EcoOnline releases 2021 Annual Report under IFRS

Oslo, 31 May 2022 EcoOnline Holding AS (“EcoOnline” or the “Company”) release its 2021 Annual Report. The 2021 Annual Report is, as communicated in the Q4 2021 report, prepared in accordance with International Financial Reporting Standards (IFRS).

2021 was a year of significant developments for EcoOnline in terms of business expansion, technology and product development, organizational evolution, and financial positioning. Annual Recurring Revenue (ARR) reached NOK 434 million, a state-of-the-art industry agnostic Environmental, Health and Safety (EHS) platform including many new key features was launched, and the organization was strengthened by more than 150 employees – all contributing to strong growth and the creation of a solid foundation for further expansion and scaling. NOK 365 million in cash at year-end and a credit facility of EUR 114.5 million to fund further potential acquisitions ensured a strong financial position.

Total revenue and other operating income amounted to NOK 425.9 million, with a loss before depreciation and amortization (EBITDA) of NOK 14.8 million and an operating loss (EBIT) of NOK 116.7 million. Loss before tax was NOK 139.6 million, whereas net loss for the year amounted to NOK 130.9 million.

The main effect on the profit and loss account for 2021 of the IFRS adoption was an increase in revenue of NOK 4.6 million, a reduction in operating expenses of NOK 0.8 million, a reduction in depreciation of NOK 136.6, and an increase in financial costs of NOK 2.3 million. As a result, the EBITDA was NOK 5.4 million stronger under IFRS than under NGAAP whereas EBIT was improved by NOK 142.0 million. Loss before tax was improved by NOK 139.7 under IFRS, whereas the net loss was NOK 140.1 million stronger under IFRS than under NGAAP. The full effects of the transition from NGAAP to IFRS on equity and financial position, cash flows, and the consolidated statement of profit and loss are explained in detail in the notes in Section 8 –Changes in accounting policies.

The 2021 Annual Report is attached and available on the Company’s Investor Relations website.

Disclosure regulation

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Contacts – 

Siw Ødegaard
CFO and Head of IR at EcoOnline

Tel: +47 957 59 848

About EcoOnline

EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a leader in the Nordics, UK and Ireland with customers also in the US and many other countries. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline