XCSE:NETC ESEF Annual Report
Netcompany Group A/S (XCSE:NETC)
ESEF Annual Report
2022-11-17
For: 2022-09-30
View Original
Added on
September 23, 2026
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
netcompany
Company Announcement
Nine months ended 30 September 2022
Based on strong performance in
Q3 2022 Netcompany expects
full year results within original
guidance
Q3|22
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
1
42
In Q3 2022, Netcompany grew revenue to DKK 1,348.1m – equal
to 68.9% growth compared to Q3 2021 of which 50.7 percentage
points was non-organic and related to Netcompany-Intrasoft.
Organic revenue growth was 18.2% (constant 18%).
Adjusted EBITDA was DKK 308.9m compared to DKK 221.1m
in Q3 2021. Adjusted EBITDA margin of 22.9% in Q3 2022
(constant 23.1%) compared to 27.7% in Q3 2021.
Adjusted EBITDA margin for Netcompany Core was 28.5% in
Q3 2022 (constant 28.7%) compared to 27.7% in Q3 2021.
Average number of full time employees was 7,039 compared
to 3,385 in Q3 2021. The acquisition of Netcompany-Intrasoft
accounted for 3,088 employees of the growth, while employees
in Netcompany Core grew by 566.
Free cash flow was strong in the quarter and improved by
21.1% to DKK 221.5m.
Churn rates and sickness level are normalising and employee
satisfaction was slightly improved from 2021.
Revenue visibility for 2022 increased by 61.8% to DKK 5,296.2m
compared to DKK 3,273.8m at the same time last year. The
acquisition of Netcompany-Intrasoft accounted for 49.1
percentage points of the increase.
For the full year Netcompany narrows expectation to revenue
growth in constant currencies to between 50% and 52% for
the Group. Expectation to Group EBITDA margin in constant
currencies is maintained at above 20%.
Summary
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
2
42
André Rogaczewski
NETCOMPANY CEO AND CO-FOUNDER
”In line with our expectations we realised high growth and strong margins in Q3 2022 driven by solid
performance in both Netcompany Core and Netcompany Intrasoft.
Our ability to attract new employees remain intact, which, combined with the lower churn ratio observed, gives
us a strong foundation to continue to add new employees to the Netcompany family. At the end of September
our Group totals more than 7,000 employees.
I am proud and humbled to see that the annual employee survey conducted for Netcompany Core confirms that
our employees continue to be very satisfied with Netcompany as an employer, leading to an improvement in the
overall employee satisfaction score for the Group compared to last year.
Despite unrest in both geo-political matters and macro environments in general, we remain confident of our
ability to grow our Group revenue of between 50% and 52% and realise EBITDA margin of more than 20% for the
Group - both in line with our original guidance for 2022”
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
3
42
• Revenue increased by 68.9% to DKK
1,348.1m in reported currencies and by
68.7% in constant currencies.
• Organic revenue grew by 18.2%.
• Gross profit margin was 34.9%
against 41.2% in Q3 2021.
• Adjusted EBITDA increased by 39.7%
and yielded a margin of 22.9%.
• Adjusted EBITDA margin was 28.5%
for the organic businesses.
• Free cash flow remained strong and
improved to DKK 221.5 compared to
DKK 182.9m in Q3 2021.
• Free cash flow normalised for tax
payments improved by 22.8% to DKK
168.2m.
• Cash conversion rate normalised for
tax payment was 85.4% compared to
118.5%, impacted by the inclusion of
Netcompany-Intrasoft.
Financial overview
Netcompany
Intrasoft
Q3 2022 Q3 2022 % change non-organic % change
DKK million
(reported) (constant)* Q3 2021 (reported) impact (constant)*
Revenue 1,348.1 1,346.4 798.0
68.9% 50.7pp 68.7%
Gross profit 471.1 471.8 328.4
43.4% 23.8pp 43.7%
Adjusted EBITDA 308.9 310.4 221.1
39.7% 18.2pp 40.4%
Adjusted EBITDA margin
22.9% 23.1% 27.7% -4.8pp -5.6pp -4.6pp
Adjusted EBITA 275.5 277.3 199.9
37.8% 15.8pp 38.7%
Adjusted EBITA margin
20.4% 20.6% 25.1% -4.6pp -5.4pp -4.5pp
EBITA 275.0 276.8 169.9
61.8% 18.3pp 62.9%
EBITA margin
20.4% 20.6% 21.3% -0.9pp -5.4pp -0.7pp
Operating profit 240.1 241.9 160.9
49.2% 14.6pp 50.3%
Operating profit margin
17.8% 18.0% 20.2% -2.4pp -5.1pp -2.2pp
Net profit / loss 169.7 171.5 108.6
56.3% 9.4pp 58.0%
Free cash flow 221.5 N/A 182.9
21.1% N/A N/A
Free cash flow (tax normalised) 168.2 N/A 136.9
22.8% N /A N/A
Cash conversion ratio (tax normalised) 85.4% N/A 118.5%
-33.1pp
N/A
N/A
*Constant currencies measured using average exchange rates for Q3 2021
Performance highlights Q3
• Debt leverage to 12 months rolling
adjusted EBITA was 2.1x.
• Strong free cash flow was used to
reduce Group debt with DKK 200m.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
4
42
• Revenue increased by 62.3% to DKK
4,025.3m in reported currencies and
by 61.8% in constant currencies.
• Organic revenue grew by 13%.
• Gross profit margin was 31.1% against
38.2% for the same period in 2021.
• Adjusted EBITDA increased by 17.9%
and yielded a margin of 18.8%.
• Adjusted EBITDA margin was 22.5%
for the organic businesses.
• Free cash flow improved to DKK
279.4m compared to DKK 273.3m in
the same period in 2021.
• Free cash flow normalised for tax
payments improved by 5.0% to DKK
274.5m.
• Cash conversion rate normalised for
tax payment was 59% compared to
59.2%.
• Debt leverage to 12 months rolling
adjusted EBITA was 2.1x.
Financial overview
Netcompany
Intrasoft
YTD 2022 YTD 2022 % change non-organic % change
DKK million
(reported) (constant)* YTD 2021 (reported) impact (constant)* Total 2021
Revenue 4,025.3 4,012.4 2,479.8
62.3% 49.3pp 61.8%
3,632.0
Gross profit 1,252.5 1,251.1 947.4
32.2% 24.7pp 32.1%
1,333.3
Adjusted EBITDA 757.3 758.7 642.5
17.9% 19.8pp 18.1%
880.9
Adjusted EBITDA margin
18.8% 18.9% 25.9% -7.1pp -3.7pp -7.0pp
24.3%
Adjusted EBITA 658.5 660.7 582.9
13.0% 16.9pp 13.4%
793.2
Adjusted EBITA margin
16.4% 16.5%
23.5%
-7.1pp -3.6pp -7.0pp
21.8%
EBITA 658.1 660.3 552.9
19.0% 17.8pp 19.4%
755.3
EBITA margin
16.3% 16.5% 22.3% -5.9pp -3.6pp -5.8pp
20.8%
Operating profit 557.8 560.1 525.7
6.1% 14.9pp 6.5%
703.8
Operating profit margin
13.9% 14.0% 21.2% -7.3pp -3.2pp -7.2pp
19.4%
Net profit / loss 387.3 389.8 420.5
-7.9% 10.2pp -7.3%
574.3
Free cash flow 279.4 N/A 273.3
2.2% N/A N/A
408.0
Free cash flow (tax normalised) 274.5 N/A 261.5
5.0% N/A N/A
422.4
Cash conversion ratio (tax normalised) 59.0% N /A 59.2%
-0.2pp
N/A
N/A
68.8%
*Constant currencies measured using average exchange rates for 2021
Performance highlights 9 months
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
5
42
In connection with the publication of the
results for Q3 2022, Netcompany will host
a conference call on 3 November 2022 at
11.00 CET.
The conference call will be held in English
and can be followed live via the compa-
ny’s website; www .netcompan y .com
Dial-in details for investors and analysts
DK
UK
+44 33 33 00 92 67
US
+1 646 722 4904
Webcast Player URL
https://streams.eventcdn.net/netcompany/
q3-2022/
Additional information
André Rogaczewski, CEO
+45 70 13 14 40
Thomas Johansen, CFO
+45 51 19 32 24
Conference call details
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
6
42
Performance overview Q3
Netcompany
Intrasoft
Q3 2022 Q3 2022 % change non-organic % change
DKK million
(reported) (constant)* Q3 2021 (reported) impact (constant)*
Revenue 1,348.1 1,346.4 798.0
68.9%
50.7pp
68.7%
Cost of services -877.0 -874.6 -469.6
86.7%
69.5pp
86.2%
Gross profit
471.1 471.8 328.4 43.4% 23.8pp 43.7%
Gross profit margin
34.9% 35.0% 41.2% -6.2pp -6.7pp -6.1pp
Sales and marketing costs -10.6 -10.6 -5.7
86.4%
47.8pp
86.2%
Administrative costs -185.1 -184.0 -122.8
50.7%
35.9pp
49.8%
Adjusted EBITA
275.5 277.3 199.9 37.8% 15.8pp 38.7%
Adjusted EBITA margin
20.4% 20.6% 25.1% -4.6pp -5.4pp -4.5pp
Special items 0.0 0.0 -30.0
-100.0% 0.0pp -100.0%
Other operating income / expense -0.5 -0.5 0.0
N/A
N/A
N/A
EBITA
275.0 276.8 169.9 61.8% 18.3pp 62.9%
EBITA margin
20.4% 20.6% 21.3%
-0.9pp
-5.4pp
-0.7pp
Amortisation -34.9 -34.9 -9.0
288.0%
84.8pp
288.0%
Operating profit (EBIT)
240.1 241.9 160.9 49.2% 14.6pp 50.3%
Operating profit margin
17.8% 18.0% 20.2% -2.4pp -5.1pp -2.2pp
Net financials -16.2 -16.2 -6.2
163.5%
77.0pp
162.9%
Fair value adj. of contingent consideration 0.0 0.0 0.0
N/A
0.0pp
N/A
Income / loss, investment in joint venture -2.5 -2.5 -5.6
-55.9%
0.0pp
-55.9%
Income / loss, investment in associates
0.0 0.0 0.0 N/A 0.0pp N/A
Profit / loss before tax
221.4 223.2 149.2 48.4% 12.6pp 49.6%
Ta x -51.7 -51.7 -40.6
27.3%
21.0pp
27.3%
Effective tax rate
23.4% 23.2% 27.2% -3.9pp 2.1pp -4.1pp
Net profit / loss
169.7 171.5 108.6 56.3% 9.4pp 58.0%
*Constant currencies measured using average exchange rates for Q3 2021
Reported revenue grew 68.9% (constant
68.7%) in Q3 2022 to DKK 1,348.1m of
which 18.2 percentage points were organ-
ic. Netcompany-Intrasoft realised revenue
of DKK 404.6m and accounted for non-or-
ganic revenue growth of 50.7 percentage
points in Q3 2022. Client facing FTEs in
Netcompany Core grew by 507 to 3,678
in Q3 2022. Netcompany-Intrasoft added
another 2,898 client facing FTEs to the
Group in Q3 2022 bringing the total num-
ber of client facing FTEs to 6,576 in Q3
2022.
As expected, the level of sickness in Net-
company Core was lower in Q3 2022 than
in the previous quarter and are closer to a
historic level going into Q4 2022.
Gross profit margin was 34.9% compared
to 41.2% for the same period in 2021. The
lower gross profit margin is fully explained
by the inclusion of Netcompany-Intra-
soft in the Group numbers. Sequentially
from Q2 2022, gross profit margin for the
Group improved by 7 percentage points in
Q3 2022.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
7
42
Q3 2022, the effective tax rate was 23.4%
compared to 27.2% in Q3 2021.
Consequently, net profit for the period in-
creased by 56.3% from DKK 108.6m in Q3
2021 to DKK 169.7m in Q3 2022.
Intrasoft Interantional S.A. in 2021 – in line
with the increase also realised in Q1 and
Q2 2022.
Operating profit (EBIT) increased by
49.2% in Q3 2022 to DKK 240.1m com-
pared to DKK 160.9m in the same period
last year. Operating profit margin (EBIT
margin) was 17.8% on which the inclusion
of Netcompany-Intrasoft had a negative
impact of 5.1 percentage points leaving
the EBIT margin for Netcompany Core at
23% compared to 20.2% for Q3 2021.
Net financials were negative DKK 16.2m
compared to negative DKK 6.2m in the
same period last year which was mainly
driven by the interest payments for the
loan obtained to fund the acquisition of
Intrasoft International S.A.
Income taxes in Q3 2022 were higher
than the same period last year as a con-
sequence of the better result, however
the effective tax rate was lower as a pro-
portion of the costs in Q3 2021 related to
the acquisition of Intrasoft International
S.A, which are non-tax deductible. For
Sales and marketing costs increased by
86.4% to DKK 10.6m in Q3 2022 compared
to DKK 5.7m in the same period last year.
Netcompany-Intrasoft accounts for more
than half of the increase, and while the
increase was high in relative terms the
absolute monetary increase in sales and
marketing costs remained at a low level.
Administrative costs increased by 50.7%
to DKK 185.1m in Q3 2022 of which 35.9
percentage points were attributed to
Netcompany-Intrasoft, meaning that the
increase in Netcompany Core was 14.7%
compared to Q3 2021.
Adjusted EBITA increased by 37.8% to
DKK 275.5m yielding an adjusted EBITA
margin of 20.4% compared to 25.1% in Q3
2021. The inclusion of Netcompany-Intra-
soft impacted adjusted EBITA margin neg-
atively by 5.4 percentage points leaving
adjusted EBITA margin for Netcompany
Core at 25.8% - slightly higher than Q3
2021.
Amortisation increased by DKK 25.9m to
DKK 34.9m as a result of the acquisition of
PERFORMANCE OVERVIEW Q3CONTINUED
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
8
42
Business Segments Q3
DKK million
Q3 2022
Constant (2021 rate)
Group Denmark Norway UK Netherlands Intrasoft
Revenue from external customers 1,346.4 713.8 69.7 132.3 26.0 404.6
Gross profit
477.7 346.1 11.3 36.5 5.6 78.3
Gross profit margin
35.5% 48.5% 16.2% 27.6% 21.4% 19.4%
Local admin costs -156.4 -86.4 -13.0 -13.5 -6.4 -37.2
Adjusted EBITDA before allocated cost from HQ
321.3 259.7 -1.7 22.9 -0.8 41.1
Adjusted EBITDA margin before allocated cost from HQ
23.9% 36.4% -2.4% 17.3% -3.0%
10.2%
Allocated costs from HQ -10.9 -7.9 -0.8 -1.7 -0.4 0.0
Special Items, allocated 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation -33.2 -18.0 -1.8 -2.5 -1.4 -9.5
Amortisation -34.9 -20.1 -2.0 -4.2 -1.0 -7.6
Other operating income / expense -0.5 0.0 0.0 0.0 0.0 -0.5
EBIT
241.9 213.7 -6.3 14.6 -3.6 23.5
Client facing FTEs 6,576 2,712 310 526 129 2,898
DKK million
Q3 2021
Reported
Group Denmark Norway UK Netherlands Intrasoft
Revenue from external customers 798.0 623.7 58.3 98.7 17.3 0.0
Gross profit
334.5 292.2 13.4 28.9 0.1 0.0
Gross profit margin
41.9% 46.8% 22.9% 29.3% 0.4% N/A
Local admin costs -102.9 -71.8 -9.3 -14.7 -7.0 0.0
Adjusted EBITDA before allocated cost from HQ
231.6 220.3 4.1 14.2 -7.0 0.0
Adjusted EBITDA margin before allocated cost from HQ
29.0% 35.3% 7.0% 14.3% -40.2%
N/A
Allocated costs from HQ -10.5 -7.8 -0.9 -1.4 -0.4 0.0
Special Items, allocated -30.0 -22.5 -2.8 -3.6 -1.1 0.0
Depreciation -21.2 -15.8 -1.8 -2.2 -1.3 0.0
Amortisation -9.0 -6.7 -0.8 -1.2 -0.4 0.0
Other operating income / expense 0.0 0.0 0.0 0.0 0.0 0.0
EBIT
160.9 167.6 -2.2 5.7 -10.2 0.0
Client facing FTEs 3,171 2,358 277 395 140 0
Revenue, %
Revenue, %
NO
DK
UK
NL
Q3 2021
Q3 2022
NO
DK
UK
NL
INTRASOFT
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
9
42
Netcompany Denmark
Revenue growth in the Danish business
unit was 14.4% driven by strong growth in
the public segment that grew 16.2% and
continued stable growth in the private
segment that grew 12%. Despite the con-
tinued uncertainty related to the macro
economic environment and the ongoing
election there was no significant impact
on the Danish business unit in Q3 in either
of the two segments.
Adjusted EBITDA was 36.4% compared
to 35.3% in the same period last year. The
higher margin was driven by slightly bet-
ter utilisation leading to improved gross
profit margin and better profitability in the
private segment compared to Q3 2021.
The elevated level of sickness observed
particularly in Q2 but also to a certain ex-
tent in Q1, declined in Q3 2022 and was,
at the end of Q3, moving towards a more
normalised level in the context of historical
data pre COVID.
Netcompany Norway
Revenue growth in Norway was 19.5% in
Q3 2022 compared with Q3 2021. The
growth was driven by strong performance
in the private segment that grew 29.2%,
whereas the public segment realised
growth of 13.5%. More than 70 new em-
ployees joined the Norwegian business
during the third quarter of 2022, which
corresponded to an intake of close to 25%
of the FTE base comparing to Q2. Such a
high intake in a relatively small entity as
the Norwegian has a negative impact on
utilisation as it is not possible to staff all
new starters effectively from day one.
The lower utilisation was expected and led
to a gross profit margin of 16.2% for Q3
compared with 22.9% in Q3 2021. Com-
bined with increased severance costs and
housing costs this led to a small negative
adjusted EBITDA of DKK 1.7m compared
to a positive adjusted EBITDA of DKK 4.1m
in the same period last year. Sequentially
from Q2 to Q3 in 2022, adjusted EBITDA
improved by DKK 15.6m from negative
DKK 17.3m in Q2 2022 to negative DKK
1.7m in Q3 2022.
Netcompany UK
The strong momentum observed in the
first two quarters of 2022 continued in
the UK business unit in Q3, where revenue
grew by more than 34% compared to Q3
2021. The growth was generated in the
public segment that grew 122.1% com-
pared to the same period last year, where-
as the private segment declined with
33.4%. The growth was generated despite
the introduction of an additional public
holiday in relation to the funeral of Her
Majesty Queen Elizabeth II in September.
Adjusted EBITDA margin increased to
17.3% compared to 14.3% for the same
period last year. More effective use of
resources, less administrative spending,
and scale of usage of premises led to the
increased EBITDA margin.
Netcompany Netherlands
Revenue growth in the Dutch business
unit was 50.3% compared to the same
period last year. The growth in revenue
was a result of completing the large fixed
fee projects, which had a negative impact
on revenue in most of 2021 and in the first
half of 2022. Revenue for Q3 2022 ended
at DKK 26m generated by 129 client facing
FTEs compared to revenue in Q3 2021 of
DKK 17.3m that was generated by 140 cli-
ent facing FTEs – i.e 8% fewer FTEs in Q3
2022 than in the same period last year.
Gross profit margin was positive at 21.4%,
which was the main contributing factor to
adjusted EBITDA improving from negative
DKK 7m in Q3 2021 to a small negative
of DKK 0.8m in Q3 2022. Furthermore,
sequentially from Q2 to Q3 2022, adjust-
ed EBITDA improved from negative DKK
10.3m to negative DKK 0.8m in Q3 2022.
Netcompany Intrasoft
Revenue in Netcompany-Intrasoft was
DKK 404.6m compared to proforma DKK
380m in Q3 2021 yielding a growth of
6.5%. The EU and private segments both
grew by more than 10%, whereas growth
in the public segment was lower as some
contracts expected to be awarded, in
Greece and under the RFF, have been de-
layed into Q4 2022.
Adjusted EBITDA margin was 10.2% for Q3
2022 compared to 10% proforma for the
same period in 2021.
BUSINESS SEGMENTS Q3CONTINUED
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
10
42
Performance overview 9 months
Netcompany
Intrasoft
YTD 2022 YTD 2022 % change non-organic % change
DKK million
(reported) (constant)* YTD 2021 (reported) impact (constant)* Total 2021
Revenue 4,025.3 4,012.4 2,479.8
62.3%
49.3pp
61.8%
3,632.0
Cost of services -2,772.9 -2,761.3 -1,532.4
80.9%
64.5pp
80.2%
-2,298.7
Gross profit
1,252.5 1,251.1 947.4 32.2% 24.7pp 32.1% 1,333.3
Gross profit margin
31.1% 31.2% 38.2% -7.1pp -5.2pp -7.0pp
36.7%
Sales and marketing costs -28.9 -28.8 -17.9
61.5%
24.4pp
61.0%
-36.7
Administrative costs -565.1 -561.6 -346.6
63.0%
37.9pp
62.0%
-503.4
Adjusted EBITA
658.5 660.7 582.9 13.0% 16.9pp 13.4% 793.2
Adjusted EBITA margin
16.4% 16.5% 23.5% -7.1pp -3.6pp -7.0pp
21.8%
Special items 0.0 0.0 -30.0
-100.0% -0.0pp -100.0%
-37.7
Other operating income / expense -0.4 -0.4 0.0
N/A
N/A
N/A
-0.2
EBITA
658.1 660.3 552.9 19.0% 17.8pp 19.4% 755.3
EBITA margin
16.3% 16.5% 22.3% -5.9pp -3.6pp -5.8pp
20.8%
Amortisation -100.2 -100.2 -27.2
269.1%
73.1pp
269.1%
-51.4
Operating profit (EBIT)
557.8 560.1 525.7 6.1% 14.9pp 6.5% 703.8
Operating profit margin
13.9% 14.0% 21.2% -7.3pp
-3.2pp
-7.2pp
19.4%
Net financials -47.3 -47.2 -19.5
142.4%
68.6pp
141.9%
-33.4
Fair value adj. of contingent consideration 0.0 0.0 49.5
-100.0%
0.0pp
-100.0%
78.9
Income / loss, investment in joint venture -10.4 -10.4 -16.8
-38.2%
0.0pp
-38.2%
-21.7
Income / loss, investment in associates 0.1 0.1 0.0
N/A
0.0pp
N/A
0.0
Profit / loss before tax
500.2 502.5 538.9 -7.2% 12.1pp -6.8% 727.6
Ta x
-112.8 -112.7 -118.4 -4.7% 18.8pp -4.8% -153.3
Effective tax rate
22.6% 22.4% 22.0% 0.6pp 1.8pp 0.5pp 21.1%
Net profit / loss
387.3 389.8 420.5 -7.9% 10.2pp -7.3% 574.3
*Constant currencies measured using average exchange rates for 2021
Revenue in the first nine months of 2022
grew by 62.3% (constant 61.8%) to DKK
4,025.3m. Organic revenue growth was
13% and non-organic revenue growth was
49.3%. The high level of activity in all Net-
company Core entities in the third quar-
ter lifted the YTD 2022 organic revenue
growth considerably.
Gross profit margin was 31.1% compared
to 38.2% for the same period last year.
The inclusion of Netcompany-Intrasoft ac-
counted for the major part of the decline
in gross profit margin (5.2 percentage
points) fully in line with expectations. The
remaining part of the lower margin was
a result of the weaker performance in
Netcompany Core realised in first half of
2022, which was slightly offset by strong
performance in Q3 2022.
Adjusted EBITA increased by 13% to DKK
658.5m from DKK 582.9m in Q3 2021
yielding a margin of 16.4% compared to
23.5% for the same period last year. Net-
company-Intrasoft had a dilutive impact
on the margin of 3.6 percentage points.
Sequentially from Q2 2022 to Q3 2022,
adjusted EBITA margin for the Group
increased by 2.1 percentage points as a
result of strong performance in both Net-
company Core and Netcompany-Intrasoft.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
11
42
Business Segments 9 months
DKK million
YTD 2022
Constant (2021 rate)
Group Denmark Norway UK Netherlands Intrasoft
Revenue from external customers 4,012.4 2,117.8 200.6 399.6 72.1 1,222.2
Gross profit
1,269.0 890.2 20.4 114.0 9.6 234.8
Gross profit margin
31.6% 42.0% 10.2% 28.5% 13.2% 19.2%
Local admin costs -472.2 -261.4 -38.7 -44.1 -20.5 -107.5
Adjusted EBITDA before allocated cost from HQ
796.8 628.8 -18.3 69.9 -11.0 127.4
Adjusted EBITDA margin before allocated cost from HQ
19.9% 29.7% -9.1% 17.5% -15.2%
10.4%
Allocated costs from HQ -38.0 -27.5 -3.1 -5.9 -1.5 0.0
Special Items, allocated 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation -98.0 -52.7 -5.4 -7.2 -4.0 -28.7
Amortisation -100.2 -58.5 -6.5 -12.4 -3.0 -19.9
Other operating income / expense -0.4 0.0 0.0 0.0 0.0 -0.4
EBIT
560.1 490.0 -33.3 44.4 -19.4 78.4
Client facing FTEs 6,314 2,598 284 497 135 2,800
DKK million
YTD 2021
Reported
Group Denmark Norway UK Netherlands Intrasoft
Revenue from external customers 2,479.8 1,916.5 199.4 304.5 59.4 0.0
Gross profit
965.5 831.2 51.5 75.3 7.5 0.0
Gross profit margin
38.9% 43.4% 25.8% 24.7% 12.6% N /A
Local admin costs -295.3 -213.4 -26.4 -39.4 -16.1 0.0
Adjusted EBITDA before allocated cost from HQ
670.2 617.9 25.1 35.9 -8.7 0.0
Adjusted EBITDA margin before allocated cost from HQ
27.0% 32.2% 12.6% 11.8% -14.6%
N/A
Allocated costs from HQ -27.7 -20.3 -2.4 -3.9 -1.1 0.0
Special Items, allocated -30.0 -22.5 -2.8 -3.6 -1.1 0.0
Depreciation -59.6 -45.1 -4.1 -6.5 -3.9 0.0
Amortisation -27.2 -19.8 -2.4 -3.9 -1.1 0.0
Other operating income / expense 0.0 0.0 0.0 0.0 0.0 0.0
EBIT
525.7 510.1 13.5 18.0 -15.9 0.0
Client facing FTEs 3,046 2,245 261 402 139 0
Revenue, %
Revenue, %
NO
DK
UK
NL
YTD 2021
YTD 2022
NO
DK
UK
NL
INTRASOFT
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
12
42
Netcompany Denmark
Revenue growth in the Danish business
unit was 10.5% and to some degree still
negatively impacted by the increased
level of sickness observed particularly
in the first half of 2022. Furthermore, an
additional week of paid vacation was in-
troduced at the beginning of the year and
one specific line of business was discon-
tinued, which impacted revenue growth,
while the increased sickness and addition-
al vacation impacted revenue and margin.
Adjusted EBITDA margin was consequent-
ly lower at 29.7% for the first nine months
of 2022 compared to 32.2% for the same
period last year.
Netcompany Norway
Revenue growth in the Norwegian busi-
ness unit was flattish at DKK 200.6m for
the first nine months of 2022 compared
to DKK 199.4m for the same period last
year. The project writedowns in the sec-
ond quarter had – as discussed in the Q2
earnings statement – a significant negative
impact on growth and margins.
Adjusted EBITDA margin for the period
was negative 9.1% compared to positive
12.6% for the same period last year. The
development was caused by the project
writedowns recognised in Q2 and the
onboarding of 70 new employees in Q3
2022. Despite the accumulated negative
result, performance in Q3 2022 in isolation
significantly improved in line with expec-
tations.
Netcompany UK
In the UK, revenue grew 31.2% in the first
nine months of 2022, whereas client fac-
ing FTEs grew 23.9%. The growth was
driven by strong performance in the pub-
lic segment.
Adjusted EBITDA increased by 94.7% for
the first nine months of 2022 compared to
2021 and was driven by a combination of
higher utilisation, better project execution
and better project pricing.
Netcompany Netherlands
Revenue in the Netherlands grew by
21.5% in the first nine months of the year
to DKK 72.1m compared to DKK 59.4m
for the same period last year. The growth
was generated on 2.5% fewer client facing
FTEs compared to last year.
In the Netherlands, adjustments to pro-
jects were, like in Norway, also recognised
in Q2 2022, and had a significant negative
impact on revenue growth and margin,
which to some extent explained the per-
formance year to date. Out of the negative
adjusted EBITDA of DKK 11.0m realised
in the first nine months, DKK 10.3m can
be attributed to the Q2 result. Adjusted
EBITDA margin year to date was negative
15.2% compared to negative 14.6% for the
same period last year.
Netcompany Intrasoft
In the first nine months of 2022, Netcom-
pany-Intrasoft realised revenue of DKK
1,222.2m compared to DKK 1,132m pro-
forma equal to a growth of 8%. Growth
in Middle East and Africa was negative
and thereby had a dilutive impact on the
reported revenue growth for Netcompa-
ny-Intrasoft fully in line with expectations.
As part of the continued re-alignment of
Netcompany-Intrasoft’s presence in ge-
ographies in line with Group strategy, it is
being evaluated to potentially divest these
parts of Netcompany-Intrasoft.
Adjusted EBITDA margin was 10.4% com-
pared to 9.8% proforma for 2021.
BUSINESS SEGMENTS 9 MONTHSCONTINUED
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
13
42
Netcompany measures revenue visibility
on a 12 month rolling basis, based on two
main input parameters, which are defined
as total value of committed engagements
(which is comprised of fixed price en-
gagements and service agreements), and
ongoing time and material engagements
with a high likelihood of conversion and/or
prolongation, defined as non-contractual
committed engagements.
By the beginning of October 2022, reve-
nue visibility for 2022 amounted to DKK
5,296.2m. Of this, contractual committed
revenue amounted to DKK 1,189.9m and
non-contractual committed engagements
amounted to DKK 81.0m, while realised
revenue in the first nine months of 2022
amounted to DKK 4,025,3m.
Compared to Q3 2021, revenue visibility
improved 61.8% from DKK 3,273.8m for
2021 to DKK 5,296.2m for 2022. While 12.7
percentage points of the improvement
was organic, 49.1 percentage points were
directly attributed to Netcompany-intra-
soft.
By the beginning of October 2022, the
total order backlog for Netcompany-Intra-
soft amounted DKK 7,427.9m mainly with-
in EU institutions. Of the total order back-
log for Netcompany-Intrasoft DKK 384.1m
is expected to be released in the last three
months of 2022.
Revenue visibility
Revenue visibility in the public segment
amounted to DKK 3,462.4m, of which
contractual committed revenue amounted
to DKK 824.5m and non-contractual com-
mitted engagements amounted to DKK
41.1m, while realised revenue in the first
nine months of 2022 amounted to DKK
2,596.9m.
Revenue visibility in the private segment
amounted to DKK 1,833.8m, of which
contractual committed revenue amount-
ed to DKK 365.4m and non-contractual
committed engagements amounted to
DKK 40.0m, while realised revenue in the
first nine months of 2022 amounted to
1,428.5m.
DKK million
Revenue Revenue Revenue
Contractual
committed
Netcompany
Core
Contractual
committed
Netcompany
Core
Contractual
committed
Netcompany
Core
Contractual
committed
Netcompany
Intrasoft
Contractual
committed
Netcompany
Intrasoft
Contractual
committed
Netcompany
Intrasoft
Total Total Total
Public segment Private segment Total segment
Noncon-
tractual
comiitted
Non-
contractual
committed
Non-
contractual
committed
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
14
42
Netcompany employed an average of
7,039 FTEs in Q3 2022, which was an
increase of 3,654 FTEs compared to Q3
2021 (3,385 FTEs). The increase in FTEs
was driven by the acquisition of Intrasoft
in October 2021 accounting for almost
3,100 FTEs.
Out of almost 3,100 employees in Netcom-
pany-Intrasoft, around 675 were either
freelancers or Benelux contractors. The
number of client facing employees for the
Group increased by 3,405 from 3,171 in
Q3 2021 to 6,576 in Q3 2022, of which the
Netcompany-Intrasoft impacted by close
to 2,900 client facing employees. The level
of non-client facing employees was 6.6%
in Q3 2022 compared to 6.3% in Q3 2022.
On a sequentially basis the level of non-cli-
ent employees was in line with Q2 2022.
During Q3 2022, an employee survey was
conducted in Netcompany Core. The sur-
vey is conducted the same way every year
and hence the results can be compared
year over year. For 2022, the results for
the Netcompany Core part of the Group
showed an improvement in the satisfac-
tion score of around 2 % with unchanged
scores in Denmark, slightly lower scores
Employees
Avg. FTEs increased to 7,039
during Q3 2022
Avg. FTEs increased to 6,757
during 2022
Q
Netcompany
Core
YTD
Netcompany
Core
Q
Netcompany
Core
Q
Netcompany-
Intrasoft
YTD
Netcompany
Core
YTD
Netcompany-
Intrasoft
ADMINISTRATION
FREELANCERS
UNITED KINGDOM
POLAND
DENMARK
UK CONTRACTORS
VIETNAM
NETHERLANDS
NORWAY
GREECE
LUXEMBOURG
BENELUX CONTRAC-
TORS
BELGIUM
OTHER
in Poland and the Netherlands and sig-
nificant improved scores in the UK and
Norway.
Attrition rates based on 12 month rolling
data were still above the level of 2021.
As explained in connection with the Q2
earnings, the main reason for this was that
churn was much higher in the latter part
of 2021 and early 2022 given the labour
market conditions post COVID.
To give a better representation of the
current churn rates, three months rolling
churn rates have been added to the dia-
gram, which clearly indicates that churn
has normalised in Denmark at 16.8% and
are improving rapidly in Norway at 21.2%.
For the UK, three months churn rates are
in line with last 12 month – however it is
expected that churn rates are coming
down based on recent months. Churn in
the Netherlands remain high due to the
turnaround of the business and is not ex-
pected to improve until sometime during
2023.
In all entities in Netcompany-Intrasoft
churn is also coming down.
Attrition rate
DK NO
UK
NL
GR
LU
BE
LTM SEP 2021
LTM SEP 2022
3 MONTHS ROLLING
CHURN SEP/OCT 2022
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
15
42
Free cash flow and cash conversion rate
1
The Group generated a free cash flow
of DKK 221.5m in Q3 2022, compared to
182.9m in Q3 2021. Netcompany-Intrasoft
impacted the free cash flow by DKK 35.1m,
hence Netcompany Core generated a free
cash flow of DKK 186.4m in Q3 2022.
Adjusted for taxes paid on account, the
Group generated a free cash flow of DKK
168.2m in Q3 2022 compared to DKK
136.9m in Q2 2022.
The increase in free cash flow adjusted
for taxes paid on account was driven by
the improved operating profit, however
slightly offset by increased capex and a
negative development in working capital
changes.
The development in working capital
changes was mainly driven by an increase
in work in progress from DKK 771.2m by
the end of Q2 2022 to DKK 842.7m, how-
ever slightly offset by a decrease in trade
receivables from DKK 1,095.7m by the end
of Q2 2022 to DKK 1,057.9m.
Cash conversion rate decreased from
158.3% in Q3 2021 to 112.5% in Q3 2022.
Adjusted for taxes paid on account, cash
conversion rate decreased from 118.5% in
Q3 2021 to 85.4% in Q3 2022.
The lower cash conversion rate in Q3 2022
was a consequence of the inclusion of
Netcompany-Intrasoft.
Trade receivables
At the end of Q3 2022, the Group trade
receivables, excluding expected cred-
it losses, increased by 87.1% to DKK
1,076.3m. The increase was partly caused
by the acquisition of Intrasoft having trade
receivables, excluding expected credit
losses, of DKK 406.7m by the end of Q3
2022, which on a sequential basis corre-
sponded to an increase of 1.8% compared
to trade receivables in Netcompany-Intra-
soft by the end of Q2 2022.
In Netcompany Core, trade receivables,
excluding expected credit losses, in-
creased by 16.4% to DKK 669.6m com-
pared to the same period last year.
Days sales outstanding increased from 66
days in Q3 2021 to 72 days in Q3 2022,
however on a sequential basis, days sales
outstanding improved from 77 in Q2 2022.
The overdue part of trade receivables in-
creased from 32.8% by the end of Q3 2021
to 34.3% by the end of Q3 2022 driven by
the inclusion of Netcompany-Intrasoft. The
overdue part of trade receivables in Net-
company Core was reduced from 32.8% in
Q3 2021 to 24.9% in Q3 2022.
Capital and other financial positions
1
Due to local tax legislation within the Group, taxes
paid on account are mainly paid in Q1 and in Q4. To
adjust for this timing mismatch between expensed
and paid corporate income taxes, the free cash flow
should be viewed in a tax normalised manner to
better reflect the underlying development in free
cash flow based on operations rather than impact
from local tax legislation.
DKK million
Not
overdue
0-30
days
30-60
days
60- 90
days
>90
days Total
Trade receivables, 30 September 2022 707.5 159.6 57.4 39.0 112.8 1,076.3
Paid in the following month
352.5 109.1 26.7 9.7 9.7 507.8
% paid subsequently
49.8% 68.4% 46.6% 24.9% 8.6% 47.2%
Trade receivables, 30 September 2021 386.8 124.5 25.4 16.0 22.5 575.2
Paid in the following month
182.7 92.2 8.3 5.6 1.1 289.9
% paid subsequently
47.2% 74.1% 32.6% 34.7% 4.9% 50.4%
DKK million
Not
overdue
0-30
days
30-60
days
60- 90
days
>90
days Total
Trade receivables paid subsequently in
October 2022 amounted to DKK 507.8m
of which DKK 155.3m was overdue as of
30 September 2022. Payments received in
the following month, slightly decreased to
47.2% of total trade receivables compared
to 50.4% in the same period in 2021.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
16
42
CASH FLOW AND OTHER SIGNIFICANT
FINANCIAL POSITIONS
CONTINUED
Work in progress
At 30 September 2022, Netcompany’s
work in progress amounted to DKK
842.7m, represented by contract work in
progress of DKK 1,222.8m and prepay-
ments received from customers of DKK
380.2m.
Work in progress increased by 73.7% from
DKK 485.1m in Q3 2021 to DKK 842.7m in
Q3 2022, driven by the inclusion of work
in progress from Netcompany-Intrasoft.
In the same period, revenue increased by
68.9% from DKK 798m in Q3 2021 to DKK
1,348.1m in Q3 2022.
As a total, trade receivables and work in
progress increased by 79.2% from DKK
1,060.4m at the end of Q3 2021 to DKK
1,900.6m end of Q3 2022. The increase
was mainly driven by the inclusion of In-
trasoft.
In Netcompany Core, work in progress
was reduced by 15.4%, while trade receiv-
DKK million
Sep
Q
ables combined with work in progress
increased by 1.7% from DKK 1,060.4m at
the end of Q3 2021 to DKK 1,078.8m end
of Q3 2022. At the same time organic
revenue increased by 18.2% in Q3 2022.
Funding and liquidity
Following the re-financing completed
in May 2022, the maturity for the Group
bank loan run to 2025 and can be pro-
longed twice by one year.
The combined committed facilities con-
stitutes DKK 2,849.9m and an additional
facility of DKK 2,000m, available only
for new acquisitions. At 30 September
2022, DKK 2,032.7m of the committed
lines were utilised on borrowings and
DKK 148.9m on guarantees, leaving a
total of DKK 2,668.3m available in un-
utilised funding of which DKK 668.3m
can be utilised for normal operations if
needed with no additional costs or cov-
enants.
In addition, Netcompany-Intrasoft had
utilised DKK 256.9m on local guaran-
tees, having no impact on the Group
facilities except for leverage.
Including net cash balance as of 30 Sep-
tember 2022 of DKK 223.6m available
Group funding was DKK 891.9m.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Re-
port for 2021.
Capital structure
As a consequence of the acquisition of
Intrasoft, the debt ratio increased to 2.1x at
the end of Q3 2022, which is fully compli-
ant with current covenants. The ratio was
calculated as debt excluding utilised guar-
antees against 12 months rolling adjusted
EBITA.
Events after the balance sheet date
To this date, no events have occurred after
the balance sheet date, which would influ-
ence the evaluation of this report.
Work in progress overview
Sep
Q Q
LTM
Q
LTM
WIP NETCOMPANY CORE
REVENUE
WIP NETCOMPANY-INTRASOFT
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
17
42
Updated Original Actual
target Target performance
Financial metrics in constant currencies Q3 2022 2022 2021
Organic revenue growth in Netcompany Core 14-16% 14-19% 17.0%
Group organic revenue growth 14-16% 13-18%
17.0%
Non-organic revenue growth 37-39% 35-38% 10.1%
Group revenue growth 50-52% 48-56% 27.0%
Adjusted EBITA margin from Netcompany Core 21-23% >23% 23.1%
Adjusted EBITDA margin in Netcompany Core 23-25% >25% 25.5%
Adjusted EBITDA margin in Netcompany-Intrasoft 9-11% >9% 9.7%
Group adjusted EBITDA margin >20% >20% 24.2%
Revenue growth in both Netcompany
Core and Netcompany-Intrasoft was in
line with management expectations in Q3.
Based on revenue visibility, order backlog
and current pipeline for the remaining part
of 2022, management narrows the expec-
tation to revenue growth for the Group, in
constant currencies, to between 50% and
52% - well within guidance of between
48% and 56% for the year as originally
guided for at the beginning of 2022.
The realised adjusted EBITDA in Q3 2022
was also in line with management expec-
tations. Hence management also maintain
expectation to Group adjusted EBITDA
margin, measured in constant currencies,
of more than 20%, however not signifi-
cantly above that threshold.
As reflected in the guidance table above,
there will likely be positive and negative
deviations to the original guidance for tar-
gets for Netcompany Core and Netcom-
pany Intrasoft stand alone. However these
are expected to even out and support
our maintained Group targets for revenue
growth and adjusted EBITDA for the full
year.
Guidance reflects known wins and awards
on current pipeline cases in both the pub-
lic and private segment in both Netcom-
pany Core and Netcompany-Intrasoft.
Further, guidance is made under the as-
sumption that overall utilisation for the
remainder of 2022 is in line with historic
levels throughout Netcompany Core.
In addition, the increasing uncertainty in
the macro economic environment in the
markets in which we operate might lead to
unexpected abrupt discontinuation of cur-
rent engagements, which potentially could
impact revenue growth and margins.
Also, the current high level of uncertainty
related to the geo-political situation in Eu-
rope might lead to unexpected events that
could have an impact on revenue growth
and margins.
Apart from these risks to the guidance as
outlined above, a number of more general
risks were outlined in the Annual Report
for 2021. These risks still exist and might
impact the performance for the full year
as well should they occur.
Guidance 2022
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
18
42
Financial Calendar
18 January 2023
Deadline for shareholders to submit
proposals for the agenda of the Annual
General Meeting 2023.
25 January 2023
Annual Report for the financial year 2022.
2 March 2023
Annual General Meeting 2023.
4 May 2023
Interim report for the first 3 months of
2023.
16 August 2023
Interim report for the first 6 months of
2023.
2 November 2023
Interim report for the first 9 months 2023.
Capital
Netcompany’s share capital is DKK 50.0m
divided into 50m shares. During Q3 2022,
190 treasury shares were transferred in
relation to the acquisition of Intrasoft.
Netcompany holds 857,412 treasury shares
equivalent to 1.7% of the share capital. The
shares will be used to meet the Group’s
commitments under its LTIP.
Share-based incentive schemes / restricted
stock units
In total, 233,662 RSUs were issued at 30
September 2022, of which 63,045 were
granted to Executive Management and
170,617 were granted to other Key Man-
agement Personnel and other employees.
The fair value of the RSUs at grant was
DKK 106.3m. The cost related hereto is ex-
pensed over the vesting period.
A total amount of DKK 7.9m was recog-
nised as personnel costs in the income
statement in Q3 2022 and DKK 24.8m in
the first nine months of 2022.
Additional information on the holdings of
Netcompany shares and restricted stock
units by members of the Board of Direc-
tors and Executive Management Board is
disclosed in the remuneration policy.
Acquisition of Netcompany shares related
to the acquisition of Intrasoft International
S.A.
As part of the acquisition of Intrasoft In-
ternational S.A, an agreement was made
for a senior executive to convert the re-
ceived cash element of the purchase price
into Netcompany shares with a four year
lock up period entailing certain possibili-
ties to sell shares in predefined tranches
from 2022 to 2025 at the prevailing share
price of the time of the transaction. This
option was exercised in relation to the
first tranche and executed on 1 November
2022. Netcompany has in that capacity
acquired 44,539 treasury shares directly
from the senior executive.
Contingent purchase price / restricted stock
units
In connection with the acquisition of 100%
of the shares of QDelft B.V. (now Net-
company Netherlands) in 2019, a total of
305,068 RSUs have been granted, which
will vest in February 2023. Further 285,262
RSUs will be granted and vest in February
2023 depending on performance in the
period 2020-2022.
Shareholder information
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
19
42
Executive Management
Board of Directors
Statement of the Board of Directors
and Executive Management
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
20
42
CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
21
42
Income statement and Statement
of comprehensive income
DKK thousands
Note Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Income statement
Revenue 1 1,348,116 798,034 4,025,328 2,479,840 3,631,971
Cost of services 2 -876,987 -469,606 -2,772,867 -1,532,399 -2,298,687
Gross profit
Sales and marketing costs -10,597 -5,684 -28,925 -17,912 -36,715
Administrative costs 3 -185,058 -122,833 -565,055 -346,633 -503,399
Special items 4 0 -30,000 5 -30,000 -37,729
Other operating income / expense -492 0 -425 0 -184
EBITA
Amortisation -34,930 -9,002 -100,235 -27,157 -51,424
Operating profit (EBIT)
Financial income 5 10,404 2,403 18,815 6,647 10,259
Financial expenses 5 -26,617 -8,555 -66,157 -26,174 -43,648
Fair value adj. of contingent consideration 0 0 0 49,485 78,906
Income / loss, investment in joint venture -2,463 -5,583 -10,387 -16,802 -21,732
Income / loss, investment in associates 0 0 63 0 0
Profit / loss before tax
Tax on the profit for the period -51,708 -40,610 -112,838 -118,385 -153,316
Net profit / loss for the period
Of which
Non-controlling interest -65 0 -467 0 -1,840
Netcompany Group A/S' share 169,733 108,564 387,788 420,510 576,142
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
22
42
Earnings per share
Earnings per share (DKK)
6
Diluted Earnings per share (DKK)
6
Statement of comprehensive income
Net profit / loss for the period
Other comprehensive income items that may be reclassified subse-
quently to profit or loss:
Exchange rate adjustments on translating foreign subsidiaries -2,366 -648 -4,278 6,386 10,792
Income / loss from financial assets recognised at fair value 0 0 0 0 0
Other comprehensive income items that may not be reclassified to
profit or loss:
Actuarial profit / loss on defined benefit plans 0 0 -38 0 0
Other comprehensive income, net of tax
-2,366 -648 -4,316 6,386 10,792
Of which
Non-controlling interest 352 0 725 0 415
Netcompany Group A/S' share -2,719 -648 -5,041 6,386 10,378
Total comprehensive income / loss
Of which
Non-controlling interest 287 0 259 0 -1,425
Netcompany Group A/S' share 167,015 107,916 382,747 426,897 586,520
DKK thousands
Note Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
INCOME STATEMENT AND STATEMENT
OF COMPREHENSIVE INCOME
CONTINUED
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
23
42
Statement of financial position
30 September 30 September 31 December
DKK thousands
Note 2022 2021 2021
Assets
Intangible assets 3,869,887 2,423,977 3,896,198
Tangible assets 295,474 220,897 316,895
Investment in joint venture 92,846 78,163 103,233
Investment in associates 7,274 0 7,211
Other securities and invest-
ments
Other receivables 48,789 22,575 26,225
Deferred tax assets 29,298 12,513 17,391
Total non-current assets
Trade receivables 7 1,057,912 575,238 1,031,880
Receivables from joint venture 15,163 12,038 7,311
Receivables from associates 16,369 0 16,369
Contract work in progress 8 1,222,848 534,479 1,019,974
Other receivables 37,716 11,604 39,557
Prepayments 94,869 41,051 74,900
Total receivables
Cash 223,639 195,117 458,779
Total current assets
Assets held for sale
Total assets
30 September 30 September 31 December
DKK thousands
Note 2022 2021 2021
Equity and liabilities
Share capital 50,000 50,000 50,000
Treasury shares -302,896 -220,506 -241,409
Other reserves -38 0 0
Retained earnings
Equity attributable to Group
Non-controlling interest 6,848 0 6,796
Total equity
Borrowings 1,974,572 576,810 2,275,788
Leasing liabilities 150,283 117,982 147,979
Pension obligations 18,008 0 18,198
Other payables 1,044 122,819 94,498
Deferred tax liability 120,140 55,928 134,255
Total non-current liabilities
Borrowings 49,902 0 74,497
Leasing liabilities 89,856 51,210 98,645
Prebilled invoices 8 380,188 49,358 350,880
Trade payables 209,189 50,049 328,496
Pension obligations 1,664 0 0
Other payables 656,190 266,296 446,006
Provisions 10,310 0 8,839
Income tax payable 6,978 55,382 5,150
Total current liabilities
Liabilities held for sale
Total liabilities
Total equity and liabilities
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
24
42
Cash Flow statement
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Operating profit (EBIT) 240,052 160,909 557,825 525,739 703,833
Depreciation and amortisation 68,342 30,161 199,035 86,782 139,201
Non-cash items 4,991 5,836 8,584 32,690 43,685
Working capital changes -32,183 -6,050 -225,211 -199,091 -189,249
Total
Income taxes paid -5,061 2,668 -137,568 -119,281 -197,489
Financial income received 1,738 1,175 5,468 1,950 2,914
Financial expenses paid -11,401 -4,623 -33,088 -25,110 -37,298
Cash flow from operating activities
Net cash outflow on acquisition of subsidiaries 0 0 0 -89,405 -1,270,938
Cash and cash equivalents acquired 0 0 0 0 132,415
Other investments 230 0 4,208 -25,000 -55,000
Capitalisation of intangible assets -37,373 0 -74,226 0 -11,304
Acquisition of fixed assets -7,600 -7,132 -21,444 -30,347 -46,246
Disposals of fixed assets 0 0 0 0 2,321
Other receivables (deposits) -18,766 -2,523 -22,670 -3,991 -5,731
Cash flow from investment activities
-63,510 -9,655 -114,133 -148,743 -1,254,484
Dividends paid 0 0 0 -49,100 -49,100
Payment of treasury shares 0 0 -100,952 -49,999 -99,993
Proceeds from borrowings 0 0 2,182,836 0 1,350,000
Repayment of borrowings -201,750 -150,000 -2,504,608 -185,182 -261,531
Repayment of right of use assets -25,216 -14,109 -67,256 -38,581 -56,988
Cash flow from financing activities
-226,966 -164,109 -489,980 -322,862 882,388
Net increase in cash and cash equivalents
-23,997 16,312 -229,067 -167,926 93,501
Cash and cash equivalents at the beginning 250,552 179,012 458,779 358,996 358,996
Effect of exchange rate changes on the balance cash held in foreign currencies -2,916 -208 -6,072 4,046 6,281
Cash and cash equivalents at the end
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
25
42
Statement of changes in Equity
Foreign
currency Total equity, Non-
Share Treasury Share-based translation Other Retained Netcompany controlling
DKK thousands
capital shares remuneration subsidiaries Reserves earnings Group A/S interest Total equity
Equity at 1 July 2022 50,000 -302,937 46,438 4,300 -38 3,365,387 3,163,150 6,561 3,169,711
Profit for the period 0 0 0 0 0 169,733 169,733 -65 169,668
Other comprehensive income 0 0 0 -2,719 0 0 -2,719 352 -2,366
Total comprehensive income
Treasury Shares for the period 0 41 0 0 0 93 135 0 135
Share-based remuneration for the period 0 0 7,905 0 0 0 7,905 0 7,905
Movement of non-controlling interest 0 0 0 0 0 0 0 0 0
Total transactions with owners 0 41 7,905 0 0 93 8,040 0 8,040
Equity at 30 September 2022 50,000 -302,896 54,344 1,581 -38 3,535,214 3,338,205 6,848 3,345,053
Equity at 1 January 2022 50,000 -241,409 70,177 6,584 0 3,145,768 3,031,121 6,796 3,037,918
Profit for the period 0 0 0 0 0 387,788 387,788 -467 387,321
Other comprehensive income 0 0 0 -5,003 -38 0 -5,041 725 -4,316
Total comprehensive income
Treasury Shares for the period 0 -100,806 0 0 0 331 -100,475 0 -100,475
Share-based remuneration for the period 0 39,319 -15,834 0 0 1,326 24,812 0 24,812
Movement of non-controlling interest 0 0 0 0 0 0 0 -207 -207
Total transactions with owners 0 -61,487 -15,834 0 0 1,658 -75,663 -207 -75,871
Equity at 30 September 2022 50,000 -302,896 54,344 1,581 -38 3,535,214 3,338,205 6,848 3,345,053
Equity at 1 July 2021 50,000 -224,999 60,341 3,241 0 2,777,782 2,666,365 0 2,666,365
Profit for the period 0 0 0 0 0 108,564 108,564 0 108,564
Other comprehensive income 0 0 0 -648 0 0 -648 0 -648
Total comprehensive income
Treasury Shares for the period 0 0 0 0 0 0 0 0 0
Share-based remuneration for the period 0 4,493 3,046 0 0 0 7,539 0 7,539
Total transactions with owners
Equity at 30 September 2021
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
26
42
Foreign
currency Total equity, Non-
Share Treasury Share-based translation Other Retained Netcompany controlling
DKK thousands
capital shares remuneration subsidiaries Reserves earnings Group A/S interest Total equity
STATEMENT OF CHANGES IN EQUITYCONTINUED
Equity at 1 January 2021 50,000 -175,000 42,478 -3,793 0 2,514,936 2,428,621 0 2,428,621
Profit for the period 0 0 0 0 0 576,142 576,142 -1,840 574,302
Other comprehensive income 0 0 0 10,378 0 0 10,378 415 10,792
Total comprehensive income
Treasury Shares for the period 0 -70,902 0 0 0 103,791 32,889 0 32,889
Share-based remuneration for the period 0 4,493 27,699 0 0 0 32,192 0 32,192
Dividend paid 0 0 0 0 0 -49,100 -49,100 0 -49,100
Addition of non-controlling interest 0 0 0 0 0 0 0 8,221 8,221
Total transactions with owners
Equity at 31 December 2021
Equity at 1 January 2021 50,000 -175,000 42,478 -3,793 0 2,514,936 2,428,621 0 2,428,621
Profit for the period 0 0 0 0 0 420,510 420,510 0 420,510
Other comprehensive income 0 0 0 6,386 0 0 6,386 0 6,386
Total comprehensive income
Treasury Shares for the period 0 -49,999 0 0 0 0 -49,999 0 -49,999
Share-based remuneration for the period 0 4,493 20,909 0 0 0 25,402 0 25,402
Dividend paid 0 0 0 0 0 -49,100 -49,100 0 -49,100
Total transactions with owners
Equity at 30 September 2021
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
27
42
Group Denmark Norway UK Netherlands Intrasoft
DKK million
Q3 2022 Q3 2021 % change Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021
Revenue 885.4 461.6
91.8%
425.5 366.2 41.8 35.9 95.0 42.8 25.7 16.7 297.4 0.0
Cost of service -607.3 -281.0
116.1%
-240.5 -208.7 -35.4 -26.8 -70.7 -28.7 -20.1 -16.8 -240.6 0.0
Gross profit
278.0 180.6 54.0% 185.0 157.5 6.4 9.1 24.3 14.1 5.5 -0.2 56.9 0.0
Gross profit margin
31.4% 39.1% -7.7pp 43.5% 43.0% 15.2% 25.3% 25.6% 33.0% 21.5% -1.0% 19.1% N/A
Allocated costs -124.7 -71.5
74.4%
-60.3 -49.7 -9.4 -6.6 -12.4 -6.9 -7. 6 -8.2 -34.9 0.0
Adjusted EBITA before HQ costs
153.4 109.1 40.6% 124.7 107.8 -3.1 2.4 11.9 7.2 -2.1 -8.4 21.9 0.0
Adjusted EBITA margin before
allocated cost from HQ
17.3% 23.6% -6.3pp 29.3% 29.4% -7.4% 6.8% 12.5% 16.9% -8.2% -50.2% 7.4% N/A
Allocated costs from HQ -7.0 -6.3
11.8%
-4.8 -4.8 -0.5 -0.5 -1.3 -0.6 -0.4 -0.4 0.0 0.0
EBITA
146.3 84.7 72.7% 119.9 89.2 -3.6 0.2 10.6 5.2 -2.5 -9.9 21.9 0.0
EBITA margin 16.5% 18.4% -1.8pp 28.2% 24.4% -8.6% 0.6% 11.2% 12.1% -9.8% -59.4% 7.4% N/A
Amortisation
-22.4 -5.4 318.3% -11.6 -4.1 -1.3 -0.5 -3.1 -0.5 -1.0 -0.4 -5.5 0.0
Operating profit
123.9 79.4 56.1% 108.3 85.2 -4.9 -0.2 7.6 4.7 -3.5 -10.3 16.4 0.0
Operating profit margin
14.0% 17.2% -3.2pp 25.5% 23.3% -11.6% -0.7% 8.0% 11.0% -13.7% -61.6% 5.5% N/A
Segment information
Public Q3
NOTE 1
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
28
42
CONTINUED
Segment information
Private Q3
Group Denmark Norway UK Netherlands Intrasoft
DKK million
Q3 2022 Q3 2021 % change Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021
Revenue 462.8 336.4
37.6%
288.3 257.5 29.7 22.4 37.2 55.8 0.4 0.6 107.2 0.0
Cost of service -269.7 -188.6
43.0%
-132.9 -128.9 -24.4 -18.1 -26.1 -41.1 -0.3 -0.4 -85.9 0.0
Gross profit
193.1 147.9 30.6% 155.3 128.6 5.4 4.3 11.0 14.8 0.1 0.2 21.3 0.0
Gross profit margin
41.7% 43.9% -2.2pp 53.9% 49.9% 18.1% 19.1% 29.7% 26.4% 15.5% 36.7% 19.9% N/A
Allocated costs -60.1 -46.5
29.3%
-38.4 -31.8 -5.6 -4.5 -4.4 -10.1 -0.1 -0.2 -11.6 0.0
Adjusted EBITA before HQ costs
133.0 101.3 31.2% 116.9 96.8 -0.2 -0.2 6.6 4.7 -0.0 0.1 9.7 0.0
Adjusted EBITA margin before
allocated cost from HQ
28.7% 30.1% -1.4pp 40.6% 37.6% -0.8% -0.9% 17.8% 8.4% -6.5% 10.4%
9.0% N /A
Allocated costs from HQ -3.8 -4.2
-9.9%
-3.1 -3.0 -0.3 -0.4 -0.5 -0.8 -0.0 -0.0 0.0 0.0
Other operating income / expense -0.5 0.0
N/A
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0
EBITA
128.6 85.2 51.0% 113.9 85.0 -0.5 -1.6 6.1 1.8 -0.0 0.0 9.2 0.0
EBITA margin
27.8% 25.3% 2.5pp 39.5% 33.0% -1.8% -7.3% 16.5% 3.2% -7.7% 5.2% 8.6% N /A
Amortisation -12.5 -3.6
243.4%
-8.5 -2.6 -0.7 -0.3 -1.1 -0.7 -0.0 -0.0 -2.1 0.0
Operating profit
116.2 81.5 42.4% 105.3 82.4 -1.3 -1.9 5.0 1.0 -0.0 0.0 7.1 0.0
Operating profit margin
25.1% 24.2% 0.9pp 36.5% 32.0% -4.3% -8.7% 13.6% 1.9% -10.6% 4.1% 6.6% N/A
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
29
42
Group Denmark Norway UK Netherlands Intrasoft
DKK million
YTD 2022 YTD 2021 % change YTD 2022 YTD 2021 YTD 2022 YTD 2021 YTD 2022 YTD 2021 YTD 2022 YTD 2021 YTD 2022 YTD 2021
Revenue 2,596.8 1,451.9
78.9%
1,223.2 1,123.1 123.4 115.5 281.5 155.6 70.8 57.7 897.9 0.0
Cost of service -1,881.7 -948.4
98.4%
-773.8 -695.1 -110.4 -89.6 -208.9 -112.9 -61.3 -50.8 -727.2 0.0
Gross profit
715.1 503.5 42.0% 449.5 428.0 13.0 25.9 72.6 42.7 9.4 6.8 170.7 0.0
Gross profit margin
27.5% 34.7% -7.1pp 36.7% 38.1% 10.5% 22.5% 25.8% 27.5% 13.3% 11.9% 19.0% N/A
Allocated costs -371.5 -207.9
78.7%
-178.1 -148.8 -28.5 -18.1 -39.3 -21.5 -24.1 -19.6 -101.4 0.0
Adjusted EBITA before HQ costs
343.6 295.6
16.2%
271.3 279.3 -15.5 7.9 33.2 21.3 -14.7 -12.8 69.3 0.0
Adjusted EBITA margin before
allocated cost from HQ
13.2% 20.4% -7.1pp 22.2% 24.9% -12.6% 6.8% 11.8% 13.7% -20.8% -22.2% 7.7% N/A
Allocated costs from HQ -24.2 -16.9
43.1%
-16.5 -12.6 -2.0 -1.4 -4.3 -1.8 -1.4 -1.1 0.0 0.0
EBITA
319.4 260.6 22.6% 254.8 252.9 -17.5 4.8 28.9 17.9 -16.1 -15.0 69.3 0.0
EBITA margin
12.3% 17.9% -5.6pp 20.8% 22.5% -14.2% 4.1% 10.3% 11.5% -22.8% -26.0% 7.7% N/A
Amortisation -65.1 -16.6 291.2% -34.4 -12.3 -4.1 -1.4 -8.9 -1.9 -3.0 -1.1 -14.6 0.0
Operating profit
254.3 243.9 4.2% 220.4 240.6 -21.6 3.4 20.0 16.0 -19.1 -16.1 54.7 0.0
Operating profit margin
9.8% 16.8% -7.0pp 18.0% 21.4% -17.5% 2.9% 7.1% 10.3% -27.0% -27.9% 6.1% N/A
CONTINUED
Segment information
Public 9 months
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
30
42
Group Denmark Norway UK Netherlands Intrasoft
DKK million
YTD 2022 YTD 2021 % change YTD 2022 YTD 2021 YTD 2022 YTD 2021 YTD 2022 YTD 2021 YTD 2022 YTD 2021 YTD 2022 YTD 2021
Revenue 1,428.5 1,028.0
39.0%
894.6 793.4 82.1 83.9 126.2 148.9 1.3 1.7 324.3 0.0
Cost of service -891.2 -584.0
52.6%
-471.2 -408.3 -73.5 -58.4 -84.6 -116.3 -1.2 -1.1 -260.7 0.0
Gross profit
537.3 443.9 21.0% 423.4 385.1 8.6 25.6 41.6 32.6 0.1 0.6 63.6 0.0
Gross profit margin
37.6% 43.2% -5.6pp 47.3% 48.5% 10.4% 30.5% 33.0% 21.9% 9.7% 37.5% 19.6% N/A
Allocated costs -184.4 -128.9
43.0%
-118.7 -91.7 -16.4 -12.4 -14.7 -24.5 -0.4 -0.4 -34.2 0.0
Adjusted EBITA before HQ costs
352.9 315.0 12.0% 304.7 293.5 -7.8 13.2 26.9 8.1 -0.2 0.2 29.4 0.0
Adjusted EBITA margin before
allocated cost from HQ
24.7% 30.6% -5.9pp 34.1% 37.0% -9.5% 15.7% 21.3% 5.4% -18.0% 14.0% 9.1% N/A
Allocated costs from HQ -13.8 -10.8
28.0%
-11.0 -7.7 -1.1 -1.0 -1.6 -2.0 -0.0 -0.0 0.0 0.0
Other operating income / expense -0.4 0.0
N/A
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0
EBITA
338.7 292.3 15.9% 293.7 277.0 -9.0 11.1 25.2 4.0 -0.3 0.2 29.0 0.0
EBITA margin
23.7% 28.4% -4.7pp 32.8% 34.9% -10.9% 13.3% 20.0% 2.7% -19.7% 11.3% 8.9% N/A
Amortisation -35.2 -10.5
234.1%
-24.1 -7.6 -2.4 -1.0 -3.4 -2.0 -0.0 -0.0 -5.3 0.0
Operating profit
303.5 281.8 7.7% 269.6 269.5 -11.3 10.2 21.8 2.0 -0.3 0.2 23.7 0.0
Operating profit margin
21.2% 27.4% -6.2pp 30.1% 34.0% -13.8% 12.1% 17.3% 1.3% -23.3% 10.0% 7.3% N/A
CONTINUED
Segment information
Private 9 months
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
31
42
Segment information related to geographical areas
Q3 2022
DKK thousands
Denmark Norway UK Netherlands Belgium Luxembourg Greece Spain Other Total
Revenue from external customers 725,366 73,623 139,492 27,614 165,395 33,472 125,259 21,420 36,475 1,348,116
Q3 2021
DKK thousands
Denmark Norway UK Netherlands Belgium Luxembourg Greece Spain Other Total
Revenue from external customers 623,717 58,340 98,664 17,313 0 0 0 0 0 798,034
CONTINUED
Segment information
Geographical
Geographical 9 months and full year
Segment information related to geographical areas
YTD 2022
DKK thousands
Denmark Norway UK Netherlands Belgium Luxembourg Greece Spain Other Total
Revenue from external customers 2,139,400 208,181 419,469 75,068 559,722 71,248 392,185 62,586 97,468 4,025,328
YTD 2021
DKK thousands
Denmark Norway UK Netherlands Belgium Luxembourg Greece Spain Other Total
Revenue from external customers 1,916,535 199,421 304,523 59,361 0 0 0 0 0 2,479,840
Total 2021
DKK thousands
Denmark Norway UK Netherlands Belgium Luxembourg Greece Spain Other Total
Revenue from external customers 2,591,948 267,740 409,572 82,447 109,944 7,039 118,032 21,297 23,951 3,631,971
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
32
42
Administrative costs
Cost of services
NOTE 2
NOTE 3
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Cost of services -228,793 -58,432 -689,752 -183,286 -380,909
Salaries -642,297 -405,089 -2,065,247 -1,331,024 -1,888,564
Depreciation -5,897 -6,085 -17,868 -18,089 -29,214
Cost of services total
-876,987 -469,606 -2,772,867 -1,532,399 -2,298,687
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Administrative costs -90,496 -62,799 -267,342 -159,840 -237,845
Salaries -67,047 -44,960 -216,782 -145,258 -206,990
Depreciation -27,515 -15,074 -80,932 -41,535 -58,564
Administrative costs total
-185,058 -122,833 -565,055 -346,633 -503,399
Special items
NOTE 4
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Costs related to M&A 0 -30,000 5 -30,000 -37,729
Total special items
0 -30,000 5 -30,000 -37,729
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
33
42
Financial income and expenses
NOTE 5
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Financial Income
Exchange rate adjustments 9,912 2,382 16,581 6,567 10,039
Other financial income 492 21 2,234 80 220
Financial income total
10,404 2,403 18,815 6,647 10,259
Financial expenses
Interest expense, bank loan -10,023 -2,425 -23,295 -7,513 -14,510
Interest expense, leasing -1,516 -988 -4,531 -2,709 -4,103
Exchange rate adjustments -12,422 -3,295 -24,110 -8,590 -12,906
Other financial expenses -2,657 -1,848 -14,221 -7,362 -12,130
Financial expenses total
-26,617 -8,555 -66,157 -26,174 -43,648
Earnings per share
NOTE 6
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Earnings per share - EPS (DKK) 3.45 2.21 7.88 8.57 11.73
Diluted earnings per share - EPS-D (DKK) 3.42 2.19 7.81 8.47 11.60
Profit 169,733 108,564 387,788 420,510 576,142
Average number of shares 50,000 50,000 50,000 50,000 50,000
Average number of treasury shares 857 959 783 927 906
Average number of shares in circulation 49,143 49,041 49,217 49,073 49,094
Average number of outstanding restricted stock units 476 574 478 585 582
Average number of diluted shares in circulation 49,618 49,615 49,695 49,658 49,676
The earnings per share in 2021 was af-
fected by the fair value adjustments of
the contingent consideration and would
have been 10.13 in 2021, if normalised for
fair value adjustments.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
34
42
The Group is continuously conducting
individual assessments of bad debt. If this
leads to an assessment that the Group
will not be able to collect the amount
accounted for, an allowance for expect-
ed credit loss is made. At 30 September
2022, the Group recognised an allowance
for expected credit losses of DKK 18.3m
(30 September 2021: DKK 0m), and credit
losses of DKK 5.8m have incurred during
Q3 2021.
The credit quality of trade receivables at
30 September 2022 is considered
satisfactory.
Trade receivables
NOTE 7
30 September 30 September 31 December
DKK thousands
2022 2021 2021
Not overdue 707,512 386,822 675,255
0-30 days overdue 159,569 124,469 217,253
31-60 days overdue 57,362 25,445 73,940
61-90 days overdue 39,001 15,990 27,954
Over 90 days overdue 112,813 22,512 54,398
Total trade receivables excl. expected credit loss
1,076,257 575,238 1,048,800
Expected credit loss -18,344 -0 -16,920
Total trade receivables
1,057,912 575,238 1,031,880
Contract work in progress
NOTE 8
30 September 30 September 31 December
DKK thousands
2022 2021 2021
Selling price of work performed on fixed price projects 3,963,887 1,487,618 2,594,288
Invoiced amount on fixed price projects -3,121,227 -1,002,496 -1,925,194
Total contract work in progress
842,660 485,122 669,094
Net value – stated on a contract-per-contract basis – is
presented in the statement of financial position as follows:
Contract work in progress 1,222,848 534,479 1,019,974
Prebilled invoices -380,188 -49,358 -350,880
Total contract work in progress
842,660 485,122 669,094
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 10.3 million, covering
legal claims and project related risks
(DKK 0.0 million).
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
35
42
Income Statement classified by function
DKK thousands
Q3 2022 Q3 2021 YTD 2022 YTD 2021 Total 2021
Income statement
Revenue 1,348,116 798,034 4,025,328 2,479,840 3,631,971
Cost of services, incl. depreciation and amortisation -876,987 -469,606 -2,772,867 -1,532,399 -2,298,687
Gross profit
471,129 328,428 1,252,460 947,441 1,333,284
Sales and marketing costs -10,597 -5,684 -28,925 -17,912 -36,715
Administrative costs, incl. depreciation, amortisation and special items -219,988 -161,835 -665,286 -403,790 -592,552
Other operating income / expense -492 0 -425 0 -184
Operating profit (EBIT)
240,052 160,909 557,825 525,739 703,833
Financial income 10,404 2,403 18,815 6,647 10,259
Financial expenses -26,617 -8,555 -66,157 -26,174 -43,648
Fair value adjustment of contingent consideration 0 0 0 49,485 78,906
Income / loss from investment in joint venture -2,463 -5,583 -10,387 -16,802 -21,732
Income / loss from investment in associates
0 0 63 0 0
Profit / loss before tax
221,376 149,174 500,159 538,895 727,618
Tax on the profit for the period -51,708 -40,610 -112,838 -118,385 -153,316
Net profit / loss for the period
169,668 108,564 387,321 420,510 574,302
Depreciation and Amortisation have been presented as follows in
the income statement:
Cost of services -5,897 -6,085 -17,868 -18,089 -29,214
Administrative costs -62,445 -24,076 -181,166 -68,692 -109,987
Depreciation and amortisation -68,342 -30,161 -199,035 -86,782 -139,201
NOTE 9
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
36
42
As part of its contract commitments with
customers, the Group has through its
banks provided performance guarantees
of DKK 405.8m (DKK 199.9m).
There have been no related party transac-
tions with any significant shareholders in
Q3 2022.
There are no collaterals provided for
the Group’s bank loan.
Related party transactions
Collateral provided and contingent liabilities
NOTE 10
NOTE 11
The annual consolidated financial state-
ments of the Group are prepared in ac-
cordance with IFRS as adopted by the
European Union. The interim consolidated
financial statements included in this Q3
2022 financial report has been prepared
in accordance with IAS 34 “Interim Finan-
cial Reporting” as adopted by the Europe-
Accounting policies
NOTE 12
an Union. The accounting policies applied
are consistent with those applied in the
consolidated Annual Report for the year
ended 31 December 2021 for Netcompany
Group A/S.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
37
42
% change % change
DKK million
Q3 2022 Q3 2021 Q3 YTD 2022 YTD 2021 YTD
Income statement
Public revenue 885.4 461.6
91.8%
2,596.8
1,451.9 78.9%
Private revenue 462.8 336.4
37.6%
1,428.5
1,028.0 39.0%
Revenue by segments, total
1,348.1 798.0 68.9% 4,025.3 2,479.8 62.3%
Development revenue 657.5 488.4
34.6%
1,916.5
1,519.1 26.2%
Maintenance revenue 683.5 309.6
120.8%
2,096.4
960.7 118.2%
License revenue 7.1 0.0
N/A
12.5
0.0 N/A
Revenue by types, total
1,348.1 798.0 68.9% 4,025.3 2,479.8 62.3%
Organic revenue 943.5 798.0
18.2%
2,803.1
2,479.8 13.0%
Non-organic revenue 404.6 0.0
N/A
1,222.2
0.0 N/A
Revenue by growth, total
1,348.1 798.0 68.9% 4,025.3 2,479.8 62.3%
Special items 0.0 -30.0
-100.0%
0.0
-30.0 -100.0%
Adjusted EBITDA 308.9 221.1
39.7%
757.3
642.5 17.9%
EBITDA 308.4 191.1
61.4%
756.9
612.5 23.6%
Adjusted EBITA 275.5 199.9
37.8%
658.5
582.9 13.0%
EBITA 275.0 169.9
61.8%
658.1
552.9 19.0%
Operating profit (EBIT) 240.1 160.9
49.2%
557.8
525.7 6.1%
Net financials -16.2 -6.2
163.5%
-47.3 -19.5
142.4%
Net profit / loss 169.7 108.6
56.3%
387.3 420.5
-7.9%
Financial position
Capex -45.0 -7.1
530.6%
-95.7
-30.3 215.3%
Total assets 7,013.4 4,127.7
69.9%
7,013.4
4,127.7 69.9%
Equity 3,345.1 2,781.8
20.2%
3,345.1
2,781.8 20.2%
Dividends Paid 0.0 0.0
N/A
0.0
49.1 -100.0%
Net increase in cash and cash equivalents -24.0 16.3
-247.1%
-229.1
-167.9 36.4%
Free cash flow 221.5 182.9
21.1%
279.4 273.3
2.2%
Free cash flow (tax normalised) 168.2 136.9
22.8%
274.5 261.5
5.0%
Financial figures and highlights Q vs. Q
NOTE 13
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
38
42
CONTINUED
Earnings per share
Earnings per share (DKK) 3.45 2.21
56.0%
7.88 8.57
-8.0%
Diluted earnings per share (DKK) 3.42 2.19
56.3%
7.81 8.47
-7.8%
Employees
Average number of full-time employees 7,039 3,385
107.9%
6,757 3,244
108.3%
Financial ratios
Revenue growth 68.9% 14.9%
54.1pp
62.3% 20.0%
42.3pp
Gross profit margin 34.9% 41.2%
-6.2pp
31.1% 38.2%
-7.1pp
Adjusted EBITDA margin 22.9% 27.7%
-4.8pp
18.8% 25.9%
-7.1pp
EBITDA margin 22.9% 23.9%
-1.1pp
18.8% 24.7%
-5.9pp
Adjusted EBITA margin 20.4% 25.1%
-4.6pp
16.4% 23.5%
-7.1pp
EBITA margin 20.4% 21.3%
-0.9pp
16.3% 22.3%
-5.9pp
Operating profit margin 17.8% 20.2%
-2.4pp
13.9% 21.2%
-7.3pp
Effective tax rate 23.4% 27.2%
-3.9pp
22.6% 22.0%
0.6pp
Return on equity 5.5% 4.2%
1.4pp
12.6% 16.2%
-3.5pp
Solvency ratio 47.7% 67.4%
-19.7pp
47.7% 67.4%
-19.7pp
ROIC 4.1% 3.6%
0.5pp
9.3% 13.8%
-4.5pp
ROIC (Adjusted for Goodwill) 12.7% 13.8%
-1.1pp
29.0% 53.5%
-24.5pp
Cash conversion ratio 112.5% 158.3%
-45.8pp
60.0% 61.9%
-1.9pp
Cash conversion ratio (tax normalised) 85.4% 118.5%
-33.1pp
59.0% 59.2%
-0.2pp
% change % change
DKK million
Q3 2022 Q3 2021 Q3 YTD 2022 YTD 2021 YTD
FINANCIAL HIGHLIGHTS AND KEY FIGURES Q VS. Q
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
39
42
Financial figures and highlights
NOTE 13
DKK million
Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020
Income statement
Public revenue 885.4 836.9 874.6 758.5 461.6 488.0 502.3 465.9
Private revenue 462.8 468.9 496.8 393.6 336.4 338.7 352.8 306.9
Revenue by segments, total
1,348.1 1,305.8 1,371.5 1,152.1 798.0 826.7 855.1 772.7
Development revenue
657.5 604.2 654.8 783.3 488.4 513.2 517.5 433.7
Maintenance revenue 683.5 698.9 713.9 367.3 309.6 313.5 337.7 339.1
License revenue 7.1 2.6 2.7 1.5 0.0 0.0 0.0 0.0
Revenue by types, total
1,348.1 1,305.8 1,371.5 1,152.1 798.0 826.7 855.1 772.7
Organic revenue 943.5 886.7 972.9 866.5 798.0 826.7 855.1 772.7
Non-organic revenue 404.6 419.1 398.5 285.6 0.0 0.0 0.0 0.0
Revenue by growth, total
1,348.1 1,305.8 1,371.5 1,152.1 798.0 826.7 855.1 772.7
Special items 0.0 0.0 -0.0 -7.7 -30.0 0.0 0.0 0.0
Adjusted EBITDA 308.9 188.8 259.6 238.4 221.1 186.6 234.8 240.1
EBITDA 308.4 188.7 259.8 230.5 191.1 186.6 234.8 240.1
Adjusted EBITA 275.5 156.0 227.0 210.3 199.9 166.7 216.3 223.5
EBITA 275.0 155.8 227.2 202.4 169.9 166.7 216.3 223.5
Operating profit (EBIT) 240.1 123.2 194.6 178.1 160.9 157.7 207.2 200.0
Net financials -16.2 -18.8 -12.4 -13.9 -6.2 -6.7 -6.6 -5.4
Net profit / loss 169.7 85.0 132.7 153.8 108.6 112.4 199.5 5.0
Financial position
Capex -45.0 -31.6 -19.1 -27.2 -7.1 -5.0 -18.2 -3.7
Total assets 7,013.4 7,052.9 7,032.8 7,021.1 4,127.7 4,090.0 4,074.5 4,039.4
Equity 3,345.1 3,169.7 3,130.0 3,037.9 2,781.8 2,666.4 2,595.9 2,428.6
Net increase in cash and cash equivalents -24.0 -68.0 -1 37.1 261.4 16.3 -134.6 -49.6 120.4
Free cash flow 221.5 7.3 50.5 134.7 182.9 -10.2 100.6 208.9
Free cash flow (tax normalised) 168.2 -20.5 126.8 160.9 136.9 -49.2 173.8 210.5
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
40
42
Earnings per share
Earnings per share (DKK) 3.45 1.72 2.71 3.17 2.21 2.29 4.06 0.10
Diluted Earnings per share (DKK) 3.42 1.70 2.68 3.13 2.19 2.26 4.02 0.10
Employees
Average number of full-time employees 7,039 6,719 6,513 5,417 3,385 3,238 3,109 2,996
Financial ratios
Revenue growth 68.9% 58.0% 60.4% 49.1% 14.9% 22.4% 22.9% 15.2%
Gross profit margin 34.9% 27.9% 30.4% 33.5% 41.2% 35.5% 38.1% 42.4%
Adjusted EBITDA margin 22.9% 14.5% 18.9% 20.7% 27.7 % 22.6% 27.5% 31.1%
EBITDA margin 22.9% 14.4% 18.9% 20.0% 23.9% 22.6% 27.5% 31.1%
Adjusted EBITA margin 20.4% 11.9% 16.6% 18.3% 25.1% 20.2% 25.3% 28.9%
EBITA margin 20.4% 11.9% 16.6% 17.6% 21.3% 20.2% 25.3% 28.9%
Operating profit margin 17.8% 9.4% 14.2% 15.5% 20.2% 19.1% 24.2% 25.9%
Effective tax rate 23.4% 15.5% 25.5% 18.5% 27.2% 22.9% 18.2% 89.6%
Return on equity 5.5% 2.9% 4.6% 5.6% 4.2% 4.5% 8.4% 0.2%
Solvency ratio 47.7 % 44.9% 44.5% 43.3% 67.4% 65.2% 63.7% 60.1%
ROIC 4.1% 2.0% 3.3% 4.0% 3.6% 3.7% 6.7% 0.2%
ROIC (adjusted for Goodwill) 12.7% 6.2% 10.8% 14.5% 13.8% 13.8% 27.8% 0.8%
Cash conversion ratio 112.5% 6.6% 32.0% 78.0% 158.3% -8.5% 48.7% 893.4%
Cash conversion rate (tax normalised) 85.4% -18.5% 80.2% 93.2% 118.5% -41.2% 84.1% 900.4%
DKK million
Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020
CONTINUED
NOTE 13 FINANCIAL FIGURES AND HIGHLIGHTS QS
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
41
42
Formulas
Organic
revenue
=
Revenue not classified as
non-organic revenue
Non-organic
revenue
=
Revenue from acquired businesses
the first 12 months after acquisition
Organic
Growth
1
=
Organic revenue current year x 100
Revenue last year
Gross profit
margin
1,2
=
Gross profit x 100
Revenue
EBITA
1,2
= Operating profit + Amortisation
EBITA
margin
1,2
=
EBITA x 100
Revenue
Adjusted
EBITA
=
EBITA + Special items + Other
operating income
Adjusted
EBITA
margin
=
Adjusted EBITA x 100
Revenue
Capex
1,2
=
Cost spent to buy intangible and
tangible assets, excluding impact from
business acquisitions.
Cash
conversion
ratio
1,2
=
Free cash flow x 100
Net profit - Amortisation and deferred
tax of amortisation
Days sales
outstanding
1,2
=
Trade receivables x days
Revenue
Return on
equity
2
=
Net profit for the period x 100
Average equity
Return on
invested
capital
(ROIC)
1,2
=
Net profit x 100
Average invested capital
ROIC
(Adjusted for
Goodwill)
1
=
Net profit x 100
Average invested capital
– average Goodwill
Solvency
(equity ratio)
1
=
Equity x 100
Total assets
Operating
profit margin
1
=
Operating profit x 100
Revenue
EBITDA
1,2
= EBIT + Depreciation and amortisation
EBITDA
margin
=
EBITDA x 100
Revenue
Adjusted
EBITDA
=
EBITDA + Special items + Other
operating income
Adjusted
EBTIDA
margin
=
Adjusted EBITDA x 100
Revenue
EPS
1
=
Net profit - Non-controlling interest
Average outstanding shares
EPS diluted
1
=
Net profit - Non-controlling interest
Average outstanding shares
+ Diluted shares
Free cash
flow
1,2
=
Cash flow from operating activities
- Capex
1
Key figures defined according to IFRS.
2
Key figures defined according to “Recommendations &
Financial Ratios” issued by the Danish Finance Society.
Key figures and financial ratios have been compiled in accordance with the following calculation formulas.
Netcompany grew revenue by 69% and realised EBITDA margin of 23% and strong free cash flow in Q3 2022.
Netcompany Group A/S
Grønningen 17, 1270 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 27/2022
3 November 2022
42
42
Disclaimer
This report contains forward-looking
statements including, but not limited
to, the statements and expectations
contained in the outlook section. For-
ward-looking statements are statements
(other than statements of historical fact)
relating to future events and Netcompa-
ny’s anticipated or planned financial and
operational performance.
The words ‘may’, ‘will’, ‘will continue’,
‘should’, ‘expect’, ‘foresee’, ‘anticipate’,
‘believe’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’
or variations of these words, including
negatives thereof, as well as other state-
ments regarding matters that are not
historical fact or regarding future events
or prospects, constitute forward-looking
statements.
Netcompany has based these for-
ward-looking statements on its current
views with respect to future events and
financial performance. These views in-
volve a number of risks and uncertainties,
which could cause actual results to differ
materially from those predicted in the
forward-looking statements and from
the past performance of Netcompany.
Although Netcompany believes that the
estimates and projections reflected in the
forward-looking statements are reasona-
ble, they may prove materially incorrect,
and actual results may materially differ,
e.g. as the result of risks related to the
industry in general or Netcompany in par-
ticular, including those described in Net-
company Group A/S’ Annual Report 2019
and other information made available by
Netcompany.
Factors that may affect future results
include, but are not limited to, global
and economic conditions, including cur-
rency exchange rate and interest rate
fluctuations, delay or failure of projects
related to research and/or development,
unexpected contract breaches or ter-
minations, unplanned loss of patents,
government-mandated or market-driven
price decreases for Netcompany’s prod-
ucts, introduction of competing products,
reliance on information technology, Net-
company’s ability to successfully market
current and new products, exposure to
product liability, litigation and investiga-
tions, regulatory developments, actual or
perceived failure to adhere to ethical mar-
keting practices, unexpected growth in
costs and expenses, failure to recruit and
retain the right employees, and failure to
maintain a culture of compliance.
As a result, forward-looking statements
should not be relied on as a prediction
of actual results. Netcompany undertakes
no obligation to update or revise any for-
ward-looking statements, whether as a
result of new information, future events
or otherwise, except to the extent re-
quired by law.
The Annual Report 2021 of Netcompany
Group A/S is available at our website
www.netcompany.com
About Netcompany
Netcompany delivers business critical IT
solutions and consultancy that help our
customers to achieve significant business
benefits in a digitised world. Netcompany
also helps our customers to manage and
operate IT solutions both on location and
in the cloud.