Annual report
2022
Sikri Group ASA
Annual Report 2022
Contents
01 This is Sikri Group 3
02 2022 in brief 5
03 CEO letter 8
04 Our management and board 10
05 Our values 14
06 Sikri Group company structure 15
07 Segment review: Public 17
08 Segment review: Private 20
09 Segment review: Consumer 23
10 Segment review: Metria 26
11 Building position and brands 31
12 Innovation and growth strategy 34
13 ESG 35
14 Board of Directors’ report 42
15 Consolidated financial statements 56
16 Sikri Group ASA financial statements 122
17 Auditor’s report 135
3
Sikri Group ASA
Annual Report 2022
01 This is Sikri Group
Sikri Group (or “the Company”) has developed from a software house specializing in
software and services towards the public sector, to also become a large PropTech player.
Our customer base spans from the public sector
to private businesses within real estate, banking,
insurance, property developers, media companies,
builders, property owners, realtors, engineers, power
companies and building materials production
companies. We create added value for public sector,
private industries, and consumers, with an innovative
approach to the use of data.
Sikri Group has a broad coverage in areas where the
Company has an established market position, for
example by expanding our offering from supplying
case management in building applications, to offering
building application solutions for citizens and private
entities. Thereby, Sikri Group is offering a full value
chain approach to the building application process.
Furthermore, within geoinformation, the Company
is offering services and solutions through geodata,
property & real estate, consultancy & analysis and
cloud solutions through Metria.
For Sikri Group, data is at the core of everything we
do. The global data economy is growing, and data
driven decisions will be key in managing a volatile
future, both within the business world but also in
bigger issues such as battling global climate change.
We create seamless digital services to enable powerful
insight and easy interaction between people, the
private and public sector.
Sikri Group represents 490 full-time employees at
the end of December 2022, whereof 34 percent
are females. Our Board is comprised of 40 percent
females, and the management team comprises
44 percent females. Our team of dedicated
employees work together to create value and shape
a sustainable future, promoting transparency and
building trust.
The Company has an ambitious growth strategy,
both through organic development and M&A. Sikri
Group continuously look for acquisition targets that
will enable the Company to sell existing products and
services to new customer groups or in new markets
and geographies, or that will enable Sikri Group to
broaden the portfolio towards existing customers.
However, the Company’s long-term success in
achieving its goals will be met by successfully
integrating acquired companies into Sikri Group and
identifying synergies and common development
opportunities between our segments.
A common denominator for Sikri Group is that we
deliver modern Cloud based services and shorten
the journey towards value creation for our customers
through our solutions. We create a more transparent
society through data collection, sharing and usage.
4
Sikri Group ASA
Annual Report 2022
Sikri Group’s four segments
Public – The public segment consists of Sikri AS, providing critical software
solutions to the public sector for case processing, building applications, archiving,
and document management. Sureway AS and Pixedit AS were both merged
into Sikri AS during 2022, as part of Sikri Group’s strategy of integrating previous
acquisitions and further simplifying reporting and operating structure.
Private – The private segment consists of Ambita AS, offering digital solutions
based on real estate data. Ambita provides professional players involved in
developing, buying and selling property with crucial services securing quality,
transparency and efficiency in their workflows. The portfolio of services is based
on a combination of unique datasets and deep domain knowledge and includes
Infoland with agent documents, digital registration services, digital building
applications and a range of other services.
Consumer – The consumer segment consists of Boligmappa AS and Virdi AS,
delivering digital platforms where property owners can take control of the
condition and value of their property through documentation, automatic valuation
models and unique insights. By the services offered, homeowners have access to
key tools for securing and developing what for most consumers represents their
largest investment – both when owning, selling, and buying a home.
Metria – Within geoinformation, Metria offers services and solutions within
geodata, property & real estate, consultancy & analysis and cloud solutions. The
acquisition of Metria allowed Sikri Group to gain a strong position in Sweden and
strengthened the Company competitively, geographically and from a product
offering and competence perspective. Metria’s customers include municipalities,
authorities, construction companies, forestry, energy and telecom, banking, and
insurance – all with a need of improved digitization in their organizations.
PUBLI C PRI VATE
CON SUM ER
5
Sikri Group ASA
Annual Report 2022
1
When adjusting for currency impacts
90%
Growth including
growth from M&A
Sikri Group has expanded its footprint
significantly during 2022, both regarding
service offerings and customer base, as well
as new segments and services.
Our goal is to be the leading Nordic data driven
ecosystem for public case management and
proptech, servicing public sector, private companies,
and consumers. The key underlying driver for our
development is the pressing need for accelerated
digitization of complex processes involving public
entities, private enterprises, and private consumers.
Sikri Group also offers services and solutions in the
Swedish market within geoinformation.
Through the acquisition of Metria in the Spring of
2022, Sikri Group has become 490 employees and
delivered 86 percent inorganic growth for the year.
The company has taken important strategic steps
by acquiring Metria and divesting Prognosesenteret
during the year, focusing on coordinating and
realizing synergies between the three large segments
Public, Private and Metria. The divestment of
Prognosesenteret means further concentration on
Sikri Group’s SaaS based offering which sharpens the
focus of our organization.
Some highlights
for the year
02 2022 in brief
MNOK 1 032 3%
Successful
uplisting
17%
Overall revenue in 2022
in Sikri Group
Proforma organic
growth
1
Sikri listed on
Euronext Oslo Børs
from 7 July 2022
Adjusted EBITDA
margin
61%
Win-rate in public
sector contracts
6
Sikri Group ASA
Annual Report 2022
MNOK 411
Added to the company
with acquisition of
Metria
2
MSEK 430
Size of contracts won with
Swedish Environmental
Protection agency
NOK 1000 2022 2021
Revenue 1 031 512 543 242
Cost of goods sold 397 528 198 714
Gross profit 633 984 344 528
Other operating expenses 497 688 267 222
EBITDA 136 296 77 306
Other income and expenses 39 112 31 620
Adjusted EBITDA 175 408 108 926
Adjusted EBITDA margin % 17 % 20 %
NOK 1000 2022 2021
Revenue 1 133 942 1 128 550
Cost of goods sold 428 838 413 852
Gross profit 705 105 417 698
Other operating expenses 551 545 539 808
EBITDA 153 560 174 890
Other income and expenses 39 112 32 753
Adjusted EBITDA 192 672 207 642
Adjusted EBITDA margin % 17% 18%
Income and expenses
Reported actuals
Income and expenses
Proforma figures – provided due to M&A activity
MNOK 317
Equity raised
2
Proforma terms
Divested
non-core services in
Prognosesenteret,
improving capital structure
More highlights for the year
MNOK 373
Annual recurring revenue
(ARR)
8%
Growth in ARR YoY
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Annual Report 2022
Key facts and figures
45%
75%
~1 mill.
490
Revenue from
Public sector
Recurring or re-occuring
revenue Group
Transactions via the land
and property register API
in the Private segment
3
Employees in Sikri Group,
up from 272 in 2021
3
In 2022
Share of women and men
in the Group
Men Women
Share of women and men
in Management
Men Women
61%
Gross margin
Sikri Group
34% 44%
66% 56%
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Sikri Group ASA
Annual Report 2022
Firmly rooted in our goal of building a leading Nordic ecosystem for public administration,
public sector and the lifecycle of properties we continued to execute on our strategy in 2022.
• We grew our revenue with 90 percent, while
EBITDA increased by 78 percent. Organic growth
was 3 percent
4
.
• We expanded our footprint to Sweden through
the acquisition of Metria, a leading player within
geodata and real estate information.
• We continued to develop our scalable cloud-based
software platforms for both the public sector and
real estate lifecycle.
Looking at our fundamental ambition, Sikri Group
seeks to tie public entities, businesses, and consumers
closer together and reduce friction in interaction and
transactions between the various parties. And in
many ways, the Nordic countries are playing a leading
role on the international scene when it comes to
digitization. This is driven by the societies’ high level of
digital investments in both public and private sector,
high expectations for digital and swift processes, tech-
savvy populations and continuous push from stricter
regulations and requirements for documentation.
For us in Sikri Group it is gratifying to see that
our solutions can simplify the lives of consumers
and reduce spending for public entities or private
enterprises. As an example, the number of architects,
builders and other customers using our solution
“Byggesøknaden” for automized preparation and
submission of building permit applications increased
rapidly last year. The number of paying customers
increased by 10 percent, while total revenue for the
service increased by 16 percent. On the receiving end,
the applications are automatically collected and
handled by our building permit case management
system for municipalities “Elements eByggesak”. One
of our new customers, the city of Fredrikstad, reduced
their backlog of pending building permits from 216
cases to only 10 after the implementation.
This is just one simple illustration on how we create
value for society and for our customers.
03 CEO letter
Similarly, we have built a foundation for long-term
value creation for shareholders. During the last
two years, our M&A strategy has transformed the
Company to a comprehensive provider of data
driven software solutions with strong footprint in
two attractive markets: Norway and Sweden. The
acquisition of Metria last year was the most recent
large piece of the puzzle, following the acquisition of
Ambita in 2021. We are the market leader in Norway
for public case management and archiving, and the
leader both in Norway and Sweden when it comes to
mission critical geo and real estate data and analysis,
market insight within real estate, and document
management. We are in the process of extracting
large synergies both on the revenue and cost side.
Gradually, we are moving towards a pure-play
software as a service (SaaS) company with an
increased share of recurring revenue. Last year’s
divestment of Prognosesenteret represented another
step in this direction. At the end of 2022, we had
annual recurring revenues of 373 million, 8 percent
higher than one year earlier, whereas 75 percent of
our total revenues were recurring or recurring-like. Our
high share of revenue from public sector, 45 percent,
adds to the quality of our revenue base.
4
When adjusting for currency impacts
The rapid M&A-driven growth also
transformed our balance sheet, and during
2022, we redcuced our debt by raising more
than NOK 300 million in new equity.
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Sikri Group ASA
Annual Report 2022
With software as our primary source of revenues, and
an increasing share of SaaS based delivery models,
continued growth will turn into increased profitability
over time.
The rapid M&A driven growth also transformed our
balance sheet, and during 2022 we reduced our
debt by raising more than NOK 300 million in new
equity, which combined with the divestment of
Prognosesenteret contributed to establishing a strong
financial platform for continued growth.
Looking into 2023, we have the building blocks
in place for continued good development. At the
same time, the geopolitical situation as well as the
macroeconomic backdrop means that markets
are uncertain. However, even though parts of our
revenues in the real estate transaction value chain
are related to the market activity, we have significant
resilience in our group with high recurring revenue
share and significant revenue from the public sector.
Also, most of our solutions are mission critical for our
customers.
There is great potential to increase our customer base
and do more cross sales. This is why it is a key focus for
us to further reinforce our sales organization to further
realize scale effects on our platform through higher
profitability. The second focal point is to continue
to extract the value from acquired companies by
focusing on synergies across the Company.
Finally, I would like to take the opportunity to thank all
my colleagues in Sikri Group, our customers, partners,
and shareholders for the trust and confidence during
2022. We will continue to work relentlessly to earn the
trust and confidence also in 2023 and beyond.
Nicolay Moulin
CEO, Sikri
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Sikri Group ASA
Annual Report 2022
04 Our management and board
Management
Sikri Group has a dedicated and experienced management team.
The management represents different disciplines and varied experience.
The share of females in the management team is 44 percent.
Nicolay Moulin
Chief Executive Officer
Moulin (1977) has been CEO of
Sikri Group since 2020 and led
the carve-out team and esta-
blishment of Sikri Group. Held
various roles in EVRY Norway
during 2013-2020, including
VP and Business Unit manager
for government clients. Moulin
has also been CEO of Lenco
Systems, in addition to Director
in Crayon Group, among others.
Camilla Aardal
Chief Financial Officer
Aardal (1975) has been CFO of
Sikri Group since September
2020. Held the role as CFO in
EVRY Norway during 2014-
2020, and several CFO roles in
IT and consulting companies,
such as Capgemini Norway, as
well as in Optimar AS. Aardal
also has a consulting backgro-
und from PwC.
Eirik Pedersen
Sales Director
Pedersen (1964) has been COO
of Sikri Group since February
2020. Held various managerial
roles in Proact during 2008-
2019, including Director and
Chairman of Proact Nordic, as
well as CEO of Proact Norway
in 2008-2011 and 2016-2019.
Pedersen has previously been
CEO of Xperion and held vario-
us management positions at
Sun Microsystems.
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Sikri Group ASA
Annual Report 2022
Arild Elverum
Managing Director, Ambita AS
Elverum (1974) has been
Managing Director of Ambita
AS since August 2021. Has
broad experience from manage-
ment, sales and marketing
in the IT and telecom sector.
Before joining Ambita, Elverum
worked with digitization and
conversion to new business
opportunities in companies
such as EVRY, Microsoft, Nokia
and Telenor.
Anne Mette Havaas
Director Marketing and
Communication
Havaas (1976) has been CMO of
Sikri Group since January 2020.
Previously Head of Department
in EVRY, where she worked
during 2015-2019. Havaas has
held various strategic roles wit-
hin public and municipal sectors
between 1998-2015.
Erling Olaussen
Managing Director,
Boligmappa AS
Olaussen (1970) has been
Managing Director of
Boligmappa AS since 2018.
Olaussen has extensive
experience from various techn-
ology companies, including as
development manager and CIO
in Infront AS, before he became
technology director at Ambita
in 2015, and head of Boligmap-
pa in 2018.
Anny Margrethe Bratterud
HR Director
Bratterud (1967) has been
HR Director in Sikri Group since
2021. Held several manage-
ment positions in IT and in
Ambita before she became HR
director in 2011. Bratterud has
a Master’s degree in technology
and management from BI.
Jonas Åkermann
Managing Director, Metria AB
Åkermann (1973) has been
Managing Director of Metria
AB since August 2022. Åkerman
has held different executive
positions within the digital busi-
ness information and IT services
industry. He has held roles as
Managing Director, Business
Area Director and Sales Director
in companies such as Bisnode
and InfoTrader.
Hege Moe Tveit
Managing Director, Sikri AS
Tveit (1973) has been Managing
Director of Sikri AS since August
2022. Previously responsible
for strategy and business
development in Sikri Group and
strategy, product and business
development in Ambita. Tveit
has also held various mana-
gement roles in Telenor within
development and operations.
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Sikri Group ASA
Annual Report 2022
Board of Directors
Sikri Group’s Board of Directors consists of five members, elected by the
annual general meeting. The Board is comprised of directors with varied
backgrounds and represents a broad range of experience both within and
outside the IT sector. The collective knowledge contributes to safeguard
and develop Sikri Group’s long-term growth strategy. The share of
females in the Board of Directors is 40 percent.
Rolv Erik Ryssdal
Chairperson
Ryssdal (1962) was Managing
Director of Aftonbladet from
1999 to 2005 and held the
same position in VG from 2005
to 2008. CEO in Schibsted from
2009 to 2018 when he became
CEO of Adevinta, spun out of
Schibsted. Led Adevinta’s IPO
in 2019 and the acquisition of
eBay Classifieds Group in 2021,
making Adevinta the largest in-
ternational classifieds company
globally.
Jens Rugseth
Board Member
Rugseth (1962) is Chairman of
Karbon Invest, an investment
company controlled by Jens
Rugseth and Rune Syversen.
Chairman of Crayon Group and
Link Mobility since early 2000s.
Chairman of Techstep since
2019. Co-founder of Crayon
Group, Link Mobility, Basefarm,
and Mnemonic. Chairman of
Sikri Group during January
2020 - May 2021, and Board
member since June 2021.
Martine Dragset
Board Member
Dragset (1989) is COO in
Mentra by SATS. Previously.
she worked in McKinsey,
most recently as Associate
Partner, focusing on strategy
and commercial topics for B2C
companies. Holds an MBA from
Harvard Business School and a
BSc in Economics and Business
Administration from NHH. Bo-
ard member of Sikri Group since
June 2022.
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Sikri Group ASA
Annual Report 2022
Sigrun Syverud
Board Member
Syverud (1987) is Co-Founder
and CEO of FJONG Norge AS.
Previously held positions within
consulting & finance, including
in Arctic Securities, McKinsey
and Arkwright Corporate
Finance. Syverud holds a MSc in
Finance from Norges Handels-
høyskole (NHH) and a BA in
economics from Humboldt
University, Berlin. Board mem-
ber of Sikri Group since June
2022.
Preben Rasch-Olsen
Board Member
Rasch-Olsen (1974) is the In-
vestment Director in
Carucel Finance – a family
office controlled by Carl Erik
Krefting. Board member in
Rift Labs and Reintelligent.
Former Financial Analyst in
Handelsbanken and Carnegie
in the period 1998-2019. Board
member of Sikri Group since
January 2020.
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Sikri Group ASA
Annual Report 2022
We create seamless digital services to enable powerful insight and easy
interaction between people, the private and public sector. Together we
create value and shape a sustainable future, promoting transparency and
building trust — insight and interactions made effortless.
We are building the leading Nordic ecosystem for public administration,
property technology, analysis, and data.
05 Our values
Innovative
Our unique position, providing services that connects consumers, the private and public sector,
gives us a holistic approach to product development. We don’t just think outside the box, we
tear down its barriers.
Collaborating
We work together within each company and across Sikri Group, with our partners, clients
and the public to create digital eco-systems that in turn enable society to work together and
interact seamlessly. All because we believe collaboration is key to building a sustainable future.
Sustainable
Sustainability is a major inherent part of all our solutions. We believe in clever and responsible
utilization of digital possibilities to reach our common goals. Reduced costs, effort and spent
resources benefit people, society and the planet.
Trustworthy
We earn the trust of our colleagues, partners and clients, and strengthen trust in society by
creating digital services that promote transparency and enable smooth interaction between all.
In our organization, the customer is first, in everything we do!
1
2
3
4
An attractive workplace with diversity and room for development
is key for our growth journey.
With an efficient, agile and learning organization where trust
and responsibility are core values, we act quickly on the needs
of our customers and to changing market conditions.
We have a growth mindset and through innovation, development,
and collaboration, we continuously seek new opportunities together
with our customers and partners.
To reach our high ambitions and to be the
best possible partner for our customers, we
set high goals for the Sikri team.
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Sikri Group ASA
Annual Report 2022
Sikri Group ASA is a public limited liability
company organized and existing under the
laws of Norway pursuant to the Norwegian
Public Limited Liability Companies Act.
The Company’s main office is in Norway,
Dronning Mauds gate 10, 0250 Oslo. The
Company has several locations in Norway
and Sweden.
Sikri Group’s business is organized and reported
according to a segment structure comprised of the
following four segments in 2022: Public, Private,
Consumer and Metria.
In addition, as part of the transaction to sell 51
percent of Sikri Group’s shares in 4CastGroup AS in
November 2022, all subsidiaries and investments
owned by 4CastGroup AS with business activities
within property technology (“proptech”) were
transferred in full to the Company (through Ambita
AS). This will enable Sikri Group to leverage the
holdings and accelerate its focus on prop tech
going forward. In the future, these positions will be
grouped into a growth portfolio, that may be reported
separately as it develops.
06 Sikri Group company structure
Public
Providing critical software solutions to the public
sector for case processing, building applications,
archiving and document management
Private
Offering digital solutions based on real-estate data,
providing professional players involved in developing,
buying and selling property with insight and making
their work processes more efficient and secure
Consumer
Delivering digital platforms where property owners
can take control of the documentation, conditions
and value of their property
Metria
Within geoinformation, Metria offers services and
solutions within geodata, property & real estate,
consultancy & analysis and could solutions
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Sikri Group ASA
Annual Report 2022
Legal structure
Sikri Group is the ultimate holding company.
The Company is not an operating entity, and Sikri
Group’s operations are thereby carried out through
the Company’s operating subsidiaries.
The chart below outlines the main shareholdings of
Sikri Group ASA after divesting Prognosesenteret.
Sikri Group ASA
Ambita AS
(100%)
Sikri AS
(100%)
Metria AB
(100%)
Virdi AS
(100%)
Energiportalen AS
(65%)
Buildflow AS
(100%)
4Cast Media AS
(99.7%)
Sikri Growth AS
(100%)
Boligmappa AS
(93.7%)
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Sikri Group ASA
Annual Report 2022
Sikri Group, through Sikri AS, is a key player in the market for managing and archiving
documents through the software platforms Elements and eByggesak.
07 Segment review: Public
In addition, Sikri provides risk and compliance tools,
consulting services and other related software
solutions. Sikri’s business is characterized by long
and stable customer relationships and strong
visibility as a result of a high share of prepayments
and recurring revenues. Sikri has a growing business
delivering digital automation with the use of Artificial
Intelligence (AI) and/or Robotic Process Automation
(RPA).
The Public segment’s main products are the software
platforms Elements and eByggesak. Elements is a
modern case management and archiving software
platform, while eByggesak is a specialized solution for
electronic building permit applications. The solutions
are delivered primarily as cloud services.
Sikri provides products and services mainly to
the public sector in Norway, as well as to some
international customers. Within managing and
archiving documents, Sikri has a market share of
approximately 40 percent, and within scanning, data
capture, digitization, and optimization of documents,
the company has a market share of approximately 85
percent.
Sikri has approximately 1,800 customers in total, of
which 1,600 are public sector clients. The number
of users is growing despite merger of municipalities
in Norway, thus the total market for public sector
services is increasing. The customer base is
divided with approximately 500+ using the case
management and archiving software, approximately
1,300 using the PixEdit software for scanning, data
capture, digitization, and optimization of documents,
and 215 customers using our Risk Management and
compliance tools Samsvar. In total, Sikri’s solutions are
used by more than 300,000 end users. Digitization
of public services is high on the political agenda in
Norway, and the public sector is increasing the pace
of digitization of its processes and services.
Simplifying working life and creating
value for society as a whole
The last few years has led to major changes in
working life for both the private and public sector.
This has placed even greater demands on the digital
solutions and services we use in everyday life.
Providing user-centric, coherent services is an
important, common goal for the public sector in
Norway. At the coast of Helgeland, 16 municipalities
have joined forces through the project Digitale
Helgeland to realize exactly this. Digitale Helgeland
has based their development on already available
solutions. The national and municipal common
solutions of the Norwegian Directorate for digitization
and KS (Kommunesektorens organisasjon, the sector
organization for Norwegian municipalities) have been
crucial. Together with these premise suppliers and
Sikri, Digitale Helgeland has automated the value
chain - all the way from application to reception at
the municipalities. The complete applications are
available in Elements without any manual processes.
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Annual Report 2022
Elements, Sak-Arkiv
(Case Management)
Elements, Sak-Arkiv (Case Management) is a
core system for all types of businesses. It is an
off-the-shelf product that can be configured
to suit each business’ needs. The solution
is compliant with NOARK, the Norwegian
standard for electronic archiving for the
public sector. Sikri’s extensive experience with
integrating and applying national standards
means that the solutions communicate with
most professional systems and joint solutions
used in the public sector. It forms the basis
for coherent services between different
departments in the business, between
different agencies and to and from residents.
Elements eByggesak
Elements eByggesak is software for electronic
building permit applications. It is a dedicated
professional system for construction
case processing that receives electronic
construction applications and is tightly
integrated with map systems and automates
large parts of the case processing. Developed
according to national product specification
developed by KS (Kommunesektorens
organisasjon) in collaboration with DiBK
(Direktoratet for Byggkvalitet) and
municipalities.
Samsvar
Samsvar is a quality system that helps
customers keep track of their legal
requirements related to privacy and
information security, including non-
conformance reporting, and conducting risk
vulnerability analyzes. The offering is being
expanded to include risk management and
broader compliance tools.
PixEdit
PixEdit is a software for automating the
processing of scanning, data capture,
digitalization and optimization and interactive
editing, converting all types of files/
documents, enriching them with the right
valuable digital content. The solution is based
on artificial intelligence and is cloud-based.
2022 highlights
Public
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Sikri Group ASA
Annual Report 2022
2022 highlights
Public
• Stronger pull towards Cloud from our customers resulting in
higher upgrade activity. In 2022, we won our first private cloud
customer. This solution offers customers with high security
regulations the possibility to use the cloud.
• During 2022, we automated and improved the application
for consent from The Norwegian Labour Inspection Authority
(Arbeidstilsynet). The check list in Elements eByggesak is
automatically validated and returns a reply to the applicant
without employees in “Arbeidstilsynet” needing to perform
manual controls in the system. This is an expansion which The
Norwegian Building Authority (Direktoratet for Byggkvalitet)
plans to implement in the municipal check lists – and we will be
able to offer this automation to all Norwegian municipalities –
using services from both Sikri and Ambita.
• Solid growth in eByggesak from 156 customers in 2021 to 264 at
year-end 2022, including new municipalities like Asker and the
Værnes region.
• During this year, we have continued the rebuild of our solution
portfolio Samsvar within governance, risk management, GDPR,
compliance, rules, and regulations.
• During 2022 we have made a lot of the functionality in our
PixEdit software available as cloud services, including open APIs
so it can be built into 3rd party applications.
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Sikri Group ASA
Annual Report 2022
The private segment consists of Ambita AS, who offers products and services across the real estate
and construction value chain, enabling a more efficient and transparent market for all parties involved.
The vision is to create the property market of tomorrow.
08 Segment review: Private
Ambita is organized in autonomous multidisciplinary
product area teams. The interdisciplinary aspect
ensures that we prioritize and make decisions from
a 360-perspective. Important success factors are
our in-depth expertise and customer insight, joint
ownership, and clear direction.
Our services are based and developed on a broad
range of data sources, both public and private.
Ambita’s offerings covers the entire “lifecycle” of the
property: development, transactions, and ownership.
Our value propositions focus on helping our customers
with insight and making their work processes more
efficient and secure.
Ambita has a diversified customer base, primarily
in the private sector including all the major players
within the industry. The largest segments are real
estate agencies, banks, and finance institutions in
addition to construction and engineering.
Most of our offerings represent number one positions
in their field.
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Infoland
Maintaining the position as Norway’s largest provider of
real estate information, continuously offering new products
and services.
Infoland is a data source for the real estate market in
Norway, distributing both internal and external data
including data from all municipalities, more than 40
housing cooperatives and 50 other data suppliers. Real
estate information and maps are delivered through several
channels, including the Infoland web portal, APIs and system
integrations. Real estate agents, appraisers, lawyers, private
persons, and different players in the construction industry
use Infoland every day to retrieve the information they need,
either through the web portal or through an integrated
component in different professional systems.
Infoland is part of a complex ecosystem that digitize
processes related to buying, selling and developing property.
The service is customer-driven with frequent end-customer
dialogue to continuously improve the service and enhance
the customer experience.
Tinglysing og samhandling
Ambita is at the forefront of digitizing the settlement process
in real estate transactions.
Our services are built mainly for banks, real estate agents and lawyers enabling them to
validate, sign and register documents with the Mapping Authority digitally. The services
are delivered both as APIs and as a portal, streamlining our users´ everyday lives while
contributing to a better customer experience for our customers´ customers.
Data services
Launching and developing new services making the real estate agent’s work processes
more efficient and secure
Our portfolio of data services includes a variety of services connected to the land
registry and technical information from the cadaster, combined with other public data
sources. Ambita has a team of experts that works closely witch customers and partners
to develop services that ensure efficient and correct decision-making processes in and
connected to the real-estate.
Products and services
Private
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Byggesøknaden
Byggesøknaden is a jointly owned (Norconsult and Ambita) digital building
application for professionals.
The service enables our applicants to file building applications through a
digital process application to the municipality instead of filing by paper or
e-mail. As a result, paperwork is vastly reduced, and the process of informing
neighbors and the municipality is significantly better organized and more
efficient. During the last three years, Byggesøknaden has more than doubled
its revenue, and 2023 is expected to deliver further growth.
Propfinder
Propfinder is a map service designed for property developers.
The service compiles data from the public and private sectors in an
innovative way, which enables property developers to conduct site analysis,
feasibility studies and other early phase analysis related to property
development quickly and efficiently.
• A new and improved solution for real estate agents was launched during the
year and used by a growing number of customers. This provides easy access to
all real estate information required by law and contributing to more up-sell.
• During 2022, the share of Norwegian digitally registered property transactions
reached an all-time high of 52 percent. In December 2022, we launched
functionality for power of attorney for property transactions. This functionality
enables an even higher volume of digital transactions.
• Modernized and improved the Decision service client solution used by
consumer loan banks and debt collectors. These improvements provide the
opportunity to enter new market segments in 2023.
• Further developed the land and property registry API, REALTY, with several
mortgage banks having adopted our solutions. The API processed almost 1
million transactions in 2022.
• In 2022, Byggesøknaden grew its revenue base by 15 percent compared to last
year, driven primarily by growth in our SMB segment. Our number of paying
customers grew by 10 percent compared to 2021.
Products and services
Private
2022 highlights
Private
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The consumer segment comprises several
services and products, all operating in the
real estate and property owner market.
09 Segment review: Consumer
Our ambition is to help people make better
housing decisions. The consumer segment consists
of Boligmappa AS and Virdi AS, delivering digital
platforms where property owners can take control
of the value, condition, and documentation of their
property through documentation and unique insights.
By the services offered, homeowners have access to
key tools for securing and developing what for most
consumers represents their largest investment - both
when owning, selling, and buying a home.
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Boligmappa
Boligmappa is a digital platform connecting all sides of the housing and real estate lifecycle, from private
homeowners to large professional contractors.
Boligmappa has become the established market platform aggregating data on homes from public registers,
craftsmen and homeowners. Renovations and refurbishments are logged on individual home folders by
professionals on the platform. The home folder is designed for a specific home and thus follows the lifetime of
the building, creating transparency and traceability.
The solution is offered through a cloud-based platform with a Software-as-a-service (”SaaS”) business model
targeting professional customers. Boligmappa’s customer base consists of electricians, plumbers, craftsmen,
real estate agents, house manufacturers, contractors and real estate developers, as well as other companies
involved in the real estate market. The subscription-based go to market model gives a fully recurring revenue
base, excluding some one-offs, and different customer tiers with different prices based on number of
employees.
Boligmappa.no is an online service that makes it easier for homeowners to manage their property, which for
most people also represents their largest financial asset. Electricians, plumbers and other craftsmen document
their work directly in Boligmappa, and combined with information uploaded by the user, value-adding property
data is safely stored and maintained over time.
Boligmappa Professional is used by craftsmen and other professionals to register work, documentation
and other data in Boligmappa. The user searches in the Land Registry and connects to the correct property.
Available as a web application or as an integration in more than 60 ERP systems, such as Visma Contracting,
Cordel, Tripletex and more.
VIRDI
VIRDI is a business-to-consumer real
estate platform covering residential
properties through their lifecycle,
enabling context-based sales and
marketing.
VIRDI utilizes machine learning to
provide automated valuation models
and neighborhood statistics to
empower consumers. The solution
consists of a comprehensive library
of real estate data, creating an
ecosystem by combining consumer
inputs with external data sources.
Their services can be found on the
proprietary web app virdi.no, and on
several partner services. The company
employs state-of-the art machine
learning technologies to derive insights
about the true monetary value of a
home, historically, at the present and
future projections.
Products and services
Consumer
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• In 2022, Boligmappa had a tremendous growth
in monthly active users (property owners), brand
awareness (20 percent growth, up to 52 percent)
and in new craftsmen coming into the platform
(28 percent up), underpinning and strengthening
the relevance and position of Boligmappa in the
Norwegian market.
• The new property transaction law
(“avhendingsloven”), that came into effect on
January 1, 2022, gave Boligmappa a strong
push with a lot of attention from media, real-
estate brokers, surveyours and insurance
companies. More than 2.9 million files were
uploaded, an increase of 30 percent from
2021. More than 325,000 Norwegian homes
documented renovations during the year.
• Boligmappa signed large agreements with the
electrco chain El-proffen and the plumbing chain
VVS Eksperten.
2022 highlights
Consumer
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A large part of an organization’s competitiveness and conditions for innovation and digitalization lies in access to the right
information, with the right quality and at the right time. The geographical dimension provides a unique opportunity to discover
complex relationships and gain new insights that can be central to decisions on many long-term societal issues, to achieve
climate goals and in business processes in all types of operations.
10 Segment review: Metria
By creating, analyzing, refining and visualizing
geographical data, Metria contributes valuable
information to companies, municipalities and
authorities. Information is often a critical component in
decision-making and in the digitalization of operations.
Our offering covers the entire chain from identifying
the customer’s needs for geodata, real estate and
business information to collecting, analyzing and
visualizing data to create insights that lead to smarter,
safer and greener decisions.
Metria consist of 245 employees in 20 offices who
are specialists in IT development, geodata, GIS
(geographical information system), remote sensing,
and measurement technology. Metria is located all over
Sweden, with one and the same driving force: To create
a sustainable society together with our customers.
Metria’s customers include municipalities, authorities,
construction companies, forestry, energy and telecom,
banking, and insurance.
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Geodata
Geodata consists of web solutions and applications based
on refined and packaged geodata from an extensive
geodata warehouse. High-quality topographic maps are
available as off-the-shelf products. Data is sourced from
Lantmäteriet (The Swedish Mapping, Cadastral and Land
Registration Authority) and selected other data providers,
before it is processed through a streamlined, automated and
comprehensive data processing to ensure quality and add
value. Geodata customers primarily consist of public sector
organizations, forest companies, energy sector companies,
bank and insurance companies as well as industrial
companies. An example use case is forest companies using
Metria Maps to determine routes for forest harvesting
machines, or energy companies planning grid constructions.
Property & real estate
Within property & real estate, geoinformation is provided through “Metria FastighetSök”
and “Metria Fastighetsuttag”. Metria FastighetSök is an online service for daily updates
from the general Swedish Property Registry, including ownership, collateral and mortgage
information. This is a flexible tool that can be integrated with customers’ IT systems or
be provided via the standardised web-based version. Metria Fastighetsuttag provides
information upon request from customers regarding properties in specified geographic
regions, typically used ahead of larger constructions when the contractor needs to
inform all affected property owners or when an update to the customer register is
needed. Metria offers support from experts to help gather requested information.
The customers are banks, insurance companies, energy companies, forest companies,
telecommunications companies and public sector organizations.
During 2022, Metria launched Markkoll, a solution for faster permit applications, which
has been very well received in the Swedish market. Markkoll is a Software-as-a-Service
(Saas) based tool, collecting, and connecting relevant geo data, business data and
other infrastructure data from a range of sources. After a successful launch in Sweden,
Sikri Group is looking to secure such positive synergies for the Company across borders,
targeting an introduction to the Norwegian market.
Products and services
Metria
Metria’s operations are conducted in two business areas:
Geoinformation and Planning & Surveying.
Within geoinformation, Metria offers services and solutions
within the following areas: geodata, property & real estate,
consultancy & analysis and cloud solutions.
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Consultancy & analysis
Metria’s consultancy & analysis offering within geoinformation can be
divided into general analysis and nature and environmental analysis.
General analysis includes analysis of regions to assess as most suitable
for investments, expert consultancy on how to structure geodata from
multiple sources, mapping of large areas otherwise difficult to access and
general GIS expertise. Nature and environmental analysis includes analysis
of nature preservation connected to infrastructure, urban and community
planning analysis, ecosystem impact analysis and risk mapping. There is
scalability in the offering due to synergies in machine learning algorithms
as well as resale of performed analysis.
Cloud solutions
Within cloud solutions, Metria’s offering includes IT development
and design, system operations, lifecycle management and support.
Furthermore, the offering includes forestry and real estate valuation, IT
support to administer forestry and felling, digital support, and validation
and report of environmental data. The customers span from public sector
to telecom, banks and energy.
Products and services
Metria
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Planning
Planning consists of consultation throughout the entire urban and community planning
process. Projects are performed by skilled planning architects, offering continual guidance
and support during all phases of the project.
Aerial photography & laser scanning
Aerial photography & laser scanning is a precise and effective method of data collection
to provide detailed and comprehensive data, detecting an object’s dimensions with an
accuracy within 1 cm. Output includes ground and surface models, altitude data, and 3D
modelling. Data is analysed by experts post processing to ensure high-quality deliveries.
Surveying
Surveying services are offered throughout the entire
construction value chain, with experienced engineers
performing over 5,000 surveying projects a year. Revenue
from planning and surveying is fairly evenly split between
project-based revenues and framework agreements,
in addition to a smaller share of subscription revenues.
Customers are typically municipalities, public organizations
and private companies in construction.
Products and services
Metria
Within planning & surveying, Matria offers services and solutions
within the following areas: planning, aerial photography & laser
scanning and surverying.
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Leading position within geoinformation in Sweden
During 2022, Metria signed two framework
agreements with the Swedish Environmental
Protection Agency (“Naturvårdsverket”), both with
an agreement period of four years with a three-
year option to extend. The estimated value of the
contracts over the seven-year period is SEK 430
million.
The first contract encompasses geographical IT
systems and covers operations, management, support
and development of administrative support and GIS
support systems. Through the second contract, Metria
provides expert consulting, operational support
for remote sensor analysis and management of
geographical information.
Contributing to a smarter, safer and more
sustainable society
Data can be seen as the new gold in an increasingly
digital society. The amount of data is increasing
exponentially and is taking on an increasingly
significant role with five billion connected people,
even more things and technologies such as AI and 5G.
This affects the large-scale investments in housing
and infrastructure that are underway in Sweden.
By creating, analyzing, refining, and visualizing
geographical information, Metria helps companies,
municipalities, and authorities to understand
important societal issues in order to make well-
informed decisions. With efficient use of geodata in
unbroken digital processes, we are building a smarter
society together.
Geodata is a central resource in many organizations
and a prerequisite for the business to function. But,
in order to trust the decisions, the information needs
to be up-to-date and accurate. Metria is certified
in information security (ISO 27 001) and provide
hundreds of organizations with quality-assured,
up-to-date and accessible geodata, real estate and
business information.
The challenges in the climate and environmental area
are large and often cross-border. Open and easily
accessible geographical information is a prerequisite
for both implementing and following up Sweden’s
environmental goals. Metria provides authorities
with decision-making data to protect socially critical
values and to preserve and develop our nature and
environment in a responsible way.
• Won two significant framework agreements with
the Swedish Environmental Protection Agency
worth SEK 430 million.
• New releases of Metria Markkoll, enabling efficient
project management of land issues for both fiber
and power grid projects.
• New and renewed contracts with municipalities,
which underlines Metria’s strong market position
within the municipality segment for Planning &
Surveying.
2022 highlights
Metria
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Sikri Group is a house of brands, with many strong brands that
enjoy high standings within their customer segments.
Some examples:The Company offers a broad range of products and services within both public
and private sectors, and towards Consumers, where our key offering, Boligmappa
is increasing in number of active users daily. Ambita, Sikri, Boligmappa, Virdi and
Metria are all well-known brands in their markets. Product and services such as
Infoland, PixEdit, Byggesøknaden and Elements are also strong brands in the
markets. Awareness of the brands has built up over time, and most of our digital
marketing is organic and not paid advertising.
Our aim is to create value for society by connecting public sector, private
businesses, and consumers, in making the interactions between them more
efficient and enable data driven decision making. The various brands take part in
several central ecosystems that make society more efficient and sustainable.
• Eiendom Norge by head of department Hanne Nordskog-Inger
communicated in September 2022 that more than half of the country’s
land registrations of housing transactions are now done digitally. The
primary services are from Sikri Group, Ambita AS.
• Norwegian municipalities receive 90,000 building applications each year.
Neighbors must be notified, and The Norwegian Digitalization Agency
has estimated that the benefit to society is NOK 332 million each year
if all neighbor notifications are sent digitally. The most used solution for
digital neighbor notification is provided by Sikri Group, Ambita AS.
• Digital signing of documents between the public sector and citizens
has increased by 49 percent from 2021 to 2022, reports The Norwegian
Digitalization Agency. 2.4 million signings were carried out in 2022. A
large proportion of these are carried out directly from Case Management
such as Elements from Sikri Group, Sikri AS.
11 Building position and brands
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Sikri Group has actively been building position and
brands though a wide variety of market activities.
Our overall goal is to build awareness, trust and
partnerships with customers and key players in the
industry. The key focus of our sales and marketing
activities is ensuring steady growth through both
targeting new customers and building customer
loyalty and volumes on existing customer base.
Our sales and market activities consist of a mix of
the following initiatives:
• Self-hosted conferences
• Education Services
• Roadshow
• Webinars and online courses
• Others’ conferences
• Podcast
• Media
These initiatives are executed across all market
segments. See some of the highlights of 2022 on
the following page.
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Arendalsuka
“Arendalsuka” is a political festival in Norway and an
important meeting place to our stakeholders. In 2022,
we held a debate with the topic “The Norwegian data
economy”. The debate was based on a recent analysis
from Agenda Kaupang and a debate post in Dagens
Næringsliv written by Sikri Group’s CEO Nicolay
Moulin. Effective use of public data can lead to the
development of new services and contribute to value
creation of several hundred billion kroner. Key people
took part in the debate, such as Nicolai Astrup from
Høyre, Christel Borge, managing director of EnTur,
Torstein Hoem, divisional director of the Norwegian
Tax Administration, and Nicolay Moulin, CEO of Sikri
Group. Head of communications at Boligmappa, Eirik
Vigeland, was the debate leader.
Sikri Group was visible with all our brands at
Arendalsuka. Nicolay Moulin participated with
a presentation in which the real estate industry
discussed ”How to make the world’s best housing
market even better?” Moulin focused on digital
ecosystems and interaction between public and
private actors. His presentation highlighted the
availability of data and systems in the digitization
process. Boligmappa organized a live podcast episode
on the topic of home office directly from Arendalsuka.
Invited guests and Boligmappa discussed how the
fate of the home-office would develop in the future.
TREFFPUNKT
In 2022, Sikri AS established the brand
“TREFFPUNKT” to increase the visibility of meeting
points for our customers.
In May-June we visited 13 cities all over Norway on
the sales tour “TREFFPUNKT NORGE”. In addition, we
tried out the concept in one Swedish city. A total of
375 participants on the tour.
The SIKRI TREFFPUNKT conference is an annual
3-day conference for customers. The focus areas for
the 2022 conference were “Sikkerhet - Innovasjon –
Bærekraft” (Safety – Innovation – Sustainability).
The speakers included former Prime Minister Erna
Solberg, author Eirik Newth and National Archivist
Inga Bolstad.
Employees from all Sikri Group companies and
brands were represented at exhibition stands, as
class instructors, as speakers and participated in
the social events. Visible partner collaboration is an
important part of the event, and a total of 18 partners
participated with exhibitor stands. The conference
was held at Clarion The Hub in Oslo 28-30 November
with 420 Participants from Norway and Sweden.
Media
Sikri Groups brands has been visible in media during
2022. Nicolay Moulin had a debate post in Dagens
Næringsliv in August, leading up to the debate at
Arendalsuka, focusing on the data economy and
the public sector. Moulin later got invited to the
Finansavisen TV studio, to comment on the status
and future of Sikri Group.
Ambita has had several mentions in Dagens
Næringsliv among others, with the rental index in
Norway being published regularly in collaboration
with the Norwegian Association of Real Estate
Agents (NEF).
Boligmappa has had more than 70 media stories
during the year. Several times at TV show Good
Morning Norway and on TV2 News, as well as NRK
Radio, Finansavisen, VG, Dagbladet and more.
Boligmappa has positioned themselves as an expert
on the law regulating the property market, as well
as on the technical condition of Norwegian homes
and buildings.
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Sikri Group has an ambitious growth strategy, both through organic development
and M&A. The Company is continuously looking for acquisition targets that
enables Sikri Group to sell existing products and services to new customer groups
or in new markets and geographies, or that enable the Company to broaden the
portfolio towards existing customers. However, our long-term success will be met
by successfully integrating acquired companies into Sikri Group and identifying
synergies and common development opportunities between our segments.
During 2022, we have taken important steps towards achieving our ambition to
build the leading Nordic ecosystem for public administration, property technology,
analysis, and data.
With the acquisition of Metria AB in 2022, as well as Ambita AS in 2021, Sikri
Group has developed from a software house specializing in software and services
towards the public sector, to becoming a leading company also within property
data, property technology and data economics in the Nordics. Furthermore, Metria
will enable Sikri Group to take positions within environmental software solutions,
creating a basis for growth in the ESG space.
Our growth ambitions are significant, and in November 2022, Sikri Group
strengthened the financial basis through the sale of Prognosesenteret and by
raising gross NOK 100 million in new equity through a private placement. The
company also raised NOK 200 million in gross proceeds in September 2022.
This means that Sikri Group have all the building blocks in our growth platform
in place and we foresee continued growth in our software business in 2023, while
some of our segments are dependent on improving markets to deliver higher
growth. Profitability is important for Sikri Group and realization of synergies and
general efficiency improvements will be in focus.
Going into 2023, we have a new organizational structure, laying the foundation for
further growth, both organically and structurally with our four segments – Public,
Private, Consumer, and Metria. We also have a growth portfolio in development
which we will leverage to accelerate growth and broaden our offerings.
Data and technology are at the core of what we do in Sikri Group. The companies
in the Company possess a large number of valuable datasets from many sources.
As in 2022, the Company’s continued growth in 2023 will come from both
strengthening existing positions and from new services, leveraging both our
internal assets, but also through an active M&A strategy.
12 Innovation and growth strategy
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Sikri Group’s environmental, social and governance
strategy contributes to increased company value
through reduced organizational risk and creates
opportunities through an increased focus on sustainable
long-term returns. The strategy takes care of our
collective responsibility for the external environment,
and secure responsibility towards society, employees
and suppliers, ensuring good corporate governance.
13 Environmental, Social
and Governance (ESG)
The focus on ESG is necessary if Sikri Group are to maintain our
company values and the market’s willingness to invest in Sikri Group.
For us, a lack of focus on ESG will result in a negative reputation,
fines, increased costs, and reduced margins.
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Sustainability
Sustainability is a major inherent part of all our solutions. We believe in clever and
responsible utilization of digital possibilities to reach our common goals.
Our work on social responsibility is focused on ensuring that our business activities
are performed in a manner that is in accordance with internationally recognized
principles and guidelines related to human and employee rights, the environment
and corruption.
Sikri Group achieve this in collaboration with other key industry players, and we
work according to principles that ensure long-term value creation for our owners,
the society and for future generations.
We strive to align our business practices with the UN Sustainability Goals, where
relevant, and use these as a guide when developing our ESG practices.
Metria AB and Sikri AS is certified according to the Quality Management system
(ISO 9001), Environmental Management system (ISO 14001) and Information
Security Management Systems (NS-ISO/IEC 27001:2017).
The environment and us
Sikri Group is a technology company that delivers software solutions supporting
core processes in the public sector and digitization solutions for the real estate
market. Our solutions are closely linked to, or integrated with, other business and
administrative systems used by our customers.
The increasing demands from our customers, employees, partners, and investors
make us work even harder to purposefully and strategically become a more
sustainable and green company to fulfil all requirements related to social
conditions and corporate governance. Through our digital products, we ensure,
among other things, re-use of data, and digitization close to 100 percent of the
data process chain. “eSignering” and “eTinglysning” are examples of products
we deliver that reduce the amount of paper for our customers by digitizing the
document flow in the process. In the Land Registry service, paper as a format has
been replaced with fully digital solutions. Boligmappa ensure sustainable use of
materials and the development of buildings by safeguarding and storing data
and documentation and have a guidance model with the intention to prevent
undeclared work.
Metria works purposefully to reduce its environmental impact by reducing CO
2
emissions in connection with travel and the use of company cars.
Sikri Group’s strategic ambition is to ensure long-term value creation for our
owners, the society and future generations. Our strategy is ”Cloud first” and we
can meet our customers’ needs through a range of cloud-based services, including
integrations. This enables downscaling of physical data centers for our customers
and reduces their environmental footprint.
Environmental policy and some of the most important environmental goals
The society is becoming increasingly environmentally conscious, and we are now
experiencing that more customers expect documentation of the systematic work
to limit the impact on the environment.
Sikri AS was recertified in accordance with the ISO Environmental Management
System (ISO 14001) in September 2022 and works actively with customer
expectations and influencing colleagues other Sikri Group subsidiaries to live by
the same policy and incorporate similar goals.
We have a continuous focus on improvement and have experienced that the
certification has improved our reputation and increased or competitiveness.
We are more attractive for current and future employees and can document a
safer working environment with reduced risk of environmental accidents. To make
employees aware of the Company’s environmental impact is a key priority for
Sikri Group.
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We are committed to:
• Reduce our impact on the external environment by setting requirements for
sustainable awareness when choosing partners and suppliers
• To the extent financially sound, prioritize eco-labeled, sustainable, or
environmentally friendly products and suppliers
• Take the external environment into account when evaluating new products,
methodologies, or technologies
• Through communication, awareness and inclusion, contribute to strengthening
environmental awareness among employees
• Prioritize reuse of hardware over submission and destruction
• Reduce CO
2
emissions in connection with travel and the use of company cars
Employees and social responsibility
Sikri Group works actively to maintain a good working environment characterized
by diversity, and with collegial cohesion across ethnicity, gender, religion, outlook
and age.
Our employees are the most important factor for Sikri Group’s growth and
innovation. The employees’ knowledge, experience and commitment, and the way
this is used – creates competitive advantage, growth, and productivity. The most
important tool for achieving this is close dialogue between manager and employee
in the form of frequent 1:1 conversation that are systematic, supportive, and
flexible. This way of working has made us better equipped to handle innovation
and changes in parallel with daily operations.
In Sikri Group, we are dedicated to leading by example, with a high degree of
trust in our fellow team members. We believe that value creation happens in
collaboration and co-creation, and we strive to enable our employees to work in
teams, with a high degree of freedom, using their individual competence, initiative,
and creativity – to the best for the Company and our customers.
In our organization, continuous improvement is a natural part of everyday life.
Customer and market orientation is key to act quickly on the customer’s needs and
market shifts. We believe in an organization characterized by trust, responsibility,
and ownership – with clear frameworks. Shared functions and centralized
resources help the various market segments to achieve their goals more easily
– through access to effective solutions and specialist expertise. We believe in an
efficient organization with short decision-making processes and little bureaucracy.
An overriding goal for all the Sikri Group subsidiaries is to ensure a safe and
positive working environment, where both personal and professional development
is facilitated. We do this by focusing on the importance of having a good working
environment, safe operations, continuous competence development, competitive
conditions, and a flexible and balanced working life.
Safety
It has been an increasingly tense security situation in Europe during 2022 following
the war in Ukraine. In the wake of this, Sikri Group has mapped how this affects
our business. We have an overview of our vulnerabilities, and which threats that
are relevant to our companies.
For us, security starts with knowledge. We have a strong focus on the fact
that the employees have a major responsibility for securing the values of our
companies. During 2022, we have therefore worked to build and maintain this
competence and put it on the agenda. We work according to plan to prevent
attacks and reduce the frequency when they occur. We have regular safety training
for all employees using small Nano training modules that every employee must
complete.
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Employer branding
Focus on employer branding has become necessary
for any brand and not only to attract new employees
but also to retain employees. There are different
drivers for Sikri Group’s subsidiaries, but for the
Company as a whole, it is important that we have a
good working environment with a feedback culture
and close follow-ups. This demands that we always
have to find and maintain the right managers and
secure their continuous development.
In a pressured labor market, onboarding and
offboarding routines are essential to get hold of the
right resources. This is in addition to the fact that we
have competitive conditions and arrangements.
Social media is a powerful tool that we use to
market our employer brand. Our culture and values
are reflected in all our social meeting places such as
Facebook, Instagram, Snapchat, websites and career
pages.
Our employees are the most important asset of Sikri
Group. We make them visible in all digital channels
through the active use of photos and videos that
describes the office life and how we feel here at
our place. We deliberately use the employees in the
processes when we hire new employees, as their
journey says everything about how we onboard or
offboard employees. Their stories are an experience
with a credible and personal touch.
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Diversity and equality
Diversity
We know the value of constantly working with diversity and aim to have an
organization consisting of employees with different educational and experience
backgrounds, age, gender, cultural and geographical backgrounds. We are
aware of the societal expectations of measures to promote equality and prevent
discrimination in Sikri Group and we adhere to discrimination and accessibility
legislation. We collaborate with The State Labor and Welfare Agency and other
various organizations that mediate employees who either have a disability or have
dropped out of work for other reasons in order to get them back. At any time, we
have several apprentices and students in Sikri Group subsidiaries to challenge
the established systems and bring innovation into all parts of the Company. We
practice a senior policy that allows for reduced positions and adaptive tasks.
Regulations on the universal design of IT solutions have been changed, and our
customers must comply with these by 1 February 2023. Sikri Group has now made
changes to central systems to cover these new requirements and now offers
templates and systems to support the requirements
Equality
In Sikri Group, we have a working environment and an organization that
facilitates opportunities for success to an equal degree for both men and women.
The Company works actively to be a workplace where there should be no
discrimination related to factors such as recruitment, salary or working conditions,
promotion or development opportunities and this is confirmed in our employee
satisfaction surveys. We have active labor organizations and unions, and a positive
collaboration between these and our management. We have not uncovered any
differences in salary or other factors due to gender, functional ability, ethnicity,
age, or similar conditions. In Sikri Group, we have 34 percent female employees,
and our executive management consists of 44 percent females.
To succeed with the desired digitization, flexible development has also been
central in 2022.
Today’s organization has resulted in Sikri Group now being able to handle
innovation and changes in parallel with daily operations. This has created higher
performance and commitment among departments and developed responsibility
and leadership throughout the organization. The Company have become better
equipped for the increasingly rapid changes in the environment in addition to the
fact that we have achieved higher well-being and co-determination.
Job creation and safe working conditions
We work actively to ensure a safe working environment without harassment
or discrimination and have zero tolerance for harassment and abuse of power
that can provide a basis for this form of behavior. Our mapping of the working
environment is an intuitive platform that helps us understand how our employees
really feel, while gaining insight into how we can concretely support them. They
can anonymously use this tool to report irregularities.
We have a Code of Conduct in place which each employee is committed to follow,
and a whistle blowing policy and external process in place to ensure adherence
and protect our employees.
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Corporate governance
Corporate governance provides the basis for value
creation for the benefit of Sikri Group’s shareholders,
employees, and other stakeholders. The Board
of Directors of Sikri Group has adopted a set of
governance principles to ensure a clear division of
roles between the Board, executive management and
shareholders. These Corporate governance guidelines
are found on the Company’s web pages (Corporate
governance | Sikri Group ASA).
The principles are based on the Norwegian Code of
Practice for Corporate Governance. As Sikri Group
complies with the Norwegian Accounting Act, the
Company follows the annual corporate governance
reporting requirements under section 3-3b of the
Norwegian Accounting Act and the Norwegian Code
of Practice for Corporate Governance.
The Accounting Act may be found (in Norwegian) on
www.lovdata.no. The Norwegian Code of Practice for
Corporate Governance, which was last revised on 14
October 2021, may be found on www.nues.no. Sikri
Group’s 2022 corporate governance statement follows
in the Board of Director’s report in section 14 of this
annual report.
Anti-corruption
Sikri Group stands for good and fair business
practices, and in addition to financial indicators, we
consider the perception of our stakeholders as an
important parameter for measuring our success as a
company. We manage our reputation with care, and
we have zero tolerance for corruption and unethical
conduct of business. Sikri Group must be a responsible
company and practice a culture of openness. We
have no hidden cash flows or investment of funds
in ”tax havens” or the like. We have created our own
company-adapted Anti-Corruption Guidelines which
all employees have been made aware of.
We also have strict internal guidelines in connection
with purchasing and place high demands on our
suppliers. Our suppliers must have measures or
systems in their operations to prevent corruption and
trade in influence. Such measures include internal
control regime, ethical guidelines for all employees,
and creation of a notification channel.
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Investor relations policy
Sikri Group’s IR policy is based on the Oslo Stock
Exchange’s rules, regulations and recommendations
for listed companies, in particular to comply with the
“Oslo Børs Code of Practice for IR of 1 March 2021”.
All disclosure, communication and reporting shall be in
compliance with the applicable laws and regulations,
in particular the Norwegian Securities Trading Act,
regulation (EU) No. 596/2014 on market abuse
(market abuse regulation), as implemented in Norway
in accordance with section 3-1 of the Securities
Trading Act as of 1 March 2021 (as amended from
time to time) (MAR), the Norwegian Accounting Act
and the Rule Books.
Sikri values an open and proactive approach in our
dialogue with all our stakeholders and participants
in the capital markets. Our IR purpose is to ensure
that any relevant information, that may impact the
valuation of the Sikri share is readily made available
to the public, to increase understanding about the
Sikri share, our financial and business drivers and
clarify underlying risk – to contribute to a pricing of
the Sikri share reflecting operational performance and
underlying values.
Reporting of financial information shall follow
regulations set out by the Norwegian Securities and
Trading Act and Euronext Oslo Stock Exchange’s
continuing obligations for listed companies. Sikri
Group publishes quarterly result reports and
presentations and makes this information available
on the investor relations website as well as on the
Oslo Børs news platform (www.newsweb.no), on dates
published in our financial calendar.
Sikri Group’s main communication channels are stock
market announcements and its own web pages
(https://www.sikrigroup.com/investor-relations)
in order to secure that the same information is
simultaneously made available for all stakeholders.
Any information which could have a potential impact
on Sikri Group’s future development and the Sikri
Group share, shall be made available to the market
without delay. All presentations regarding quarterly
results or investor seminars are held in English. The
company will seek to provide a consistent level of
information regardless of whether the news is positive
or negative.
Ahead of announcing the Company’s quarterly
results, Sikri Group exerts caution with regards to
information communicated externally. This period
lasts for the final three weeks before a quarterly
presentation is published. During this period, Sikri
Group’s representatives will refrain from discussing the
Company’s performance and prospects with analysts,
investors, media or others, to minimize the risk of
unequal information in the marketplace.
Sikri does not provide guidance on overall future
financial performance but may communicate
guidance or targets for distinct segments or product/
business areas. Sikri may also provide sensitivities
or KPIs that may be used for calculations. Any such
guidance or drivers will be communicated specifically
and simultaneously to the public.
The official investor relations (IR) spokespersons of
the Company are the CEO and CFO of Sikri Group, or
others authorized by these. Questions from investors
and financial analysts to other Sikri Group employees
shall be referred to the CEO and the CFO.
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14.1 Operational review
The Board of Directors’ Report reflects the
development of Sikri Group (or “the Company”) unless
otherwise stated. The Company is headquartered in
Oslo, Norway, and also has offices in Bergen, Harstad,
Kristiansand and Sandefjord in Norway, and 20
offices in Sweden as of the end of 2022, with Metria
headquartered in Stockholm in Sweden.
Sikri Group has developed from a software house
specializing in software and services towards the
public sector, to also become a large PropTech
player, including geoinformation. The Company is
streamlining the property life cycle based on deep
technology and data. Thus, Sikri Group is situated
between the public sector, private businesses, and
consumers. The Company consists of 490 employees
as of the end of 2022, in addition to 60-70 external
FTEs which deliver additional development capacity.
In 2022, the sick leave for Sikri Group was 3.89
percent.
Business activities and strategy
During 2022, Sikri Group has grown organically as
well as structurally, and we welcomed Metria AB
into the Company during the spring. In 2022, the
Company saw revenues reach the NOK 1 billion
landmark for the first time. The acquisition of Metria
creates opportunities for accelerated growth, as Sikri
Group can reach a wider customer base, with a broad
range of services – connecting public sector, private
and businesses – creating security, development,
and growth. The Company has a clear strategy and
structured approach to M&A, and will continue to seek
opportunities for growth, both inorganic and through
acquisitions, in the Nordic market.
The Company continuously looks for acquisition
targets that will enable Sikri Group to sell existing
products and services to new customer groups or in
new markets and geographies, or that will enable the
Company to broaden the portfolio towards existing
customers. However, Sikri Group’s long-term success
in achieving its goals will be met by successfully
integrating acquired companies into the Company
and identifying synergies and common development
opportunities between our segments.
With the addition of Metria, Sikri Group took a
big step towards achieving its ambitions. The
priorities going into 2023 are to realize cross selling
opportunities across Sikri Group, as well as improving
margins through leveraging common support
structures. We expect our investments in product
development to materialize in improved margins
and an improved cash flow yield over time. The
volatile markets may continue to impact some of our
customer segments, but our services are expected
to remain stable, and we will continue to exploit
opportunities in existing and new markets, products,
and services.
The ongoing crisis in Ukraine
and the impact on Sikri Group
The current situation in Ukraine, for the time being
has an impact, albeit not significant, on Sikri Group.
We use some external development capacity in
Ukraine, through third parties, and this capacity has
been impacted by the ongoing crisis. Our highest
priority during this period has been the well-being
of our developers. They have not been available full
time due to the circumstances, and there are some
challenges with connectivity and also locating safe
areas for these resources to operate from. Sikri Group
is monitoring the situation closely and we are in
ongoing dialogue with our suppliers. For the time
being, as this capacity comprises less than 10 percent
of Sikri Group’s development capacity, we are able to
compensate through measures such as
re-prioritization
of tasks, and higher utilization of other staff.
Main developments in 2022
Sikri Group delivered strong structural growth in
2022, while organic growth was more limited, due
to some turbulence in the markets for real estate
sales and construction planning. Underlying growth
14 Board of Directors’ report
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Sikri Group ASA
Annual Report 2022
in other product areas was strong. In April 2022, we
acquired Metria AB and further broadened our range
of services and the customer base we serve. The
integration of Metria into Sikri Group has developed
according to plan. In December 2022, Metria signed
two long-term framework agreements with the
Swedish Environmental Protection Agency, with an
estimated value of SEK 430 million.
In July 2022, Sikri Group uplisted from Euronext
Growth to Euronext Oslo Børs.
In the second half of 2022, Sikri Group divested
Prognosesenteret to sharpen the focus on property
technology. The Company also completed two
private placements, raising approximately NOK 300
million in gross proceeds. The net proceeds from
the placements have predominately been used to
strengthen Sikri Group’s balance sheet by reducing
leverage.
Going into 2023, we continue to be well positioned to
expand our offerings and grow further in line with our
strategy, also in regard to geographic expansion in the
Nordic region. We have all the building blocks in our
growth platform in place and we foresee continued
growth in our software business in 2023, while some
of our segments are dependent on improving markets
to deliver higher growth. Profitability is important for
Sikri Group and realization of synergies and general
efficiency improvements will be in focus.
Sales activity
Within Sikri AS (Public segment) we are growing the
Total Contract Value (TCV), coming from winning
public bids or direct upgrades from our existing
customers. TCV converts into Annual Recurring
Revenue (ARR) when the project is delivered. We
are bidding on almost all public bids where we
have a product or service fit, and at the same time
we upgrade our existing customer base from on-
prem to our cloud solution. We experience a pull
from customers toward Cloud and almost 100
percent of all new customers are using our cloud.
The sale and implementation of eByggesak runs
as planned, and the same goes for our platform
Samsvar (cloud-based solution making sure that
governance, risk management, GDPR, compliance,
rules and regulations are followed). Even though
we have been a digital society for many years, large
parts of documentation are still paper driven. In Sikri
Group, we have the foremost experts in digitizing
paper through the PixEdit portfolio. This software
is central to us when it comes to digitizing paper
documentation for both the public sector, private
business and consumers.
Ambita (Private segment) has delivered growth
above expectations in 2022 and been successful
in maintaining focus on customers and ensuring a
steady, high customer satisfaction and retention.
Infoland maintaining the position as Norway’s largest
provider of real estate information, continuously
offering new products and services. During 2022,
the share of Norwegian digitally registered property
transactions reached an all-time high of 52 percent.
In December 2022, we launched functionality for
power of attorney for property transactions. This
functionality enables an even higher volume of
digital transactions. We have modernized and
improved the Decision service client solution used
by consumer loan banks and debt collectors. These
improvements provide the opportunity to enter new
market segments in 2023. In 2022, Byggesøknaden
grew its revenue base by 15 percent compared to last
year, driven primarily by growth in our SMB segment.
Our number of paying customers grew by 10 percent
compared to 2021.Further developed the land and
property register API, REALTY, with several mortgage
banks having adopted our solutions. The traffic via
the API is almost 1 million transactions in 2022.
Boligmappa (Consumer segment) experienced a 32
percent growth in license sales during 2022, driven by
the new property transaction law (“avhendingsloven”),
as well as an increased demand from property owners
for documentation from their craftsmen (electricians,
plumbers, carpenters etc), resulting in more craftsmen
joining the platform. Our digital sales channel
continued to grow during the year, strengthening
our position in the large segment of small business
with only one to three employees. During the year,
Boligmappa signed new enterprise agreements with
VVS Eksperten and EL-Proffen. In Q4, Boligmappa
increased the number of monthly active users by
204 percent and reached 2,2 million activated
“boligmapper”.
Metria increased revenue by 1 percent in local currency
in 2022. During the fourth quarter of 2022, Metria
signed two framework agreements with the Swedish
Environmental Protection Agency (Naturvårdsverket),
both with an agreement period of four years with a
three-year option to extend. Metria has collaborated
with the Swedish Protection Agency for several years
already, and the new agreements underline the solid
foundation between the two entities. The estimated
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Sikri Group ASA
Annual Report 2022
value of the contracts over the seven-year period
are SEK 430 million. Metria has signed several new
customers and developed a significant volume of
business opportunities in 2022. During the year,
Metria has also renewed and signed new contracts
with municipalities, which underlines Metria’s strong
market position within the municipality segment.
Sikri Group is involved in many ongoing tenders and
are continuously investing in our sales force. We are
confident that we will maintain or improve our win
rate into 2023. Our market knowledge, close customer
dialogue and market monitoring gives us direct
invitation to customer cases. With the addition of
our combined strength with the tight integration of
Metria to the Company, we look forward to exciting
common opportunities and co-development of
products and expanding our product portfolio.
Transparency Act
The Norwegian Transparancy Act (“Åpenhetsloven”)
grants anyone the right to request information
from the Company on how we handle negative
impacts on human rights and working conditions,
as well as specific information related to goods
and services. This includes information about Sikri
Group’s organization and structure, the policies,
and the procedures established to prevent negative
consequences. Furthermore, it includes how the
negative consequences are identified and how they
are addressed, and the impact of any measures we
have taken.
Assessments are regularly conducted and are
proportional to the size, nature, and segments of the
various companies within Sikri Group, as well as the
severity and likelihood of negative consequences for
basic human rights and decent working conditions.
The main focus is on how the business impacts people
both inside and outside the organization.
In addition to our permanent employees in Norway
and Sweden, the Company also employs contractors
in some other countries. We conduct due diligence
assessments when approaching potential projects/
businesses in other countries and have our own
guidelines for our suppliers. Suppliers are required
to maintain high ethical standards, good business
practices, and not act in violation of applicable laws
and regulations, key UN conventions, and national
labor laws at the production site. The UN Declaration
on Human Rights must be respected. Whenever
conventions, national legislation, and regulations
cover the same issue, the highest standard shall
always prevail.
Anyone who wishes to obtain information under the
Transparency Act may contact Sikri Group in writing
and request information on how we handle actual
and potential negative impacts on basic human
rights and decent working conditions that we may
have identified. Currently, no risk elements that have
led to specific measures have been identified. HR is
responsible for this task within the Company.
The yearly statement on the Company’s due diligence
assessments will be made available on the Company’s
website once approved by the Board of Directors and
no later than June 30, 2023.
14.2 Financial review
Profit and loss
Sikri Group’s consolidated revenue was MNOK 1,031.5
in full year 2022, compared to MNOK 543.2 in 2021.
Metria contributes with MNOK 308.4.
Gross margin was 61 percent in 2022 as a whole and
63 percent in 2021. Ambita Group (excluding 4CGroup
AS and Prognosesenteret AS) is consolidated from
1 May 2021, and Metria AB from 1 April 2022. Both
Ambita and Metria’s revenues carry lower gross
margins.
EBITDA was MNOK 136.3 in 2022 (13 percent of
revenue) compared to MNOK 77.3 in the same period
last year (14 percent of revenue). Adjusted EBITDA
was MNOK 175.4 in 2022 (17 percent of revenue).
The net income amounted to MNOK 27.0 in 2022,
compared to negative MNOK 8.5 in 2021.
Financial position
As of 31 December 2022, Sikri Group’s total assets
were MNOK 2,211 compared to MNOK 1,600 at the
end of 2021.
Intangible assets amounted to MNOK 1,846 at the
end of December 2022 compared to MNOK 1,342 at
the end of 2021 due to the acquisition of Metria in
April 2022. Total receivables were MNOK 204.5 at
the end of December 2022 compared to MNOK 84.1
at the end of 2021 due to the volume added by the
Metria business.
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Sikri Group ASA
Annual Report 2022
Sikri Group’s total liabilities were MNOK 1,174 at
the end of December 2022 compared to NOK 843.4
million at the end of 2021. The increase is a result
of additional borrowings to finance the acquisition
of Metria, as well as an increase in lease liabilities
coming from Metria. Current liabilities amounted to
MNOK 405.3 compared to MNOK 300.5 at the end
of 2021, while non-current liabilities were MNOK 768.6
at the end 2022, compared to MNOK 542.9 at the end
of 2021.
Net interest-bearing debt (NIBD) as of the end
of 2022 was MNOK 755.8. Of this, lease liabilities
comprise MNOK 48.4. Sikri Group’s total equity was
MNOK 1,036.7 at the end of 2022 and the equity
ratio was 47 percent. The share capital of Sikri Group
ASA was NOK 2,548,859.54 as of 31 December 2022,
consisting of 127,442,977 ordinary shares with a
nominal value of NOK 0.02.
Cash flow
Sikri Group had a positive cash flow from operating
activities in full year 2022 of MNOK 108, compared
to MNOK 94.6 in full year 2021. Cash flow from
investing activities was negative MNOK 643.2 in 2022
compared to negative MNOK 900.5 in 2021, mainly
due to the acquisition of Metria AB (MNOK 593.8) and
capitalized development costs (MNOK 74.5). Cash
flow from financing activities was MNOK 467.3 in
2022 compared to MNOK 792.3 in 2021, mainly due to
proceeds from borrowings related to the acquisition of
Metria.
In total, Sikri Group had a net decrease in cash and
cash equivalents in 2022 of MNOK 67.9, decreasing
the cash and cash equivalents.
The parent company, Sikri Group ASA, had cash and
cash equivalents of MNOK 28.1 as at the end of 2022.
The full financial statement of the parent company is
presented in chapter 16 of the annual report.
The Board considers the Company’s financial
position, including cash and cash equivalents, to be
satisfactory as at the end of 2022.
Going concern
Based on the aforementioned comments about Sikri
Group ASA’s accounts, the Board of Directors confirms
that the annual financial statements for 2022 have
been prepared on the basis of a going concern
assumption, and that this assumption has been made
in accordance with Section 3-3a of the Norwegian
Accounting Act.
Allocation of the profit for Sikri Group ASA
As described in chapter 16 of this report, profit for the
year 2022 for the parent company was MNOK 1.4. The
Board has proposed that the profit will be allocated to
other equity.
Financial risk and risk management
Sikri Group is exposed to risks from its use of financial
instruments, including credit risk, liquidity risk and
market risk.
Credit risk is the risk that customers are unable to
settle their obligations under a financial instrument
or customer contract, leading to a financial loss.
Approximately 45 percent of Sikri Group’s revenue is
generated from customers within the public sector
where the risk related to these trade receivables
is nearly non-existent. The majority of the last
55 percent are within the private sector, in which
exposure is limited by using credit ratings and risk
assessments upon engaging in assignments. Sikri
Group also has a small portion of sales to private
individuals which pays upfront. All receivables are
monitored closely, and any overdue receivables are
followed up.
Liquidity risk arises from Sikri Group’s management of
working capital and the finance charges and principal
repayments on its debt instruments. It is the risk
that Sikri Group will encounter difficulty in meeting
its financial obligations as they fall due. Sikri Group’s
policy is to ensure that it will always have sufficient
cash to allow it to meet its liabilities when they
become due as well as being able to take advantage
of acquisition opportunities. Management of liquidity
risk is performed at Group level, where the Finance
department monitors liquidity flows in short-term and
long-term reporting. In additional to the cash reserve
at 31 December 2022, Sikri Group also has liquidity
reserves available through credit facilities with its
primary bank.
Market risk is the risk that the future cash flows
will fluctuate because of changes in market prices.
Market risk includes interest risk and currency risk.
Financial instruments affected by market risk include
borrowings, deposits and debt.
Interest rate changes have only a marginal direct
effect on consolidated operating income and cash
flows from operating activities. Sikri Group’s interest
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Sikri Group ASA
Annual Report 2022
rate risk is related to floating interest rates on bank
accounts and bank loans. Sikri Group has no fixed-
rate deposits or debt and is therefore not exposed to
fair value interest rate risk.
Further information on risk management can be
found in Note 28.
Transactions with related parties
Jens Rugseth, a member of the Board of Sikri Group
ASA also holds positions as a member of the Board in
Crayon Group Holding ASA and Techstep ASA. Trade
between Sikri Group and these companies is disclosed
in Note 30.
There were no other material transactions with
related parties during the period.
Research and development
Sikri Group’s R&D efforts are focused on development
of own software, using own resources and external
development expertise. Sikri has in 2022 capitalized
personnel cost and external costs related to R&D, as
well as received some funding from the “SkatteFUNN”
tax incentive scheme. Our R&D is focused on
developing new or improved software for our customers,
using innovative tools and the newest technology.
Corporate social responsibility
Sikri Group aims to be a responsible company which
respects people, society, and the environment.
The Company has developed a CSR policy,
committing Sikri Group to responsible business
practices in the areas of human rights, labour, anti-
corruption and the environment.
At Sikri Group, we actively work to create a safe
working environment without harassment or
discrimination. We have in place a Code of Conduct
which each employee is committed to follow, and a
whistle blowing policy and external process in place
to ensure adherence and protect our employees. No
accidents or incidents were reported in 2022.
Sikri Group’s philosophy is to be an equal opportunity
employer, and we promote equal rights regardless
of gender, gender identification or expression, ethnic
identity, religion, or other beliefs, sexual orientation or
age. We permit no form of discrimination and work
actively to promote diversity across the Company and
functions.
We strive to beat the IT industry average in terms
of gender distribution, which is approximately 30
percent, and are well above this level.
Environmental responsibility
In Sikri Group, we are dedicated to leading by
example, with a high degree of trust in our fellow
team members. We believe that value creation
happens in collaboration and co-creation, and we
strive to enable our employees to work in teams,
with a high degree of freedom, using their individual
competence, initiative, and creativity – to the best for
the Company and our customers.
In our organization, continuous improvement is
a natural part of everyday life. Customer and
market orientation is key to act quickly on the
customer’s needs and market shifts. We believe in an
organization characterized by trust, responsibility, and
ownership – with clear frameworks. Shared functions
and centralized resources help the various market
segments to achieve their goals more easily – through
access to effective solutions and specialist expertise.
We believe in an efficient organization with short
decision-making processes and little bureaucracy.
An overriding goal for all the Sikri Group subsidiaries
is to ensure a safe and positive working environment,
where both personal and professional development is
facilitated. We do this by focusing on the importance
of having a good working environment, safe
operations, continuous competence development,
competitive conditions, and a flexible and balanced
working life. We expect all suppliers to cooperate
with us in achieving our environmental ambitions.
Environmental requirements are a central part of all
our contracts. We are committed to:
• Reduce our impact on the external environment
by setting requirements for sustainable awareness
when choosing partners and suppliers
• To the extent financially sound, prioritize eco-
labeled, sustainable, or environmentally friendly
products and suppliers
• Take the external environment into account when
evaluating new products, methodologies, or
technologies
• Through communication, awareness and inclusion,
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Sikri Group ASA
Annual Report 2022
contribute to strengthening environmental
awareness among employees
• Prioritize reuse of hardware over submission and
destruction
• Reduce CO
2
emissions in connection with travel
and the use of company cars
Sikri AS is certified under ISO 14001 – environmental
management systems, which confirms our dedication
towards reducing our negative impact on the external
environment.
A statement on Sikri’s corporate governance principles
and practices is provided in section 14.3 in Board of
Director’s report. A statement on Sikri Group’s work
with ESG is provided in section 13.
Shareholder information
As of 31 December 2022, Sikri Group ASA’s share
capital was NOK 2,548,859.54, consisting of
127,442,977 ordinary shares with a nominal value of
NOK 0.02. At the end of 2022, Sikri Group held 2,075
own shares.
The Company’s largest shareholder, Karbon Invest
AS, held 34.89 percent of the shares at year end, with
the 10 largest shareholders holding 83 percent of the
shares outstanding.
The final share price at the close of the year, as of 30
December 2022, was NOK 8.19.
For detailed shareholder information, see Note 23 in
the consolidated financial statements for 2022.
Insurance for Board members and CEO
Sikri Group has in place an insurance that covers
members of the Board and Sikri Group’s CEO, for their
potential responsibility towards Sikri Group and its
companies, as well as third parties. The insurance also
covers the Boards and CEOs of subsidiary companies,
and coverage is maximum MNOK 100.
Events after the reporting period
On April 17, 2023, Sikri Group announced that it has
entered into an agreement to divest the Planning
and Surveying consultancy business in Sweden, a part
of the Swedish company Metria AB. The divestment
will further sharpen Sikri Group’s focus on scalable
software and software related services. The agreed
purchase price of the business unit is SEK 52.5
million on a debt free basis. The transaction will be
consummated as a carve-out of the P&S business
from Metria AB and closing of the transaction is,
subject to customary closing conditions, expected to
take place in early May 2023. The consideration will be
paid fully in cash.
As a part of the divestment of Prognosesenteret in
November 2022, a seller’s credit of NOK 37.5 million
was issued to Sikri Group, due in two years from
the transaction date. In February 2023, an early
repayment was made, providing a positive cash inflow
of NOK 37.5 million in Q1 2023 for Sikri Group.
At March 31, 2023, some of the financial covenants
for Sikri Group’s loan financing have been updated.
Please see note 26 for details of current covenants in
force from March 31, 2023.
Outlook
The company will continue to pursue its growth
strategy in building a Nordic technology powerhouse
and will continue to invest in own solutions as well
as pursue M&A opportunities. With the addition
of Metria, Sikri Group took a big step towards
achieving the ambitions, and while continuing to
realize synergies from the integration of the existing
companies in Sikri Group, an integration project to
onboard Metria to Sikri Group’s strategy is ongoing.
Sikri Group’s priorities in 2023 are to realize cross
selling opportunities across the Company, as well
as improving margins through leveraging common
support structures. We expect our investments in
product development to materialize in improved
margins and an improved cash flow yield over
time, although there is uncertainty associated with
assessing future conditions. The volatile markets may
continue to impact some of our customer segments,
but our services are expected to remain stable, and
we will continue to exploit opportunities in existing
and new markets, products, and services.
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14.3 Corporate Governance statement
Corporate governance provides the basis for value creation for the benefit of Sikri
Group’s shareholders, employees, and other stakeholders. The Board of Directors of
Sikri Group has adopted a set of governance principles to ensure a clear division of
roles between the Board, executive management, and shareholders.
The principles are based on the Norwegian Code of Practice for Corporate
Governance. As Sikri Group complies with the Norwegian Accounting Act, the
Company follows the annual corporate governance reporting requirements
under section 3-3b of the Norwegian Accounting Act and the Norwegian Code of
Practice for Corporate Governance.
The Accounting Act may be found (in Norwegian) on www.lovdata.no. The
Norwegian Code of Practice for Corporate Governance, which was last revised
on 14 October 2021 (the Code), may be found on www.nues.no. Sikri Group’s 2022
corporate governance statement follows below.
The statement was approved by the Board of Directors on 27 April 2023.
01 CORPORATE GOVERNANCE PRINCIPLES
Sikri Group ASA (the Company) aims to maintain a high standard of corporate
governance. The Company’s guidelines for corporate governance aim to provide
the basis for long-term value creation and to strengthen the confidence in the
Company, to the benefit of shareholders, employees and other stakeholders.
In order to comply with the Code, the Company will apply the ”comply or explain
principle”. The Company provides an overall report on corporate governance in this
section of the annual report. The Company’s corporate governance principles are
based on the Code, and includes the following main objectives:
• Create value for shareholders of the Company
in a sustainable manner
• The Board shall be autonomous and independent of management
• Clear division of roles and responsibilities
between board and management
• Equal treatment of all shareholders
The Company’s governance documents set out principles for how business should
be conducted, including ethical guidelines and guidelines for corporate social
responsibility. The Company’s corporate governance regime is approved by the
Board of Directors of the Company.
02 BUSINESS
The Company’s business objective is stated in the Articles of Association to be as
follows: The Company’s business objective is to invest in, own, develop and sell or
otherwise realize, wholly or partially, businesses and companies, both domestic
and foreign, and everything in connection with the foregoing.
The Company’s business activities shall be carried out so that the Company
creates value for shareholders in a sustainable manner. The Board sets the
direction for the Company by determining the objectives, strategy and risk profile
of the business within the parameters of the Articles of Association such that
the Company creates value for shareholders in a sustainable manner and takes
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Annual Report 2022
into account financial, social and environmental considerations. These objectives,
strategies and risk profiles are evaluated on an annual basis by the Board through
a designated strategy process. Information concerning the objectives and principal
strategies of the Company and changes thereto as well as business risks aspects
are disclosed to the market in the context of the Company’s annual report, its
quarterly reporting, market presentations and on the Company’s website.
03 EQUITY AND DIVIDENDS
3.1 Equity
The Board ensure that the Company’s capital structure is suitable for the
Company’s objectives, strategy and approved risk profile, by regularly monitoring
the capital situation and immediately take adequate steps should it be apparent
at any time that the Company’s equity or liquidity is less than adequate.
During 2022, Sikri Group completed two private placements. The first was in
September 2022, rising NOK 200 million in gross proceeds, while the Company
successfully completed a NOK 100 million placement in November 2022. The
proceeds raised from the private placements have strengthened the Company’s
balance sheet by reducing leverage, replacing the bridge facility component
financing Sikri Group’s acquisition of Metria.
The share capital of the Company was NOK 2,548,859.54 as of 31 December 2022,
consisting of 127,442,977 ordinary shares with a nominal value of NOK 0.02.
3.2 Dividend
The Board shall establish a clear and predictable dividend policy as the basis for
the Board’s proposals on dividend payments that it makes to the general meeting.
The background to any proposal for the Board to be given an authorization to
approve the distribution of dividends shall be explained. The dividend policy
is available in the Prospectus as of 11 November 2022, located in the investor
relations section of the Company’s website.
The company’s strategy does not provide for dividend distributions at this stage
of the business development process. The Board does not propose any dividend
payment for the fiscal year 2022.
3.3 Capital increases and purchases of own shares
Any authorizations granted to the Board to increase the Company’s share capital
shall be restricted to defined purposes. If the Board authorization covers several
purposes, each such authorization shall be considered separately by the general
meeting. Authorizations granted to the Board to increase the share capital or
purchase treasury shares shall be limited in time and shall not be given for a period
longer than until the next annual general meeting.
The Board considers that Sikri Group has a capital structure as of the end of 2022
that is appropriate for its objectives, strategy, and risk profile.
04 EQUAL TREATMENT OF SHAREHOLDERS
4.1.1 General information
The Company has only one share class. Each share in the Company carries
one vote and otherwise has equal rights in the Company including the right to
participate in general meetings. All shareholders shall be treated on an equal basis
unless there is just cause for treating them differently.
On 7 July 2022, Sikri Group successfully uplisted from Euronext Growth to Euronext
Oslo Børs.
4.1.2 Capital increases without preferential rights and transactions in the
Company’s own shares
All existing shareholders have pre-emptive rights to subscribe for shares in the
event of share capital increases. The general meeting may by a qualified majority
set aside the pre-emptive rights of existing shareholders. Any deviations from
such rights must be justified by the common interest of the Company and the
shareholders. Explanation of the justification by the Board shall be included in
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Sikri Group ASA
Annual Report 2022
the agenda for the shareholders meeting. Where the Board has authorizations to
increase the Company’s share capital and waive the pre-emption rights of existing
shareholders, a stock exchange notice will be issued containing the reasoning for
the deviation.
Any transaction by the Company in its own shares shall take place either through
the stock exchange or otherwise at prevailing stock exchange prices. In the event
there is limited liquidity in the Company’s shares, the Company will consider other
ways to ensure equal treatment of all shareholders.
05 FREE TRANSFERABILITY
Sikri Group’s shares are listed on the Oslo Stock Exchange under the ticker SIKRI
and are freely transferable. There are no restrictions on the transferability of shares
in The Company in the Articles of Association.
There are no general restrictions on the purchase or sale of shares by members of
Sikri Group’s management as long as they comply with the regulations on insider
trading and in the Market Abuse Regulation (MAR).
06 GENERAL MEETING
6.1 Exercise of rights
The Board shall arrange for as many shareholders as possible to be able to exercise
their rights to participate in the Company’s annual general meeting (AGM). The
AGM of 2022 was held on 31 May 2022, while the 2023 AGM will take place on 31
May 2023. The company’s financial calendar is published via Oslo Stock Exchange
and in the investor relations section of Sikri Group’s website.
The Board ensures that the annual general meeting is an effective meeting place
for shareholders and the Board, through, among other things, ensuring that:
a) the notice and agenda documents for the general meeting, including the
nomination committee’s recommendations, are published on the Company’s
website at the latest 21 days before the general meeting is to be held;
b) the resolutions and supporting information are sufficiently detailed for
shareholders to be able to take a position on all matters that are to be considered;
c) the deadline for shareholders to give notice of attendance is to be set as close
to the meeting as practically possible and in accordance with the provisions in the
Articles of Association;
d) the Board and the person chairing the meeting shall ensure that the general
meeting is able to vote on each of the candidates for appointment to the
Company’s corporate bodies;
e) all representatives of the Board and the chairperson of the nomination
committee should be present at general meetings. Representatives of the
nomination committee, the remuneration committee and the audit committee,
as well as the auditor should be present at general meetings where matters of
relevance for such committees/persons are on the agenda;
f) arrangements are in place to ensure an independent chair of the general
meeting; and
g) shareholders who are unable to attend in the meeting in person shall be given
the opportunity to vote by proxy. The Company shall prepare a proxy form, which
shall in so far as this is possible, be set up so that it is possible to vote on each
of the items on the agenda and each of the candidates that are nominated for
election. Information on the procedure for attending by proxy and a proxy form
shall be included in the notice convening the general meeting. A shareholder may
be represented through power of attorney.
07 NOMINATION COMMITTEE
According to the Company’s Articles of Association, the Company shall have a
nomination committee. The nomination committee shall consist of two to three
members elected by the general meeting for a term of up to two years. The
general meeting shall determine the remuneration of the committee’s members
and approve instructions for the committee.
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Sikri Group ASA
Annual Report 2022
The members of the nomination committee shall be selected to take into account
the interests of the shareholders in general. All of the members of the committee
shall be independent of the Board and executive personnel. The nomination
committee should not include the Company’s board members or the CEO or any
other executive personnel.
The nomination committee shall issue explained proposals to the general meeting
regarding the election of shareholder-elected members, deputy members and
Chair of the Board, and election of members and Chair of the nomination
committee. The nomination committee shall also issue a proposal regarding the
remuneration of the Board and the nomination committee.
The Company shall provide information on who are the members of the
committee and any deadlines for presenting proposals to the committee on the
Company’s website. The nomination committee shall hold individual discussions
with members of the Board.
As at 31 December 2022, the nomination committee consists of Tor Malmø (chair)
and Fredrik Cappelen. Mr. Malmø is considered independent from the Company,
while Mr. Cappelen controls 12 percent of the Company through Stella Industrier
AS and Stella AS.
08
CORPORATE ASSEMBLY, BOARD COMPOSITION AND INDEPENDENCE
The Company does not have a corporate assembly.
The Company aims to ensure a balanced composition of the Board taking to
ensure that the Board can attend to the common interest of all shareholders and
meets the Company’s need for expertise, capacity and diversity. Attention will be
paid to ensuring that the Board can function effectively as a collegiate body.
The Board shall be composed so that it can act independently of any special
interests. The majority of the shareholder-elected members shall be independent
of the Company’s executive personnel and significant business contacts. At least
two of the shareholder-elected board members shall be independent of the
Company’s major shareholder(s).
For the purposes of these Corporate Governance Guidelines, a major shareholder
shall mean a shareholder that owns or controls 10 percent or more of the
Company’s shares or votes, and independence shall entail that there are
no circumstances or relations that may be expected to be able to influence
independent assessments of the person in question.
No member of the Company’s executive personnel are members of the Board. The
chair of the Board is elected by the general meeting.
The term of office for board members shall not be longer than two years at a time.
Members of the Board may be re-elected.
The Company’s annual report will provide information on participation at board
meetings and on matters that can illustrate the Board members’ expertise. In
addition, information shall be given on which board members are considered to be
independent.
All of the Board members are independent of the executive management and
material business contacts. Rolv Erik Ryssdal, Sigrun Hansen Syverud and Martine
Drageset are independent of the Company’s main shareholders.
Board members shall be encouraged to own shares in the Company.
Information on each of the Board members regarding experience, qualifications
and ownership of options/shares is available on the Company’s website.
Three of the current five board members are men (60 percent), and two are
women (40 percent).
Board of Directors composition as at 31 December 2022:
Name Position
Rolv Erik Ryssdal Chairman
Jens Rugseth Board member
Sigrun Syverud Board member
Name Position
Martine Drageset Board member
Preben Rasch-Olsen Board member
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Sikri Group ASA
Annual Report 2022
Participation in Board meetings in 2022:
Name
Board
meetings
Audit committee
meetings
Remuneration
committee meetings
Rolv Erik Ryssdal
1
1 2
Jens Rugseth 22
Sigrun Syverud
2
12 4
Martine Drageset
2
12 1
Preben Rasch-Olsen 23 1
Torstein Harildstad
3
20 1
Christian Breddam
4
11
Torbjørn Krøvel
4
11
Rune Syversen
4
10
Fredrik Cappelen
4
11
1) Serves as Chairman from 24 November 2022, 2) Serves as Board member from 31 May 2022,
3) Served as Chairman until 24 November 2022, 4) Served as Board member until 31 May 2022
09 THE WORK OF THE BOARD
The Board’s duties are regulated by Norwegian law. The Board has the ultimate
responsibility for the management and control of the Company and its operations
which should be conducted in accordance with the Articles of Association and
guidelines and framework given by the shareholders through the general meeting.
The Board will produce an annual schedule for its work, focusing particularly on
objectives, strategies and implementation.
The Board will implement instructions for the Board and the CEO, focusing on
determining allocation of internal responsibilities and duties. These instructions
shall also state how the Board and executive management shall handle
agreements with related parties, including whether an independent valuation
must be obtained. Any such agreements shall be presented by the Board in their
annual directors’ report.
Discussions of any matter in which the chair is, or has been, actively involved will
be chaired by some other member of the Board.
The Company has established an audit committee and adopted mandate and
instructions for its work. The duties and composition of the audit committee
are in compliance with the Norwegian Public Limited Companies Act. The audit
committee shall comprise of at least two shareholder representatives from the
Board. The majority of the members of the committee should be independent.
The Company has established a remuneration committee and adopted
mandate and instructions for its work, to help ensure thorough and independent
preparation of matters relating to compensation paid to the executive personnel.
The remuneration committee shall comprise of at least two shareholder
representatives from the Board executive personnel, and those representatives
shall be independent of the Company’s executive personnel.
Both the Board committees will assist the Board with preparing its work,
but decisions should be taken by the whole board. Information regarding the
appointment of board committees shall be provided in the annual report.
The Board shall perform an annual evaluation of its own performance and expertise.
10 RISK MANAGEMENT AND INTERNAL CONTROLS
It is the responsibility of the Board of Directors to ensure that the Company
has sound and appropriate internal control and systems for risk management
reflecting to the extent and nature of the Company’s activities. Sound and
appropriate risk management is of importance in ensuring long-term value
creation and to strengthen the confidence in the Company.
Risk management and internal control is performed through various processes,
both on a board level and in the daily management of the Company. As a part
of the Company’s risk management and internal control arrangements, risks
are identified and evaluated with respect to probability of occurrence and the
impact of the risk. Actions are defined in order to monitor or mitigate the risk.
The outcome of such processes is reported to and reviewed by the Board at least
annually. As a part of the risk management, the Board has developed and adopted
a risk profile as further set out in the Company’s internal policies.
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Annual Report 2022
In respect of its internal control and risk management, the Company shall approve
adequate policies and guidelines which, inter alia, address ethics, corporate social
responsibility, risk management, financial reporting, and internal communication.
The Board performs risk management and internal control through board
meetings. The Board shall regularly receive reports from executive personnel
outlining the financial and operational performance of the Company. In
connection with the annual planning and budgeting process, the Board carries out
an annual review of the Company’s most important areas of exposure to risk.
11 REMUNERATION OF THE BOARD
The remuneration to the Board is proposed by the nomination committee and
decided by the annual general meeting. The Board’s remuneration shall reflect
the Board ’s responsibilities, expertise, and use of time and the complexity of the
business. Remuneration shall not be linked to financial results and no options shall
be issued to board members.
Board members, or companies associated with board members, shall not engage
in specific assignments for the Company in addition to their appointments as
board members. If they, nonetheless, do take on such assignments the entire
board must be informed and the consideration for such additional duties is subject
to approval by the Board.
Any consideration paid to board members in addition to their board remuneration
shall be specifically identified.
The Company has the following deviation from the Code:
• The chairman has been granted 51,808 share options in the Company under
the Chairman Option Program.
This deviation was pre-dated the change of the Company to a Public Limited
Liability Company (ASA) in June 2022, and this was thus not a deviation at the
time the grant was made. After the change to ASA, it was decided by the Board of
Directors that the option program for the Chairman was terminated, and that no
further grants will be made under the program, after the 2022 grant, as described
in section 11.6.4 “Share option programs” in the Prospectus of the Company,
located on the Company’s website. Furthermore, the Chairman in question has
since been replaced, and no longer holds a position in the Board of Sikri Group ASA.
Apart from the above, neither the Board of Directors nor the Company’s general
meeting of shareholders have adopted any resolutions which are deemed to have
a material impact on the Company’s corporate governance regime.
12 REMUNERATION OF THE MANAGEMENT
The Board shall prepare guidelines for the remuneration of management and
key personnel pursuant to the Norwegian Public Limited Liability Companies Act
section 6-16a, including the main principles for the Company’s remuneration policy
and should contribute to aligning the interests of shareholders and management.
These guidelines shall be approved by the general meeting at least every
fourth year and are binding for the Board from the time they are approved. The
guidelines shall be clear and easily understandable and provide the framework
for the remuneration of key personnel in the Company and aim to support the
Company’s business strategy, long-term interests and financial viability. The Board
shall also prepare a report on remuneration to management and key personnel
pursuant to the Norwegian Public Limited Liability Companies Act section 6-16b.
The remuneration committee is responsible for, amongst other, to prepare the
Board’s proposal to the guidelines for remuneration for key personnel and yearly
remuneration report.
Performance-related remuneration should be subject to an absolute limit.
The Company has established an employee share purchase program where the
employees and board members of the Company have been invited to purchase
Shares in the Company. Subject to the employee not selling its Shares acquired
under the ESPP and remaining an employee in the Company for a 3-year period,
the employees will be entitled to receive 1 bonus share per 3 Shares purchased
in the ESPP. Except that each employee must pay the nominal value of each
bonus share upon delivery, the bonus shares will be delivered free of charge to
the employees. The Company has also established an option program for the
management and certain key employees.
Sikri Group ASA
Annual Report 2022 54
13 INFORMATION AND COMMUNICATION
The Company shall continuously provide its owners, Oslo Børs and other players
in the financial markets with timely and precise information about the Company
and its operations. Relevant information shall be given in form of annual reports,
quarterly reports, investor presentations, stock exchange notices and press
releases in accordance with what is appropriate from time to time. The Company’s
investor relations policy is provided in chapter 13 of the annual report, and on Sikri
Group’s website.
The Company shall maintain an open dialog with shareholders and other
participants in the securities market. The Company has established principles
for investor relations which includes guidelines for the Company’s contact with
shareholders and the financial community.
Information shall be given to owners and other players in the markets
simultaneously and with the most efficient methods. The disclosure of financial
information and other information shall be accurate, timely and based on
openness and equal treatment of the owners and players in the financial market.
In accordance with the market abuse regulation (MAR), the Norwegian Securities
Trading Act and the Stock Exchange Act, notifications are distributed to Oslo Børs
and national and international news agencies, and are published on our website.
The Company’s financial calendar will also be published through Oslo Børs and
on the website with important dates for investors, such as the date of the general
meeting and quarterly reports.
The Company has established separate guidelines for handling of inside
information and rules for primary insiders and its close associates.
During 2022, the Company has published an annual electronic financial calendar
with an overview of dates for important events, such as the general meeting,
interim financial reports and public presentations. The calendar and information
therein are available in English. Subject to any applicable exemptions that are
invoked, the Company will promptly disclose all inside information.
14 TAKEOVERS
The Board has set out main principles for how it will act in the event of a take-
over bid. In a take-over process, the Board and management each have an
individual responsibility to help ensure that the Company’s shareholders are
treated equally and that there are no unnecessary interruptions to the Company’s
business activities. The Board has a particular responsibility in ensuring that the
shareholders have sufficient information and time to assess the offer.
In the event of a take-over process, the Board shall seek to comply with the
principles in the Code, in addition to relevant legislation and regulations. The
Board must be aware of the particular duty it has for ensuring that the values
and interests of the shareholders are protected. The Board should not seek to
hinder or obstruct any takeover bid for the Company’s operations or shares unless
there are particular reasons for doing so. The Board should not undertake any
actions intended to give shareholders or others an unreasonable advantage at
the expense of other shareholders or the Company. The Board should not institute
measures with the intention of protecting the personal interests of its members at
the expense of the interests of the shareholders.
If an offer is made for the Company’s shares, the Board shall issue a statement
making a recommendation as to whether shareholders should or should not
accept the offer. The Board’s statement on the offer should make it clear whether
the views expressed are unanimous, and if this is not the case, it will explain the
basis on which specific members of the Board have excluded themselves from the
Board’s statement. The Board shall also seek to arrange a valuation from an is
in effect a disposal of the Company’s activities shall be independent expert. Any
transaction that decided by a general meeting.
15 AUDITOR
The general meeting elects the auditor. The auditor shall annually present the
main features of the plan for work with the audit of the Company to the Board or
the audit committee.
The auditor shall participate in the Board meeting that approves the annual
financial statements. In this meeting, the auditor is describing its views on
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Sikri Group ASA
Annual Report 2022
accounting matters and principles, risk areas, and
internal control. The Company’s internal control shall
be reviewed by the auditor at least once a year.
The auditor shall at least once a year present to
the Board or the audit committee a review of the
Company’s internal control procedures, including
identification of weaknesses and proposals for
improvement. The Company’s auditor, BDO,
participated in one meeting with the Board of
Martine Dragset
Board Member
Sigrun Syverud
Board Member
Preben Rasch-Olsen
Board Member
Rolv Erik Ryssdal
Chairperson
Nicolay Moulin
CEO
Jens Rugseth
Board Member
Directors during 2022, without the management
team of the Company present.
The audit committee shall hold a meeting with
the auditor at least once a year at which no
representative of the management is present.
The audit committee held one meeting during 2022.
BDO participated in the meeting.
Responsibility statement
Oslo, 27 April 2023
From the Board of Directors and CEO of Sikri Group ASA
The Board and CEO have considered and approved the consolidated set of financial statements for the period 1 January to 31 December 2022. We confirm to the best
of our knowledge that the consolidated set of financial statements for the above-mentioned period has been prepared in accordance with IFRS (International Financial
Reporting Standards), and they present a true and fair view of Sikri Group’s assets, liabilities, financial position, and overall result for the period viewed in their entirety.
Furthermore, we declare that the Board of Directors report gives a true and fair overview of any significant events that arose during the above-mentioned period and
their effect on the financial report, and that it gives a correct view of any significant related parties’ transactions, principal risks and uncertainties faced by Sikri Group.
The Board shall specify the management’s right to
use the auditor for other purposes than auditing.
The Board shall report the remuneration paid
to the auditor to the shareholders at the annual
general meeting, including a breakdown of the fee
paid for audit work and fees paid for other specific
assignments, if any.
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Annual Report 2022
15 Consolidated financial statements
15.1
Consolidated statement of profit and loss 57
15.2
Consolidated statement of comprehensive income 58
15.3
Consolidated statement of financial position 59
15.4
Consolidated statement of changes in equity 61
15.5
Consolidated cash flow statement 63
15.6
Notes 65
15.7
Alternative performance measures 120
57Annual Report 2022
Sikri Group ASA
15.1
Consolidated statement
of profit and loss
NOK 1000 Note 2022 2021
Revenue 5, 6 1 031 512 543 242
Cost of providing services 7 397 528 198 714
Gross profit 633 984 344 528
Personnel expenses 8, 9, 10 345 289 180 981
Other operating expenses 11 152 399 86 241
EBITDA 136 296 77 306
Depreciation and amortisation expenses 13 116 430 64 847
Impairment losses 19 2 533
Operating profit 17 333 12 459
Financial income 15 3 479 2 212
Financial expenses 15 -52 628 -15 290
Profit before income tax -31 816 -619
Income tax expense 16 -648 7 119
Profit from continuing operations -31 169 -7 738
Profit from discontinued operations 4 58 134 -746
Net income 26 965 -8 484
Profit for the period is attributable to:
Owners of Sikri Group ASA
Non-controlling interests 3 252 219
Earnings per share:
Basic earnings per share 17 0.23 -0.10
Diluted earnings per share 17 0.23 -0.10
Basic earnings per share continuing operations 17 -0.30 -0.08
Diluted earnings per share continuing operations 17 -0.30 -0.08
58Annual Report 2022
Sikri Group ASA
15.2
Consolidated statement
of comprehensive
income
NOK 1000 Note 1.1 - 31.12.2022 1.1 - 31.12.2021
Profit for the period 26 965 -8 484
Other comprehensive income (net of tax):
Items that will or may be reclassified to profit or loss:
Exchange differences on translation of foreign operations 7 337 125
Total comprehensive income for the period 34 302 -8 359
Total comprehensive income for the period is attributable to:
Owners of Sikri Group ASA 30 922 -8 640
Non-controlling interest 3 380 280
59Annual Report 2022
Sikri Group ASA
15.3
Consolidated statement
of financial position
NOK 1000 Note 2022 2021
Assets
Non-current assets
Equipment and fixtures 18 21 785 5 517
Right-of-use assets 21 47 600 36 466
Intangible assets 19 1 846 267 1 341 844
Other investments 20, 22, 23 30 582 13 456
Total non-current assets 1 946 234 1 397 284
Current assets
Trade and other receivables 22, 23 204 544 84 122
Contract assets 6 8 904
Cash and cash equivalents 22, 24 50 905 118 833
Total current assets 264 352 202 954
Total assets 2 210 586 1 600 238
Equity and liabilities
Equity
Share capital 25 2 549 1 880
Share premium 1 005 748 683 396
Capital increase, not registered 9 611
Other equity 25 25 026 9 905
Non-controlling interests 3 341 52 076
Total equity 1 036 665 756 869
60Annual Report 2022
Sikri Group ASA
15.3
Consolidated statement
of financial position
Continued
NOK 1000 Note 2022 2021
Liabilities
Non-current liabilities
Borrowings 22,26 629 791 439 673
Lease liabilities 21 23 320 23 964
Deferred tax liabilities 3, 16 115 527 79 249
Total non-current liabilities 768 638 542 886
Current liabilities
Trade and other payables 22,27 211 876 132 463
Contract liabilities 6 38 092 39 085
Current tax liabilties 16 1 767 14 653
Borrowings 22,26 128 478 101 000
Lease liabilities 21 25 069 13 282
Total current liabilities 405 282 300 483
Total liabilities 1 173 921 843 369
Total equity and liabilities 2 210 586 1 600 238
Martine Dragset
Board Member
Oslo,
27 April 2023
Sigrun Syverud
Board Member
Preben Rasch-Olsen
Board Member
Rolv Erik Ryssdal
Chairperson
Nicolay Moulin
CEO
Jens Rugseth
Board Member
61Annual Report 2022
Sikri Group ASA
15.4
Consolidated statement
of changes in equity
Attributable to owners of Sikri Group ASA
NOK 1000
Note
Share
capital
Share
premium
Capital
increase,
not
registered
Cumulative
translation
differences
Other
equity Total
Non-
controlling
interests
Total
equity
Balance at 1 Jan 2021 1 480 237 173 0 14 938 253 591 0 253 591
Profit or loss for the period -8 703 -8 703 219 -8 484
Other comprehensive
income
Translation differences 64 64 61 125
Total comprehensive
income for the period
Contributions by and distributions to owners:
Issue of share capital net
of transaction costs and
tax
25 400 446 223 9 611 456 235 456 235
Non-controlling
interests on acquisition
of subsidiary
3 51 796 51 796
Share-based
payments
10 3 607 3 607 3 607
Balance at 31 Dec 2021 1 880 683 396 9 611 64 9 841 704 793 52 076 756 869
62Annual Report 2022
Sikri Group ASA
15.4
Consolidated statement
of changes in equity
Continued
Attributable to owners of Sikri Group ASA
NOK 1000
Note
Share
capital
Share
premium
Capital
increase,
not
registered
Cumulative
translation
differences
Other
equity Total
Non-
controlling
interests
Total
equity
Balance at 1 Jan 2022 1 880 683 396 9 611 64 9 841 704 793 52 076 756 869
Profit or loss for the period 23 713 23 713 3 252 26 965
Other comprehensive
income
Translation differences 7 209 7 209 128 7 337
Total comprehensive
income for the period
Contributions by and distributions to owners:
Issue of share capital net
of transaction costs and
tax
25 668 322 352 -9 611 313 409 313 409
Acquisition of non-
controlling interests
3 -24 196 -24 196 -10 382 -34 579
Non-controlling interests
in subsidiaries sold
4 0 -41 733 -41 733
Share-based
payments
10 8 396 8 396 8 396
Balance at 31 Dec 2022 2 549 1 005 748 0 7 273 17 754 1 033 324 3 341 1 036 665
63Annual Report 2022
Sikri Group ASA
15.5
Consolidated statement
of cash flows
NOK 1000 Note 2022 2021
Cash flows from operating activities
Profit before income tax 28 848 -2 260
Adjustments for
Depreciation and amortisation expenses 13 116 430 64 847
Depreciation and amortisation expenses (discontinued) 10 5 835 10 043
Share-based payment expense 8 396 3 607
Net gain/loss on sale of non-current assets
Net gain on sale of Prognosesenteret/4CG -49 161
Interest received and paid - net 38 631 12 265
Net exchange differences 103
Change in operating assets and liabilities, net of effects from purchase of subsidiaries
Change in trade and other receivables and contract assets -23 151 41 664
Change in trade and other payables and contract liabilities -9 937 -30 282
Interest received 15 1 058 68
Income taxes paid -9 039 -5 338
Net cash inflow from operating activities 108 013 94 614
Cash flows from investing activities
Payment for acquisition of subsidiaries, net of cash acquired 3,26 -593 830 -855 675
Payment for equipment and fixtures 18 -9 360 -853
Payment of capitalised development costs 19 -74 538 -43 947
Payment for associates and other financial assets -11 472
Proceeds from sale of equipment and fixtures 197
Proceeds from sale of subsidiaries 4 39 886
Receipt of government grants 5 871
Net cash inflow/outflow from investing activities -643 246 -900 474
64Annual Report 2022
Sikri Group ASA
15.5
Consolidated statement
of cash flows
Continued
NOK 1000 Note 2022 2021
Cash flows from financing activities
Proceeds from issuance of ordinary shares 25 312 411 456 235
Proceeds from borrowings 26 694 408 505 930
Repayment of borrowings 26 -478 389 -149 556
Principal element of lease payments 21 -22 565 -8 569
Interest paid -38 111 -11 723
Transactions with non-controlling interests -450
Net cash inflow/outflow from financing activities 467 304 792 317
Net increase/decrease in cash and cash equivalents
-67 929 -13 543
Cash and cash equivalents 1 January 118 833 132 376
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period 50 905 118 833
Profit before taxes from total operations consists of:
Profit before taxes from continuing operations -31 816 -619
Profit before taxes from discontinued operations 60 664 -1 641
Profit before taxes from total operations 28 848 -2 260
65Annual Report 2022
Sikri Group ASA
15.6
Notes
66
Sikri Group ASA
Annual Report 2022
67
Sikri Group ASA
Annual Report 2022
Note 2, continued
68
Sikri Group ASA
Annual Report 2022
Note 2, continued
69
Sikri Group ASA
Annual Report 2022
Note 3, continued
70
Sikri Group ASA
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Note 3, continued
71
Sikri Group ASA
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Note 3, continued
72
Sikri Group ASA
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73
Sikri Group ASA
Annual Report 2022
Note 4, continued
74
Sikri Group ASA
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Note 5, continued
75
Sikri Group ASA
Annual Report 2022
Note 5, continued
76
Sikri Group ASA
Annual Report 2022
77
Sikri Group ASA
Annual Report 2022
Note 6, continued
78
Sikri Group ASA
Annual Report 2022
Note 6, continued
79
Sikri Group ASA
Annual Report 2022
Note 6, continued
80
Sikri Group ASA
Annual Report 2022
Note 6, continued Note 7 - Cost of providing services
81
Sikri Group ASA
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82
Sikri Group ASA
Annual Report 2022
Note 9, continued
83
Sikri Group ASA
Annual Report 2022
Note 9, continued
84
Sikri Group ASA
Annual Report 2022
Note 9, continued
85
Sikri Group ASA
Annual Report 2022
86
Sikri Group ASA
Annual Report 2022
Note 10, continued
87
Sikri Group ASA
Annual Report 2022
Note 10, continued
88
Sikri Group ASA
Annual Report 2022
Note 10, continued Note 11 - Other operating expenses
89
Sikri Group ASA
Annual Report 2022
90
Sikri Group ASA
Annual Report 2022
91
Sikri Group ASA
Annual Report 2022
Note 14, continued
92
Sikri Group ASA
Annual Report 2022
Note 14, continued
93
Sikri Group ASA
Annual Report 2022
94
Sikri Group ASA
Annual Report 2022
Note 16, continued
95
Sikri Group ASA
Annual Report 2022
Note 16, continued Note 17 - Earnings per share
96
Sikri Group ASA
Annual Report 2022
Note 17, continued
97
Sikri Group ASA
Annual Report 2022
98
Sikri Group ASA
Annual Report 2022
Note 18, continued Note 19 - Intangible assets
99
Sikri Group ASA
Annual Report 2022
Note 19, continued
100
Sikri Group ASA
Annual Report 2022
Note 19, continued
101
Sikri Group ASA
Annual Report 2022
Note 19, continued
102
Sikri Group ASA
Annual Report 2022
103
Sikri Group ASA
Annual Report 2022
Note 20, continued
104
Sikri Group ASA
Annual Report 2022
Note 21, continued
105
Sikri Group ASA
Annual Report 2022
Note 21, continued
106
Sikri Group ASA
Annual Report 2022
Note 21, continued
107
Sikri Group ASA
Annual Report 2022
108
Sikri Group ASA
Annual Report 2022
Note 22, continued
109
Sikri Group ASA
Annual Report 2022
Note 22, continued
110
Sikri Group ASA
Annual Report 2022
111
Sikri Group ASA
Annual Report 2022
Note 23, continued Note 24 - Cash and cash equivalents
112
Sikri Group ASA
Annual Report 2022
113
Sikri Group ASA
Annual Report 2022
114
Sikri Group ASA
Annual Report 2022
Note 26, continued
115
Sikri Group ASA
Annual Report 2022
Note 26, continued
116
Sikri Group ASA
Annual Report 2022
Note 28, continued
117
Sikri Group ASA
Annual Report 2022
Note 28, continued Note 29 - Provisions, contingent liabilities and contingent assets
118
Sikri Group ASA
Annual Report 2022
119
Sikri Group ASA
Annual Report 2022
120
Sikri Group ASA
Annual Report 2022Annual Report 2022
Sikri Group ASA
15.7
Alternative
performance measures
The Group’s financial information in this report is prepared under International Financial Reporting Standards
(IFRS), as adopted by the EU. To enhance the understanding of the Group’s performance, the Company has
presented a number of alternative performance measures (APMs) that are regularly reviewed by management.
An APM is defined by ESMA guidelines as a financial measure of historical or future financial performance,
financial position, or cash flows, other than a financial measure defined or specified in the relevant financial
reporting framework (IFRS).
Annual recurring revenue (ARR) is defined as recurring revenue of the reporting period’s last month,
annualized. For the Group, recurring revenue used in ARR calculation is defined as revenue from time-limited
contracts where the purchase is recurring in nature; software subcriptions and related maintenance contracts,
data and analysis subscriptions and other recurring time-limited agreements.
Gross profit is calculated as operating revenue less cost of services provided.
EBIT: Earnings before interest expense, other financial items and income taxes.
EBITDA: Earnings before interest expense, other financial items, income tax and depreciations and
amortization.
EBITDA before other income and other expenses (Adjusted EBITDA) is defined as EBITDA adjusted for
costs of a nonrecurring nature. Such non-recurring costs include, but are not limited to; integration costs,
restructuring costs, acquisition costs, one-time advisory costs and other non-recurring costs. This measure is
useful to users of the Group’s financial information in evaluating underlying operating profitability.
The adjusted EBITDA margin presented is defined as EBITDA before other income and other expenses divided
by total revenues.
Net Interest Bearing Debt (NIBD) is non-current interest-bearing debt plus current interest-bearing liabilities
less cash and cash equivalents.
Alternative performance measure
121
Sikri Group ASA
Annual Report 2022
Reconciliation of alternative performance measures
NOK 1000 31.12.22 31.12.21
Revenue 1 031 512 543 242
(-) Cost of providing services 397 528 198 714
Gross Profit 633 984 344 528
NOK 1000 31.12.22 31.12.21
Operating profit 17 333 12 459
(+) Depreciation and amortisation 116 430 64 847
(+) Impairment losses 2 533
EBITDA 136 296 77 306
NOK 1000 31.12.22 31.12.21
EBITDA 136 296 77 306
(+) Other income and expenses 39 112 31 620
Adjusted EBITDA 175 408 108 926
NOK 1000 31.12.22 31.12.21
Interest-bearing debt 758 270 540 673
(+) Lease liabilities 48 389 37 246
(+) Cash and cash equivalents 50 905 118 833
NIBD 755 755 459 087
Alternative performance measures, continued
Specification of other income and expenses
NOK 1000 31.12.22 31.12.21
Listing costs (Oslo Børs) 7 014
Acquisition costs 16 704 19 422
Other M&A and integration costs 12 782 9 975
Divestment 2 063
One-time advisory costs 549 2 224
Total other income (-) and expenses (+) 39 112 31 620
122
Sikri Group ASA
Annual Report 2022
16 Sikri Group ASA financial statements
16.1
Revenue statement Sikri Group ASA 123
16.2
Balance sheet Sikri Group ASA 124
16.3
Changes in shareholders’ equity Sikri Group ASA 126
16.4
Cash flow statement Sikri Group ASA 127
16.5
Notes 128
123Annual Report 2022
Sikri Group ASA
16.1
Revenue statement
Sikri Group ASA
NOK 1000 Note 2022 2021
Operating income and operating expenses
Revenue 1 18 684 8 184
Total income 18 684 8 184
Employee benefits expense 2 21 273 9 300
Other expenses 2, 3 25 046 9 459
Total expenses 46 319 18 759
Operating profit -27 635 -10 575
Financial income and expenses
Finance income 4 79 005 20 830
Finance expense 4 48 717 13 823
Net financial items 30 288 7 006
Net profit before tax 2 652 -3 568
Income tax expense 5 1 295 -784
Net profit after tax 1 357 -2 785
Net profit or loss 1 357 -2 785
Attributable to
Other equity 1 357 0
Transferred from other equity 0 2 785
Total 1 357 -2 785
124Annual Report 2022
Sikri Group ASA
16.2
Balance sheet
Sikri Group ASA
NOK 1000 Note 2022 2021
Assets
Non-current assets
Intangible assets
Deferred tax assets 5 0 784
Total intangible assets 0 784
Non-current financial assets
Investments in subsidiaries 6, 7 1 830 382 1 128 702
Loan to group companies 8 70 000 107 000
Total non-current financial assets 1 900 382 1 235 702
Total non-current assets 1 900 382 1 236 486
Current assets
Debtors
Other short-term receivables 3 637 258
Receivables from group companies 8 99 520 24 384
Total receivables 103 157 24 643
Cash and cash equivalents 9 28 084 48 393
Total current assets 131 241 73 036
Total assets 2 031 623 1 309 522
Equity and liabilities
Equity
Paid-in capital
Share capital 10 2 549 1 880
Share capital, not registered 0 9 611
Share premium reserve 1 005 748 683 396
Total paid-up equity 1 008 297 694 888
Retained earnings
Other equity 18 038 8 176
Total retained earnings 18 038 8 176
Total equity 1 026 335 703 063
125Annual Report 2022
Sikri Group ASA
16.2
Balance sheet
Sikri Group ASA
Continued
NOK 1000 Note 2022 2021
Liabilities
Provisions
Deferred tax 5 1 295 0
Total provisions 1 295 0
Other non-current liabilities 0 0
Liabilities to financial institutions 7 748 569 480 973
Total non-current liabilities 748 569 480 973
Current liabilities
Trade payables 8 6 858 281
Public duties payable 1 004 548
Liabilities to group companies 8 223 896 59 331
Other current liabilities 7 23 667 65 326
Total current liabilities 255 425 125 486
Total liabilities 1 005 289 606 458
Total equity and liabilities 2 031 623 1 309 522
Martine Dragset
Board Member
Oslo,
27 April 2023
Sigrun Syverud
Board Member
Preben Rasch-Olsen
Board Member
Rolv Erik Ryssdal
Chairperson
Nicolay Moulin
CEO
Jens Rugseth
Board Member
126Annual Report 2022
Sikri Group ASA
16.3
Changes in
shareholders’ equity
Sikri Group ASA
NOK 1000
Share capital
Share
premium
Share capital,
not registered Other equity Total equity
Equity 1 January 2021 1 480 237 173 6 618 245 271
Capital increase 400 446 223 446 623
Capital increase, not registered 9 611 9 611
Share-based payments 4 343 4 343
Result for the year -2 785 -2 785
Equity 31 December 2021 1 880 683 396 9 611 8 176 703 063
NOK 1000
Share capital
Share
premium
Share capital,
not registered Other equity Total equity
Equity 1 January 2022 1 880 683 396 9 611 8 176 703 063
Capital increase 668 322 352 323 021
Capital increase, not registered -9 611 -9 611
Share-based payments 8 505 8 505
Result for the year 1 357 1 357
Equity 31 December 2022 2 549 1 005 748 0 18 038 1 026 335
127Annual Report 2022
Sikri Group ASA
16.4
Cash flow statement
Sikri Group ASA
NOK 1000 Note 2022 2021
Cash flows from operating activities
Profit (loss) before income tax 2 652 -3 568
Taxation paid 0 0
Depreciation and amortization 0 0
Share-based payment expense 1 891 1 767
Change in trade receivable -1 946 0
Change in trade payable 6 577 -72
Change in other liabilities and receivables -70 503 -29 104
Net cash flow from operating activities -61 329 -30 978
Cash flows from investment activities
Payments for acquisition of subsidiaries -694 068 -921 031
Proceeds from other investments 37 000 3 000
Net cash flows from investment activities -657 068 -918 031
Cash flows from financing activities
Proceeds from issuance of new long-term liabilities 699 500 505 930
Proceeds from issuance of equity 312 411 456 235
Repayments of liabilities -478 389 -123 000
Net cash flows from financing activites 533 522 839 165
Change in group account 164 566 59 331
Net increase (decrease) in cash and cash equivalents
-20 309 -50 513
Cash and cash equivalents 1. January 48 393 98 906
Effect of exchange rate changes on cash and cash equivalents 0 0
Cash and cash equivalents 31. December 28 084 48 393
128Annual Report 2022
Sikri Group ASA
16.5
Notes
General information and summary of significant accounting principles
Corporate information
Sikri Group ASA is a publicy listed company on Euronext Oslo Børs, with the ticker symbol SIKRI. Sikri Group ASA
was admitted to trading on Euronext Oslo Børs on 7. July 2022. Sikri Group ASA is incorporated and domiciled
in Norway. The Company’s principal offices are located at Dronning Mauds gate 10, 0250 Oslo, Norway.
The Company’s financial statements for the year ended 31 December 2022 were authorized for issue in
accordance with a resolution of the Board of Directors on 27 April 2023.
Sikri Group ASA has been granted exemption from the Norwegian Tax Authority to publish its Annual Report in
English only.
The Company, as used in these financial statements, is the Parent Company under the Consolidated Financial
Statements also included in this Annual Report.
Basis of preparation
The Company’s financial statements have been prepared in accordance with Norwegian Accounting Act and
generally accepted accounting principles (NGAAP). The functional and presentation currency of the parents
company is Norwegian krone (NOK).
Going Concern
The annual accounts have been prepared based on the going concern assumption in accordance with section
3-3a of the Norwegian Accounting Act. This is based on the Group’s plans, budgets and level of activity going
forward.
Use of estimates
The preparation of annual accounts in accordance with the Accounting Act requires the use of estimates. It also
requires Group management to exercise judgment in applying the Group’s accounting policies. Areas which to a
large extent contain such subjective evaluations, a high degree of complexity, or areas where the assumptions
and estimates are material for the annual accounts, are described in the notes.
129
Sikri Group ASA
Annual Report 2022
Tax
The tax charge in the profit and loss account consists of tax payable for the period
and the change in deferred tax. Deferred tax is calculated at the tax rate at 22 %
on the basis of tax-reducing and tax- increasing temporary differences that exist
between accounting and tax values, and the tax loss carried forward at the end
of the accounting year. Tax-increasing and tax-reducing temporary differences
that reverse or may reverse in the same period are set off and entered net. The net
deferred tax receivable is entered on the balance sheet to the extent that it is likely
that it can be utilised.
Classification and valuation of fixed assets
Fixed assets consist of assets intended for long-term ownership and use. Fixed
assets are valued at acquisition cost less depreciation and write-downs. Long-term
liabilities are entered on the balance sheet at the nominal amount at the time of
the transaction.
Classification and valuation of current assets
Current assets and short-term liabilities consist normally of items that fall due
for payment within one year of the balance sheet date, as well as items related
to the stock cycle. Current assets are valued at the lower of acquisition cost and
fair value. Short-term liabilities are entered on the balance sheet at the nominal
amount at the time of the transaction
Subsidiaries and associated companies
Subsidiaries and associated companies are valued using the cost method in the
company accounts. The investment is valued at acquisition cost for the shares unless
a write-down has been necessary. A write-down to fair value is made when a fall in
value is due to reasons that cannot be expected to be temporary and such write-
down must be considered as necessary in accordance with good accounting practice.
Write-downs are reversed when the basis for the write-down is no longer present.
Dividends, group contributions and other distributions from subsidiaries are posted
to income in the same year as provided for in the distributor’s accounts. To the
extent that dividends/ group contributions exceed the share of profits earned after
the date of acquisition, the excess amounts represents a repayment of invested
capital, and distributions are deducted from the investment’s value in the balance
sheet of the parent company.
Receivables
Receivables from customers and other receivables are entered at par value after
deducting a provision for expected losses. The provision for losses is made on
the basis of an individual assessment of the respective receivables. In addition
an unspecified provision is made to cover expected losses on claims in respect of
customer receivables
Revenue
Income from sales of services are recognized at fair value, net after deduction of
VAT, returns, discounts and reductions.
Share-based payments
Equity-settled share-based payments to employees and others providing services
are measured at the fair value of the equity instruments at the grant date. The fair
value measured at the grant date is determined using the Black-Scholes model,
which takes into account the exercise price, the expected lifetime of the option, the
current price of the underlying shares, the expected volatility of the share price, any
dividend expected on the shares and the risk-free interest rate for the life of option.
The expected share price volatility is based on historical volatility for a selection of
comparable listed companies. The risk-free rate is based on published government
zero-coupon yields published by the Central Bank of Norway.
130
Sikri Group ASA
Annual Report 2022
Pensions
The Company has a defined contribution pension plan for its employees
which satisfies the statutory requirements in the Norwegian law on required
occupational pension (“lov om obligatorisk tjenestepensjon”). The scheme is a
defined contribution plan. Contributions are paid to pension insurance plans and
charged to the income statement in the period to which the contributions relate.
Once the contributions have been paid, there are no further payment obligations.
Foreign currency
Foreign currency transactions are translated at the exchange rate on the date
of the transaction. Monetary foreign currency items are translated to NOK at
the exchange rate on the balance sheet date. Non- monetary items that are
measured at historical cost in a foreign currency are translated to NOK using the
exchange rate on the transaction date. Non-monetary items that are measured at
fair value in a foreign currency are translated to NOK using the exchange rate on
the measurement date. Exchange rate fluctuations are posted to the profit and
loss account as they arise under other financial items
Cash flow statement
The cash flow statement has been prepared using the indirect method. Cash
and cash equivalents consist of cash, bank deposits and other short-term, liquid
investments.
Note 1 - Revenue
Sikri Group ASA provides services within management, finance, accounting and
general administration, handling joint supplier agreements and other services that
belongs under intra-group services. Theses services are invoiced to subsidiaries
that are directly or indirectly owned ( > 90 %).
Revenue
NOK 1000 2022 2021
Revenue from services performed 18 684 8 184
Total 18 684 8 184
Geographical distribution
NOK 1000 2022 2021
Norway 18 684 8 184
Total 18 684 8 184
131
Sikri Group ASA
Annual Report 2022
Note 2 - Salary costs and benefits, remuneration to the chief
executive and board
Salary costs
NOK 1000 2022 2021
Salaries and holiday pay 13 632 4 905
Employment tax 1 781 812
Pension costs 519 206
Share-based payments 1 891 1 767
Other benefits 3 449 1 610
Total 21 273 9 300
Average number of man-years 7 2
Pension obligations
Sikri Group ASA has a pension scheme that meets the requirements set out in
the Obligatory occupational pension Act. At 31 December 2022 the Company’s
pension scheme has 11 members. The cost of pension is specified in the above
table.
Bonus and share-based payment
For information about bonus and share-based payment programs, see note 9 and
10 to the consolidation financial statements.
Remuneration to Corporate Management and Board of Directors
Information about remuneration of the Board of Directors and the executive
management is included in note 9 to the consolidation financial statements. For
information about bonus and share-based payment programs, see note 10 to the
consolidation financial statements.
Note 3 - Other expenses
Specification of other operating expenses
NOK 1000 2022 2021
General IT, licenses and hosting 1 542 134
Advisors and consultants 19 861 8 683
Facilities and office costs 1 078 316
Sales and marketing 1 019 96
Training, travel and meetings 1 546 230
Total 25 046 9 459
Specification of audit fees
NOK 1000 2022 2021
Statutory audit 991 671
Assurance services 850 251
Other services 21 0
Total 1 862 922
132
Sikri Group ASA
Annual Report 2022
Note 4 - Financial income and expense
Finance income
NOK 1000 2022 2021
Income from subsidiaries 72 406 15 219
Interest income from group entities 4 890 5 586
Other interest income 155 24
Profit on foreign exchange 1 554 0
Total 79 005 20 830
Finance cost
NOK 1000 2022 2021
Interest expense to group entities 1 886 0
Other interest expense 46 636 13 509
Loss on foreign exchange 186 0
Other financial expenses 9 314
Total 48 717 13 823
Note 5 - Tax
This year’s tax expense
NOK 1000 2022 2021
Entered tax on ordinary profit/loss:
Payable tax 0 0
Too much/little allocated previous years -784 0
Changes in deferred tax 2 079 -784
Tax expense on ordinary profit/loss 1 295 -784
Taxable income:
Result before tax 2 652 -3 568
Permanent differences 1 321 6
Changes in temporary differences -3 424 0
Allocation of loss to be brought forward -549 0
Taxable income 0 -3 562
The tax effect of temporary differences and loss for to be carried forward that has
formed the basis for deferred tax and deferred tax advantages, specified on type
of temporary differences.
NOK 1000 2022 2021 Difference
Allocations and more -90 0 90
Other differences 7 042 0 -7 042
Total 6 952 0 -6 952
Accumulated loss to be brought forward -1 066 -3 562 -2 497
Basis for deferred tax 5 886 -3 562 -9 448
Deferred tax (22 %) 1 295 -784 -2 079
133
Sikri Group ASA
Annual Report 2022
Note 6 - Subsidiary
Investments in subsidiaries are recognised according to the cost method in the
Company’s financial statements.
The table below sets forth Sikri Group ASA’s ownership interest in subsidiaries.
Information about indirectly owned subsidiaries are included in note 20 to the
consolidation financial statements.
Revenue
Company Location Ownership Voting rights
Carrying
amount as of
31 Dec 2022
Carrying
amount as of
31 Dec 2021
Sikri AS Oslo 100 % 100 % 143 498 104 415
Sureway AS *) Oslo 100 % 100 % 0 33 792
Ambita AS Oslo 100 % 100 % 992 709 990 495
Metria AB Stockholm 100 % 100 % 694 176 0
Total 1 830 382 1 128 702
*) Sureway AS was merged with Sikri AS as of 1 January 2022.
Note 7 - Borrowings
Liabilities with a maturity later than 5 years
NOK 1000 2022 2021
Debt to credit institutions 629 791 429 973
Total 629 791 429 973
Liabilities with a maturity within 1 year
NOK 1000 2022 2021
Debt to credit institutions 118 778 51 000
Other short-term debt 9 701 50 000
Total 128 479 101 000
A first priority pledge has been placed on the shares in subsidiaries as security for
debt to credit institutions. The carrying amount of investments in subsidiaries is
shown in the table below.
Carrying amount of assets used as security
NOK 1000 2022 2021
Investments in subsidiaries 1 830 382 1 128 702
For more information about securities, terms and covenants for debt to credit
institutions and other long-term debt, see note 22 and 26 in the consolidation
financial statements.
134
Sikri Group ASA
Annual Report 2022
Note 8 - Related party transactions
Revenues are mainly sale of intra-group services to other Group companies.
Purchases form other Group companies consist mainly of consultancy fees in
strategic Group projects, property lease, IT-operations and maintenance.
Sikri Group ASA conducts the main part of external debt financing in the Group
and provides loans and receives deposits from Groups companies. Transactions
between the companies will therefore also consists of interest income. All
agreements and transactions are entered into on commercial terms and at arm’s
length.
In addition, Group contributions and dividends from Group companies are
recognised as financial income in the year of disposal and balances related to this
are included in receivables on Group companies.
Transaction with Group companies
NOK 1000 2022 2021
Sale of services 18 684 8 184
Purchase of services 4 271 0
Loan interest received 4 890 5 586
Interest paid on borrowings 1 886 0
Receivables on Group companies
NOK 1000 2022 2021
Long-term receivables 70 000 107 000
Trade and other receivables 29 893 9 165
Group contribution received 69 628 15 219
Total 169 520 131 384
Liabilities to Group companies
NOK 1000 2022 2021
Group cash pooling 223 896 59 331
Accounts payable 327 0
Total 224 223 59 331
Sirki Group ASA is the main account holder in a cash pooling agreement. Cash
holdings of the participants are classified as short-term receivables in the Group
companies financial statements. All participants are jointly and severally liable for
any outstanding balance on the group account.
Note 9 - Restricted funds
Restricted funds
NOK 1000 2022 2021
Tax deduction account 648 233
Note 10 - Share capital, shareholders etc.
The share capital in Sikri Group ASA as at 31 December 2022 was NOK 2 548 860
consisting of 127 442 977 ordinary shares at NOK 0.02 per share. The Company’s
shares have equal voting rights. For information of shareholders see note 25 to the
consolidated financial statements.
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Annual Report 2022
17 Auditor’s report
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Image credits:
Page 2 and 4: iStock
Page 5: Christopher Fey/NTB
Page 9: Sara Rossi Photography
Page 40: Shutterstock
