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Evry-2018-Financial-Statements.Pdf NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE LOCAL SECURITIES LAWS OR REGULATIONS OF SUCH JURISDICTION. EVRY ASA’s financial statements prepared for the year ended 31 December 2018 Includes the report of the Board of Directors, audited consolidated financial statements, audited parent company financial statements and independent auditor’s report for the financial year. NOTICE TO EVRY SHAREHOLDERS IN THE UNITED STATES Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States. Any securities referred to herein are being offered or sold in the United States pursuant to an exemption from the registration requirements of the Securities Act provided by Rule 802 thereunder. This document is made for the securities of a foreign company. The document is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies. It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws of the United States, since the issuer is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court’s judgment. You should be aware that the issuer may purchase securities otherwise than under any transaction referred to herein, such as in open market or privately negotiated purchases. 2018 Report from the Board of Directors In 2018 EVRY delivered a year in which it generated a solid cash flow and grew its EBITA in nominal terms for the third year in a row. A combination of major new wins and numerous small and medium-sized contracts resulted in solid growth in its order backlog. EVRY also launched several projects within emerging technologies and digital growth areas, giving it a robust platform for the future. 102 | ANNUAL REPORT 2018 The application services area was the 913 million in 2017. main driver of growth in 2018, but The Group’s order backlog at the end EVRY also experienced very positive of December 2018 was NOK 19.4 billion, momentum in its consultancy activities. of which NOK 7.8 billion (38 percent) is The demand for digital consultancy due for delivery in 2019. The Group’s services is high, and 2018 demonstrated order backlog at the end of December EVRY's position in the Nordic market, as 2017 totalled NOK 18.0 billion. The over the course of the year it initiated and backlog at year-end 2018 is not solely completed several consulting projects the result of a year in which EVRY won within emerging technologies and digital some big contracts. The backlog under- growth areas. EVRY has over the last few lines the trend and fact that customers in years managed to change its business general are changing their purchasing mix to include relatively more higher behaviour, with customers choosing margin services, with less basic infra- to undertake small and medium-sized structure services and a higher volume projects rather than entering into large of value-added Application Services. and complex agreements. At EVRY, there are more than Earnings per share for 2018 was NOK 2 100 consultants across the Nordics and 1.73 as compared to NOK -0.82 in 2017. close to 5 000 consultants in total (includ- Adjusted earnings per share for 2018 ing Global Delivery). The ambition was NOK 2.89 as compared to NOK 2.82 for EVRY’s consulting business is to in 2017. expand and focus on defined key For more detailed information see practice areas, which fall under digital page 74-75 “Key Figures, Definitions, consulting services and application Alternative Performance Measures”. services. These services are delivered on top of the digital platform services that FINANCIAL STATEMENTS create repeatable and scalable solutions Operating revenue together with EVRY’s partners. EVRY’s consolidated operating revenue EVRY’s consolidated operating for 2018 was NOK 12 912 as compared revenue for 2018 was NOK 12 912 million, to 12 596 million in 2017, representing an increase of NOK 316 million from NOK organic revenue growth of 3.0 percent. 12 596 million in 2017. After adjusting for This growth was driven by higher exchange rate effects and company revenue in the Application Services area, acquisitions and sales, organic revenue while revenue was lower in the infrastruc- growth was 3.0 percent. ture services area. The growth achieved FROM THE BOARDROOM The Group’s operating result before in applications services was largely in amortisation of customer contracts, EVRY Financial Services. write-downs of intangible assets and other income and expenses (normalised Operating result before amortisation EBITA) was NOK 1 582 million in 2018 of customer contracts and write- as compared to NOK 1 569 million in downs of intangible assets (EBITA) 2017. The normalised EBITA margin was The Group’s operating result before 12.3 percent in 2018, compared to 12.5 amortisation of customer contracts percent in 2017. (EBITA) for 2018 was a profit of NOK 1 FINANCIAL NOTES STATEMENTS & The Group’s cash conversion ratio 022 million as compared to a profit of was 86.2 percent in 2018, a decrease of NOK 353 million in 2017. In 2018 EBITA 5.4 percentage points from 2017. The was impacted by other income and Group’s free cash flow (adjusted for expenses totalling NOK 560 million, of other income and expenses) was NOK which NOK 545 million was related to 997 million in 2018, compared to NOK the partner agreement with IBM and > ANNUAL REPORT 2018 | 103 NOK 15 million to provisions related to result for the year for 2018 was a profit of EVRY´s former CEO. EBITA was nega- NOK 640 million. tively impacted in 2017 by other income On a comparable basis the Group's and expenses totalling NOK 1 215 million, result before tax in 2017 was a loss of NOK NOK 941 million of which amount relates 333 million. The Group’s tax expense for to the IBM contract and NOK 241 million the year totalled NOK 72 million in 2017, to transaction costs associated with representing an effective tax rate of 21.6 EVRY’s IPO and refinancing in 2017. See percent. The result for the year for 2017 Note 2 to the consolidated financial state- was a loss of NOK 2 61 million. ments for a more detailed breakdown of other income and expenses. After adjust- Cash flow and financial position ing for other income and expenses, the Net cash flow from operations in 2018 was Group reported an EBITA of NOK 1 582 NOK 713 million as compared to nega- million in 2018 as compared to NOK 1 tive NOK 495 million in 2017. Adjusted 569 million in 2017. operational cash flow in 2018 was Depreciation and write-downs of NOK 1 374 million, compared to NOK tangible assets and in-house developed 1 272 million in 2017. The operational software amounted to NOK 230 million in cash flow in both 2017 and 2018 was 2018, with depreciation of in-house devel- negatively impacted by payments to oped software accounting for NOK 57 IBM in relation to the transformation and million of this amount. On a comparable transitions projects, as well as the IPO basis, depreciation amounted to NOK and refinancing process in 2017. 276 million in 2017, with depreciation of Net operational investments for 2018 in-house developed software accounting amounted to NOK 377 million, compared for NOK 56 million of this amount. to NOK 359 million in 2017. Investment The Group’s operating result (EBIT) in in tangible assets amounted to NOK 2018 was NOK 1 021 million, compared to 138 million in 2018, while investment in NOK 339 million in 2017. in-house developed software amounted to NOK 260 million. The corresponding Net financial items and result for the figures in 2017 were NOK 176 million year before and after tax and NOK 206 million respectively. The The Group had net financial expenses of investments in in-house developed soft- NOK 231 million in 2018, a decrease of ware mainly relate to EVRY Financial NOK 442 million from NOK 673 million Services and the development of new in 2017. The net financial expenses in core banking and payment solutions built 2017 were driven by the refinancing of on industry standards such as ISO 20022, the Group’s debt facilities completed in SOA and BIAN that are suitable for the connection with the IPO in June 2017, international market. Investment in group where refinancing costs added up to companies amounted to NOK 157 million NOK 313 million. Additionally, the reduc- in 2018, the majority of which amount tion in net financial expenses in 2018 relates to the acquisition of Findwise AB was due to significantly lower leverage and Exonor Group in Sweden, and to the during the year compared to 2017.
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