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WEBSTEP | ANNUAL REPORT 2024
Table of contents
About Webstep 4
Letter from the CEO 6
Report from the Board of Directors 9
Statement by the Board of Directors and CEO 22
Financial Statement – Consolidated Group 24
Financial Statement - Parent company 65
Corporate Governance 82
Sustainability 93
Auditor`s report 104
Alternative Performance Measures (APMs) 106
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WEBSTEP | ANNUAL REPORT 2024
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WEBSTEP | ANNUAL REPORT 2024
About Webstep
Webstep is a Norwegian IT consultancy company,
established in 2000 and publicly listed on the Oslo
Stock Exchange since 2017 (WSTEP). The company is
headquartered in Oslo and operates in regional offices
across Norway to ensure local presence to its
customers.
Webstep provides IT consultancy services and expert
solutions and has senior consultants within a broad
range of areas such as digitalization, cloud services,
integration, AI/machine learning, and system
development. We are a strategic partner to our
customers, supporting them on their digital journey with
a strong focus on complex digital transformation
projects and deep industry knowledge across various
sectors.
The company has a flexible delivery model and serves
customers with project-based solutions, individual
expert consultants as well as team-deliveries. Webstep
has customers both within the private and public
sectors,
and a solid track record of delivering mission-critical
solutions to our customers.
Webstep values knowledge sharing and collaboration,
and believes this is essential to create high value
deliveries to our customers and to retain a long-term
customer relationship. Our consultants are the key to
success, and we are committed to fostering a work
environment that supports strong professional
development, ensuring we maintain relevant
technological expertise at all times.
The Group continues to evolve and adapt to market
needs to maintain its position as a trusted partner for
digital transformation initiatives.
Our vision is:
Webstep develops for tomorrow – through valuable
cooperation between people and technology, in
everyday life, in business and in society.
Our values are:
Skilled, Innovative, Uncomplicated and Generous
Our company culture is characterised as follows:
● Emphasizes professional development and
expertise
● Values knowledge sharing and collaboration
● Focuses on employee well-being and work-life
balance
● Has a client-centric approach with long-term
relationships
● Focuses on high-value, complex assignments
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WEBSTEP | ANNUAL REPORT 2024
Key figures
Continuing operations*
Audited
Audited
Unaudited
Unaudited
Unaudited
NOK million
2024
2023
2022
2021
2020
Operating revenues
874.1
861.6
761.6
668.4
583.9
EBITDA
85.1
59.8
69.2
76.3
55.4
EBITDA margin
9.7%
6.9%
9.1%
11.4%
9.5%
EBIT
66.7
17.0
47.7
61.1
41.5
EBIT margin
7.6%
2.0%
6.3%
9.1%
7.1%
Net profit
49.5
4.4
33.5
44.7
30.9
Net cash flow
6.9
13.2
10.2
7.3
6.2
Earnings per share (NOK)
1.80
0.16
1.22
1.66
1.16
Earnings per share, fully diluted (NOK)
1.79
0.16
1.21
1.64
1.16
Number of FTE's, end of period
446
471
439
393
361
Number of employees, end of period
448
474
442
396
361
Operating revenue TNOK per FTE (average)
1960.4
1,828
1,736
1,702
1,617
EBIT TNOK per FTE (average )
149.6
36.2
108.8
155.6
115.0
*Due to the divestment of Webstep AB in 2024, the table shows unaudited pro forma figures for continuing operations
also for the years 2020-2022.
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WEBSTEP | ANNUAL REPORT 2024
Letter from the CEO
Looking back at 2024, we see a year marked by swift
changes, political instability, rapid technological
advancements, and volatile and unpredictable markets.
Against this demanding backdrop, agility and
adaptability have been important keywords for
Webstep, and last year we made several important
changes:
● We divested our Swedish operation, allowing
full focus on our primary market, Norway
● We changed our executive management team,
recruiting external and internal talent with the
best skill set to take Webstep forward
● We adjusted our cost base significantly
through the execution of a cost reduction
program, primarily focused on streamlining
overhead expenses
● We have continued to strengthen our
organisation, fostering a high-performance
culture, and a commercially driven approach to
ensure that we meet our customers’ needs
and the market’s demand even better
All in all, it is fair to say that 2024 was a year of
transition for Webstep, and I am happy to declare that
we clearly have made progress. Webstep is on the right
track. In 2024, our revenue grew by 1.5 percent, which is
acceptable in a challenging market and with a lower
number of consultants available than the previous year.
In the short run, however, our most important goal is to
improve our profitability. In 2024 we grew our EBIT
margin from 2.0 percent in 2023 to 7.6 percent.
Targeting increased profitability
We delivered margin improvements in 2024, however
our goal is to consistently deliver EBIT margins north of
10 percent. We are executing a number of initiatives to
operate more efficiently both with regards to utilisation
of our staff and customer acquisition. Our top priority
remains to further leverage the high degree of seniority
and long experience in our team. I am confident that we
can leverage this strength to become even more
customer-oriented and serve as value-creating business
partners for our customers.
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WEBSTEP | ANNUAL REPORT 2024
“One Webstep”
Additionally, we will operate under the “One Webstep”
principle, promoting seamless collaboration across our
regional offices. This will enable us to capitalize on our
strong local presence while benefiting from the scale
and advantages of being a national player.
With regards to business development and marketing,
we have already established one national sales
organisation with specialised sales teams with domain
competence for our prioritised industries. To further
underpin this, we are strengthening our marketing
efforts. In short: Expect a more visible Webstep in the
market going forward.
The Webstep culture
While we are making many changes, we will ensure to
protect and nurture the unique Webstep culture.
Webstep continues to be one of the most attractive
workplaces for experienced, senior consultants. We
prioritise competence development and knowledge
sharing among our employees, while cultivating a
culture that embraces initiatives and solutions in an
uncomplicated corporate structure. To showcase and
discuss new technology developments and best
practices, we organise a range of internal and external
events, workshops and courses. All of this is important
for us to be able to attract the right competence. In the
years to come, we will continue to work systematically
to build our competence base and capacity through
selective hiring of consultants whose skills are well
aligned with the anticipated market trends. We will put
weight on business acumen as well as domain and
industry expertise, and we will be looking for
consultants with a commercial mindset.
Customer wins
During 2024, we saw that an increased share of our
revenue comes from our largest clients. We have
signed important agreements with organisations like
the Norwegian Housing Bank (Husbanken), the National
Archives, Enova, BKK Production, Tryg Forsikring, and
Everbridge. We have a strong position within the oil and
gas sector, underpinned by our strong regional offices
on the west coast of Norway. We expanded our
relationship with Equinor, and our deliveries to the
Norwegian POSC Caesar Association (PCA), enabling
interoperability between systems and players across
energy industries, gained speed and strength.
Good pace in the energy sector
Our solid reputation and good position in the oil and
gas sector is an important driver for our revenue. While
there is continued high activity in the energy space, we
see many customers in other industries being more
reluctant with regards to investments in IT. Decision
processes take longer and the willingness to commit
capex is in general lower. The macroeconomic
uncertainty has not diminished so far in 2025, and we
expect markets to be challenging still for some time.
While the short-term outlook may be uncertain, we have
no doubt about the long-term trends that will drive the
market for digitalisation services. The strategic
potential in structuring, analysing and leveraging
business data is enormous. Also, we have only had a
small taste of the opportunities that lie in strategic use
of artificial intelligence and machine learning. Webstep
is in a prime position to support Norwegian companies
in general, not only with digitalisation, but also in
navigating the next wave — leveraging technology to
gain competitive advantages. With top senior
technology competence combined with business
mindset and industry competence, our ambition is to be
a value creating strategic partner for our customers.
Wrapping up, I would like to take the opportunity to
thank all our customers and partners for the
cooperation throughout 2024. I would also like to
extend my thanks to all our shareholders for their
continued support.
Finally, I would like to thank all my colleagues in
Webstep for their dedication and efforts in a year
which has been characterised by many internal
changes and a demanding market. With the
organisational changes we have already made, and a
clear vision of where we would like to go, I think we are
in a good position to reach our strategic targets. Once
again thank you for your trust and I am looking forward
to continuing this journey with the entire Webstep team.
Kristine Lund
Webstep ASA CEO
(Sign)
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WEBSTEP | ANNUAL REPORT 2024
Report from the Board of Directors
Business development
Webstep recorded consolidated revenues in 2024 of
NOK 874.1 million, a growth of 1.5 per cent from NOK
861.6 million in 2023. At the end of the year the Group
had 446 FTEs, representing a decline by 26 FTEs the
last twelve months as a consequence of sharpening
and streamlining the organisation. Consolidated EBIT
for 2024 amounted to NOK 66.7 million in comparison
with NOK 17.1 million in 2023. The 2024 EBIT was
affected by extraordinary costs of NOK 6.4 million,
while extraordinary costs in 2023 was NOK 35.0 million.
Adjusted for these extraordinary costs, the EBIT
amounted to NOK 73.1 million (NOK 52.1million).
The Board of Directors propose a dividend of NOK 2.30
per share for the General Meeting in May 2025. In total,
the dividend will amount to NOK 62.3 million, and
includes 50 per cent of the proceeds from the sale of
Webstep AB in Sweden, amounting to NOK 25.0 million,
equal to NOK 0.9 per share.
The IT consulting market faced challenges in 2024, with
notable differences between sectors. While activity
remained strong in the energy sector, other industries in
Norway showed a degree of reluctance. However, the
long-term trend towards increased digitalization
remains unchanged. Webstep has a robust and proven
business model, and the relative share of Webstep's
revenue from large customers is rising, atop a mixed
and loyal customer base.
Webstep has taken important steps in streamlining and
sharpening the organisation during 2024. Anne Kristine
Lund became CEO 2 May 2025, succeeding Interim CEO
Kjetil Bakke Eriksen. Several new members of the
executive management have been appointed, including
Henning Hesjedal, who will take over as CFO from 1
April 2025.
The cost reduction program announced in 2023 was
well executed in 2024, reducing overhead costs.
Webstep’s sales functions have been reorganised, and
a new sales director appointed.. Following a strategy
process, Webstep is reinforcing the “One Webstep”
concept, with the aim to remove hurdles for
cooperation between our regional units and ensure
better utilisation and a more flexible and relevant
customer offering.
At the same time, Webstep has emphasised to maintain
a staff of top-tier professionals. Webstep’s highly
qualified staff is a strong platform for delivering on our
goal to be a strategic partner for our customers in their
journey of utilising digital solutions to achieve
competitive advantage.
Operations
The Board of Directors’ report for the Webstep group
comprises the parent company Webstep ASA and its
subsidiaries (Group). Webstep ASA is a Norwegian
public limited liability company headquartered in Oslo,
Norway. The Group has offices in Norway and had 448
employees as of 31 December 2024, compared to 474
employees as of 31 December 2023.
The Company’s shares are listed and traded on Oslo
Børs under the ticker WSTEP. Webstep's business is
conducted through the Group’s only subsidiary,
Webstep AS in Norway, as Webstep AB in Sweden was
divested in 2024. Following the sales of Webstep AB
the Swedish entity is classified as a discontinued
operation in all reported periods. All figures and related
comments include continued business in Norway only.
The Group has offices in Oslo, Bergen, Stavanger,
Trondheim, Kristiansand and Haugesund.
Webstep is a provider of IT consultancy services and
offers expertise to solve demanding digitalization and
IT projects across the private and public sectors.
Webstep delivers stand alone consultants as well as
project teams, projects and solutions. Webstep's
revenue from major client accounts increased
throughout 2024 and was now 47 per cent in 2024, up
from 38 per cent in 2023.
Webstep believes in the flexibility and responsiveness
of a decentralised model based on strong local
presence. One part of our sales and delivery model is
that regional offices serve local clients with
considerable autonomy. The second part is the sale and
delivery of teams independent of geographical location.
In this way, we leverage the full expertise and capacity
of Webstep. Our “One Webstep” approach implies that
we capitalise on the decentralised model while at the
same time gradually improve efficiency through uniform
and coordinated processes for all functions.
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WEBSTEP | ANNUAL REPORT 2024
An important part of the Webstep strategy is to employ
and offer highly qualified senior IT consultants with
significant experience. The Group employed 448
employees at the end of December, of which 402 were
IT consultants. The Group's consultants have on
average more than 10 years of experience. This creates
a solid foundation for a strong professional
environment and high-quality deliveries. The Webstep
work culture is driven by the values of being skilled,
innovative, generous and uncomplicated.
Webstep prioritises simplicity, transparency, and
fairness in all aspects of our organisation. The
company’s flat hierarchy, transparent processes and
incentivised compensation structure attract top-tier
professionals. Both the industry and Webstep work
towards better gender balance which means attracting
more women. Webstep supports initiatives aimed at
improving this situation, including internal, strategic
projects intended to contribute to this goal. Following
the 2024 appointment of Anne Kristine Lund as
Webstep CEO, further changes to our executive
management team have been made, and the team now
has 50 per cent female members. This enhances our
credibility in the diversity area. We also recognize the
importance of corporate responsibility and
sustainability as described below.
Top Technology experts
Webstep is a company tailored for top tech experts. We
deliver value through collaboration among our
employees and aim to create the best workplace for
and together with them. In Webstep all employees shall
experience professional environments that deliver
quality at every level. Together, we cultivate the
Webstep culture, professional development, and
long-term Webstep careers.
At Webstep, we are committed to providing our
employees with the best total package possible,
ensuring long-term career growth and satisfaction,
covering competence activities, knowledge sharing,
professional challenges and continuous development.
The Group maintains a healthy work life balance and a
beneficial compensation model, maintaining clear and
transparent communication about compensation
policies and decisions.
In a highly competitive market, Webstep strives to be
the best place to work, and we will continue to focus on
improving our professional and social working
environment.
Webstep provides a unique opportunity for our
consultants to continue their professional development,
learning and growth to ensure that our employees thrive
in a supportive and challenging environment. Our
approach to development is both local and centralised,
and involves providing our consultants with meaningful
assignments, professional networking opportunities,
support for learning and a fair and transparent
employment environment.
Through Webstep our consultants are exposed to
clients from a wide range of public and private sectors.
This exposure, coupled with our investment in ongoing
training and development, allows consultants to expand
their knowledge and skills. Additionally, the
collaborative nature of consultancy work fosters a
culture of learning, where consultants can share best
practices, learn from each other's experiences, and
continually improve their capabilities.
Consolidated financial results for the Group
The following financial review is based on the
consolidated financial statements of Webstep ASA and
its subsidiary Webstep AS. The statements have been
prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU as
well as the Norwegian accounting legislation.
In the view of the Board, the income statement, the
statements of comprehensive income, balance sheet ,
changes in equity and cash flow, and the accompanying
notes, provide satisfactory information about the
operations, financial results and position of the Group
and the parent company 31 December 2024.
All amounts in brackets are comparative figures for
2023 unless otherwise specifically stated.
Consolidated statement of income and comprehensive
income
Total operating revenues amounted to NOK 874.1
million, up 1.5 per cent from NOK 861.6 million in 2023.
The revenue growth of 2.8 per cent from own
consultants was driven by increased hourly rates and
one more working day compared to last year, whereas
lower utilisation and a reduced number of consultants
negatively affected the revenue growth. Webstep’s
revenue model is primarily based on hourly fees, with
revenue capacity depending on the number of
consultants and number of working days available.
Calendar effects may therefore cause differences in
revenue capacity between years. The average number
of employees in 2024 was 448 (459) and the number of
working days in Norway was 252 (251). Revenues from
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WEBSTEP | ANNUAL REPORT 2024
subcontractors amounted to NOK 52.9 million (NOK
57.6 million). Revenues from subcontractors can
fluctuate over time depending on whether Webstep
takes the lead in larger projects in collaboration with
partners.
Cost of services and goods sold, primarily from use of
subcontractors, amounted to NOK 61.4 million (NOK
69.7 million) for the year.
Personnel expenses include salaries and benefits,
pension, social security tax, vacation pay and other
items. A high proportion of salary is variable. Webstep’s
salary model is a merit-based model where the
consultants have a base salary in addition to a variable
pay as a fixed share of the bill rate. Consultants in an
onboarding phase after employment or in-between
projects receive a guaranteed base salary, which is the
main driver for higher personnel expenses in periods
with high onboarding activity or reduced utilisation.
Salaries and personnel costs amounted to NOK 682.0
million (NOK 686.7 million) for the full year. The cost
reduction programme initiated at the end of 2023,
caused one-off costs amounting to NOK 10.0 million in
2023 which partly explains the positive development.
Due to strategic organisational changes in 2024, the
Group had one-off costs amounting to NOK 6.4 million.
For the full year the additional employer contribution
amounted to NOK 5.0 million (NOK 9.0 million).
Other operating expenses amounted to NOK 45.6
million (NOK 45.4 million) for the full year. The Group
has continued its cost focus throughout the year which
positively affected expenses related to travel and
conference activities. However, the organisational
restructuring in the second half of the year increased
the costs related to external services. In addition the
Group has increased costs related to the temporary
increased Norwegian employer’s contributions that
were implemented in 2023.
Depreciation and impairment costs were NOK 18.3
million (NOK 42.8 million). The decrease is explained by
an extraordinary impairment of goodwill related to
Webstep AB in 2023, amounting to NOK 25.0 million.
Total consolidated EBITDA amounted to NOK 85.1
million (NOK 59.8 million), and EBIT amounted to NOK
66.7 million (NOK 17.1 million).
Net financial costs were NOK 3.7 million (NOK 4.3
million) and income tax expense amounted to NOK 13.9
million (NOK 8.3 million). Net profit for the year was
NOK 49.5 million (NOK 4.4 million).
Consolidated financial position
In general changes in the financial position are affected
by the sales of Webstep AB in 2024. Total assets on 31
December 2024 amounted to NOK 632.7 million (NOK
708.2 million).
Non-current assets were NOK 388.5 million (NOK 471.3
million) and consisted mainly of intangible assets.
Intangible assets amounted to NOK 313.6 million (NOK
358.2 million), which per end of 2024 comprised
primarily of acquisition-related goodwill for the
Norwegian business. There are no indications that
impairment is required for the Norwegian unit.
Right-of-use assets related to office rentals and car
leases have been recognized in the balance sheet at the
total amount of NOK 63.2 million (NOK 97.9 million).
Total current assets of NOK 244.2 million (NOK 236.9
million) consisted of trade receivables, other current
receivables and cash and short-term deposits. Trade
receivables amounted to NOK 131.3 million (NOK 156.0
million). Revenues are invoiced on a monthly basis.
Other current receivables were NOK 30.6 million (NOK
5.3 million) and includes outstanding sellers credit from
the sales of Webstep AB of NOK 25.0 million which
expires in April 2025. Cash and short-term deposits
amounted to NOK 82.4 million (NOK 75.5 million).
Total equity on 31 December 2024 was NOK 351.6
million (NOK 359.2 million). The change is mainly due
to the dividend paid in 2024, share buy back which main
purpose relates to management incentive programme,
recycling of currency translation differences on
disposal of Webstep AB and change in earnings for the
year.
Non-current liabilities amounted to NOK 52.8 million
(NOK 81.6 million). At the end of 2024, non-current
liabilities only consisted of non-current leasing
liabilities. Current liabilities of NOK 228.4 million (NOK
267.4 million) consisted of current leasing liabilities,
trade payables, tax payables, social taxes and VAT and
other short-term liabilities.
Consolidated cash flow
Total net cash flow in 2024 amounted to NOK 6.9
million (NOK 13.2 million). Net cash flow from
operating activities amounted to NOK 28.1 million (NOK
77.7 million). The change in cash flow from operations
compared to 2023 is positively affected by an improved
profit from operations which is offset by increased net
receivables, mainly explained by the sellers credit
related to the sales of Webstep AB, and by decreased
net liabilities.
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WEBSTEP | ANNUAL REPORT 2024
Net cash flow from investing activities was positive
NOK 35.0 million (negative NOK 5.5 million). The
proceeds from sale of Webstep AB net of cash
disposed amounted to NOK 38.6. Investments are
mainly related to equipment for new employees and
office upgrades, and the level of investments were
reduced from 2023 to 2024. The nature of the Group’s
operations requires relatively low levels of investments,
and the Group has a sufficient ability to finance any
investment required as part of its regular operations
through its net cash flow from operating activities.
Net cash flow from financing activities was negative
NOK 56.3 million (negative NOK 59.1 million). The
financing activities in 2024 mainly consist of payment
of dividends, purchase of treasury shares and payment
of lease liabilities.
The Group had an unutilized Revolving Credit Facility
(RCF) with SpareBank1 SR-Bank of NOK 110 million.
The Group has not been in breach with the covenants of
the RCF during 2024. See notes 18 and 22 for further
details.
Segment information
On 23 May 2024, Webstep entered into an agreement to
divest the operation in Sweden, Webstep AB, and the
transaction was completed in early July 2024. The
Swedish entity is classified as a discontinued operation
in all reported periods. Further information about
discontinued operations is stated in note 7 in the
financial statement for the Group.
After divesting Webstep AB, Webstep Norway remains
the sole reporting segment for the Group, and is
considered a continuing operation.
Webstep Norway is headquartered in Oslo and also has
offices in Bergen, Stavanger, Trondheim, Kristiansand
and Haugesund. The Group provides high-end IT
consultancy services to a broad range of public and
private clients across the country.
Total operating revenues for 2024 came to NOK 874.1
million (NOK 861.6 million), up 1.5 per cent compared
to 2023. The change in revenue is mainly driven by
increased hourly rates and one more working day
compared to 2023, whereas a reduced number of
employees and lower utilisation negatively affected the
growth. Revenues from subcontractors and resale of
licences amounted to NOK 52.9 million (NOK 57.6
million). Due to the temporary increase in the
Norwegian employer’s contributions, the Group had
increased costs amounting to NOK 5.0 million (NOK 9.0
million).
EBIT for the full year came to NOK 66.7 million (NOK
17.1 million). The change in EBIT is primarily explained
by costs at NOK 35.0 million in 2023 related to
impairment of acquisition-related goodwill of Webstep
Sweden and overhead cost-reduction.
Webstep Norway had 446 FTEs on 31 December 2024
(471 FTEs). The average number of FTEs in 2024 was
453 (459 FTEs).
Research and development
The nature of the business of Webstep, is to contribute
to the digital R&D processes of the Group’s customers,
and to explore the opportunities created by new
technologies.
The Group did not have any defined R&D initiative in
2024 which met the criteria of an intangible asset. The
recognition as an asset is based on the management's
assessment of future economic benefits from the
projects and that the criteria in IAS 38.57 is met.
The Group had no R&D initiative that qualified for the
government R&D tax incentive scheme (SkatteFUNN) in
2024.
Parent company results
Webstep ASA is the parent company of the Group. The
Company facilitates and supports internal processes
throughout the Group, especially in areas such as
finance, business development, communication and
marketing. The annual financial statements for
Webstep ASA are prepared in accordance with the
Norwegian Accounting Act and the regulations on
simplified application of international accounting
standards (IFRS).
The Company had an operating loss of NOK 22.6
million in 2024 (NOK 23.8 million). The Company’s net
financial items for 2024 was NOK 29.9 million (NOK
20.1 million) and mainly consists of Group
contributions from its subsidiary, Webstep AS. Net
financial items were negatively affected by interest
expenses from group companies. In 2023 other finance
expenses related to the impairment of cost price of
shares in Webstep AB at NOK 25.0 million also affected
net financial items negatively.
Profit before tax amounted to positive NOK 7.3 million
(negative NOK 3.8 million). Net profit was NOK 7.3
million (negative NOK 8.4 million).
The book value of the Company’s investments in the
subsidiary companies 31 December 2024 is NOK 359.0
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WEBSTEP | ANNUAL REPORT 2024
million (NOK 407.1 million). The change is explained by
the sales of Webstep Sweden.
The Company is the administrator and owner of the
Group’s bank accounts in Norway, and hence the
positive cash flow generated by the Group, increases
the cash position of the Company. Any deposits
generated by the Norwegian subsidiary are classified as
liabilities to Group companies. At year-end the cash and
short-term deposits amounted to NOK 82.4 million
(NOK 63.1 million), and the liabilities to Group
companies amounted to NOK 270.3 million (NOK 252.7
million). Total receivables from Group companies
amounted to NOK 32.9 million (NOK 0.0 million). Equity
amounted to NOK 169.0 million (NOK 239.4 million),
which corresponds to an equity ratio of 33.3 per cent
(44.9 per cent). Changes in equity is mainly explained
by profit for the period offset by the proposed dividend
for 2024.
Dividend payment
The Board of Directors considers that Webstep ASA
had adequate equity and liquidity at the end of 2024.
The Board of Directors will propose an ordinary
dividend of NOK 2.30 per share for approval by the
Annual General Meeting 16 May 2025. The proposed
dividend amounts to a total NOK 62.3 million, of which
NOK 25.0 million constitutes proceeds from the sales
of Webstep AB
Going concern
With reference to the Norwegian Accounting Act No.
3-3, the Board confirms its belief that conditions exist
for continuing operations and that these financial
statements have been prepared in accordance with the
going concern principle. The confirmation is based on
an estimated long-term profitable growth and
Webstep’s solid cash and equity standing.
Risk and risk management
The Group is exposed to various risks and uncertainties
of operational, market, financial and regulatory
character. Webstep identifies and manages risks on an
ongoing basis as part of our established structure for
internal control. The risk assessment gives input to
both the annual strategy process as well as the annual
revision of the established control structure and control
activities, to verify that these have a good coverage and
work efficiently according to the identified risks.
The risk factors described below have been identified
as key risks by the management. The list is not
exhaustive.
Business Risk
The Group is exposed to business risk especially
related to the following areas.
Market development The Group's results are affected
by macroeconomic development and demand for its
services. The Group’s large diversity of customers
combined with various projects in different sectors and
regions, have a mitigating effect on the market risk
exposure. Long-term contracts and consistent
deliveries over time have secured a low-volatility price
structure. The variable salary model for the consultants
also reduces market risk exposure as the salary
expenses to a large extent correlate with revenues.
Webstep has a strong local presence. The proximity to
our customers and local market insight is making it
easier to actively use the collaboration between regions
to mitigate the risk of local market changes.
Access to employees The employees are the most
important asset of Webstep. In order to ensure stable
growth, the Group is dependent on being an attractive
employer to retain and attract new employees.
Webstep’s strategy is to continuously invest in new
technological trends and services, provide interesting
and challenging assignments, and to offer attractive
remuneration and benefits to its employees. The
compensation model is based on a high proportion of
variable salary, which is closely linked to the
consultants’ individual performance.
Project risk and potential legal liability Consultancy
businesses are exposed to the risk of disagreements
and legal disputes related to client projects. A majority
of the Group’s assignments are based on standardised
agreements with “Time & Material” pricing and monthly
invoicing, which implies limited risk per contract.
If the consultant can be held responsible for gross
negligence or willful misconduct, the Group may be
liable to damages. In order to reduce these risks,
according to market practice, the Group has insurance
coverage for professional liability, occupational injury,
general liability and employee dishonesty.
The Group has in the past been, and may in the future
be, subject to legal claims, including those arising in the
normal course of business. Contracts may contain
penalty clauses for the Group's failure to timely deliver
or failure to meet agreed service levels and the Group
may face claims as a result of breach of contract.
An unfavourable outcome on any litigation or arbitration
matter could require that the Group pays substantial
damages, could prevent the Group from selling certain
13
WEBSTEP | ANNUAL REPORT 2024
of its products or services, or in connection with any
intellectual property infringement claims, it could
require that the Group pays ongoing royalty payments.
A settlement or an unfavourable outcome on any
litigation or arbitration matter could have an adverse
effect on the Group's operating revenue and profitability.
Changes in laws and regulations in the markets where
Webstep operates could hinder or delay the Group's
operations, increase the Group's operating costs and
reduce demand for its services. Changes in laws and
regulations applicable to the Group could increase
compliance costs, mandate significant and costly
changes to the way the Group implements its services
and solutions, and threaten the Group's ability to
continue to serve certain markets.
Another risk in projects may pertain to the Company's
reputation, if the work delivered in a project does not
have sufficient or expected quality it could harm the
Company's reputation.
Risk related to cyber security Businesses around the
world are experiencing an increase in cyberattacks, and
the introduction of AI has made these attacks more
sophisticated. This entails increasing information
security risks in regards to the Group’s internal
infrastructure and customer deliveries. The Group is
continuously working to mitigate these threats through
proactively updating routines and procedures, as well
as monitoring the security of its internal IT service
portfolio via threat detection tools. Webstep is an
important supplier of professional services within
digitalization to both the public and private sector, and
knows the importance of making sure that both
personnel security, physical security, and digital IT
security is maintained. To ensure a strong internal
security culture, the Group conducts awareness
campaigns, and is actively following up on the
guidelines and recommended measures of the
Norwegian National Security Authority (NSM).
Financial Risk
The Group’s executive management team and the
Board of Directors monitor the following financial risk
factors on an ongoing basis and take the necessary
actions when required.
Credit risk exposure for the Group is influenced mainly
by the individual characteristics of each customer.
Webstep engages with large and regular customers and
has had low historical losses on receivables. Webstep
has a diversified portfolio of customers in various
industries.
Price risk changes in the market can lead to a decline
in hourly rates for IT services, which will impact the
Company's revenue. Changes in customer demand,
increased competition, technological changes, or
similar factors can influence the market development.
The variable salary model of the consultants reduces
the risk exposure as the salary expenses to a large
extent correlate with revenues.
Currency risk refers to the exposure through operations
across different countries, in regard to unpredictable
gains or losses due to changes in the value of one
currency in relation to another currency. After the sale
of Webstep AB, Webstep only operates in Norway and
does not have any customers outside Norway and only
limited exposure to vendors in foreign currencies.
Currently, the Group does not have any hedging
positions in place to limit the exposure to exchange rate
fluctuations. The Group has assessed the currency risk
to be limited, since the Group entities endeavour to
match income and expenses as well as assets and
liabilities in the same currency.
Interest rate risk exposure is primarily in relation to the
Group’s revolving credit facility, issued at floating
interest rates based on NIBOR (Norwegian Interbank
Offer Rate). As such, movements in interest rates could
affect the Group's business, results of operations, cash
flows, financial condition and/or prospects. The Group
does not currently have any hedging positions in place
to limit the exposure to interest rate fluctuations, but
are monitoring the development. The Group evaluates
the interest rate risk to be low due to the low net debt
and strong financial position for the Group.
Liquidity risk arising from the Group not being able to
meet its financial obligations as they fall due, is
considered low. The Group’s approach to manage
liquidity risk is through proper liquidity planning to
ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under
both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group’s
reputation. Executive management has monitoring
controls in place to ensure that the Group has sufficient
liquidity.
14
WEBSTEP | ANNUAL REPORT 2024
Corporate social responsibility,
the environment and employees
Webstep has a strong vision of making positive
contributions to society. The Group aims to create value
in the interaction between people and technology, in
everyday life, in businesses, and in society. By
acknowledging the Groups's responsibility, Webstep
strives to generate profitability through its operations
without compromising ethical values, and with respect
for individuals, the environment, and society. Webstep
can create value through digitalization and the
development delivered for the Group´s customers, in
addition to having proper guidelines for the Group's
operations with a focus on environment and climate,
social responsibility, and corporate governance. Of
these, the last two factors, social responsibility and
corporate governance, are the most prominent for an IT
consultancy firm like Webstep.
Webstep is a provider of IT consultancy services and
offers expertise to solve demanding digitalization and
IT projects in the private and public sector, in a number
of different industries including banking, finance and
insurance, public administration, agriculture and food
production, IT and telecommunication, commerce and
transportation. Webstep aims to be at the forefront of
technological development.
The Group has guidelines for corporate responsibility
and ethical behavior which are part of the employees’
work agreements. Webstep’s guidelines for corporate
responsibility are based on the UN Global Compact’s
ten principles on human rights, labor, environment and
anti-Corruption. Webstep’s guidelines emphasize
among others ethical behavior, strong data security, and
encourage best practice with regard to financial and
practical business processes. All employees are
required to comply with the Company’s established
guidelines which are essential to build strong
relationships with clients, suppliers and partners.
The nature of Webstep’s operations, delivering IT
services, implies relatively low inherent risk within areas
for corporate responsibility such as environment,
social conditions, work environment, discrimination,
human rights, corruption, bribery and equal
opportunities. In addition to due diligence assessments
regarding the Transparency Act, Webstep performs an
annual risk assessment of business and financial
matters as well as Corporate Responsibility. The risk
assessments are carried out annually and the results
are reported to the Board of Directors. The risk
assessment procedure provides input both to the
annual strategy process and the annual revision of the
established control structure and controls. The aim is
to verify that these secure proper control coverage and
work efficiently according to the identified risks.
Employees
Webstep is a people company and our employees are
our most important asset. Our business model thrives
when our consultants stay with the Groups over a long
time. At a strategic level, in order to secure both low
churn and a steady inflow of new employees, we are
continuously building the best workplace for Webstep
employees in terms of health, safety and environment
management. Webstep is committed to providing fair
and favorable working conditions, skills development,
exciting tasks, and a positive social environment. The
Group has a zero-tolerance policy against harassment,
bullying and discrimination, and is equally supporting
the employees’ personal and professional development.
Work environment, company culture and employees
rights, terms and benefit
In line with being a people company, Webstep
emphasizes the work environment and the employees’
rights, terms and benefits, as well as their opportunities
for personal development on and off work. This is
based on the idea that employees thrive in an
environment built on trust, with the opportunity to make
a difference, and freedom to take responsibility and
make mature decisions in the best interest of oneself,
the customers and the organisation. This focus
supports Webstep’s ability to deliver as an IT
consultancy, with the employees being the greatest
asset.
Webstep has established whistleblowing guidelines
which are designed to reassure the employees that any
matters reported will be taken seriously, heard and
assessed, followed up and answered. Webstep has an
established working environment committee (AMU)
with selected representatives from the employees and
the administration of Webstep. Further, there are three
selected employees serving as board members in
Webstep AS and observers to the Board of Directors in
Webstep ASA.
The Group puts great emphasis on building a strong
company culture and a healthy work environment in and
across all its geographical locations. The Webstep work
culture is driven by the values of being skilled,
innovative, generous and uncomplicated. The Board of
Directors considers the work environment to be good
and the collaborative relationship with employee
observers to the Board is perceived as positive.
15
WEBSTEP | ANNUAL REPORT 2024
Webstep runs annual employee surveys. The 2024
report, with a response rate of 81 per cent, was
conducted in April 2025, covers the 2024 employee
experiences.
Willingness to recommend an employee to others is
indicated as the Employee Net Promoter Score (eNPS),
which is a commonly used measure of employee
loyalty. Generally, an eNPS score above 0 is considered
a strong result, with +20 being very strong and -20
being very weak. Webstep's eNPS for 2025 is 25 (41).
The areas of measures are working environment,
personal development and culture and leadership.
Webstep has considerably higher results than
Netigate’s benchmark for all question areas (Netigate
being a recognized survey supplier). For further
information, see the Equality and anti- discrimination
statement.
The illustration below shows key indexes
from the Employee Survey for 2024.
Sickness and injuries
Webstep works systematically with health, safety and
environment management and makes efforts to
mitigate health risks and prevent injuries. No accidents
or injuries were registered neither in 2024 nor 2023. The
employees on long-term sick leave are closely followed
up by their respective managers, and the reasons for
the sick leave are not considered to be work
environment related. The sickness rate in the Group
was for 2024 2.6 per cent, while for 2023 the rate was
2.8 per cent.
16
WEBSTEP | ANNUAL REPORT 2024
Environment and society
Webstep aims to create profitability without
compromising ethical values, and with respect for
individuals, the environment and the society at large.
Webstep recognizes its responsibility as an
organisation and employer to contribute to the
achievement of UN’s Sustainable Development Goals
(SDGs). Among the listed SDGs, Webstep believes the
company can have a significant impact on - hence a
strong internal focus on the following five of the UN
Sustainable Development Goals:
Although Webstep’s operations have a limited negative
effect on the environment, the Group makes systematic
efforts to reduce the environmental impact of its
business. The Norwegian subsidiary of Webstep has
received an Eco-Lighthouse certification (Miljøfyrtårn),
and has reviewed its routines and processes in order to
be able to contribute to the green shift in the best
possible way. This includes sustainable procedures and
processes in areas including business travel,
procurement and waste management. Climate risks
including increased focus on climate and sustainability,
may affect customers behaviour by reduced ability and
willingness to invest in IT projects. However, it may also
increase the demand for digital solutions and IT
consulting if this will be a solution for the customers to
be in compliance with regulations or requirements from
stakeholders. Both scenarios may affect the Webstep’s
operations.
Ethics, fundamental human rights and proper working
conditions
Webstep’s ethical guidelines shall ensure a high ethical
standard for personal behavior and good business
practice, outlining the expectations and obligations that
each employee has in order to develop a healthy
corporate culture. All employees acknowledge the
ethical guidelines upon commencement in the
Company. This is done to ensure the correct
understanding of the ethical standards the Company
operates under. Breach of the Group's ethical guidelines
shall be reported in accordance with the procedures for
reporting of unacceptable conditions.
Webstep's commitments to human rights and decent
working conditions are anchored in the Group's internal
policies and procedures that all employees must
acknowledge. This includes, among other things, the
Group's Code of Conduct, ethical guidelines, corporate
social responsibility guidelines, and guidelines for
health, safety, and environment.
Webstep has conducted due diligence assessments in
accordance with The Transparency Act. The
Transparency Act aims to reduce the risk of human
rights violations and ensure decent working conditions
within the Group, in the supply chain and among
partners.
In the evaluation process, suppliers of significant size
have been assessed, as well as according to the
industry in which the supplier operates and the type of
service or delivery they provide to the Group, their
geographical affiliation, and Webstep's real influence on
the supplier. Based on the results of the assessments
and nature of Webstep's business as a provider of IT
consulting services, the Group assesses the risk of
human rights violations in the value chain and business
in general to be relatively low, but will monitor by
performing annual due diligence assessments. For a
comprehensive overview of Webstep’s work in
conducting due diligence assessments and fulfilling the
requirements of the Transparency Act, a separate
report is provided on webstep.no.
17
WEBSTEP | ANNUAL REPORT 2024
Work against corruption and bribery
Webstep has a zero-tolerance policy for corruption. All
employees are expected to promote a strong
anti-corruption culture. The Group actively works to
prevent undesirable behaviour and empowers its
employees to handle challenging situations, demands,
and expectations in order to comply with ethical
guidelines
The Group has established an independent
whistleblowing service where employees can report
concerns related to potential legal violations or
breaches of guidelines, ethics, and social responsibility,
including inappropriate behaviour of any kind. There is
a procedure in place for handling incoming alerts.
Webstep employees should feel confident that their
views on potential issues of concern are taken
seriously, heard and considered, followed up, and
responded to.
Equality and non-discrimination, diversity and
inclusion
Webstep’s commitment to ensure diversity, promote
equality, and prevent discrimination is integrated into
the Groups´s policies and values. This includes
discrimination based on beliefs, ethnicity, gender,
gender identity, gender expression, sexual orientation,
age, disability, pregnancy and caregiving tasks, or skills
and experience amongst others.
The IT consulting industry is characterised by a high
share of male employees. Webstep recognises its
responsibility to always strive for a better gender
balance, and increasing the proportion of female
employees is an explicit strategic initiative for Webstep.
Webstep has historically had a low share of women in
the Group’s management, however at the end of 2024
the share of women in the Group management was 50
per cent. As of 31 December 2024, the Group had a
total of 448 employees (474). The proportion of women
increased from 18 per cent at the end of 2023 to 20 per
cent at 31 December 2024.
In Webstep’s work on equality, a four-step model has
been emphasised, through assessing possible risks of
discrimination and potential obstacles, putting in place
initiatives and measures to further promote diversity
and evaluating this work to make further progress.
With regard to the IT industry at large, Webstep works
hard to promote IT to future generations of women in
order to contribute to the closing of this gender gap.
The activities include actively participating in public
debates as well as supporting events focused on
women in technology. In 2024 Webstep invested time
and resources to support 50 most prominent women in
tech by Abelia/Oda Network, TENK Tech Camp for girls
aged 13-18 as well as Jenter og teknologi organised by
Abelia, Girl Tech fest and the initiative SheCodes.
Internal control framework
The Control Structure of Webstep guides the daily
operations and decisions in the Group The prominent
laws and external guidelines within Corporate
responsibility are well covered (The Equality and
Anti-Discrimination Act, The Working Environment Act,
The Transparency Act, in addition to Webstep’s
commitment to the UN Sustainable Development
Goals). The key documents of the Webstep control
structure are the Group’s corporate governance policy,
the Company’s dedicated values, corporate guidelines,
quality policy and due diligence policy.
The Equality and Anti-Discrimination Statement
The Equality and Anti-Discrimination Statement can be
found at this section in the Annual report.
Corporate governance
Good corporate governance provides the foundation for
long-term value creation, to the benefit of shareholders,
employees and other stakeholders. The Board of
Directors of Webstep has established a set of
governance principles in order to ensure a clear division
of roles between the Board of Directors, the executive
management and the shareholders. The principles are
based on the Norwegian Code of Practice for Corporate
Governance.
Webstep is subject to annual corporate governance
reporting requirements under section 2-9 of the
Norwegian Accounting Act and the Norwegian Code of
Practice for Corporate Governance, cf. section 4.4 of
the continuing obligations for issuers of shares
pursuant to Oslo Rule Book II – Issuer Rules. The
Accounting Act may be found (in Norwegian) at
www.lovdata.no. The Norwegian Code of Practice for
Corporate Governance, which was last revised on 14
October 2021, may be found at www.nues.no.
The annual statement on corporate governance for
2024 has been approved by the Board and can be found
at this section in the Annual Report.
Share and shareholder matters
The Company's shares have been listed on Oslo Stock
Exchange since 11 October 2017. Webstep has only
one share class, where all shares have equal rights in
the Company.
18
WEBSTEP | ANNUAL REPORT 2024
The shares are traded under the ticker WSTEP and had
a closing price 31 December 2024 of NOK 22.50.
The total number of outstanding shares 31 December
2024 was 27.6 million (excl. treasury shares). The
shares are registered in the Norwegian Central
Securities Depository (VPS). The Company's registrar is
SR-Bank ASA. The shares carry the securities number
ISIN NO 0010609662.
Dividend policy
Webstep has an ambition to create long term
shareholder value in the form of dividend payments and
share price appreciation over time. Dividend payments
will be considered in light of the Company's financial
situation and investment plans. The Company's
objective is to pay annual dividends representing
minimum 75 per cent of the Group’s net profit.
In deciding whether to propose a dividend and in
determining the dividend amount, the Board of
Directors will take into account legal restrictions, the
Company's capital requirements, including capital
expenditure requirements, its financial condition,
general business conditions and any restrictions that its
contractual arrangements in place at the time of the
dividend resolution may place on its ability to pay
dividends and the maintaining of appropriate financial
flexibility. Except in certain specific and limited
circumstances set out in the Norwegian Public Limited
Companies Act, the amount of dividend paid may not
exceed the amount recommended by the Board of
Directors.
The Board of Directors intends to propose a dividend of
NOK 2.30 per share to the Annual General Meeting that
will be held in May 2025.
Long-term incentive program
The annual general meeting in 2019 approved a three
year long long-term incentive program (the “Long-term
Incentive Program” or “LTIP”) for the Group´s executive
management and other key personnel as decided by
the Board of Directors. Webstep’s LTIP is based on
share options and has an initial term of three years.
The number of options granted in each respective year
cannot exceed 2.5 per cent of the Company's share
capital. The total number of issued options under the
program cannot constitute more than 8 per cent of the
Company's share capital at any time. The LTIP is
structured so that 25 per cent of the options may be
exercised following the first anniversary of the grant
date, an additional 25 per cent of the options may be
exercised following the second anniversary of the grant
date and the outstanding 50 per cent of the options
may be exercised following the third anniversary of the
grant date. The options expire following the fifth
anniversary of the grant date. The exercise of share
options is conditional on continued employment in the
group at the exercise date.
The exercise price of the share options is equal to the
volume-weighted average market price for the
Company’s shares on the Oslo Stock Exchange the six
trading days prior to the grant date of the relevant
option. The share options vest if the senior executive
remains employed during the vesting period. The total
number of outstanding options in the Company is
629,000 on 31 December 2024. The outstanding
options may be settled in cash. The potential dilution
through the LTIP accounts for 97,680 shares for the
year 2024. During the year a total of 542,709 vested
shares were exercised. See note 22 and the
Remuneration Report available at the Webstep’s
website for further details.
Changes to the executive management and Board of
Directors
Executive Management
In March 2024 the Board of Directors announced that
Anne Kristine Lund was appointed new CEO. The
appointment was effective from 1 May 2024 replacing
Kjetil Bakke Eriksen who had been interim CEO since
November 2023. In July 2024 Nina Stemshaug stepped
into the role as interim CFO, succeeding Ida Amalie
Omar. In October 2024, the Company announced that
Henning Hesjedal was appointed new CFO. Henning
Hesjedal joined Webstep on 1 April 2025.
Board of Directors
The Board called for an Extraordinary General Meeting
5 January 2024. The general assembly elected Kjell
Magne Leirgulen as Chair of the Board and Kari Mette
Toverud resigned from the Board.
Directors’ and Officers’ Liability Insurance
Webstep has signed a directors’ and officers’ liability
insurance agreement with QBE Europe SA/NV covering
the Board of Directors and executive management.
Events after the balance date
No events have taken place after the balance sheet
date that would have had a material effect on the
financial statements or any assessments carried out.
No material acquisitions or disposals of companies
were carried out after the balance sheet date.
19
WEBSTEP | ANNUAL REPORT 2024
Outlook
These forward-looking statements convey current
viewpoints regarding future events and inherently
involve substantial risks and uncertainties.
The overall long-term trend of digitalisation continues
across businesses and the public sector. Energy
transition and increased focus on leveraging AI are
currently particularly strong drivers.
The present activity level in the market is mixed. The
energy sector is vibrant, while customers in other
sectors remain cautious with regards to investments.
Overall, the market is characterised by moderate
demand.
Webstep’s multi-local approach allows Webstep to
utilise resources more effectively, tap into local growth
opportunities and capitalise on regional variations. This
is particularly important in a period with slow demand.
During 2025 we will continue to develop the integration
and fluid interaction between the regional offices.
In 2024 Webstep divested its Swedish operation, and is
now fully focused on Norway. This was an important
move in our efforts to strengthen the Group’s growth
engine. Sharpened focus and reduced complexity are
expected to improve Webstep’s ability to continue to
attract top talent, optimise sales processes, enhance
operational efficiency and reinforce its performance
culture.
Webstep’s highly experienced staff makes us capable
of shifting focus from short-term, operational tasks to
more long-term and strategic assignments. This will
enable higher value creation and better profitability for
Webstep
While actively working to enhance the market
positioning and sales function, cost control remains in
focus. In addition, Webstep will continue to develop a
more dynamic organisation that is able to continuously
adapt to changes in the market.
While several changes are already executed, like
appointments of a new CEO, new CFO and several new
regional managers, cost reductions and the divestment
of Sweden, the journey has just begun. Webstep’s
strategy process was concluded in the fourth quarter of
2024. The most important strategic priorities are to
further develop the “One Webstep” approach, enhancing
collaboration across regional offices, and enhance
customer focus, aiming to incorporate a higher degree
of strategic business development into our sales
processes and deliveries
All in all, with a continued cost focus, a more flexible
and agile organisation, and closer alignment with our
customers’ strategic agenda, Webstep is well
positioned to develop towards and achieve its
long-term goal of exceeding a 10 per cent EBIT margin,
while maintaining healthy top-line growth.
The Board of Directors has proposed a dividend of NOK
2.30 per share. The proposed dividend distribution will
be on the agenda for the Company’s annual general
meeting to be held on 16 May 2025.
20
WEBSTEP | ANNUAL REPORT 2024
The Board of Directors and CEO
Webstep ASA
Oslo, 23 April 2025
21
Sign.
Sign.
Sign.
Kjell Magne Leirgulen
Siw Ødegaard
Bendik Nicolai Blindheim
Chair of the Board
Board member
Board member
Sign.
Sign.
Sign.
Anna Söderblom
David Bjerkeli
Kristine Lund
Board member
Board member
Chief Executive Officer
WEBSTEP | ANNUAL REPORT 2024
Statement by the Board of Directors and CEO
We confirm to the best of our knowledge that:
The consolidated financial statements for 2024 have been prepared in accordance with IFRS as adopted by the EU, as
well as additional information requirements in accordance with the Norwegian Accounting Act, and that the financial
statements for the parent company for 2024 have been prepared in accordance with the Norwegian Accounting Act and
generally accepted accounting practice in Norway, and that the information presented in the financial statements gives a
true and fair view of the Company’s and the Group’s assets, liabilities, financial position and results for the period viewed
in their entirety, and that the Board of Directors’ report gives a true and fair view of the development, performance and
financial position of the Company and the Group, and includes a description of the material risks that the Board of
Directors, at the time of this report, deem might have a significant impact on the financial performance of the Group.
The Board of Directors and CEO
Webstep ASA
Oslo, 23 April 2025
22
Sign.
Sign.
Sign.
Kjell Magne Leirgulen
Siw Ødegaard
Bendik Nicolai Blindheim
Chair of the Board
Board member
Board member
Sign.
Sign.
Sign.
Anna Söderblom
David Bjerkeli
Kristine Lund
Board member
Board member
Chief Executive Officer
WEBSTEP | ANNUAL REPORT 2024
23
WEBSTEP | ANNUAL REPORT 2024
Financial Statement – Consolidated Group
Consolidated statement of comprehensive income
NOK'000
Note
2024
2023
Sales Revenues
5
Total revenues
Cost of goods and services (COGS)
(61,441 )
(69,691 )
Salaries and personnel expenses
8,9,23
(681,992 )
(686,690 )
Depreciation and impairment
12,13,25
(18,343 )
(42,758 )
Other operating expenses
8,25
(45,630 )
(45,424 )
Total operating expenses
(807,405 )
(844,563 )
Operating profit (loss)
Finance income
10
Finance expense
10,25
(7,510 )
(5,982 )
Net financial items
(3,680 )
(4,273 )
Net profit before income tax from continuing operations
Income tax expense
11
(13,856 )
(8,335 )
Profit for the year from continuing operations
Discontinued operations
Profit after tax from discontinued operations
7
Profit for the year
Attributable to:
Equity holders of the parent
Other comprehensive income that will be reclassified to the income statement
Foreign currency translation:
Presentation currency effects
(905 )
Recycling of currency translation differences
7
(13,070 )
Other comprehensive income for the year, net of tax
(13,975 )
Total comprehensive income for the year, net of tax
Attributable to:
Equity holders of the parent
Earnings per share (NOK) from continuing operations
24
Earnings per share, fully diluted (NOK) from continuing operations
24
Earnings per share (NOK) from discontinuing operations
24
Earnings per share, fully diluted (NOK) from discontinuing operations
24
24
WEBSTEP | ANNUAL REPORT 2024
Consolidated statement of financial position
31 Dec
31 Dec
NOK'000
Note
2024
2023
Assets
Deferred tax asset
11
Goodwill
12
Fixed assets
13
Right-of-use-assets
13,25
Non-current financial assets
14
Total non-current assets
Trade receivables
15
Other current receivables
15
Cash and short-term deposits
16
Total current assets
Total assets
Equity
Share capital
17
Treasury shares
17
(1,091 )
(30 )
Share premium
Retained earnings
Shareholders equity
Liabilities
Deferred tax liability
Non-current leasing liabilities
18,25
Total non-current liabilities
Debt to credit institutions
15,17, 21
Current leasing liabilities
18,25
Trade and other payables
19
Tax payable
11
Social taxes and VAT
19
Other short-term debt
19,2
Total current liabilities
Total liabilities
Total equity and liabilities
25
WEBSTEP | ANNUAL REPORT 2024
Consolidated statement of change in equity
Issued
capital
Treasury
shares
Share
premium
Foreign
currency
translation
reserve
Retaine
d
earnings
Total
earned
equity
NOK'000
Note
1 January 2023
(30 )
Profit for the period
Other comprehensive income/(loss)
Share incentive program
23
Share issue
17
Dividends
27
(46,968 )
(46,968 )
31 December 2023
(30 )
Profit for the period
Recycling of currency translation differences on
disposal of subsidiary
7
(13,975 )
(13,975 )
Share incentive program
23
Dividends
27
(27,789 )
(27,789 )
Purchase of treasury shares
17
(1,087 )
(24,095 )
(25,182 )
Sale of treasury shares
17
Share issue
17
31 December 2024
(1,091 )
26
WEBSTEP | ANNUAL REPORT 2024
Consolidated statement of cash flows
NOK'000
Note
2024
2023
Operating activities
Profit/(loss) before tax from continuing operations
Profit/(loss) before taxes from discontinuing operations
7
Profit/(loss) before taxes from total operations
Adjustments for:
Taxes paid
11
(10,163 )
(12,549 )
Depreciation of property, plant and equipment
12,13,25
Interest income
10
(3,830 )
(1,709 )
Interest expense
10
Share-based payment expense*
23
Net gain/loss sale of subsidiary
7
(169 )
Net change in trade and other receivables
15
(26,306 )
(6,492 )
Net change in trade and other liabilities
19,20
(19,964 )
Net foreign exchange differences
(396 )
Interest received
10
Interest paid
10
(7,510 )
(7,147 )
Net cash flow from operating activities
Investing activities
Proceeds from sale of discontinued operations net of
cash disposed
7
Investments in property and equipment
13
(3,630 )
(5,482 )
Net cash flow from investing activities
(5,482 )
Financing activities
Payment of principal portion of lease liabilities
18,25
(12,261 )
(12,887 )
Net proceeds from equity
17
Purchase of treasury shares
17
(25,182 )
Sale of treasury shares
17
Payment of dividends
27
(27,789 )
(46,968 )
Net cash flow from financing activities
(56,266 )
(59,066 )
Net increase/(decrease) in cash and cash equivalents
Bank deposits and cash at beginning of period
16
Cash and cash equivalents at 31 December
15
*In 2024, the Group reclassified cash flows related to Share-based payment expenses from Financing activities to
Operating activities. The comparative figures have been adjusted accordingly to reflect this change. This reclassification
has been made to better align the presentation of cash flows with the nature of the underlying transactions.
27
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Financial Statement - Parent company
Statement of comprehensive income
NOK'000
Note
2024
2023
Sales Revenues
5
-
150
Total revenues
-
150
Salaries and personnel expenses
3,4,13
(12,262)
(15,913)
Depreciation
6
(38)
(35)
Other operating expenses
3
(10,247)
(7,994)
Total operating expenses
(22,546)
(23,942)
Operating profit (loss)
(22,546)
(23,792)
Finance income and expense
Finance income from group companies
8
42,806
53,696
Interest income from group companies
8
-
413
Other interest income
3,281
1,708
Other finance income
35
8
Interest expense from group companies
8
(11,552)
(8,285)
Other interest expenses
(2,394)
(2,465)
Other finance expenses
7,8
(2,321)
(25,018)
Net financial items
29,856
20,056
Profit before tax
7,309
(3,735)
Income tax expense
11
(26)
(4,685)
Profit for the year
7,335
(8,420)
Total comprehensive income for the year
7,335
(8,420)
Attributable to:
Dividends
62,322
27,641
Change in retained earnings
(54,987)
(36,061)
Total
7,335
(8,420)
65
WEBSTEP | ANNUAL REPORT 2024
Statement of financial position
31-Dec
31-Dec
NOK'000
Note
2024
2023
Non-current assets
Deferred tax assets
11
531
505
Total intangible assets
531
505
Property, plant and equipment
6
59
69
Total fixed assets
59
69
Investments in subsidiaries
7,10
359,025
407,119
Loans to group companies
8
5,525
6,941
Total non-current assets
365,141
414,634
Current assets
Trade receivables
8
-
1,548
Other current receivables
8
27,067
54,513
Receivables from group companies
8
32,939
-
Cash and short-term deposits
2,10
82,369
63,066
Total current assets
142,375
119,127
Total assets
507,516
540,353
Shareholders equity
Share capital
12,13
28,188
27,671
Treasury shares
13
-1,091
(30)
Share premium
187,953
179,938
Total paid-in equity
215,049
207,579
Retained earnings
-46,067
31,854
Total equity
168,982
239,433
Current liabilities
Trade and other payables
610
1,154
Tax payable
11
-
4,609
Social taxes and VAT
718
592
Dividend
62,322
27,641
Other short-term debt
9
4,579
7,614
Current debt to group companies
8
270,304
252,717
Total current liabilities
338,534
294,327
Total liabilities
338,534
294,327
Total equity and liabilities
507,516
533,760
66
WEBSTEP | ANNUAL REPORT 2024
The Board of Directors and CEO
Webstep ASA
Oslo, 23 April 2025
67
Sign.
Sign.
Sign.
Kjell Magne Leirgulen
Siw Ødegaard
Bendik Nicolai Blindheim
Chair of the Board
Board member
Board member
Sign.
Sign.
Sign.
Anna Söderblom
David Bjerkeli
Kristine Lund
Board member
Board member
Chief Executive Officer
WEBSTEP | ANNUAL REPORT 2024
Statement of change in equity
Issued
capital
Treasury
shares
Share
premium
Retained
earnings
Total
earned
equity
NOK'000
At 1 January 2024
27,671
(30)
179,938
31,854
239,433
Profit for the period
7,335
7,335
Share incentive program
900
900
Dividends
(62,470)
(62,470)
Purchase of treasury shares
(1,087)
(24,095)
(25,182)
Sale of treasury shares
26
409
435
Shares issued
517
8,014
8,531
At December 31 2024
28,188
(1,091)
187,953
(46,067)
168,982
68
WEBSTEP | ANNUAL REPORT 2024
Statement of cash flow
NOK'000
Note
2024
2023
Operating activities
Profit/ (loss) before tax
7,309
(3,735)
Adjustments for:
Taxes paid
(4,609)
(6,560)
Depreciation of property, plant and equipment
6
38
35
Share-based payment expense*
13
900
1,234
Net loss sale of subsidiary
7,8
2,314
-
Net change in other receivables
(28,096)
(30)
Net change in trade creditors
(544)
719
Net change in social taxes and VAT
9
126
148
Net change in other liabilities
9
(3,035)
351
Net cash flow from operating activities
(25,598)
(7,837)
Investing activities
Proceeds from sale of subsidiary
7
50,869
-
Investments in property and equipment
6
(28)
(41)
Net cash flow from financing activities
50,841
(41)
Financing activities
Net proceeds from equity
8,531
789
Change in intercompany balances
8
38,063
50,087
Impairment of cost on subsidiary
6
-
25,000
Purchase of treasury shares
(25,182)
-
Sale of treasury shares
435
-
Payment of dividends
(27,789)
(46,990)
Net cash flow from financing activities
(5,942)
28,886
Net increase/(decrease) in cash and cash equivalents
19,302
21,006
Cash and cash equivalents at 1 January
63,066
42,060
Cash and cash equivalents at 31 December
82,369
63,066
*In 2024, the Company reclassified cash flows related to Share-based payment expenses from Financing
activities to Operating activities. The comparative figures have been adjusted accordingly to reflect this
change. This reclassification has been made to better align the presentation of cash flows with the
nature of the underlying transactions.
69
WEBSTEP | ANNUAL REPORT 2024
Notes to the financial statements -
Parent company
Note 1 General information
The Company and the Group
Webstep ASA, the parent company (the Company) of
the Webstep Group (the Group) is a limited liability
company incorporated and domiciled in Norway, with
its head office Rebel, Universitetsgata 2, 0164 Oslo,
Norway. The annual report for Webstep ASA (the
Company) is prepared according to the Norwegian
Accounting Act 1998 § 3-9 and Regulations on
simplified IFRS as enacted by the Ministry of Finance
on 21 January 2008. In all material aspects, Norwegian
Simplified IFRS requires that the IFRS recognition and
measurement criteria (as adopted by the European
Union) are complied with, but disclosure and
presentation requirements (the notes) follow the
Norwegian Accounting Act and Norwegian Generally
Accepted Accounting Standards. Simplified IFRS The
Company has adopted the following simplified IFRS
recognition and measurement criteria: Dividend and
group contribution is accounted for in accordance with
the Norwegian Accounting Act, deviating from IAS 10,
IAS 12 and IAS 13.
Management’s assessment of accounting principles
The management has used estimates and assumptions
that have impacted assets, liabilities, income, expenses
and information about potential obligations, particularly
relating to depreciation of property, plant and
equipment, assessment of goodwill and acquisitions.
Future events may cause changes in estimates.
Estimates and the underlying assumptions are
continuously assessed. Changes in accounting
estimates are recognised in the accounting period
these changes occur. If the changes also apply to
future periods, the impact will be distributed over the
current and future periods.
Subsidiaries and investments in associates
Subsidiaries and investments in associates are valued
by the cost method in the parent company accounts.
The investment is valued as the cost of acquiring
shares in the subsidiary, providing that write down is
not required. Write down to fair value will be carried out
if the reduction in value is caused by circumstances
which may not be regarded as incidental and deemed
necessary by generally accepted accounting principles.
Write downs are reversed when the cause of the initial
write down is no longer present. Dividends and other
distributions are recognised in the same year as
appropriated in the subsidiary accounts. Dividends
from other companies are recognised when the
shareholders’ rights to receive dividend has been
determined by the General Meeting. If dividends exceed
withheld profits after acquisition, the exceeding amount
represents reimbursement of invested capital, and the
distribution will be subtracted from the value of the
acquisition in the balance sheet. Group contributions
received from subsidiaries are recognised if it exceeds
withheld profits after acquisition. Group contribution is
recognised at gross value before tax at the time of
recognition. Reimbursement of invested capital will
reduce the value of the acquisition in the balance sheet.
Group contribution will then be recognised at net value
after tax. Group contribution to subsidiaries increases
the value of the investment. Group contribution paid is
recognised at net value net after tax.
Sales revenues from contracts
Revenues from services are recognised at the time of
execution. The Company has no significant contract
balances other than intercompany.
Balance sheet classification
Current assets and current debt comprise assets and
debt due within one year. Other entries are classified as
fixed assets and/or long-term creditors. Current assets
are valued at the lower of acquisition cost and fair
value. Short term creditors are recognised at nominal
value. Fixed assets are valued at the cost of acquisition,
in the case of non-incidental reduction in value the
asset will be written down to the fair value amount.
Fixed assets with limited lifetime are depreciated. Long
term debt is recognised at historical nominal value.
Trade and other receivables
Trade receivables and other current receivables are
recorded in the balance sheet at nominal value less
provisions for doubtful debts. Provisions for doubtful
debts are calculated based on individual assessments.
In addition, for the remainder of accounts receivables
outstanding balances, a general provision is carried out
based on expected loss.
70
WEBSTEP | ANNUAL REPORT 2024
Leasing
IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining
whether an Arrangement contains a Lease, SIC-15
Operating Leases-Incentives and SIC-27 Evaluating the
Substance of Transactions Involving the Legal Form of
a Lease. The standard sets out the principles for the
recognition, measurement, presentation and disclosure
of leases and requires lessees to recognise most
leases on the balance sheet. No contracts, fulfilling the
requirements of contracts in IFRS 16, have been
identified in the Company as a lessee.
Foreign currency translation
Foreign currency transactions are translated using the
year end exchange rates.
Property, plant and equipment
Property, plant and equipment are capitalised and
depreciated over the estimated useful economic life of
the asset. Direct maintenance costs are expensed as
incurred, whereas improvements and upgrading are
assigned to the acquisition cost and depreciated along
with the asset. If the carrying value of a non-current
asset exceeds the estimated recoverable amount, the
asset is written down to the recoverable amount. The
recoverable amount is the greater of the net selling
price and value in use. In assessing value in use, the
estimated future cash flows are discounted to their
present value.
Provisions
A provision is recognised in the balance sheet when the
Group has a legal or constructive obligation because of
a past event, and it is probable that an outflow of
resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. If the
effect is material, the provision is determined by
discounting the expected future cash flows at a pre-tax
rate that reflects the current market assessments of the
time value of money and, where appropriate, the risks
specific to the liability.
Intangible assets
Intangible assets acquired separately are measured at
initial recognition at cost. The cost of intangible assets
acquired in a business combination is their fair value at
the date of acquisition. Following initial recognition,
intangible assets are carried at cost less any
accumulated amortisation and accumulated
impairment losses. Internally generated intangibles,
excluding capitalised development costs, are not
capitalised and the related expenditure is reflected in
profit or loss in the period in which the expenditure is
incurred. The useful lives of intangible assets are
assessed as either finite or indefinite Intangible assets
with finite lives are amortised over the useful economic
life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired.
The amortisation period and the method are reviewed
at least at the end of each reporting period. Changes in
the expected useful life or the expected pattern of
consumption of future economic benefits are
considered to modify the amortisation period or
method, as appropriate, and are treated as changes in
accounting estimates.
Pensions
The Company has a Defined Contribution Pension plan.
Annual premium is recognised on a continuous basis
and classified as payroll costs.
Income tax
Tax expenses in the profit and loss account comprise
both tax payable for the accounting period and changes
in deferred tax. Deferred tax is calculated at 22 per cent
based on existing temporary differences between
accounting profit and taxable profit together with tax
deductible deficits at the year end. Temporary
differences both positive and negative, are balanced
out within the same period. Deferred tax assets are
recorded in the balance sheet to the extent it is more
likely than not that the tax assets will be utilised. To the
extent that group contribution is not registered in the
profit and loss, the tax effect of group contribution is
posted directly against the investment in the balance.
Cash flow statement
The cash flow statement is presented using the indirect
method. Cash and cash equivalents include cash, bank
deposits and other short term, highly liquid placement
with original maturities of three months or less.
Equity
Financial instruments are classified as debt or equity in
accordance with the underlying financial reality.
Interest, dividend and profit or loss related to a financial
instrument classified as debt, will be presented as cost
or income. Dividend payments to holders of financial
instruments classified as equity will be booked against
equity. Own equity instruments that are reacquired
(treasury shares) are recognised at cost and deducted
from equity. No gain or loss is recognised in profit or
loss on the purchase, sale, issue or ‘s cancellation of
the Company’s own equity instruments. Transaction
costs related to an equity transaction will be booked
against equity, net of taxes.
71
WEBSTEP | ANNUAL REPORT 2024
Share-based payments
Employees, including senior executives of the Company,
receive remuneration in the form of share-based
payments, whereby employees render services as
consideration for equity instruments (equity-settled
transactions). Employees in the Norwegian companies
of the Group have been granted shares at discounted
prices, within the limit for such grants according to
Norwegian tax legislation (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by
the fair value at the date when the grant is made using
an appropriate valuation model. The cost is recognised
in employee benefits expense, together with a
corresponding increase in equity, over the period in
which the service and the performance conditions are
fulfilled (the vesting period). The cumulative expense
recognised for equity-settled transactions at each
reporting date until the vesting date reflects the extent
to which the vesting period has expired and the Group's
best estimate of the number of equity instruments that
will ultimately vest. The expense or credit in the
statement of profit or loss for a period represents the
movement in cumulative expense recognised as at the
beginning and end of that period. The dilutive effect of
outstanding options is reflected as additional share
dilution in the computation of diluted earnings per
share. The discounts granted to employees in the
Norwegian entities are recognised as a cost in salaries
and personnel cost in the profit and loss statement.
Note 2 - Bank deposits
Webstep ASA has restricted cash of TNOK 544 (2023: TNOK 705) to cover taxes withheld.
Note 3 – Salaries, remuneration and audit fees
Salaries and personnel expenses
2024
2023
Salaries
9,427
13,039
Social security cost
2,098
2,148
Pensions
270
224
Other benefits and refunds
468
501
Total salaries and personal expenses
12,262
15,913
Number of employees, average FTEs
4.5
4.7
Remuneration to executive management
NOK'000
Base salary
Variable pay
Other (1)
Pension
Total
remuneratio
n
Total remuneration executive management
2024
4,935
235
508
135
5,814
Total remuneration executive management
2023
6,486
825
232
160
7,703
The table above is exclusive severance pay.
(1) Other consists of e.g. health insurance plans, car allowance, telephone/mobile communication and share-options (NOK
0.0 million in 2023 and 2024 ).
(2) Due to reduction of executive management in 2023, in addition to CEO and CFO transition in 2024, the Company had
severance pay of NOK 3.8 million in 2023 and NOK 1.4 million in 2024.
(3) The hiring of the Interim CEO in 2023 was facilitated through an agreement with the company Suelo AS, the costs are
excluded from the table above.
(4) The hiring of the Interim CFO in 2024 was facilitated through an agreement with the company FinancePeople, the costs
are excluded from the table above.
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WEBSTEP | ANNUAL REPORT 2024
Remuneration to board members and nomination committee
2024
2023
Board members and nomination committee from 16 May 2024
Chair of the Board
Kjell Magne Leirgulen (Chair from 5 Jan.
2024)
470
206
Board member
Anna Söderblom
291
173
Board member
Bendik N. Blindheim
284
189
Board member
David Bjerkeli
284
189
Board member
Siw Ødegaard
296
288
Nomination committee
Nicolay Eger
20
Nomination committee
Oscar Bakkevig
20
13
Nomination committee
Pål Kvernaas
40
27
Board members and nomination committee until 16 May 2024
Chair of the Board
Kjetil Bakke Eriksen (Chair until 19 Nov.
2023)
418
Board member
Kari Mette Toverud (Until 5 Jan. 2024)
194
Nomination committee
Toril Nag (Until 5 Jan. 2024)
13
Board members and nomination committee until 4 May 2023
Board member
Trond Klethagen Johannessen
95
Board member
Trygve Christian Moe
97
Board member
Toril Nag
87
Nomination committee
Bjørn Ivar Danielsen
10
Nomination committee
Petter Tusvik
6
Total remuneration to board members and nomination committee
1,704
2,006
Board remuneration
Compensation to board members is not performance-related. Compensation to the Board is determined by the Annual
General Meeting, and the accrued cost for 2023 and 2022 is based on the decision made by the Annual General
Meeting. The compensation is paid in arrears.
Determination of remuneration to executive management
The Company's executive management employed in the Parent Company comprises the Chief Executive Officer (CEO),
the Chief Financial Officer (CFO), Director Business Development and Director Communication. Remuneration to
executive management is mainly fixed salary as well as performance based bonus. CEOs bonus is decided by the
remuneration committee. The accrued bonuses are included in the table above.
The executive management is entitled to participate in the Long-term incentive programme as described in note 22.
For details see the Remuneration Report available on www.webstep.no
Audit fees:
2024
2023
Statutory audit fees
429
571
Audit-related services
116
194
Total fees
545
765
73
WEBSTEP | ANNUAL REPORT 2024
Note 4 – Pension costs
The Group has an occupational pension scheme in accordance with the Act on Required Occupational Pensions. The
Company has defined contribution plans for all of its employees, governed by the employment laws. The pension
premium charge was TNOK 270 in 2024.
Note 5 – Revenue by segments
NOK‘000
2024
2023
Per business area
Managerial services
150
150
Total
150
150
Geographical distribution / Segment distribution
Sweden
150
150
Total
150
150
Services for NOK 150 thousand were charged to Webstep AB in 2023.
Note 6 – Fixed assets
Equipment,
fixtures and
furniture
Total
NOK'000
Cost 1. January
267
267
Additions
28
28
Disposals
(97)
(97)
Cost at 31. December
198
198
Depreciation and impairment 1 January 2024
(198)
-198
Accumulated depreciation on disposal
97
97
Depreciation charge for the year
(38)
-38
Net book value 31. December
(139)
(139)
Depreciation charge for the year
59
59
Useful life
3 - 5 year
Depreciation method
Straight line
74
WEBSTEP | ANNUAL REPORT 2024
Note 7 - Subsidiaries, associated companies
Company
Acquired
Office
Ownership
Profit and loss
2023
Equity at
31.12
Net book value at
31.12
Webstep AS
10-05-2011
Oslo
100 %
74 511
165 920
359 025
Total
74 511
165 920
359 025
In 2024, Webstep ASA sold its shares in Webstep AB. For more information about the sale, see the Group's note 7 on
Discontinued operations.
Note 8 – Intercompany receivables and payables
NOK‘000
2024
2023
Intercompany receivables
Receivable group contribution Webstep AS
32,939
53,066
Other receivables Webstep AS and AB
5,525
6,941
Receivable Webstep AB
-
1,548
Total intercompany receivables
38,465
61,554
Intercompany payables
Payables cash pool Webstep AS
270,304
252,917
Total intercompany payables
270,304
252,917
Intercompany finance income
Received dividend
9,867
-
Recognized group contribution
32,939
53,696
Total intercompany receivables
42,806
53,696
Intercompany finance expense
Interest expense
11,552
8,285
Loss on sale of subsidiary
2,314
-
Total intercompany payables
13,867
8,285
Note 9 – Other current payables
NOK‘000
2024
2023
Other current payables
Provision salaries and holiday pay
2,181
5,659
Other accruals
2,398
1,955
Total
4,579
7,614
75
WEBSTEP | ANNUAL REPORT 2024
Note 10 – Pledges and guarantees
A revolving credit facility is part of the Group's cash pooling system with a credit limit of NOK 110 million. Net drawn
on the group facility at 31 December 2024 was NOK 0 million.
The Company has no loans with payments due past 5 years.
Booked value of assets pledged as security:
NOK'000
2024
2023
Shares in Webstep AS
359,025
359,025
Fixed assets
59
69
Receivables
65,531
61,453
Bank deposits
544
705
Total pledged assets
425,160
421,252
Note 11 - Taxes
NOK‘000
2024
2023
Current year tax base:
Accounting profit before tax
7,309
(3,735)
Permanent differences
-7,426
25,031
Group contribution as income, taxable
-32,939
(53,696)
Change in temporary differences
117
(344)
Tax base before group contribution
(32,939)
(32,744)
Received group contribution including tax
32,939
53,696
Tax base for the year
0
20,952
Tax payable (22%)
0
4,609
Tax payable in the balance sheet
0
4,609
Income tax expenses for the year
Tax payable
-
4,609
Changes in deferred tax
26
(76)
Total income tax expenses for the year
26
4,534
Temporary differences
Fixed assets including goodwill
-24
(16)
Provisions, not yet taxable
-2,389
(2,280)
Net temporary differences at 31.12
(2,413)
(2,296)
Deferred tax assets/deferred tax (22%)
(531)
(505)
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WEBSTEP | ANNUAL REPORT 2024
Effective tax rate
Expected income tax
1,608
(822)
Permanent differences (22%)
(1,634)
5,507
Income tax expense
(26)
4,685
Note 12 - Share capital and shareholders
Share capital as of 31 December 2024
Number of shares
Face value
Net book value
Ordinary shares
28,187,668
NOK 1
28,188
Largest Shareholders
Shareholder name
Shares
Ownership
Voting rights
EMBRO EIENDOM AS
8,312,727
29.5%
30.7%
HVALER INVEST AS
2,989,936
10.6%
11.0%
HOLMEN SPESIALFOND
2,238,860
7.9%
8.3%
PROTECTOR FORSIKRING ASA
1,820,002
6.5%
6.7%
SALT VALUE AS
1,535,258
5.4%
5.7%
VPF FONDSFINANS UTBYTTE
1,349,125
4.8%
5.0%
VERDIPAPIRFONDET DNB SMB
1,037,796
3.7%
3.8%
J.P. Morgan SE
794,149
2.8%
2.9%
J.P. Morgan SE
664,317
2.4%
2.5%
INTERTRADE SHIPPING AS
400,000
1.4%
1.5%
ESPEDAL & CO AS
308,980
1.1%
1.1%
MP PENSJON PK
224,000
0.8%
0.8%
LEROLI AS
197,281
0.7%
0.7%
BJARØY KAPITAL AS
175,782
0.6%
0.6%
Nordnet Bank AB
115,002
0.4%
0.4%
Saxo Bank A/S
110,301
0.4%
0.4%
J.P. Morgan SE
104,666
0.4%
0.4%
KRONOKO HOLDING AS
96,137
0.3%
0.4%
ALIDERA AS
91,269
0.3%
0.3%
CANACAS AS
86,756
0.3%
0.3%
Other shareholders
4,444,385
15.8%
16.4%
Total number of shares excluding treasury shares
27,096,729
96.1%
100.0%
Treasury shares as of 31 December 2024*
1,090,939
3.9%
Total shares issued
28,187,668
100.0%
*Webstep ASA holds 1,090,939 treasury shares. These shares have no voting rights nor dividend rights.
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WEBSTEP | ANNUAL REPORT 2024
Shareholding by board members, management and their related parties as of 31 December 2024
Shares
Ownership
Voting rights
Board of Directors
David Bjerkeli (Fjellhammer Invest AS)
11,500
0.04%
0.04%
Kjell Magne Leirgulen (KML Invest AS)
25,000
0.09%
0.09%
Siw Ødegaard (Kvinnesiden AS)
13,025
0.05%
0.05%
Executive Management
Dagfinn Haslebrekk
7,618
0.03%
0.03%
Joar Krohn (Kronoko Holding AS and privately held)
99,320
0.35%
0.35%
Kjell Magne Leirgulen is employed by Embron Group AS, which owned 8,312,727 shares in Webstep ASA as of 31
December 2024.
David Bjerkeli is employed by Hvaler Invest AS, which owned 2,989,936 shares in Webstep ASA as of 31 December
2024.
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WEBSTEP | ANNUAL REPORT 2024
Note 13 - Share based payments
Share based payment programmes
Under the Long-term incentive programme, share options of the parent are granted to senior executives of the Group.
The exercise price of the share options is equal to the market price of the underlying shares on the date of grant. The
share options vest if the senior executive remains employed during the vesting period.
The fair value of the share options is estimated at the grant date using the Black-Scholes option pricing model, taking
into account the terms and conditions on which the share options were granted.
515,876 options were granted 18 November 2019, whereof 46,884 were forfeited during 2020, 23,461 were forfeited
during 2021, 46,884 were forfeited during 2022 and 18,461 were forfeited during 2024.
The options have vested in the following tranches:
- 111,381 options vested 18 November 2020
- 111,381 options vested 18 November 2021
- 157,424 options vested 18 November 2022
546,000 options were granted 24 November 2020, whereof 52,000 were forfeited during 2021, 78,000 were forfeited
during 2022 and 13,000 were forfeited during 2023.
The options have vested in the following tranches:
- 123,500 options vested 24 November 2021
- 97,500 options vested 24 November 2022
- 182,000 options vested 24 November 2023
98,000 options were granted 10 February 2021, whereof 49,000 were forfeited during 2023.
The options have vested in the following tranches:
- 24,500 options vested 10 February 2022
- 24,500 options vested 10 February 2023
26,000 options were granted 26 May 2021.
The options have vested in the following tranches:
- 6,500 options vested 26 May 2022
- 6,500 options vested 26 May 2023
- 13,000 options vested 26 May 2024
650,000 options were granted 25 November 2021, whereof 100,000 were forfeited during 2022, 75,000 were forfeited
during 2023 and 150,000 were forfeited during 2024.
The options have vested in the following tranches:
- 131,250 options vested 25 November 2022
- 131,250 options vested 25 November 2023
- 62,500 options vested 25 November 2024
25,000 options were granted 21 February 2022, whereof 25,000 were forfeited during 2024.
200,000 options were granted on 6 June 2024.
The options will vest in the following tranch:
- 200,000 options vest 6 June 2027
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WEBSTEP | ANNUAL REPORT 2024
Exercise price
- Exercise price for options granted 18 November 2019 is NOK 18.20
- Exercise price for options granted 24 November 2020 is NOK 19.43
- Exercise price for options granted 10 February 2021 is NOK 20.12
- Exercise price for options granted 26 May 2021 is NOK 29.35
- Exercise price for options granted 25 November 2021 is NOK 34.94
- Exercise price for options granted 21 February 2022 is NOK 34.94
- Exercise price for options granted 6 June 2024 is NOK 23.48
The potential dilution through the LTI accounts for 15,797 shares. 197,345 of the vested shares have been exercised.
The share options can be exercised up to five years after the grant date. Therefore, the contractual term of each option
granted is five years. In the event the Company is not capable of delivering shares following an exercise of options, the
Company shall fulfil its obligations through a cash-out.
NOK'000
2024
2023
Expense arising from equity-settled share-based payment transactions
related to the LTIP
221
156
Social security tax provisions
-112
-93
Granted instruments:
Option
Option
Quantity
200,000
0
Contractual life*
6
0
Strike price*
23.48
0
Share price*
22.30
0.00
Expected lifetime*
4
0
Expected volatility*
32.10%
0.00%
Risk-free interest rate*
3.46%
0.00%
Dividend yield
0
0
Model used
Black-Schole
s
Black-Schole
s
Fair value per instrument*
6.36
0
*Weighted average parameters at grant of instrument
The expected life of the share options is according to IFRS-2, shorter than the time from grant until expiry. Due to the
taxation of options and “non-transferability”, earlier exercise is expected . These are current expectations and are not
necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the
historical volatility for the company and peers over a period similar to the expected life of the options is indicative of
future trends, which may not necessarily be the actual outcome.
Expenses
The expenses recognised for equity settled share-based payment transactions under the programs
during the year are
presented in the table below:
NOK '000
2024
2023
Expenses related to the Long-term Incentive Programme
(LIP)
221
156
Total share based payment expenses in the period
221
156
Social security tax expense for the period
117
63
Social security tax accrual for the period
-112
-93
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WEBSTEP | ANNUAL REPORT 2024
Movements during the year (LTI programme)
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share
options during the year:
Long-term incentive programme
2024
2024
2023
2023
Number of
instruments
Weighted
Average
Strike Price
Number of
instruments
Weighted
Average
Strike Price
Outstanding at 1 January
297,345
470,806
Granted
200,000
23.48
0
Exercised
-197,345
36,461
Released
0
0
Adjusted
0
0
Performance Adjusted
0
0
Cancelled
0
0
Terminated
-75,000
137,000
26.07
Expired
0
0
Outstanding at 31 December
225,000
297,345
Vested at 31 December
25,000
338,998
The weighted average remaining contractual life
4.5 years
4.5 years
Number of share
options
Title
Total share
options per
31.12.24
Granted
2024
Granted
2023
Anne Kristine Lund
Chief Executive Officer, CEO
200,000
200,000
0
The options were granted on 6 June 2024. On 31 December a total of 25,000 remaining options were vested. During the
year 197,345 vested shares have been exercised by key employees, and 75,000 shares options have been forfeited due
to resignations of key employees.
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WEBSTEP | ANNUAL REPORT 2024
Corporate Governance
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WEBSTEP | ANNUAL REPORT 2024
Webstep ASA’s (“Webstep” or the “Company” and
together with its subsidiaries the “Group”) corporate
governance policy is based on, and complies with, the
Norwegian Code of Practice for Corporate Governance
(the “Code of Practice”).
Good corporate governance will strengthen confidence
in Webstep and help to ensure the greatest possible
value creation over time, in the best interests of
shareholders, employees and other stakeholders. The
objective of the Code of Practice is that companies
listed on Norwegian-regulated markets shall practice
corporate governance that regulates the division of
roles between shareholders, the Board of Directors (or
the “Board”) and executive management more
comprehensively than is required by legislation.
Webstep ASA is a publicly listed company and is
subject to annual corporate governance reporting
requirements under section 3-3b of the Norwegian
Accounting Act and the Norwegian Code of Practice for
Corporate Governance, cf. section 4.4 of the continuing
obligations for issuers of shares pursuant to Oslo Rule
Book II – Issuer Rules. The Accounting Act may be
found (in Norwegian) at www.lovdata.no. The
Norwegian Code of Practice for Corporate Governance,
which was last revised on 14 October 2021, may be
found at www.nues.no .
The annual statement on corporate governance for
2024 is based on the disposal in the Accounting Act §
3-3b as well as the disposal for Corporate Governance
Policy for the Group, and was adopted by the Board of
Directors on 23 April 2025:
1. The Group’s corporate governance is in
compliance with the Code of Practice.
2. The Code of Practice is available on
www.nues.no.
3. The Board of Directors has below made a
statement of corporate governance and
comments on any deviations are made under
each chapter.
4. In chapter 10, the main elements of Webstep’s’
risk and internal control in the financial
reporting process are described.
5. Webstep has no shareholder decisions that
expand or differ from the Norwegian Public
Limited Liability Companies Act, chapter 5.
6. The composition of the Board, the
remuneration committee, the nomination
committee and the audit committee are
described in chapter 7, 8 and 9. The main
elements of their instructions and guidelines
are described in chapter 8 and 9.
7. Shareholder decisions that regulate the
election period for the Board of Directors are
described in chapter 8.
8. Shareholder decisions and Board of Directors
authorizations for issue of new shares or
purchase of own shares are described in
chapter 3.
1. Statement on Corporate Governance
The Group follows the Code of Practice. The Board is
responsible for making sure that the Group has good
corporate governance. Webstep gives a comprehensive
overview of the Group's corporate governance in the
Group's annual report (herein). Also, the Company's
website will have a description of the main corporate
governance principles of the Group for external
stakeholders to see.
The annual review of the Group’s compliance with the
Code of Practice was adopted on 23 April 2025.
2.Business
The Company's business objective is stated in the
Company’s articles of association section 3 and reads
as follows: "The Company's objective is to own
companies that offer services and products within the
area of information technology, as well as conducting
business associated therewith.” Webstep’s articles of
association are available on the Company’s website
webstep.no.
The Board of Directors has defined objectives,
strategies and risk profiles for the Company's business
activities, such that the Company creates value for its
shareholders in a sustainable manner. These
objectives, strategies and risk profiles are evaluated
annually.
The Company has established guidelines and principles
which are used to integrate considerations to human
rights, employee rights and social matters, the external
environment and anti-corruption efforts in its business
strategies, its day-to-day operations and in relation to
its stakeholders. As an IT-consultancy firm, value
creation within environmental, social, and governance
aspects is primarily driven by services delivered
through the Company’s clients.
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WEBSTEP | ANNUAL REPORT 2024
3.Equity and Dividends Equity
Webstep believes in further profitable growth in the
years to come. To reach this, the Company needs to
have a solid capital structure and liquidity.
The Group’s consolidated equity amounted to NOK
351.6 million as of 31 December 2024, which
corresponds to an equity ratio of 55.6 per cent.
Consolidated equity adjusted for proposed dividends,
will be NOK 289.3 million.
Neither the Company nor the Group has any long-term
liabilities except leasing liabilities related to office
premises.
Cash and cash equivalents were NOK 82.4 million as of
31 December 2024. Further, the Group has a Revolving
Credit Facility (RCF) of NOK 110 million which was
unutilized at year end.
The Board of Directors considers that the Group has a
capital structure that is appropriate to its objectives,
strategy and risk profile.
Authorizations to Increase Share Capital
Authorizations granted to the Board to increase the
Company’s share capital shall be restricted to defined
purposes. If the general meeting is to consider
authorizations to the Board for the issuance of shares
for different purposes, each authorization shall be
considered separately by the general meeting.
Authorizations granted to the Board shall be limited in
time to no longer than until the next annual general
meeting.
The annual general meeting on 16 May 2024 granted
the Board of Directors an authorization to increase the
share capital by up to NOK 5,563,768 to be used to give
the Board of Directors financial flexibility in connection
with financing further growth, to issue shares as
consideration in connection with acquisition of other
companies, businesses or assets or to finance such
acquisitions, and includes share capital increases with
share contribution in other assets than cash etc. and in
connection with mergers. The preferential rights of the
existing shareholder to subscribe for new shares
pursuant to Section 10-4 of the Norwegian Public
Limited Companies Act (the "Companies Act") may be
deviated from with respect to the mentioned
authorization.
The authorisation is valid until the Company's
annual general meeting in 2025, but no longer than
to and including 30 June 2025.
Further the annual general meeting on 16 May 2024
granted the Board of Directors an authorization to
increase the share capital by up to NOK 2,781,884 to be
used in connection with the long-term incentive
program and share savings program for the
management and the Board of Directors (see section
12). The authorization may be used to increase the
Company's share capital in connection with the Group's
at any time applicable option programmes, share
purchase programmes and any other incentive
programs for members of the executive management
and other leaders, other employees and board
members. The authorization comprises share capital
increases against contribution in kind and the right to
incur specific obligations on behalf of the Company, cf.
section 10-2 of the Norwegian Public Limited
Companies Act. The preferential rights of the existing
shareholder to subscribe for new shares pursuant to
Section 10-4 of the Norwegian Public Limited
Companies Act (the "Companies Act") may be deviated
from with respect to the mentioned authorization.
The authorisation is valid until the Company's annual
general meeting in 2025, but no longer than to and
including 30 June 2025.
Authorization to Purchase Own Shares
The Board of Directors’ recommendation is that its
authority to buy the Company’s own shares shall be
granted for a period limited to the next annual general
meeting. Repurchase of own shares, followed by
termination of such shares, could be an important tool
for optimising the Company's capital structure. Further,
such authorization will also give the Company the
opportunity to use its own shares in a potential share
incentive scheme and as consideration, partly or in
whole, in connection with acquisition of businesses.
The annual general meeting on 16 May 2024 granted
the Board of Directors an authorization to acquire own
shares on one or several occasions, with a maximum
aggregated value of NOK 2,781,884.
The highest amount that may be paid per share is NOK
100 and the lowest amount is NOK 1. Acquisition and
sale of shares may be carried out in the form the Board
of Directors deems appropriate, however, not by
subscription of own shares.
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WEBSTEP | ANNUAL REPORT 2024
The authorisation is valid until the Company's
annual general meeting in 2025, but no longer than
to and including 30 June 2025.
Dividends
The Board shall set a transparent and consistent
dividend policy that guides its recommendations for
dividend distributions to the general meeting. The
dividend policy is available on the Company's IR
website.
The Company’s ambition is to distribute at least 75 per
cent of the Group’s consolidated net profit. When
deciding the annual dividend level, the Board of
Directors will take into consideration expected cash
flow, capital expenditure plans, financing requirements
and appropriate financial flexibility.
The Board of Directors will propose a dividend of NOK
2.30 per share for the financial year 2024. The
proposed dividend amounts to a total of NOK 62.3
million.
4. Equal treatment of shareholders and transactions
with close associates
Webstep ASA has one share class, and all shares have
equal rights in the Company. Webstep’s Corporate
Governance Policy states that all shareholders shall be
treated on an equal basis, unless there is just cause for
treating them differently.
Share issues without pre-emption rights for existing
shareholders
In the event of an increase in share capital through
issuance of new shares, a decision to deviate from
existing shareholders' pre-emptive rights to subscribe
for shares shall be justified. Where the Board of
Directors resolves to issue shares and deviate from the
pre-emptive rights of existing shareholders pursuant to
an authorization granted to the Board of Directors by
the general meeting, the justification will be publicly
disclosed in a stock exchange announcement issued in
connection with the share issuance.
Transactions in treasury shares
Any transactions carried out by the Company of
treasury shares shall be carried out on the Oslo Stock
Exchange, and in any case at the prevailing stock
exchange prices. In the event that there is limited
liquidity in the Company's shares, the Company will
consider other ways to ensure equal treatment of
shareholders. Any transactions by the Company of
treasury shares are subject to notification requirements
and shall be publicly disclosed in a stock exchange
announcement.
5. Freely Negotiable Shares
The Company does not limit any party’s ability to own,
trade or vote for shares in the Company. The articles of
association do not impose any restriction on the
negotiability of the shares.
6. General Meetings
The Company's annual general meeting will take place
on 16 May 2025. The Company’s financial calendar is
published via Oslo Stock Exchange and in the investor
relations section of the Company’s website webstep.no.
Minutes from the general meetings are published as
soon as possible via the stock exchange’s reporting
system (www.newsweb.no, ticker WSTEP) and in the
investor relations section of the Company’s website
webstep.no.
Notice, registration and participation
The Board of Directors shall ensure that the Company's
shareholders can participate at the Company's general
meetings.
The Board of Directors shall ensure that the notice to
the general meeting and any supporting documents,
including the recommendation by the nomination
committee, as well as information on the resolutions to
be considered at the general meeting are made
available on the Company's website no later than 21
days prior to the date of the general meeting. The
resolutions and any supporting documentation shall be
sufficiently detailed, comprehensive and specific
allowing shareholders to understand and form a view
on all matters to be considered at the general meeting.
Deadlines for shareholders to give notice of their
attendance at the general meeting shall be set as close
to the date of the general meeting as possible.
Pursuant to the Company's articles of association, the
time limit may not expire earlier than two days before
the meeting. Documents relating to matters to be dealt
with by the general meeting, including documents
which by law shall be included in or attached to the
notice of the general meeting, do not need to be sent to
the shareholders if such documents have been made
available on the Company's website. A shareholder may
nevertheless request that documents relating to
matters to be dealt with at the general meeting, are sent
to him/her.
The Board of Directors shall ensure that the
shareholders are able to vote separately on each
individual matter, including on each candidate
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WEBSTEP | ANNUAL REPORT 2024
nominated for election to Webstep's Board of Directors
and other corporate bodies.
The Board of Directors determines the format of the
meeting, whether it is physical or electronic, and is
responsible for ensuring a proper execution of the
general meeting. If the general meeting is held as an
electronic meeting, the Board shall ensure that systems
are in place to meet the legal requirements for the
general meeting, as well as requirements for
confirmation of electronic voting.
The Chair of the Board, the chair of the nomination
committee and the CEO shall be present at the annual
general meeting.
Participation without attendance
The Public Companies Act allows the Board of
Directors to choose whether to hold a general meeting
as a physical meeting or as an electronic meeting. If a
general meeting is held as a physical meeting, there are
several methods for shareholders to attend and vote at
the meeting without being present in person.
Shareholders who are unable to attend the general
meeting in person shall be given the opportunity to
vote. The Board of Directors shall ensure that the
Company designs the form for the appointment of a
proxy to make voting on each individual matter possible
and should nominate a person who can act as a proxy
for shareholders. Furthermore, the form provided by the
Company for shareholders to appoint a proxy should be
drawn up so that separate voting instructions can be
given for each matter to be considered by the meeting
and each of the candidates nominated for election.
Additionally, it should be made clear by instructions on
the form how the proxy should vote in the absence of
specific voting instructions on one or more matters and
in the event of changes to proposed resolutions and
new resolutions.
Chairperson of the meeting
The code stipulates that the Board of Directors should
ensure that the general meeting is able to elect an
independent chairperson. It is for the Board of Directors
to propose how this can be achieved, however it is for
the general meeting to determine who will chair the
meeting. The Company deviated from the requirement
to have an independent chairperson at the annual
general meeting in 2024, as the general meeting elected
the chair of the Board of Directors to chair the meeting.
7. Nomination Committee
According to the Company's articles of association § 8
the nomination committee should be composed of two
to three members. The members shall be appointed by
a resolution of the general meeting, including the
Chairman of the committee.
The current nomination committee comprises Pål
Kvernaas, (chair, elected at the annual general meeting
4 May 2023) and Oskar Bakkevig (elected at the annual
general meeting 4 May 2023). The current nomination
committee was elected for a two year term until the
annual general meeting in 2025.
The nomination committee should not include the
Company’s CEO or any other executive personnel or any
member of the Company’s Board of Directors. No
directors or members of executive management are
represented in the nomination committee. The current
nomination committee is independent of the Board of
Directors.
The general meeting shall determine the remuneration
of the nomination committee and shall stipulate
guidelines for the duties of the nomination committee.
The instructions for the nomination committee were
adopted by the general meeting on 14 September 2017.
The objectives, responsibilities and functions of the
nomination committee shall be in compliance with
rules and standards applicable to the Group and which
are described in the Company's "Instructions for the
nomination committee". The general meeting shall
adopt the guidelines for the nomination committee.
Responsibilities
The nomination committee’s duties are to recommend:
(i) Candidates for the election of members, including
the chairperson, to (a) the Board of Directors and (b)
the nomination committee, respectively; and
(ii) Remuneration of the members of (a) the Board of
Directors and (b) the nomination committee,
respectively.
The nomination committee shall justify why it is
proposing each candidate separately. Pursuant to the
Code of Conduct, the composition of the nomination
committee must take account of the interests of
shareholders in general.
The general meeting may issue further guidelines for
the nomination committee’s work.
The nomination committee has published guidelines
available on the Company's website webstep.no for
how shareholders may submit proposals to the
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WEBSTEP | ANNUAL REPORT 2024
nomination committee for candidates for election to
the Board of Directors and other appointments. These
guidelines include information regarding deadlines for
proposals and other relevant information.
8. Board; Composition and Independence
The articles of association state that the Board of
Directors shall consist of between three and ten
members and are elected to a two year-term unless
otherwise decided by the general meeting. Per 31
December 2024 the Board of Directors consisted of five
shareholder-elected directors and three
employee-elected observers, three women and five
men. The term of office will expire at the annual general
meeting 2026 for one of the directors, and the other
until the annual general meeting in 2025.
The Company’s corporate governance documents state
that when considering members to the Board of
Directors, emphasis should be placed on the joint
composition of the Board of Directors with respect to
expertise, capacity and diversity appropriate to attend
to the Company's goals, main challenges and the
common interests of all shareholders. Details on
background, experience and independence of directors
are presented on the Company’s website webstep.no.
The Group and the majority of the employees have
agreed that the employees shall have the right to
appoint three observers to the Board of Directors of the
Company instead of having a corporate assembly.
Per 31 December 2024 three out of five
shareholder-elected directors are independent of the
Company’s executive management, significant
commercial partners or substantial shareholders. The
Board of Directors does not include any members from
the executive management of the Company.
Fifteen board meetings were held in 2024. Each board
member’s attendance at board meetings is recorded by
the Company.
Members of the Board of Directors are encouraged to
own shares in the Company. However, caution should
be taken not to let this encourage a short-term
approach which is not in the best interests of the
Company and its shareholders over the longer term.
9. The Work of the Board
The Board of Directors has overall responsibility for
managing the Group and for supervising the CEO and
the Group’s activities.
The Board of Directors establishes annual plans for its
work, with particular emphasis on objectives, strategy
and implementation. The Board of Directors has issued
instructions for its own work as well as for the
executive management with particular emphasis on
clear internal allocation of responsibilities and duties.
The principal tasks of the Board include determining
the Company’s strategy and monitoring how it is
implemented. The work of the Board also includes
control functions needed to ensure acceptable
management of the Company’s assets.
The Board appoints the Company’s CEO. Instructions
which describe the rules of procedure for the Board’s
work and its consideration of matters have been
adopted by the Board together with an instruction of the
duties and obligations of the CEO towards the Board.
The division of responsibility between the Board and
the CEO is specified in greater detail in the instructions.
The CEO is responsible for the Company’s executive
management. Responsibility for ensuring that the Board
conducts its work in an efficient and correct manner
rests with the chair of the Board.
The Board establishes an annual plan for its meetings
and evaluates its work and expertise once a year. The
annual plan specifies topics for board meetings,
including reviewing and following up the Company’s
goals and strategy, budgets, reporting of financial
information, the notice for the general meeting with
associated documentation, and the Board’s meeting
with the auditor.
The Board of Directors has established an audit
committee amongst its members and adopted
instructions for the work of the audit committee.
Throughout 2024 Siw Ødegaard was the chair of the
committee. Anna Söderblom was a member of the
committee from May 2024 and throughout the year.
Both members of the committee are independent of the
Company.
Pursuant to section 6-43 of the Companies Act, the
audit committee shall:
● inform the Board of the results of the statutory
audit and explain how the audit contributed to
accounting reporting with integrity and the
audit committee's role in that process,
● prepare the Board's follow-up of the financial
reporting process and make
recommendations or proposals to ensure its
integrity,
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● monitor the systems for internal control and
risk management,
● have regular contact with the Company’s
auditor regarding the audit of the annual
accounts,
● review and monitor the independence of the
Company’s auditor, including in particular the
extent to which services other than auditing
provided by the auditor or the audit firm
represent a threat to the independence of the
auditor, and
● prepare the board's follow-up of the reporting
within non-financial reporting
● In addition the audit committee shall oversee
the Company’s sustainability reporting and
related processes to identify the information
reported.
The Company has established a remuneration
committee that consists of two members from the
Board of Directors. The members of the remuneration
committee are and shall be independent of the
Company’s executive management. The members of
the remuneration committee are appointed by the
Board of Directors for a period of two years, or until
they resign their position as a member of the Board of
Directors. The committee currently consists of Kjell
Magne Leirgulen as the chairperson and Bendik Nicolai
Blindheim as member.
The remuneration committee is a preparatory and
advisory committee for the Board that shall prepare
matters for the Board’s consideration and decisions
regarding the remuneration of, and other matters
pertaining to the Company’s management. The
recommendations of the remuneration committee shall
cover all aspects of remuneration to the management,
including but not limited to salaries, allowances,
bonuses, options and benefits-in-kind.
The Board of Directors has adopted separate
instructions for the remuneration committee setting out
further details on the duties, composition and
procedures of the committee.
The Board of Directors evaluates its own work and that
of the chief executive and reports its findings to the
nomination committee.
In order to ensure a more independent consideration of
matters of a material character in which the
chairperson of the Board is, or has been, personally
involved, the Board's consideration of such matters will
be chaired by another member of the Board.
According to the code, the instructions of the Board of
Directors should state how the Board of Directors and
executive management shall handle agreements with
related parties, including whether an independent
valuation must be obtained.
Members of the board and executive personnel shall
make the Company aware of any material interests that
they may have in items to be considered by the Board
of Directors.
10. Risk Management and Internal Control
The Board of Directors is responsible for ensuring that
the Company has sound and appropriate internal
control systems and systems for risk management, and
that these systems are proportionate to and reflect the
extent and nature of the Company's activities. Having
effective internal control systems and systems for risk
management in place may prevent the Group from
situations that can damage its reputation or financial
standing.
Furthermore, effective and proper internal control and
risk management are important factors when building
and maintaining trust, to reach the Company's
objectives, and ultimately create value. Having in place
an effective internal control system means that the
Company is better suited to manage commercial risk,
operational risk, the risk of breaching legislation and
regulations as well as other forms of risk that may be
material to the Company. As such, there is a correlation
between the Company's internal control systems and
effective risk management. The internal control
systems shall also address the organisation and
execution of the Company's financial reporting, as well
as cover the Company's corporate values, ethical
guidelines and principles of corporate social
responsibility. The internal control systems shall also
encompass the Company’s guidelines for how it
integrates considerations related to stakeholders into
its creation of value.
Webstep shall comply with all laws and regulations that
apply to the Group's business activities. The Company
has in place processes and routines for internal control
over financial reporting and risk management.
Through its business activities, Webstep manages
various risks and uncertainties of operational, market
and financial character, such as risk of disagreements
and legal disputes with its customers related to
possible cost of delays or project errors that is always
present in the consultancy business.
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The Company identifies and manages risks on an
ongoing basis. The main risk factors and how they are
managed is described in the Board of Directors’ report.
The organisation comprises a relatively large number of
employees and projects. The Group’s management
model is based on an appropriate delegation of
authority, clearly defined market and operating
parameters, in addition to effective internal control.
Overall goals and strategies are established and further
developed through a periodic update of the Company’s
strategy. Risk management is in place with clear
routines for handling operational and project risks.
Furthermore, processes are established to identify,
evaluate and report risk in a systematic manner for the
Group's activities.
Financial risk is managed in accordance with the
Company’s financial strategy, which is described under
the section “Financial risk and risk management” in the
Board of Directors’ report.
The Board is responsible that the Group's organisation,
financial reporting and asset management are subject
to satisfactory controls. Overall policies, governing
processes and routines have been established for
day-to-day management. The Board periodically
reviews the Company’s governing documents. The
Board reviews annually the most important risk areas
and the internal controls established to mitigate these
risks.
Reporting
Pursuant to the corporate governance policy, the Board
of Directors shall annually review the Company's most
important areas of risk exposure and the internal
control arrangement in place for such areas. The review
shall pay attention to any material shortcomings or
weaknesses in the Company's internal control and how
risks are being managed. In the annual report, the
Board of Directors shall describe the main features of
the Company's internal control and risk management
systems as they are connected to the Company's
financial reporting. This shall cover the control
environment in the Company, risk assessment, control
activities and information, communication and
follow-up. The Board of Directors is obligated to ensure
that it is updated on the Company's financial situation
and shall continually evaluate whether the Company's
equity and liquidity are adequate in relation to the risk
from the Company's activities and take immediate
action if the Company's equity or liquidity at any time is
shown to be inadequate.
The Company's management shall focus on frequent
and relevant reporting of both operational and financial
matters to the Board of Directors, where the purpose is
to ensure that the Board of Directors has sufficient
information for decision-making and is able to respond
quickly to changing conditions. Board meetings shall be
held frequently, and management reports shall be
provided to the Board as a minimum on a monthly
basis. Financial performance shall be reported on
quarterly basis.
The administration prepares periodic reports on
business and operational developments to the Board,
which are discussed at the board meetings. These
reports are based on management’s reviews of the
various parts of the business and include status of key
performance indicators, update of market development,
operational issues, financial results and highlights of
organisational issues.
Financial position and results are followed up in
monthly accounting reports, compared to the previous
year, budgets and forecasts. Reporting also includes
non-financial key performance indicators related to
each business area.
The interim reports and annual financial statements are
reviewed by the audit committee ahead of the
discussions in the board meeting. Financial risk
management and internal control are also addressed by
the Board’s audit committee. The latter reviews the
external auditor’s findings and assessments after the
interim and annual financial audits. Significant issues in
the auditor’s report, if any, are reviewed by the Board of
Directors.
The Company has not established a separate internal
audit function, but the Board of Directors is considering
the need for such function on an ongoing basis.
11. Remuneration of the Board
The remuneration of the Board is to be decided by the
shareholders at the Company’s annual general meeting.
The nomination committee is to propose remuneration
to be paid to such members. The level of remuneration
of the Board shall reflect the responsibility of the Board,
its expertise and the level of activity in both the Board
and any Board committees.
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The remuneration of the Board shall not be linked to the
Company’s performance. The Company shall not grant
share options to members of the Board.
Board members and/or their associated companies
should not take on specific assignments for the
Company in addition to their appointment as a member
of the Board. Any remuneration in addition to normal
fees to the members of the Board shall be specifically
identified in the annual report.
The remuneration to the Board of Directors is described
in note 8 to the financial statements of the Group, note
13 for the parent company in addition to the
Remuneration Report to be presented to the annual
general meeting in 2025 for an advisory vote. The
report will also be published on www.webstep.no when
available.
An overview of shares owned by the directors and their
close associates is included in note 17 to the
consolidated financial statements and the
Remuneration Report.
12. Salary and other remuneration of executive
personnel
The Board has established an Executive Remuneration
Policy setting out the main principles applied in
determining the salary and other remuneration of the
executive personnel. The Company’s guidelines for
determining remuneration to the CEO and other
executive management should at all times support
prevailing strategy and values in the Company.
The Company’s guidelines for the remuneration of
executive management are described in the Company’s
Remuneration report available at webstep.no. The
guidelines are presented annually to the annual general
meeting and include the main principles for the
Company's remuneration policy. The guidelines specify
the main principles for the Company’s remuneration
policy for the executive management and aim to ensure
that the interests of shareholders and executive
management coincide. The report also provides further
details about remuneration for the executive
management in 2024.
The current guidelines have been prepared in
accordance with the provisions of section 6-16a of the
Norwegian Public Limited Companies Act, approved 16
May 2024 at the Annual General Meeting.
In 2019 a long-term incentive program for the
Company’s executive management was approved by
the annual general meeting and implemented in
November 2019. The program consists of share
options which were granted on an annual basis over a
period of three years. The program is further described
in the financial statements, respectively in note 13 for
the parent company and note 23 for the Group.
13. Information and Communication
The Company has established an overall
communications policy, which states that the
communication activities shall be characterised by
transparency, honesty, consistency and right timing.
Furthermore, the Company has an IR policy, which
states that all communication with the financial
community shall be on an equal treatment basis and in
compliance with applicable laws and regulation.
Webstep shall continually provide its shareholders, the
Oslo Stock Exchange and the securities market and
financial market in general with timely and precise
information about Webstep and its operations.
The CEO and CFO are responsible for the main dialogue
with the investor community, hereunder the Company’s
shareholders.
Information to the stock market is published in the form
of annual and interim reports, stock exchange
announcements and investor presentations. All
information considered to be relevant and significant
for valuing the Company’s shares will be distributed and
published in English via Oslo Stock Exchange
disclosure system, www.newsweb.no, and via the
Company’s website https://investor.webstep.com.
Webstep has implemented a system ensuring that all
information distributed to the Company’s shareholders
will be published on the Company’s web site at the
same time as it is sent to shareholders.
The Company publishes a financial calendar with an
overview of dates for important events, such as the
annual general meeting, interim financial reports, public
presentations and payment of dividends, if applicable.
The information is available in English.
Unless there are applicable exemptions, and these are
invoked, Webstep shall promptly disclose all inside
information (as defined by the Norwegian Securities
Trading Act). In any event, Webstep will provide
information about certain events, e.g. proposals and
resolutions by the Board of Directors and the general
meeting concerning dividends, mergers/demergers or
changes to the share capital, the issuing of subscription
rights, convertible loans and all agreements of major
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importance that are entered into by Webstep and
related parties.
In the Company's Corporate Governance Policy,
separate guidelines have been drawn up for handling of
inside information. The Company also has in place a
policy regarding the members of the Board of Directors
who are entitled to publicly speak on behalf of the
Company on various subjects.
In addition to the Board of Directors' dialogue with the
Company's shareholders at the general meetings, the
Board of Directors should make suitable arrangements
for shareholders to communicate with the Company at
other times. This will enable the Board of Directors to
develop an understanding of the matters regarding the
Company that are of a particular concern or interest to
its shareholders. Communications with the
shareholders should always be in compliance with the
provisions of applicable laws and regulations and in
accordance with the principle of equal treatment of the
Company's shareholders.
Shareholders can get in contact with the Company
through the IR contact information which is made
available on the Company's website. Further,
shareholders can subscribe to email alerts to receive
news from the Company when made public.
14. Take-overs
The Board has established main principles for
responding to possible takeover bids.
In the event of a take-over bid being made for the
Company, the Board will follow the overriding principle
of equal treatment for all shareholders and will seek to
ensure that the Company’s business activities are not
disrupted unnecessarily. The Board will strive to ensure
that shareholders are given sufficient information and
time to form a view of the offer.
The Board will not seek to prevent any take-over bid
unless it believes that the interests of the Company and
the shareholders justify such actions. The Board will
not exercise mandates or pass any resolutions with the
intention of obstructing any take-over bid unless this is
approved by the general meeting following the
announcement of the bid.
If a take-over bid is made, the Board will issue a
statement in accordance with statutory requirements
and the recommendations in the code.
In the event of a take-over bid, the Board will obtain a
valuation from an independent expert.
Any transaction that is in effect a disposal of the
Company’s activities will be submitted to the general
meeting for its approval.
15. Auditor
The Board of Directors ensures that the Company’s
auditor, EY, submits the main features of the plan for
the audit of the Company to the audit committee
annually.
During the financial year 2024, the Company's auditor
has:
● Presented the main features of the audit work.
● Attended the board meeting where the annual
report for the previous accounting year was
considered, reviewed possible significant
changes in accounting principles, assessed
significant accounting estimates, and
considered all cases where possible
disagreements arose between auditor and
executive management.
● Conducted a review together with the audit
committee of the Company’s internal control
procedures and systems, including the
identification of weaknesses and proposals
for improvements.
● Held a meeting with the Board without the
presence of the executive management.
● Confirmed that the requirements for the
auditor’s independence were fulfilled and
provided an overview of services other than
auditing which have been rendered to the
Company.
The Board has not established guidelines for the
Company’s use of the auditor for substantial
assignments other than ordinary auditing services.
The Board reports annually to the annual general
meeting on the auditor’s overall fees, broken down
between audit work and other services. The annual
general meeting approves the auditor’s fees for the
parent company.
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Sustainability
Equality and anti-discrimination
statement
Introduction
The purpose of Norway’s Equality and
Anti-Discrimination Act is to promote equal
opportunities and rights, and to prohibit discrimination
on the grounds of ethnicity, skin color, language,
religion and beliefs.
As a leading IT consultancy firm, our employees are our
most valuable assets. It's essential for Webstep to be a
top choice for IT professionals. This means tapping into
a diverse talent pool and providing equal opportunities
for all. Diversity goes beyond just ethnicity, beliefs, and
gender – it includes a range of skills, experiences, and
perspectives. This variety enhances our understanding
of both our employees and customers, leading to better
solutions for everyone.
Webstep aims to be a workplace with equal
opportunities and rights for all. Awareness and
guidelines on equal opportunities are emphasised
throughout the organisation in processes such as
recruitment, appointment, pay and customization of
working conditions, and in work on developing
attitudes.
To the best knowledge of the Board and the executive
management, Webstep does not discriminate on the
grounds of gender, disability, ethnicity, religion or the
like.
Webstep’s procedures, guidelines and values
Webstep competes to be a preferred employer in the IT
services industry and for the Group’s position as a great
place to work. Part of this employee offering is the
individual experience of equal opportunity, inclusion
and involvement.
The Group’s work on equality emphasises a four-step
model, assessing possible risks of discrimination and
potential obstacles, putting in place initiatives and
measures to further promote diversity and evaluating
this work to make further progress. Specific areas
include recruitment, pay and working conditions,
promotions, training & development, employer assisted
provisions and work-life balance.
In order to achieve equality and avoid discrimination,
the efforts are aligned with Webstep guidelines, values
and procedures.
The Group’s governance structure defines that the
management shall report regularly on specific relevant
governance areas. The Board holds the management
accountable for risks in all governance areas, including
equality and anti-discrimination.
The working environment committee (AMU) at
Webstep, which includes employee representatives,
meets quarterly with equality and anti-discrimination as
a regular item on the agenda
Current guidelines promote equality, respect and
prohibit discrimination. It is clearly stated in the
employee guidelines that discrimination is not
tolerated, and should be reported immediately.
Guidelines and routines are revised on a yearly basis by
AMU and top management.
As part of the Group’s internal guidelines,
whistleblowing routines are established with clear
channels of communication. The whistleblowing
routines are based on the principles of confidentiality,
impartiality and contradiction.
Webstep values of being skilled, innovative, generous
and uncomplicated serve as a foundation for the
Group’s choices and behavior to the point where all
employees, regardless of their background, should
experience the width of the Group’s offerings and
benefits.
An important mitigating factor to the risk of gender pay
gap in Webstep, is the consultant's salary model. The
salary model is based on the revenue they generate,
with reference to the hourly prices defined by the
project. For sales- and department management
personnel the bonus pay criteria are equal for women
and men, and the model as such does not give room for
discrimination.
Webstep work on equality and anti-discrimination in
practice
As part of Webstep’s effort to promote equality and
prevent discrimination, measures are adopted to
mitigate potential risks and evaluate in order to make
further progress. HSE is also entrenched in the Board
and an important item in board and executive
management meetings.
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The recruitment process is standardised through
Webstep’s internal control system, and serves to ensure
candidates equal and fair treatment. For key
recruitments and promotions at the managerial level,
it’s required that underrepresented groups, such as
women, to be represented as candidates in all
processes. This is done in order to acquire highly
qualified diverse talent, and avoid systematic
discrimination.
Annually employee surveys are conducted for the
Group, and serve as a basis of mapping further efforts,
initiatives and improvements. The survey assesses
employee satisfaction within Webstep overall, on
assignments at client sites, and in relation to their line
managers. The experience of inclusion and
psychological safety are key considerations when
compiling the questionnaire. Each year, Webstep's joint
working environment committee reviews the question
set before the survey is finalized and distributed.
Webstep devotes time and resources to initiatives that
promote the position of both current and future women
in the tech industry. The Company’s equality and
anti-discrimination efforts include the following:
Webstep has a strategic initiative to increase the
number of women in the Group, and in the tech industry
as a whole. This is highly prioritized and the Group
continually works to raise awareness about this goal.
Among the initiatives are:
● The “CEO commitment” by Oda, a network for
women in technology, expresses the Group's
commitment to promote equality and
anti-discrimination.
● Webstep sponsors and actively contribute to
multiple initiatives that promote the position of
women in tech. Webstep has contributed to
initiatives that encourage future generations of
female technologists such as SheCodes, TENK
tech camp, Girl Tech fest and Jenter og
Teknologi (Girls and tech).
● In addition Webstep has nominated
candidates to the annual rating of “The 50
most prominent Norwegian Tech Women” by
Abelia/ Oda Network. where Webstep
employees have been nominated. Webstep
has had employees on this list every year
since 2020.
Employee follow-ups are conducted several times a
year between each employee and their manager. This
shall facilitate an open dialogue and opportunity for
each individual employee to express their Webstep
experience, needs and development.
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Results
On 23 May 2024, Webstep entered into an agreement to
divest the operation in Sweden, Webstep AB, and the
transaction was completed in early July 2024. As a
result of the divestment, the results of the employee
survey for 2024 and 2023 only includes employees in
the continuing business in Norway. In the annual
employee surveys, no systematic deficiencies were
identified that could lead to discriminatory treatment.
No discrimination cases were reported to the AMU or
through the whistleblowing routines in 2024.
Most important takeaways from the 2024-survey are:
● Insignificant - or no - differences between
women and men, and generally very positive
feedback on employee experiences
● An average score for women (82) is slightly
lower than men (84) on the employee
satisfaction index (ESI 0-100 index). The score
is slightly lower than 2022, but significantly
higher than the benchmark.
● Average scores for women (+39) are slightly
lower than men (+42) on the Employee Loyalty
Index (eNPS -100 to +100 index) - where +20 is
considered very strong, whilst -20 is
considered very weak).
● Mapping the Webstep experience both women
(4.56) and men (4.54) highly agree they can
act according to who they are at Webstep (on
a 1-5 scale).
● Webstep women and men both strongly agree
or agree that their work-life balance at
Webstep is good.
Risk assessment
The IT consulting industry is characterised by a high
share of male employees. Webstep works actively to
attract female employees and recognises its
responsibility to always strive for a better gender
balance. The Group also recognises that there is an
inherent risk that discrimination could occur in different
processes within the Group, such as recruitment and
promotions. Webstep will mitigate the risk through
processes and policies, in addition to giving the risk
focus internally and contribute to reducing this risk in
the industry by openness and awareness.
Opportunities for training and development are
available for all employees. Being a consultancy
company in a knowledge intensive industry, it is in the
best interest of the Group and employees to offer such
opportunities to maintain competitive advantages.
Thus, the risk within this area is minimal.
Webstep has in addition assessed other areas as
required by Norway’s Equality and Anti-Discrimination
Act. Work-life balance, employer assisted provisions,
pay and working conditions are all areas where the
annual employee surveys strongly confirm that the
probability of risks is minimal.
For the year 2024 Webstep have continued the focus on
increasing the share of women employees in all
positions within the Group, work-life balance and
flexible parental leave opportunities.
Increasing the proportion of female employees is an
explicit strategic initiative for Webstep. As of the end of
2024, the number of Women in Norway was 90 FTEs
(88 FTEs) or 20 per cent of the total workforce in
Norway.
Webstep’s permanent jobs are full-time. For this reason,
the Group has no involuntary part-time working.
Employees who reduce from full-time to part-time do so
for welfare reasons. On 31 December 2024 the Group
had no temporary employees.
Webstep promotes equal opportunity for both genders
to take full parental leave, and the Group shall offer
flexible parental leave opportunities. Webstep partially
covers the gap between regular pay and national
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WEBSTEP | ANNUAL REPORT 2024
insurance rate. On average, women choose to take
longer parental leave than men in the Group.
Corporate Reporting Sustainability
Directive (CSRD)
In 2023 Webstep started the process of preparing to
report according to the CSRD. A working committee
was established, where the committee members
covered a wide range of different expertise, roles and
perspectives to address key areas throughout
Webstep’s operations. The CSRD committee reported to
the Audit Committee of the Group, and it is the Board of
Directors responsibility that the reporting is in
accordance with the required standards.
The CSRD process followed four steps, where step 1
was completed during 2023.
Due to the sales of Webstep AB in July 2024, the Group
was no longer required to start reporting according to
the requirements of CSRD in 2024. In addition, the
European Commission has announced the first
Omnibus Proposal, which if adopted, will introduce
significant changes to the CSRD. The proposed
revisions include adjustments to scope, compliance
timelines, and specific obligations, and aim to reduce
administrative burdens while maintaining the CSRD’s
requirements for transparency and accountability.
Because of these matters, the Group has decided to put
the process of preparing report according to the CSRD
on hold until 2025.
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EU Taxonomy
The EU's framework for sustainable investments aims
to classify what is environmentally sustainable and
channel capital in a more sustainable direction.
Activities described in the taxonomy are considered
taxonomy-eligible. In order for an activity to be
classified as sustainable according to the taxonomy
(taxonomy-aligned), it must also:
● Contribute significantly to one or more of the
EU's six environmental objectives
● Not cause significant harm to any of the other
environmental objectives, and
● Comply with minimum social and governance
requirements
For the financial year 2024, Norwegian companies
subject to the obligation to prepare sustainability
reporting under the Accounting Act § 2-3 will also be
required to prepare taxonomy reporting. As a result of
the sale of Webstep AB in 2024, the group does not
exceed the threshold for this reporting obligation in
2024 and is therefore not obligated to prepare reporting
under the EU taxonomy. However, Webstep still wishes
to include reporting on revenue, capital expenditures
(CapEx), and operational expenditures (OpEx) related to
taxonomy-eligible and taxonomy-aligned economic
activities in accordance with EU regulation (2020/852).
1.1 Identification of eligible activities
To identify the areas of the business covered by the
taxonomy, the starting point has been NACE codes and
the description of the economic activities defined by
the taxonomy. Consequently, during the fiscal year
2024, a review of Webstep's projects has been
conducted to map out which projects are covered. This
work has been carried out in collaboration between
project managers and the administration.
1.1.1 Computer programming, consultancy and related
activities (CCA 8.2)
The activity involves providing expertise in the field of
information technologies: writing, modifying, testing
and supporting software; planning and designing
computer systems that integrate computer hardware,
software and communication technologies; on-site
management and operation of clients’ computer
systems or data processing facilities; and other
professional and technical computer-related activities.
Most of Webstep's revenue-generating activities are
related to the provision of consultancy services aimed
at ICT. The services primarily relate to systems
development through software craftsmanship,
architecture, technology management, user
experiences, business intelligence, and machine
learning. Webstep offers expert services in
digitalisation and IT projects across various industries.
The group's assessment is that the majority of
Webstep's business can be linked to the activity
"Computer Programming, Consultancy and Related
Activities" as defined in Annex II to the Climate
Delegated Act (2021/2139). This activity has the
potential to contribute to climate change adaptation.
The activity is not, however, defined as an enabling
activity in the taxonomy. Based on this, revenue related
to this activity should not be included in the reporting
related to eligibility.
For CapEx and OpEx, only activities related to climate
adaptation measures should be included. Webstep has
no such transactions for the financial year 2024. In last
year’s reporting, revenue related to this activity was
included. After gaining a better understanding of
taxonomy reporting, including clarification of several
unclear aspects from the EU, this revenue is not
included as eligible in this year’s reporting. This change
is also reflected in the figures for 2023 in this year’s
reporting.
1.1.2 Data-Driven Solutions for GHG Emissions
Reductions (CCM 8.2)
Part of the services that Webstep provides are
specifically related to assisting their clients in
establishing ICT solutions to reduce greenhouse gas
emissions. These IT services coincide with the
definition of the activity "Data-Driven Solutions for GHG
Emissions Reductions". In connection with the mapping
of this activity, all department leaders at Webstep have
mapped the projects they have delivered during 2023
and 2024 that are related to the development of ICT
solutions that enable the reduction of GHG emissions.
Each individual project has been assessed against the
description of the activity in the "Climate Delegated Act
(2021/2139). To make a significant contribution to the
environmental objective of Climate Change Mitigation,
the ICT solution must primarily be used to deliver data
and analyses that enable reductions in greenhouse
gases. In addition, where alternative solutions exist in
the market, the delivered solution must provide
significant reductions in greenhouse gases compared
to the alternative solution/technology with the best
result.
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1.1.3 Acquisition and ownership of buildings (CCM
7.7)
The activity involves buying real estate and exercising
ownership of that real estate. Webstep is considered to
be covered by this activity through the rental of office
premises. CapEx and OpEx related to property-leases
are treated eligible under CCM 7.7. In the fiscal year
2024, no new leases have been entered into, nor has
there been any maintenance or other costs related to
the properties.
The activity can also contribute to the environmental
objective of climate change adaptation (CCA). For this
environmental objective to be relevant, it is a
prerequisite that CapEx and/or OpEx are related to
implemented adaptation measures to adjust the assets
to climate change and climate-related risks. This is not
applicable to Webstep, and therefore only the
environmental objective of climate change mitigation
(CCM) is considered relevant for this activity.
Webstep has assessed property leasing under category
c). This means that the lease is considered a purchase
from an eligible/aligned activity. Comparative figures
are restated to reflect that leased property is treated as
a separate activity.
1.2 Assessment of aligned activities
Webstep has assessed whether the group's
taxonomy-eligible activities meet the technical
screening criteria to be considered taxonomy-aligned.
1.2 .1 Data-Driven Solutions for GHG Emissions
Reductions (CCM 8.2)
To contribute significantly to the environmental
objective of climate change mitigation, the activity
must, among other things, lead to significant reductions
in greenhouse gas emissions over the entire life cycle
compared to existing solutions. Webstep’s projects do
not meet this criterion, and the activity is therefore not
classified as aligned.
1.2.2 Acquisition and ownership of buildings
(CCM 7.7)
To contribute significantly to the environmental
objective of climate change mitigation, there are,
among other things, requirements related to the energy
consumption of the building. Webstep does not have
the data in place to assess this for its buildings, and
consequently, the activity does not meet the criterion
for a significant contribution.
Webstep leases the buildings it operates in, and does
not own any buildings. For this activity to be considered
aligned, it must be considered a purchase from an
aligned activity. This is assessed by obtaining
documentation from the landlord regarding whether the
buildings that Webstep leases meet the alignment
criteria according to the taxonomy. Since there are no
relevant additions related to this activity in 2024, such
an assessment has not been carried out.
1.3 Measurement
The Group's taxonomy KPIs are directly linked to the
accounting policies that underpin the preparation of the
group's consolidated financial statements. For
additional information regarding the group's accounting
policies, please refer to note 2 in the financial
statements.
Webstep AB was sold during 2024 and is therefore not
included in the group as of 31.12.2024. In the financial
statements, this has been treated as discontinued
operations. Comparative figures have been restated.
This has been treated similarly in the taxonomy
reporting for 2024. For more information, see notes 2
and 7 in the consolidated financial statements.
Further, 2023 figures are restated to reflect Webstep’s
updated methodology on taxonomy reporting, both
regarding turnover related to Computer programming,
consultancy and related activities (CCA 8.2) and
Acquisition and ownership of buildings (CCM 7.7).
1.3.1 Turnover
Turnover represents the group's total revenue from
contracts with customers, as further detailed in notes 5
and 6 of the annual financial statements. Revenue
included in taxonomy-eligible (not taxonomy-aligned)
includes income from projects that meet the criteria to
be "eligible" under the activities "Data-driven solutions
for GHG emissions reductions". The rest of Webstep’s
revenue is not eligible and is therefore included as
non-eligible activities in the table.
1.3.2 CapEx
Capex includes acquisitions of tangible and intangible
assets throughout the fiscal year 2024, before
depreciation and any adjustments of balance values.
For further information see note 11 and 12 to the
financial statements.
CapEx includes:
● Expenses related to acquisitions of property,
plant and equipment and to intangible assets
● Expenses related to lease costs that are
capitalized in accordance with IFRS 16
Leases.
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Webstep primarily has CapEx attributable to the group's
various economic activities, both "eligible" and
"non-eligible". CapEx that is directly attributable to a
single eligible activity is allocated directly to that
activity. In 2024, CapEx consists of additions relevant
across the Group's various economic activities. Such
CapEx is distributed to the Group's eligible activities
based on the activity's proportion of turnover. A
distribution key based on turnover is considered the
most appropriate way to allocate CapEx to the different
activities.
Webstep has not defined and adopted a CapEx-plan
and therefore has no eligible CapEx related to this
(category b).
1.3.3 OpEx
OpEx consists of operating expenses considered
necessary for Webstep to provide consulting services.
This includes direct, non-capitalized costs related to:
● Research and development
● Building renovation measures
● Short-term lease
● Other direct expenses related to the ongoing
maintenance of property, plant and equipment,
necessary for these assets to function
effectively at all times.
In research and development and building renovation
measures, costs that do not meet the capitalisation
requirements according to IAS 16 and 38, are included.
In 2024, Webstep had not incurred any costs related to
these categories. Short-term lease refers to short-term
rental agreements that do not meet the capitalization
requirements according to IFRS 16. Costs that are
considered eligible are mainly related to maintenance
of the group's assets, as well as the purchase of assets
that are not capitalised.
Webstep primarily has OpEx attributable to the group's
various economic activities both "eligible" and
"non-eligible". OpEx that is directly attributable to a
single eligible activity is allocated directly to that
activity. In 2024, OpEx consists of costs relevant across
the Group’s various activities. Such OpEx is distributed
to the Group’s eligible activities based on activity’s
proportion of turnover. A distribution key based on
turnover is, as mentioned under CapEx, considered the
most appropriate way to allocate OpEx to the different
activities.
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Auditor`s report
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Alternative Performance Measures
(APMs)
Webstep discloses alternative performance measures
as a supplement to the financial statements prepared in
accordance with IFRS. Webstep believes that the
alternative performance measures provide useful
supplemental information to management, investors,
equity analysts and other stakeholders. These
measures are commonly used and are meant to provide
an enhanced insight into the financial development of
Webstep's business operations and to improve
comparability between periods.
● EBITDA is short for Earnings before Interest
and other financial items, Taxes, Depreciation and
Amortisation and is a term commonly used by equity
analysts and investors.
● EBIT is short for Earnings before Interest and
other financial items and Taxes and is a term
commonly used by equity analysts and investors.
● EBIT per employee is Earnings before Interest
and other financial items and Taxes and is a term
commonly used by the equity analysts and investors.
● NIBD is short for Net Interest Bearing Debt and
is defined as interest bearing debt minus unrestricted
cash and cash equivalents.
● Group equity ratio is defined as the total
consolidated equity of the Group divided by total
assets. The covenant requires a Group equity ratio of
minimum 0.3.
● NIBD/EBITDA is calculated as Net Interest
Bearing Debt divided by Earnings before Interest and
other financial items, Taxes, Depreciation and
Amortisation (EBITDA). The ratio is one of the debt
covenants of the Company and it is based on the rolling
twelve months EBITDA. If the Company has more cash
than debt, the ratio can be negative. The covenant
requires a Group NIBD/EBITDA ratio of maximum 3.
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