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Annual Report 2016 DIGITALISATION of the INDUSTRIES of TOMORROW a COMPLETE TECHNOLOGY PARTNER for EMBEDDED and IOT SOLUTIONS

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Annual Report 2016 DIGITALISATION of the INDUSTRIES of TOMORROW a COMPLETE TECHNOLOGY PARTNER for EMBEDDED and IOT SOLUTIONS Annual Report 2016 DIGITALISATION OF THE INDUSTRIES OF TOMORROW A COMPLETE TECHNOLOGY PARTNER FOR EMBEDDED AND IOT SOLUTIONS IoT / Digitalisation Security CoConnectitiviv ty Software & APPs Embeddede Solutions R&D Services 2 DATA RESPONS ASA | ANNUAL REPORT 2016 A COMPLETE TECHNOLOGY PARTNER FOR EMBEDDED AND IOT SOLUTIONS IoT / Digitalisation Security CoConnectitiviv ty Software & APPs CONTENTS 04 BOARD OF DIRECTORS’ REPORT 10 The Board of Directors 12 INVESTOR INFORMATION 14 Key figures 16 FINANCIAL STATEMENTS AND NOTES 18 Income statement 19 Statement of comprehensive income Embeddede 20 Statement of financial position Solutions R&D Services 22 Statement on changes in equity 24 Statement of cash flows 25 Notes 58 Auditor’s report 61 Definitons DATA RESPONS ASA | ANNUAL REPORT 2016 3 CHAPTER 1: BOARD OF DIRECTORS’ REPORT Board of Directors’ Report STATEMENT ON THE ANNUAL FINANCIAL STATEMENTS In accordance with the Norwegian Accounting Act § 3.3a the board confirms that the company fulfils the requirements necessary to operate as a going concern, and the 2016 financial state- REVENUE BY REPORTING SEGMENT ments have been prepared on the basis of this assumption. Data Respons ASA is a publicly listed company and have prepared the consolidated financial statements for the Data Respons NOK million 2016 2015 group for the financial year 2016 in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union. R&D Services 558.3 406.8 Solutions 484.2 559.3 Income statement The report includes comparisons with figures for the same period in 2015 (in parenthesis). Eliminations -2.9 -2.6 Operating revenue for 2016 was NOK 1 040 million (964), a growth of 8 %. EBITDA was NOK Group 1 039.6 963.6 74.4 million (58.5). In 2016, Data Respons has expensed NOK 5.4 million in transaction cost in relation to the acquisition of MicroDoc. The order intake for 2016 totalled NOK 1 129 million (941), a growth of 20 %. The order backlog ended on NOK 781 million (690). Data Respons had a cash flow from operating activities of NOK 79.4 million (49.4). The revenue growth was driven by a strong performance in the international operations, which KEY FIGURES has improved both the scalability and profitability in the company. Sweden strengthened its position as the largest geographical region in the company with 53 % of total revenue in 2016, NOK million 2016 2015 while 25 % of the total revenue came from Norway. In the fourth quarter, Germany accounted for 21 % of the revenue in Data Respons. Operating revenue 1 039.6 963.6 Data Respons continues to leverage on its leading position in offering customers access to EBITDA 74.4 58.5 highly skilled specialists, project teams and smarter solutions with a broad range of expertise NOCF 79.4 49.4 from future oriented technologies like automation, IoT, digitalisation and different embedded disciplines. Order backlog 781 690 Order Intake 1 129 941 Balance sheet, liquidity & cash flow Employees 500 404 The company’s book value of total assets at the end of the fourth quarter was NOK 786 million. The company’s equity was NOK 283 million, resulting in an equity ratio of 36 %. Current assets 4 DATA RESPONS ASA | ANNUAL REPORT 2016 CHAPTER 1: BOARD OF DIRECTORS’ REPORT Data Respons’ position within industrial digitalisation, embedded and IoT gave record results in 2016 amounted to NOK 339 million and current liabilities were NOK 296 mil- Insurance, Automotive, Defence, Maritime, Energy and Telecommunica- lion. At December 31, 2016, the non-current assets amounted to NOK tions. Data Respons ASA is listed on the Oslo Stock Exchange (Ticker: 447 million, of which deferred tax assets of NOK 11 million and other DAT), and is part of the information technology index. The company has intangible assets including goodwill was NOK 425 million. offices in Norway, Sweden, Denmark, Germany and Taiwan. The company’s cash flow from operations in 2016 was NOK 79.4 million (49.4). The cash balance on December 31, 2016 was NOK 63 million (of BUSINESS SEGMENTS which NOK 5 million is restricted) and the company had interest bearing debt of NOK 95 million. Strong cash flow from operations has contrib- R&D Services uted to a solid financial position at December 31, 2016. Revenue for 2016 was NOK 558 million (407), a growth of 37 %. EBITDA before corporate costs was NOK 59.1 million (30.9). The order intake for 2016 totalled NOK 621 million (403). The order backlog ended on NOK Financial risk 201 million (144). Management of financial risk is performed by the group’s central finance department under the guidelines set out by the Board of Directors. The The segment experienced strong growth and profitability in R&D Services main principle is to minimise exposure to financial risk and reduce the in 2016, due to an increasing customer base, high utilisation and good probability for financial losses. The financial risks to which the group’s fi- inflow of new assignments and turnkey R&D projects. The unique compe- nancial assets and financial liabilities are exposed are market risk, credit tence base in the embedded, digitalisation and IoT technologies provides risk and liquidity risk. The market risk the group is exposed to is the risk increasing opportunities going forward. that the fair value of future cash flows of its financial instruments – such as the interest bearing loan denominated in EUR and that is at variable Data Respons continues to leverage on its leading position in offering cus- interest rates – fluctuate because of changes in foreign currency or in- tomers access to highly skilled specialists and project teams with a broad terest rates. range of expertise from future oriented technologies like automation, IoT, digitalisation and different embedded solution disciplines. A strong The group’s exposure to credit risk relates to its financial assets – such competence platform is strategically important in order to develop new as amounts owed by customers and deposits held at banks – and is recurring solution customers and to stand out as a complete solutions the risk that the counterparty defaults and does not meet its financial provider in the market. obligation to the group. Liquidity risk is the risk that the group will not be able to meet its current and future cash flow and collateral require- In September 2016, Data Respons acquired 100 % of the shares in Mi- ments without negatively and materially affecting the group’s daily op- croDoc Computersysteme GmbH, a SW technology company in Germany erations or overall financial condition and the potential for expansion. with headquarters in Munich. The company has more than 50 specialists For further details on financial risk management, see Note 20. in SW development, Java and system design as well as SW solutions for IoT, mobile/network infrastructure and embedded applications. Operations Data Respons is a full-service, independent technology company and a Solutions leading player in the IoT and the embedded solutions market. We pro- Revenue for 2016 was NOK 484 million (559), a decline of 13 %. EBITDA vide R&D services and embedded solutions to OEM companies, system before corporate costs was NOK 31.3 million (37.2). The order intake for integrators and vertical product suppliers in a range of market segments 2016 totalled NOK 508 million (538). The order backlog ended on NOK such as Medical, Industry/Automation, Smart grid/Smart home, Banking/ 581 million (546). Revenue EBITDA NOCF Order backlog 1 040 74.4 79.4 781 Q4 2014 - Q4 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 SOLUTIONS R&D SERVICES DATA RESPONS ASA | ANNUAL REPORT 2016 5 CHAPTER 1: BOARD OF DIRECTORS’ REPORT The decline in revenues in Solutions was mainly due to the weak market and more than 30 years of experience have given the company relevant conditions in the Maritime, Oil & Gas industry and associated sectors, vertical competence within these markets. following the trend from earlier of the year. Several cost-reducing initia- tives have been implemented in Solutions in 2016, which has compen- The customer list includes world-leading companies such as ABB, Ana- sated the impact on profitability from declined revenues. Although the logic, Assa Abloy, Bombardier, Cisco, Ericsson, Hexagon, Hydro, Klarna, market situation is not expected to change in the near term, there are Kongsberg Group, Maquet, National Oilwell Varco, Raytheon, Rolls Royce, some early signs that the market will bottom out during 2017. Saab, Scania, Schlumberger, Siemens, Statoil, TDC, Tomra, Thales, Thermo Fisher Scientific and Volvo. The number of blue-chip customers is increas- During the year, the growth internationally and the strong decline in ing and the company expects this trend to continue going forward. Norway has led to a change in the customer mix towards new cus- tomers in other sectors than the Maritime, Oil & Gas industry and to There is a large business potential in industrial IoT and the digital trans- other geographical markets. The order intake follows the same pattern formation of our key markets such as Automotive, Smart grid/Smart as the revenue, with positive development internationally while the home, Banking/Insurance, Telecom, Defence, Maritime, Medical and In- Norwegian region still is weak. Major orders came from key custom- dustry/Automation. The trend with increased automation, digitalisation ers in Telecom, Transportation, Defence and Industry & Automation. and everything connected (IoT) fit well with both of the company’s busi- The pipeline of larger solution contracts in the industrial IoT area has ness units and competence map. We can develop anything from sensor increased during the quarter. level to the mobile app, making us a good partner for our customers with their digital transition.
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