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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Contents Annual report 2022 | 2
Contents
Ordina at a glance 4
Key figures
1
5
Five-year overview 6
Interview with the Management Board 8
Impressions 10
Report of the Management Board¹ 16
Mission and core values 17
Market trends 18
Value creation model 20
Stakeholder dialogue 21
Strategy 2026 24
Risk management 46
Governance 58
Statutory provisions
2
65
Declaration by the Management Board 67
Report of the Supervisory Board¹ 71
Remuneration report 80
Interviews Technology and the future
Haroon Sheikh 13
Ilyaz Nasrullah 43
Peter Hinssen 55
Jacqueline Cramer 68
Marcel Levi 77
1 Sections marked with 1 are part of the annual report pusuant to Section 391 of Book 2 of the Dutch Civil Code
2 Sections marked with 2 contain the parts of the other information pursuant to Section 392 of Book 2 of the Dutch Civil Code
Financial statements 90
Contents 91
Consolidated financial statements 92
Notes to the consolidated financial statements 99
Company financial statements 164
Notes to the company financial statements 167
Other information² 171
List of g
roup companies 172
Combined i
ndependent auditor’s report 173
Legal organogram 183
Glossary 184
Annex I 188
GRI index 189
NFI Reference table 195
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Ordina at a glance Annual report 2022 | 3
Ordina at a glance
Ordina at
a glance
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Ordina at a glance Annual report 2022 | 4
Ordina at a glance
Ordina N.V. (“Ordina”) is the digital business partner that gives our
clients an edge by using smart solutions to connect technology,
business challenges, and people.
As a digital business partner in the expanding Benelux market, we
intend to create long-term value for all our stakeholders. We aim
for organic revenue growth at sustainable margins by focusing on
specific propositions in the public sector, financial services, and
industry markets. Additionally, we drive growth through acquisitions
of niche players, and companies for location-independent services,
broadening our talent pool. Ordina’s high-performance teams ensure a
multidisciplinary approach, allowing us to move further up our clients’
value chains. These teams are key to our entrepreneurial culture and
employee value proposition.
Ordina was founded in 1973. Our ordinary shares are listed on Euronext
Amsterdam and are included in the Amsterdam Smallcap Index (AScX).
In 2022, Ordina recorded revenue of EUR 429 million. Visit our website
for more information.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Annual report 2022 | 5
Revenue
Revenue from business
propositions
Net prot
Client Satisfaction
Index
EBITDA
Free cash ow
Financial services
112.8
á
8.8%
2021 103.7
Public
183.8
á
12.2%
2021 163.9
Industry
132.8
á
4.6%
2021 126.9
429.4
2022
2022
2022
2022
2022
2022
2021
2021
2021
2021
2021
2021
47
7.8
23.9
50.4
27.1
394.5
40
7.7
24.6
50.2
27.6
Key figures
(in millions of euros, unless otherwise stated)
(in %)
(scale
1-10)
Key figures 2022
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Five-year overview Annual report 2022 | 6
Five-year overview
Key figures
1
In millions of euros, unless stated otherwise 2022 2021 2020 2019
2
2018
Result
Revenue 429.4 394.5 369.2 372.3 358.5
EBITDA 50.4 50.2 46.4 36.7 18.7
EBITDA margin as a % of revenue 11.7 12.7 12.6 9.9 5.2
Net profit 23.9 24.6 22.3 14.9 6.9
Net profit margin as a % of revenue 5.6 6.2 6.0 4.0 1.9
Cash flow
Net cash position (year-end) 37.2 43.6 44.4 24.6 18.5
Free cash flow 27.1 27.6 29.3 10.9 9.5
Balance
Equity 171.5 178.9 177.8 163.5 153.0
Solvency as a % of total assets 59 61 62 59 66
Average DSO (Days Sales Outstanding) 49 48 49 53 55
Average DPO (Days Payable Outstanding) 54 50 47 54 55
Shares
Number of shares outstanding at year-end (in millions) 90.0 93.3 93.3 93.3 93.3
Free cash flow per share 0.29 0.30 0.31 0.12 0.10
Dividend per share 0.40 0.16 0.24 0.10 0.05
Net profit per share 0.26 0.26 0.24 0.16 0.07
1 Data based on the published annual reports of the relevant years.
2 As of 2019 figures based on IFRS 16 ‘Lease accounting’.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Five-year overview Annual report 2022 | 7
Key figures
1
(continued)
2022 2021 2020 2019 2018
Staff members (FTE)
Average number of employees 2,717 2,583 2,572 2,573 2,542
Average number of direct employees 2,445 2,299 2,286 2,286 2,251
Average number of indirect employees 272 284 286 287 291
Number of employees at year-end 2,805 2,715 2,586 2,629 2,647
Number of direct employees at year-end 2,532 2,428 2,298 2,340 2,345
Number of indirect employees at year-end 273 287 288 289 302
Productivity 69.4% 72.1% 70.1% 69.3% 68.6%
Clients
Client Satisfaction Index (CSI) 7.7 7.8 7.7 7.6 7.6
Share of business proposition revenue 47% 40% 38% 33% -
Scores Environmental targets
CO emission (in tons) 8,004 6,315 6,786 13,036 12,917
CO reduction per FTE
2
20.4% -7.2% -47.0% -0.3% -4.0%
Fuel reduction in liters per car
2
13.3% -5.7% -48.5% 1.7% -2.6%
CO performance ladder level (NL/Belux) 5/3 5/- 5/- 5/- 5/-
Scores HRM targets
Employee Engagement Score 7.6 7.6 7.5 7.1 7.1
Inclusiveness (employee engagement inclusion question) 7.7 7.6 7.5 7.3 7.3
Ratio female employees (headcount) 20% 20% 20% 20% 20%
1 Data based on the published annual reports of the relevant years.
2 Negative % is reduction compared to prior year.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview with the Management Board Annual report 2022 | 8
Joyce van Donk-van Wijnen and Jo Maes
How would you describe 2022 for Ordina?
Jo: In 2022, Ordina achieved solid growth and financial
performance in a challenging economic climate. We made
strong progress on our journey from digital partner to digital
business partner. In 2022, we continued to combine our
digital solutions into reusable, scalable “building blocks”
that address complex market challenges. I’m proud of
everyone at Ordina for contributing to this transformation,
and I’d also like to thank our clients, shareholders, and other
stakeholders for their continued support.
One major highlight from this year was the further
development of our high-performance teams. By combining
digital and business expertise, these teams have become
central to how we engage, share, and learn. The success of
this approach was reflected in our conversations with clients
this year, which occurred at a more strategic level; Ordina
is now being consulted as a true partner who can advise
clients on digital problems that affect their entire business.
Joyce: We have also made important progress in
transforming Ordina into a network organization of smaller
practices that work together as a whole, while at the same
time creating new leadership roles, with leads also having
an active role at clients. As a result our teams work more
efficiently, and the service to our clients has elevated.
The fact remains, however: the labor market is still incredibly
tight. Many organizations. including ordina, are experiencing
Interview with the Management Board
high attrition these days. Nevertheless, I am proud that we
were able to increase our workforce in both the Netherlands
and Belgium/Luxembourg, attract top talent and retain
many valuable people, despite the challenging context. In
2022, we welcomed over 600 new employees to Ordina – a
big achievement from our recruitment team. With so many
capable people, I feel confident about what the future holds.
What challenges do you foresee as you shift Ordina’s
positioning toward being a digital business partner?
Jo: A digital business partner stays one step ahead, pre-
empting and solving problems at the business or market
level. Such an ambitious transformation does not happen
overnight. In addition to building a network organization,
our people need in-depth knowledge of the fundamental
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview with the Management Board Annual report 2022 | 9
business challenges that our clients face – understanding
the “problem behind the problem”. Moving in this direction
is essential in becoming a digital business partner – and it
requires a shift in mindset from everyone at Ordina. In this
new mindset, the brilliance of individual consultants will be
less important. Of course, we want people who are highly
capable on an individual level, but as we continue toward our
goal, having cooperative, communicative team players will
be even more important.
Joyce: Throughout 2022, we continued to invest in Ordina’s
internal communities. These allow our people to reach out
beyond their traditional teams and pool their knowledge
of issues that affect multiple clients. By developing these
communities into a network in the coming years, we’ll
continue to instill a culture of sharing and reuse, with our
people sharing their assets and reusing what others have
created. The more we nurture this culture, the more we can
speed up the time-to-value for our clients.
What makes Ordina special compared to industry peers?
Jo: To me, the answer is simple: our people. In the past
year, we continued to foster an ethos of craftsmanship,
camaraderie, and collaboration among everyone at Ordina.
This helps us become a unique, attractive employer for
digital business consultants and professionals. We do
this by building on our strong local-for-local Ordina DNA
(camaraderie, craftsmanship, and collaboration) and have
added over the last year “ingredients”' that are typically found
in startups/scale-ups (e.g. lean startup mindset, active
promotion of entrepreneurship/intrapreneurship, solution
development) or renowned (international) consulting firms
(working in projects with a clear statement of work, investing
in advisory skills, organizing C-level events, and workshops).
Ordina is built around teams that create impact for our
clients, and we offer fast resolutions by prioritizing sharing
and reuse of best practices over individuals creating unique
solutions for unique challenges. I think this approach is what
sets us apart.
Joyce: I agree. Our people-centric approach applies to
colleague relations, but also to the way we engage with
our clients. We’re determined to go the extra mile for them,
which is why we’re hiring and developing leaders who can
set the bar for this next stage of our journey. These leaders
will help us take advantage of the opportunities presented
by increased knowledge sharing and reusability of solutions,
and their leadership will make Ordina even more unique.
How are Environment, Social, and Governance (ESG)
important for Ordina’s development?
Joyce: The importance of ESG is continuously increasing
for our clients, employees, partners, and shareholders.
ESG is integrated as a strategic pillar in our business
to create long-term financial, social, and environmental
value. In terms of Governance, our focus is on running the
company on sound economic principles, being transparent
with the outside world, and being a loyal partner, reliable
supplier, and a socially responsible employer.
For the Social pillar, we are committed to strengthening
diversity, equality, and inclusion throughout Ordina. This
is the right thing to do, and it also delivers a business
benefit: after all, diverse teams perform better. This means
increasing our proportion of female employees, of course,
but we need to focus on other identities too: our goal is to
create an inclusive culture where everyone feels welcome.
By helping everyone feel at home at Ordina, we create an
atmosphere where people can contribute fully to the team
and deliver the best possible outcome for the client.
Jo: The Environment pillar is important for two reasons.
Internally, we have a duty to reduce our own carbon
emissions and become CO neutral by 2030. However,
we focus on more than just our own environmental
performance – we use our expertise in digitalization to
help our clients reduce their CO emissions as well. A good
example this year was our work for the Port of Rotterdam:
with this client, we analyzed current pattern data to
determine the optimum speed for boats approaching the
harbor, drastically reducing the port’s carbon emissions as
a result.
How do you see the future for Ordina?
Jo: Looking five to ten years ahead, digital will continue to
shape every aspect of our lives. Ordina is well-positioned
on the back of the digitalization megatrend, so the general
direction is very positive for our sector.
At the same time, there is considerable uncertainty in the
wider economy. We need to consider the possibility of
a global recession, find ways to cope with accelerating
inflation, and make room to continue paying our people in a
way that maintains a high standard of living.
Joyce: The fact that our clients are facing these complex
challenges is all the more reason to accelerate our existing
strategy in becoming the digital business partner of our
clients. Although we expect to encounter some roadblocks,
our activities this year have put us in a strong position to
help our clients stay ahead of change.
Ordina is built
around teams that
create impact for
our clients
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Impressions Annual report 2022 | 10
Code & Comedy 2022
In June, we held our Code & Comedy event
in Nieuwegein and Mechelen. This event
is for any developer, not just developers
working at Ordina, and it brings together
comedy and code. The theme for this
year was robotics, with several break-out
sessions and a comedy act as the finale.
It is a great way for our developers to
connect with potential Ordina developers.
Ordina AIR
After two years of pandemic, we
held our first employee party:
Ordina AIR. In early June, a 1000
employees attended the party.
This event was an opportunity to
strengthen bonds between our
employees.
Impressions
Partnership with ProRail
In July, Ordina signed a new deal with
ProRail: for the next ten years, we will be
responsible for its Interaction Partner
business domain. Ordina will oversee
the innovation, development, and
management of the IT systems used by
ProRail for passenger communications.
This relationship highlights the importance
of satisfied and loyal clients (one of our
strategic pillars) for Ordina’s long-term
growth.
EcoVadis Gold rating
At the beginning of 2022,
Ordina achieved the EcoVadis
Gold rating. For this certificate,
our business performance
was assessed across four key
criteria: environment, ethics,
sustainable procurement, and
labor and human rights. Our
Dutch and Belgian divisions
both achieved a Gold rating.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
foto lowres
Impressions Annual report 2022 | 11
Record number of new
employees
In September, Ordina welcomed a
record number of new employees:
106 in the Netherlands and 93 in
Belgium and Luxembourg. Ordina
is an attractive employer, as
employees feel our client projects
have a social impact.
MT/Sprout Next Leadership 50
2022
In October, Ordina CFO Joyce van
Donk-van Wijnen was included in
the 2022 edition of the MT/Sprout
Next Leadership 50. This list of 50
executive talents is compiled annually
in collaboration with the Netherlands’
leading executive search firms and
Vlerick Business School.
Electric vehicle fleet
In 2022, we held a series of
meetings on how to reduce
emissions related to employee
mobility, and we decided to
make our fleet of company cars
in the Netherlands and Belgium
completely electric. From 2023,
we will only order electric vehicles
in the Netherlands, aligning with
our ESG strategic pillar.
Cybersecurity partner of Dutch Senate
Via a European tender, Ordina has been selected as the
Dutch’s Senate’s cybersecurity partner in the field of
information security and privacy. We will be advising the
Senate on information security and privacy for several
years.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Women@Ordina event
At our Women@Ordina event in September, we welcomed
Chantal Schinkels, author of “The IT girl”, and Ordina CFO
Joyce van Donk-van Wijnen. In her talk, Joyce outlined
the importance of increasing female representation in the
tech sector.
Talent to the Top
In November, we partnered
with the Talent to the Top
Foundation to increase
diversity within Ordina.
Organizations that sign the
charter commit themselves to
clearly measurable goals and
have their results monitored
each year.
Planting 25,000 trees
Around 300 Ordina
employees came to
Belgium with their
families and friends in
November, for a day of
tree-planting. We planted
approximately 10,000
trees, and are now well on
the way to meeting our
target of planting 25,000
trees. Once completed,
the Ordina forest will
cover an area the size of
26 football fields.
Impressions Annual report 2022 | 12
Chatbot Wout
The chatbot Wout,
which an Ordina team
developed in cooperation
with the National
Police, is being used for
nuisance reports. The
police use Wout for this
purpose because they
receive many calls about
fireworks nuisance every
December.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
“ Articial
intelligence (AI)
isn’t just poised
to change the world;
it ’s already changing
the world”
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 14
Technology and the Future
Haroon Sheikh
Haroon Sheikh is professor of philosophy at Vrije
Universiteit Amsterdam, where he teaches on
globalization, the philosophy of technology, and East-
West geopolitics. His books address a diverse array
of subjects, including relations between Europe and
Asia and the politics of water. Alongside his academic
career, Haroon advises the Dutch government as part
of the Scientific Council for Government Policy (WRR).
Artificial intelligence (AI) isn’t just poised to change the
world; it’s already changing the world. Across a wide range of
sectors, powerful AI technologies are finally leaving the lab,
proving their commercial viability, and transforming entire
industries. For some, this change is a source of alarm, but I
want to add some nuance to the conversation about AI and
provide a balanced, historically informed perspective of how
AI technologies are likely to develop in the coming years.
At the outset, it’s important to draw a distinction between
artificial general intelligence (AGI) and narrow AI. The former
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 15
deepfakes. The newest deepfake tools allow users to create
fictitious videos with remarkable accuracy, and this has
serious political consequences. We already live in an era
of fake news and filter bubbles, and in a world of deepfake
content, the line between facts and “alternative facts” will
become even more blurred.
However, I don’t think this is inevitable. With the proper
regulatory approach, governments can find a path that restores
public trust in AI and addresses its potential downsides. A
good example of this is algorithm registration, which is already
required in cities including Amsterdam and Rotterdam. Under
this system, government organizations must publish all the
algorithms they use. Let’s say a citizen has received a fine from
the municipality: with algorithm registration, the citizen will be
able to see whether the decision to fine them was made by a
human or an algorithm. If it was an algorithm, they’ll be able to
see which rule was being applied. I think public confidence in AI
will improve substantially once citizens are no longer in the dark
about what rules are being applied and how.
I’m also encouraged by the fact that EU policymakers are
reaching a consensus about AI. After seemingly endless
declarations, concepts, and roadmaps, the EU AI Act is set to
become binding law within the next few years. This first-of-
its-kind legislation will ban applications and systems that
create an unacceptable risk, place specific legal requirements
on high-risk applications, and allow low-risk technologies
to operate with minimal regulation. Meanwhile, I’m also
seeing greater convergence in the AI debate at the practical
level, particularly when it comes to the standardization of
technology. These developments don’t address every possible
concern, but they are steps in the right direction.
When considering our regulatory approach, it’s useful to
draw parallels with the rise of the automobile in the early
20th century. After all, AI’s current position is similar to that
of the car in the 1920s: a technology that’s been proved to
work, but which still presents legitimate safety concerns.
Well, throughout the 20th century, regulators responded to
these dangers with bumpers, seatbelts, stop lights, and other
traffic regulations. Even today, cars are not entirely safe – but
a constant process of regulatory refinement has led to huge
reductions in the number of traffic accidents, and the overall
utility of the technology is no longer in doubt. I think the same
applies to AI: we have a powerful but largely unregulated
technology hitting the market, and over the coming years, we’ll
have to ensure it serves the public good.
Learning as you go is an important part of any technological
revolution, and always has been. That’s why I’m not overly
concerned by what’s going on in AI today – in fact, I’m excited.
We’re currently on a long, fascinating path toward embedding
this technology on a wide scale. History shows us these paths
are never straightforward – they often require organizations
to completely rethink their processes – but history also shows
us that real innovation is possible. If we remain focused
on regulating the narrow AI technologies that are already
transforming our societies, and avoid sensationalist narratives
about impending AGI, I think the future of artificial intelligence
is very bright indeed.
Artificial intelligence isn’t
just poised to change
the world; it’s already
changing the world
is the attempt to recreate the human mind, which has been
a dream of computer scientists since the earliest days of
the AI discipline. Progress on this front remains slow, mostly
because our understanding of our own consciousness is
still so limited. It’s incredibly difficult to recreate something
that you don’t fully understand in the first place, particularly a
system as complex as the human mind! Given the scale of the
challenge, I don’t expect generalized intelligence to emerge
any time soon – but AGI is only one part of the bigger picture.
There’s also the larger and more promising field of narrow
AI – that is, an AI that can perform a particular function
better than a human. This arena is where the most exciting
developments are currently taking place.
Within narrow AI, we’re seeing the emergence of tools that
don’t just interpret patterns, but create new ones – a huge
step forward. One such development is ChatGPT, an AI-
powered chatbot developed by Open AI that can provide
lengthy, detailed, and considered written responses to
user prompts. The same goes for DALL-E, Open AI’s image
generation tool: it creates works of art based on a written
prompt, and the results are truly outstanding. Tools like these
are set to become mainstream within the next few years.
AI also has huge potential when it comes to federated
learning. Perhaps most interestingly, I think this technology
addresses many of the privacy concerns that surface in the
AI debate. In federated learning, instead of feeding large
quantities of data to a central algorithm, the algorithm
migrates to different data sources. For instance, the AI could
visit the server of a particular hospital, adjust its parameters
based on what it learns from the data, and then return without
taking any data with it. As such, I think federated learning will
contribute to the wider adoption of AI technologies in sectors
– like the healthcare industry – that are more skeptical toward
data-driven approaches.
The story isn’t uniformly positive, though. Other developments
in narrow AI are more problematic, such as the rise of
generative adversarial networks – the technology behind
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Ordina at a glance
Report of the
Management
Board
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Mission and core values Annual report 2022 | 17
Our mission
Digitalization helps organizations
anticipate and respond to change more
quickly. By working together in new
digital ecosystems and using the power
of new technologies, organizations gain
and maintain a sustainable competitive
edge.
Why
Staying ahead of change, sustainably:
this is the core of what we do. We are a
digital business partner that uses digital
strategies based on high-performance
teams to help our clients realize
sustainable business transformations and
remain ahead of change.
How
We prefer to work in multidisciplinary
teams: these are created based on the
needs and goals of our clients, and the
nature and complexity of the assignment.
Our high-performance teams contain both
IT and business professionals with a wide
range of expertise. They share a uniform
way of working and Ordina-wide systems
and tools. These bring out the best in our
people and ensure better results for our
clients.
What
As a digital business partner, we offer
our clients a wide range of smart and
innovative solutions for challenges related
to strategy, organization, digitalization,
security and compliance. We do this
by providing advice on the right digital
end-to-end solutions, by developing and
implementing software solutions, and by
designing and managing IT landscapes.
Mission and core values
Our core values
Our core values sum up our believes and
how we do things at Ordina. This Ordina
DNA is in every Ordina professional
and ensures that we know our clients
inside out and that we use our expertise,
professionalism and talent for their
benefit.
We discover
At Ordina, we appreciate the importance
of staying ahead of the game. We are
We connect
We bring best practices to our clients
through high-performance teams. We take
responsibility for the results we achieve,
and we co-create solutions in an open-
minded and inclusive manner.
We accelerate
We have in-depth knowledge of our
clients’ businesses, which enables us to
give them a digital edge. We are client-
centric, enterprising, and always looking
to make an impact.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Market trends Annual report 2022 | 18
Market trends
There is a consistently high demand for expertise in
digitalization in the markets in which we operate, despite
the expected slowdown of the economy in 2023. Currently,
growth is not constrained by demand, but rather by the
tight labor market and high inflation rates. It seems unlikely
that the inflow of IT professionals in the coming years will
meet the increasing demand for digitalization expertise. The
pandemic has taught us, however, that remote working can
work. This trend could help us circumvent the shortage in
the labor market by complementing our local teams with
people working remotely.
Public sector
Accessibility and agility of public services
In recent years, there has been a major drive by Dutch
and Belgian government organizations to improve the
accessibility of their services. Citizens expect the same
standard of digital experience that they get from commercial
organizations, so public sector organizations are looking
to communicate with citizens in a more personalized way,
creating centralized portals that can be used to engage with
all government services, and improving access for groups
that are less familiar with digital processes.
At the same time, government organizations in the Benelux
are adopting new IT systems that help them become more
agile, adapt public services to changes in civil demand, and
shorten implementation cycles for new legislation. As a
result, the gap between policy making and implementation
can be reduced more quickly.
Data-driven working with digital security and privacy
The importance of robust data policies has only continued
to grow in 2022. Government organizations are keen to
collect data to improve their services, and to share this
data more widely between different departments, while
taking into account the strict privacy rules. They also have
to comply with an increasing amount of cybersecurity
legislation. In this complex regulatory environment, public
sector organizations need expert guidance on how to collect,
store, and use citizen data in full compliance with the latest
legislation.
Financial services
New policies to tackle financial economic crime
In recent years, the European Central Bank, has been
enforcing firmer legislation designed to clamp down on
financial economic crime (FEC). The upcoming set of
measures establishes clear expectations, provides greater
room for support from national Financial Intelligence Units,
and stimulates legislative uniformity across the EU in the
fight against FEC.
As gatekeepers to the financial system, banks play a key
role in protecting our legitimate economy from criminal
interference. The good news is that banks today have
access to the advanced human and artificial intelligence
they need to fight back against financial crime.
Growing focus on ESG in the financial sector
The rise of Environmental, Social, and Governance (ESG) is a
common trend in every market, and in 2022, its importance
to the financial sector continued to increase.
A larger ESG infrastructure, along with growing amounts
of related legislation, presents challenges from an IT
perspective. Every ESG report contains a large amount of
information drawn from different parts of organizations, so
the priority for financial institutions is to organize, analyze,
Ordina’s expertise is concentrated in three key Benelux markets: the
public sector, financial services, and industry. To engage clients, we
need a detailed understanding of their specific needs, as well as the
technological and social trends affecting the sector as a whole. Only
then we can offer our clients solutions that help them strategically and
ensure they stay ahead of change.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Market trends Annual report 2022 | 19
and report this data as efficiently as possible. To do this
successfully, organizations will have to accelerate their digital
transformation and make use of the latest reporting tools.
Industry
At Ordina, we focus on several sectors within industry.
The main sectors are utilities, logistics, life science.
Energy transition
Today’s utilities sector faces numerous challenges, and
perhaps the most important long-term development is
the transition toward clean energy. As with other trends
affecting this sector, digitalization is essential to meeting
this challenge.
Integrated supply chains
Businesses are increasingly cooperating across the value
chain, a trend that has resulted in increased supply chain
visibility. Integrated supply chains are more efficient, and
with less waste in industrial production, organizations can
make their operations more sustainable. Another reason for
further integration is the disruption caused by the pandemic
and geopolitical instability. Recognizing the importance of
robustness and adaptability, industrial organizations are now
looking to evolve their supply chains into complex networks
of collaborating companies that can adapt and respond more
proactively to disruption. Organizations can use advanced, AI-
powered data intelligence and a toolbox of mature, affordable
technologies that can deliver significant performance
improvements to create resilient, intelligent supply chains.
Enhanced security
Benelux companies are growing more aware of the
shortcomings of outsourcing their operations to India
and China, and in 2022, many continued to relocate their
operations closer to home. Along with digitalization, this has
been a significant response to the disruption in recent years.
Cybersecurity is also an important trend, with supply chain
attacks continuing to rise in 2022. Organizations are now
switching to the “Zero Trust” model, in which no device on a
network is assumed to have passed a security checkpoint.
Under this model, security measures are conducted on a
continual, case-by-case basis.
Accelerated vaccination processes
In 2022, we experienced a rising appetite for digital
innovation. The COVID-19 pandemic has shaken up the
industry. There is a growing belief that digital solutions such
as low code and data-driven solutions can significantly
accelerate the time to bring a new drug to the market.
This heavily regulated industry no longer considers new
technology a potential risk to non-compliance but a strategic
leverage to save more patient lives.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Value creation model Annual report 2022 | 20
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Human and intellectual capital
• Expertise, competencies,
consultancy, training, and
education
Human and intellectual capital
• Skilled workforce
• Strong career paths
Human and intellectual capital
• Employee engagement
• High employee satisfaction
• Highly skilled employees
Digital and business expertise
• IT and sector-specific expertise
and knowledge
Relational capital
• Long-term client, partner, and
supplier relationships
Digital and business expertise
• Helping our clients to get ahead of
change by connecting know-how of
technology, business challenges,
and people
Digital and business expertise
• High client satisfaction
Financial capital
• Investments
Relational capital
• Together with clients and partners,
we work on accelerating digital
transformations
Relational capital
• Loyal clients
• Growth in business propositions
• Smart digital solutions contributing
to big societal themes
Natural resources and social
capital
• Purchase of fuel and energy, and
offering digital opportunities
• Diverse and inclusive employment
benefits
Financial capital
• Successful execution results in
financial returns, and structural
employment in the Benelux
Financial capital
• Strong revenue growth
• Sustainable EBITDA margin
• Solid dividend payout
• Fair tax payments
Natural resources and social capital
• Reduction of carbon footprint
• Electric vehicle fleet
• Ordina forest
• A diverse and inclusive work
environment
Natural resources and social
capital
• CO neutral by 2030
• Contribution to restoring nature
• Equal opportunities on the labor
market for all
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Our mission
We help our clients
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Input OutputBusiness model Outcome SDGs
Value creation model
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Stakeholder dialogue Annual report 2022 | 21
Sustainable
customer
relationship
Valuable input
Client survey
Customer events
Collaboration
SAP, Mendix,
Salesforce, e.g.
Partner events
Consultation with
suppliers
Social
responsibility
Collaboration
MVO Nederland
Partnership
NL Digital
Anders reizen
Open dialogue
Annual General
Meeting
Roadshows
Capital Markets Day
Key
ambassadors
Continuously in
dialogue
Employee satisfaction
survey
Collaboration with
Works Council
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We are in an ongoing dialogue with our
stakeholders to identify material topics
in light of the digital developments taking
place in the world around us. Our main
stakeholders include our clients, employees,
shareholders, partners, and suppliers.
Knowing their view on important topics such
as decent work and climate action helps us
to create sustainable long-term value: to be
ahead of change. We consider the input we
get from our stakeholders to be crucial for
developing strong partnerships. Above all,
their feedback helps us to improve ourselves.
Stakeholder dialogue
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Stakeholder dialogue Annual report 2022 | 22
One way of gathering this valuable feedback is through
stakeholder surveys, the last of which was conducted in
Q4 2022. From a long list of important topics, which mainly
relate to Environmental, Social, and Governance aspects, the
Management Board selected 15 topics, on the advice of the
ESG Board, which were considered to be most relevant to
Ordina. Our stakeholders were asked to rate the importance
of these 15 topics on a scale of 1 to 10. Employees and
Recruitment, retention, and development of talent
Innovation and digital transformation
Excellent services
Yield growth
Low
High
Relevance for our stakeholders
Diversity and inclusiveness
Impact on the environment (direct and indirect)
Movement relative to 2021
2022 results
2021 results
High
Low Ordina’s impact
1
4
5
6
3
1
1
4
2
5
3
6
3
5
2
4
6
investors could indicate the importance of these topics for
Ordina as a partner. The rating, which was determined by
the Management Board on the advice of the ESG Board,
was weighted in accordance with the response rate per
stakeholder group and plotted in the materiality matrix.
Materiality matrix
Based on the results of the stakeholder dialogue, it can be
concluded that the six topics are still considered material by
all stakeholders.
The most noticeable developments in the materiality matrix
are those of “Recruitment, retention, and development of
talent” (topic 1) and “Yield growth” (topic 4). Compared to
2021, our stakeholders showed an increased interest in
topic 4 and a decreased interest in topic 1. Topic 2 remains
at the same position as in 2021. The survey focused more
on establishing a list of important topics and less on the
underlying reasons. However, the relation between the 15
topics and the 6 material topics gives us some background
information. The table shows the relation of the material
topics and our strategic pillars. Page 24 presents an
overview of our strategic pillars, targets, and realization in
2022, which is discussed in more detail in the following
chapters. These chapters also show what we have been
doing to increase our positive impact or reduce our negative
impact in relation to these six material topics.
In relation to topic 1, the subtopic “responsible sourcing
and labor rights” scored considerably low. A reasonable
explanation could be that Ordina is a service provider
operating in the Benelux. In the Benelux, rules and
regulations regarding employment and employee protection
are embedded in European laws. We believe that our
stakeholders may have given topic 4 more weight this
year due to the uncertain macroeconomic outlook and the
tendency to focus on business stability in more turbulent
and volatile times. The Ordina Management Board is aware
of these developments and takes these into account while
implementing and evaluating its strategy.
Materiality matrix
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Stakeholder dialogue Annual report 2022 | 23
6 material topics that correspond
to our 5 strategic pillars
15 subtopics that deepen the 6 material topics used for
our stakeholder dialogue Strategic pillars strategy 2026
1 Recruitment, retention,
and development of talent
• Talent attraction, engagement and retention of employees;
• Personal and talent development;
• Employees’ health, vitality and well-being;
• Responsible and compliant sourcing (in terms of labor rights).
1 Engaged and driven employees
2 Innovation and digital
transformation
• High-quality IT solutions and team;
• Data privacy and cybersecurity;
• Market leadership;
• Business ethics and compliance;
• Technical innovation of IT solutions for societal changes.
2 Satisfied and loyal clients
3 Excellent services • High-quality IT solutions and teams;
• Data privacy and cybersecurity;
• Technical innovation of IT solutions for societal changes;
• Technical innovation of IT solutions for greenhouse gas
emissions.
3 Sustainable distinctive profile
4 Yield growth • Solid financial results. 4 Excellent financial performance
and accelerated growth
5 Diversity and inclusiveness • Digital inclusion;
• Diversity, equality and inclusion;
• Transparency and dialogue;
• Business ethics and compliance.
5 Environmental, Social, and
Governance
Diverse and inclusive company
6 Impact on the environment
(direct and indirect)
• Greenhouse gas emissions (in direct operations);
• Technical innovations of IT solutions for greenhouse gas
emissions.
6 CO emissions
Transparent and thrustworthy
company
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 24
Strategy 2026
Introduction to strategy 2026
In a rapidly evolving and increasingly uncertain world,
our clients need to anticipate and act fast. Enhanced
digital capabilities are crucial to staying ahead in this
changing landscape – but digital can no longer be seen
as an IT-specific issue. It affects every part of a business.
Ordina is therefore committed to becoming the digital
business partner for our clients. We will reach this position
by delivering exceptional quality and value through
multidisciplinary, high-performance teams, while focusing
on specific digital themes. To achieve our objective within
the next four years, we have developed a detailed 2026
strategy.
Strategic pillars, goals, and results
Strategic pillars strategy 2026 KPIs 2026 target 2022 realization
1. Engaged and driven employees
• Employee Engagement Score > 7.5 7.6
• Staff outflux on request of Ordina < 4% 1.7%
2. Satisfied and loyal clients
• Client Satisfaction Index > 7.5 7.7
• Net Promotor Score > 60 66
3. Sustainable distinctive profile
• Business proposition revenue 47%
4. Excellent financial performance and
accelerated growth
• Annual revenue growth 5%-8% 8.9%
• EBITDA margin 12%-14%
5. Environmental, Social, and Governance
- CO
2
emission
• CO neutral (net exhaust/FTE in tons) Carbon neutral
in 2030 2.95
• Reduction of energy consumption
(% compared to 2019) 12%
- Diverse and inclusive company
• % Female company-wide 30% by 2030
• % Female sub-management level 30% by 2026
• Employee engagement inclusion question
- Transparent and trustworthy company • CO Performance Ladder level (NL/Belux) 5/5
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 25
Our employees
2,445
284
2,299
272
2,532
287
2,428
273
2021
Average # employees
(FTE)
# of employees
year-end (FTE)
Age composition
Average age
2022
Direct
Indirect
Direct
25 years and younger
26 - 35 years
36 - 45 years
46 - 55 years
56 years and older
Average age
Indirect
The Netherlands
Belgium/Luxembourg
1,661
1,056
2,715
2,805
1,619
964
Total # of average
employees (FTE)
Year-end FTE
Employee Net
Promotor Score
Employee engagement score
2018 2019 2020 2021
2022
2022
39
19.1
20.4
8.0
7.5
7.0
6.5
6.0
2022
10%
39%
19%
19%
13%
39
2021
8%
39%
21%
20%
13%
40
368
234
366
273
# Employees influx
(FTE)
The Netherlands
Belgium/Luxembourg
The Netherlands
Belgium/Luxembourg
2021 2022
2021
2022
2021
2022
2021
2022
2021
2022
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 26
1. Engaged and driven employees
Employees ultimo (headcount)
The Netherlands Belgium/Luxembourg Total
Female Male Female Male Female Male Total
2022
Total employees 341 1,456 247 859 588 2,315 2,903
Permanent contract 336 1,446 247 859 583 2,305 2,888
Temporary contract 5 10 - - 5 10 15
Non-guaranteed hours - - - - - - -
Full-time 178 1,052 217 823 395 1,875 2,270
Part-time 163 404 30 36 193 440 633
2021
Total employees 320 1,453 235 804 555 2,257 2,812
Permanent contract 320 1,434 235 804 555 2,238 2,793
Temporary contract - 19 - - - 19 19
Non-guaranteed hours - - - - - - -
Full-time 166 1,040 202 777 368 1,817 2,185
Part-time 154 413 33 27 187 440 627
To help our clients stay ahead of change, engaged and
driven employees with the right capabilities for a shifting
business landscape are essential. Attracting, engaging, and
retaining top talent remains a major priority for Ordina. At
the end of 2022, the average number of FTEs grew by 135
to 2,717 (2021: 2,583). The number of workers who are
not employees amounted to 846 at the end of 2022 (2021:
770). These workers include e.g. contractors that work on
individual assignments, or reinforce our teams.
In the past year, we have enhanced our recruitment activities
while continuing to invest in our employees’ professional
and technical development. At the same time, we have
facilitated the creation of employee resource groups around
shared interests, skills, or identities, and have strengthened
our commitment to diversity, inclusion, health, and well-
being among every Ordina employee. The scarcity for
IT professionals remains high, meaning that finding and
retaining the right people stays challenging. This is effecting
not just Ordina, but also our competitors and clients.
Attrition was therefore relatively high last year. Furthermore,
we measure the outflux of employees on request of Ordina,
which was kept limited to 1.7% (2021: 1.9%). Our aim is to
keep this percentage below 4%.
With our clients facing increasingly complex challenges, our
way of working needs to keep evolving. In 2022, we focused
on building our employees’ future-proof capabilities, ensuring
they can serve clients in an uncertain business landscape.
In the coming years, we will continue to focus on developing
our culture and attitude as we grow across the Benelux
region. With business and IT continuing to converge, Ordina
will concentrate more on hiring business consulting experts
who can help us address broader market themes for our
clients. Alongside these efforts, we will continue to develop
the right competences among our existing employees.
Employer branding
To attract talent in today’s scarce labor market, we have
continued to move toward a bolder employer branding
strategy. In 2022, we designed a new employee value
proposition.
We have also made our recruitment strategy more proactive.
In the past 12 months, our campaigns have featured
tailor-made communications with a greater emphasis on
storytelling, and we have continued to refine our targeted
recruitment of specific groups. Our particular focus is on
hiring young graduates; in 2022, they made up 35% of our
new hires. For our other hires, we tend to focus on expertise:
data, cybersecurity, Mendix, Java, management consultancy,
and strategy consultancy, for example.
Referrals have continued to be a strong source of talent,
with employee recommendations accounting for about 25%
to 30% of new hires in 2022. Along with a more targeted
communications approach, this has allowed us to continue
growing despite a challenging labor market.
Overview of employees
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 27
Employee satisfaction survey
In November 2022, we held our annual employee
satisfaction survey. We asked for employees’ views on their
work, development opportunities, client assignments, and
whether they were proud of Ordina. This year’s survey also
included questions on diversity and inclusion. The feedback
from these surveys is used to improve the quality of the
employee journey at Ordina. To the question if employees
are satisfied with Ordina, the score was 7.6, the same as in
2021; we have therefore met our target of >7.5 (out of 10).
This year, our eNPs score is 19.1 (2021: 20.4). This score
measures the likelihood of an employee recommending
Ordina as a place of work to people they know. It is measured
as the percentage of promotors minus critics.
1,465
889
1,410
980
1,519
954
1,474
1,013
356
228
337
257
Average # direct
employees
(FTE)
# Direct employees
influx (FTE)
# Direct employees
year-end (FTE)
2021 2022 2021 2022 2021 2022
The Netherlands
Belgium/Luxembourg
Our IT professionals
Engagement programs
2022 was a year of considerable change at Ordina. As we
continue to receive more complex work from our clients,
our employees report higher engagement levels. This trend
bodes well for our employee engagement going forward, as
we expect to undertake projects of greater complexity as a
digital business partner.
As previous surveys showed, increased knowledge sharing
also raises engagement. We have therefore invested more
in developing internal digital communities based around
job roles, market sectors, and areas of personal interest.
Employees can use a tool on the Ordina intranet to build
these communities, and we currently have 39 communities
grouped around a variety of topics.
Internal communications
Throughout 2022, we used internal communications,
including intranet content and various newsletters, to
support our move toward being a digital business partner.
In addition, we organized unit meetings, management
meetings, theme-based information meetings and face-
to-face sessions. We have inspired 182 employees to
become an Ordina Brand Ambassador: these employees are
committed to the values that underpin our strategy 2026,
and they have played a significant role this year in conveying
Ordina’s message through various social channels and
demonstrating their thought leadership.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 28
Home, office, and hybrid working
The Covid-19 pandemic has led to permanent shifts in the
way we work. Hybrid working has become the new normal
at Ordina. In practice, this means that an employee can work
at home about 50% of the time and 50% in the office or at
a client’s office. Ordina offers a support package for home
working.
Health and well-being
At Ordina, the health and well-being of our employees is
crucial. In 2022, absenteeism due to illness stood at 4.1%
(2021: 3.3%). In 2022, more people became ill due to the
release of the Covid-19 restrictions and the two flu waves
in March and December. To promote health and well-being
among our people, employees can engage in various online
programs offering tips on sleeping and eating habits, mental
resilience, and other health-related themes. Our employees
can also use our Prevent desk to access healthcare
providers, such as physiotherapists and psychologists.
This includes specialized coaching for our neurodiverse
employees and financial management coaching for all
employees.
Training and development
Throughout 2022, we invested significantly in the expertise
of our teams, and many young professionals in both the
Netherlands and Belgium/Luxembourg joined Ordina. In
2022, Ordina employees participated in 195,805 hours of
training programs – an average of 80 hours per employee
(2021: 119,826).
To help with their growth and development, all employees
have access to external coaches. These sessions are
accessible via a LearningKit, a tool that employees use to
book their coaching sessions.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 29
2. Satisfied and loyal clients
At Ordina, satisfied and loyal clients are central to everything
we do. We actively engage and empathize to understand
their business goals, culture, people, and processes. We
form multidisciplinary client teams, and communities that
build, share, and apply client knowledge alongside their
professional expertise. As a result, our people are driven to
solve problems that get in the way of achieving those goals.
Through our way of working, we also build domain and
industry knowledge. We discover and contextualize common
business challenges; either general digital themes or market
themes specific to an industry. Our clients benefit directly
from this collective knowledge. We combine our client,
market and domain knowledge with our insights into new
technologies and our reusable assets to create solutions
that solve real problems for our clients.
CSI and NPS
Every year, we measure our client satisfaction using our
Client Satisfaction Index (CSI). In previous years we also
focused on the Ordina Promotor Score (OPS). As of 2022,
we switched to the more general known Net Promotor
Score (NPS), this makes the score more comparable to
peers. We aim for at least 7.5 in the CSI and a NPS of 60.
The NPS score is calculated by adding up the responses
and subtracting the percentage of detractors from the
percentage of promoters. The score can be between -100
and +100. Clients who are neutral are excluded.
As for the CSI, we recorded an overall score of 7.7 (2021:
7.8). In the Netherlands, the score was 7.7 (2021: 7.8) and
in Belgium/Luxembourg 7.8 (2021: 7.7). Our NPS was 66
(2021: 64), of which the score in the Netherlands was 57%
(2012: 63%) and in Belgium/Luxembourg 83% (2021: 68%).
In the Netherlands the score was still high, but a little lower
than last year due to more neutral responses. The total
response rate was 78%. The results of both surveys are
very important to Ordina: we use our findings to initiate
conversations at the client level and determine how we can
optimize our services going forward.
Top-level engagement
Because Ordina’s offering goes beyond traditional IT
solutions, our proposals typically need buy-in from senior
executives. As a result, we launched a series of targeted
initiatives to engage with clients at the C-suite level,
organizing a Captain’s Table, sector-specific roundtables,
and one-on-one workshops in which we demonstrate how
our digital solutions translate into tangible benefits.
980
20212020
Net Promotor Score
Client Satisfaction Index
2022
2021202020192018
2022
The Netherlands
Belgium/Luxembourg
The Netherlands
Belgium/Luxembourg
100
90
80
70
60
50
40
8.0
7.8
7.6
7.4
7.2
7.0
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 30
3. Sustainable distinctive profile
Based on the Ordina 2026 strategy, acting as a digital
business partner, we have structured our services in such
a way that they help our clients realize their business
transformation. Armed with our five business propositions,
we offer a sustainable response to the issues our clients
face, working in high-performance teams. High-performance
teams are self-organized multidisciplinary teams dedicated
to the business of our clients and they co-create together
with the client’s employees. This distinctive profile allows
us to operate increasingly closer to the core of our clients’
digital strategy and objectives.
These business propositions and underlying solutions
grouped around digital and market themes have given us a
highly recognizable profile in the market, with a focus on the
client challenges of the future: data, (cloud) platforms, digital
acceleration, cybersecurity and compliance. We also stand
out thanks to our unique way of working, in which we
collaborate with our clients in high-performance teams and
rapidly deliver added value. In 2022, the share of business
proposition revenue grew to 47% of total revenue (2021:
40%).
High-performance teams play a key role in our journey toward
becoming a digital business partner by 2026, and we expect
them to become a standard way of working in the years to
come. At the end of 2022, Ordina had 146 high-performance
teams (2021: 172) embedded at client sites across the
Benelux. This is somewhat lower than last year as we see
the transformation to more business propositions and the
high-performance teams as a transformation process. For the
business proposition HPT we look at the size of the team, the
leading role and the duration of a project. In 2022, we slightly
sharpened the definition of business proposition, where taking
responsibility, a leadership role or the HPT working method
must be evident from the contract documentation.such as
contracts, proposals and other written client communication.
In 2022, Ordina’s high-performance teams achieved some
notable successes, with highlights including the co-creation
of a chatbot for the National Police and our work to help the
Port of Rotterdam reduce its carbon emissions by 25%.
Our business propositions
Digital acceleration
Ordina’s multidisciplinary teams can adapt existing
technologies into tailor-made experiences, such as mobile
apps, web applications, social networks, chatbots, and
virtual private assistants. To develop these integrated
platforms, we use technologies such as low code, robotics,
AI, and machine learning. We also support the organizational
and culture shifts that facilitate our clients’ digital ambitions.
Data-driven organizations
Ordina can help clients convert data into actionable
intelligence. We do this by connecting to internal and
external data sources to analyze and gain insights
correlating all relevant data, and by providing visualizations,
insights, and optimizations. Put simply, we help our clients
position data at the center of their business strategy and
decision-making.
Business platforms and cloud
As organizations continue their digital transformation, they
will increasingly move away from siloed applications toward
trusted business blocks that can be composed into new
business capabilities with great speed. Ordina supports our
clients in this transition while helping them modernize each
business block independently: legacy systems, custom-built
applications, software packages, or SaaS solutions.
Cybersecurity and compliance
Today’s world is hyperconnected, and many organizations
are finding it harder to fulfil their cybersecurity and
regulatory compliance requirements. As our clients launch
new digital initiatives, Ordina can help them monitor, enforce,
and improve their cybersecurity and compliance procedures.
High-performance teams
We carefully form our teams around a specific client goal.
We find the optimal balance between disciplines and
personalities in the team to deliver impact – increasingly
on a strategic level. Our proven methods and experienced
coaches ensure the formation of HPTs which engender trust,
collaboration and fun. This is a key stepping stone for our
ambition to foster co-creation and deliver acceleration. We
do this by developing digital and market solutions, raising
the quality of IT applications or optimizing processes.
AHEAD
OF CHANGE
Realize sustainable
advantage
Digital acceleration
Accelerate with multidisciplinary teams
High-performance teams
Lead by
actionable insights
Data driven
Build a composable
enterprise
Business platforms
and cloud
Create trust in a
hyperconnected world
Cybersecurity and
compliance
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 31
4. Excellent financial performance and accelerated growth
Revenue development
In 2022, revenue increases by 8.9% to EUR 429.4 million
(2021: EUR 394.5 million), with growth achieved across
all our markets and regions while the share of business
propositions increases to 47% (2021: 40%). Growth is driven
by more direct employees and higher rates, combined with
our proposition revenue.
Market
All markets achieve revenue growth in 2022, with the public
sector achieving the strongest growth of 12.2%. It is also the
largest market with EUR 183.8 million in revenue (2021: EUR
163.9 million).
In the public sector, many new high performance teams
started e.g. at several Dutch ministries and the national
police in the Netherlands. In Belgium/Luxembourg, Post
Luxembourg is one of our valued clients. We also achieve
strong growth in business platforms & clouds business
proposition. Moreover, revenue growth was partly reached
through external hires regarding contractual obligations.
In financial services, revenue increases by 8.8% to
EUR 112.8 million (2021: EUR 103.7 million). Financial
service providers also make extensive use of Ordina’s
high-performance teams. Health insurers and financial
institutions have a strong focus on digital client interaction
and digital transformation issues, which translates to several
assignments.
In the industry market, we are active in several subsectors,
such as utilities, logistics and life sciences. In 2022, revenue
in this market increases by 4.6% to EUR 132.8 million in
2022 (2021: EUR 126.9 million). Within Industry, we have
many clients at which we do relatively small assignments.
In line with our strategic ambition to turn from a valuable IT
partner to a digital business partner, we concentrate on our
top 70 clients. This resulted in a shift of revenue from this
market to the others.
Region
The Netherlands
In 2022, revenue increases 9.3% to EUR 283.4 million in
the Netherlands. Revenue growth is driven by on average
more direct employees and higher rates, combined with
more proposition revenue. Business proposition revenue
mainly grows in the areas of high performance teams
and business platforms & cloud. The high demand for
digitization solutions combined with the tight labor market
and contractual offer obligations in governmental contracts
also lead to an increase in revenue with external hires.
Belgium/Luxembourg
In 2022, Ordina achieves a revenue increase of 8.0% in
Belgium/Luxembourg and 2022 revenue amounts to EUR
146.1 million. In Belgium/Luxembourg growth is also driven
by a higher average number of direct employees and higher
rates. Revenue from business propositions is growing fast,
with the strongest growth in the business propositions high-
performance teams, data acceleration and cybersecurity &
Revenue per market
In thousands of euros and % 2022 2021
Development in 2022
compared to 2021
Public 183,777 163,853 12.2%
Finance 112,833 103,699 8.8%
Industry 132,806 126,919 4.6%
Total 429,416 394,471 8.9%
Revenue per country
In thousands of euros and % 2022 2021
Development in 2022
compared to 2021
The Netherlands 283,358 259,195 9.3%
Belgium/Luxembourg 146,058 135,276 8.0%
Total 429,416 394,471 8.9%
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 32
compliance. Revenue with external employees is virtually flat
in 2022 compared to 2021.
In 2022, productivity came down to 69.4% (2021: 72.1%),
for which there are several reasons. First and foremost,
we have invested in the organization by hiring more young
professionals and business consultants, in line with our
2026 strategy. To prepare these new employees, more
time was spent on training. In addition, various commercial
initiatives were launched to foster our new expertise.
Another growth investment involves the creation of new
leadership roles in the Netherlands, where leads are also
active at clients. As a result the number of direct employees
increases, our teams work more efficiently and the service
to our clients has been raised to a higher level. On the other
hand, the transition to this new model temporarily affected
overall productivity.
Lastly, in 2022, absenteeism rose to 4.1% (2021: 3.3%). As
of the second quarter, all Covid-19 related measures were
let go and various covid and flu epidemics arose. In 2021,
absenteeism was in fact lower due to remote working, which
had a positive effect on productivity.
EBITDA development
In 2022, EBITDA increases by EUR 0.2 million to EUR 50.4
million in 2022 (2021: EUR 50.2 million) and EBITDA margin
decreases to 11.7% (2021: 12.7%).
Despite the tight labor market and high inflation, Ordina
was able to increase the number of employees and grow
revenue. By the same token, the company growth was
accompanied by higher costs.
We were successful in passing on our increased cost
base to our clients. In some cases, this involved some
timing differences due to ongoing contracts and multi-year
framework agreements. The impact of our investments on
productivity are the main reason for the stable absolute
result and hence the decreased margin. In addition,
conditions regarding inflation remain challenging in the near
future.
A one-off gain at the end of 2022, concerns the accelerated
integration of Ordina Subscription Management & Utilities
B.V. (former IFS Probity). It was decided to settle the
remaining earn-out obligation early. The settlement of the
second and final part of the earn-out obligation was initially
scheduled for 2024. Due to the early settlement of the
second earn-out obligation in 2022, we had a release of
provisions of EUR 0.7 million.
In 2021, there were also a number of one-off gains and
losses. For example, remote working reduced operational
costs such as fuel, travel and accommodation expenses.
Also, productivity benefited as a result of covid-19. Jointly,
this resulted in a benefit of approximately EUR 3-4 million
EBITDA (0.9%-point EBITDA margin). In addition, there were
a number of provisions, both positive and negative, with
an impact of EUR 1 million negative in 2021. On balance,
the impact on EBITDA was approximately EUR 2-3 million
positive in 2021.
The Netherlands
In 2022, EBITDA rises by EUR 0.8 million to EUR 28.8 million
and the EBITDA margin is 10.2% in the Netherlands. In line
with our 2026 strategy, we made a number of changes and
investments in our Dutch organization in 2022. Furthermore,
we have been successful in passing on higher rates and we
successfully increased proposition revenue, which offset
rising costs due to the tight labor market combined with high
inflation. This increase, however, was not sufficient to also
offset lower productivity.
The one-off gain related to the early settlement of the
earn-out related to the accelerated integration of Ordina
Subscription Management & Utilities B.V. (former IFS
Probity) had a positive effect on the Netherlands’ EBITDA. In
2021, one-off items had a positive effect of EUR 1-1.5 million
on EBITDA.
EBITDA per segment
In thousands of euros and % 2022 2022 2021 2021
The Netherlands 28,827 10.2% 28,061 10.8%
Belgium/Luxembourg 21,562 14.8% 22,128 16.4%
Total 50,389 11.7% 50,189 12.7%
Productivity
69.4%
2021 72.1%
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 33
Belgium/Luxembourg
In 2022, EBITDA amounts to EUR 21.6 million and the
EBITDA margin is 14.8% in Belgium/Luxembourg. In recent
years, Belgium/Luxembourg has achieved strong growth. To
maintain this strong growth momentum, we have invested in
the Belgian organization. Also, the tight labor market, rising
inflation and salary pressure increased personnel costs.
Although, the considerable number of young professionals
that started in Q3 enlarged our talent pool, it also reduced
EBITDA in Belgium/Luxembourg in 2022. The EBITDA
margin, however, is still above our EBITDA target of 12%-14%
for 2026.
Cash position
At year-end 2022, Ordina’s cash position stood at EUR 37.2
million (2021: EUR 43.6 million). Free cash flow amounts
to EUR 27.1 million in 2022 (2021: EUR 27.6 million). The
dividend payment over 2021 and the share buyback program
of EUR 15.0 million were the main reasons for this decline.
As at December 31, 2022, Ordina has not drawn on its
financing facility. Our capital and liquidity position is strong
and gives us a solid foundation for the future.
Financial position and accelerated growth
The result of our strategic efforts in recent years has
improved our returns and resulted in a solid free cash flow.
We use our cash position for working capital requirements
and targeted investments in growth in the short and medium
term. Due to the character of our business model, we take
a conservative approach to adding long-term debt to the
balance sheet.
The aim of our strategy is to refine our profile in the market,
to accelerate our growth and to continue to improve our
returns by being the digital business partner to our clients
and offering high-quality services. Our current financial
position enables us to do so.
Our priority is organic growth complemented by selective
acquisitions. Our goal is to integrate these acquisitions. This
means that potential transactions are carefully examined
for an optimal fit, ranging from size to various business and
cultural aspects.
Given the tight labor market combined with the high demand
for digital solutions. We also explore the possibilities of
acquisitions in Europe outside of the Benelux, for the
purpose of offering location-independent services to our
Benelux’ clients. Offering them teams that are composed of
local Ordina employees and ones that join remotely.
Net cash
at year-end
2021
Net
result
Depreciation Cash flow
from
operations
Interest &
tax paid
Net
investments
Group
company
acquisitions
Dividend
payment
Share
buyback
Cash flow
from
financing
activities
Net cash
at year-end
2022
43.9
23.9
15.0
0.7
3.3 -1.0
-3.9
-15.0
-14.7
-14.7
37.2
Net cash development full year 2022
(Rounded, in millions of euros)
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 34
Ordina share
Shareholder value creation
ISIN code NL0000440584
Ticker ORDI
Reuters ORDN.AS
Bloomberg ORDI:NA
Since 1987, Ordina has been listed on Euronext Amsterdam
and included in the Amsterdam Small Cap Index (AScX).
Investor relations
Through transparent and clear communication, Ordina
builds and maintains long-term relationships with investors,
analysts, and other capital market participants.
In accordance with the requirements of the Dutch Financial
Supervision Act (Wft) and the European Market Abuse
Regulation, we keep shareholders, investors, analysts, and
other stakeholders consistently and regularly updated with
clear and accurate reports on Ordina’s strategy, performance,
and other information (including price-sensitive information).
We publish our annual reports, interim reports, quarterly
trading updates, press releases, and presentations on our
website. In addition, we meet regularly with investors and
analysts on roadshows, at conferences, and through one-on-
one calls or meetings at our offices.
Furthermore, our external auditor provides an assurance
report with reasonable assurance regarding non-financial
information in this annual report. The Auditor’s scope include
the following chapters: Key figures, Five-year overview,
Impressions, Ordina share, Mission and core values, Market
trends, Value creation model, Stakeholder dialogue, Strategy
2026, excluding EU Taxonomy. Our policy regarding bilateral
contacts with investors and analysts is included in our
Disclosure Policy, and published on our website.
Capital structure
Ordina has no debt outstanding and has not used its revolving
credit facility in 2022. Our capital structure consists solely of
equity.
Total equity
At year-end 2022, the total amount of ordinary shares
outstanding equaled 90,015,795 (year-end 2021:
93,255,929). In addition, Ordina has issued one priority
share. As a result of our strong cash position, Ordina
launched a share buyback program in 2022 and bought
back 3.2 million ordinary shares for EUR 15 million. For more
information, please visit our website.
Voting rights on shares
All ordinary shares have equal voting rights (i.e. one vote
each). The priority share held by Ordina Group Priority
Foundation (“Stichting Prioriteit Ordina Groep”) gives
entitlement to five votes. For more information about this,
please visit page 62.
Ordina shareholders
According to the latest public filings at the AFM, the
following substantial holdings in Ordina have been reported:
Major shareholders
Teslin Participaties Coöperatief UA Capital interest 15-<20%
Mont Cervin Sàrl Capital interest 10-<15%
Moneta AM Capital interest 5-<10%
Dimensional Fund Advisors Capital interest 3-<5%
Lazard Frères Gestion SAS Capital interest 3-<5%
JP Morgan Asset Management
Holdings Inc.
1
Capital interest 3-<5%
Otus Capital Management Ltd Voting interest 3-<5%
As of December 31, 2022, Ordina holds no treasury shares
and all shares are ordinary shares, except for one priority
share. The indicative free float is 100%.
Financial calendar
April 6, 2023 Annual General Meeting of Shareholders
April 12, 2023 Ex-dividend date
April 13, 2023 Dividend record date
April 20, 2023 Dividend payment date
April 25, 2023 Publication of Q1 2023 trading update
August 1, 2023 Publication of 2023 half-year results
November 2, 2023 Publication of Q3 2023 trading update
February 15, 2024 Publication of 2023 annual results
April 4, 2024 Annual General Meeting of Shareholders
1 Voting interest <3%
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 35
January
2022
Ordina
AEX
AScX
February
2022
March
2022
April
2022
May
2022
June
2022
July
2022
August
2022
September
2022
October
2022
November
2022
December
2022
Share Price Development 2022
(Change compared to December 31, 2021)
25
20
15
10
5
0
-5
-10
-15
-20
-25
Dividend and policy
In line with our dividend policy, Ordina pays out between 40%
and 60% of our net profit on the following conditions:
• A solvency ratio of at least 35% in the past reporting year;
• The net debt/EBITDA ratio for Q3 and Q4 of the past
reporting year was less than 1.25;
• The expected net debt/EBITDA ratio in Q1 and Q2 was less
than 1.25 following payment of the dividend.
With these conditions, we safeguard healthy balance sheet
ratios. The remaining net profit is added to the company’s
general reserves and/or used to finance our growth
ambitions (combining both organic and non-organic growth).
In the event of excess cash, Ordina will consider distributing
excess capital to our shareholders.
For 2022, Ordina proposes to pay 100% of the company’s net
profit as dividend, being EUR 0.265 per share, and as a result
of our strong cash position, Ordina will propose to make an
additional distribution of EUR 0.13 per share, resulting in a
total payout ratio of EUR 0.395 per share over 2022.
Ordina share price movement and
trading dynamics
Following the strong share price increases in 2020 (+41.3%)
and 2021 (+42.6%), the Ordina share price continued its
upward trajectory in the first six months of 2022, clearly
outperforming its peers. In the summer, however, European
stock markets in Europe began to fall, and the Ordina share
also came down. Overall, the share price went down by 5.5%
and closed at EUR 3.875 at year-end 2022 (year-end 2021:
EUR 4.10). 2022 total shareholder return (TSR
2
) amounts to
4.5%.
2 Dividend upon approval of the AGM of 6 April 2023
Results per share
2022 2021 2020 2019 2018
Equity 1.91 1.92 1.91 1.75 1.64
Free cashflow per share 0.30 0.30 0.31 0.12 0.10
Net earnings per share 0.26 0.26 0.24 0.16 0.07
Net earnings per share fully diluted 0.26 0.26 0.24 0.16 0.07
Dividend per share 0.40 0.16 0.24 0.10 0.05
In 2022, the trading volume in Ordina shares came in at a
daily average of EUR 1.2 million (2021: EUR 1.3 million). At
year-end 2022, our market capitalization amounted to EUR
349 million.
At year-end 2022, there were no net short positions in
Ordina
3
.
3 shortsell.nl/short/Ordina
Analyst coverage
Sell-side analysts from ABN AMRO-Oddo, ING,
KeplerCheuvreux and Van Lanschot Kempen actively cover
the Ordina share. These reports help investors, including
institutional investors, to make well-informed investment
decisions. If Ordina receives analyst reports prior to
publication, we will only check for factual inaccuracies.
To further increase our visibility in the capital markets, we
aim to grow the number of analysts covering Ordina.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 36
Our footprint
5.25.2
2.8 2.8
6,786
814
1,069
6,121
342
599
5,374
243
618
5,925
366
2,190
10,480
394
1,960
10,563
1,652 1,679
864
815
923
6,315
3.3
8,004
0.3 0.3 0.3
2021202020192018
Fuel and CO
2 emissions per vehicle
CO2 emissions per m²
Distribution of CO2 emissions
per category
Distribution of CO2
emissions
per scope
2022
20212020 2022
Fuel consumption total (in liters)
CO emissions per vehicle / CO in tons
Mobility
Electricity
Gas
Other
2022
95%
0%
3%
1%
2022
76%
13%
10%
CO emissions in tons
CO per m²
Total CO2 emissions 2022 (in tons) CO2 emissions per FTE
2019 20202018 2021 2018 2019 2020 2021 20222022
2022 2022
6
5
4
3
2
CO2 emissions 2022 (in tons)
Electric vehicles (year-end)
8,004
625
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 37
5. Environmental, Social, and Governance
The importance of Environmental, Social, and Governance
(ESG) is continuously increasing for our clients, employees,
partners, shareholders, and other stakeholders, who use ESG
metrics to measure our sustainability and positive impact.
We report information with reference to the GRI Standards
and included a GRI index with the different standards we
applied. ESG is integrated as a strategic pillar in our business
to create long-term financial, social, and environmental value.
By reducing carbon emissions, driving diversity and inclusion,
and promoting stakeholder dialogues, Ordina ensures
sustainable value creation for all our stakeholders. Different
targets regarding these subjects have been formulated and
included on page 24 and page 36 of this Annual Report.
UN Sustainable Development Goals
Ordina is committed to the UN reach its Sustainable
Development Goals (SDGs), a set of 17 interconnected goals
that aim to increase peace and prosperity around the world.
Given the nature of Ordina’s business, we focused on Goal
8 (decent work and economic growth), Goal 9 (industry,
innovation and infrastructure), and Goal 13 (climate action).
In our value creation model on page 20 of this annual report,
we have connected these SDGs to our strategy and KPIs.
We see our ESG efforts as a continuous journey, and we
still have a way to go before achieving our desired results.
Nevertheless, we have advanced our policies across the
domains in 2022, as detailed in the section ahead.
Environmental
Carbon neutrality
Ordina intends to become fully carbon neutral by 2030. After
two years of declining emissions (largely due to limited
commuting during the pandemic), our carbon emissions
rose this year. This increase is not unexpected: in 2021,
our employees had to work from home for most of the
year. Our employee base is also bigger compared to last
year. Nevertheless, Ordina’s emissions decreased by 17%
compared to 2019 levels – the year with which results are
more comparable.
In 2022, the total CO emission was 8,004 tons for scope
1,2 and 3. Within scope 1 Ordina reports gas and fuel
consumption of 6,121 tons. Scope 2 consists of the
electricity consumption including the electricity of electric
vehicles for 1,069 tons. In scope 3, CO emissions are
reported which are not directly produced by Ordina itself. In
2022, Ordina reported business travel and elements such as
employee commuting and waste generated in operations in
scope 3, adding up to 814 tons. Going forward, Ordina will
focus on obtaining more data regarding scope 3 emissions.
Additionally, the CO
2
Performance Ladder is an instrument
that helps organizations realize a structural reduction in
their CO
2
emissions. Ordina the Netherlands was awarded
a level 5 certificate, the highest possible level. In 2022, we
also submitted information for Belgium/Luxembourg for the
first year and we received a level 3 certificate for Belgium/
Luxembourg.
Electrification
In the Netherlands, we are preparing for the launch of a
new mobility policy on January 1, 2023. Under this policy,
all new company cars that will be leased by Ordina in the
Netherlands have to be electric. This will automatically result
in a fully electric fleet of lease cars when current leases of
non-electric cars expire in the coming years.
In Belgium, 2022 has seen significant progress toward
building a fully electric fleet of lease cars. We now have
181 electric vehicles (EVs) (2021: 0 EVs). Our electrification
efforts have been delayed by bottlenecks in EV delivery
supply chains.
In total Ordina’s car fleet consists of 30% EVs in 2022 (2021:
19%).
Tree planting
To offset our carbon emissions, we will plant a total of
25,000 trees across 13.5 hectares in Pelt, Belgium. Ordina
employees started planting this forest in November, with the
rest of the planting handled by our forest partner. We have
transformed agricultural land into a new forest. In this way,
we contribute to solving part of the nitrogen problem and
creating new nature at the same time.
EU Taxonomy
As part of the European Green Deal, the European
Commission provided incentives for financial institutions
to support the transition to a climate-neutral economy. Part
of the EU Green Deal is the EU Taxonomy, a classification
system that defines the environmental impact of economic
activities, with the intent to make this information more
transparent. Investments in the IT sector could play a
significant role in improving sustainability throughout the
European Union, since the efficiencies made possible
by digital technologies can contribute to climate change
mitigation and climate change adaptation.
For 2022, companies are required to report on their share of
‘eligible’ activities for the environmental objectives of climate
change mitigation and climate change adaptation as well as
on their share of ‘aligned’ activities. The economic activities
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 38
2022 financial statements). Based on the EU Taxonomy
the eligible OPEX including mobility costs and office
accommodation costs, amount to EUR 19.7 million for 2022.
The amount of eligible OPEX is relatively low compared to
total OPEX in notes 22 and 23 of the financial statements.
We therefore deem eligible OPEX insignificant for Ordina. As
such, Ordina makes use of the exemption of the assessment
of eligibility and alignment of OPEX in line with Regulation
2021/2178 paragraph 1.1.3.2.
Revenue alignment
Taxonomy alignment implies that an eligible activity complies
with the criteria specifically formulated for this economic
activity in the Taxonomy. In other words, the economic
activity has to comply with the related Technical Screening
Criteria (TSC) and the “Do no significant harm”-criteria. When
an activity is compliant with the TSC, the “Do no significant
harm”-criteria and the minimal safeguards linked to this
activity in the Taxonomy, it can be considered to be aligned.
To verify to what extent the revenue is aligned according to
the TSC of the EU Taxonomy, we deem CCM 8.1 applicable
to Ordina: Data processing, hosting and related activities.
TSC 8.1.1.
1
is committed to by one of the cloud providers,
Microsoft, Ordina cooperates with. We were unsuccessful in
receiving a copy or statement of the audit report to confirm
its commitment to TSC 8.1.1. Due to lack of evidence, we
could not conclude that any of our eligible revenue is aligned.
Hence 0% of our eligible revenue is aligned.
The activities for the relevant part of Ordina that could align,
would be the areas that work with Microsoft technology:
• Services that directly use Microsoft Azure technology;
• Services that run on Microsoft Azure technology, such as
Office365 or other services.
The economic activity meets ‘minimum safeguards’ such
as the UN Guiding Principles on Business and Human
Rights to not have a negative social impact
As a Dutch listed company we adhere to all applicable rules
and regulations in the countries we are active, being the
Netherlands, Belgium and Luxembourg. This includes rules
and regulations protecting human rights. Moreover, our Code
of Conduct is based on universal values, as referred to in the
Universal Declaration of Human Rights and the principles of
the UN Global Compact, for example. Additionally, we ask
our suppliers to sign the Ordina Supplier Code, in which we
expect our suppliers to abide by laws and regulations and to
act honestly and with integrity. Furthermore, based on our
risk analysis of the type of business we do, we conclude that
the risk of human rights violations is very limited. For more
information, please see the Risk Management chapter of
this Annual Report.
CAPEX eligibility
The eligible CAPEX includes investments in intangible fixed
assets (IAS 38) excluding goodwill, plus property, plant
and equipment (IAS 16), and leases (IFRS 16) and add up
to EUR 11.3 million for 2022. These CAPEX are elaborated
in the explanatory notes 8, 9, and 10 of the 2022 financial
statements.
CAPEX alignment
Ordina made an analysis of its taxonomy aligned CAPEX
based on the provided guidelines. We conclude that the
investments that qualify as taxonomy aligned are the
will need to be aligned with the following three elements to
be considered sustainable under the Taxonomy Regulation
2020/852”:
a) Substantially contribute to at least one of the six
environmental objectives, per the Technical Screening
Criteria (TSC) as defined in the Regulation;
b) Do not significant harm to any of the remaining five
environmental objectives; and
c) Comply with the minimum social safeguards.
Important to note is that the EU Taxonomy is a regulation in
development and the other four environmental objectives
are not yet published. The regulation will be amended/
revised throughout the years with new economic activities,
new technical screening criteria and/or new environmental
or social objectives. Concurrently, we will continue to
evaluate our assessments.
Revenue eligibility
In 2022, like in 2021, almost all Ordina’s activities qualify as
taxonomy eligible regarding climate change mitigation, being
8.1 Data processing, hosting and related activities and 8.2
Computer programming, consultancy and related activities.
These economic activities are associated to NACE codes
J62 and J63.11. This includes our computer programming,
consultancy, and other related activities. Our hosting
services and the platforms that run at Ordina are excluded.
However, these activities qualify as taxonomy eligible under
the climate change mitigation objective. As such, Ordina’s
revenue qualify as taxonomy eligible.
OPEX and CAPEX eligibility
Our CAPEX follow revenue, since investments (CAPEX) we
make, serve the revenue we generate. Therefore our CAPEX
are fully eligible and they follow the same NACE codes.
Eligible OPEX based on the EU Taxonomy are approximately
5% compared to our total OPEX in 2022 as recognized
in the financial statements (see notes 22 and 23 of the
1 Annex I TSC 8.1.1. “The activity has implemented all relevant practices listed as “expected practices” in the most recent version of the European Code of
Conduct on Data Centre Energy Efficiency307, or in CEN-CENELEC document CLC TR50600-99-1 “Data centre facilities and infrastructures - Part 99-1:
Recommended practices for energy management”308. The implementation of those practices is verified by an independent third-party and audited at least
every three years.”
2 Please note that only the financing component of IFRS 16 applies, as the service component is reported under aligned OPEX.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 39
Proportion of turnover from products or services associated with Taxonomy aligned economic activities 2022
Substantial contribution criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic activities (in millions of euros)
Code(s)
Absolute Turnover
Proportion of
turnover
Climate change
mitigation
Climate change
adaption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum
safeguards
Taxonomy-aligned
proportion of
turnover 2022
Taxonomy-aligned
proportion of
turnover 2021
Category
(enabling activity
or transitional
activity)
% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E/T
A.1 Turnover of environmentally sustainable activities
(Taxonomy-aligned) 0 0% 0% 0%
A.2. Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy -aligned activities) 429.4 100%
Data processing, hosting and related activities 8.1 68.1 15.6%
Computer programming, consultancy and related activities 8.2 361.3 84.1%
Total (A.1 + A.2) 429.4 100% 0% 0% E/T
B. Taxonomy-non-eligible activities
Turnover of Taxonomy-non-eligible activities (B) 0 0%
Total (A+B)
429.4
Proportion of CapEx from products or services associated with Taxonomy aligned economic activities 2022
Substantial contribution criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic activities (in millions of euros)
Code(s)
Absolute CapEx
Proportion of
CapEx
Climate change
mitigation
Climate change
adaption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum
safeguards
Taxonomy-aligned
proportion of
CapEx 2022
Taxonomy-aligned
proportion of
CapEx 2021
Category
(enabling activity
or transitional
activity)
% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E/T
A.1 CapEx of environmentally sustainable activities
(Taxonomy-aligned activities) 5.2 46% 100% 0 0 0 0 0 Y Y Y Y NA NA Y 46% 9.3% E
Investments in rental and leasing of cars and light motor vehicles 6.5 4.6 41% 100% 0 0 0 0 0 Y NA NA Y Y NA Y 41% 9.3% E
Investments in electrical installations 7.4 0.1 1% 100% 0% 0% 0% 0% 0% NA NA NA NA NA NA Y 1% 0% E
Investments in silviculture and other forestry activities 1.1 0.4 4% 100% 0% 0% 0% 0% 0% Y Y Y NA Y Y Y 4% 0% E
A.2 CapEx of Taxonomy-eligible but not environmentally
sustainable activities (Not Taxonomy-aligned activities) 6.1 54%
Investments in electrical installations 7.2 3.1 27%
Investments in silviculture and other forestry activities 7.2 3.0 27%
Total (A.1 + A.2) 100% 100% E
11.3 100%
B. Taxonomy-non-eligible activities
CapEx of Taxonomy-non-eligible activities (B) -
Total (A+B)
11.3
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 40
following in 2022:
a) Investments in lease contracts of fully electric cars
2
(EUR 4.6 million);
b) Investments in charging stations for fully electric vehicles
(FEV) (EUR 0.1 million);
c) Investments in the Ordina BOS (EUR 0.4 million).
In total the taxonomy aligned CAPEX reach EUR 5.2 million
in 2022. These investments also qualify as do ‘no significant
harm’ (DNSH) for the other objectives according to the
Taxonomy Regulation. In our 2022 financial statements
these investments are elaborated on in notes 9 and 10.
In line with our strategy to become carbon neutral by 2030,
Ordina will only order electric vehicles in the Netherlands.
These investments are related to TSC 6.5 (Transport by
motorbikes, passenger cars and light commercial vehicles).
In the selection of electric cars that can be ordered by our
employees, all electric cars fall under the categories that
are identified in TSC 6.5. The only electric car that falls
into the N2 category at this time is an electric Hummer.
All Ordina lease cars are FEV, which means emissions
are 0. These investments also qualify as DNSH, for as far
they are applicable. The Ordina fleet complies with the
laws and regulations, which are applicable to the DNSH
criteria ‘Transition to a circular economy’ and ‘The pollution
prevention and control’.
To service our employees and stimulate the use of electric
vehicles, we installed charging stations in the parking of
our head offices. Following an analysis of the TSC 7.4.
(Installation, maintenance and repair of charging stations
for electric vehicles in buildings), we conclude that we
comply with TSC 7.4 and these investments comply with the
DNSH criterion climate change adaptation. The other ‘Do no
significant harm’ criteria are not applicable.
In Pelt, Belgium, Ordina purchased agricultural land, which
we transformed to forest. So far we planted approximately
Diversity targets
Strategy Measures
2021
Achieved
2022
Target
2022
Achieved
2030
Target
We are a diverse and
inclusive company
% female employees 20% - 20% 30%
% female members Supervisory Board 40% - 40% at least 33%
% female members Management Board 50% - 50% at least 33%
% female employees in sub-top management levels 24% - 23% 30%
An inclusive employee experience report rating 7.6 7.7 8
10,000 trees of the 25,000 in total. Once completed, the
Ordina forest will cover an area the size of 26 football
fields, and we will have transformed agricultural land into
a new forest. After a thorough assessment and audited by
an independent party, we conclude that this investment is
aligned with TSC 1.1. Afforestation and also complies with
the DNSH criteria: Climate change adaptation, Sustainable
use and protection of water and marine resources, and
Pollution prevention and control, as Ordina does not use
manure or toxins. The DNSH criterion ‘Transition to a circular
economy’ is not applicable.
Social
Ordina is committed to offering a safe working environment
that embraces diversity, stimulates the freedom to speak
out and allows innovation to flourish. We accept, welcome,
and value all different identities, including different cultural
backgrounds, sexual preferences, and personalities. We
acknowledge the different needs to create equality and
create a collaborative, supportive, and respectful working
environment. As a diverse and inclusive employer, we also
strive for equal opportunities for all employees regarding
personal growth and career development.
We are also committed to increase diversity within the IT
sector and to contribute to equal digital opportunities in
society. For example, we use our IT expertise to support the
Everyday Heroes Foundation achieving their goal of helping
people to find a job. Our employees also provide IT lessons,
job training, and coaching at secondary and elementary
schools through the JINC foundation. Additionally we supply
teachers to Co-Teach Informatics, a joint project of NLDigital,
universities and the business community, to address the
shortage of IT teachers. In Belgium, we have a partnership
with YouthStart, a charity that helps young people discover
their talents and achieve their career goals.
Sustainable employability
Ordina values being a good employer and invests in
sustainable employability to ensure all employees can
get the best out of themselves and be themselves.
We therefore focus on increasing retention through e.g.
offering development opportunities, well-being, transparent
meetings, an active talent management policy for potentials,
and career-phase-related opportunities.
Diversity and inclusion activities
Several communities – both formal and informal – within
Ordina play an important role in promoting diversity and
inclusion across the organization. One of these communities
continued to raise awareness about neurodiversity, and
Ordina has partnered with external coaching to ensure
that neurodiversity is understood and respected within
the company. Ordina’s diversity and inclusion community
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 41
supported the expansion of our LGBTQ+ Pride celebrations
in June 2022 and organized a Women@Ordina event.
To reinforce our commitment to diversity and inclusion,
Ordina also signed the Talent to the Top charter. To reinforce
our commitment to diversity and inclusion, Ordina also
signed the Talent to the Top charter.
Furthermore, in our employee engagement survey we ask if
our employees feel free to voice their opinion. We use this
score to measure our KPI: employee inclusiveness. In 2022,
the score on this question was 7.7 (2021: 7.6).
Measuring the female ratio
We quantitatively measure diversity by looking at the
female ratio throughout the organization. In 2022, the ratio
of female employees of the total employee base was 20%
female at year-end (2021: 20% female). The scarce labor
market and the male-dominated character of the IT sector
make it difficult to increase the share of female employees.
Due to the high demand for digital solutions and the growth
our of our total employee base, the percentage of female
employees remains constant at approximately 20% for the
last few years, which for the IT sector is still relatively high.
Nevertheless, we work hard to achieve a more balanced
distribution in our employee base, which we will elaborate on
in this chapter. We have set a target of at least 30% female
workforce by 2030.
Gender diversity in top and sub-top leadership
The Diversity Law in the Netherlands (“Diversiteitswet”) came
into force in January 2022. Based on this legislation, female
representation on the Supervisory Board should be at least
one third, and the same rule applies for male representation.
Furthermore, in line with this legislation, Ordina has set
appropriate and ambitious targets for gender diversity on its
Management Board and sub-top leadership positions.
What is a sub-top leader?
This is defined as the senior management of Ordina
(excluding the Management Board), i.e. those
employees in the organization who are ultimately
responsible for commerce (market directors) and
business (business directors) plus those who have
group business support responsibility. Together with the
Management Board, we call them OneOrdina.
In 2022 there was a balanced gender ratio within the
Management Board (50% women and 50% men). The ratio
within the Supervisory Board was 40% women and 60%
men.
Female ratio
(in %)
Group Group Group
The Netherlands
Belgium / Luxembourg
2022 2022 2022 2022
2022
Female ratio in
Management Board
(in %)
Female ratio
in sub-top
(in %)
Inclusive company culture score
I feel free to express my opinion
at Ordina (scale of 1-10)
Source: Employee engagement survey
7.7
2021 7.6
Male
Female
2022
80%
20%
2021
80%
20%
Male
Female
2022
81%
19%
2021
82%
18%
Male
Female
2022
78%
22%
2021
77%
23%
Male
Female
2022
50%
50%
2021
50%
50%
Male
Female
2022
77%
23%
2021
76%
24%
Diversity & inclusivity
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Strategy 2026 Annual report 2022 | 42
Sub-top
In line with our strategy of becoming the digital business
partner for our clients, we have amongst others created new
leadership roles, which means that those leaders can also
be partially active at clients. Followingly, we also expanded
our senior management community called OneOrdina. In
2022, OneOrdina is composed of 66 people (2021: 35).
The sub-top, which is OneOrdina minus the Management
Board, consisted for 23% of females (2021: 24%). In absolute
terms the number of females increased from 8 to 15. By
2026, we are aiming for at least 30% women and at least
30% men in sub-top leadership positions.
Results 2022
In 2022, out of the externally recruited sub-top leaders,
Ordina appointed six women out of nine positions.
Furthermore, we made the following steps to increase the
diversity in our sub-top:
• Talent to the Top Charter
Ordina’s Management Board sub-top signed the Talent to the
Top Charter, in which we commit ourselves to the objective
of more female talent in sub-top leadership positions
• Hiring process
Various selection committees and hiring managers attended
an e-learning session focused on unconscious bias in the
hiring process.
• Succession management
We focused on identifying female leadership potential within
the current succession management process. During talent
reviews, we also paid attention to the inflow of female talent
by identifying which women are named as successors.
• Indicators for business reviews
Indicators related to diversity are defined and included in our
business reviews. The status of these indicators prompts
conversations about diversity with senior management on
an ongoing basis.
• External coaching
We have a coach pool with external coaches who focus on
women's leadership.
Plan of action 2023
The activities for 2023 focus on the following goals for the
Management Board and sub-top leadership positions:
• Retention of female leaders
We will hold open discussions with female leaders, during
which they can reflect on what they encounter as female
leaders and communicate what they need in order to stay
at Ordina and to be successful. Based on the output of
these dialogues, we will make the relevant adjustments to
employee benefits and peer-to-peer coaching.
• Mobility of women to sub-top positions
Our current succession management focuses on the
advancement of female talents into management positions.
We also design programs for appointed female successors
and female leadership potential (the share of female
candidates in the talent pool for leadership positions is set to
be at least 30%). We make female leaders visible within the
company as a source of inspiration for other colleagues.
• Recruitment and selection for sub-top positions
In the talent pool for leadership positions, we strive to have
at least 50% of the candidates on the shortlist to be female.
Our selection committees are diverse in composition, and
our hiring managers for sub-top positions are trained to be
less biased in their thinking and actions.
Governance
Ordina’s governance policy is based on the following core
commitments: running our company on healthy economic
principles, taking our social responsibility seriously, and
being a loyal partner, reliable supplier, and responsible
employer. You can find more information on Ordina’s
governance policy in the “Governance” chapter on page 58.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
“ We need to
look more
critically at
how – and why –
we use technology
in our societies”
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 44
Technology and the Future
Ilyaz Nasrullah
Ilyaz Nasrullah is a digital strategist with a
background in software engineering. At his
consultancy firm, Rumified, he specializes in the
strategy, management, and implementation of
innovation within established corporations.
In the early 2000s, there was great optimism about the
benefits that digital tools and social media would deliver,
with many people expecting they would advance democracy
and social progress around the world. A few decades later,
however, we’re increasingly aware of the ways in which
digital technology seems to erode democratic values and
trust in society. Instead of assuming that technological
innovation and social progress are one and the same, we
need to look more critically at how – and why – we use
technology in our societies.
This is where artists, writers, and other creatives can make
a vital contribution. Take science fiction: the more media we
consume about technological dystopias in which machines
end up controlling our lives, the more likely this dystopian
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 45
to a societal need, and that only 1% discuss the negative
potential of the project. Instead, values like performance,
efficiency, generalization, and quantitative evidence were
much more frequently cited as justification for the research
being undertaken.
It’s worth asking whether values like these truly advance
innovation – or, indeed, stifle it. By moving quickly, we create
unintended consequences. Much of the time, therefore,
people are using their talents to fix the problems caused
by technological developments, rather than to imagine and
realize a better future. As a result, we’re missing a direction
for our technological development. The EU’s declaration on
digital rights and principles goes some way to filling this gap
by outlining a value system and regulatory path for the use
of technology in society. Even if it’s not yet clear how many
of its proposals will be implemented, I think it’s a step in the
right direction.
Consider new technologies like virtual reality (VR),
augmented reality (AR), and mixed reality (MR), all of which
are set to become mainstream in the next few years.
Benelux tech organizations are well positioned to succeed
as these industries develop: the region has a highly trained
workforce, a good digital infrastructure, and strong creative
industries all going in its favor. But any involvement in
immersive technology should focus on the six themes of
the EU’s declaration: people at the center, solidarity and
inclusion, freedom of choice, participation, safety and
security, and sustainability. For companies like Ordina, a
unique value proposition could be to take a more measured
approach to immersive technology by focusing on its
qualitative and long-term effects.
This measured approach is essential for improving our
relationship with digital, which is why I’m encouraged that
new voices are now being heard in the debate around
technology and society. As different perspectives gain
greater representation in the media and the industry, there’s
growing awareness of the need to give people with different
backgrounds and fresh ideas the chance to work on their
vision, instead of just trying to fix some of the flaws in the
current paradigm.
For me, this is an exciting shift, because we’ve reached a
critical threshold when it comes to assuming that social
progress and technological progress are the same thing.
If we continue to make this assumption, we run the risk
of creating unforeseen problems and doing damage to
our societies. Now is the time to look beyond efficiency,
quantification, and surveillance. If we can do that, and if we
can put society before technology, a more fulfilling digital
future is possible.
It’s easy to look for
tech fixes instead of
addressing society’s
real problems
future becomes! On the other hand, stories about social, not
technological, advancement offer new inspiration; stories
like Dune, for instance, which features a civilization that
rejected artificial intelligence in the distant past. We should
never rule out technological development, but first we need
to understand the social vision our technology is meant to
support. A new type of science fiction could certainly help us
imagine a different technological future.
To be clear: the computer is an amazing innovation. It helps
people bring ideas into reality. As someone with a computer
science background, I understand why people are fascinated
with them. But – because we associate technology with
progress and because it’s easy to look for tech fixes instead
of addressing society’s real problems – we’ve come to
rely on tech more than I believe we should. Instead of
maximizing efficiency and comfort with a tech push, we
need to ask what a successful world looks like and what
qualitative impacts we need to create to get there, and only
then look at how technology can support that movement.
I don’t think a tech-centric outlook is inevitable. While
it’s true that maximizing efficiency and throughput has
been ingrained in the field of computer science from the
beginning, the technology itself isn’t the only reason these
concepts are so influential. The pull of the “economic man”
(Homo economicus) model – which suggests people are
rational agents always looking to maximize their utility –
has also played a part. Western and Western-influenced
societies are still very driven by this view of human
motivation and behavior, and it continues to influence a
great deal of technological research.
At this year’s ACM Conference on Fairness, Accountability,
and Transparency (ACM FAccT), the winning paper was
titled “The Values Encoded in Machine Learning Research”.
It focused on the motivations given by academics for
doing their research in the first place. The finding was that
relatively few papers justify how their project connects
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 46
Risk management
Risk management is an important part of Ordina’s
corporate governance, our way of working, and our
business principles.
The risk assessment describes the risks that could
jeopardize the achievement of our strategic objectives
(the goals we aim to achieve in the next four years) or
continuity (our readiness to maintain critical functions after
an emergency or disruption). These risks are directly related
to market developments, market positioning, and business
operations. Our risk analysis is based on our strategic pillars.
Our business planning process includes carrying out a
bottom-up risk assessment for the Netherlands and for
Belgium/Luxembourg. Management also performs a
top-down risk assessment. We assess all relevant risks
for likelihood and impact according to a fixed pattern.
We subsequently discuss these during periodic reviews
with management from each country, and with the Audit
Committee of the Supervisory Board.
This year, two risks were no longer deemed applicable: the
effects of the pandemic and the valuation of the deferred tax
asset. The effects of the pandemic have been absorbed into
the normal course of business, and the risk on the valuation
of deferred tax assets no longer applies because the
remainder of the tax loss carry-forwards has been utilized.
We concluded that the impact of climate-related risks on
our business is limited, so these have not been included in
our heat maps. However, to provide sufficient insight into
sustainability risks, we have included them in a separate
table on page 52.
The impact of various risks on our continuity is the basis for
the heatmaps on page 48. We use these heatmaps to show
developments compared with the previous year and what
our ambitions are.
Determining our risk appetite is part of our risk assessment.
Risks exceed our risk appetite when they:
• Threaten our continuity;
• Threaten our reputation in the field of compliance and
integrity;
• Have a significant impact on our revenue or a material
impact on our profitability.
Ordina has set a risk management target for each risk.
This is based on three factors: our strategy, the extent to
which we can influence the risk, and developments in the
reporting year. When conducting our assessment, we also
consider any opportunities associated with a particular
risk that might make risk mitigation less desirable. The
measures we describe are designed to move the risks
closer to our ambition target. How quickly we achieve this
ambition depends on the risk in question, as well as any
developments in the market.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 47
Risk overview
Satisfied and loyal clients Engaged and driven employees Sustainable distinctive profile Sustainable distinctive profile
Excellent financial performance
and accelerated growth
Likelihood/
impact on
continuityPartnership with our clients Impact Next-gen workforce Impact Value-added services Impact Superior delivery through HPT Impact Returns Impact
R1 Sensitivity to
economic cycles
Clients expect Ordina
to respond flexibly in
the event of a recession
(decline in demand and/or
pressure on rates)
Employees are aware of
Ordina’s revenue model
and experience growing
uncertainty
Clients are stricter in terms
of costs/investments
but are open to creative
solutions
Clients under economic
pressure might want to
influence the teams and
HPT way of working
Returns under pressure
due to decline in demand
and/or lower rates.
High/
medium
R2 Competition and
rate pressure
See R1 See R1 Opportunity to show
added value
- Returns under pressure
due to lower rates
High/
medium
R3 Cybersecurity
incidents
Incidents at clients result
in loss of trust
- Incidents (internal or at
clients) have an impact on
external communications
with respect to our
expertise. (C&C-
proposition)
- Greater duty of care may
result in extra costs or
claims. Costs may be high
in the event of an incident
Medium/
high
R4 Tight labor
market
Not enough professionals
to perform assignments or
high staff turnover creates
dissatisfaction
More opportunities for
employees at competitors
and clients, because of a
tight labor market
War on talent (recruiting
and retaining the right
people)
Not enough Ordina
professionals to fill the
HPT
Reduced growth in FTEs
restricts the growth of the
company and pushes up
personnel costs
High/high
R5 Risk profile
contracts
Failure to deliver the
promised project
result
- - - Extra costs (provisions)/
claims
Low/
medium
R6 Impairment of
goodwill
- - - - Goodwill impairment
results in lower returns
Low/low
R7 Credit risk - - - - Payment problems clients
result in higher costs/
write-offs
Medium/
low
R8 Liquidity risk - - - - Late or limited availability
of financing and possibly
higher financing costs
Medium/
low
R9 Compliance
risks and
negative
reporting
Negative image as
supplier
Negative image as
employer
Ordina (branding) is seen
in a negative light
- Claims, fines, sanctions or
other financial damage
Medium/
medium
Impact:
High Medium Low
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 48
Risks
Sensitivity to economic cycles
Competition and pressure on rates
Cybersecurity incidents
Tight labor market
Risk profile contracts
Impairment of goodwill
Credit risk
Liquidity risk
Compliance risk and negative reporting
Low
Low
High
High
Medium
Medium
Likelihood
Likelihood
Current position
Movement compared to Q4 2021
Current position
Ambition
HighLow Medium
Impact
HighLow Medium
Impact
Movement Ambition
R1
R2
R3
R4
R5
R6
R7
R8
R9
R1 R2
R3
R4
R5
R6
R7
R8
R9
R1 R2
R3
R4
R5
R6
R7
R8
R9
Measure: We aim to create more added value through our
services by focusing on our business propositions and
market themes, and by looking to maintain and strengthen
long-standing partnerships. In addition, we are aiming
to achieve a manageable cost structure and an increase
in revenues from long-term contracts, including the
deployment of teams. We also spread our revenue across
various markets.
Ambition: The measures we take are aimed at reducing
the impact of this risk to just below the medium end of the
scale. We do not consider a reduction to low impact and/
or low likelihood feasible, nor do we consider it desirable to
mitigate this risk to low. This is because the demand for our
services are sensitive to economic fluctuations, and these
fluctuations can also create commercial opportunities. In
2022, this risk increased compared to our ambition level
because of higher macroeconomic uncertainty.
Competition and pressure on rates
Ordina faces strong competition from niche players and
large established companies in the area of added-value
contracts.
Development: The likelihood has increased (refer to R1).
Deteriorating macroeconomic conditions could lead to a
decrease in demand, although the market for digitalization
is still growing significantly. High inflation levels could make
This heat map shows which risks have, or could have,
the greatest impact on our business operations. The
movement of the risk compared with the previous year
(shown by the arrow) indicates how the risk manifested
in the reporting year.
Explanation of the risks
Sensitivity to economic cycles
Economic fluctuations due to factors such as inflation and
an unstable geopolitical situation, in combination with a
relatively fixed cost structure, will have a direct impact on
our results.
Development: The likelihood of this risk materializing
increased due to a worsened macroeconomic outlook
and high inflation. The growing share of our revenue from
business propositions and high-performance teams has
slightly reduced the impact of this risk.
Heatmap
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 49
it harder to pass on the effects to our clients immediately,
which could result in timing differences. The tight labor
market puts us in a strong position to pass on wage
increases over time. We see a decrease in the shift toward
low-wage countries, which is a positive development for us
as a local player.
Measure: See “Sensitivity to economic cycles” above.
Ambition: We aim to reduce both the likelihood and impact
of this risk to the medium end of the scale. We do not expect
the likelihood or impact to fall too low, since we operate in a
competitive market and this risk also presents commercial
opportunities.
Cybersecurity incidents
There are cybersecurity risks for Ordina as well as in our
projects for clients. Demands on the cybersecurity front are
increasing, often implicitly. As a market player that helps
others strengthen their cybersecurity, there is also a risk of
reputation damage in this specific area.
Development: The likelihood of this risk materializing has
slightly increased. This is mainly due to the proliferation
of zero-day threats and the increased use of cloud-based
technology where the influence of Ordina varies. Ordina has
mitigated the degree of likelihood for this risk by introducing
additional measures, which include the tightening of
procedures and technical measures.
Measure: We are constantly building our organizational
security and raising awareness about cybercrime. Ordina
also takes steps to secure our and our clients’ information
and information systems. Ordina is certified in accordance
with the requirements of ISO 27001, supplemented by NEN
7510 certification. When delivering services to clients, we
are aware of our duty of care and continuously improve our
cybersecurity measures.
Ambition: We believe it is feasible to further reduce the
impact of this risk.
Tight labor market
The tight labor market for IT professionals puts Ordina
in competition for employees with our clients and niche
players. Moreover, it is difficult to recruit experienced
professionals. This situation could raise the cost of retaining
talent.
Development: There is a shortage of well-trained IT
professionals in the employment market and a relatively low
inflow into the sector from higher education compared to the
high demand for digitalization. In order to increase wages
we must be able to pass on (at least) part of that expense to
our clients. Given the tight labor market, this could present
challenges.
Measure: To improve our ability to recruit and retain
employees, we have aligned our employee value proposition
with our strategy. Our employee journey focuses on creating
impact; Ordina empowers employees to create value-added
solutions for its clients. In this context, our ESG strategy
plays a prominent role in attracting talent by promoting
sustainability, diversity, and inclusion as essential themes.
We emphasize these themes, along with our unique market
positioning as a local player, in our recruitment efforts. This
approach has helped us to increase our presence in the
labor market and at educational institutions. In addition,
the use of our referral channel has helped us to recruit new
employees for several years.
Ambition: We aim to reduce this risk to medium, both in
terms of likelihood and impact.
Risk profile contracts
As Ordina shifts toward more added-value contracts, we
have more responsibility for results. This raises the risk level
somewhat, especially when combined with the increasing
duty of care as a professional service provider.
Development: This risk remains unchanged from 2021.
The nature of the obligation and the controls we apply
compensate for the increased risk through higher revenue
from business propositions.
Measure: Our high-performance teams approach ensures
control, support, and commitment from all involved. The
Deal Review System (DRS) in our contract acquisition
process ensures a critical assessment of opportunities and
risks, and the involvement of the appropriate management
level.
Ambition: The measures we take on this front aim to
manage the impact of this risk and keep it within the
medium range on the scale. We consider this an acceptable
range, because we want to expand our project portfolio as a
valuable part of our revenue model.
Impairment of goodwill
Deteriorating market circumstances and forecasts could
result in the impairment of goodwill on acquisitions.
Development: The likelihood of this risk has increased
slightly due to the macroeconomic forecast.
Measure: We target growth in all our markets and continue
to strictly monitor our costs to improve our returns. For more
information, please see note 8.6 on page 127 of the financial
statements.
Ambition: This risk is mitigated by maintaining our
operational performance. We therefore do not set specific
measures or an ambition level for this risk.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 50
Credit risk
Due to market circumstances, clients, suppliers, or
vulnerable groups could experience liquidity, solvency, or
business continuity issues.
Development: This risk is unchanged. The type of clients
Ordina serves remains the same.
Measure: We regularly report internally on payment behavior
and outstanding invoices sent to partners, including
vulnerable partners, in the chain. We periodically assess the
creditworthiness of our partners and apply strict limits.
Ambition: This risk meets our ambition level.
Liquidity risk
Market developments and/or a critical attitude among
financiers limit the availability of financing options in the
market.
Development: Given the developments in capital markets
and Ordina’s net cash position, this risk remains unchanged.
Measure: We aim for a healthy cash balance by monitoring
our working capital intensively and keeping our expenses
structurally low. Wherever possible, we will also take
measures to further optimize our liquidity.
Ambition: This risk meets our ambition level.
Compliance risks and negative reporting
Ordina has to comply with legal and regulatory requirements
in our business operations. In addition, our reputation may
be harmed by unfavorable reports in the press and on social
media.
Development: No change compared to 2021.
Measure: We use a multidisciplinary approach to monitor
existing legal and regulatory requirements, any changes to
these requirements, and the risks associated with them. We
constantly search for ways to make everyone aware of the
importance of a good reputation and of our code of conduct,
for example by organizing awareness sessions for new
employees. Monitoring legal and regulatory requirements
is a standard part of our approach when Ordina enters into
any new contract. We do this via our DRS. Ordina also has a
Speak Up policy and has drawn up a suppliers’ code, which
all suppliers must abide by. These can be found on our
website.
Ambition: We aim to further reduce this risk. We consider
our ability to influence the impact limited. The likelihood
that this risk will materialize is still low and we aim to make
incremental improvements.
Risk management and control systems
Ordina’s internal risk management and control systems are
designed to give us sufficient certainty regarding the status
of our strategic and operational goals.
The systems are based on our business principles,
our general risk management, and our financial risk
management. This approach is explained more fully in our
Risk Control Framework, which comprises nine subjects:
procurement, sales, hours, personnel, project management,
financial reporting, taxes, legal and compliance, and
information supply. Each of these aspects is subject to an
annual internal audit and is updated every year. In 2022,
there were no significant changes in the regular control
measures compared to 2021. In the year under review, the
risk management and control systems worked adequately.
However, it should be noted that these systems do not
provide complete certainty that all material inaccuracies can
be prevented.
Internal risk control environment
The Management Board is responsible for identifying and
managing the risks associated with Ordina’s strategy and
activities. Additionally, the Management Board informs
the Supervisory Board of the effectiveness of the design
and operation of the internal risk management and control
systems. Ordina’s business plan includes a financial budget
per business area, as well as concrete business targets
that have been translated into several Key Performance
Indicators (KPIs). Throughout the year, we monitor our KPIs
continuously to measure our progress. In addition, Ordina
uses the OGSM (Objective, Goals, Strategies, and Measures)
method to translate our goals and ambitions into concrete
and measurable actions and to monitor our progress.
We have laid down processes, responsibilities and
mandates, the division of tasks, policies, and guidelines
(including a Code of Conduct and Speak Up policy),
administrative requirements, and controls. We do this in
a clear and accessible manner that is aligned with the
Ordina way of working, in combination with our Risk Control
Framework. The management of our business area is
responsible for the correct application of processes and
systems. Ordina attaches a great deal of importance to
its internal controls, which are continuously assessed and
professionalized. Ordina’s internal governance consists of
the following elements, see next page:
Ordina’s Business Control department supports the
Management Board in the use and continued development
and professionalization of the management system as a
risk management tool. The Business Assurance department
monitors the correlation of the management system with
Ordina’s goals across the organization. Our management
system is an integrated system, incorporating the
requirements for quality (ISO 9001), business administration
(AO), the environment (ISO 14001), sustainability and CSR
(ISO 26000), and information security (ISO 27001) set by
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 51
international standards and legal and regulatory requirements.
An external independent certified body assesses Ordina for
compliance with these norms and standards.
Ordina’s financial administration runs on SAP, which is
the primary system for the administration and business
operations in our organization. The continued optimization
and implementation of Ordina’s operational management
remained on schedule in 2022.
Reporting cycle
Management and the business controllers of the various
business areas submit monthly written progress reports.
They report to the Management Board on the realized
progress of their business plan, the related KPIs, financial
performance, and related risks. Based on these reports, we
hold monthly review meetings to discuss subjects including:
• Actions agreed upon during prior reviews;
• Relevant commercial developments;
• Significant client developments;
• The financial performance over the past month and
updated forecasts;
• Progress in terms of the risks identified;
• Retainment and recruitment of staff;
• Progress and risks in the execution of key contracts.
As part of this cycle, well-being and diversity are included in
the review on a quarterly basis.
Sustainability risk management
We currently consider the impact of sustainability risks on
our business to be low. Our business is not classified as a
business subject to additional guidelines, as described by
the Task Force on Climate-related Financial Disclosures
(TCFD). However, in this assessment we have considered
the sustainability risks as described by TCFD (transition risks
and physical risks). As a services provider, the transition
risks, in combination with the measures we take, are not
significant. In the context of the subjects described, we see
opportunities from our field of expertise rather than risks
for our own business operations. professional field than any
risks to our business operations. Of the physical, chronic
risks, rising sea levels is the most relevant to Ordina due to
the geographical location of the Netherlands. We currently
assess the likelihood that this will affect Ordina to be very
low.
We have identified a number of risks on sustainability and
Environmental, Social and Governance (ESG) aspects. We
also assessed these risks for their potential impact on our
strategic pillars (see table on page 24). These risks fall
outside the scope of the heat map. Below you will find a
description of the risks, as well as the related developments
over the past year and the measures we have taken to
mitigate these risks.
Insufficient diversity in teams
Insufficient diversity, including the male/female ratio, results
in less effective teams.
Development: Ordina has committed itself to the target
of having 30% of its employees be women by 2030. The
number of women in the IT sector is low compared to other
sectors. This risk increases or decreases in line with the
risk of a tight labour market. Diversity is also becoming
an increasingly important topic for our competitors on the
labour market.
Measure: By conducting specific recruitment campaigns,
we recruit a diverse cross-section of employees. We devote
constant attention to increasing diversity and inclusiveness.
Internal governance
Strategy Themes Supported by
Our culture and values
Our controls
Our transparency
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 52
In 2022, we held a Women@Ordina event and we partnered
with the Talent to the Top Foundation to increase diversity
within Ordina. We also measure diversity and inclusion via
our Pulse measurement. Furthermore, various selection
committees and hiring managers follow an unconscious
bias e-learning course and we have a methodology to ensure
that we deploy diverse teams on all our clients’ projects.
Several communities – both formal and informal – within
Ordina play an important role in promoting diversity and
inclusion across the organization. One of these communities
continued to raise awareness about neurodiversity, and
Ordina has partnered with external coaching to ensure
that neurodiversity is understood and respected within the
company.
Rapid developments in technology
Rapidly evolving technology can mean that our employees
are not sustainably deployable and that clients may not
get the best solution to their problem. This makes it
essential for our people to keep up with developments in
their professional field and that they can offer distinctive
consultancy skills.
Development: We have opted for a hybrid approach for our
training courses. Most training courses are given digitally,
but when it is possible or useful, we also offer face-to-face
training. This helped increase the number of training courses
taken and the level of participation compared with the
previous year.
Measure: The Ordina Academy offers our employees an
extensive and varied programme that enables them to
continue their professional and personal development. Many
of these training courses are available in digital format. We
strongly encourage the use of the academy. In this context,
see also the level of participation in the Strategy 2026
chapter.
CO
2
emissions and energy consumption
CO
2
emissions and energy consumption are less sustainable
than desired.
Development: In 2022, our employees have worked less
from home, which resulted in higher emissions compared
to last year. Ordina engages with its clients regarding the
balance between working from home working at our clients.
However, the extent to which we can achieve this balance
does vary from client to client.
Measure: The travel movements of our employees are
Ordina’s biggest source of CO
2
emissions. This is why Ordina
implemented a new leasing policy in 2020 to arrive at a
cleaner fleet. We are also consult with our clients to find a
new optimal way of working, in line with the lessons we have
learned from the pandemic. We have acquired a parcel of
land in Pelt (Belgium) on which plant a new forest to offset
our CO
2
emissions. In addition to this, we decided to make
our fleet of company cars in the Netherlands and Belgium
completely electric. From 2023, we will only order electric
vehicles in the Netherlands, aligning with our ESG strategic
pillar.
Risk overview - ESG risks
Impact of risk on strategic pillars
Sustainably distinctive
profile
Engaged and driven
employees
Satisfied and loyal
clients ESG
ESG 1 Insufficient diversity in teams Insufficient diversity
impacts the
effectiveness of our
Engagement
employees and
attractiveness on
the labour market
under pressure due
to lack of diversity
Clients requesting
commitment to
diversity goals
Failure to comply with
social benchmarks in
terms of diversity. As an
employer, offering too few
opportunities to people
with a disadvantage on
ESG 2 Expertise lags in the face of
rapidly changing technological
developments
Ordina lags on the
innovative solutions
Sustainable
employability of
employees
Clients do not get
the best solution
for their business
problem
Investments in education
and training increase to
get expertise back to the
desired level
ESG 3 CO
2
emissions and energy
consumption less sustainable
than desired
Employees are
increasingly looking
for a company with
Remote working
can differ for each
Measures / offsetting are
not implemented quickly
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 53
Project risk management
Effective project management starts with a critical
review of opportunities and potential downsides during
the commercial process. We also review the mandatory
involvement of the right level of management, depending on
the size and risk of a potential contract. We implemented the
DRS to safeguard this process. This system enables us to
make well-informed decisions at every stage of the tender
process, helping us determine whether or not it is advisable
to submit a bid for a project.
Key elements of the DRS include the assessment of risks, as
well as the control measures we can take to mitigate those
potential downsides. Of course, we accept a certain level of
risk when we take on projects and management contracts.
However, we believe these should be manageable and
transparent. A combination of our track record, experience,
strict project management, and contractual agreements
with our clients, including a realistic division of liability, are
all key factors in this. Our Business Assurance department
monitors the consistent application of the DRS.
Project execution
Ordina has developed its own approach and tools for the
delivery of high-performance teams (see page 30). We
have an approach for the execution of projects based on
the Prince2 method of project management. For contracts
with a management component, we have a comprehensive
approach that is ISAE 3402 certified.
Ordina sees sound project management as a key condition
for the realization of our targets. We want to help our clients
achieve their business goals, and we do this by continuously
focusing on their goals and by making sure our services
continue to be aligned with those goals. The progress of key
projects is discussed in the business units’ monthly review
meetings, together with the main conclusions from the
findings of the internal audit function.
Information security and privacy
Ordina believes in the delivery of reliable services for our
clients, which is why we have implemented a series of
information security measures.
We constantly look for ways to expand these measures,
for example by adding client-specific requirements
and requests. Information security, business continuity
management, and privacy are all integral parts of our
business operations and the services we provide to clients.
For client-specific measures, Ordina looks at the risks
together with the client. The nature of the information
and the requirements related to availability, integrity, and
confidentiality play a major role in this process.
Privacy and security are priorities for Ordina, given the
importance of privacy laws and the increase in threats and
risks arising from digital environments. Our primary focus is
on subjects that directly relate to:
• The continuity of our services and our internal business-
critical IT systems;
• The quality of the services we deliver to our clients and our
handling of confidential information and personal data of
employees and clients;
• How we handle confidential information and private data
of employees and clients;
• Our reputation in the event of negative publicity:
for example, following a data breach or ransomware
attack or a failure to meet our contractual agreements
with respect to information security.
For the implementation of our security policy, Ordina has
established a support organization for security. The aim of
this is to:
• Maintain continuous insight into the current status of
information security risks, in both our internal organization
and our services to our clients;
• Continue with or adjust appropriate preventive processes
• Have investigative measures in place that quickly identify
threats or risks;
• Have an effective incident response in place, so we can
act quickly and minimize business interruptions;
• Execute and maintain recovery processes and procedures
to ensure the timely recovery of systems affected by
cybersecurity incidents.
Every quarter, the Management Board and the Audit
Committee of the Supervisory Board are updated on the
current state of affairs. We also use a variety of methods to
raise awareness of privacy and information security among
our employees. Our internal Privacy Officer actively monitors
our compliance with European privacy law (the General Data
Protection Regulation – GDPR).
Certification
In addition to the risk management and control systems
referred to above, Ordina has several externally verified
certifications and internal guidelines with operational
controls to ensure compliance. An overview of this topic can
be found in Annex I.
Tax risk management
Ordina believes a responsible approach to taxes is an
essential part of good citizenship. Our tax policy contributes
to our ambition of being a reliable and trustworthy
organization and meeting our short-term and long-term
obligations. We believe taxes should be paid according to
the fair share principle. The result of this tax policy is that
we contribute our fair share as a member of society. Our tax
policy applies to all Ordina Group companies.
Ordina’s tax function at group level (Group Tax) plays an
important role in embedding our tax strategy in our day-
to-day business operations. Group Tax is responsible
for creating and maintaining the parts of the Ordina Risk
Control Framework that relate to taxes. This framework
includes various processes, risks, and control measures
related to taxes. Compliance with fiscal legal and regulatory
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Risk management Annual report 2022 | 54
Tax payments in millions of euros
in millions of euros
2022 2021
the Netherlands Belgium Luxemburg Total the Netherlands Belgium Luxemburg Total
Corporate income tax 1,591 5,043 440 7,074 1,722 4,879 491 7,091
Payroll tax (employer and employee part) 62,708 31,532 1,638 95,878 57,120 29,105 1,375 87,601
Value added Tax (net) 37,422 13,828 1,760 53,010 34,561 12,126 1,438 48,125
Dividend tax 1,643 - - 1,643 2,393 - - 2,393
Other tax payments 139 77 - 217 122 80 - 202
Total of tax payments 103,503 50,481 3,838 157,821 95,918 46,189 3,304 145,411
requirements is seen as a compliance risk and is part of
the Ordina Risk Control Framework. As a part of our risk
management, tax risks and tax positions are discussed on
a regular basis with the Management Board and the Audit
Committee of the Supervisory Board.
Group Tax is the central point of contact for the tax
authorities and consults with these authorities on a regular
and ad hoc basis. External tax advisors are only consulted
after the involvement and/or approval of Group Tax.
Group Tax is consulted on significant issues within Ordina,
such as internal transfer pricing, acquisitions, and internal
reorganizations. These consultations safeguard compliance
with our tax strategy. Group Tax discusses tax issues with
the CFO on a regular basis. We use technological solutions,
such as data analysis, to control tax risks.
Tax strategy
Ordina aims to be a socially responsible taxpayer on the
basis of professional tax accountability, transparency,
and control. Any action with respect to the planning of
tax positions is related to normal business operations
and in line with our business principles. The Management
Board approved and endorse our tax strategy. The Audit
Committee supervises the implementation of Ordina’s tax
strategy in line with the Dutch Corporate Governance Code
and discusses the tax policy and tax-related risks on an
annual basis. In line with our tax strategy, our objective is to:
• Act according to both the letter and the spirit of the law in
the countries where we operate;
• Have a tax position that is consistent with our normal
business operations and based on our business strategy,
our business principles, and the geographical spread of
our activities;
• Refuse to participate in any structures designed to evade
taxes, allocate profit to any countries with low tax rates, or
which make use of tax havens;
• Refuse to deliver any products and/or services that enable
clients to avoid or evade taxes;
• Ensure the timely payment of our tax obligations and
communicate with the tax authorities on the basis of
mutual trust and transparency.
Ordina is transparent about our approach to the payment
of taxes and our tax position. We report our tax position in
line with applicable national and international regulations,
settle intra-company services on the basis of the arm’s
length principle, and meet all our obligations in transfer-
pricing documentation. In addition, we closely monitor all
new developments in the field of relevant documentation
obligations.
We recognize results in jurisdictions where Ordina is legally
registered. This means Ordina pays tax in the Netherlands,
Belgium, and Luxembourg. Our tax payments are primarily
corporate income tax, dividend tax, sales tax, payroll tax, and
social premiums. The table above provides an overview of
the taxes Ordina has paid per country in the specified years.
The external auditor determines whether the tax position
presented in the financial statements is a true and fair
representation. In this context, consultations are held
between Ordina and the external auditor, during which
relevant transactions and communications with the tax
authorities are discussed.
Relationship with the Dutch tax authorities
Ordina communicates with the Dutch tax authorities on the
basis of mutual trust and transparency. We consult regularly
with the tax authorities to discuss important aspects of and
developments in fiscal policy. We also hold pre-consultations
with the tax authorities on important tax aspects if this
proves necessary.
We do not currently have any horizontal supervision
agreement with the tax authorities (an arrangement in which
businesses and tax authorities make fiscal agreements in
advance based on mutual trust), but we do work along same
principles.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
“ As a perennial
optimist,
I think we’re only
just beginning to
understand the full
potential of what
technology can do”
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 56
Technology and the Future
Peter Hinssen
A serial entrepreneur, Founder of nexxworks,
keynote speaker, and author, Peter Hinssen is one
of the most sought-after thought leaders on radical
innovation, leadership, and the impact of all things
digital on society and business. He lectures at
various business schools, including the London
Business School (UK) and MIT (Boston, MA), and
his most recent book, The Phoenix and the Unicorn,
explores how traditional companies can thrive in
the digital age.
We’re currently living in what I call the Never Normal:
a world where seismic shocks are constantly triggering
new developments. This ever-present change dynamic
brings challenges that aren’t just technological, but also
biological, social, geopolitical, ecological … the list goes on.
Nevertheless, I believe technology can play a powerful role in
tackling every one of these Never Normal challenges. In fact,
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 57
more relevant for its customers.
On the other hand, when digital transformation is done
poorly, companies simply take their old analog processes
and put a digital veneer on top, hoping it’ll scale up. The
façade is bound to crack eventually, because there’s no
underlying digital transformation, just a digital translation.
Real digital transformation is about fundamentally
understanding how the organism of an organization needs
to adapt – including its strategy, structure, culture, and
processes. That means recognizing the business issue at
heart, as well as the systems that need to be fundamentally
altered to make digital solutions work.
It follows that a Phoenix company’s ability to rise from the
ashes comes down to culture. In many businesses, the
cultural vector is sidelined as an HR responsibility, but I
think that’s a short-sighted view. You’re not going to win in
the Never Normal just by equipping your IT departments
with a huge budget and hiring smart data scientists. You
need to focus on the cultural dimension – on fostering the
qualities that will enable your organization to thrive in an
ever-changing world.
What are these qualities? For me, velocity, agility, creativity,
innovation, networking, and experimentation are key.
Together, I call them the VACINE framework. The last two –
networking and experimentation – are worth exploring here
in more detail.
By networking, I mean recognizing that our world is no
longer about siloes, but about reaching out. In this age of
networks, leading companies are always looking to form
partnerships, platforms, and ecosystems. Organizations
need to ask how they can leverage the speed and power of a
network to deliver results.
Experimentation, meanwhile, means taking risks – even if
we fail. I’ve always loved this quote from Nelson Mandela:
“I never lose. Either I win or I learn.” Companies have plenty
to gain from such a mindset. After all, in the Never Normal,
there’s no yellow brick road to success; you have to create
your own path. To foster a climate of innovation, we need
to build psychological safety into organizations in a way
that empowers people to feel comfortable with taking risks.
Start-ups naturally have an easier time of this: often, taking
big risks is the only way they can succeed. But for traditional
companies looking to become a Phoenix, nurturing that
thirst for experimentation is equally vital for future success.
In many ways, the concept of the Phoenix applies to
Ordina, which is on its own cultural transformation journey
from IT supplier to digital business partner. The company
already offers an essential service, but, more excitingly,
it’s challenging itself to experiment – and thereby become
even more relevant to its customers in the Never Normal
landscape. After all, providing hardware, software, or skills is
one thing, but having a real impact on a customer’s business
is quite another.
as a perennial optimist, I think we’re only just beginning to
understand the full potential of what technology can do.
Discussions of technological innovation often betray
dystopian undertones, with people worrying that robots are
going to steal our jobs and making other dire predictions.
But if we look at an industry like healthcare, we see quite
a different story. Historically, the sector has been one of
the slowest to adopt digitalization – but today, all kinds
of technological innovation and especially data science,
are completely transforming healthcare, making it more
affordable, more efficient, and more accessible.
I think we’ll be the last generation to know so little about our
bodies. Smart devices allow us to collect more and more
data that can be used to improve patient outcomes. At the
moment, medicine is very much a doctor-centric world, but
technology can turn it into a truly patient-centric world, in
which data enables the complete personalization of care.
Our generation can leverage the power of innovation in
healthcare – a shift that has the potential to make everyone’s
lives longer, healthier, and more enjoyable.
Developments like these show that technological innovation
is no longer the preserve of the tech sector. We’re now
entering a phase where technology is making its presence
felt in every aspect of every business, which presents huge
opportunities for those willing to seize them. This applies not
only to the Unicorns that have emerged in recent decades,
but also to traditional companies that use the power of
technology to become stronger and more innovative. I like
to call these companies Phoenixes, and I think the coming
years hold a lot of promise for them.
Walmart is a great example. It had been written off by
many as an old-school retailer, bound to be eaten alive by
Amazon. But its transformation has been truly spectacular.
The company is reinventing itself as the retailer of the future,
blending in-store experiences with e-commerce to become
Organizations need
to ask how they can
leverage the speed
and power of a
network to deliver
results
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 58
Governance
Composition of the Management Board
Jo Maes
(1968, Belgian) has been a member of
the Management Board since January
1, 2017, and was appointed as Chief
Executive Officer on April 1, 2017. On
June 30, 2020, he was reappointed for a
four-year term. In his capacity as CEO, Jo
Maes is responsible for general business
affairs, marketing, HR, sustainability,
commercial affairs and portfolio, and
business development. Since July 4,
2022, he has also been an independent,
non-executive director of the Flemish
Radio and Television Broadcasting
Organization (VRT).
The present management contract with
Jo Maes will conclude at the end of the
AGM, to be held in April 2024. After this,
he will be eligible for reappointment for
another four-year term. At year-end 2022,
Jo Maes held 332,783 ordinary shares in
the capital of Ordina N.V.
Joyce van Donk-van Wijnen
(1984, Dutch) has been Ordina’s Chief
Financial Officer since January 1, 2021,
and a member of the Management
Board since April 8, 2021. In her capacity
as CFO, she is responsible for general
business affairs, finance and control,
information management and security,
group legal and compliance, business
assurance and quality, internal audit,
mergers and acquisitions, and investor
relations.
The present management contract with
Joyce van Donk-van Wijnen will conclude
at the end of the AGM, to be held in April
2025. After this, she will be eligible for
reappointment for another four-year
term. At year-end 2022
Joyce van Donk-Van Wijnen held
19,925 ordinary shares in the capital
of Ordina N.V.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 59
Johan van Hall
Chairman (1960, Dutch)
• Chairman of the Ordina
Supervisory Board as of
January 1, 2019;
• Reappointed on April 7, 2022 for
a term ending in 2024.
Additional positions
• Vice-chair of the Supervisory
Board of Rabobank;
• Senior Advisor at Boston
Consulting Group.
Previous positions
• Vice-Chairman of the
Management Board, Chief
Innovation & Technology Officer,
and member of the Executive
Board at ABN AMRO.
At year-end 2022, Johan van Hall
held no shares in the capital of
Ordina N.V.
Caroline Princen
Vice-chair (1966, Dutch)
• Joined the Ordina Supervisory
Board in April 2018;
• Reappointed On April 7, 2022 for
a term ending in 2026;
• Vice-Chair of the Supervisory
Board since January 1, 2019.
Additional positions
• CEO of the Nuts Groep;
• Chair of the Supervisory Board
of UMC Utrecht;
• Chair of the Supervisory Board
of Perspectief.
Previous positions
• Member of the Management
Board of ABN AMRO;
• Member of the Supervisory
Board of Royal Flora Holland.
At year-end 2022, Caroline Princen
held no shares in the capital of
Ordina N.V.
Dennis de Breij
(1971, Dutch)
• Joined the Ordina Supervisory
Board on April 8, 2021;
• Term ending in 2025.
Additional positions
• Interim Director Corporate
Development at NVM Holding;
• Non-executive director at: Quin,
Aqua Aero, GoSpooky and
Phycom;
• Interim Director and/or
Supervisory Director by the
Enterprise Chamber.
Previous positions
• Founder and Partner of deBreij;
• Lawyer at De Brauw Blackstone
Westbroek and CMS Derks.
At year-end 2022, Dennis de Breij
held no shares in the capital of
Ordina N.V.
Thessa Menssen
(1967, Dutch)
• Appointed as a member of
Ordina’s Supervisory Board on
June 30, 2020;
• Term ending in 2024.
Additional positions
• Member of the Supervisory
Board of: Alliander, Woman of
the Year Foundation (“Stichting
Topvrouw van het Jaar”), the
National Maritime Museum
(“Scheepvaartmuseum”), and
the Kröller Müller Museum.
Previous positions
• CFO and member of the
Management Board of BAM
Groep;
• Several functions at Unilever;
• CFO/COO of the Rotterdam Port
Authority.
At year-end 2022, Thessa
Menssen held no shares in the
capital of Ordina N.V.
Bjorn Van Reet
(1977, Belgian)
• Appointed as a member of
Ordina’s Supervisory Board on
April 8, 2021;
• Term ending in 2025.
Additional positions
• Chief Information Officer (CIO)
of Kinepolis Group.
Previous positions
• CIO and member of the
Management Board of Adecco
Group Belgium;
• Managing Director at Modis.
At year-end 2022, Bjorn van Reet
held no shares in the capital of
Ordina N.V.
Composition of the Supervisory Board
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 60
No member of the Supervisory Board holds more than five
positions as a Supervisory Board member (including as a
non-executive director on a one-tier board) of legal entities
(including Ordina), as referred to in the rules of procedure
of the Supervisory Board. The Supervisory Board is not
aware of any form of conflict of interest between Ordina and
members of the Management Board or Supervisory Board,
or of transactions between Ordina and natural persons of
legal entities which hold at least 10% of the shares in the
capital of Ordina.
Corporate governance
Ordina is incorporated and based in the Netherlands and has
a two-tier management structure comprising a Management
Board and a Supervisory Board. The corporate governance
Governance (ESG) into its business to create long-term
financial, social, and environmental value, as explained in the
ESG section on page 37.
The Management Board monitors the operation of internal
risk management and control systems and, assisted by
the internal auditor, carries out a systematic assessment
of their design and effectiveness on an annual basis. The
Management Board discusses the effectiveness of these
systems with the Audit Committee and reports on this to the
Supervisory Board.
The members of the Management Board are appointed
by the Supervisory Board. The Supervisory Board also
dismisses members of the Management Board. The
Supervisory Board informs the AGM of any intended
appointment or dismissal of a member of the Management
Board. Members of the Management Board are appointed
for a term that lasts a maximum of four years. They can
be reappointed for additional terms without limitation. The
Supervisory Board determines the individual remuneration
of the members of the Management Board in line with the
remuneration policy adopted by the AGM.
Supervisory Board
The Supervisory Board supervises the policies carried out
by the Management Board, as well as the general affairs
of Ordina. In addition, the Supervisory Board supports the
Management Board in an advisory role. The Management
Board and the Supervisory Board are guided in their actions
by the interests of Ordina. The Supervisory Board also
focuses on the effectiveness of internal risk management
and control systems and the integrity and quality of Ordina’s
financial reporting.
The members of the Supervisory Board are appointed by
the AGM upon the nomination of Ordina Group Priority
Foundation (“Stichting Prioriteit Ordina Groep”), the bearer of
the priority share issued by the Company. The nomination
Composition:
Johan van Hall Caroline Princen Dennis de Breij Thessa Menssen Bjorn Van Reet
Year of birth 1960 1966 1971 1967 1977
Gender Male Female Male Female Male
Nationality Dutch Dutch Dutch Dutch Belgian
Year of last appointment 2022 2022 2021 2020 2021
End of current term 2024 2026 2025 2024 2025
Independent Yes Yes Yes Yes Yes
Membership of committees* RNH RNH AC AC RNH
Knowledge and experience:
Management ü ü ü ü -
IT business ü - - ü ü
Financial expertise ü ü ü ü -
Human resources ü ü - - ü
Strategy ü ü ü ü ü
M&A ü ü ü ü ü
Marketing & Communication - ü ü ü ü
Environment, Social and Governance ü ü ü ü ü
* AC = Audit Committee and RNH = Remuneration, Nomination and HR Committee
structure of Ordina is based on Dutch law, articles of
association, relevant regulations, and internal policies. The
internal policies and guidelines have been established based
on the Dutch Corporate Governance Code 2016 (the “Code”).
The Supervisory Board and the Management Board bear
joint responsibility for Ordina’s corporate governance, and
they evaluate Ordina’s corporate governance structure and
related policies on a regular basis.
Management Board
The Management Board is responsible for the management
and continuity of Ordina. In accordance with the Code, the
Management Board has developed a long-term vision on
value creation and, in consultation with the Supervisory
Board, has formulated the Ordina 2026 strategy in line with
this vision. Ordina integrates Environmental, Social, and
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 61
is based on the profile prepared by the Supervisory Board
and also takes Ordina’s diversity policy into account. The
Supervisory Board reviews its profile at regular intervals
and discusses material changes to the profile at the AGM
and with the Works Council. The AGM can dismiss the
Supervisory Board in its entirety by an absolute majority
of the votes cast representing at least one-third of the
issued share capital. In line with the Code, members of
the Supervisory Board may be appointed for a (maximum)
term of four years and may then be reappointed for another
four-year period. After having served two four-year terms, a
member of the Supervisory Board can be reappointed for a
further period of two years, which can then be extended by
an additional two-year period. The maximum tenure of any
Supervisory Board member is therefore twelve years. Further
details on the appointment and dismissal of members of
the Supervisory Board can be found in Ordina’s articles of
association. The Supervisory Board has two key committees:
the Audit Committee; and the Remuneration, Nomination,
and HR Committee. The articles of association of Ordina,
the rotation schedule and profile of the Supervisory Board
and the rules of procedure of the Supervisory Board and its
committees can be found on Ordina’s website.
Diversity
The Diversity Policy for the composition of the Management
Board and Supervisory Board is in line with the group
Diversity Policy, which aims to maintain an inclusive culture.
The Supervisory Board acknowledges that diversity creates
a wider variety of perspectives, supports innovation, and
contributes to better decision-making. The aspects of
diversity that have been identified as relevant for Ordina
include educational and professional experience, gender,
age, and nationality.
When filling a new position on the Management Board
or Supervisory Board, the Supervisory Board considers
the knowledge and experience, age, and nationality of a
prospective member. The Composition of the Management
Board and Supervisory Board chapter (on pages 58 and 59)
gives an overview of these aspects of diversity within the
Supervisory Board. The Supervisory Board report (on page
71) and the section on “Gender diversity in top and sub-top
leadership” (on page 41) include an explanation of Ordina’s
progress in terms of gender diversity.
General Meeting of Shareholders
The Annual General Meeting of Shareholders (AGM) is
held within six months of the end of each financial year. In
accordance with relevant legal provisions and the company’s
articles of association, notices convening shareholders’
meetings, agendas of meetings, and documentation for
meetings are all duly published and posted on Ordina’s
website. The agenda of a shareholders’ meeting lists which
items will be discussed, and which will be subject to a vote.
Ordina invites shareholders to submit questions prior to the
meeting so that they can be addressed during the meeting.
Ordina’s ordinary shares are listed on Euronext Amsterdam.
No depositary receipts for shares have been issued with
the cooperation of the company and the company does not
have any provisions that restrict voting rights. The articles
of association provide the option of issuing preference
shares. Ordina Group Priority Foundation is the holder of the
priority share. The issued share capital of Ordina amounts
to € 9,001,580.00, consisting of 90,015,795 ordinary shares
with a nominal value of €0.10 and one priority share with a
nominal value of €0.50. Each share with a nominal value of
€0.10 gives the right to one vote. The priority share with a
nominal value of €0.50 gives the right to five votes.
General Meetings of Shareholders are held as often as
the Management Board or the Supervisory Board deem
necessary. In addition, the Management Board and the
Supervisory Board are in principle required to convene
a shareholders’ meeting upon request of one or more
shareholders representing at least 10% of the issued share
capital. Shareholders who meet the criteria as set out in
Article 2:114a, Paragraph 2 of the Dutch Civil Code have
the right to place an item on the agenda of a shareholders’
meeting. The principal powers of the General Meeting of
Shareholders comprise the right to:
• Appoint Supervisory Board members upon nomination
of Ordina Group Priority Foundation and approve the
remuneration policy;
• Adopt the financial statements and grant the Management
Board discharge from liability in respect of its
management and the Supervisory Board in respect of its
supervision during the previous year;
• Resolve to amend the company’s articles of association
or wind up the company upon the proposal of the
Management Board with approval of the Supervisory
Board and Ordina Group Priority Foundation;
• Issue shares if and insofar as the Management Board
has not been designated as the competent body to issue
shares. A resolution of the AGM to issue shares or to
designate another corporate body can only be adopted
upon the proposal of the Management Board with the
prior approval of the Supervisory Board. The Management
Board has been designated for a period of 18 months as
the competent body to resolve, with the approval of the
Supervisory Board, to issue shares up to a maximum of
5% of the issued share capital as of April 7, 2022. The
Management Board is also appointed as the competent
body that is authorized to decide, with approval of the
Supervisory Board, to restrict or exclude preemptive rights
upon the issue of shares;
• Grant authorization to the Management Board to
repurchase and cancel shares. The Management Board
has been authorized for a period of 18 months to
repurchase shares for a maximum of 10% of the issued
share capital as of April 7, 2022 (and within the bandwidth
as described in the authorization);
• Approve decisions of the Management Board involving a
major change in the identity or character of the company
or its enterprise.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 62
Dutch Corporate Governance Code
Ordina endorses all the best practices of the Code and
applies them in all relevant instances, noting in relation to
best practice provision 4.2.3., that individual presentations
to investors cannot be followed simultaneously by a
presentation to a broad audience via webcast, telephone,
or otherwise. During individual presentations, Ordina uses
general presentations, which are or will be made available
on the Ordina’s website. A number of principles and best
practices in the Code are not applicable to Ordina, due in
part to the company’s statutory structure. Ordina’s “comply
or explain” statement in relation to the Code is available on
Ordina’s website and should be read in conjunction with this
section of the annual report and is deemed to have been
included herein by virtue of referral.
Ordina Group Priority Foundation and protective
measures
Ordina Group Priority Foundation is the bearer of the
priority share issued by the company and has the right to (i)
nominate all Supervisory Board members for appointment
by the AGM and (ii) approve all proposed amendments to
the articles of association of Ordina. Ordina Group Priority
Foundation operates independently of Ordina and, pursuant
to its articles of association, its object is to guarantee the
continuity of, and look after the interest of, Ordina, the
business in which Ordina is engaged, and all other parties
associated therewith.
Ordina Group Priority Foundation has announced that it
intends to use its rights in exceptional cases only. These
include instances in which the management board of Ordina
Group Priority Foundation believes that the continuity of
Ordina and/or its strategy are at risk. This may be the case,
for instance, if an unsolicited offer is announced or made
for the ordinary shares in Ordina, or if there is a reasonable
expectation that such an offer will be made, without
sufficient prior consultation with Ordina. Such a situation
may also arise if one shareholder, or multiple shareholders
acting in concert, hold a considerable proportion of
the outstanding share capital without making an offer.
Another example is a situation in which, in the eyes of the
management board of Ordina Group Priority Foundation,
one shareholder, or multiple shareholders acting in concert,
exercise their voting rights in a manner that constitutes a
material conflict with the interests of Ordina. In such or other
circumstances in which the continuity and/or the strategy of
the company are at risk, the management board of Ordina
Group Priority Foundation reserves the right to actively
excercise its right to nominate members of the Supervisory
Board for appointment, as well as the right to approve
proposals to amend the articles of association.
Ordina is also subject by law to the full statutory large
company regime. Pursuant to the large company regime,
Ordina is required to have a supervisory board consisting
of at least three members. In addition to its regular tasks
and powers, the supervisory board of a large company is
authorized to appoint and dismiss the members of the
management board. Furthermore, the Works Council has a
special right to make recommendations for one-third of the
total number of members of the Supervisory Board.
Following the designation of the AGM on April 7, 2022, the
Management Board is entitled, for a period of 18 months, to
issue shares in aggregate up to 5% of Ordina’s outstanding
share capital as on that date. Furthermore, under certain
circumstances, the Management Board can invoke a
statutory cooling-off period in accordance with article 2:114b
of the Dutch Civil Code, or a response period in accordance
with the Dutch Corporate Governance Code.
Business principles, culture, and values
Code of Conduct
Ordina wants to be an honest and trustworthy company.
Acting with integrity lies at the heart of every relationship
and every contact; it creates trust and determines Ordina’s
success. Any lack of integrity could undermine the continuity
of Ordina’s business. Our core values of “We discover, We
connect, We accelerate” are the drivers for the execution of
Ordina’s strategy toward 2026.
Ordina’s core values, Code of Conduct and Speak Up
policy are actively communicated within the organization
and provide guidance for the actions and conduct of both
management and employees. New employees complete a
brief workshop covering all aspects of the Code of Conduct,
including topics such as prevention of fraud, bribery and
corruption, avoiding conflicts of interest, the appropriate
approach to gifts and hospitality, fair competition,
information security, and handling confidential information.
Employees can contact a legal business partner or the
Compliance Officer if they have questions or need advice on
legal and/or ethical dilemmas.
Ordina is committed to respect human rights, as defined
by the United Nations in its Universal Declaration of Human
Rights and supports the principles as laid down in the OECD
Guidelines for Multinational Enterprises and the principles
of the UN Global Compact. In addition, Ordina believes it
is important to maintain stable and honest relationships
with its business partners. Ordina therefore expects its
business partners to act with integrity and honesty and to
abide by legal and regulatory requirements, including the
aforementioned OECD Guidelines, Declaration of Human
Rights, and the principles of the UN Global Compact. To
safeguard this, Ordina has drawn up a suppliers’ code, which
all suppliers must abide by. The obligation to do so is part of
Ordina’s contracts and purchasing conditions. The suppliers’
code covers topics such as human rights and anti-bribery.
The suppliers’ code, the Code of Conduct, and the Speak Up
policy are available on Ordina’s website.
Incident reports
In 2022, Ordina paid extra attention to raising awareness
regarding a safe and reliable working environment.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 63
Employees were frequently reminded about the possibility
of safely raising any concerns. During the year under review,
26 incidents or suspicions of incidents were reported. In
each case, a high degree of confidentiality was maintained,
and a careful process was followed in line with applicable
policies. An overview of reported incidents, reported
suspicions of incidents, and follow-up actions, is discussed
periodically with the Audit Committee and the Supervisory
Board. Furthermore, the internal policies and guidelines are
reviewed in this context and updated if necessary. Ordina
regularly raises awareness about different code of conduct
topics by communicating the do’s and don’ts on the intranet.
In addition to this, a biennial risk assessment takes place.
This provides insight into whether extra control measures
are required with respect to a number of relevant themes,
including anti-corruption and bribery. In the context of OECD
guidelines related to responsible supply chain management,
Ordina received no reports of misconduct in 2022.
Ordina has embedded an integrity policy into the
organization in a number of ways, including via reports and
regular consultations:
• A clear procedure for dealing with incidents is in place;
• Interdisciplinary consultations between the Compliance
Officer, the Internal Auditor, the Privacy Officer, and the
Corporate Security Officer are organized on a frequent basis;
• There are consultations on the compliance function with
local compliance officers and the confidential compliance
counselor;
• Mandatory internal reporting lines from the Compliance
Officer to the Management Board and the Supervisory
Board are in place.
Furthermore, Ordina has a data breach procedure in place
that requires all responsible staff members to ensure that
the correct steps are taken and (if necessary) handle the
required notifications. Every quarter, a report is made on
any events, investigations, and results. Subsequently, this
report is discussed by the Management Board and the Audit
Committee of the Supervisory Board. The Management
Board receives weekly progress reports from the investigator
during any investigations.
Environment, Social, and Governance (ESG)
ESG is an integral part of the 2026 strategy and the various
sustainability objectives are embedded in the strategic
pillars. For example, the “Satisfied and loyal clients” pillar
includes policies to promote loyal partnership and being a
reliable supplier.
The sustainability strategy is embedded in the organization
via a steering group called the ESG Board, which is chaired
by the group CEO. The CFO, the chief HR officer, the CMO,
the company secretary, and an external program manager
also form part of the ESG board. The program manager
coordinates various ESG initiatives in consultation with
project leaders. The ESG Board supervises the execution of
the ESG strategy and monitors its progress.
Ordina obtains certification for certain aspects of
sustainability and strives for the highest possible scores.
Each year, the Management Board assesses whether the
set of certificates and statements meets the wishes and
requirements of our stakeholders. In this context, Ordina has
committed to the Science Based Targets initiative (SBTi), the
international standard for emissions reduction to limit global
warming to below 2°C or 1.5°C.
Audits
The internal auditor reports directly to the Management
Board and conducts independent audits of the correct
application of and compliance with internal procedures
and guidelines. These audits focus on both financial and
operational aspects. On a quarterly basis, the internal
auditor reports on the progress of their activities and
the internal audit plan to both the Management Board
and the Supervisory Board’s Audit Committee. The goal
of these activities is to use the audit findings as a basis
for continuous professionalization of the internal control
structure and to continuously increase risk awareness
within the organization. External audits are conducted
by organizations such as DNV-GL (Det Norske Veritas-
Germanischer Lloyd) and the external auditor.
The external auditor
On June 30, 2020, the AGM appointed Ernst & Young
Accountants LLP as external auditor for the reporting
year 2022. Ordina endorses the Code’s principles and best
practice provisions with respect to the role and performance
evaluation of the external auditor. Among other things, this
means that the external auditor attends the AGM, so they
can be questioned by shareholders regarding their opinion
on the true and fair view given in the financial statements.
Works Council the Netherlands
The Works Council in the Netherlands (“Ondernemingsraad”)
consists of elected employees from Ordina and is an
advisory body to the Management Board. New elections
were held in early 2022, and the Works Council started
performing its tasks with 15 employees. The staffing of the
Works Council went from 15 to 13 employees in 2022.
To ensure that all working groups have sufficient expertise,
two of them were strengthened with six internal experts. The
main discussion partner for the Works Council was Joost de
Bruin, CEO Ordina Netherlands.
The processes taken up by the Management Board and
the Works Council dovetail with Ordina’s 2026 strategy. In
2021, the Works Council supported the management as it
redesigned the organizational structure by approving the
of the Fit for Future program. Ordina has implemented the
organizational changes under the Fit for Future program for
the remaining organizational units. The implementation will
enable Ordina to accelerate the achievement of the 2026
strategic objectives. The Works Council was closely involved
in this implementation and advised on it.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Governance Annual report 2022 | 64
In 2020, the Works Council approved a review of the mobility
scheme. As a result, in 2022 Ordina set a target date for fully
electric driving, after which only “fully electric” lease cars will
be ordered. The implementation date is January 1, 2023.
Finally, the Works Council has also been handling requests
relating to the general terms and conditions of employment.
Last year, high inflation was an important issue. The Works
Council and the director were commit-ted to addressing
inflation adjustment, and their efforts resulted in the
introduction of various measures to reduce the impact of
inflation.
Mobility and inflation will continue to be topics of discussion
in 2023.
Works Council Belgium and Committee for
Prevention and Protection at Work
The Works Council gives advice on social, financial, and
economic issues, while the Committee for Prevention and
Protection at Work (CPBW) pays attention to ergonomics,
prevention, and psychosocial aspects of work. In 2022,
thanks to the positive development of public health
measures, meetings with employee representatives of the
Works Council and CPBW could gradually return to being
held physically in the office.
Cooperation with both the Works Council and the Committee
has been constructive throughout 2022. At the beginning
of the year, an update on Ordina’s strategy was shared with
Works Council members on Ordina’s strategy, in which we
reviewed our state of affairs and looked ahead to our goals
for the coming year. There was also continued discussion
about the introduction of the electric car and the challenges
facing the car market, which also has an impact on our
employees. Other topics include updating our “management
by objectives” model, as well as the continued development
of inflation and its impact on Ordina.
In our 2022 meeting with the CPBW, the discussion focused
on the design and implementation of the five-yearly
psychosocial well-being survey. Other topics, such as the
results of the satisfaction barometer of our employees and
ways to connect with employees on long-term sick leave,
were also on the agenda. For more details about Ordina’s
employee policies, see “Engaged and driven employees” on
page 26.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Statutory provisions Annual report 2022 | 65
Provisions of the articles of association
on appropriation of profits
Whenever the adopted balance sheet and profit and loss
account (including explanation) show that profit has been
made during the past financial year, the profit will be at the
disposal of the Annual General Meeting of Shareholders
(AGM). Insofar as profits will be distributed, no more
distribution can be made on the preference shares than the
legal interest rate at the moment on which the dividend shall
be determined. The dividend shall be calculated on the paid-
up part of the nominal amount.
Significant agreements within the
meaning of Article 1(j) and (k) of the
decree implementing Article 10 of the
Takeover Directive
The company has one contract within the meaning of Article
1(j) of the decree implementing Article 10 of the Dutch
Takeover Directive (“Besluit artikel 10 Overnamerichtlijn”).
This involves the credit facility described in note 15 on page
140 of the financial statements. If, at any time, a shareholder
or a group of shareholders acting in concert should acquire
more than 50% of the total issued share capital, control
more than 50% of the total number of voting rights, or
acquire the right to appoint the majority of Management
Board members, these credit facilities may be terminated.
If the facilities are thus terminated, any unused borrowing
capacity will lapse and any issued credit facilities will
become payable.
Statutory provisions
In relation to Article 1(k) of the Decree implementing Article
10 of the Takeover Directive the management agreement is
subject to a change-of control clause (if the position or tasks
of a member of the Management Board change significantly
as a result of the acquisition of the Company, resulting
in a change of control of the Company, a member of the
Management Board will receive compensation equal to one
year’s base salary).
Corporate governance statement
This statement is included pursuant to Article 2a of the
decree on the content of the Management Board report
(“Besluit inhoud bestuursverslag”) and Article 2 sub 1 of
the decree on the disclosure of non-financial information
(“Besluit bekendmaking niet-financiële informatie”).
The information that must be included in this statement
pursuant to Articles 3, 3a and 3b of decree on the content of
the Management Board report, can be found in the sections
of the 2022 Management Board report as referred to below,
and are included and repeated in this statement:
• Information concerning compliance with the principles
and best practice provisions of the Dutch Governance
Code 2016 (the “Code”) can be found in the “Corporate
Governance” chapter on page 60; the Code is available at
www.mccg.nl;
• Information concerning the main features of the internal
risk management and control systems relating to the
financial reporting process can be found in the “Risk
Management” chapter on pages 46 up to and including 54;
• Information regarding the functioning of the AGM and the
main authorities and rights of the shareholders is included
in the company’s articles of association and can be found
in the “Corporate Governance” chapter on pages 60 up to
and including 62;
• Information regarding the composition and functioning
of the Management Board, the Supervisory Board, and its
committees, can be found in the “Governance” chapter on
pages 58 up to and including 64, and in the “Report of the
Supervisory Board” on pages 71 up to and including 76;
• Information regarding the diversity policy for the
composition of the Management Board and the
Supervisory Board and the information referred to in article
3d of the decree on the content of the Management Board
report can be found in the “Governance” chapter on page
61, the “Diversity and inclusion” part of the “Environmental,
Social and Governance” chapter on pages 40 up to and
including 42 and the “Report of the Supervisory Board” on
pages 71 up to and including 76;
• Information referred to in the decree implementing Article
10 of the Dutch Takeover Directive (Besluit artikel 10
Overnamerichtlijn) can be found in the “Ordina Share”
chapter on pages 34, and 35, “Governance” on pages 58
up to and including 64 and in the “Statutory Provisions”
section on this page.
The information that must be included in this statement
pursuant to Articles 3 of decree on the disclosure of non-
financial information can be found in the sections of the
2022 Management Board report as referred to below, and
are included and repeated in this statement:
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Statutory provisions Annual report 2022 | 66
• Information concerning the business model can be found
in the sections “Our mission”, “Value creation model” and
“Strategy 2026” on pages 17, 20 and 24;
• Information regarding the policy, including the due
diligence procedures applied, as well as the results of
this policy, with regard to: (i) environmental, social and
human resources matters, (ii) respect for human rights,
(iii) fighting corruption and bribery, can be found in the
sections “Environmental, Social and Governance” on page
37” and “Business principles, culture and values” on page
62 and “Risk Management” chapter on pages 46 up to and
including 54;
• Information regarding the main risks related to the
subjects referred to above under (i), (ii) and (iii) in
connection with the activities of the legal entity,
including, where relevant and proportionate, the business
relationships, products or services of the legal entity that
are likely to have adverse effects on these subjects and
how the legal entity manages these risks, can be found
in the “Risk Management” chapter on pages 46 up to and
including 54;
• Non-financial performance indicators that are relevant to
the specific business activities of the legal entity, can be
found in the “Strategy 2026” chapter on page 24.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Declaration by the Management Board Annual report 2022 | 67
The Management Board is responsible for assessing the
effectiveness of Ordina’s internal risk management and
control systems. These systems are designed to control
the main risks that could prevent Ordina from achieving our
business objectives. However, they do not provide complete
certainty that all material inaccuracies can be prevented.
In 2022, Ordina evaluated the effectiveness of the design
and functioning of our existing internal risk management
and control systems. The findings of this evaluation,
including an evaluation of Ordina’s risk profile, were
discussed with the Audit Committee and the full Supervisory
Board.
On the basis of this evaluation, it is the Management Board’s
opinion that the internal risk management and control
systems functioned properly in the reporting year, and
that they provide a reasonable level of assurance that the
financial reporting is free from material misstatements
Declaration by the
Management Board
In line with the above and in accordance with best practice
1.4.3 of the Dutch Corporate Governance Code, the
Management Board hereby declares that, to the best of its
knowledge:
• The report of the Management Board as included
in this annual report provides sufficient insight into
any shortcomings in the operation of the internal risk
management and control systems;
• The aforementioned systems provide a reasonable level
of assurance that the 2022 financial reporting does not
contain any material inaccuracies;
• In light of the current state of affairs, it is justified that
Ordina’s financial reporting is drawn up on a going concern
basis;
• The report of the Management Board states the material
risks and uncertainties that are relevant to the expectation
of continuity of Ordina’s operations for a period of 12
months after the date of the report.
For more information, reference is made to the Risk
Management chapter on pages 46 up to and including 54.
In addition to this, the Management Board hereby declares,
in accordance with section 5:25c of the Dutch Financial
Supervision Act, that to the best of its knowledge:
• The financial statements as included in this annual report
give a true and fair view of the assets and liabilities,
the financial position, and results of Ordina N.V. and its
consolidated entities;
• The report of the Management Board as included in this
annual report gives a true and fair view of the situation
on the balance sheet date, and gives a true and fair view
of the course of events during the financial year of Ordina
N.V. and of its affiliated group companies included in
the financial statements. The report of the Management
Board describes the material risks that Ordina faces.
Nieuwegein, February 15, 2023
Management Board Ordina N.V.
Jo Maes, CEO
Joyce van Donk-van Wijnen, CFO
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
“In addition to
reducing energy
consumption,
organizations need
to build circularity,
modularity, and
repairability into
digital hardware”
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 69
Technology and the Future
Jacqueline Cramer
Jacqueline Cramer is Professor of Sustainable
Innovation at Utrecht University, an orchestrator
of circular economy transition initiatives in sectors
including construction and textiles, and has been
actively involved in sustainability issues since the
mid-1970s. She was Minister of Housing, Spatial
Planning, and the Environment in the Dutch
government from 2007 to 2010.
Since 1970, human beings have been consuming resources
faster than the Earth can replenish them. As things stand,
we need 1.75 Earths to support our levels of demand – and
by 2050, if we don’t change our behavior, we’ll need three.
The problem is we only have one planet. To safeguard our
world for future generations, we need to achieve carbon
neutrality and build a circular economy. Digital technologies,
if used responsibly, can play a vital role in helping us reach
these goals.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 70
For too long, organizations have taken a siloed approach to
sustainability, and this has limited our ability to understand
our overall impact on the environment. The good news,
though, is that digital technologies can break down
many of the barriers that stand in the way of large-scale
collaboration. We can now share data in ways that were
never possible before, empowering organizations through-
out the value chain to hold each other accountable and
become much more prudent in their use of resources.
Through the Internet of Things (IoT), for example, we can
use smart sensors to gather precise pollution data to in turn
inform our sustainability efforts. Meanwhile, visualization
technologies, such as virtual reality (VR) and augmented
reality (AR), can help us reduce the environmental impact of
construction projects by enabling planners to use advanced
digital modeling in place of building materials.
It’s easy to forget, however, that all these technologies
consume vast amounts of energy. Today’s consumers
have a greater awareness of the energy they use at home,
but tend to overlook the fact that their cloud computing is
powered by energy-intensive data centers, often located
halfway around the world (people are often shocked to hear
that downloading a large video uses the same amount of
energy as a return trip from Amsterdam to Rome by car!).
Unless the digital sector does something to address this
issue, it risks becoming the 21st-century equivalent of the
coal industry.
Sharing server space is one way to reduce energy
consumption at data centers. Companies tend to
overestimate how much data storage is required for their
operations – resulting in more servers than we need. LEAP,
an initiative by the Amsterdam Economic Board, aims to
tackle this by increasing the amount of shared data storage,
and the city has also announced plans to fine data centers
that don’t impose “sleep mode” on idle servers in their
facilities. Policies like these are an important step toward
making cloud computing more sustainable.
In addition to reducing energy consumption, organizations
need to build circularity, modularity, and repairability into
digital hardware. This is especially important when it
comes to rare earth metals, which are used to manufacture
essential components in computers, smartphones, and
other digital technologies. The first issue is scarcity: unless
we use our equipment for as long as possible and retrieve
rare earth metals from products at the end of their life cycle,
future generations won’t have the same building blocks we
use in digital technology today. The second issue is that rare
earth metals are only found in certain parts of the world –
meaning supply is closely tied to geopolitical developments.
The war in Ukraine has already highlighted the dangers of
resource dependency, and these problems will intensify
in the digital sector if we don’t find a more sustainable
approach.
All these problems are global in scale – and they require
global solutions. Governments have a crucial part to play
in these efforts, of course, but I’m also a big believer in the
importance of front-runners: organizations that know what
it takes to deliver sustainability improvements within digital
technology. These frontrunners can show governments the
key drivers for scaling up the whole innovation system, and
governments can draw on their best practices to design
effective policy instruments that complement what front-
runners have already been doing. In my view, this approach
is far superior to governments’ current approach to
sustainability, which often focuses on regulating companies
that are lagging behind.
As important as individual front-runners are, no one
organization holds the solution to making digital
technologies more sustainable. What we need are “coalitions
of the willing”: organizations working together to improve the
footprint of the IT sector and show their peers that bigger,
bolder steps can be taken. In the years to come, Ordina can
play a significant role in these coalitions by continuing to
make progress on its ESG journey. The company is already a
strong performer on the social aspect of ESG, especially with
its various educational outreach programs.
If enough organizations unite around this common goal,
it’s possible for the IT sector to become carbon negative
by 2040. With sustained efforts to reduce our energy
consumption, increase our focus on circularity, and leverage
the power of the latest digital tools, we can build an
economy that respects the limits of the only planet we have.
This future is within reach – but we need to work together to
make it a reality.
Instead of encouraging
a race to the bottom,
governments need to
draw inspiration from
organizations that are
constantly working to
raise the bar
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Ordina at a glance Annual report 2022 | 71
Ordina at a glance
Report of the
Supervisory
Board
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Report of the Supervisory Board Annual report 2022 | 72
Report of the Supervisory Board
Ordina 2026 – ahead of change
The Management Board focuses on long-term value creation
for Ordina and takes into account the stakeholder interests
that are relevant in this context. The Supervisory Board
monitors the Management Board as it undertakes these
efforts. In 2022, the Supervisory Board regularly discussed
the Ordina strategy for long-term value creation, the related
implementation and execution plans, as well as the risks and
opportunities associated with it.
Demand for digitalization continues to be strong. Throughout 2022, Ordina made further
steps to partner with the ecosystem of our clients by co-creating digital solutions in
multidisciplinary teams. Teams and communities are both essential for the success
of this journey. In an era of persistent scarcity in the labor market, Ordina specifically
focuses on attracting and retaining talented employees. High-performance teams,
business solutions, and a clear employee value proposition are all ways in which Ordina
is meeting the challenges of a tight labor market. In 2022, the Supervisory Board
regularly discussed these developments with the Management Board.
In April 2022, after two years of Covid-19 measures, the Supervisory Board welcomed
the opportunity to organize a physical Annual General Meeting of Shareholders (AGM).
The Supervisory Board appreciates the constructive dialogue and looks forward to
holding this year’s meeting in person again.
In 2022, the Supervisory Board met several groups of
Ordina employees, including senior managers, business
directors, employees who work in sales, and employees who
have had relatively short (under one year) or long (over ten
years) careers at Ordina. Furthermore, Ordina conducted
an employee engagement survey focusing on themes
such as engagement, satisfaction, working environment,
development, strategy, and leadership. The outcome of
the survey was discussed during the Supervisory Board
meeting in December 2022 and showed that the score
for satisfaction was 7.6 (2021: 7.6). The highest scores
concerned opportunities for employees to gain new
knowledge in their work, the extent to which employees feel
at home at work as they are, and the extent to which they
feel free to voice their opinion. There were also some points
for improvement, for which actions have been determined.
These involve further implementing the strategy in all layers
of the organization. A start has already been made by
organizing an “all hands meeting” in Q4-2022 in which the
Management Board updates those present on progress,
including through a Q&A session.
In its discussions with the Management Board, the
Supervisory Board also focused on developing and retaining
full-time equivalent (FTE) employees through talent
development and rewards – a topic of continued importance
in the current economic situation. Ordina keeps a close eye
on developments in this area and continuously assesses
potential ways to respond. The Supervisory Board supports
this approach and the actions taken by the Management
Board to create an entrepreneurial, play-to-win culture within
Ordina.
In 2022 the client satisfaction survey showed that clients’
general satisfaction with Ordina is very high, including
satisfaction regarding the employees and quality of the
services. In line with the 2026 strategy, Ordina can take
further action toward becoming a digital business partner
by leveraging tailored digital solutions and market themes to
make a clear impact and achieve a sustainable advantage.
Throughout 2022, Ordina’s distinctive position was further
developed by taking the lead in chosen niche markets and
providing added-value services in these areas. Examples
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Report of the Supervisory Board Annual report 2022 | 73
include projects tackling financial economic crime, secure
ecosystem projects, and supply chain optimization projects
as part of our integrated supply chain market theme.
With the continued transition to added-value business,
Ordina is on track toward its ambition for 2026. To further
accelerate growth, Ordina looks for suitable acquisitions.
In this context, the Supervisory Board discussed Ordina’s
acquisition strategy with the Management Board, including
the option of looking for acquisitions in Europe outside the
Benelux, for the purpose of providing location-independent
services to Ordina’s clients in the Benelux through remote
team augmentation. Given the tight labor market, the
Supervisory Board agrees with the Management Board
that this option deserves serious exploration. New insights
gathered during the pandemic can also be applied in this
respect. At the same time, the business case for such
acquisitions must demonstrate clear addition of value and
an acceptable risk profile. The Supervisory Board will follow
this process closely.
ESG is an integrated part of Ordina’s 2026 strategy. The
Environment pillar focuses on CO
2
reduction, with Ordina
aiming to become CO
2
neutral or negative by 2030. In 2022,
further steps were made to move toward a complete electric
vehicle (EV) lease fleet. Furthermore, land was purchased in
Belgium to create the Ordina forest, with a tree-planting day
held on November 12 for Ordina employees. The Supervisory
Board also encourages Ordina to help our clients, wherever
possible, to achieve CO
2
reductions through digitalization
projects.
In relation to the Social pillar, Ordina set a target for the end of
the decade: by 2030, 30% of Ordina employees will be female.
The Supervisory Board appreciates Ordina’s actions in relation
to diversity and inclusion. Examples include the Women@
Ordina event and the signing of the Talent to the Top charter.
The Supervisory Board compliments the Management Board
for the example they set throughout the year and looks
forward to further steps to promote diversity and inclusion
within the organization.
In terms of Governance, the Supervisory Board supports
all actions to increase awareness of the Code of Conduct
and the importance of integrity, and also supports efforts to
stimulate an open and inclusive culture of sharing and reuse
focused on long-term value creation. Ordina’s core values, of
“We discover, We connect, We accelerate” contribute to this
culture. The Management Board encourages behavior that is
aligned with these values and conveys them through leading
by example. As of October, the Management Board went
on a road trip to visit groups of practice leads, and speak
with them about the strategy and culture toward 2026.
Further attention is given to this topic through a variety of
workshops and presentations.
Further topics discussed
During the regular meetings of the Supervisory Board,
further topics concerned the mergers and acquisitions
pipeline, and financial and business performance, including
the relevant risks and opportunities in this context.
Regarding the execution of the strategy, Ordina’s change
agenda is built upon the growth of high-performance teams,
whose expertise will make Ordina a strategic business
partner for clients. In 2022, Ordina attracted managers who
can coordinate this transition while keeping an eye on the
connection between employees and Ordina as a whole.
In terms of audit and risk management, the Supervisory
Board approved the annual accounts for 2021, approved the
2022 quarterly trading updates and half-year accounts, and
discussed the functioning of internal risk management and
control systems, including cybersecurity and information
security management. In 2022, a cybersecurity risk analysis
was performed as an integral part of Ordina’s ISO 27001
certification process. The outcome of the analysis was used
to add control measures where necessary. The Management
Board decided to continue with the cybersecurity program
and to give specific attention to some identified focus areas.
An example of this is the organization of subject matter
training within specific practices and/or areas, which further
improves knowledge and awareness amongst employees.
Other topics that the Supervisory Board discussed with
the Management Board related, among other things, to
the development of FTE growth, progress on diversity and
inclusion targets, Ordina’s capital structure, and the share
buyback program. The external auditor attended the meeting
in which the annual results were on the agenda.
Meetings and attendance
In 2022, the Supervisory Board held seven regular meetings
with the Management Board, all according to a prearranged
schedule. Members of the Operations Committee also
attended a number of these meetings. Outside the regular
meetings, the Supervisory Board met with the Management
Board on a regular basis for additional, often digital, meetings.
The table on the next page shows the attendance of each
Supervisory Board member at the regular meetings of the
Supervisory Board and at the meetings of its committees in
2022.
Meetings of the committees of the Supervisory
Board
The Audit Committee and RNH Committee prepare the
discussions and decision-making of the Supervisory
Board regarding specific topics. For practical reasons, the
Supervisory Board has two (instead of three as referred to
in provision 2.3.2 of the Dutch Corporate Governance Code)
committees.The organization, working methods, tasks, and
responsibilities of both committees are laid down in the rules
of procedure: these can be found on Ordina’s website, as can
the rules of procedure for the Supervisory Board as a whole.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Report of the Supervisory Board Annual report 2022 | 74
At each Supervisory Board meeting, the committees reported
on their deliberations and findings.
Audit Committee
The Audit Committee consists of Thessa Menssen (chair)
and Dennis de Breij (member). The Audit Committee assists
the Supervisory Board in its supervision by focusing on the
effectiveness of the design and functioning of internal risk
management and control systems, the financial reporting
process, the introduction and supervision of associated
internal procedures, the financing of the company, and the
relationship with internal and external auditors.
In 2022, five meetings were held. The external auditor was
present at most of these meetings, and the CEO attended
the meeting in which the annual accounts and third-quarter
trading update were discussed. Furthermore, the meetings
were attended by the CFO, the internal auditor, and the
company secretary. On occasion, presentations were
delivered by managers from the finance department and
by the chief information security officer (CISO). The Audit
Committee also met separately with the external auditor.
During the year, the Audit Committee discussed Ordina’s
2021 annual accounts, the forecast, the 2022 first-quarter,
half-year, and third-quarter results, and the related press
releases. The 2023 budget and strategic plans were included
on the agenda, as was the performance of the business, the
capital structure of Ordina, the evaluation of the acquisition
of IFS, and the progress of the share buyback program that
was launched in May 2022 and was completed by the end
of July 2022. Other topics concerned Ordina’s tax policy,
the 2022 audit plan, the management letter of the external
auditor, the effectiveness of the internal risk management
and control systems, and information security management
(including risks related to cybersecurity and personal data
protection). Furthermore, an overview of legal claims and
incident reports was shared with the Audit Committee.
Project planning for the One Finance Project was also
discussed. This project aims to develop a single finance
target operating model to support the business. The Audit
Committee reported to the Supervisory Board on the
effectiveness of internal risk management and control
systems and discussed the functioning of the external
auditor, as well as the findings from the external auditor and
Ordina’s internal auditor.
RNH Committee
The RNH Committee consists of Caroline Princen (chair),
Bjorn Van Reet (member), and Johan van Hall (member).
The RNH Committee assists the Supervisory Board in
its supervision of the Management Board with respect
to subjects such as the policy of the Management Board
regarding selection criteria and appointment procedures
for senior management positions, and management
development.
In 2022, three meetings were held. The meetings were
attended by the CEO, the CFO, the HR director, and the
company secretary. During each meeting of the RNH
Committee, the HR dashboard was discussed. This
dashboard covers topics like FTE development and
employee well-being, including vitality, working conditions,
education, and culture. Special attention was given to
the employee value proposition as a way of attracting
and retaining employees. Other topics related to pending
advice or approval requests from the Works Council, the
implementation of new legislation and an action plan to
improve gender diversity at the board and sub-board level,
evaluation by the Strategy Committee of Ordina’s progress
toward becoming a network organization, the performance
of the Management Board, the proposal for realization of
short-term incentives (STIs) and long-term incentives (LTIs)
(STI 2021 and LTI 2019-2021), and new incentives for 2022
(STI) and 2022-2024 (LTI). Regarding the proposal for these
incentives, the remuneration ratios at Ordina were taken
into account and scenario analyses were performed. The
execution of the remuneration policy in 2022 is disclosed in
the remuneration report.
Furthermore, the RNH Committee discussed succession
planning, a relevant topic in light of Ordina’s diversity and
inclusion policy and the organization’s ongoing efforts to
foster an inclusive culture. As explained at the AGM in April
2022, the Supervisory Board has decided to grow in size
by adding a sixth member. This decision was taken within
the context of the refined strategy toward 2026, which
provides a solid foundation for continued growth. During
2022, the RNH Committee drew up an individual profile
before beginning the search for a sixth member of the
Supervisory Board. After the profile was approved by the
Supervisory Board, the RNH Committee made the necessary
Meeting Johan van Hall Caroline Princen Dennis de Breij Thessa Menssen Bjorn Van Reet
Supervisory Board 7/7 7/7 7/7 7/7 7/7
Audit Committee 5/5 4/5
Remuneration, Nomination, and HR Committee 3/3 3/3 3/3
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Report of the Supervisory Board Annual report 2022 | 75
preparations and held interviews with several candidates.
In this process, which is still ongoing, the diversity policy,
including diversity of professional experience, is specifically
taken into consideration.
Management Board
The Supervisory Board conducted annual performance
reviews with the Management Board as a team, and with
its individual members as well. Topics such as interaction
with the Supervisory Board, individual targets, and
implementation of the Ordina 2026 strategy and diversity
policy were discussed. The Supervisory Board concluded
that the Management Board functions well under the
leadership of Jo Maes. In general, there is sufficient focus
on the execution of Ordina’s strategic plans. At the same
time, the Management Board was encouraged to look
for opportunities to increase the resilience and flexibility
of Ordina’s workforce, for example through location-
independent services.
The Supervisory Board has established that no member of
the Management Board holds more than two supervisory
director positions with listed companies, nor will they act as
the chairman of the supervisory board of a listed company.
In the year under review, there were no transactions involving
a conflict of interest on the part of the members of the
Management Board. In line with Ordina’s diversity policy, the
Management Board is 50% male and 50% female.
In relation to the execution of the strategy and the
optimization of operational effectiveness, the Management
Board is supported with its operational management tasks
by an informal forum called the Operations Committee.
As of September 2022, a separate change organization
was established in order to drive various strategic change
programs toward 2026. As a result, it was no longer
necessary to maintain a Strategy Committee.
Works Council
The chairman and vice-chair of the Supervisory Board liaised
with the Works Council on several occasions throughout
the year. They attended several Works Council meetings,
including the annual meeting. Topics discussed included
the evaluation of the relationship between the Management
Board and the Works Council, Ordina’s conduct and internal
culture, and the remuneration ratios within the company.
Self-assessment
At the end of 2021 and the start of 2022, the Supervisory
Board assessed its performance with the assistance of an
external party. At the end of 2022 and the start of 2023,
an assessment took place without an external party. In
this assessment, the Supervisory Board discussed its
performance as a whole, plus the performance of individual
members and the individual committees. Topics discussed
included the interaction with the Management Board, recent
events from which lessons could be learned, and the desired
profile, composition, competencies, and expertise of the
Supervisory Board. The evaluation process included one-on-
one sessions with each member of the Supervisory Board.
The Supervisory Board concluded that it functions well and
that its cooperation with the Management Board is positive
and effective. There was sufficient time during the Supervisory
Board meetings and informal contacts with the Management
Board to discuss all relevant topics, including time for deep
dives and reflection when necessary. The conclusions of
the self-assessment have been used to further improve the
way the Supervisory Board operates. In this context, the
Supervisory Board intends to continue discussions with
various (groups of) employees within Ordina next year.
During 2022, the composition of the Supervisory Board
did not change. The Supervisory Board complies with
the diversity target as set in terms of male and female
members. For new vacancies, the Supervisory Board
determines in advance which aspects of diversity must be
taken into consideration in order to maintain or improve the
desired mix in the composition of the Supervisory Board.
The Supervisory Board assessed the independence of its
members and concluded that the requirements referred
to in best practice provisions 2.1.7 to 2.1.9 inclusive have
been fulfilled.
Regarding Johan van Hall’s supervisory board membership
at Rabobank, the Supervisory Board has determined that
there was no (potential) conflict of interest in 2022. In
this context it has been agreed that Johan van Hall will
not participate in the deliberations and decision-making if
Rabobank is discussed substantively and/or if there is a
(potential) conflict of interest situation. Should Rabobank be
discussed, Johan van Hall will leave the meeting and this will
be recorded in the minutes.
In relation to continuous professional development, several
Supervisory Board members follow relevant courses and
workshops. In addition, Supervisory Board members give
presentations to the Supervisory Board on topics in their
field of expertise, covering issues such as technological
trends and mergers and acquisitions. New Supervisory
Board members follow an introduction program.
Financial reporting and external auditor
The 2022 financial statements have been prepared by the
Management Board and were signed by the Management
Board and the Supervisory Board. Ernst & Young
Accountants LLP has audited the financial statements,
attended the Supervisory Board meeting in which the audit
of the financial statements was discussed, and has issued
an unqualified auditor’s report. The independent auditor’s
report is included in the annual report.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Report of the Supervisory Board Annual report 2022 | 76
Final remarks
Uncertain macroeconomic circumstances, combined
with high levels of inflation, have created some tough
challenges in 2022. Thanks to the continued commitment
and dedication of the Management Board and all Ordina
employees, Ordina was able to make further progress with
the execution of our 2026 strategy. We sincerely thank
the Management Board and all Ordina employees for their
efforts and contributions to long-term value creation for all
our stakeholders. We are confident that the results of this
work will be evident in 2023 as well.
Nieuwegein, February 15, 2023
Supervisory Board Ordina N.V.
Johan van Hall, Chairman
Caroline Princen, Vice-chair
Dennis de Breij
Thessa Menssen
Bjorn Van Reet
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
“People don’t
complain about
digitalization if
the new system
is actually
more ecient!”
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 78
Technology and the Future
Marcel Levi
Marcel Levi is President of the Executive Board at
the Dutch Research Council (NWO), an organization
that funds thousands of top scientific researchers.
He is also Professor of Medicine at the University of
Amsterdam and University College London (UCL).
All too often, the public conversation about healthcare
is focused on problems, such as the lack of money, lack
of professionals, long waiting lists, and other associated
challenges. But when I look around my field today, I see a
huge amount of positive innovation with the potential to
change the conversation. After all, as a doctor, I always
prefer to think in terms of solutions – and digital technology
is certainly creating a solution revolution for the medical
sector.
I’m extremely excited, for instance, about developments
in artificial intelligence (AI) and machine learning. These
techniques have a variety of promising applications in
healthcare, including interpreting medical images, planning
radiotherapy, looking at histopathology, or conducting
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Interview Annual report 2022 | 79
assume, and there are so many additional, qualitative factors
to consider, such as nonverbal communication. In light of
this complexity, I’m skeptical that computers will be up to the
job any time soon: there’s simply too much information that
the models don’t consider.
There’s a similar flaw in some healthcare apps. Many are
released with the promise of helping patients manage their
asthma, heart disease, diabetes, or other chronic conditions.
But on closer inspection, these apps often turn out to be
solutions looking for a problem. The software is designed by
very smart people, of course, but the providers of these tools
are often unable to resolve the patient’s problem, or address
the issue with the healthcare system. Robotic surgery is
another example: it’s increasingly being introduced without
sufficient evaluation and used in situations where it’s not
required. This unthinking embrace of technology is exactly
what we need to avoid. Instead, we must keep our focus
squarely on patient outcomes and follow whichever method
will improve them the most.
Indeed, some of the biggest recent improvements in the
medical sector aren’t technological in nature. Human-
focused solutions, such as giving healthcare professionals
greater autonomy, can make an equally large impact. I’ve
always found it strange that, after spending around a million
euros training a surgeon, we don’t trust them to make
decisions. But I’m hopeful that this attitude is changing. At
UCL, nurses, doctors, and other healthcare professionals
displayed great initiative throughout the Covid-19 outbreak,
for example by moving respiratory support normally
reserved for intensive care units to the general wards. The
idea came not from upper management, but from nurses
and support staff. If management can recognize when to
play a supporting role, rather than a leadership role, frontline
health workers can use their experience and expertise to
deliver better care.
Why do I mention this example in the context of technology?
Because it’s important to remember what we’re trying
to achieve. As medical professionals, we want to do the
right thing for our patients. Any solution, technological or
otherwise, has to be assessed by that standard. If not, we’ll
lose sight of what made digital useful in the first place,
and continue to design flashy apps that don’t address
real problems. The means by which the solution comes –
whether it’s digital transformation, cultural change, or any
other route – is far less important than the solution itself.
That’s not to say I don’t believe technology will revolutionize
the healthcare sector and, ultimately, transform it for the
better. On the contrary, we’ll see solutions emerge in the
future that are now considered impossible. But we have to
remain realistic, and not allow ourselves to get carried away
on a wave of technological optimism. Some solutions will
take longer to implement than others. Others won’t be useful
at all. But if we take all these things into account, and always
ask ourselves the simple question of “What problem am I
solving?”, I think the future of medical technology looks very
healthy indeed.
We have to remain
realistic, and not allow
ourselves to get carried
away on a wave of tech
optimism
electrocardiograms. Using traditional methods, all these
activities are labor intensive, but with the help of machines,
they can be carried out much more quickly and with far
greater precision. I don’t believe AI will replace radiologists,
radiotherapists, or pathologists, but this kind of tech will
make medical work much more efficient.
I see the same trend when it comes to collecting and
processing patient data. Data collection – on everything
from delirium to bedsores – is a huge part of the healthcare
profession today, and nurses can spend hours logging
this information at computers located far away from their
patients. At UCL, though, we found a simple digital solution
to this problem: tablets. The new electronic health records
work beautifully, allowing nurses to input data at the patient’s
bedside and spend more time interacting with people.
What’s more, it turns out that people don’t complain about
digitalization if the new system is actually more efficient!
The impact of digitalization can also be seen in telemedicine,
which, after years of slow progress, has been hugely
accelerated by the pandemic. Digital consultations save
patients time on travel and in the waiting room, while doctors
can help more patients per hour. I must stress, however, that
telemedicine isn’t the optimal solution in every case. When
I have to break bad news to a patient, I always prefer to do
that in person. But I now conduct between 30% and 50%
of my consultations on digital platforms. As in many other
sectors, digital tools are enabling hybrid solutions across
the medical sphere – combining the best elements of both
human and digital interaction.
Nevertheless, not every innovation in the medical world is
a positive step towards addressing real problems. I think
the value of certain solutions, like diagnosis support for
doctors, is currently overhyped: as things stand, computers
simply cannot make an effective diagnosis. It’s interesting to
speculate about why exactly this is; for instance, I don’t think
the human body is as schematic as many of these models
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Ordina at a glance Annual report 2022 | 80
Ordina at a glance
Remuneration
report
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 81
Remuneration report
Report for advisory vote at the 2023 Annual General Meeting
Introduction
In this remuneration report, also the report within the
meaning of Section 135b of Book 2 of the Dutch Civil
Code, we look back at the year 2022 and explain the
implementation of the Management Board’s remuneration
policy. We also provide an overview of the performance of
Ordina N.V. (the “Company”) and the related remuneration
of the members of the Management Board. Furthermore,
we present the main elements of the Supervisory
Board’s remuneration policy, including an overview of the
remuneration paid to the members of the Supervisory
Board in 2022. In line with the provisions of the Corporate
Governance Code, the remuneration paid to the Supervisory
Board is not in any way related to the Company’s
performance.
Management Board remuneration policy
2020
Below we provide a summary of the remuneration policy
dating from 2020, and an account of how this was applied
in the year under review. The full remuneration policy is
available on Ordina’s website.
The 2020 remuneration policy was adopted by the Annual
General Meeting of Shareholders (AGM) on June 30, 2020,
by a majority of more than 99% of the votes cast. At the
AGM of April 7, 2022, a positive advisory vote was cast
on the 2021 remuneration report by a majority of more
than 99% of the votes. The Supervisory Board sees this as
confirmation of the support among shareholders for (the
implementation of) Ordina’s current remuneration policy and
how it is accounted for.
Ordina aims for its remuneration policy to be in line with
the market and to reward Management Board members
for realizing challenging operational and performance-
driven targets in the short term and ambitious strategic
and financial targets in the long term. The remuneration
policy should help to attract and retain high-caliber, qualified
and expert directors who possess the orientation and
background required to lead and manage a successful IT
company.
Ordina takes into account its identity, mission and values
when formulating the remuneration policy. This means
that the remuneration policy is in line with Ordina’s pursuit
of sustainable long-term value creation through innovative
solutions that are relevant and attractive to various
stakeholders, such as customers and employees based on
Ordina’s value creation model. The specific targets defined
this way (in the areas of improved returns, (revenue) growth,
growth in added value, employee engagement and corporate
social responsibility) form the basis for the formulation of
the performance criteria used to determine the remuneration
of the Management Board.
When determining the total remuneration, Ordina takes into
account the remuneration ratios within the Ordina Group and
the policy pursued at any time within the Group with regard
to the remuneration of employees. The same rules apply to
members of the Management Board as to other employees,
for instance with regard to mobility and pensions. Where
appropriate, past conduct and the specific Ordina context
and history are also taken into account. Alignment with
social developments and public support is sought through
frequent contacts with stakeholders. These contacts did not
result in anything of note or specific points of attention in
2022. In addition, discussions are held annually with Ordina’s
Works Council on the level and content of employee benefit
schemes.
The Remuneration, Nomination and Human resources
(RNH) Committee conducts an annual scenario analysis
and, as such, has a clear picture of the possible outcomes
of the various scenarios. The scenario analyses are
mainly qualitative in nature. One factor for this is that the
remuneration policy does not include any (share) options
and that the variable remuneration is limited in various ways
(for example, there are threshold values for individual key
performance indicators (KPIs). Another factor taken into
consideration is whether the Company’s strategic objectives
are in line with the targets applied for the relevant reference
year/period. For the year 2022, it was determined that this
was the case, and the chosen targets were found to be
appropriate.
Reference market
The RNH Committee evaluated the remuneration policy of
the Management Board in early 2020. This evaluation was
based on the results of a benchmark study, in which the
remuneration was tested for market conformity. Particular
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 82
attention was paid to its alignment with the business
strategy and consistent internal pay ratios, in light of the
statutory requirements in this context. As part of the
aforementioned benchmark study, the Supervisory Board
determined the reference market in 2020 on the basis of
size (market capitalization, FTEs and revenue). Companies
active in the real estate sector and pharmaceutical industry
are excluded, as these are subject to specific legislation
and/or have a different dynamic. The reference market is
unchanged and is shown below:
• Accell Group B.V.
• ForFarmers NV
• Heijmans NV
• ICT Group NV
• Kendrion NV
• Nederlandsche Apparatenfabriek Nedap NV
• Neways Electronics International NV
• Sif Holding NV
• Brunel International NV
• DPA Group NV
• Basic Fit NV
• Beter Bed NV
• Hydratec Industries NV
• Wessanen B.V.
The remuneration policy aims to position the total
remuneration for the Management Board in a general sense
at a competitive level in the general executive market in
the Netherlands, assessed on the basis of job level. The
Supervisory Board determined the relevant reference
market in early 2020 (see above) and the basic premise is
a positioning of the total fixed and variable remuneration
package at around median level.
Elements of Management Board
remuneration policy
In line with common practices in the market, the
remuneration policy for the Management Board comprises
the following elements:
• Base salary, including holiday allowance;
• Short-term variable remuneration;
• Long-term variable remuneration;
• Pension provision;
• Participation in the applicable car lease scheme at Ordina
and the use of a laptop and a mobile phone.
Base salary including holiday allowance
The Supervisory Board, upon the advice of the RNH
Committee, determines at least every four years whether
the base salary level needs to be adjusted. In principle, the
RNH Committee performs this review in the first half of the
year, also taking into consideration the relevant reference
market and individual performances. In connection with
the reappointment of the members of the Management
Board as of June 30, 2020, the policy level of the base salary
including holiday allowance of the CEO and the then CFO
were redefined as of January 1, 2020. This means that as
per the aforementioned date, the salaries on a full-time basis
of the members of the Management Board were as follows:
CEO EUR 430,000
CFO EUR 315,000
Variable remuneration
The Management Board’s remuneration policy includes
both short-term and long-term components with respect
to variable remuneration. The aim of this is to realize both
Remuneration component Policy level
Base salary, including holiday
allowance
The level of the base salary, including holiday allowance, reflects the demands made on the CEO
and other members of the Management Board. In principle, the various tasks and responsibilities
of the CEO and the other members of the Management Board justify a remuneration difference of
20%-30% between the CEO and the other members (defined on the basis of the CEO). Salaries may
be subject to annual indexation (taking into account the salary margin made available to staff in the
Netherlands).
Short-term variable remuneration On-target: 50%
Maximum: 70%
of the base annual salary including holiday allowance (8%)
Long-term variable remuneration On-target: 50%
Maximum: 85%
of the base annual salary including holiday allowance (8%)
Pension provision Participation in capital insurance on defined contribution basis and maxi-mum legal pensionable
salary (2022: EUR 114,866)
Pension premiums are for the account of the Company
Participation in the car lease
scheme applicable at Ordina
Participation in the car lease scheme applicable at Ordina
(in line with the scheme that applies to all employees in the Netherlands)
Provision of laptop and mobile
phone
Provision of laptop and mobile phone in line with the mobile phone scheme applicable at Ordina
(the scheme applicable to all employees in the Netherlands)
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 83
more short-term targets for the Company and long-term
value creation. This is also taken into account in the annual
determination of the performance criteria (KPIs) and their
weighting. Claw-back clauses and a minimum holding
period for unconditionally awarded performance shares
also underline the importance attached to long-term value
creation in this context.
During 2022 the Supervisory Board regularly discussed
developments in Ordina’s results with the Management
Board. The financial headroom for making distributions
and awarding variable remuneration was also discussed in
this context. Taking this into consideration and including
the cash flow and strength of the balance sheet, the
Supervisory Board decided to pay out variable remuneration,
based on Ordina’s results including the impact of external
circumstances such as increased inflation. Ordina did not
make use of any financial governmental arrangements that
include conditions with implications for making distributions
or awarding variable remuneration.
Short-term variable remuneration
Each year, a short-term variable remuneration can be paid
out. The amount of the reward depends on the realization of
specific targets. The Supervisory Board, upon the advice of
the RNH Committee, determines the relevant KPIs annually;
some of these KPIs are linked to financial targets (minimum
of 70%) and some to non-financial targets (maximum of
30%). Examples of KPIs include (revenue) growth, improved
returns (EBITDA margin), employee engagement, client
satisfaction, growth in added value, resilience, and corporate
social responsibility.
At the start of each reference year, the Supervisory Board
determines whether the (list of) KPIs needs to be adjusted,
depending on current circumstances and (strategic)
priorities. Each year, the Supervisory Board also determines
the targets for that reference year, including the weighting.
After the end of a reference year, the Supervisory Board
assesses the extent to which the various performance
criteria have been realized. If, in the opinion of the
Supervisory Board, all stated performance criteria have
been realized in a reference year (on-target performance),
the members of the Management Board are awarded a
short-term variable remuneration for this reference year
equivalent to 50% of their reference salary. An exceptionally
good performance (maximum above-target performance)
may, under the policy, result in a maximum short-term
variable remuneration of 140% of the on-target short-term
remuneration awarded (70% of the reference salary). If
the Management Board members fail to realize at least
80% of the relevant performance target (below-minimum
performance), no short-term variable remuneration is paid
for that target.
Short-term variable remuneration (STI) – pay-out range
(in EUR)
Score Pay-out range
below 80% of target (minimum) -
on target 50% of reference salary
above target (maximum) 70% of reference salary
The level of the actual short-term variable remuneration to
be paid out - within the above pay-out range - is determined
on the basis of a weighted average (i.e. the sum of all
weighted sub-scores per KPI).
Long-term variable remuneration
Each year, a number of Ordina N.V. long-term performance
shares are conditionally awarded to the members of the
Management Board. The realization of the Management
Board’s long-term variable remuneration is determined on
the basis of a number of KPIs, both financial and non-
financial, set by the Supervisory Board.
A minimum of 70% of the long-term variable remuneration is
related to financial targets, the remaining maximum 30% is
related to non-financial targets. The Supervisory Board, upon
the advice of the RNH Committee, determines the relevant
KPIs annually; some of these KPIs are linked to financial
targets (minimum of 70%) and some to non-financial targets
(maximum of 30%). Examples of KPIs include (revenue)
growth, sustainable returns (EBITDA margin), employee
engagement, client satisfaction, growth in added value
services, resilience and corporate social responsibility.
KPIs are partly the same as those for the short-term
variable remuneration, but each KPI has its own dynamics,
depending on the long-term - or short-term horizon.
At the start of each reference year, the Supervisory Board
determines whether the (list of) KPIs for the relevant reference
period needs to be adjusted, depending on the current
circumstances and (strategic) priorities. The Supervisory
Board also determines the targets for the relevant reference
period each year, including the weighting. When weighting
the KPIs, the Supervisory Board takes into account the long-
term nature of (this part of) the remuneration. The number
of shares that can be obtained after the end of a reference
period in the event of on-target performance is determined
on the basis of 50% of the base salary (including 8% holiday
allowance: “reference salary”) paid to the Management Board
member in the first year of the reference period, divided
by the closing price on the last trading day of the previous
financial year. An exceptionally good performance can lead
to the unconditional vesting, after the end of the reference
period, of 170% of the on-target number of conditionally
awarded performance shares (85% of the reference salary).
If a member of the Management Board achieves 80% of the
KPIs set for the relevant reference period, 50% of the on-target
number of performance shares conditionally awarded will
be vested unconditionally. If a member of the Management
Board fails to achieve at least 80% of the relevant
performance target (minimum performance), no long-term
variable remuneration will be paid out for that target.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 84
Long-term variable remuneration (LTI) – pay-out range
(in shares)
Score Pay-out range
below 80% of target (minimum) -
on target 50% of reference salary
1
above target (maximum) 85% of reference salary
1
The level of the long-term variable remuneration to be
granted - within the above pay-out range - is determined on
the basis of a weighted average (i.e. the sum of all weighted
sub-scores per KPI).
Pension
Members of the Management Board participate in the
standard Ordina pension scheme, as outlined in the
Insurances addendum of the General Employment Terms
and Conditions and in accordance with the prevailing
pension scheme. The pension basis used is the legally
maximized pensionable salary less the franchise. The annual
pension premiums for said scheme are for the account of
the Company and will be paid by the Company.
Other benefits
The Company makes a car, a laptop, and a mobile phone
available to members of the Management Board.
Management agreement
• The members of the Management Board work on the
basis of a management agreement. This agreement
includes a notice period of three months and six months
(for the Board members and the Company) respectively.
• The management agreement is subject to a change-of-
control clause (if the position or tasks of a member of the
Management Board change significantly as a result of the
acquisition of the Company, resulting in a change of control
1 Note: divided by the closing price on the last trading day of the financial
year previous to the first year of the reference period
of the Company, a member of the Management Board will
receive compensation equal to one year’s base salary).
• In certain circumstances, members of the Management
Board are entitled to a severance payment. This payment
will not exceed one year’s base salary.
Application remuneration policy in 2022
Base salary
The base salaries, including holiday allowance, of the
members of the Management Board were indexed by 2.79%
as of January 1, 2022, and amounted to EUR 441,997
(CEO) and EUR 295,521 (CFO) on full-year basis. For the
CFO an incremental increase arrangement is in place. As
per January 1, 2023, the base salaries of the members
of the Management Board were indexed by 2.38%.This
percentage is based on the average salary increase within
Ordina the Netherlands in 2022. This means that as of the
aforementioned date, the salaries of the members of the
Management Board are as follows:
Base salary on full-year basis
Base salary
2022
After indexation as
per January 1, 2023
CEO 441,997 452,517
CFO 295,521 331,495
The fixed salary of Ms. Joyce van Donk-van Wijnen is subject
to the following incremental increase arrangement:
Incremental increase arrangement Joyce van Donk-van
Wijnen/CFO
Base salary
as from January 1, 2021 260,000
as from January 1, 2022 (indexed) 295,521
as from January 1, 2023 (indexed) 331,495
Short-term variable remuneration
In accordance with the remuneration policy for the
Management Board of Ordina N.V., the short-term
remuneration is based on financial and non-financial targets,
with the financial targets carrying greater weight than the non-
financial targets. Both members of the Management Board
have the same targets.
The ratio between financial and non-financial targets has been
set as follows for the year under review: at least 70% of the
short-term variable remuneration is based on financial targets
in the reference year. The chosen KPIs are revenue (30%) and
EBITDA margin (40%). The remaining 30% of the short-term
variable remuneration for the year under review is based on
non-financial targets. These include employee engagement,
client satisfaction, ESG objectives, growth of added value
services, house in order, and resilience. The targets have been
selected in such a way that they do not provide any incentive
for a member of the Management Board to put their own
interests above those of the Company or to take risks that are
not in line with the Company’s strategy.
The Supervisory Board determined that the financial targets
for 2022 were realized below target. On an underlying level,
the revenue from business propositions increased and prices
were higher compared to last year. The pay-out percentage
for the revenue target has been set at 99.9%, or a weighted
100%. For the EBITDA margin target, this has been set at
95%, or a weighted 75%. The EBITDA margin was impacted
in 2022 by lower productivity and by inflation. The total
weighted pay-out on the financial targets amounts to 86%.
The score for the non-financial targets was set at 3 (on
target). A number of the non-financial KPIs were achieved in
2022, such as client satisfaction and employee engagement,
while others fell short of the formulated ambition. The
various indicators of client satisfaction and employee
engagement, which were measured by the Supervisory
Board on the basis of the outcome of surveys, confirmed
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 85
the positive impact of the related actions taken as part of
Ordina’s 2026 strategy. In 2022, Ordina realized a significant
growth in business proposition revenue, mainly from high-
performance teams and digital acceleration; however the
target was just not achieved (1% difference), owing to the
strong growth of total revenue. Meanwhile, Ordina made
ESG part of its strategy and achieved the target for the year
to reduce carbon emission. In the context of the annual ESG
targets, the diversity target regarding the male/female ratio
was not met. Nevertheless, Ordina is on track regarding its
health index and resilience targets and will continue this in
2023. The pay-out percentage for the non-financial targets
has been set at 100%, or a weighted 100%.
In view of the above, the Supervisory Board decided to
award Jo Maes (CEO) a short-term remuneration of EUR
198,899 and Joyce van Donk-van Wijnen (CFO) a short-term
remuneration of EUR 132,985. The short-term remuneration
for both members of the Management Board is equivalent
to a pay-out percentage of 90% of the on-target short-term
variable remuneration.
Long-term variable remuneration
Like the short-term remuneration, the long-term
remuneration is based on financial and non-financial targets,
with the financial targets carrying more weight than the non-
financial targets. These targets are also the same for both
members of the Management Board and are determined
at the start of every three-year period for the total duration
of this performance period for the relevant (three-year)
reference period.
If the targets defined as on-target are realized, the long-
term variable remuneration amounts to 50% of the gross
annual base salary increased by the applicable percentage
of holiday allowance. The long-term component of the
variable remuneration pertains to a payment in Ordina
N.V. shares, and each current scheme has a term of three
years. Pursuant to the remuneration policy, the value of the
on-target number of shares to be awarded is equal to 50%
of the fixed salary (including holiday allowance) payable to
the members of the Management Board in the first year of
the three-year period. At the start of each three-year period,
directors are conditionally awarded a number of shares on
the basis of the closing share price of Ordina N.V. shares
at the end of the preceding calendar year. At the end of
the three-year period, shares are granted unconditionally
(“vested”) on the basis of targets realized measured against
the targets set. Shares obtained this way are delivered in the
year after the last year of the three-year period. Members of
the Management Board are not permitted to sell their shares
within two years of the vesting date, unless any sale of
such shares is for the sole purpose of paying any levies and
premiums due with respect to those granted shares. In view
of this, unconditionally granted shares are delivered into a
blocked deposit account.
Short-term variable remuneration (STI) – realization of 2022 targets
Target Nature of the target Weighting
On target
determination Realization absolute Pay out factor
Pay out in % of
weighting target
Revenue (in EUR millions) Financial 30.0% 430.0 429.4 1.00 30.0%
EBITDA margin (in %) Financial 40.0% 12.3% 11.7% 0.75 30.0%
Subtotal financial criteria 70.0% 60.0%
Client Satisfaction Index Non-financial 7.5
Employee Engagement Score Non-financial 7.5
Annual ESG targets (scale 1-5) Non-financial 3.0
Health index Non-financial 80.0%
Resilience Non-financial 6.0
Growth in added value (% business proposition revenue) Non-financial 47.8%
Subtotal non-financial criteria 30.0% 3.0 3.0 1.00 30.0%
Total 100% 90.0%
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 86
The ratio of financial and non-financial targets for the 2020-
2022 scheme is as follows: 70% of the long-term variable
remuneration is related to the development of Ordina’s
results. The KPIs for this scheme are revenue (30%) and
EBITDA margin (40%). The non-financial targets for the
long-term variable remuneration are: employee engagement,
client satisfaction, growth in added value services, and ESG
targets. Achieving these objectives is crucial on both an
operational and strategic level, which is why some of these
objectives are partly used for both short-term and long-term
variable remuneration. The chosen KPIs each have their own
dynamics in these different time horizons and therefore have
their own impacts on the Management Board’s performance.
The Supervisory Board determined that the revenue target
was realized above target in 2022. The EBITDA margin
was also above target as a result of the improvement
in productivity, growth in FTE and growth of business
proposition revenue during the performance period. The pay-
out percentage for the revenue target has been set at 102.2%,
Long-term variable remuneration (LTI) – realization of 2020-2022 targets
Nature of the target Weighting
On target
determination Realization absolute Pay out factor
Pay out in % of
weighting target
Revenue (in EUR millions) Financial 30.0% 420.0 429.4 1.35 40.5%
EBITDA margin (in %)
1
Financial 40.0% 11.3% 11.7% 1.35 54.0%
Subtotal financial criteria 70.0% 94.5%
Client Satisfaction Index Non-financial 7.5
Employee Engagement Score Non-financial 7.0
Annual ESG targets (scale 1-5) Non-financial 3.0
Attrition direct employees Non-financial 17%
Resilience Non-financial 6.0
Growth in added value (% business propositions revenue) Non-financial 65%
Subtotal non-financial criteria 30.0% 3.0 2.5 0.75 22.5%
Total 100% 117.0%
1 This pertains to a non-IFRS valuation. The 2020-2022 LTI scheme is subject to an EBITDA target before the application of IFRS Leases
or a weighted 135%. The pay-out for the EBITDA target has
been set at around 103.5%, or a weighted 135%. The total
weighted pay-out for the financial targets amounts to 135%.
The score for the non-financial targets was determined at 2.5
(below target). A number of the non-financial targets were
realized while others fell short of the formulated ambition
for the performance period, such as the target for growth in
value added services, which was measured by the Supervisory
Board on the basis of business proposition revenue. Although
the shift in Ordina’s business model did result in strong growth,
it was not as strong as the target set for the performance
period. Ordina will continue to shift its business model towards
business proposition revenue, preferably delivered through
high-performance teams. Although Ordina realized growth in
direct FTE, the target for attrition of direct employees was not
achieved. All other non-financial targets were realized above
target. The pay-out percentage for the non-financial targets
has been set at 75%, or a weighted 75%. The total weighted
pay-out for non-financial targets amounts to 75%.
In view of the above, 110,650 (Jo Maes) and 14,875 (Joyce
van Donk-van Wijnen) performance shares were vested. This
is equivalent to a pay-out percentage of 117% of the on-target
long-term variable remuneration of the Management Board.
The shares to be granted unconditionally in the context of the
above will be delivered in the first quarter of 2023.
The main aspects of the current variable remuneration
schemes for the members of the Management Board are
included in the below overview.
Outlook
In its meeting of February 16, 2022, the Supervisory Board
decided to adjust the list of targets for the long-term variable
remuneration and the weighting of same, to put more
emphasis on (the implementation of) the 2026 strategy.
For the long-term 2022-2024 variable remuneration, the
Supervisory Board used the following financial targets:
revenue growth (30%) and EBITDA margin (40%). Of the
revenue growth target, 10% depends on revenue growth
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 87
achieved through acquisitions. For the non-financial targets
(30%), the Supervisory Board used the following targets:
client satisfaction, employee engagement, ESG targets,
net growth in direct employees and growth in added value
services. The realization of these targets will once again be
assessed on a combined basis. The targets deemed leading
in the context of the Ordina 2026 strategy will generally
have a greater relative weighting than the other targets. This
approach will be continued for the long-term 2023-2025
variable remuneration.
Pension scheme
Both members of the Management Board participate in the
pension scheme provided by the Company.
Other benefits
The Company makes a laptop, a mobile phone and a car
available to the members of the Management Board. The
associated costs of these benefits for the Management
Board members was around EUR 0.1 million in 2022. Said
costs are included as part of the overall remuneration in the
above overview. In addition to a car being made available to
them, the Management Board members also have the option
of hiring a driver in certain circumstances. These costs are
not part of the other benefits and have therefore not been
included in the above overview.
Severance pay
In the year under review, no severance pay was paid out to
Management Board members. There were also no instances
of a claw-back of a remuneration under Article 2:135 Section
8 of the Dutch Civil Code.
Share options
The Management Board members have not received any share
options (share options are not part of the remuneration policy).
Personal loans, advances and guarantees
No personal loans, advances or guarantees were issued for
the benefit of members of the Management Board.
Developments in remuneration
In accordance with Article 2:135b Section 2 sub e of the
Dutch Civil Code, the table on the next page shows the
annual changes in the remuneration of the individual
Management Board members over the past five financial
years, the average remuneration of employees of the
Company over the past five financial years on the basis
of a full-time working week, and the development in the
Company’s performance based on the following KPIs:
revenue, net profit, and employee engagement. These
targets were selected on the basis of their relevance in
Current long-term variable remuneration schemes
General terms share schemes Information about the financial year
Performance
period
Conditional
granting date
Unconditional
granting date
End holding
period
opening balance in the course of the year Closing balance
Number of shares
granted at the
start of the year
Number of
shares granted
conditonally
Number of
shares granted
unconditionally
Number of
shares dependent
on performance
criteria
Number of shares
granted and
conditional
at year-end
Number of shares
dependent on
holding criteria
J.G. Maes 2018-2020 25-04-18 18-02-21 17-02-23 - - - - - 88,619
2019-2021 22-03-19 17-02-22 16-02-24 135,724 - 173,727 - - 92,032
2020-2022 12-02-20 Q1 2023 Q1 2025 94,573 - - 94,573 94,573 -
2021-2023 18-02-21 Q1 2024 Q1 2026 74,783 - - 74,783 74,783 -
2022-2024 2-02-22 Q1 2025 Q1 2027 - 53,902 - 53,902 53,902 -
J.F. van Donk-van Wijnen
1
2018-2020 5-07-18 18-02-21 n.a. - - - - - -
2019-2021 9-05-19 Q1 2022 n.a. 18,248 - 23,357 - - -
2020-2022 22-06-20 Q1 2023 n.a. 12,714 - - 12,714 12,714 -
2021-2023 18-02-21 Q1 2024 Q1 2026 45,217 - - 45,217 45,217 -
2022-2024 2-02-22 Q1 2025 Q1 2027 - 36,039 - 36,039 36,039 -
1 The 2018-2020, 2019-2021 and 2020-2022 schemes for J.F. van Donk-van Wijnen were awraded under the senior management bonus scheme.
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 88
Remuneration Management Board
amounts in euro 1,000, unless indicated otherwise
J.G. Maes J.F. van Donk-van Wijnen
2022 2021 change 2022 2021 change
Base salary 442 430 3% 296 260 14%
Other payments 16 46 -65% 19 17 12%
One-year variable 199 245 -19% 133 148 -10%
Multi-year variable 249 337 -26% 122 78 56%
Extraordinary items - - 0% - - 0%
Pension expense 8 8 0% 7 7 0%
Total 914 1,066 -14% 577 510 13%
Base compensation 51% 45% 56% 56%
Performance related 49% 55% 44% 44%
recent years and because they facilitate consistent reporting
and comparison across the aforementioned years.
Developments in remuneration
2022 2021 2020 2019 2018
Directors remuneration (on a full-time equivalent basis)
J.G. Maes, CEO 914 1,066 991 891 747
J.F. van Donk-van Wijnen, CFO 577 510 n.a. n.a. n.a.
J.W. den Otter, CFO n.a. n.a. 692 609 515
Company performance
Revenue (in euro millions) 429.4 394.5 369.2 372.3 358.5
Net profit (in euro millions) 23.9 24.6 22.3 14.9 6.9
Employee engagement score 7.6 7.6 7.5 7.1 7.1
Average remuneration (on a full-time equivalent basis)
Directors of the company 745.5 788.0 841.5 750.0 631.0
Employees of the company 75.9 73.5 71.1 70.7 72.1
Pay ratio Directors 9.8 10.7 11.8 10.6 8.8
Pay ratio CEO 12.0 14.5 13.9 12.6 10.4
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Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Remuneration report Annual report 2022 | 89
Compensation Supervisory Board
2022 2021 2020 2019 2018
J. van Hall, chairman 65 66 65 65 n.a.
C. Princen, vice chairman 48 48 47 47 44
T. Menssen 48 48 24 n.a. n.a.
D.R. de Breij 45 33 n.a. n.a. n.a.
B. Van Reet 45 33 n.a. n.a. n.a.
F. Michiels n.a. 4 23 n.a. n.a.
J. Niessen n.a. n.a. 32 45 45
D.J. Anbeek n.a. n.a. 24 48 48
P.G. Boumeester n.a. n.a. n.a. 12 48
J.G. van der Werf n.a. n.a. n.a. n.a. 20
A. Kregting n.a. n.a. n.a. n.a. 45
Total 250 232 215 217 250
The amounts in the table above have been extrapolated and
are presented on an annual (total) basis.
Pay ratio
Pursuant to best practice provision 3.4.1 sub iv of the Dutch
Corporate Governance Code 2016, Ordina determines
the pay ratio between the Management Board and
other employees in the Ordina Group every year. Ordina
calculates this pay ratio by dividing the average costs of
the Management Board by the average costs per employee
for the entire Ordina Group. The pay ratio calculated in this
manner was 9.8 for 2022 (2021: 10.7). With effect from
reporting year 2020, the ratio is also calculated by presenting
the ratio between the total annual remuneration of the CEO
and the average annual remuneration of the Company’s own
employees. This ratio was 12,0 in 2022 (2021: 14.5). External
hires have not been included in this calculation. This is also
in line with Ordina’s strategy, which is targeting growth in the
Company’s own employees. The Supervisory Board is of the
opinion that the development of the pay ratios within Ordina
is well balanced.
The changes in these ratios were largely due to the lower
variable remuneration in 2022 compared to 2021.
Supervisory Board remuneration
The aim of the Supervisory Board’s remuneration policy is
to enable Ordina to recruit competent Supervisory Board
members. In accordance with best practice provision
3.3.1 of the Dutch Corporate Governance Code 2016, the
remuneration of the Supervisory Board members reflects
the time commitment and responsibilities of their position
and does not depend on the Company’s results. The
remuneration is based on the current remuneration policy as
adopted by the AGM of June 30, 2020. The RNH Committee
reviews the policy on an annual basis, submitting it for
adoption by the General Meeting at least every time the
policy is changed substantively or, in the absence of such a
change, every four years. Various stakeholders are consulted
before determining the policy, including Ordina’s Works
Council.
In line with the policy, the fixed remuneration for a member
of the Supervisory Board was EUR 40,000 in 2022. The
remuneration for the chair of the Supervisory Board was
EUR 60,000 in the year under review. In addition to the
above remuneration, the chairs and members of the Audit
Committee and RNH Committee received an annual stipend
of EUR 7,500 and EUR 5,000 respectively. The Supervisory
Board members do not receive a variable remuneration.
No personal loans, advances, or guarantees were provided
for the benefit of members of the Supervisory Board in 2022.
Members of the Supervisory Board are permitted to hold
shares in Ordina N.V. for long-term investment purposes
(with due observance of the prevailing laws and regulations
in this area). At both year-end 2022 and year-end 2021, the
members of the Supervisory Board did not hold any Ordina
N.V. shares.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Annual report 2022 | 90
Financial
statements
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Contents Annual report 2022 | 91
Contents
Consolidated statement of financial position
as at 31 December
92
Consolidated statement of profit and loss 94
Consolidated statement of comprehensive income 95
Consolidated statement of changes in equity 96
Consolidated statement of cash flows 97
Notes to the consolidated financial statements 99
1. General Information 99
2. Summary of significant accounting policies 99
3. Presentation of the statement of cash flows 115
4. Financial Risk Management 115
5. Significant accounting judgments, estimates and
assumptions 118
6. Revenue from contracts with customers 121
7. Segment information 123
8. Intangible assets 126
9. Leases 129
10. Property, plant and equipment 132
11. Associated companies 133
12. Deferred income tax 134
13. Financial instruments by category 137
14. Trade receivables and other current assets 137
15. Cash and cash equivalents 140
16. Share capital 142
17. Reserves 144
18. Liabilities arising from financing activities 145
19. Employee benefits 146
20. Other provisions 150
21. Trade payables and other current liabilities 151
22. Personnel expenses 152
23. Other operating expenses 153
24. Finance income and expenses 154
25. Income tax expense 155
26. Earnings per share 156
27. Dividend per share 157
28. Preference shares 157
29. Commitments, contingencies and contractual
obligations and rights 157
30. Acquisitions and divestments 159
31. Related parties 160
32. Events after the reporting period 163
Company statement of financial position Ordina N.V.
as at 31 December
164
Company statement of profit and loss Ordina N.V. 166
Notes to the company financial statements 167
33. General 167
34. Financial assets 168
35. Deferred income tax assets 168
36. Equity 169
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementoffinancialpositionasat31December Annual report 2022 | 92
Consolidated statement of financial position as at 31 December
(Before appropriation of profit)
The notes 1 through 32 are an integral part of these consolidated financial statements.
(In euro thousands) Notes 2022 2021
Assets
Non-current assets
Intangible assets 8 130,916 132,677
Right-of-use assets 9 29,318 32,613
Property, plant and equipment 10 8,137 7,058
Investments in associated companies 11 319 326
Deferred income tax assets 12 6,004 8,564
Total non-current assets 174,694 181,238
Current assets
Trade receivables 14 47,693 41,195
Unbilled receivables 14 17,776 16,125
Contract assets 14 9,786 7,806
Other current assets 14 4,768 2,903
Cash and cash equivalents 15 37,205 43,599
Total current assets 117,228 111,628
Total assets 291,922 292,866
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementoffinancialpositionasat31December Annual report 2022 | 93
Consolidated statement of financial position as at 31 December
(Before appropriation of profit) (continued)
The notes 1 through 32 are an integral part of these consolidated financial statements.
(In euro thousands) Notes 2022 2021
Equity and liabilities
Equity
Issued capital 16 9,002 9,326
Share premium reserve 17 124,433 136,219
Retained earnings 17 14,203 8,805
Net profit for the year 17 23,895 24,598
Total equity 171,533 178,948
Liabilities
Non-current liabilities
Employee related provisions 19 555 912
Lease liabilities 9 19,520 24,018
Other provisions 20 - 1,481
Deferred income tax liabilities 12 458 525
Total non-current liabilities 20,533 26,936
Current liabilities
Lease liabilities 9 10,777 10,503
Other provisions 20 1,424 2,391
Trade payables 21 17,191 10,705
Contract liabilities 21 6,871 5,889
Other current liabilities 21 61,636 56,153
Current income tax payable 1,957 1,341
Total current liabilities 99,856 86,982
Total liabilities 120,389 113,918
Total equity and liabilities 291,922 292,866
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementofprofitandloss Annual report 2022 | 94
Consolidated statement of profit and loss
(in euro thousands) Notes 2022 2021
Revenue from contracts with customers 6 429,416 394,471
Operating expenses
Cost of hardware, software and other direct costs -5,433 -5,832
Subcontracted work -113,069 -98,756
Personnel expenses 22 -247,118 -225,145
Amortisation intangible assets 8 -1,692 -1,722
Depreciation right-of-use assets 9 -10,972 -10,648
Depreciation property, plant and equipment 10 -2,369 -2,069
Other operating expenses 23 -13,407 -14,549
Total operating expenses -394,060 -358,721
Operating profit 35,356 35,750
Finance income 24 - -
Finance costs 24 -1,357 -1,301
Share of profit of associated companies 11 -7 2
Profit before tax 33,992 34,451
Income tax expense 25 -10,097 -9,853
Net profit for the year 23,895 24,598
Net profit is attributable to:
Shareholders of the company 23,895 24,598
Net profit for the year 23,895 24,598
(In euro’s) Notes 2022 2021
Earnings per share - basic 26 0.26 0.26
Earnings per share - diluted 26 0.26 0.26
The notes 1 through 32 are an integral part of these consolidated financial statements.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementofcomprehensiveincome Annual report 2022 | 95
Consolidated statement of comprehensive income
The notes 1 through 32 are an integral part of these consolidated financial statements.
(in euro thousands) Notes 2022 2021
Net profit for the year 17 23,895 24,598
Items not to be reclassified to profit or loss in subsequent periods
Actuarial gains and losses on defined benefit plans 17/19 335 153
Tax related to actuarial gains and losses on defined benefit plans 12/17 -85 -38
Other comprehensive income for the year, net of tax 250 115
Total comprehensive income for the year 24,145 24,713
Total comprehensive income for the year is attributable to:
Shareholders of the company 24,145 24,713
Total comprehensive income for the year 24,145 24,713
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementofchangesinequity Annual report 2022 | 96
Consolidated statement of changes in equity
The notes 1 through 32 are an integral part of these consolidated financial statements.
(in euro thousands) Notes
2022 2021
Issued
capital
Share
premium
reserve
Retained
earnings
Net profit
for the year Total
Issued
capital
Share
premium
reserve
Retained
earnings
Net profit
for the year Total
At 1 January 9,326 136,219 8,805 24,598 178,948 9,326 136,219 9,976 22,290 177,811
Net profit for the year 17 - - - 23,895 23,895 - - - 24,598 24,598
Other comprehensive income
Actuarial gains and losses on defined benefit plans 17/19 - - 335 - 335 - - 153 - 153
Tax related to actuarial gains and losses on defined benefit plans 12/17 - - -85 - -85 - - -38 - -38
Other comprehensive income for the year, net of tax - - 250 - 250 - - 115 - 115
Total comprehensive income for the year - - 250 23,895 24,145 - - 115 24,598 24,713
Transactions with shareholders
Appropriation of profit previous year 17/27 - - 24,598 -24,598 - - - 22,290 -22,290 -
Dividend distribution 17/27 - - -14,734 - -14,734 - - -22,288 - -22,288
Treasury shares purchased related to the share buy-back
program 16/17 -324 -11,786 -2,890 - -15,000 - - - - -
Shares purchased related to the share-based payments
settlement 16/17 - - -2,802 - -2,802 - - -2,602 - -2,602
Share-based payments - personnel expenses 17/22 - - 976 - 976 - - 1,314 - 1,314
Total transactions with shareholders -324 -11,786 5,148 -24,598 -31,560 - - -1,286 -22,290 -23,576
At 31 December 9,002 124,433 14,203 23,895 171,533 9,326 136,219 8,805 24,598 178,948
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementofcashflows Annual report 2022 | 97
Consolidated statement of cash flows
The notes 1 through 32 are an integral part of these consolidated financial statements.
(in euro thousands) Notes 2022 2021
Operating activities
Net profit for the year 23,895 24,598
Adjustments for
Finance costs -net 9/24 1,357 1,301
Share of profit of associated companies 11 7 -2
Income tax expense 25 10,097 9,853
Amortisation intangible assets 8 1,692 1,722
Depreciation right-of-use assets 9 10,972 10,648
Depreciation property, plant and equipment 10 2,369 2,069
Movements in provisions 19/20 -47 560
Share-based payments 16/17/22/31 976 1,314
Working capital changes
Movements in receivables -11,521 -6,302
Movements in current liabilities 11,315 4,870
Cash generated from operations 51,112 50,631
Interest paid -1,065 -1,143
Income tax paid 7 -7,074 -7,091
Net cash flow from operating activities 42,973 42,397
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Consolidatedstatementofcashflows Annual report 2022 | 98
Consolidated statement of cash flows (continued)
The notes 1 through 32 are an integral part of these consolidated financial statements.
(in euro thousands) Notes 2022 2021
Investing activities
Acquisition of a subsidiary, net of cash acquired 20/30 -1,000 -3,489
Purchase of intangible assets 8 - -67
Purchase of property, plant and equipment 10 -4,006 -4,918
Proceeds from sale of property, plant and equipment 10 76 104
Net cash flows used in investing activities -4,930 -8,370
Financing activities
Lease payments 9 -11,901 -9,943
Shares purchased related to the share-based settlement 16/17 -2,802 -2,602
Dividends paid to shareholders 17/27 -14,734 -22,288
Treasury shares purchased related to the share buy-back program 16/17 -15,000 -
Net cash flows used in financing activities -44,437 -34,833
Net movement in cash and cash equivalents -6,394 -806
(in euro thousands) 2022 2021
Net movement in cash and cash equivalents -6,394 -806
Cash and cash equivalents at beginning of year 43,599 44,405
Cash and cash equivalents at end of year 37,205 43,599
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 99
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 100
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 101
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 102
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 103
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 104
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 105
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 106
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 107
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 108
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 109
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 110
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 111
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 112
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 113
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 114
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 115
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 116
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 117
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 118
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 119
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 120
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 121
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 122
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 123
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 124
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 125
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 126
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 127
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 128
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 129
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 130
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 131
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 132
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 133
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 134
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 135
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 136
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 137
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 138
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 139
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 140
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 141
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 142
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 143
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 144
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 145
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 146
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 147
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 148
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 149
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 150
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 151
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 152
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 153
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 154
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 155
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 156
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk manage
Governance
Statutory prov
Declaration by the Management Boar d
Report of th Super visory Boar d
Remunerati r epor t
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notes to the consolidated financial statements Annual report 2022 | 157
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 158
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 159
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 160
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 161
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 162
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestotheconsolidatedfinancialstatements Annual report 2022 | 163
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Companystatementoffinancialpositionasat31December Annual report 2022 | 164
Company statement of financial position as at 31 December
(Before appropriation of profit)
The notes 33 through 36 are an integral part of these financial statements.
(In euro thousands) Notes 2022 2021
Assets
Non-current assets
Financial fixed assets 34 171,855 176,966
Deferred income tax assets 35 121 1,389
Total non-current assets 171,976 178,355
Total current assets
Other receivables 6 1
Current income tax receivables - 592
Total current assets 6 593
Total assets 171,982 178,948
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Companystatementoffinancialpositionasat31December Annual report 2022 | 165
Company statement of financial position as at 31 December
(Before appropriation of profit) (continued)
The notes 33 through 36 are an integral part of these financial statements.
(In euro thousands) Notes 2022 2021
Equity and liabilities
Equity
Issued capital 36 9,002 9,326
Share premium 36 124,433 136,219
Legal reserve 36 337 1,061
Retained earnings 36 13,866 7,744
Net profit for the year 36 23,895 24,598
Total equity 171,533 178,948
Liabilities
Current liabilities
Current income tax payable 449 -
Trade payables and other current liabilities - -
Total current liabilities 449 -
Total liabilities 449 -
Total equity and liabilities 171,982 178,948
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Companystatementofprofitandloss Annual report 2022 | 166
Company statement of profit and loss
The notes 33 through 36 are an integral part of these financial statements.
(in euro thousands) Notes 2022 2021
Revenue - -
Operating expenses
Other operating expenses -2 -2
Total operating expenses -2 -2
Operating profit -2 -2
Finance income 12 -
Finance costs - -23
Finance costs - net 12 -23
Share of profit of group companies 34 23,889 24,742
Profit before tax 23,899 24,717
Income tax expense -4 -119
Net profit for the year 23,895 24,598
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestothecompanyfinancialstatements Annual report 2022 | 167
33 General
33.1 Basis of preparation of company financial statements
Ordina N.V. is a private limited liability company, incorporated in 1973, and has its registered office at Ringwade 1, in
Nieuwegein, the Netherlands, under Trade Register number 30077528. The company financial statements of Ordina N.V.
have been prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code. In accordance with subsection 8 of section
362, Book 2 of the Dutch Civil Code, the recognition and measurement principles applied in these parent company financial
statements are the same as those applied in the consolidated financial statements (see accounting policies relating to
financial statement captions included in the relevant notes to the consolidated financial statements).
The company financial statements of Ordina N.V. are presented in euros (EUR). Amounts are in thousands of euros, unless
otherwise indicated.
33.2 Accounting policies
The accounting policies for the company financial statements are the same as for the consolidated financial statements. If no
further policies are mentioned, reference is made to the accounting policies for the consolidated financial statements.
33.3 Financial assets / investments in subsidiaries
Investments in subsidiaries in which Ordina N.V. exercises control or where Ordina N.V. is responsible for central management
are measured at net asset value. The net asset value is measured whereby the net assets, liabilities and provisions of the
group company are measured and profit is calculated on the basis of the accounting policies used in the consolidated
financial statements.
Receivables from group companies are measured on the basis of the accounting policies used in the consolidated financial
statements. The expected credit losses on receivables on group companies, as stated in IFRS 9, are recognized as part of the
carrying amounts of the group companies.
Notes to the company financial statements
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestothecompanyfinancialstatements Annual report 2022 | 168
34 Financial assets
This item can be specified as follows:
The investments and distributions within the participations in group companies are related to internal dividend payments
(2022: EUR 30.0 million, 2021: EUR 20.5 million) as well as equity movements related to share-based payments (see notes 17
and 22). The actuarial gains and losses are related to employee-related provisions (see notes 12 and 19).
35 Deferred income tax assets
Deferred income tax assets can be specified as follows:
Ordina N.V. is the head of the fiscal unity for corporate income tax in the Netherlands. Consequently, Ordina N.V. accounts for
the fiscal positions of this fiscal unit, insofar as these are not already accounted for by the other members of the fiscal unit.
The deferred income tax assets associated with intangible assets and property, plant and equipment relates to temporary
measurement differences due to the difference between actual economic useful life and the minimum fiscal write-down
period. Deferred tax assets are recognized at the applicable tax rates.
2022 2021
Investments
in group
companies
Receivables
from group
companies Total
Investments
in group
companies
Receivables
from group
companies Total
At 1 January 172,673 4,293 176,966 170,604 3,666 174,270
Investments and distributions -31,825 2,575 -29,250 -22,788 627 -22,161
Actuarial gains and losses 250 - 250 115 - 115
Share of profit of group companies 23,889 - 23,889 24,742 - 24,742
At 31 December 164,987 6,868 171,855 172,673 4,293 176,966
2022 2021
Intangible assets and property, plant and equipment 121 159
Recognised tax losses - 1,230
At 31 December 121 1,389
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestothecompanyfinancialstatements Annual report 2022 | 169
At year-end 2022 Ordina has utilised all of its tax losses. At year-end 2022 no tax losses are recognized (recognized tax losses
at year-end 2021: around EUR 4.8 million).
At year-end 2022, around EUR 0.1 million (year-end 2021: around EUR 0.1 million) of the deferred tax assets has a maturity of
more than one year. For more details on the deferred taxes of Ordina, see note 12.
Movements in equity in 2022 and 2021 can be specified as follows:
The share premium reserve at year-end 2022 includes share premium of around EUR 2.9 million which does not qualify as tax
approved share premium reserve which is related to share-based payments (year-end 2021: around EUR 2.9 million).
2022 2021
Issued
capital
Share
premium
reserve
Legal
reserve
Retained
earnings
Net profit
for the year Total
Issued
capital
Share
premium
reserve
Legal
reserve
Retained
earnings
Net profit
for the year Total
At 1 Januari 9,326 136,219 1,061 7,744 24,598 178,948 9,326 136,219 1,676 8,300 22,290 177,811
Appropriation of profit previous year - - - 24,598 -24,598 - - - - 22,290 -22,290 -
Dividend distribution - - - -14,734 - -14,734 - - - -22,288 - -22,288
Shares purchased in relation to the share
buy-back program -324 -11,786 - -2,890 - -15,000 - - - - - -
Shares purchased in relation to the share-
based payments settlement - - - -2,802 - -2,802 - - - -2,602 - -2,602
Share-based payments - personnel expenses - - - 976 - 976 - - - 1,314 - 1,314
Actuarial gains and losses on defined benefit
plans - - - 250 - 250 - - - 115 - 115
Net profit for the year - - - - 23,895 23,895 - - - - 24,598 24,598
Movement regarding legal reserve - - -724 724 - - - - -615 615 - -
At 31 December 9,002 124,433 337 13,866 23,895 171,533 9,326 136,219 1,061 7,744 24,598 178,948
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Notestothecompanyfinancialstatements Annual report 2022 | 170
In 2022 Ordina executed a share-buy-back program for the amount of EUR 15 million. Ordina acquired 3.2 million of its
ordinary shares. These shares were cancelled in October 2022. After the cancellation of these shares, Ordina’s issued capital
consists of one priority share and 90,015,795 ordinary shares. For details on the share buy-back program, see note 16.2.
At year-end 2022 and year-end 2021, Ordina N.V. had not purchased any treasury shares.
At year-end 2022 and year-end 2021, there were no outstanding option rights for Ordina N.V. shares.
For details on the remuneration of the members of the Management Board, see note 31.2.2.
Nieuwegein, 15 February 2023
Management Board
J.G. Maes, CEO
J.F. van Donk-van Wijnen, CFO
Supervisory Board
J. van Hall, Chair
C. Princen, Vice-Chair
T. Menssen
D.R. de Breij
B. van Reet
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Other
information
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
List of group companies / principal associates Annual report 2022 | 172
List of group companies /
principal associates
Registered office
Participation as a
% at year-end 2022
Participation as a
% at year-end 2021
Ordina Holding B.V.* Nieuwegein 100 100
Ordina Nederland B.V.* Nieuwegein 100 100
Ordina Business Consulting & Solutions B.V.* Nieuwegein 100 100
Ordina Technologie & Competenties B.V.* Nieuwegein 100 100
Ordina Software Development B.V.* Nieuwegein 100 100
Ordina RulesMatter B.V.* Nieuwegein 100 100
Ordina Beheer & Outsourcing B.V.* Nieuwegein 100 100
Ordina Subscription Management & Utilities B.V.* Nieuwegein 100 100
Ordina Sourcing B.V. * Nieuwegein 100 100
Clockwork B.V.* Amsterdam 100 100
SourcePower B.V.* Nieuwegein 100 100
Ordina Belgium N.V. Mechelen (Belgium) 100 100
Ordina Luxembourg SA Windhof (Luxembourg) 100 100
All group companies listed above are fully consolidated. The company has issued declarations of joint and several liability
(pursuant to Section 403, Part 9 of Book 2 of the Dutch Civil Code) for the subsidiaries marked *. These companies were given
permission to prepare financial statements based on a format that is in contravention of the provisions of said Part of the
Dutch Civil Code.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 173
Combined independent auditor’s report
Combined independent auditor’s report on the 2022 financial statements
and non-financial information
To: the shareholders and Supervisory Board of Ordina N.V.
Our opinions
Financial statements
We have audited the financial statements 2022 of Ordina
N.V. based in Nieuwegein. The financial statements
comprise the consolidated and company financial
statements.
In our opinion:
• the accompanying consolidated financial statements give
a true and fair view of the financial position of Ordina N.V.
as at 31 December 2022 and of its result and its cash
flows for 2022 in accordance with International Financial
Reporting Standards as adopted by the European Union
(EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code
• the accompanying company financial statements give
a true and fair view of the financial position of Ordina
N.V. as at 31 December 2022 and of its result for 2022 in
accordance with Part 9 of Book 2 of the Dutch Civil Code
The consolidated financial statements comprise:
• the consolidated statement of financial position as at 31
December 2022
• the following statements for 2022: the consolidated
statement of profit and loss, the consolidated statements
of comprehensive income, changes in equity and cash
flows
• the notes comprising a summary of the significant
accounting policies and other explanatory information
The company financial statements comprise:
• the company statement of financial position as at 31
December 2022
• the company statement of profit and loss for 2022
• the notes comprising a summary of the significant
accounting policies and other explanatory information
Non-financial information
We have audited the non-financial information included in
the annual report 2022 of Ordina N.V. based in Nieuwegein.
This audit is aimed at obtaining a reasonable level of
assurance.
• In our opinion, the non-financial information included in
the annual report 2022 presents, in all material respects, a
reliable and adequate view of:
• the policy and operations with regard to corporate social
responsibility;
• the thereto related events and performance in 2022.
• in accordance with the reporting criteria as included in the
section Reporting criteria for the non-financial information.
The non-financial information includes the following
chapters in the annual report:
• Key figures;
• Five-year overview;
• Impressions;
• Mission and core values;
• Market trends;
• Value creation model;
• Stakeholder dialogue;
• Strategy 2026 – excluding paragraph EU taxonomy.
Basis for our opinions
We conducted our audit in accordance with Dutch law,
including the Dutch Standards on Auditing and the Dutch
Standard 3810N “Assurance engagements relating to
sustainability reports” (Assurance-opdrachten inzake
maatschappelijke verslagen), which is a specified Dutch
Standard that is based on the International Standard on
Assurance Engagements (ISAE) 3000 (Revised) ”Assurance
engagements other than audits or reviews of historical
financial information”. Our responsibilities under those
standards are further described in the Our responsibilities
section of our report.
We are independent of Ordina N.V. (the company)
in accordance with the EU Regulation on specific
requirements regarding statutory audit of public-interest
entities, the “Wet toezicht accountantsorganisaties” (Wta,
Audit firms supervision act), the “Verordening inzake
de onafhankelijkheid van accountants bij assurance-
opdrachten” (ViO, Code of Ethics for Professional
Accountants, a regulation with respect to independence) and
other relevant independence regulations in the Netherlands.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 174
Furthermore we have complied with the “Verordening
gedrags- en beroepsregels accountants” (VGBA, Dutch Code
of Ethics).
We believe the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinions.
Reporting criteria for the non-financial
information
The reporting criteria used for the preparation of the
non-financial information are the Sustainability Reporting
Standards of the Global Reporting Initiative (GRI Standards)
and the applied supplemental reporting criteria as disclosed
in the glossary of the annual report.
The non-financial information is prepared with reference to
the GRI Standards. The GRI Standards used are listed in the
GRI Content Index as disclosed in the glossary of the annual
report.
The absence of an established practice on which to draw, to
evaluate and measure non-financial information allows for
different, but acceptable, measurement techniques and can
affect comparability between entities and over time.
Consequently, the non-financial information needs to be read
and understood together with the reporting criteria used.
Limitations to the scope of our audit of
the non-financial information
The non-financial information includes prospective
information such as ambitions, strategy, plans, expectations,
estimates and risk assessments. Inherent to this prospective
information, the actual future results are uncertain. We
do not provide any assurance on the assumptions and
achievability of prospective information in the non-financial
information.
The references to external sources or websites in the
sustainability information are not part of the sustainability
information as audited by us. We therefore do not provide
assurance on this information.
Our opinion is not modified in respect of these matters.
Information in support of our opinions
We designed our audit procedures in the context of our
audit of the financial statements and the non-financial
information as a whole and in forming our opinions thereon.
The following information in support of our opinions and
any findings were addressed in this context, and we do not
provide separate opinions or conclusions on these matters.
Our understanding of the business
Ordina N.V. is an IT service provider in the Netherlands,
Belgium and Luxembourg. The group is structured in
components and we tailored our group audit approach
accordingly. We paid specific attention in our audit to a
number of areas driven by the operations of the group and
our risk assessment.
Materiality
General
We determined materiality and identified and assessed the
risks of material misstatement of the financial statements
and the non-financial information, whether due to fraud
or error in order to design audit procedures responsive to
those risks and to obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinions.
Financial statements
Materiality € 2.1 million (2021: € 1.95 million)
Benchmark
applied
Revenue 0.5% (2021: 0.5%)
Explanation
We deem revenue the most appropriate
benchmark for Ordina N.V. taking into
consideration the following aspects:
• important KPI for Ordina N.V. and its
stakeholders;
• stable development and less significant
fluctuations as compared to a benchmark
based on net result.
We have also taken into account misstatements and/or
possible misstatements that in our opinion are material for
the users of the financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements
in excess of € 105,000, which are identified during the
audit, would be reported to them, as well as smaller
misstatements that in our view must be reported on
qualitative grounds.
Non-financial information
Based on our professional judgement we determined
materiality levels for each relevant part of the non-financial
information and for the non-financial information as a whole.
When evaluating our materiality levels, we have taken into
account quantitative and qualitative considerations as well
as the relevance of information for both stakeholders and
the company.
We agreed with the Supervisory Board that misstatements
which are identified during the audit and which in our view
must be reported on quantitative or qualitative grounds,
would be reported to them.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 175
Scope of the group audit
Ordina N.V. is at the head of a group of entities. The financial
information of this group is included in the consolidated
financial statements.
Because we are ultimately responsible for the opinion on the
financial statements, we are also responsible for directing,
supervising and performing the group audit. In this respect
we have determined the nature and extent of the audit
procedures to be carried out for group entities. Decisive
were the size and/or the risk profile of the group entities
or operations. On this basis, we selected group entities
for which an audit or review had to be carried out on the
complete set of financial information or specific items.
Ordina N.V. is structured in line with its geographical
locations. The reportable segments of Ordina N.V. are the
Netherlands and Belgium/Luxembourg. Consolidation
procedures for the entire group are performed at its
registered head office in Nieuwegein, The Netherlands.
The financial administration of the Dutch legal entities is
also performed here. The segment Belgium/Luxembourg
has administrative processes and internal controls that are
separated from the Dutch activities.
Our group audit mainly focused on significant group entities,
being the Dutch segment and the Belgian operations of the
Belgium/Luxembourg segment (Full scope). For the Dutch
operations we performed audit procedures ourselves. The
audit of the operations of the Belgian entity are performed
by EY Belgium. Considering the limited size of the activities
in Luxembourg, EY Belgium performed review scope
procedures for the Luxembourg entity within the segment
Belgium/Luxembourg.
In total the full scope procedures represent 97% of the
group’s total assets and 97% of revenues.
Assets Revenues
2022 2022
Full scope Review scope
By performing the procedures mentioned above at
components of the group, together with additional
procedures at group level, we have been able to obtain
sufficient and appropriate audit evidence about the
group’s financial information to provide an opinion on the
consolidated financial statements.
Teaming and use of specialists
We ensured that the audit teams both at group and at
component levels included the appropriate skills and
competences which are needed for the audit of a listed
client in the information technology industry. We included
specialists in the areas of IT audit, forensics, sustainability,
accounting and corporate tax.
Our focus on climate-related risks and the energy
transition
Climate change and the energy transition are high on
the public agenda. Issues such as CO2 reduction impact
financial reporting, as these issues entail risks for the
business operation, the valuation of assets (‘stranded
assets’) and provisions or the sustainability of the business
model and access to financial markets of companies with a
larger CO2 footprint.
Management summarized Ordina N.V.’s commitments and
obligations, and reported how Ordina N.V. is addressing
climate-related and environmental risks in the section Risk
management in the Report of the Management Board.
As part of our audit of the financial statements, we evaluated
the extent to which climate-related risks and the effects
of the energy transition and Ordina N.V.’s commitments
and (constructive) obligations, are taken into account in
estimates and significant assumptions. Furthermore, we
read the Report of the Management Board and considered
whether there is any material inconsistency between the
non-financial information in the chapters as referred to
under “Our opinions” and the financial statements.
Our focus on fraud and non-compliance with laws
and regulations
Our responsibility
Although we are not responsible for preventing fraud or
non-compliance and we cannot be expected to detect
non-compliance with all laws and regulations, it is our
responsibility to obtain reasonable assurance that the
financial statements taken as a whole and the non-financial
information taken as a whole, are free from material
misstatement, whether caused by fraud or error. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Our audit response related to fraud risks
We identified and assessed the risks of material
misstatements of the financial statements and the
non-financial information due to fraud. During our audit
we obtained an understanding of Ordina N.V. and its
environment and the components of the system of
internal control, including the risk assessment process and
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 176
management’s process for responding to the risks of fraud
and monitoring the system of internal control and how
the Supervisory Board exercises oversight, as well as the
outcomes.
We refer to section Risk management of the Report of the
Management Board for management’s risk assessment
after consideration of potential fraud risks.
We evaluated the design and relevant aspects of the
system of internal control and in particular the fraud risk
assessment, as well as the code of conduct, whistle blower
procedures and incident registration. We evaluated the
design and the implementation of internal controls designed
to mitigate fraud risks.
As part of our process of identifying fraud risks, we
evaluated fraud risk factors with respect to financial
reporting fraud, misappropriation of assets and bribery and
corruption. We evaluated whether these factors indicate that
a risk of material misstatement due to fraud is present.
We incorporated elements of unpredictability in our
audit. We also considered the outcome of our other audit
procedures and evaluated whether any findings were
indicative of fraud or non-compliance.
As in all of our audits, we addressed the risks related to
management override of controls. For these risks we
have performed procedures among others to evaluate
key accounting estimates for management bias that may
represent a risk of material misstatement due to fraud,
in particular relating to important judgment areas and
significant accounting estimates as disclosed in Note 5 to
the financial statements, including recognition of revenue
from contracts with customers. We have also used data
analysis to identify and address high-risk journal entries
and evaluated the business rationale (or the lack thereof) of
significant extraordinary transactions, including those with
related parties.
When identifying and assessing fraud risks we presumed
that there are risks of fraud in revenue recognition. We
considered among others Ordina N.V.’s revenue targets
and their realization and evaluated the progress of work in
progress. We designed and performed our audit procedures
relating to revenue recognition responsive to this presumed
fraud risk.
The following fraud risks identified did require significant
attention during our audit.
Presumed risks of fraud in revenue recognition and management override of controls (financial statements)
Fraud risk We presumed that there are risks of fraud in revenue recognition. We evaluated that fixed fee contracts in particular
give rise to such risks, since revenue recognition is subject to management assumptions relating to the percentage
of completion that is subjective in nature. Additionally, we identify the risk that projects are incorrectly classified as
either fixed fee or times and material contract, which could lead to incorrect revenue recognition. Lastly, management
remuneration is related to revenue and overall financial performance which could be an incentive to incorrectly recognize
revenue.
These revenues are disclosed in the financial statements in notes 2.17 (Summary of significant accounting policies,
Revenue from contracts with customers), 5.2 (Significant accounting judgments, estimates and assumptions, Revenue
from contracts with customers), 6.1 (Revenue from contracts with customers), 6.2 (Balance sheet positions related to
contracts with customers), 14 (Trade receivables and other current assets), 20 (Other provisions) and 21 (Trade payables
and other current liabilities). Management discusses the risks in the Report of the Management Board in paragraph Risk
overview (risk profile contracts).
Our audit
approach
We describe the audit procedures responsive to the presumed risk of fraud in revenue recognition in the description of our
audit approach for the key audit matter ‘Revenue recognition and valuation contracts with customers’.
Revenue from business propositions (non-financial information)
Fraud risk There is a certain degree of subjectivity in determining whether contracts meet the definitions and assessment criteria for
business proposition revenue, partly because Ordina N.V. develops these definitions and assessment criteria itself. Due to
the subjectivity and the relationship with management remuneration, we identified a potential fraud risk.
Management discusses the risks in the Report of the Management Board in paragraph Risk overview (sensitivity
to economic cycles) and elaborates on business proposition revenue in several other sections of the Report of the
Management Board and the Remuneration report. The percentage of business proposition revenues is disclosed in the
financial statements in note 6.1 (Revenue from contracts with customers).
Our audit
approach
We describe the audit procedures responsive to the risk of fraud relating to revenue from business propositions in the
description of our audit approach for the key audit matter ‘Revenue from business propositions’.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 177
We considered available information and made enquiries
of relevant executives, directors, internal audit, legal,
compliance, human resources and regional directors and the
Supervisory Board.
The fraud risks we identified, enquiries and other available
information did not lead to specific indications for fraud or
suspected fraud potentially materially impacting the view of
the financial statements and the non-financial information.
Our audit response related to risks of non-
compliance with laws and regulations
We performed appropriate audit procedures regarding
compliance with the provisions of those laws and
regulations that have a direct effect on the determination
of material amounts and disclosures in the financial
statements or the non-financial information. Furthermore,
we assessed factors related to the risks of non-compliance
with laws and regulations that could reasonably be expected
to have a material effect on the financial statements or
the non-financial information from our general industry
experience, through discussions with the Management
Board, reading minutes, inspection of internal audit and
compliance reports and performing substantive tests of
details of classes of transactions, account balances or
disclosures.
We also inspected lawyers’ letters and we have been
informed by the Management Board that there was no
correspondence with regulatory authorities and remained
alert to any indication of (suspected) non-compliance
throughout the audit. Finally we obtained written
representations that all known instances of non-compliance
with laws and regulations have been disclosed to us.
Our audit response related to going concern
As disclosed in Note 2.1 (Basis of preparation) to the financial
statements, the financial statements have been prepared
on a going concern basis. When preparing the financial
statements, management made a specific assessment of
Ordina N.V.’s ability to continue as a going concern and to
continue its operations for the foreseeable future.
We discussed and evaluated the specific assessment
with management exercising professional judgment and
maintaining professional skepticism. We considered
whether management’s going concern assessment, based
on our knowledge and understanding obtained through our
audit of the financial statements or otherwise, contains all
relevant events or conditions that may cast significant doubt
on Ordina N.V.’s ability to continue as a going concern.
Based on our procedures performed, we did not identify
material uncertainties about going concern. If we conclude
that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
cause a company to cease to continue as a going concern.
Our key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements and the non-financial information. We
have communicated the key audit matters to the Supervisory
Board. The key audit matters are not a comprehensive
reflection of all matters discussed.
The key audit matter ‘Acquisition IFS Probity B.V.’ which was
included in our last year’s auditor’s report, is not considered
a key audit matter for this year as this related to a one-off
transaction. ‘Valuation of goodwill and other intangible
assets’ is no longer a key audit matter as the risk that
goodwill is impaired is lower due to increase in headroom
(difference between the recoverable amount and its carrying
amount) following the improved results in the last years.
A new key audit matter for the non-financial information has
been defined for revenue from business propositions. We
took into consideration that, as opposed to previous year,
Ordina N.V.’s performance on this KPI for 2022 is close to the
predefined targets.
Apart from the aforementioned changes our key audit
matters did not change in comparison with previous year.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 178
Revenue recognition and valuation contracts with customers
We refer to the Report of the Management Board paragraph Risk overview (Risk profile contracts) and the financial statements notes 2.17 (Summary of significant accounting policies, Revenue from contracts with
customers), 5.2 (Significant accounting judgments, estimates and assumptions, Revenue from contracts with customers), 6.1 (Revenue from contracts with customers), 6.2 (Balance sheet positions related to
contracts with customers), 14 (Trade receivables and other current assets), 20 (Other provisions) and 21 (Trade payables and other current liabilities).
Risk We identify a (fraud) risk regarding the recognition of revenue and valuation of contracts with customers with a fixed fee.
Our most significant considerations include:
• there are (partly) long-term projects where the determination of the progress of the work and future costs to complete the project is based on management assumptions, which involve
subjectivity;
• there is a risk that projects are incorrectly classified as either fixed fee or times and material contract, which could lead to incorrect revenue recognition;
• because variable considerations are present in the contracts and variation orders to the contracts, there is a risk that the revenue recognition is not in accordance with the applicable
financial reporting standards (EU-IFRS);
• management remuneration is related to revenue recognition and overall financial performance which could be an incentive to incorrectly recognizing revenue and as such there is a risk
that management overrides controls relating to project result estimates.
The accounts in the financial statements that involve fixed fee projects are revenue from contracts with customers € 429.5 million (2021: 394.5 million), contract assets € 9.8 million (2021: €
7.8 million), onerous contract provisions € 1.4 million (2021: € 1.4 million), and contract liabilities € 6.9 million (2021: € 5.9 million).
Our audit approach We obtained an understanding of Ordina N.V.’s controls, including control activities relevant to revenue recognition and valuation of contracts and, evaluated the design of the controls over
how Ordina N.V. made the estimate.
We tested Ordina N.V.’s estimates on project results and the data on which these are based, evaluating:
• the appropriateness of the method(s), and
• the reasonableness of assumptions used.
This included the estimates made by project managers, business controllers and the Manage-ment Board. We assessed the estimates based on project reports and other supporting
evidence. We performed back-testing procedures by comparing the forecasted project results of last year with current year actuals to assess the quality and preciseness of the estimates
around progress of the work and future costs to complete the projects. Furthermore we assessed the provision for onerous contracts based on changes in estimates of the project results
and underlying project reports.
We evaluated the appropriateness of Ordina N.V.’s accounting policies related to revenue recog-nition in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code and whether
the methods for making estimates are appropriate and have been applied consistently or whether changes, if any, are appropriate in the circumstances. We also evaluated the disclosures in
ac-cordance with the requirements of the applicable financial reporting frameworks relevant to ac-counting estimates and whether significant judgments by management are disclosed.
Key observations We concur with management’s estimates and are of the opinion that disclosures in the financial statements are adequate.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 179
We identified the following key audit matter for the audit of the non-financial information.
Revenue from business propositions (key audit matter)
We refer to the Report of the Management Board paragraph Risk overview (sensitivity to economic cycles), several other sections of the Report of the Management Board where Ordina elaborates on business
proposition revenue, the Remuneration report and the financial statements in note 6.1 (Revenue from contracts with customers). For the definition of revenue from business propositions we refer to the glossary in
the annual report.
Risk We identify a (fraud) risk related to whether contracts meet the definitions and assessment crite-ria for business proposition projects.
Our most significant considerations include:
• There is a certain degree of judgment involved in determining whether (new) projects classify as ‘business proposition’.
• Revenue from business propositions is linked to management remuneration.
Our audit approach We obtained an understanding of Ordina N.V.’s controls, including control activities relevant to the classification of projects as business proposition and the definitions and assessment
criteria being used in this process.
We performed testing procedures on new projects with a business proposition classification. We verified that the selected contracts were correctly classified based on the criteria
determined by Ordina N.V.
We performed analytical procedures on the revenue from business propositions in which we set our expectation based on the target set by Ordina N.V. and information obtained during the
audit.
Key observations We concur with management’s classification of business proposition projects and are of the opinion that the disclosure of related revenue of these business proposition projects as a
percentage of total revenue in the annual report is adequate.
Reporting criteria developed by Ordina N.V. (key audit matter)
For the definitions of the reporting criteria developed by Ordina N.V. we refer to the glossary in the annual report.
Risk For the preparation and disclosure of non-financial information Ordina N.V. uses reporting criteria with reference to the GRI Standards, supplemented with self-developed reporting criteria.
Self-developed reporting criteria are based on information needs of key stakeholder groups. We identify an increased risk related to the suitability and disclosure of these criteria. Suitable
criteria have the following characteristics: neutrality, measurability, completeness, relevance and understandability.
Our audit approach We obtained an understanding of Ordina N.V.’s controls, including control activities relevant to developing and authorizing self-developed criteria.
We verified that the criteria are suitable.
We verified that the disclosure of the criteria is sufficient for the intended users to correctly interpret the KPI results reported.
Key observations We agree on the suitability of the reporting criteria developed by Ordina N.V. and are of the opinion that the disclosures of the criteria in the annual report is adequate.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 180
Report on other information
included in the annual report
The annual report contains other information in addition to
the financial statements and our auditor’s report thereon.
Based on the following procedures performed, we conclude
that the other information:
• is consistent with the financial statements and does not
contain material misstatements
• contains the information as required by Part 9 of Book 2
of the Dutch Civil Code for the Report of the Management
Board and the other information as required by Part 9
of Book 2 of the Dutch Civil Code and as required by
Sections 2:135b and 2:145 sub section 2 of the Dutch
Civil Code for the remuneration report.
We have read the other information. Based on our
knowledge and understanding obtained through our
audit of the financial statements or otherwise, we have
considered whether the other information contains material
misstatements. By performing these procedures, we comply
with the requirements of Part 9 of Book 2 and Section
2:135b sub-Section 7 of the Dutch Civil Code and the Dutch
Standard 720. The scope of the procedures performed is
substantially less than the scope of those performed in our
audit of the financial statements.
Management is responsible for the preparation of the other
information, including the Report of the Management Board
in accordance with Part 9 of Book 2 of the Dutch Civil Code
and other information required by Part 9 of Book 2 of the
Dutch Civil Code. Management and the Supervisory Board
are responsible for ensuring that the remuneration report is
drawn up and published in accordance with Sections 2:135b
and 2:145 sub section 2 of the Dutch Civil Code.
.
Report on other legal and
regulatory requirements and ESEF
Engagement
We were engaged by the general meeting as auditor of
Ordina N.V. on 30 April 2015, as of the audit for the year
2015 and have operated as statutory auditor ever since that
date.
No prohibited non-audit services
We have not provided prohibited non-audit services as
referred to in Article 5(1) of the EU Regulation on specific
requirements regarding statutory audit of public-interest
entities.
Other non-prohibited services provided
In addition to the statutory audit of the financial statements
we provided the following services:
• Assurance reports on the quarterly statements prepared
by management regarding compliance of Ordina N.V. with
the ‘Wet Keten Aansprakelijkheid’ (WKA);
• Two ISAE 3402 type 2 assurance reports relating to
the internal controls of Ordina N.V. in connection with
services provided to clients;
• Auditors report on the preparation of the Compliance
Certificate in accordance with Ordina N.V.’s Revolving
Facility Agreement;
• Assurance report on the non-financial information in
Ordina N.V.’s annual report;
• Two reports of factual findings concerning the revenue
statement of Ordina Belgium.
European Single Electronic Reporting
Format (ESEF)
Ordina N.V. has prepared the annual report in ESEF. The
requirements for this are set out in the Delegated Regulation
(EU) 2019/815 with regard to regulatory technical standards
on the specification of a single electronic reporting format
(hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in the XHTML
format, including the (partially) marked-up consolidated
financial statements as included in the reporting package by
Ordina N.V., complies in all material respects with the RTS on
ESEF.
Management is responsible for preparing the annual report,
including the financial statements, in accordance with the
RTS on ESEF, whereby management combines the various
components into a single reporting package.
Our responsibility is to obtain reasonable assurance for our
opinion whether the annual report in this reporting package
complies with the RTS on ESEF.
We performed our examination in accordance with Dutch
law, including Dutch Standard 3950N ’Assurance-opdrachten
inzake het voldoen aan de criteria voor het opstellen
van een digitaal verantwoordingsdocument’ (assurance
engagements relating to compliance with criteria for digital
reporting). Our examination included amongst others:
• obtaining an understanding of Ordina N.V.’s financial
reporting process, including the preparation of the
reporting package
• identifying and assessing the risks that the annual report
does not comply in all material respects with the RTS on
ESEF and designing and performing further assurance
procedures responsive to those risks to provide a basis
for our opinion, including:
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 181
- obtaining the reporting package and performing
validations to determine whether the reporting
package containing the Inline XBRL instance
document and the XBRL extension taxonomy files,
has been prepared in accordance with the technical
specifications as included in the RTS on ESEF
- examining the information related to the consolidated
financial statements in the reporting package to
determine whether all required mark-ups have been
applied and whether these are in accordance with the
RTS on ESEF.
Description of responsibilities
Responsibilities of management and the
Supervisory Board
Management is responsible for the preparation and fair
presentation of the financial statements in accordance
with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code.
Management is also responsible for the preparation
of reliable and adequate non-financial information in
accordance with the reporting criteria as included in the
section ‘Reporting criteria for the non-financial information’,
including the identification of stakeholders and the definition
of material matters. Management is also responsible
for selecting and applying the reporting criteria and for
determining that these reporting criteria are suitable for
the legitimate information needs of stakeholders, taking
into account applicable law and regulations related to
reporting. The choices made by the Management Board
regarding the scope of the non-financial information and
the reporting policy are summarised in chapter Strategy
2026 (Environmental, Social and Governance) of the annual
report. Furthermore, management is responsible for such
internal control as management determines is necessary
to enable the preparation of the financial statements and
the non-financial information that are free from material
misstatement, whether due to fraud or error.
As part of the preparation of the financial statements,
management is responsible for assessing the company’s
ability to continue as a going concern. Based on the financial
reporting framework mentioned, management should
prepare the financial statements using the going concern
basis of accounting unless management either intends
to liquidate the company or to cease operations, or has
no realistic alternative but to do so. Management should
disclose events and circumstances that may cast significant
doubt on the company’s ability to continue as a going
concern in the financial statements.
The Supervisory Board is responsible for overseeing the
company’s financial and non-financial reporting process.
Our responsibilities
Our objective is to plan and perform the audit engagements
in a manner that allows us to obtain sufficient and
appropriate audit evidence for our opinions.
Our audits have been performed with a high, but not
absolute, level of assurance, which means we may not
detect all material errors and fraud during our audits.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements and non-financial information. The materiality
affects the nature, timing and extent of our audit procedures
and the evaluation of the effect of identified misstatements
on our opinions.
We apply the ‘Nadere voorschriften kwaliteitssystemen)’
(NVKS, Regulations for quality management systems)
and accordingly maintain a comprehensive system
of quality control including documented policies and
procedures regarding compliance with ethical requirements,
professional standards and other relevant legal and
regulatory requirements. We have exercised professional
judgment and have maintained professional skepticism
throughout the audit, in accordance with Dutch Standards
on Auditing and the Dutch Standard 3810N (Assurance-
opdrachten inzake maatschappelijke verslagen), ethical
requirements and independence requirements.
The ‘Information in support of our opinion’ section above
includes an informative summary of our responsibilities and
the work performed as the basis for our opinion.
Our audit of the financial statements further included among
others:
• Performing audit procedures responsive to the risks
identified, and obtaining audit evidence that is sufficient
and appropriate to provide a basis for our opinion
• Obtaining an understanding of internal control relevant
to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
Ordina N.V.’s internal control
• Evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management
• Evaluating the overall presentation, structure and content
of the financial statements, including the disclosures
• Evaluating whether the financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Combined independent auditor’s report Annual report 2022 | 182
Our audit of the non-financial information further included
among others:
• Performing an analysis of the external environment and
obtaining an understanding of relevant non-financial
themes and issues, and the characteristics of the
company
• Evaluating the appropriateness of the reporting criteria
used, their consistent application and related disclosures
in the non-financial information. This includes the
evaluation of the results of the stakeholders’ dialogue
and the reasonableness of estimates made by the
Management Board
• Obtaining an understanding of the systems and
processes for collecting, reporting and consolidating
the non-financial information, including obtaining an
understanding of internal control relevant to our audit,
but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control
• Identifying and assessing the risks if the non-financial
information is misleading or unbalanced, or contains
material misstatements, whether due to error or fraud.
Designing and performing further audit procedures
responsive to those risks, and obtaining audit evidence
that is sufficient and appropriate to provide a basis for
our opinion. The risk that the non-financial information is
misleading or unbalanced, or the risk of not detecting a
material misstatement resulting from fraud is higher than
for one resulting from errors. Fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control. These procedures consisted
amongst others of:
- Interviewing management and relevant staff at
corporate and business level responsible for the non-
financial strategy, policy and results
- Interviewing relevant staff responsible for providing
the information for, carrying out internal control
procedures on, and consolidating the data in the non-
financial information
- Determining the nature and extent of the audit
procedures for the group components and locations.
For this, the nature, extent and/or risk profile of these
components are decisive. The audit procedures are
aimed at, on a local level, validating source data and
evaluating the design and implementation of controls
and validation procedures.
- Obtaining assurance evidence that the non-financial
information reconciles with underlying records of the
company
- Evaluating relevant internal and external
documentation, on a test basis, to determine the
reliability of the non-financial information
- Performing an analytical review of the data and trends
in the information submitted for consolidation at group
level
• Reconciling the relevant financial information with the
financial statements
• Evaluating the overall presentation and content of the
non-financial information
• Evaluating the consistency of the non-financial
information with the information in the annual report
which is not included in the scope of our audit
• Considering whether the non-financial information as a
whole, including the disclosures, reflects the purpose of
the reporting criteria used
Communication
We communicate with the Supervisory Board regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
findings in internal control that we identify during our audits.
In this respect we also submit an additional report to the
audit committee of the Supervisory Board in accordance
with Article 11 of the EU Regulation on specific requirements
regarding statutory audit of public-interest entities. The
information included in this additional report is consistent
with our audit opinion in this auditor’s report.
We provide the Supervisory Board with a statement that
we have complied with relevant ethical requirements
regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Supervisory
Board, we determine the key audit matters: those matters
that were of most significance in the audit of the financial
statements and the non-financial information. We describe
these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, not communicating the
matter is in the public interest.
Utrecht, 15 February 2023
Ernst & Young Accountants LLP
Ronny Duim
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Legal organogram Ordina Annual report 2022 | 183
Legal organogram Ordina
ORDINA N.V.
Ordina Holding B.V.
Ordina Belgium N.V.
Ordina Luxembourg S.A.
Passwerk CVBA (37.31%)
Ordina Nederland B.V.
Ordina Business Consulting & Solutions B.V.
Clockwork B.V.
Ordina Technologie & Competenties B.V.
Ordina Software Development B.V.
Ordina RulesMatter B.V.
Ordina Beheer & Outsourcing B.V.
Ordina Subscription Management & Utilities B.V.
(Formerly named: IFS Probity B.V.)
Facilitaire Diensten Ordina B.V.
SourcePower B.V.
Ordina Sourcing B.V.
Quli B.V. (25%)
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Glossary Annual report 2022 | 184
Glossary
General terms
CAPEX: Capital expenditures are the investments a
company makes in long-term assets. The prescribed CAPEX
calculation method for the EU taxonomy is explained in the
relevant chapter.
Client Satisfaction Index (CSI): The average general
satisfaction score given by our clients in the annual Client
Satisfaction Survey. This score is given on the question: How
satisfied are you with Ordina in general? Using a scale from
1 to 10, where 1 is very dissatisfied and 10 is very satisfied.
Client satisfaction survey: We use an external research
agency to measure client satisfaction via telephone and
online questionnaires. Ordina’s largest clients are invited to
take part in the survey. When clients express a well-founded
wish not to be approached by an external research agency,
the telephone interview is conducted by an independent
Ordina employee. The survey provides an objective overview
of our clients’ perception, satisfaction and expectations of
our services.
Completeness: In the context of the combined auditor’s
report. Are there no relevant factors omitted that could
reasonably be expected to influence the decisions of the
intended users?
Data science: Data science is an interdisciplinary field
focused on extracting knowledge and insights from
data. Data scientists use programming skills, statistical
expertise and sector and organisational know-how to make
connections and distil valuable insights.
Deal Review System: This is a set of agreements, templates,
process flows and divisions of tasks for the controlled
acceptance and execution of (result) obligations.
Direct FTE: Employee who can book billable hours for clients
and does not have a full-time staff or management position.
Education and training hours: This includes the number of
hours spent by direct employees on education and training
during the reporting period.
Employee engagement survey: Ordina measures employee
engagement once a year through our annual employee
survey, in which employees are asked to rate several topics
from satisfaction with their work, leadership, development
opportunities and inclusiveness to name a few. This enables
us to target our efforts on areas where improvements are
desired and continue to improve the working climate for
all employees. Employees are able to express their views
anonymously by filling in a questionnaire. A specific question
sees to the general satisfaction of our employees. The score
of this question determines the Employee Engagement
Score.
Employee Value Proposition: The Employee Value
Proposition (EVP) is the promise, the value proposition,
that Ordina makes to its current and future employees.
This promise expresses what Ordina is offering its (future)
employees, in exchange for their commitment and
engagement, resulting in value creation for all stakeholders.
This covers more than just salary and secondary benefits;
it also includes elements such as career prospects and
autonomy at work.
eNPS-score: employer Net Promotor Score shows the
extent to which employees would recommend Ordina
to others as an employer. The score is determined by: %
promoters - % detractors.
ESG Board: Is a steering group, which is chaired by the
CEO. Together with the CFO, the chief HR officer, the CMO,
the company secretary, and an external program manager
they form the ESG board. The ESG Board supervises the
execution of the ESG strategy and monitors its progress.
FTE: Number of employees expressed in full-time
equivalents (40 hours per week) meas-ured on the basis of
roster days compared to workable days during a period.
Global Reporting Initiative (GRI): This is an international
organization that draws up guidelines for sustainability
reporting.
Health index: The health index includes several indicators,
such as productivity, the satisfaction of our employees,
number of referrals, sick leave and availability, to indicate
whether the essentials of the various business areas are
solid and healthy. We monitor these indicators on a monthly
basis.
Inclusive organization (inclusiveness): This is an
organization in which there is room for differences in
the broadest sense of the word. We use the employee
engagement survey to measure this by asking employees to
what extent they agree with the following statement: “I feel
free to express my opinion”.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Glossary Annual report 2022 | 185
Indirect FTE: Employee who has a staff or management
position and cannot book billable hours for clients.
LGBTIQ+ : The abbreviation LGBTIQ+ stands for lesbian,
gay, bisexual, transgender, intersex and queer, with
the plus standing for all other variations that are not
heterosexual and/or cisgender and/or do not have the
gender characteristics that fall within the usual definitions of
‘female’ or ‘male’.
Management Board: The CEO and CFO of Ordina together
form the Management Board.
Metrics: Metrics are quantitative assessment criteria
normally used to assess, compare and monitor performance
or production. Generally, a group of metrics is used to build
a dashboard that management or analysts consult regularly
to track performance assessments, opinions and business
strategies.
Net Promotor Score (NPS): The NPS measures the
likelihood of a client to recommend Ordina to other clients.
Ordina measures this by asking the question in the client
satisfaction survey: “How likely are you to recommend
Ordina to others?” The NPS score is calculated by adding up
your responses and subtracting the percentage of detractors
(5) from the percentage of promoters (8-9-10). The score can
be between -100 and +100.
Neutrality: In the context the combined auditor’s report. Is
the KPI free of bias?
OPEX: Operational expenditure is expenses a company
incurs in the course of its normal business operations. The
prescribed CAPEX calculation method for the EU taxonomy
is explained in the relevant chapter.
Outow direct employees at Ordina’s request: The
number of direct employees (in FTEs) whose contract was
terminated at Ordina’s request in current year, expressed as
a percentage of the number of direct employees (in FTEs) at
year-end preceding year.
Productivity: This is the % of the workable hours that (direct)
employees are deployed.
Ratio of female employees: The ratio of female employees
of the total workforce of Ordina.
Relevance: In the context of the combined auditor’s report.
Why are the KPIs relevant to Ordina?
Resilience: Indicator of our capacity to withstand potential
headwind.
Risk and Control Framework: This is an internal risk
management framework with control measures for the main
(financial) processes.
Sickness-related absenteeism percentage: Calculation of
the number of sickness-related absentee days in the period/
number of available days in the period x 100%. This takes
into account the % of sick people and the % of employment
contracts.
Sub-top: This is defined as the senior management of
Ordina (excluding the Management Board), i.e. those
employees in the organization who are ultimately
responsible for commerce (market directors) and business
(business directors) plus those who have group business
support responsibility. Together with the Management
Board, we call them OneOrdina.
Supply Chain Optimization: Chain optimization refers to
the tools and processes used to improve the performance
and efficiency of the supply chain from production and
distribution, taking into account all limitations.
Sustainable Development Goals (SDGs): The Sustainable
Development Goals the United Nations established in 2015
as the new global sustainable development agenda for 2030.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Glossary Annual report 2022 | 186
They are promoted as the global targets for sustainable
development.
Understandability: In the context of the combined auditor’s
report. Is the KPI understandable to the intended users?
Workers who are not employees: People who are
contracted by Ordina, but are not employees and whose
work is controlled by Ordina. We calculate the number of
workers who are not employees as the number of external
people who worked for Ordina in December of the reporting
period.
Financial terms
Amortisation: The depreciation of intangible fixed assets
such as goodwill.
EBIT: Earnings before interest and taxes.
EBITDA: Earnings before interest, taxes, depreciation and
amortisation.
Free cash ow: The free cash flow is the sum of net cash
flow from operational and investment activities, adjusted for
cash flows related to acquisitions and disposals of Group
companies and associates and dividends received from
associates. Lease payments are also deducted from the FCF
(following the application of IFRS 16 Leases).
IFRS EU: International Financial Reporting Standards are
the accounting standards for company annual reports, as
accepted within the European Union. With effect from
1 January 2005, stock exchange listed companies in the EU
are obliged to report according to these standards.
Solvency: Shareholders’ equity as a percentage of the
balance sheet total (fixed assets and current assets).
Terms and measurements used for
ESG results
CO2 footprint: The quantity of emissions expressed in
tons of CO2. These emissions fall under scope 1, 2 and 3
emissions as defined in the CO2 Performance ladder guide
3.1 produced by Stichting Klimaatvriendelijk Aanbesteden
en Ondernemen (The Foundation for Climate Friendly
Procurement and Business – SKAO) dated 22-06-2020.
Ordina uses the WTW (Well to Wheel) conversion factors
dated 14-07-2022. You can find these online at
www.co2emissiefactoren.nl (Dutch only).
CO2 footprint calculation: Ordina’s CO2 footprint calculation
includes the following components:
• Gas consumption: the gas consumption (in m3) in the
buildings that Ordina leases, corrected for any sub-leases;
• Fuel consumption lease cars: the fuel consumption of
the lease cars per category (diesel, petrol) in the Ordina
fleet (statements from lease companies and fuel card
companies);
• Electricity consumption lease cars: the electricity
consumption (in kWh) of lease cars in the Ordina
fleet. Since it is unknown whether the consumption
of electric lease cars is green or grey, we process all
electricity consumption of our lease cars to be grey in our
calculations, except for the consumption at the buildings
that Ordina uses with green electricity. The majority of the
buildings uses green electricity;
• Electricity consumption: the electricity consumption (in
kWh) in the buildings that Ordina leases, corrected for
any sub-leases. The majority of the buildings that Ordina
leases use green energy;
• Business kilometres private cars: in the Netherlands,
these kilometres are determined on the basis of the
amounts claimed as expenses for business kilometres.
The amount is converted into the number of kilometres
on the basis of a conversion factor laid down in the
employment terms and conditions (standard amount
per kilometre). The division into categories of car (diesel,
petrol) is on the basis of the index figures produced by
the Dutch Central Bureau for Statistics (CBS). This does
not apply to Belgium/Luxembourg;
• Fuel consumption rental cars: the fuel consumption of
the rental cars per category (diesel, petrol) in the Ordina
fleet (statements from lease companies and fuel card
companies);
• Air travel: the number of kilometres flown;
• Paper use: the number of kilogrammes of paper used,
including printed matter (determined on the basis of
invoices received);
• Train kilometres: in the Netherlands, these kilometres
are determined on the basis of the amounts claimed
as expenses for public transport costs. The amount is
converted into the number of kilometres on the basis a
conversion factor laid down in the employment terms and
conditions (standard amount per kilometre). For Belgium/
Luxembourg these are the actual kilometres travelled by
train;
• Commuter traffic: this is calculated on the basis of the
distance travelled from home to work for employees
who do not have a lease car (on the basis of actual days
travelled to the workplace);
• Waste: the number of kilogrammes of waste. In the
Netherlands, this is calculated on the basis of invoices
received. In Belgium/Luxembourg, Ordina receives
statements from the company that picks up the waste;
• Electricity consumption suppliers: electricity consumption
(in kWh) of the data centres that Ordina uses. In the
Netherlands, this is determined on the basis of invoices
received or meter readings. In Belgium/Luxembourg,
electricity consumption (in kWh) is calculated on the
basis of quarterly readings.
• Reduction of energy consumption (% compared to 2019):
The energy consumption is measured as the gas and
electricity consumption per square meter of our office
buildings.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Glossary Annual report 2022 | 187
Fuel consumption reduction in litres: The reduction of
fuel consumption of the lease cars in the Ordina fleet.
The number of lease cars per category (diesel, petrol) and
total fuel consumption are reported monthly by the lease
companies and fuel card companies in the Netherlands,
Belgium and Luxembourg.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Annex I Annual report 2022 | 188
Annex I
ISO
Ordina has a number of ISO certifications: ISO 9001:2015
(for quality), ISO 14001:2015 (for the environment), ISO
27001:2017 (for information security), ISO 27701: 2019
(for privacy management) and, in the Netherlands, NEN
7510-1:2017 (for Information security in healthcare).
In addition to sector-related developments, the context of
the organization plays a significant role in adopting these
standards. We also take into account the wishes and
requirements of stakeholders. All of these are managed
through an integrated, risk-focused approach aimed at
continuous improvements.
EcoVadis
EcoVadis is a sustainability rating platform for global
supply chains. EcoVadis makes it easy for buyers to assess
their suppliers on sustainability criteria in four areas:
the environment, employment and human rights, ethics,
and sustainable procurement. In early 2022, Ordina the
Netherlands and Ordina Belgium obtained a Gold certificate.
CO2 Performance Ladder
The CO2 Performance Ladder is an instrument that
helps organizations realize a structural reduction in their
CO2 emissions. The ladder is the leading sustainability
instrument in the Dutch market. Ordina the Netherlands has
a level 5 certificate, the highest possible level. This shows
that Ordina is making a demonstrable effort to reduce its
CO2 emissions, both in its own business operations and in
the value chain. End of 2022 DNV performed an external
audit for Ordina Belgium/Luxembourg, Ordina received a
level 3 certificate for Belgium/Luxembourg. This was the
first year, we submitted information from Belgium to receive
a CO2 Performance Ladder certificate.
ISAE3000
Assurance report on the design, existence and operation of
the control measures related to Ordina NL generic internal
processes for user organizations.
ISA3402
Assurance report on the design, existence, and operation
of control measures related to Application Lifecycle
Management and directing services in the field of cloud
services.
Transparency Benchmark
The Transparency Benchmark is a biennial assessment
of the content and quality of information on the social
elements of the operations of the 400 largest companies
active in the Netherlands. In the Transparency benchmark
for 2021, Ordina took second place in the services sector
(2019: seventh place) and 26th place (2019: 61st place)
in the overall rankings of companies and institutions in
the Netherlands. This made Ordina the highest-placed IT
services provider in the rankings.
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
GRI-index Annual report 2022 | 189
GRI-index
Statement of use Ordina N.V. has reported the information cited in this GRI content index for the period 1
January 2022 to 31 December 2022 with reference to the GRI Standards.
GRI 1 used GRI 1: Foundation 2021
Standard Disclosure title Location part provision of information Pagenumber
GRI 1: Foundation 2021
3. Reporting with reference to the GRI Standards
Publish a GRI content index GRI-index 189
Provide a statement of use Ordina N.V. has reported the information cited in this GRI content index for the period 1
January 2022 to 31 December 2022 with reference to the GRI Standards.
Notify GRI Ordina will notify GRI of the use of the GRI standards and the statement of use following the
publication
GRI 2: General Disclosures 2021
1. The organization and its reporting practices
2-1 Organizational details
a. Legal name Ordina N.V.
b. Nature of ownership and legal form List of group companies / principal associate, Legal organogram Ordina 172, 183
c. Location of headquarters Nieuwegein
d. Countries of operation Netherlands, Belgium and Luxembourg. report of the Management Board 16
2-2 Entities included in the organization’s sustainability reporting All group entities as included in the consolidated financial statements of Ordina N.V.
(excluding associated companies Quli B.V. and Passwerk CVBA).
Legal organogram Ordina
183
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
GRI-index Annual report 2022 | 190
Standard Disclosure title Location part provision of information Pagenumber
a. List of all entities included in the sustainabilty reporting Ordina N.V.
Ordina Holding B.V.
Ordina Nederland B.V.
Ordina Business Consulting & Solutions B.V.
Ordina Technologie & Competenties B.V.
Ordina Software Development B.V.
Ordina RulesMatter B.V.
Ordina Beheer & Outsourcing B.V.
Ordina Subscription Management & Utilities B.V.
Ordina Sourcing B.V.
Clockwork B.V.
SourcePower B.V.
Ordina Belgium N.V. Mechelen (Belgium)
Ordina Luxembourg SA
172
b. Differences between the list of entities included in the financial
reporting and in the sustainability reporting
No differences. All group entities as included in the consolidated financial statements of
Ordina N.V.
c. Explain the approach used for consolidating the information Minority interests in the associated companies Quli B.V. and Passwerk CVBA are not
included in the sustainability reporting.
2-3 Reporting period, frequency and contact point
a. Reporting period and frequency of the sustainability reporting 1 January until 31 December 2022, yearly
b. Reporting period financial reporting 1 January until 31 December 2022, in line with the sustainability reporting
c. Publication date of the report Ordina annual report 2022, publication 16 February 2023
d. Contact point for questions regarding the report Colophon 197
2-4 Restatements of information
a. Reasons and effect of restatements of information made from previous
reporting periods
Not applicable
2-5 External assurance
a. Policy and practice for seeking external assurance Chapters Ordina share, Governance, and Report of the Supervisory Board 34, 63, 75
b. Link assurance report and relationship with the assurance provider For the Independent Auditor’s Report we refer to page 173 of the Annual Report 2022 173
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
GRI-index Annual report 2022 | 191
Standard Disclosure title Location part provision of information Pagenumber
2. Activities and workers
2-6 Activities, value chain, and other business relationships
a. Sector(s) Market trends, Strategy 2026 18, 24
b. Value chain Value creation model, Stakeholder dialogue, Strategy 2026 20, 21, 24
c. Other relevant business relationships Value creation model, Stakeholder dialogue, Strategy 2026 20, 21, 24
d. Significant changes compared to previous reporting period Not applicable
2-7 Employees
a. Total number of employees; breakdown by gender and region Key figures, Five-year overview, Strategy 2026, Engaged and driven employees, Financial
Statements
5, 6, 24, 26, 90
b. Total number of permanent, temporary, non-guaranteed hours, full-time and
part-time employees, including breakdown by gender and by region
Engaged and driven employees 26
c. Methodologies and assumptions used to compile the data Engaged and driven employees 26
d. Contextual information Engaged and driven employees 26
e. Significant fluctuations in employee numbers during reporting period and
between reporting periods
Engaged and driven employees 26
2-8 Workers who are not employees
a. Total number of workers who are not employees and whose work is
controlled by the organization
Engaged and driven employees 26
b. Methodologies and assumptions used to compile the data Engaged and driven employees 26
c. Significant fluctuations in the number of workers who are not employees
during reporting period and between reporting periods
Engaged and driven employees 26
3. Governance
2-9 Governance structure and composition
a. Governance structure Governance, Report of the Supervisory Board 58,71
b. Committees of the highest governance body Composition Management Board and Supervisory Board, Report of the Supervisory Board 58, 71
c. Composition of the highest governance body and its committees Governance, Report of the Supervisory Board 58, 71
2-10 Nomination and selection of the highest governance body
a. Nomination and selection processes Governance, Report of the Supervisory Board 58, 71
b. Criteria used for nomination and selection Governance, Report of the Supervisory Board 58,71
2-11 Chair of the highest governance body
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
GRI-index Annual report 2022 | 192
Standard Disclosure title Location part provision of information Pagenumber
a. Whether the chair of the highest governance body is also a senior executive in
the organization
No, he is not.
Composition Management Board and Supervisory Board
58, 59
b. If so, explain Not applicable
2-12 Role of the highest governance body in overseeing the management of impacts
a. Role in developing, approving, and updating the organization's purpose, value
or mission statements, strategies, policies and goals related to sustainable
development
Report of the Supervisory Board 71
b. Role in overseeing the due diligence Report of the Supervisory Board 71
c. Role in reviewing the effectiveness of the organization's processes Report of the Supervisory Board 71
2-13 Delegation of responsibility for managing impacts
a. How the highest governance body delegates responsibility for impacts on the
economy, environment and people
Report of the Supervisory Board, Governance 71, 58
b. The process and frequency for senior executives or other employees to report
back to the highest governance body
Report of the Supervisory Board, Governance 71, 58
2-14 Role of the highest governance body in sustainability reporting
a. Whether the highest governance body is responsible for reviewing and
approving the reported information
Governance 58
b. If not, explain Governance 58
2-19 Remuneration policies
a. Remuneration policies for members of the highest governance body and senior
executives
Remuneration report 80
b. How the remuneration policies relate to their objectives and performance in
relation to the management of the organization's impacts on the
economy, environment, and people
Remuneration report 80
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
GRI-index Annual report 2022 | 193
Standard Disclosure title Location part provision of information Pagenumber
4. Strategy, policies and practices
2-22 Statement on sustainable development strategy
a. Statement about the relevance of sustainable development to the
organization and its stategy for contributing to sustainable development
Value creation model, Stakeholder dialogue, Strategy 2026 20, 21,24
2-23 Policy commitments
a. Describe policy commitments for responsible business conduct Code of Conduct and related policies and guidelines 62
a. Describe specific policy commitment to respect human rights Code of Conduct, Suppliers Code and related policies and guidelines 62
c. Provide links to the policy commitments https://www.ordina.nl/en/about-ordina/corporate-governance/
d. Report the level at which each of the policy commitments was approved Management Board and Supervisory Board
e. Report the extent to which the policy commitments apply The Code of Conduct applies to everyone:
• Who carries out work for Ordina, regardless of contract type (temporary, permanent,
agency workers, interns, external and hired-in staff);
• Who has been seconded to a client by Ordina;
• Who represents Ordina or acts in the name of Ordina.
f. Describe how the policy commitments are communicated Publicly available on our website + via intranet (Connect)
2-28 Membership associations
a. Industry associations, other membership associations, and national or
international advocacy organizations in which it participates in a
significant role
Not applicable
5. Stakeholder engagement
2-29 Approach to stakeholder engagement
a. Approach to engaging with stakeholders Stakeholder dialogue 21
2-30 Collective bargaining agreements
a. Percentage of total employees covered by collective bargaining agreements In Belgium, it is common to arrange certain topics via collective bargain agreements and not
via individual arrangements. Therefore, there exist several collective bargain agreements that
see on specific topics, such as bonus payments, temporary unemployment, consumption
vouchers, and covid compensation to name a few. In total these collective bargain
agreements concern about 4.5% of total payroll costs in the region Belgium/Luxembourg.
b. For employees not covered by collective bargaining agreements, report
whether the working conditions and terms of employment are based on other
collective bargaining agreements
The working conditions and terms of employment of these employees are not influenced or
determined based on other collective bargaining agreements
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
GRI-index Annual report 2022 | 194
Standard Disclosure title Location part provision of information Pagenumber
GRI 3: Material Topics 2021
2. Disclosures on material topics
3-1 Process to determine material topics
a. Process to determine material topics Stakeholder dialogue 21
b. Specify stakeholders and experts whose views have informed the process of
determining its material topics
Stakeholder dialogue 21
3-2 List of material topics
a. List of material topics Stakeholder dialogue 21
b. Report changes to the list of material topics compared to the previous
reporting period
Not applicable
3-3 Management of material topics
a. Impacts on the economy, environment, and people Strategy 2026 24
b. Whether the organization is involved with the negative impact through its
activities or as a result of its business relationships
Strategy 2026 24
c. Policies or commitments Governance 58
d. Actions taken to manage the topic and related impacts Strategy 2026 24
e. Information about tracking the effectiveness of the actions taken Strategy 2026 24
f. How engagement with stakeholders has informed the actions taken and
effectiveness
Stakeholder dialogue 21
Topic specific disclosures
302-3 Energy intensity Strategy 2026, Stakeholder dialogue, ESG 24, 21, 37
302-4 Reduction of energy consumption Strategy 2026, Value creation model, Stakeholder dialogue, ESG 24, 20, 21, 37
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
NFI Reference table Annual report 2022 | 195
NFI Reference table
EU-directive: Non-Financial Information and Diversity Information (reference table)
Subject Aspect
included
(yes/no) Chapter / Page reference
Business model General description of the business. Yes Ordina at a glance
Relevant social and personal
matters (e.g. HR, safety, etc.)
A description of the policies pursued, including due diligence Yes Strategy 2026: Engaged and driven employees
The outcome of those policies Yes Strategy 2026: Engaged and driven employees
Principle risks in own operations and within value chain Yes Risk management
How risks are managed Yes Risk management
Non -financial key performance indicators Yes Strategy 2026: Engaged and driven employees
Relevant environmental
matters (e.g. climate-related
impacts)
A description of the policies pursued, including due diligence Yes Strategy 2026, Risk management
The outcome of those policies Yes Strategy 2026, Risk management
Principle risks in own operations and within value chain Yes Risk management
How risks are managed Yes Risk management
Non -financial key performance indicators Yes Strategy 2026
Relevant matters with respect
for human rights (e.g. labour
protection)
A description of the policies pursued, including due diligence Yes Governance, Statutary Provisions
The outcome of those policies Yes Governance
Principle risks in own operations and within value chain Yes Governance, Risk management
How risks are managed Yes Governance
Non-financial key performance indicators No Not applicable
Relevant matters with respect
to anti-corruption and bribery.
A description of the policies pursued, including due diligence Yes Governance
The outcome of those policies Yes Governance
Principle risks in own operations and within value chain Yes Governance, Risk management
How risks are managed Yes Governance
Non -financial key performance indicators No Not applicable
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
NFI Reference table Annual report 2022 | 196
Subject Aspect
included
(yes/no) Chapter / Page reference
Insight into the diversity
(executive board and the
supervisory board)
A description of the policies pursued Yes Report Supervisory Board
Diversity targets Yes Report Supervisory Board
Description of how the policy is implemented Yes Report Supervisory Board
Results of the diversity policy Yes Report Supervisory Board, Composition Management Board and Supervisory Board
Contents
Ordina at a glance
Key figures
Five-year overview
Interview with the Management Board
Impressions
Report of the Management Board
Mission and core values
Market trends
Value creation model
Stakeholder dialogue
Strategy 2026
Risk management
Governance
Statutory provisions
Declaration by the Management Board
Report of the Supervisory Board
Remuneration report
Financial Statements
Contents
Consolidated financial statements
Notes to the consolidated financial statements
Company financial statements
Notes to the company financial statements
Other information
List of group companies
Combined independent auditor’s report
Legal organogram
Glossary
Annex I
GRI index
NFI Reference table
Colophon Annual report 2022 | 197
Colophon
Published
Ordina N.V.
Ringwade 1
3439 LM Nieuwegein
The Netherlands
+31 30 663 7000
www.ordina.com
Editor
Narrative Labs
Ordina N.V.
Concept and design
TD Cascade
Photography
Gwenny Eeckels