding VAT)
Amounts in NOK million 2022 2021
Statutory audit 1.87 0.39
Other assurance services 0.03 0.12
Other non-assurance services 0.22 1.36
Total 2.13 1.87
KOMPLETT ASA ANNUAL REPORT 2022
166
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
NOTE 10 ITEMS THAT ARE AGGREGATED IN THE FINANCIAL STATEMENT
Finance income
Amounts in NOK million 2022 2021
Interest received from group companies 1.6 -
Group contribution received 84.3 241.4
Changes in nancial liabilities 12.0 -
Income related to guarantees 12.4 -
Other nancial income 0.7 0.4
Total 111.0 241.8
Finance expenses
Amounts in NOK million 2022 2021
Interest paid to group companies - 0.1
Other interest expenses 64.9 5.0
Other nancial expenses - (0.2)
Total 64.9 4.8
NOTE 11 FINANCIAL MARKET RISK
Overview
Komplett ASA is a holding company that has investments
in subsidiaries. The company expects that future revenues
will be dividends from investments in subsidiaries and
associated companies.
Currency risk
The company is exposed to currency risk from investments
and loans to subsidiaries. For additional information, see
note 4 to the consolidated nancial statement.
Interest rate risk
Interest rate risk occurs in the short and medium term
because of the company's debt having oating interest
rates. The loan portfolio is linked to SEB base rate and
uctuates in relation to uctuations in this.
KOMPLETT ASA ANNUAL REPORT 2022
167
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
ALTERNATIVE PERFORMANCE MEASURES (APM)
The APMs used by Komplett Group are set out below
(presented in alphabetical order):
EBIT adjusted: Derived from the nancial statements as
operating result (EBIT) excluding one-off costs. The group
has presented this item because it considers it to be a useful
measure to show the management's view on the eciency
in the prot generation of the group's operations before
one-off items.
Reconciliation
FY 2022 FY 2021
Total operating revenue 14 618 11 043
EBIT 6 369
+ One-off cost 80 19
= EBIT adjusted 87 388
EBIT margin adjusted 0.6% 3.5%
EBIT margin: Operating result (EBIT) as a percentage of
total operating revenue. The group has presented this item
because it considers it to be a useful measure to show the
management's view on the eciency in the prot generation
of the group's operations as a percentage of total operating
revenue.
Reconciliation
FY 2022 FY 2021
Total operating revenue 14 618 11 043
EBIT 6 369
EBIT margin 0.0% 3.3%
EBIT margin adjusted: EBIT adjusted as a percentage of
total operating revenue. The group has presented this
item because it considers it to be a useful measure to
show the management's view on the eciency in the prot
generation of the group's operations before one-off items
as a percentage of total operating revenue.
Reconciliation - see above under EBIT adjusted.
EBITDA excl. impact of IFRS 16: Derived from nancial
statements as the sum of operating result (EBIT) plus the
sum of depreciation and amortisation for the segments B2C,
B2B, Distribution and Other. The group has presented this
item because it considers it to be a useful measure to show
the management's view on the overall picture of operational
prot and cash ow generation before depreciation and
amortisation in the group's operations, excluding any impact
of IFRS 16.
Reconciliation
FY 2022 FY 2021
EBIT 6 369
- EBIT - IFRS 16 (12) (9)
+ Dep B2C, B2B, Distribution, Other 115 64
= EBITDA excl IFRS 16 109 424
Gross margin: Gross prot (as dened below) as a
percentage of total operating revenue. The group has
presented this item because it considers it to be a useful
measure to show the management's view on the eciency
of gross prot generation of the group's operations as a
percentage of total operating revenue.
Reconciliation - see below under gross prot.
Gross prot: Total operating revenue less cost of goods
sold. The group has presented this item because it considers
it to be a useful measure to show the management's view
on the overall picture of prot generation before operating
costs in the group's operations.
Reconciliation
FY 2022 FY 2021
Total operating revenue 14 618 11 043
- Cost of goods sold (12 824) (9 581)
= Gross prot 1 794 1 462
Gross margin 12.3% 13.2%
Net interest-bearing debt: Interest-bearing liabilities less
cash and cash equivalents. The group has presented this
item because the management considers it to be a useful
indicator of the group's indebtedness, nancial exibility
and capital structure. The net interest-bearing debt incl.
IFRS 16 is a useful measure as indebtedness, included the
lease liabilities from IFRS 16, is relevant for the covenants of
the groups credit facilities.
Reconciliation
FY 2022 FY 2021
Long-term loans 400 400
+ Bank overdraft 625 207
- Cash/cash equivalents (149) (41)
= Net interest bearing debt 876 566
+ IFRS 16 558 310
= Net interest bearing debt
including IFRS 16 1 434 876
KOMPLETT ASA ANNUAL REPORT 2022
168
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
Net working capital: Working capital assets, comprising
inventories plus total current receivables less trade
receivables from deferred payment arrangements less
current lease receivables, less working capital liabilities,
comprising total current liabilities less current lease
liabilities less bank overdraft. The management considers it
to be a useful indicator of the group's capital eciency in its
day-to-day operational activities.
Reconciliation
FY 2022 FY 2021
Inventories 1 928 1 305
+ Total current receivables 968 1 152
- Deferred payment (91) (130)
- Current lease receivables - (12)
- Total current liabilities (2 953) (1 984)
+ Current lease liabilities 167 80
+ Bank overdraft 625 207
= Net working capital 644 619
Operating cost percentage (adjusted): Total operating
expenses less cost of goods sold and one-off cost as a
percentage of total operating revenue. The group has
presented this item because the management considers it
to be a useful measure of the group's eciency in operating
activities.
Reconciliation
FY 2022 FY 2021
Total operating revenue 14 618 11 043
Total operating expenses 14 612 10 674
- Cost of goods sold (12 824) (9 581)
- One-off cost (80) (19)
= Total operating expenses (adj.) 1 707 1 074
Operating costs percentage (adj.) 11.7% 9.7%
Operating free cash ow: EBITDA excl. impact of IFRS
16 less investment in property, plant and equipment,
less change in net working capital less change in trade
receivable from deferred payment arrangements. The group
has presented this item because the management considers
it to be a useful measure of the group's operating activities'
cash generation.
Reconciliation
FY 2022 FY 2021
EBITDA excl IFRS 16 109 424
- Investments (177) (56)
+/- Change in net working capital 750 (455)
+/- Change in deferred payment 39 22
= Operating free cash ow 721 (65)
Total operating expenses (adj.): Total operating expenses
less cost of goods sold and one-off cost. The group has
presented this item because the management considers it
to be a useful measure of the group's eciency in operating
activities.
Reconciliation - see above under operating cost percentage
KOMPLETT ASA ANNUAL REPORT 2022
169
NOTES TO THE FINANCIAL STATEMENTS - KOMPLETT ASA
•
•
•
•
•
Penneo Dokumentnøkkel: 4UTDK-XLD8I-5XX64-1EX8E-VPECT-SQV5O
KOMPLETT ASA ANNUAL REPORT 2022
170
FINANCIAL STATEMENTS
Penneo Dokumentnøkkel: 4UTDK-XLD8I-5XX64-1EX8E-VPECT-SQV5O
KOMPLETT ASA ANNUAL REPORT 2022
171
FINANCIAL STATEMENTS
Penneo Dokumentnøkkel: 4UTDK-XLD8I-5XX64-1EX8E-VPECT-SQV5O
KOMPLETT ASA ANNUAL REPORT 2022
172
FINANCIAL STATEMENTS
•
•
Penneo Dokumentnøkkel: 4UTDK-XLD8I-5XX64-1EX8E-VPECT-SQV5O
KOMPLETT ASA ANNUAL REPORT 2022
173
FINANCIAL STATEMENTS
Penneo Dokumentnøkkel: 4UTDK-XLD8I-5XX64-1EX8E-VPECT-SQV5O
KOMPLETT ASA ANNUAL REPORT 2022
174
FINANCIAL STATEMENTS
KOMPLETT ASA ANNUAL REPORT 2022
175
FINANCIAL STATEMENTS
