Setting the
standard –
Leading in
software
Annual Report 2022
Table of Contents
01
Visma by the numbers
Key figures
The last decade
02
Yearly recap
CEO’s comment
Setting the standard –
Leading in software
03
Sustainability highlights
Visma’s approach
Environment
Social sustainability
04
Directors’ Report
Introduction and highlights
Acquisitions
Assessment of financial statements
Review of our segments
Organisation and work environment
Assessment of risk factors
Outlook for 2023
05
Financial statements
Consolidated financial statements
Parent company annual accounts
Auditor’s Report
06
Who and where we are
Management
Presence
Chapters
2 Table of Contents
1
6
5
4
3
2
Next page
Previous page
Annual Report 2022
Key figures
The last decade
01 Visma by
the numbers
Chapters
3 Visma by the numbers
1
6
5
4
3
2
Next page
Previous page
Key figures
(EUR 1 000)
2022 IFRS 2021 IFRS*
Operating revenues 2 056 475 1 726 146
Revenue growth 19,1% 21%
EBITDA 586 743 529 402
Profit/(loss) from continuing and discontinued
operations after minority interests
748 704 81 683
Total assets 6 400 946 5 694 390
Current liabilities 840 353 858 342
Long-term liabilities 3 398 098 3 422 453
Equity 2 162 495 1 413 595
Earnings per share from continuing
operations (EUR)
0,08 0,03
No. of shares 2 000 000 000 2 000 000 000
Number of employees 13 880 11 594
*2021 has been restated to reflect the sale of the Consulting Business and Cloud Infrastructure Services
19,1 %
Growth
13 880
Number of employees
2 056 475
Operating revenues 2022
586 743
EBITDA
Chapters
4 Visma by the numbers
Previous page
Next page
2
3
4
5
6
1
The last decade
2022
Revenue
€2 056m
Employees
13 880
2013
Revenue
€351m
Employees
2 522
2018
Revenue
€985m
Employees
7 690
2014
Revenue
€403m
Employees
3 161
2019
Revenue
€1 128m
Employees
9 113
2015
Revenue
€497m
Employees
3 668
2020
Revenue
€1 431m
Employees
10 244
2016
Revenue
€622m
Employees
4 220
2021
Revenue
€1 726m
Employees
11 594
2017
Revenue
€732m
Employees
5 552
Chapters
5 Visma by the numbers
Previous page
Next page
2
3
4
5
6
1
CEO’s comment
Setting the standard – Leading in software
Annual Report 2022
02 Yearly recap
Chapters
6 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Visma will continue to do what we do best. We will build
locally relevant and standardised cloud software that
automates business administration, connects data, keeps
societies running efficiently, and gives companies the
financial confidence they are after.
CEO’s comment
– A pure play software company
Chapters
7 Yearly recap
Previous page
Next page
2
3
4
5
6
1
At last, coronavirus appears to be loosening its grip on the
world. But it is easy to forget that at the start of 2022,
the pandemic was still in firm control. Later in January we
saw governments call for new lockdowns, shutting down
our markets and putting our employees in a home-office
position we had become all too familiar with.
In February, things began to look up. At Visma we began to
reconnect in person again! We were seeing great engage-
ment through our hybrid work model, which we crafted
in dialogue with each other.
And then came the shocking news that Russia had invaded
Ukraine, a new humanitarian crisis requiring an immediate
response. Visma has never had operations in Russia or
Ukraine, but we have several hundred Russian and Ukrain-
ian employees situated in other countries. In addition, a
handful of colleagues living in Ukraine were in immediate
danger. We also employ thousands of people in countries
that border Ukraine or Russia – like Romania, Poland,
Hungary, Slovakia, Lithuania, Latvia, Finland, and Norway,
who were suddenly dealing with the fear and uncertainty
that the war might cross their borders too.
Over the past year, our people have demonstrated admi-
rable compassion – some have opened their homes to
provide shelter for the refugees, others have conducted
private fundraising. At Visma, we continued our financial
support to UNICEF, contributing to helping children in the
warzone. In addition, many companies within Visma have
taken their own initiatives to financially support Ukraine
and the refugees. Through our software, we were also able
to support refugees to find new jobs in their new countries.
This year, I have spent a lot of time in our markets close
to the war, and I have seen some of the effects firsthand.
The ripple effect of sanctions, snowballing energy prices,
military conflict on the doorstep, and people rightfully
worried about what is to come. Inflation has driven up
costs throughout our markets, over 20% in Hungary and
the Baltic states. Furthermore, our suppliers have raised
their prices, while the war and aftermath of Covid have
created a global shortage of many hardware components.
Some economists argue we have not seen this level of
political and macroeconomic uncertainty in at least 50
years.
Every cloud has a silver lining
We still believe there are many positives to be found in the
current situation and global trends, especially within the
software industry and its potential in the coming years.
The hybrid work model has rightfully become a fixture
in global businesses. It is clear that employee productiv-
ity and engagement are highest when people have the
freedom to use business-critical systems wherever and
whenever they need to.
As hybridity continues to mature, so too will the transition
to cloud computing away from on-prem systems. Modern
cloud software is both the present and future, with nearly
100% of all software innovation occurring in cloud-only
products.
The innovation I am referring to is not only happening
within Visma. It is being built by talented software entre-
preneurs across Europe who know a thing or two about
simplifying the lives of their local businesses and societies.
New companies are joining Visma almost weekly, building
us into the largest network of SaaS companies in Europe.
Why? Because our joint efforts create value and growth.
Companies that join the Visma Group keep ownership of
their autonomy, brand, and people – while we all enjoy the
benefits that come from new innovations, partnerships,
connected products, and happy customers.
2022 was another landmark year for our M&A efforts,
with a number of 42 new companies joining the Visma
family through acquisitions. We also celebrated our mar-
ket entry into France through the acquisition of Inqom.
Our momentum continues in 2023; as I write this, two
Berlin-based companies have joined us; BuchhaltungsButler
in December 2022 and H&H in January 2023, marking our
entry into the German market and further expansion in
continental Europe. Without a doubt, 2023 will be another
exciting year for us.
Chapters
8 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Standardised software for Europe
Our customers demand software for smoother and more
efficient business, and we have delivered it to them for
over two decades. But in this turbulent economic climate,
it is vital to recognise that an even more salient need is
to have financial confidence.
In 2022, we have looked at how we can give our custom-
ers more of that confidence – to be there for them, in
good times and bad times, so that they can focus on their
business. And to help them focus, we have sharpened our
focus.
To prime us for further growth, we’ve streamlined our
business. In June, we divested our consulting division,
provider of custom IT solutions for 8,000 customers across
the Nordics. Later in the year came the divestment of our
Cloud Infrastructure Services division, supplier of technical
IT services to large Nordic companies.
With these divisions no longer a part of Visma, we are
able to better meet our ambitious growth strategy by
devoting our attention to our core business: standardised
cloud products. We are also better situated to acquire
innovative software companies that match our strategy
and culture. From this unique position, Visma offers a
vibrant base for European entrepreneurs to launch the
next stage of their business.
“As hybridity continues to mature,
so too will the transition to cloud
computing away from on-prem systems.
Modern cloud software is both the
present and future, with nearly 100%
of all software innovation occurring in
cloud-only products.”
Merete Hverven
CEO of Visma
Chapters
9 Yearly recap
Previous page
Next page
2
3
4
5
6
1
What do we mean by standardised cloud products? These
are software solutions, informed by years of well-funded
research and development, conversations with custom-
ers, and on-the-ground experience with their particular
segments, verticals, and needs. Our software products
are efficient, secure, and so tailored to our customers
and their local markets, that they preclude the need for
customisation. Combining relevant products with seam-
less connections to other business-critical software gives
our customers an edge they will not find anywhere else.
The icing on the cake
World-class security, privacy, technology, and sustainability
are also vital features of our software.
Cyber security threats continue to grow globally, not just
in frequency but also in professionalism and scope. Going
above and beyond with our security and privacy measures
is key to maintaining the trust and operability of our cus-
tomers. Our efforts lead the industry and must continue
to do so. In 2022, we continued our strong investments in
security. We also published several papers and academic
works to further contribute to global security.
Within technology, our investments in product develop-
ment and innovation are key success factors for us. We
go out of our way to meet and empathise with users to
identify new and better ways for them to achieve their
goals. We apply artificial intelligence, machine learning,
and data science among other technologies to increase our
customers efficiency and competitiveness. Additionally,
connecting products through APIs remains a top priority,
ensuring our customers have seamless data synchronisa-
tion across their business functions.
Our sustainability efforts continued in 2022. We became
a proud participant of the UN Global Compact, where we
take a principles-based approach to responsible business.
We established a new sustainability governance structure
to strengthen the collaboration between our companies
across countries. We continued to look at new ways of
reducing carbon emissions, not only in the development
and hosting of our software, but also by providing our
customers with solutions that help them be more sustain-
able. In our Diversity & Inclusion strategy, we pointed out
clear goals for the year, and our employee engagement
score (eNPS) at year’s end was 61, which is in the top 10%
of the IT industry.
The proof is in the numbers
Our revenue in 2022 was € 2,06 billion, a growth of 19%
over 2021. We now serve over 1,4 million customers across
Europe and Latin America, with 21,7 million e-invoices and
11,1 million payslips flowing through our systems every
month. We spent 20,6% of our total revenue on product
development in 2022, among the highest in the IT indus-
try. Part of this investment was a new technology center
we opened in Porto, Portugal – our ninth competence
location working to innovate security, AI, product design,
and other areas.
As one would expect after societies re-opening early in
the year, our operational expenses increased compared to
2021. Still our profitability remained strong throughout
the year. End-of-year EBITDA was € 587 million, a growth
of 11%. The EBITDA margin was 28,5%.
Continued growth ahead
Going forward, Visma will continue to do what we do best.
We will build locally relevant and standardised cloud soft-
ware that automates business administration, connects
data, keeps societies running efficiently, and gives com-
panies the financial confidence they are after. Through
several key moves in 2022, we have sharpened our focus
and further built up our vibrant ecosystem of companies
who, like us, are champions of cloud software.
Geopolitical and macroeconomic instability will likely per-
sist throughout 2023. But Visma remains in a very strong
position and will continue to provide the mission-critical
software that businesses and societies need. Our devoted
and engaged people will lead the way, setting a global
example for how to drive a dynamic and dedicated group
of companies.
Merete Hverven
CEO of Visma
Chapters
10 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Visma continues to grow by delivering the tools
organisations need to succeed in an increasingly digital
society. We strive to meet our customers’ increasing
expectations for connected, efficient, and secure
business software.
Setting the
standard
– Leading in software
Chapters
11 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Despite a year of turbulence in global markets, Visma
continued to grow by delivering mission-critical cloud
software, ensuring that our customers have the financial
confidence to succeed in a shifting business environment.
This year, we explore the reasons for Visma’s sturdiness
and our position as the largest network of SaaS compa-
nies in Europe. In short, we are setting the standard in
our industry, via 1) Connected products, 2) Best in class
technology, 3) Commitment to security, 4) Emerging excel-
lence in sustainability, and 5) Unique acquisition strategy.
Connected products
Customer expectations for business software have never
been higher. The products we deliver today must reduce
manual work exponentially, be enjoyable to use, and solve
daily challenges while also forecasting potential problems
down the line.
Meeting these expectations requires us to lead in soft-
ware development, and to set the benchmark in terms of
user experience. We have to strike the balance between
standardised and customised, ensuring that our products
are sufficiently adapted to local markets and regulations.
Furthermore, we strengthen our offerings by acquiring
SaaS companies with complementary products. New com-
panies join us almost weekly, attracted by our strong
customer base, pooled resources, and expertise.
With a steady stream of new companies on board, we are
better able to serve a growing need among our customers;
connected software. Regardless of size or industry, our
customers depend on multiple products to handle their
core functions, from accounting, invoicing, and payroll
to logistics, financial management, and business intelli-
gence. But these systems must talk to each other to unlock
the most value. Building APIs that support and connect
our customers’ ecosystems is a top priority for us, as we
strive to provide a fully connected experience for every
mission-critical business function.
The connectivity through APIs is a vital element in our
promise to customers: that they are in total control as
they grow, expand, and implement their business strat-
egy. That is why we invest in performance optimisation,
continuously increasing the speed of API endpoints. By
connecting products, we help customers to see their
complex businesses as one, giving them the clarity to lead
their businesses into the future.
Explore our APIs
Best in class technology
To meet our customers’ expectations, we need to inno-
vate. To ensure that we can spend our time building better
products, we are always identifying and removing manual
effort and other friction from our product development
work. This includes organising ourselves to maximise
autonomy and minimise organisational dependencies,
automating software delivery processes like testing and
deployment, and taking advantage of self-service and
automation enabled by public cloud technology. In 2022,
Visma increased its deployment frequency, meaning how
often we deliver product improvements, by 30% compared
to 2021.
Ideally, we make software that people do not have to use.
The software does the work for you. To identify the most
valuable problems to solve and to validate the most suit-
able solutions, we use both qualitative and quantitative
methods: from running design sprints and interviewing
users to analysing product usage and user feedback meas-
ured within our products. In 2022, we added 26 products
to our product usage analytics platform and 35 products
to our user feedback platform.
Improving our software through AI continues to be a pri-
ority. In 2022, Visma products processed over 105 million
documents with Smartscan, our document data capture
service. That is a 75% increase compared to 2021. In Q4,
we launched AI-based services for inventory optimisation
for stock-holding companies and started development
of anomaly detection for time registration and invoice
data, continuously adding to a growing portfolio of AI
capabilities that enrich our products.
Explore our engineering culture and practices
Chapters
12 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Commitment to security
Visma’s strong commitment to security is reflected in our
significant investment and our management structure,
as well as our implemented practices in well-published
Security Programs. These programs enable Visma to
deliver safe services and maintain a strong understanding
of threats that apply to both Visma’s companies as well
as our customers.
During 2022, Visma observed a relatively stable cyber-
security situation, despite obvious geopolitical instability.
We observed an increase in global ransomware, as well as
an increase in fraud attempts against businesses globally.
We also observed that international police efforts made
dents in the criminal organisations. 2022 also brought
new insight into previously unknown cyber capabilities of
nation states and their supporting structures in organised
crime.
For Visma, the learnings from our observations have been
implemented in our services accordingly. Through this
continuous effort, Visma continues to support our cus-
tomers and ensure that the services we provide are safe.
We share our security learnings through contributions to
science, as well as transparent sharing with industry and
the public.
Visit our Trust Centre
Chapters
13 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Unique acquisition strategy –
Building a software powerhouse through M&A
Acquisitions are a central part of Visma’s growth strategy.
This is how we normally enter new markets and verticals, as
we appreciate the value and importance of local expertise
and entrepreneurial spirit for business success. It is also
an efficient way to expand and improve Visma’s existing
software offerings.
Through highly specialised processes for screening and
due diligence, ranging from finance and technology to
people and culture, our M&A team is able to identify the
most attractive targets. We prefer to acquire companies
with established cloud products that have demonstrated
strong tech capabilities and high customer satisfaction,
and that can enrich Visma’s ERP platforms through APIs.
We have acquired close to 300 companies in the last dec-
ade, enabling the Visma Group to quickly transform from a
local Nordic player to a leading software provider in Europe
and Latin America. In our industry, the best entrepreneurs
always have a long line of suitors for their companies, so
why do so many of them choose to join the Visma family?
We believe it often comes down to our unique value prop-
osition, with a governance model built on autonomy, trust,
and shared resources. Most companies acquired by Visma
continue under their own brand and management, and
remain in complete control of product development and
strategy. However, they are also onboarded to a vast eco
-
system of knowledge sharing and infrastructure in areas
like security, finance, marketing, and HR, helping them
grow and develop even faster than before.
2022 was another hectic year for Visma in terms of M&A,
acquiring a total of 42 companies in 8 countries. These
included our first acquisitions in France and Germany,
underlining the potential we see for cloud software to
accelerate the digitalisation of Europe’s private and public
sector.
Emerging excellence in sustainability
To demonstrate our commitment, Visma became a
proud participant of the UN Global Compact, the world’s
largest voluntary corporate sustainability initiative. We
also improved our impact in the areas we know best: our
software and our people.
Visma has hundreds of software products that emit car-
bon, and that will continue as long as they are developed,
hosted and used. One of the most effective ways of reduc-
ing environmental impact is to have as many customers
as possible using our public cloud products, which we are
proud to say are increasing by 5–10% each year. We are also
helping customers in their sustainability work by offering
carbon accounting capabilities in our software.
See all our environmental efforts
Our people’s engagement, dedication, and sense of
belonging are key to our success. Over the last years, we
have evolved our Diversity & Inclusion (D&I) discipline,
we embrace our differences, and we foster an inclusive
environment. People are front and centre in our software
too, from our emphasis on accessibility, to our AI that
minimises human biases, to our products that directly
help disadvantaged groups.
See all our social sustainability efforts
Looking towards the future
Visma’s vision is to shape the future of society through
technology, providing the digital tools that businesses and
organisations need to organise, analyse, and improve their
everyday operations. We strongly believe that technology,
when used wisely, is a positive driver for both employee
engagement – and happy customers.
By investing in our people and products, Visma aims to
continue setting the standard for efficient, flexible, and
user-friendly cloud business software.
Chapters
14 Yearly recap
Previous page
Next page
2
3
4
5
6
1
Visma’s approach
Environment
Social sustainability
Annual Report 2022
03 Sustainability highlights
Chapters
15 Sustainability highlights
Previous page
Next page
2
3
4
5
6
1
This year, Visma has opted for a standalone 2022
Sustainability report about our efforts that clearly
communicates our progress. The standalone report
will be published towards the end of Q1 2023. Below
are the highlights.
Sustainability at
Visma
Chapters
16 Sustainability highlights
Previous page
Next page
2
3
4
5
6
1
Visma’s approach
Visma works hard to measure its social and environmental
impacts for long-term improvement. 2022 has been an
important milestone in that process: in 2022, we pub-
lished our first annual dedicated report on sustainability
at Visma. We also joined and committed to working more
actively with the UN Global Compact Principles.
The efforts behind gathering the data, assessing it across
companies and competences, and presenting the findings
in an easy accessible and understandable manner, have
helped sustainability form a natural part of Visma’s business.
During the year, we have also improved the ways that we
are organised around the topic of sustainability, with more
dedicated roles and leads for different geographic regions.
All Visma companies are tied to a Sustainability Coordinator
resource. The Sustainability Coordinator role reports to
locally established Sustainability Leads in each country or
region. The Sustainability Leads make up the Sustainability
Board, and they report to the Group’s sustainability team,
led by the CRO. This structure ensures that sustainability
forms a natural part of Visma’s business across teams,
competence, and countries.
2023 will be about using the data from Visma companies
to further educate our employees and to continue setting
short-term and long-term goals for sustainability at Visma.
Chapters
17 Sustainability highlights
Previous page
Next page
2
3
4
5
6
1
Visma’s sustainability policy is available on visma.com,
together with other sustainability-related policies and
reports, including our Anti Corruption Policy, Diversity &
Inclusion Strategy, and more.
Environment highlights
Visma is conscious of its responsibility to reduce its carbon
footprint and we aim to help our customers do the same.
It is not enough to simply point to the fact that digitising
reduces paperwork.
Visma believes that all businesses are responsible for oper-
ating climate-friendly by keeping track of their emissions,
actively working towards reducing them, and using the
world’s limited resources responsibly. The key to long-
term competitiveness is to transition to a low-carbon,
resource-efficient, and circular economy in line with the
Sustainable Development Goals (SDG).
In 2023, we will expand our focus to assessing and bench-
marking emissions year-on-year, to helping our businesses
set goals to reduce emissions.
Social sustainability highlights
In 2022, we launched our Diversity & Inclusion strategy,
highlighting two areas: gender balance and inclusion. We
are confident that a diverse workforce, and an inclusive
culture, will both provide a more engaging working envi-
ronment, more innovative solutions and reflect positively
on business. We measure our engagement via the eNPS
score (employee engagement framework), and Visma
Group positioned itself among the top 10 per cent for
the technology industry with a score of 61.
We aspire and work towards being the most inspiring and
engaging place to work, among others via active commu-
nities and area experts. Currently, we have 18 different
peer-to-peer communities and more than 50 area experts.
These make up the learning community at Visma, that all
employees have access to and can benefit from, so that
our people have the opportunity to grow and unleash
their potential.
Chapters
18 Sustainability highlights
Previous page
Next page
2
3
4
5
6
1
Introduction and highlights
Acquisitions
Assessment of financial statements
Review of our segments
Organisation and work environment
Assessment of risk factors
Outlook for 2023
Annual Report 2022
04 Directors’ Report
Chapters
19 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Visma continued its profitable growth in 2022, driven
by increased organic sales and acquisitions of new
software companies. In a period of rising concerns about
inflation, higher interest rates, and a more uncertain
geopolitical situation, Visma once again demonstrated
the resilience of its business model. The company had
1,4 million customers at the end of 2022, an increase of
26 per cent compared to the year before.
Directors’ Report
Chapters
20 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Introduction and highlights
The 2022 worldview was characterised by turmoil: The
Russian invasion of Ukraine has caused an uncertain geo-
political situation in Europe, and a massive human toll.
While Visma does not conduct any business in Ukraine
or Russia, the Group does have business in neighbouring
countries, and is following the situation closely.
With the war in Ukraine being a contributing factor, a rising
inflation worldwide has been a concern for many in 2022.
Increasing prices, higher interest rates, and a dramatic
energy crisis are affecting businesses in all markets where
Visma operates.
In these uncertain times, Visma continues to be a key
provider of vital software to its customers, helping them
streamline and improve their business. This has been the
Group’s main driving force, and the commitment to this
mission is key to Visma’s success. Even in the challeng-
ing macroeconomic climate today, Visma continues its
growth on both the top and bottom line, through organic
growth and acquisitions. 2022 was yet another year with
double-digit growth in revenue and EBITDA for the Group,
in line with its excellent track record for growth.
In 2022, the Group further strengthened its position as a
leading provider of mission-critical software in Europe, and
Visma continued to expand its presence in new markets.
In total, 42 new companies were acquired. The first entry
in France was announced in the third quarter and, at the
end of the year 2022, the first entry in Germany. Both
these countries represent very exciting markets with an
enormous potential.
During 2022, Visma divested the consulting centric part of
its operations, as well as the Cloud Infrastructure Service
(CIS) business, making the Group even more focused on
mission-critical cloud software, through mainly SaaS and
standardised products. The proceeds from these business
sales will be reinvested in new growth opportunities,
organic and inorganic.
Visma continues to help its customers manage business
and improve efficiency through mission-critical software.
Its strategic position, strong customer base, and high
degree of repeatable revenue ensure the Group’s position
as a champion of business software, and provides a solid
foundation for continued growth in 2023.
In 2022, total revenue increased by 19,1 per cent to EUR
2 056 million. EBITDA reached EUR 587 million, a margin of
28,5 per cent. These numbers are in line with expectations
from the 2021 Directors’ report, and the Board of Directors
is satisfied with Visma’s financial performance for the year.
Chapters
21 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Public
The public segment delivers mission critical software to
the public sector. Revenue in the public segment was EUR
566 million, a growth of 17,9 per cent. EBITDA was EUR
144 million.
Visma continued its focus on competitive product devel-
opment, a key factor in retaining existing and attracting
potential customers. Recruiting and maintaining tech
talents is essential in order to deliver on this agenda. By
combining highly skilled nearshoring resources with the
talents working in our primary markets, Visma is able to
offer customers increasingly useful, relevant and cost-
effective products.
Visma maintained an active M&A agenda throughout 2022,
described in further detail under next heading.
Chapters
During the year, the divestment of both the consulting-
centric operations and the Cloud Infrastructure Service
business emphasised Visma’s strategic focus on SaaS
and standardised products. The sale of these businesses
further streamlined Visma’s position as Europe’s leading
provider of mission-critical cloud software. Overall cloud
revenue reached EUR 1 738 million, an increase of 24,0
per cent compared to 2021.
Visma saw growth in all of its segments in 2022:
Small businesses
The small business segment consists of companies primarily
selling software targeted at small and medium sized cus-
tomers, typically with 0–50 employees. Key focus areas are
accounting and payroll solutions enabling entrepreneurs
to manage their business, either themselves or in close
collaboration with an accounting office. Revenue in
this segment was EUR 665 million, a growth of 25,1 per
cent. EBITDA was EUR 231 million.
Medium and large enterprises
Medium and large enterprises typically require an eco-
system of solutions that these companies use to manage
their business critical processes, ranging from vertical
specific solutions to invoice lifecycle management. In
this segment, a major focus is accounting and payroll
solutions. Revenue in the medium and large enterprise
segment was EUR 811 million, a growth of 16,0 per cent.
EBITDA was EUR 192 million.
22 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Acquisitions
Visma continued its rapid acquisition pace from 2021
by expanding into new geographies and further strength-
ening its positions in our core markets – in total,
42 acquisitions were made during the year.
With the acquisitions of Inqom and Buchhaltungsbutler,
Visma planted its flag in both France and Germany.
Paris-based Inqom provides a cloud accounting software
aimed at accounting offices, and opens the door to fur-
ther growth in the French market. Buchhaltungsbutler,
with their office in Berlin, develops financial management
software for small businesses. Germany and France are
two of the largest software markets in Europe and with
these acquisitions, Visma is well-positioned for further
growth.
Visma continued its expansion in Spain with two new
acquisitions: Declarando, an accountancy and tax soft-
ware company for Spanish freelancers, covers the micro
market. Woffu, the leading Spanish time and attendance
optimisation software provider, opens the door to the
HRM space in Spain.
In Belgium, Visma continued expanding with three new
acquisitions. Teamleader, the largest Belgian acquisition
this year, is the leading provider of work management
software in the region. Additionally, several acquisitions
were made in the Netherlands to strengthen the entire
Benelux area.
Back to where it all started, in the Nordics, Visma contin-
ued adding companies to its portfolio in order to maintain
its position as the leading provider of SaaS software in
the region. A few notable M&A highlights in the Nordics:
In Norway, Visma bought the publicly listed SaaS company
House of Control, and in Sweden two major acquisitions
were made with Flex, HRM and payroll provider,
and Bokio, SMB cloud accounting software.
Chapters
23 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Assessment of financial statements
In accordance with section 3-3a of the Norwegian Accounting
Act, the Board of Directors confirms that the financial
statements have been prepared on the assumption of a
going concern.
Visma reports in accordance with International Financial
Reporting Standards (IFRS), as adopted by the European
Union. The financial statements for the parent company
have been prepared in accordance with the Norwegian
Accounting Act of 1998 and generally accepted accounting
principles (NGAAP). Access all annual report resources
on our website.
The information on the following pages describes the
full-year 2022 figures. 2021 figures have been restated
for discontinued operations and comparable numbers are
presented in parentheses. Visma’s reporting currency is
EUR.
Chapters
24 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Income statement
The Visma Group reached EUR 2 056 million (1 726 million)
in revenues which results in a solid growth of 19,1 per cent.
The contribution to revenue was evenly spread across
Visma’s segments, with the Medium and large enterprises
segment as the largest contributor, accounting for 39,5
per cent of Group revenue, the small business segment at
32,3 per cent, and the public segment with 27,5 per cent.
Earnings before interest, tax, depreciation and amortisa-
tion (EBITDA) increased by 10,8 per cent to EUR 587 million
(529 million). The small businesses segment accounted
for 39,4 per cent of total EBITDA followed by Medium
and large enterprise segment at 32,7 per cent and public
segment at 24,6 per cent. Visma has pursued a strategy
of acquiring fast-growing cloud companies during the
year. As several of these companies are at an early growth
stage of their lifecycle, they have a lower margin than the
group average, explaining partially why EBITDA is grow-
ing slower than top line. In addition, Visma has increased
its spending on R&D and marketing and costs have also
increased with the high inflation seen globally.
Depreciation and amortisation amounted to EUR 343
million (342 million) in 2022, with the increase primarily
explained by acquisitions adding to the asset base. EBIT
increased by 29,7 per cent to EUR 244 million (188 million)
while profit before tax from continuing operations increased
by 141,5 per cent to EUR 187 million (77 million).
Taxes amounted to EUR 26 million (19 million), generating
a net income from continuing operations of EUR 161
million (58 million).
During 2022, Visma divested it’s Consulting centric busi-
ness as well as Cloud Infrastructure Services. Net income
from discontinued operations was EUR 588 million (23
million). Consequently, Net income from continuing and
discontinued operations was EUR 748 million (81 million).
In 2022, the parent company Visma AS had a profit of NOK
4 128 million (4 586 million)
1
. In the opinion of the Board
of Directors, the financial statements present fairly the
Group’s financial position and results for 2022.
Proposed allocation of the profit for the year
2
Transferred to retained earnings NOK 4 128 million
Total allocated NOK 4 128 million
1
Visma AS had a profit of EUR 409 million (454 million)
2
Transferred to retained earnings EUR 409 million
Total allocated EUR 409 million
Chapters
25 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Cash flow and balance sheet
In 2022, cash flow from continuing operations (before tax)
amounted to EUR 536 million (504 million) which equals a
growth of 6,5 per cent. Cash flow from continuing opera-
tions after tax was EUR 455 million compared to EUR 449
million in 2021. The Board of Directors deems the cash
flow from operations to be satisfactory, supported by
sound financial management and healthy working capital.
Cash flow from investing activities was EUR –121
million (–661 million). Cash flow from financing activities
amounted to EUR 201 million (122 million).
Cash and cash equivalents was EUR 1 072 million (958) at
the end of the year, which the Board of Directors considers
to be sufficient, given the current and expected activity
level. Total assets increased to EUR 6 401 million (5 694
million) at the end of 2022, mostly related to businesses
acquired during the year and gain related to the divest-
ment of the Consulting business and Cloud Infrastructure
Services.
The majority share of the equity increased to EUR 2 159
million (1 409 million) at the end of 2022, reflecting
dividend and profit for the year. The equity ratio was
33,8 per cent (24,8 per cent).
On 31 December 2022, accounts receivables totalled EUR
238 million (239 million). Customers’ average credit period
was 32 days towards the end of 2022.
Visma has made provisions of 2,8 per cent of accounts
receivable (excluding VAT), to cover potential losses
on doubtful receivable. The company closely monitors
accounts receivable, and the provision is considered ade-
quate given that the company’s average credit period is
below the IT industry average.
Chapters
26 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Review of our segments
In 2022, Visma introduced new customer-focused reporting
segments, to reflect the increased strategic focus after
the divestment of the Consulting business and Cloud
Infrastructure Services.
Small businesses
The small business segment consists of business units
primarily selling software targeted at small and medium
sized customers, typically with 0–50 employees. Key focus
areas are accounting and payroll solutions enabling entre-
preneurs to manage their business, either themselves or
in close collaboration with an accounting office. With EUR
665 million in revenues, Visma is the #1 cloud accounting
and payroll vendor for small businesses in Europe.
Since accounting and payroll needs are highly local,
Visma’s strategy in the small business segment is to serve
customers with local market-leading cloud products. Our
cloud offering covers 16 European countries, as we in 2022
expanded to Germany, France, and Portugal.
Our mission is to make it easier to start up and run a busi-
ness in Europe. We are doing this by automating account-
ing and payroll-related tasks, connecting entrepreneurs
with accountants, and providing valuable tools for small
business owners such as electronic invoicing, expense
tracking, and cash-flow forecasting.
The small businesses market has high potential. Visma
now has more than 1,2 million small business customers,
but that is still just a fraction of this market in Europe.
The Nordics are clearly frontrunners in cloud accounting.
Most of the European markets are still in the early stages,
where a rapid transition is expected in the upcoming years.
We are continuously finding new ways to help small busi-
nesses – often by copying successful concepts to other
markets. For example, in Sweden, we introduced a new
climate report, helping small businesses measure, report,
and reduce their climate footprint by calculating climate
impact from accounting data. In Denmark, we introduced
an AI assistant that helps entrepreneurs in their daily life.
Acquisition activity has been high in this segment during
the year, for instance Declarando in Spain, Intempus in
Denmark and Swedish Bokio Group, all further strength-
ening Visma’s offering towards small businesses in Europe.
The small business segment had a strong revenue growth
of 25,1 per cent, amounting to EUR 665 million in 2022 (531
million). The growth is driven by an increasing customer
base and subscription upgrades among existing customers.
EBITDA in 2022 was EUR 231 million (EUR 211), resulting
in a growth of 9,5 per cent. EBITDA margin decreased
from 39,7 per cent to 34,8 per cent. The margin decline is
attributable to last year’s lower costs level due to Covid
savings, combined with increased spending in R&D and
marketing for the SaaS stars in the segment in 2022. The
strategy of acquiring fast-growing SaaS stars at an earlier
stage in the life cycle, thus with lower margin than the
Visma average, is particularly visible in this segment and
contributes to the decline.
Medium and large enterprises
Medium and large enterprises typically have more complex
needs than small businesses. Around the accounting and
payroll core systems, there is an ecosystem of solutions
that these companies use to manage their business criti-
cal processes, ranging from vertical specific solutions to
invoice lifecycle management. In this segment, a major
focus is accounting and payroll solutions enabling entre-
preneurs to manage their business, either themselves or
in close collaboration with an accounting office.
Our cloud ERP and payroll ecosystems are strong con-
tributors to revenue in this segment in 2022, and are
performing particularly well in this segment. Several of
these solutions are sold through our partner network.
In this ecosystem, we find solutions such as Visma.net
Financials and Visma.net Payroll, which continue to be
amongst the fastest growing products at Visma. This also
has a positive impact on the growth of our Expense and
Autopay products. The Invoice Lifecycle Management
business delivers strong growth in revenue, number of
transactions, and invoice volume throughout 2022, while
dealing with the aftermath of regulatory changes. In 2023
Chapters
27 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
we are well positioned to deliver continued growth in this
segment.
M&A activity has been high in this segment during the
year, with several key acquisitions. Among these, we find
the acquisition of Teamleader, expanding Visma’s work
management software offering in the Benelux, and House
of Control, a Norwegian SaaS company delivering contract
management and IFRS 16-reporting solutions. In Sweden,
a key acquisition was the HR and salary software provider
Flex Applications.
Revenue in the medium and large enterprise segment
amounted to EUR 811 million in 2022 (699 million), increas-
ing 16,0 per cent. EBITDA amounted to EUR 192 million
(157 million) corresponding to an EBITDA growth of 22,6
per cent. The segment saw an EBITDA margin improvement
going from 22,4 per cent in 2021 to 23,7 per cent in 2022.
Public
In this segment, Visma delivers mission critical software
to the public sector. In addition to accounting and payroll
solutions, Visma has a wide product lineup of administra-
tive specialist systems with a particular focus on stand-
ardised software for local and regional governments.
Several key acquisitions further strengthened Visma’s
position in the public segment outside the Nordic coun-
tries, where examples include the acquisition of Genetics
and Datapas in the Netherlands.
We observe an increasing demand in the public sector for
software that improves efficiency and processes within
local government. Visma’s SaaS products are helping gov-
ernments digitalise administrative processes to better
serve their inhabitants.
We are looking back on several exciting wins during the
year: In Norway, tenders were won for the Værnes region,
Haugesund, Troms og Finnmark, Helse Vest, and Helse Øst,
among others. In Denmark, an agreement was closed with
the Nordic Council of Ministers. Further south, our Dutch
GovTech companies had several interesting and strategic
wins for the municipalities of Amsterdam, Rotterdam, and
Eindhoven, in areas like permitting, asset management,
and case management. In addition, Synaxion, a company in
the Group, launched a central Power BI education platform
for 2200 affiliated primary schools. The platform contains
dashboards and reports on educational quality (learning
analytics) as well as personnel and financial information.
Revenue in the Public segment increased by 17,9 per cent
to EUR 566 million in 2022 (480 million). EBITDA amounted
to EUR 144 million (135 million), resulting in an EBITDA
growth of 6,9 per cent.
Particularly the Nordics are generating a strong revenue
growth, and the public segment is increasingly important
for the Group. During 2022, the Group has continued to
invest in innovative SaaS products enhancing digitalisation
in public sector organisations.
In June 2022, Kasper Lyhr was appointed as the first pan
Nordic director for Visma’s public segment, underlying its
strong growth and increasing importance for the Group.
Chapters
28 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Organisation, work environment,
and equality of opportunities
Visma is headquartered in Oslo and has a further 265
locations distributed in Norway (51), Sweden (57), Finland
(26), Denmark (15), the Netherlands (54), Belgium (9),
Bulgaria (3), United Kingdom (3), Ireland (3), Estonia (2),
Romania (5), Lithuania (3), Latvia (4), Spain (5), Poland (9),
Slovakia (1), Hungary (1), Portugal (2), Argentina (1), Chile
(1), Peru (1), Colombia (2), India (1), Austria (1), Germany
(2), France (1), Mexico (1), and Uruguay (1).
The business operations of the Visma Group are carried
out through 279 wholly and partly owned subsidiaries,
whereas the Group for reporting purposes is organised
in the following segments: small businesses, medium
and large enterprises, and public. In addition, we have
approximately 600 employees working in a centralised
Hub structure, supporting all companies within areas such
as Security, Tech, Finance, HR, Marketing, Procurement,
Pricing & Packaging, Customer Experience, and Process
Automation.
At the end of 2022, Visma had 13,880 employees, which
is an increase from 11 594
3
at the end of 2021.
3
Excluding employees from divested companies in Custom Solutions and CIS
Chapters
29 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Learning and Development
We aspire to be the most inspiring and engaging place to
work. The competencies of our employees are also critical
in creating value for customers and stakeholders, and to
ensure the future progress of the company.
Therefore, we do what we can to inspire our people to
grow and unleash their potential – both on Group level, as
well as locally within each company. Some of the activities
from the Group include leadership development, learning
communities, and tech academies for all employees.
We currently have 18 different peer-to-peer communities
and more than 50 area experts. This makes up the learning
community at Visma, that all employees have access to
and can benefit from. In 2022, seven internal conferences
were offered to our employees, such as the AI Conference,
Marketing & Brand Summit, and the Customer Experience
Meetup.
We are also looking into the future, by putting a lot of
effort into attracting and recruiting young talent from top
universities and schools. For our Group-wide Management
Trainee program, we recruited the 16th class of trainees
in 2022 (14 in total, 5 women and 9 men).
Employee engagement
We measure engagement through monthly pulse surveys,
which gives us real-time data we can immediately act on.
This makes us stay on top of our employees’ well-being,
at all times.
Each month, employees are asked 10–12 questions about
different aspects of engagement, such as their well-being,
management support, and organisational fit. The results
are available to leaders and HR through a live dashboard,
and engagement scores are reported in the management
report. As of December 2022, the eNPS score (employee
engagement framework) for the Group was 61, which is
top 10 per cent in the technology industry. We look back
on healthy results throughout 2022 and will continue to
keep it high on our agenda going forward.
As of October 2022, we have two new indexes in the
monthly Employee Engagement. In total, the indexes
consist of 9 questions focusing on diversity, inclusion,
non-discrimination, and mental and physical well-being.
These insights help our leaders in supporting their respec-
tive teams and employees’ well-being.
Chapters
30 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Diversity & Inclusion
We firmly believe that a diverse workforce, in combination
with an inclusive culture, will provide a more engaging
place to work. It will also produce better business results
and more innovative solutions. Our efforts to become
a more diverse and inclusive workplace aim to cover all
areas within diversity. In 2022, we launched our diversity
and inclusion strategy, with two Group-wide priorities:
gender balance and inclusion.
We have an overall target of gender balance in all man-
agement groups and talent programs. By December 2022,
our entire group of companies consists of 41 per cent
women. This is a small, yet important, improvement from
37 per cent in 2021. In the holding company, Visma AS,
59 per cent of the employees are women. The proportion
of women in top management is 20 per cent and 35 per
cent in middle management. Amongst our Managing
Directors, there are 18 per cent women (out of 158 Man-
aging Directors). On the Board of Directors of all Visma
companies, we have 24 per cent women and 28 per cent
women holding a Chair position at Visma companies. The
Visma AS Board of Directors has 33 per cent women (2
women and 6 men). Visma aims to improve the balance in
the executive groups, although the primary criteria remain
to secure the right competence in all types of positions.
Visma strives to create a working environment that enables
employees to balance work and family life. At the end of
2022, 258 employees were on leave of absence, of which
75 per cent were women. Visma emphasises activities
within health, safety, and environment (HSE) and has des-
ignated HSE groups. HSE procedures form part of Visma’s
ISO 9000-approved quality system. Total sick leave for the
Group averaged 2,7 per cent in 2022 (an increase from 2,2
in 2021). In 2022, we had 25 reported work-related health
and safety incidents. Read more about our work with
Diversity & Inclusion, and how our employees’ health and
well-being are followed up on in the 2022 Sustainability
report, which is launched by the end of Q1 2023.
Chapters
31 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Sustainability
It is the opinion of the Board of Directors that the compa-
ny’s activities do not significantly affect the environment.
Still, Visma is conscious of its responsibility to strive to
reduce its carbon footprint and aim to help our customers
do the same. Visma acknowledges the software industry’s
growing impact on the environment, and our responsibil-
ities therein.
In order to combat climate change and to reach the Sus-
tainable Development Goals (SDGs) Visma believes that
all businesses have to take responsibility for their own
actions, and for the responsible use of the world’s limited
resources. The key to achieving this, and ensuring long
term competitiveness, is to transition to a low carbon,
resource efficient and circular economy in line with the
SDGs. Visma recognises its responsibility for sustainable
action, and the opportunities to help our customers, by
promoting sustainability as a part of our services.
Visma supports the Ten Principles of the United Nations
Global Compact on human rights, labour, environment
and anti-corruption, and we are a proud member of the
UN Global Compact since 2022.
Read more about our 2022 sustainability efforts
D&O Insurance
Based on requirements brought by the Norwegian
Accounting Act section 3–3a, information about our D&O
insurance is provided. Visma has entered into a Director
and Officer liability insurance. This insurance is meant to
prevent employees at Visma from being held personally
responsible for decisions made by the company. The insur-
ance applies to all material decisions made by employees
on behalf of Visma.
14 329
Total net emissions 2022:
tCO2e
1.30
Total net emissions per FTE:
tCO2e
61
eNPS:
(Dec–22)
40,9 % / 58,9 % / 0,2 %
Female/Male/Other:
Key sustainability figures
Chapters
32 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Assessment of risk
factors and uncertainties
Market and technology risks
Like all companies, Visma is exposed to general economic
fluctuations and GDP developments in the different coun-
tries where Visma is selling its products and services.
As a software company, Visma is also exposed to risks
associated with shifts in technology, and resulting changes
in the competitive landscape.
The competition can mainly be divided into two groups:
large international companies, and smaller, local compet-
itors. Visma’s main international competitor is Microsoft,
with Oracle and SAP also having a significant presence in
the Nordic and Benelux markets. In addition to the large
international competitors, Visma faces local competitors,
often specialising in a given geography or market segment.
Visma has competed with each of these businesses in
the Nordics and Benelux over a number of years and has
maintained a strong position with high brand recognition
and good customer satisfaction. Visma limits its exposure
to market and technology risks in the following manner:
• The products and services provided to a large degree
cater to requirements that are mandatory and neces-
sary regardless of the economic cycle.
•
Visma has more than 1 400 000 customers in different
countries, and in many different verticals. This lowers
the exposure to events affecting a single country or
vertical market. Visma has many small customers, which
simplifies projects and lowers implementation risks.
•
Visma has a wider range of products than its competitors,
which provides more opportunities for cross-selling,
more product sales to each customer, and less churn.
•
Visma invests significant resources in ensuring that
products stay modern and relevant for customers.
•
Visma systematically collects information about cus-
tomer satisfaction through Net Promoter Score (NPS)
research. Based on feedback from the customers, Visma
addresses both individual customer problems and any
need for process changes.
Interest rate risks
Visma is exposed to interest rate risk, as its interest bearing
debt carries floating interest rates. However, the company
has entered into interest contracts covering around 50 per
cent of the loan amounts. Hedges through interest rate
swaps are expected to offset the changes in expected
cash flows due to fluctuations in interest rates over the
life of the debt.
Visma has significant headroom on its debt service capacity
also after the interest rate hikes seen throughout 2022
and early 2023.
Exchange rate risks
Visma is exposed to changes in the value of EUR relative
to other currencies, in particular NOK, SEK and DKK. This
reflects both production and sales in other countries, and
effects on the translation of earnings and cash flows into
EUR. The Group has loans in several currencies to match
underlying cash flows in the operations.
In 2022, a 5,0 per cent change in exchange rates versus
EUR would’ve had an estimated effect of EUR 8,7 million
on the profit before tax.
Credit risks
Visma sells almost all of its products and services to other
businesses at a credit and is hence exposed to credit risks.
In 2022, the company expensed bad debts corresponding
to approximately 0,4 per cent of revenue and has made
provisions for 2,8 per cent of total accounts receivable.
Credit risk is limited through:
•
credit checks before the establishment of material
customer relations
•
low average invoice due to a large number of small
customers
• expedient follow-up of unpaid due invoices
•
a high-quality product offering and customer satisfac-
tion among the highest in the markets where Visma
operates
Furthermore, Visma has a strong product offering for
Invoice Lifecycle Management. Utilising these solutions,
Chapters
33 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Visma companies have an efficient process for issuing
invoices and collecting outstanding payments, thus reduc-
ing the credit risk.
Cash flow risks
As a leveraged company, Visma has debt service obliga-
tions and depends on continuous cash conversion of its
revenue. Visma has very limited cost of goods sold and
carries hardly any inventory.
Cash-flow risk is closely related to EBITDA performance.
Cash flow from continuing operating activities (before
tax) was 91,4 per cent of EBITDA in 2022 (95,2 per cent).
Liquidity risks
Visma seeks to manage liquidity to ensure that it has suf-
ficient liquidity to meet its financial obligations under any
circumstances without incurring unacceptable losses or
risking damage to reputation. Excess liquidity is primarily
invested in bank deposits. The Board of Directors considers
the cash level at the end of 2022 to be sufficient, given
the current and expected activity level.
Please also see note 20 – Financial instruments for further
description of risk factors and measures to manage risk.
Legal risks
Visma seeks to mitigate legal risks through the presence
of legal competence in our local markets. Supporting
particularly attempts at ransomware attacks and digital
break-ins have increased in frequency. The group has
implemented several mitigation measures as a response
to this.
Education, transparency, strong security services and
controls, as well as commitment to tangible action are
part of our mitigation efforts for Visma companies and
customers:
At Visma, security is part of our culture and engage-
ment. We know that by making security an integral part
of everyday activities and processes, we can protect our
business-critical assets and deliver secure services.
To foster an informed and proactive mindset, security is
taught and communicated in diverse and exciting ways
to the employees. Among many other activities, we train
developers in writing secure code through inline security-
testing rigs, which helps us uncover lapses in skills. We
also help leaders with hands-on advice on how to prioritise
security activities in their respective Visma companies.
To make a contribution to the international joint effort
on security Visma:
• advised and co-advised seven master students
•
published several papers in reputable scientific con-
ferences and journals
these resources with competent and dedicated Group
legal and compliance teams is what drives the legal cul-
ture and balances legal risk. Despite the increasing num-
bers of requirements brought to software companies at
both the EU and national levels, this is an efficient way
of maintaining compliance while navigating according to
trends. The Board of Directors considers Visma’s efforts
to mitigate legal risk to be sufficient.
In addition, Visma is part of an international master insur-
ance program constructed to cover liability and exposure.
Visma also has dedicated insurance coverage against
cyber risk exposure. The Board of Directors considers
Visma’s coverage sufficient for the projects where Visma
is involved.
One specific trend we see continue into 2023 is more
ESG-related legislation entering into force, including
increased focus on our suppliers. In Norway, the Transpar-
ency Act has entered into force, which Visma is complying
with as part of our vendor management system. Visma
will publish its due diligence assessment in line with the
Transparency Act on the company’s website no later
than
30 June 2023.
Security risks
As a software company, cyber security is a key focus area
for Visma. Threat actors are becoming increasingly pro-
fessional. During 2022, Visma observed a trend where
Chapters
34 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
•
presented our work on several scientific and practi-
tioners conferences
• continued our existing collaboration and started new
collaborative efforts with universities from Europe and
South America
The Visma Cloud Delivery Model and the Visma Applica-
tion Security Program are important examples of how
security is tested, measured, and transparently commu-
nicated to stakeholders at Visma. This enables us to act
fast and based on facts. Both programs are based on
leading industry standards and best practices for software
development and security. Having Group domain experts
running transparent programs and continuous educational
efforts drives local accountability for security within all
companies and applications.
The Visma Security Program runs many centrally owned
services on behalf of our companies. This includes the
responsible disclosure program, the bug bounty program,
threat intelligence program, security operations, and more.
Chapters
35 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Outlook for 2023
The beginning of 2023 is still very much characterised by
uncertainty, with the war in Ukraine as a backdrop. After
a period of rapid increase, inflation and interest rates are
expected to stabilise during the course of the year, but
economic growth in key markets is slowing down. Visma
is well positioned in the face of a potential economic
downturn, being a provider of mission-critical software,
with a diversified customer portfolio, and a high degree
of repeatable revenue.
The challenging economic climate also creates opportu-
nities for Visma, as more companies look to streamline
their business through automation and investments in
cloud-based software. Visma expects the demand for
efficient, business improving software to increase, and
the Group will continue to invest both in R&D and in the
acquisition of leading software companies to stay in the
forefront of this development and offer the solutions
that are key for our customers.
During 2022, the Group made its first entry in both France
and Germany, two of the largest economies in Europe. Both
countries have a major potential for continued digitalisa-
tion of both the private and public sectors, and thus repre-
sent highly prospective markets for Visma. We will continue
to build on our strong M&A momentum, recognising that
the more uncertain market conditions make Visma an even
more attractive partner for software entrepreneurs. By
joining the Visma family, they gain access to best-in-class
resources and a network to help them grow in their local
markets and internationally.
Visma aspires to be the most engaging and inspiring place
to work, and the Group will continue its focus on attracting
and retaining tech talents in 2023. This is a key factor of
Visma’s success, and an area of continuous focus.
There are substantial growth opportunities in both new
and current markets, and Visma expects to maintain an
active M&A agenda in 2023, capitalising on the interest-
ing M&A opportunities that fit the Group’s strategy and
profile.
Visma will continue to focus on delivering mission-critical
software to our customers, and further expanding our
presence in strategically important regions. All of the
above mentioned establish Visma’s position to continue
our steady growth in the year to come.
Chapters
36 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Øystein Moan
Executive Chairman
Oslo, 20 March 2023
Nicholas James Humphries
Director
Jean Baptiste Vincent
Roger Robert Brian
Director
Hafiz Lalani
Director
Henry Ormond
Director
Zoe Zhao
Director
David Toms
Director
Merete Hverven
CEO and Director
Chapters
37 Directors’ Report
Previous page
Next page
2
3
4
5
6
1
Consolidated financial statements
Parent company annual accounts
Auditor’s report
Annual Report 2022
05 Financial statements
Chapters
38 Financial statements
Previous page
Next page
2
3
4
5
6
1
Consolidated
financial
statements
Chapters
39 Financial statements
Previous page
Next page
2
3
4
5
6
1
Income statement – 1 Jan. – 31 Dec.
VISMA AS - CONSOLIDATED
(EUR 1,000) Note 2022 2021
CONTINUING OPERATIONS
OPERATING REVENUE
Revenues 2 2 056 475 1 726 146
OPERATING EXPENSES
Sales and distribution expenses 282 908 250 739
Payroll and personnel expenses 3,16 942 452 771 570
Depreciation and amortisation 4,5,18,24 343 191 341 559
Other operating expenses 8,16 244 372 174 435
Total operating expenses 1 812 923 1 538 304
Operating profit 243 552 187 842
Result from associated companies (242 ) 0
FINANCIAL ITEMS
Financial income 9 98 471 22 341
Financial expenses 9, 18 (155 199 ) (132 923 )
Net financial items (56 727 ) (110 582 )
Profit before taxes and discontinued operations 186 583 77 260
Taxes 10 25 867 19 460
Net income from continuing operations 160 716 57 800
DISCONTINUED OPERATIONS
Net income from discontinued operations 21 17 393 23 422
Net gain on sale of discontinued operations 21 570 198 0
Net income from discontinued operations 21 587591 23 422
Profit for the year from continuing and discontinued operations 748 307 81 222
(EUR 1,000) Note 2022 2021
Attributable to:
Equity holders of Visma AS 748 704 81 683
Non-controlling interests (397 ) (461 )
Earnings pr share in EUR
Basic earnings per share (continuing operations) 19 0,08 0,03
Diluted earnings per share (continuing operations) 19 0,08 0,03
Basic earnings per share (continuing and discontinued
operations)
19 0,37 0,04
Diluted earnings per share (continuing and discontinued
operations)
19 0,37 0,04
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Profit for the year 748 307 81 222
OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be reclassified to
profit or loss in subsequent periods:
Net gain (loss) on financial hedging instruments 20 72 879 18 708
Exchange differences on translation of foreign operations (36 635 ) 7 056
Other comprehensive income not to be
reclassified to profit or loss in subsequent periods:
Other comprehensive income (loss) for the period, net of tax 36 244 25 765
Total comprehensive income for the period 784 551 106 987
Total comprehensive income attributable to:
Equity holders of Visma AS 784 948 107 448
Non-controlling interests (397 ) (461 )
Chapters
40 Financial statements
Previous page
Next page
2
3
4
5
6
1
Statement of financial position
VISMA AS - CONSOLIDATED
(EUR 1,000) Note 31/12/2022 31/12/2021
ASSETS
NON-CURRENT ASSETS
Deferred tax assets 10 13 014 9 318
Goodwill 4,23 3 439 291 2 916 018
Other intangible assets 4 1 231 922 1 189 624
Property, machinery and equipment 5 38 038 41 741
Investment in associated companies 926 0
Other non-current receivables 7 12 330 61 509
Right of use assets 18 181 298 189 396
Total non-current assets 4 916 819 4 407 605
CURRENT ASSETS
Inventory 1 052 7 437
Accounts receivables 6 237 579 238 904
Contract assets 6 36 168 27 667
Other current receivables 7 137 816 54 663
Cash and cash equivalents 12 1 071 512 958 114
Total current assets 1 484 127 1 286 785
TOTAL ASSETS
(EUR 1,000) Note 31/12/2022 31/12/2021
EQUITY AND LIABILITIES
EQUITY
Paid-in share capital 14,15 19 135 19 135
Share premium reserve 485 231 485 231
Other paid-in capital 84 249 84 249
Total paid-in capital 588 615 588 615
Other reserves 13 78 885 42 428
Retained earnings 1 491 646 778 372
Equity attributable to equity holders of the parent 2 159 146 1 409 415
Non-controlling interests 3 349 4 180
Total equity 2 162 495 1 413 595
NON-CURRENT LIABILITIES
Deferred tax liability 10 311 175 283 462
Financial hedging Instruments 12, 20 (82 458 ) 10 977
Non-current interest bearing loans and borrowings 12 2 618 922 2 695 274
Non-current lease liabilities 18 149 328 150 823
Other non-current liabilities 12, 22 401 131 281 917
Total non-current liabilities 3 398 098 3 422 453
CURRENT LIABILITIES
Short-term interest bearing bank loans 12, 20 8 991 9 756
Trade creditors 85 672 96 904
Public duties payable 95 862 98 062
Tax payable 47 096 46 099
Contract liabilities 6, 22 242 400 206 696
Current lease liabilities 18 51 273 54 666
Other current liabilities 22 309 058 346 158
Total current liabilities 840 353 858 342
Total liabilities 4 238 451 4 280 795
TOTAL EQUITY AND LIABILITIES
Merete Hverven
CEO and Director
Øystein Moan
Executive Chairman
Oslo, 20 March 2023
Hafiz Lalani
Director
Nicholas James Humphries
Director
Jean Baptiste Vincent
Roger Robert Brian
Director
Henry Ormond
Director
Zoe Zhao
Director
David Toms
Director
Chapters
41 Financial statements
Previous page
Next page
2
3
4
5
6
1
Statement of cash flows 1 Jan. – 31 Dec.
VISMA AS - CONSOLIDATED
(EUR 1,000) Note 2022 2021
Profit before tax from continuing operations 186 583 77 260
Profit before tax from discontinued operations 587 591 29 665
Ordinary profit before taxes from continuing and
discontinued operations 774 174 106 925
Depreciation and amortisation 343 191 368 823
Gain on disposal of discontinued operations 21 (570 198 ) 0
Financial income 9 (98 471 ) (23 518 )
Financial cost 9 155 199 137 627
Changes in debtors 1 325 (43 940 )
Changes in inventory 6 385 1 356
Changes in trade creditors (11 232 ) 29 783
Changes in public duties payable (2 200 ) 8 914
Changes in contract liability 35 704 42 986
Change in other accruals (91 565 ) (72 165 )
Cash flow from operations (before tax) 542 311 556 791
Cash flow from continuing operations (before tax) 536 474 503 868
Cash flow from discontinued operations (before tax) 5 837 52 923
Taxes paid (84 453 ) (59 937 )
Net cash flow from operations 457 858 496 854
Net cash flow from continuing operations 454 980 449 312
Net cash flow from operations, discontinued operations
21
Investment in businesses
4, 5
(941 349 ) (661 160 )
Proceeds from divestiture of discontinued operations 830 737 14 948
Investement in shares (595 ) (1 311 )
Cash inflow from dividends 0 1 013
Cash inflow from interest 5 994 710
Investment in tangible and intangible assets (11 197 ) (10 646 )
Investment in R&D own software (6 063 ) (4 881 )
Cash inflow (outflow) from other current receivables 1 967 188
Net cash flow from investments (120 506 ) (661 140 )
(EUR 1,000) Note 2022 2021
Repayments of interest bearing loans (9 873 ) (9 921 )
Proceeds from interest bearing loans 0 291 225
Repayment of leases liability 18 (42 927 ) (48 985 )
Payment of leases interest element 18 (9 016 ) (12 896 )
Repayment of Share premium reserve (35 430 ) 0
Cash inflow from share issue 0 1 966
Cash outflow from interest (103 329 ) (96 502 )
Fees 0 (2 889 )
Net cash flow from financing activities (200 575 ) 121 998
Net cash flow for the year 136 777 (42 288 )
Cash and cash equivalents 1.1 958 114 987 357
Net foreign exchange difference (23 379 ) 13 045
Cash and cash equivalents 31.12 12 1 071 512 958 114
Chapters
42 Financial statements
Previous page
Next page
2
3
4
5
6
1
Paid-in share
capital
Share premium
reserve
Other paid-in
capital
Other reserves Retained
earnings
Majority's
share of equity
Non-controlling
interests
Total equity
(EUR 1,000) Note 14 Note 13
Equity as at 01.01.2021 42 903 582 446 16 663 657 989 1 300 001 2 730 1 302 731
Profit for the period 81 683 81 683 (461 ) 81 222
Issue of share capital 1 180 786 1 966 1 966
Merger Visma AS and Visma Group Holding AS (24 947 ) (98 001 ) 84 249 38 700
Net gain (loss) on financial hedging instruments, net of tax 18 708 18 708 18 708
Exchange differences on translation of foreign operations, net of tax 7 056 7 056 7 056
Total comprehensive income for the period 25 765 25 765 25 765
Changes to non-controlling interest; acquisition and arising on business
combination
Equity as at 31.12.2021 19 135 485 231 84 249 42 428 778 372 1 409 415 4 180 1 413 595
Equity as at 01.01.2022 19 135 485 231 84 249 42 428 778 372 1 409 415 4 180 1 413 595
Profit for the period 748 704 748 704 (397 ) 748 307
Share based compensation, fully owned subsidiaries 214 214 214
Repayment of Share premium reserve (35 430 ) (35 430 ) (35 430 )
Net gain (loss) on financial hedging instruments, net of tax 72 879 72 879 72 879
Exchange differences on translation of foreign operations, net of tax (36 635 ) (36 635 ) (36 635 )
Total comprehensive income for the period 36 458 36 244 36 244
Changes to non-controlling interest; acquisition and arising on business
combination
(434 ) (434 )
Equity as at 31.12.2022 19 135 485 231 84 462 78 672 1 491 646 2 159 146 3 349 2 162 495
Statement of changes in equity
VISMA AS - CONSOLIDATED
Chapters
43 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
Summary of material accounting policies
Basis for materiality assessment
The Group has performed a detailed analysis of its income
statement and balance sheet, and present in this section
what is considered the material accounting policies. Poli-
cies presented in this section are policies relevant for the
users of the financial statements.
Functional currency and presentation currency
Corporate information
or ‘Visma’ or the ‘Group’) is a limited liability company
incorporated and domiciled in Oslo, Norway
-
tered office of Visma AS is Karenslyst allé 56, 0277 Oslo
Norway. The Company is 100 % owned by Vanahall AS and
the ultimate parent is Vanahall Holdco S.à r.l.
Visma operates with four reportable segments across
markets in the Nordics, Benelux, Central and Eastern
Europe, and Latin America. The Group’s activities are
further described in note 2. Information on the Group’s
structure and other related party relationships is provided
in note 11.
44 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
45 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
46 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
47 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
48 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
49 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
50 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
51 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
52 Financial statements
Previous page
Next page
2
3
4
5
6
1
Equity
Equity and liabilities
Interest, dividend, gains and losses relating to a
financial instrument classified as a liability will be
presented as an expense or income. Amounts distrib
-
uted to holders of financial instruments that are clas-
sified as equity will be recorded directly in equity.
Other equity
(a) Reserve
This reserve contains the total net increase in the fair
value of non-current assets that have been revalued at
an amount which exceeds their cost.
(b) Translation differences
Translation differences arise in connection with exchange-
rate differences of consolidated foreign entities.
Exchange-rate differences in monetary amounts (liabilities
or receivables) which are in reality a part of a company’s
net investment in a foreign entity are also included as
translation differences.
If a foreign entity is sold, the accumulated translation
difference linked to the entity is reversed and recognized
in the income statement in the same period as the gain
or loss on the sale is recognized.
Early adoption of amendments to IFRSs
The Group have decided to early adopt the amendments to
Chapters
53 Financial statements
Previous page
Next page
2
3
4
5
6
1
IAS 1 Presentation of Financial Statements and IFRS Prac-
tice Statement 2 Making Materiality Judgements related
to helping entities provide accounting policy disclosures
that are more useful by replacing the requirement for enti-
ties to disclose its “significant” accounting policies with a
requirement to disclose its “material” accounting policies.
Early application of the amendments have resulted in the
removal of generic accounting policy information and
accounting information related to immaterial accounting
lines, to highlight the information most relevant for the
users of the financial statements.
Chapters
54 Financial statements
Previous page
Next page
2
3
4
5
6
1
Climate risk
Visma sees enhanced emissions-reporting obligations and
increased stakeholder concern about the climate-related
impacts of the IT sector as emerging risks for our busi-
ness. This sector is typically not seen as a high polluter,
but as the world becomes increasingly digitised, the IT
sector is increasingly seeing a shift towards demands for
more sustainable practices. In addition to the reputational
and regulatory risks increasing, extreme weather events
could also impact energy prices and availability. Visma
has established a sustainability policy and implemented
monitoring of our carbon footprint and is actively mon-
itoring the development of best practices for software
companies when it comes to climate change mitigation.
Chapters
55 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 1 – Acquisitions of business, assets and non-controlling interest
Chapters
56 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 1 – (continued)
Chapters
57 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 1 – Continued
The aggregated fair value of identifiable assets and liabilities and the goodwill arising at the date of acquisition for material transactions are:
Chapters
58 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 1 – Continued
Chapters
59 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 2 – Segment and disaggregated revenue information
Chapters
60 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 2 – Segment and disaggregated revenue information
Chapters
61 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 2 – Segment and disaggregated revenue information – Continued
Chapters
62 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 2 – Continued Note 3 – Payroll and personnel expenses
Chapters
63 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
64 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 4 – Goodwill and other intangible assets – Continued
Chapters
65 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 4 – Goodwill and other intangible assets – Continued
Chapters
66 Financial statements
Previous page
Next page
2
3
4
5
6
1
Chapters
67 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 6 - Trade receivables, contract assets and contract liabilities
Chapters
68 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 6 – Continued
Chapters
69 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 7 – Other current and long-term receivables
Note 8 – Other operating expenses
Note 9 – Financial income and expenses
CONSOLIDATED
Chapters
70 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 10 – Income tax
Chapters
71 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 11 – Related party disclosures Note 12 - Bank deposits and loans
Chapters
72 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 12 – Bank deposits and loans
Chapters
73 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 12 – Continued
Chapters
74 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 12 – Continued
Chapters
75 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 12 – Continued
Chapters
76 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 13 – Other reserves
Note 14 – Share capital and shareholder issues
Note 15 – Shares owned by the board
& executive employees
Chapters
77 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 16 – Compensation of key management
personnel of the group
Loans to employees
Chapters
78 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 17 – Secured debt and guarantee liabilities
Chapters
79 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 18 – Leases
Chapters
80 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 18 – Continued
Note 19 – Information on calculation of earnings per share
Chapters
81 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 20 - Financial and other risks
Chapters
82 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 20 – Continued
Chapters
83 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 20 – Continued
Chapters
84 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 20 – Continued
Chapters
85 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 21 – Discontinued operations
Chapters
86 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 22 – Current and non-current liabilities
CONSOLIDATED
Note 23 – Impairment testing of goodwill
Note 21 – Continued
Chapters
87 Financial statements
Previous page
Next page
2
3
4
5
6
1
Note 24 – Events after the balance sheet date
CONSOLIDATED
Note 23 – Continued
Chapters
88 Financial statements
Previous page
Next page
2
3
4
5
6
1
Annual Report 2022
Parent company
annual accounts
Chapters
89 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Profit and loss statement – 1 Jan. - 31 Dec.
VISMA AS
(NOK 1,000) Note NGAAP
2022
NGAAP
2021
OPERATING REVENUE
Other revenue 1 777 277 466 058
Total operating revenue 777 277 466 058
OPERATING EXPENSES
Cost of goods sold 658 400 341 619
Payroll and personnel expenses 2 80 217 70 187
Depreciation and amortisation expenses 4 1 575
Other operating expenses 3 58 773 50 823
Total operating expenses 797 395 464 205
Operating profit (20 118) 1 853
FINANCIAL ITEMS
Financial income 4 4 811 484 5 190 411
Financial expenses 4 (507 568) (422 984)
Net financial items 4 303 916 4 767 427
Profit before taxes 4 283 798 4 769 280
Taxes 5 155 347 183 586
Profit for the year 4 128 451 4 585 695
Transfers and allocations
Transferred to / (from) retained earnings 4 128 451 4 585 695
Total transfers and allocations 6 4 128 451 4 585 695
Group contribution paid (net after tax) (800 000) (10 019 644)
Chapters
90 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Balance sheet 31 Dec.
VISMA AS
(NOK 1,000) Note NGAAP
2022
NGAAP
2021
ASSETS
Non-current assets
Intangible assets
Deferred tax assets 5 372 317
Total intangible assets 372 317
Tangible fixed assets
Property 23 807 23 807
Machinery and equipment 76 0
Total tangible fixed assets 23 882 23 807
FINANCIAL ASSETS
Shares in subsidiaries 7 20 171 672 16 078 596
Other Shares 200 200
Total financial fixed assets 20 171 872 16 078 796
Total non-current assets 20 196 127 16 102 919
Current assets
Receivables group 7,8,9 1 014 934 1 190 949
Other current receivables 3 170 934
Total receivables 1 018 104 1 191 883
Cash and cash equivalents
Cash pool 8 303 572 103 389
Cash and cash equivalents 8 118 349 301 584
Total cash and cash equivalents 421 921 404 973
Total current assets 1 440 025 1 596 856
TOTAL ASSETS 21 636 152 17 699 776
(NOK 1,000) Note NGAAP
2022
NGAAP
2021
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Paid-in capital
Share capital 6 200 000 200 000
Share premium reserve 6 4 705 300 5 080 289
Other paid-in capital 6 882 113 882 113
Total paid-in capital 5 787 413 6 162 402
Retained earnings
Retained earnings 6 7 097 600 2 972 207
Total equity 12 885 013 9 134 609
Non-current liabilities
Other long-term interest bearing loans and borrowings 9 7 429 005 7 425 405
Total non-current liabilities 7 429 005 7 425 405
Current liabilities
Short term liabilities to group companies 8 951 620 800 000
Trade creditors 19 484 16 455
Public duties payable 3 255 748
Deferred tax liability 5 1 423 2 922
Taxes payable 5 158 206 180 665
Other current liabilities 188 147 138 971
Total current liabilities 1 322 134 1 139 761
Total liabilities 8 751 139 8 565 166
TOTAL EQUITY AND LIABILITIES 21 636 152 17 699 776
Secured liabilities and guarantees
Merete Hverven
CEO and Director
Øystein Moan
Executive Chairman
Oslo, 20 March 2023
Hafiz Lalani
Director
Nicholas James Humphries
Director
Jean Baptiste Vincent
Roger Robert Brian
Director
Henry Ormond
Director
Zoe Zhao
Director
David Toms
Director
VISMA GROUP HOLDING AS
Chapters
91 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Cash flow statement – 1 Jan. - 31 Dec.
VISMA AS
(NOK 1,000) NGAAP
2022
NGAAP
2021
Ordinary profit / loss before tax 4 283 798 4 769 280
Depreciation and amortisation expenses 4 1 575
Cash inflow from interest (12 322) (6 600)
Cash outflow from interest 454 988 408 273
Group contribution received (1 014 934) (1 190 949)
Dividend received from group companies (3 751 781) (3 980 493)
Dividend/transfer from investments 0 (10 300)
Taxes paid (178 499) (173 973)
Cash flow from operations (218 746) (183 186)
Changes in inventory and trade creditors 3 029 15 833
Changes in public duties payable 2 506 (1 655)
Change in intercompany receivables/payables (2 102) (225)
Change in other accruals 71 866 (25 941)
Net cash flow from operations (143 446) (195 174)
(NOK 1,000) Note NGAAP
2022
NGAAP
2021
Investment in businesses (3 144 547) (3 783 854)
Net cash flow from investments (3 144 547) (3 783 854)
Net cash flow from share issues 0 20 000
Repayment of share premium reserve (374 989) 0
Received dividend/group contribution 4 942 730 5 134 908
Payment of dividend/group contribution (800 000) (1 444 600)
Repayments of interest bearing loans 0 (2 044 495)
Cash inflow from interest bearing loan 0 1 100 000
Cash inflow from interest 12 322 6 600
Cash outflow from interest (454 988) (408 273)
Transaction cost 0 (14 100)
Net cash flow from financing activities 3 325 076 2 350 039
Net cash flow for the year 37 082 (1 628 989)
Cash and cash equivalents 1.1 404 973 1 966 088
Cash from merger with Visma Group Holding AS 0 80 514
Net foreign exchange difference (20 134) (12 641)
Cash and cash equivalents 31.12 421 921 404 973
Specification of cash and cash equivalents
Bank accounts 118 349 301 584
Deposits in group cash pool facility 303 572 103 389
Cash and cash equivalents 31.12 8 421 921 404 973
Chapters
92 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Property, plant and equipment
Property, plant and equipment is capitalized and depreciated over the estimated useful economic life. Direct
maintenance costs are expensed as incurred, whereas costs for improvements and upgrading are assigned
to the acquisition cost and depreciated along with the related 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.
Pensions and other post-employment benefits
The Company has a defined contribution pension plan in Norway, which requires contributions to be made
to a separately administered fund. Contributions have been made to the pension plan for all employees.
The pension premiums are charged to expenses as they are incurred.
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 percent on the basis of existing temporary differ-
ences 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
utilized. To what extent 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 sheet.
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.
Use of estimates
The preparation of the financial statements requires management to make estimates and assumptions that
affect the reported amounts in the profit and loss statement, the measurement of assets and liabilities and
the disclosure of contingent assets and liabilities on the balance sheet date. Actual results can differ from
these estimates. Contingent losses that are probable and quantifiable are expensed as incurred.
Accounting principles
The annual accounts for Visma AS are prepared according to the Norwegian Accounting Act and generally
accepted accounting principles in Norway.
Revenue recognition
The revenue consists of revenue from providing management services and marketing and branding activity
provided to group companies. Revenue is recognised to the extent that it is probable that the economic
benefits will flow to the company and the revenue can be reliably measured, regardless of when the pay-
ment is being made.
Subsidiaries and investment in associates
Subsidiaries and investments in associates are valued at cost in the company accounts. The investment is
valued as the cost of the shares in the subsidiary, less any impairment losses. An impairment loss is rec-
ognised if the impairment is not considered temporary. Impairment losses are reversed if the reason for
the impairment loss disappears in a later period. Dividends, group contributions and other distributions
from subsidiaries are recognised in the same year as they are recognised in the financial statement of the
provider. If dividends / group contributions exceed withheld profits after the acquisition date, the excess
amount represents repayment of invested capital, and the distribution will be deducted from the recorded
value of the acquisition in the balance sheet for the parent company.
Balance sheet classification
Net current assets comprise creditors due within one year, and entries related to goods circulation. 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 recognized at nominal value. Fixed assets are valued
by the cost of acquisition, in the case of non incidental reduction in value the asset will be written down to
the fair value amount. Long term creditors are recognized at 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 on the basis of individual assess-
ments. For the remainder of accounts receivables outstanding balances, a general provision is carried out
based on expected loss.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional currency at the exchange rate the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated
to the functional currency using the year end exchange rates. All exchange differences are recognised in
the income statement as they occur during the accounting period.
Short term investments
Short term investments (stocks and shares are valued as current assets) are valued at the lower of acqui-
sition cost and fair value at the balance sheet date. Dividends and other distributions are recognized as
other investment income.
Chapters
93 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 1 – Revenue
VISMA AS
Note 2 – Payroll and personnel expenses
VISMA AS
Note 3 – Other operating expenses
VISMA AS
(NOK 1,000) 2022 2021
Management service fee invoiced to group companies* 638 199 325 058
Invoiced marketing/branding expenses to group companies** 139 078 141 000
777 277 466 058
*The Visma Group has chosen to centralize certain management activities in order to provide them at a lower
cost and at higher quality compared to what each of the companies would be able to achieve on a separate basis.
Central activities are strategic business development, finance and treasury, organizing of audit, legal activities.
**All companies in the Visma Group are obliged to use the Visma brand and logo. Thus all marketing activities
performed by business units are to be done according to the Visma brand code. The companies pay a fee to the
marketing department.
(NOK 1,000) 2022 2021
Salaries 56 410 44 662
Salaries to employees other group companies* 7 414 550
Employer's national insurance contributions 8 415 8 525
Pension expenses 1 576 1 203
Other personnel expenses 6 402 15 247
Total 80 217 70 187
Average number of full time equivalents 26 24
For further information regarding compensation of key management, loans to employees and pensions,
see note 3 and 16 in the consolidated accounts.
*Invoiced salary expenses regarding group management and management trainees
hired in other group units.
(NOK 1,000) 2022 2021
Rent 4 071 3 256
Other office expenses 23 785 16 734
Telecom, postage and IT 15 439 13 446
Travel expenses 2 408 923
Car expenses incl leasing 30 6
Sales and marketing 2 189 244
Audit, lawyers' fees and other consulting services * 10 852 16 215
Total other operating expenses 58 773 50 823
*Reference is made to note 16 in the consolidated financial statement
Note 4 – Financial income and expenses
VISMA AS
(NOK 1,000) 2022 2021
Financial income includes the following items:
Dividend/transfer from investments and asscociated companies 0 10 300
Dividend from group companies 3 751 781 3 980 493
Other interest income 12 322 6 600
Foreign exchange gains 32 446 2 069
Group contribution 1 014 934 1 190 949
Total financial income 4 811 484 5 190 411
Financial expenses include:
Interest expense 420 750 365 601
Foreign exchange losses 52 580 14 711
Other financial expenses 34 237 42 672
Total financial expenses 507 568 422 984
Chapters
94 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 5 – Tax on ordinary profits
VISMA AS
Deferred tax liabilities and assets are calculated on the basis of the temporary differences between book values
and tax-related values in the balance sheet. All calculations are based on a nominal tax rate in Norway.
(NOK 1,000) 2022 2021
Tax payable 158 206 180 663
Changes in deferred taxes (1 554) 2 924
Adjustments in respect of current income tax of previous years (1 305) 0
Income tax expense 155 347 183 586
Summary of temporary differences making up the basis for the deferred asset/
deferred tax liability
(NOK 1,000)
2022 2021
Current assets/liabilities 6 467 14 100
Fixed assets/long term liabilities (1 691) (2 261)
Net temporary differences 4 776 11 839
Net deferred tax liability / (asset) 1 051 2 605
Visma AS's tax payable for the year has been computed as follows:
(NOK 1,000) 2022 2021
Ordinary profit before tax 4 283 798 4 769 283
Permanent differences 6 415 2 622
Change in temporary differences 7 063 (13 280)
Non taxable dividend received from subsidiaries (3 751 781) (3 980 493)
Non taxable dividend received from Norwegian associated companies 0 (9 991)
Disallowed interest carried forward** 173 622 53 052
Taxable profit 719 117 821 194
Tax payable 158 206 180 663
*The Group has NOK 682 497 thousand of disallowed interest deduction carried forward. These inter-
est expenses are relate to a the interest limitation legislation in Norway which became effective from 1
January 2019, NOK 508.875 thousand and NOK 173 622 thousand expire in 9 years and 10 years respec-
tively, and may not be used to offset taxable income elsewhere in the Group. Visma AS neither have any
taxable temporary difference nor any tax planning opportunities available that could partly support the
recognition of the disallowed interest deductions as deferred tax assets. On this basis, the Visma has
determined that it cannot recognise deferred tax assets on the tax losses carried forward.
Explanation of why the tax expense for the year does not make up 22% of the pre-tax profit
(NOK 1,000) 2022 2021
Ordinary profit before tax 4 283 798 4 769 283
22% tax on ordinary profit before tax 942 436 1 049 242
Permanent differences (823 981) (877 330)
Non taxable dividen received from foreign subsidiaries 0 0
Disallowed interest carried forward 38 197 11 673
Tax expense 156 652 183 586
Effective tax rate 3,66% 3,85%
Chapters
95 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 6 – Movement in equity
VISMA AS
(NOK 1,000) Paid-in share capital Share premium
reserve
Other paid-in capital Retained earnings Total equity
Equity as at 01.01.2022 200 000 5 080 289 882 113 2 972 207 9 134 609
Adjustment 01.01.2022 Group Contribution (3 059) (3 059)
Profit (loss) for the period 4 128 451 4 128 451
Repayment of share premium reserve (374 989) (374 989)
Equity as at 31.12.2022 200 000 4 705 300 882 113 7 097 600 12 885 013
For further information regarding share capital, shareholder isssues and shares owned by the board and executive employees, see note 14 in the consolidated accounts.
Chapters
96 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 7 – Related party disclosures
VISMA AS
Vanahall AS Registered office Holding %
**
Book value
***
Visma AS* Oslo 100,00% 20 011 759 788
Visma AS
Visma Danmark Holding A/S * Copenhagen 100,00% 794 960 997
Visma Romania Holding SRL * Sibiu 100,00% 135 703 495
Visma Finland Holding OY * Helsinki 100,00% 244 789 512
Visma Nederland Holding BV * Amsterdam 100,00% 6 706 029 778
Visma Norge Holding AS * Oslo 100,00% 7 404 767 244
Visma Sverige Holding AB * Växjö 100,00% 6 080 187
Visma International Holding AS* Oslo 100,00% 3 022 253 183
Visma Latvia Holding SIA* Riga 100,00% 53 416 300
Visma Treasury AS Oslo 100,00% 5 000 000
Visma Belgium Holding BV* Antwerp 100,00% 1 687 553 839
Visma Deutschland Holding GMBH* Frankfurt 100,00% 112 176 559
Total (NOK) 20 172 731 094
Visma Norge Holding AS*
Visma Software International AS Oslo 100,00% 637 324 863
Visma Software AS Oslo 100,00% 668 203 454
Tripletex AS Oslo 100,00% 182 619 689
Visma Enterprise AS Oslo 100,00% 608 618 556
Visma Real Estate AS Bergen 100,00% 843 754 247
Visma IT & Communications AS Oslo 100,00% 61 742 785
Visma Financial Solutions AS* Trondheim 100,00% 184 194 668
Visma Smartskill AS Sarpsborg 100,00% 107 794 795
Sticos AS Trondheim 100,00% 713 811 029
Visma Advantage AS Oslo 100,00% 34 684 295
Visma Labs s.r.o Bratislava 0,21% 13 222
Visma Norge Holding AS* Continued Registered
office
Holding %
**
Book value
***
Flex Applications International AS Oslo 49,50% 13 209 890
House of Control Group AS* Oslo 100,00% 641 690 410
Visma eAccounting AS Oslo 100,00% 38 509 839
Mystore.no AS* Tromsø 100,00% 85 871 565
Power Office AS Bodø 91,70% 2 057 511 140
Framsikt AS* Bø i vesterålen 75,04% 346 714 470
Admincontrol AS Oslo 100,00% 396 226 573
Smartdok AS* Alta 100,00% 189 563 116
Visma Enterprise SAC Lima 0,02% 215 419
Zetech SA Buenos Aires 1,82% 4 484 221
Wolftech SRL* Montevideo 3,00% 452 380
Zetech Soluciones Mexico SRL de CV Mexico City 5,00% 92 322
Giant Leap Technologies AS Oslo 88,50% 320 241 778
Create-Solutions AS Stavanger 100,00% 42 599 086
Visma Property Solutions AS Oslo 100,00% 86 749 528
Visma Finance AS Oslo 100,00% 87 698 807
Visma Autopay AS Oslo 100,00% 0
Crall AS Fredrikstad 100,00% 15 744 999
Hybel AS Oslo 100,00% 120 109 712
Momentum Solutions AS,NO Oslo 100,00% 244 026 806
Compello AS* Fornebu 100,00% 294 992 527
Total (NOK) 9 029 466 190
Chapters
97 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 7 – Related party disclosures – Continued
VISMA AS
Visma Sverige Holding AB* Registered office Holding %
**
Book value
***
Visma Software AB Malmø 100,00% 239 792 355
InExchange Factorum AB Skövde 100,00% 210 637 668
Visma Spcs AB Växjö 100,00% 920 299 345
Visma Financial Solutions AB Helsingborg 100,00% 250 386 195
Visma Advantage AB Stockholm 100,00% 77 115 381
VSH dormant Stockholm 100,00% 240 000
Visma Finance AB Växjö 100,00% 54 997 792
Visma Enterprise AB Stockholm 100,00% 396 990 118
Visma IT & Communications AB Växjö 100,00% 2 220 000
Flex Applications Sverige AB* Örebro 100,00% 1 500 893 873
Flex Services Sverige AB Örebro 30,00% 39 300 400
Visma Lindhagen AB Stockholm 100,00% 18 000 000
Visma Momentum Solutions AB Stockholm 100,00% 2 500 000
Specter AB Skärhamn 74,90% 78 777 252
Speedledger AB Gothenburg 100,00% 238 405 562
Visma Proceedo AB Lindkökping 100,00% 48 198 180
Agree2 Sweden AB Stockholm 100,00% 7 595 770
Visma Talent Solutions AB Kalmar 100,00% 162 090 852
Svensk e-identitet AB Uppsala 100,00% 113 194 469
Admincontrol Sweden AB Stockholm 100,00% 24 264 483
Kontek Lön AB Ljungby 100,00% 516 152 704
Ljungby Hjulet 3 AB Ljungby 100,00% 3 800 000
Scancloud AB Östersund 100,00% 180 880 039
Inyett AB* Helsingborg 90,00% 181 518 732
Årsredovisning Online Sverige AB Stockholm 100,00% 68 051 227
Visma NextGen AB Stockholm 100,00% 65 050 000
Sustainable Planet 2 AB* Arvika 80,00% 323 156 026
Nordic Peak Holding AB* Sundsvall 83,60% 134 100 362
Visma Sverige Holding AB* Continued Registered
office
Holding %
**
Book value
***
Bokamera AB Helsingborg 100,00% 22 126 588
Viskan System AB* Borås 80,00% 102 751 103
Visma Publitech AB Stockholm 100,00% 552 920 579
Fordonskontroll Sverige AB Västerås 50,10% 107 499 551
Blikk Sverige AB Piteå 50,10% 64 277 429
Nordic Guys AB Stockholm 100,00% 14 332 383
Medical Networks Scandinavia AB Stockholm 100,00% 8 500 000
Bokio Group AB* Stockholm 53,36% 1 545 823 011
UHPO AB Sollentuna 100,00% 89 401 959
Total (SEK) 8 366 241 387
Visma Danmark Holding A/S*
LogBuy Danmark ApS Copenhagen 100,00% 32 805 826
Pensopay A/S Velje 56,00% 77 315 711
IMS A/S Aarhus 100,00% 59 975 727
Visma Local Government A/S Åbyhøj 100,00% 182 354 533
Likvido Drift ApS Copenhagen 100,00% 40 000
Flex Applications Danmark ApS Copenhagen 100,00% 41 577
Visma Dinero ApS Copenhagen 100,00% 156 391 784
Visma e-conomic A/S Copenhagen 100,00% 1 095 355 010
Visma DataLøn A/S Ballerup 100,00% 1 486 187 862
Admincontrol Aps Gostrup 100,00% 3 174 078
Creditro A/S,DK Esbjerg 59,61% 84 788 989
Visma Enterprise A/S Ballerup 100,00% 25 132 615
Visma Rating ApS Copenhagen 100,00% 1 500 000
TIMEmSYSTEM ApS Glostrup 100,00% 49 523 000
MySupply ApS Aabybro 100,00% 46 809 400
Temponizer A/S Grenaa 85,00% 79 547 042
Døgndata ApS* Åbyhøj 100,00% 32 407 272
Upodi ApS Aarhus 70,86% 49 144 376
Plandisc A/S Brabrand 50,10% 234 206 400
Rackbeat ApS Copenhagen 50,10% 130 565 088
Visma Acubiz A/S Birkerød 100,00% 231 417 819
Intempus ApS Copenhagen 50,10% 188 665 843
Total (DKK) 4 247 349 952
Chapters
98 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 7 – Related party disclosures – Continued
VISMA AS
Visma Finland Holding OY* Registered office Holding %
**
Book value
***
Visma Financial Solutions Oy Turku 100,00% 26 517 595
Visma Software Oy Espoo 100,00% 49 380 278
Visma Enterprise Oy Helsinki 100,00% 55 015 161
Visma Megaflex Oy Helsinki 100,00% 13 366 676
Visma Solutions Oy Lappeenranta 100,00% 55 841 182
Visma Passeli Oy Pori 100,00% 20 334 663
Visma Public Oy Espoo 100,00% 49 168 176
Passeli Merit Oy Hyvinkää 100,00% 924 662
Visma Real Estate Oy Salo 100,00% 22 532 548
OWS Finland OY Seinäjoki 100,00% 11 785 863
Admincontrol Finland Oy Helsinki 100,00% 781 510
Clento Oy Oulu 100,00% 4 796 232
Visma Payments Oy Lappeenranta 100,00% 5 326 591
Invian Oy Oulu 60,00% 13 715 571
Avalosys Oy Tampere 55,00% 7 372 708
Visma Hausvise OY Porit 100,00% 13 047 419
Oima Oy Oulu 83,23% 26 565 981
Total (EUR) 376 472 816
Visma Nederland BV* Registered
office
Holding %
**
Book value
***
Visma Advitrae BV* Eindhoven 90,00% 37 005 721
Visma Software BV Amsterdam 100,00% 104 151 700
Visma Teleboekhouden BV Amsterdam 100,00% 5 223 626
Datapas BV Haarlem 60,00% 7 977 769
P8 Software BV Varsseveld 72,50% 7 657 837
Visma Circle BV Eindhoven 100,00% 15 872 153
OutSmart International BV* Nieuwegien 51,10% 23 664 543
Visma Connect BV Gravenhage 100,00% 79 914 244
OCM Software Holding BV* Den Haag 100,00% 766 897
Visma YouServe BV Amsterdam 100,00% 76 284 380
ProActive International BV* Haarlem 94,00% 29 720 338
HR2DAY BV Amstelveen 50,1% 5 368 659
Visma Raet BV Amersfoort 100,00% 435 362 997
Visma YouServe Care BV Amersfoort 100,00% 10 512
Visma EasyCruit BV Amersfoort 100,00% 19 102 207
Visionplanner BV Veenendaal 100,00% 59 729 327
Pinkweb BV Amersfoort 100,00% 8 928 708
Visma Verzuim BV Utrecht 100,00% 24 090 715
Visma Idella BV Almere 100,00% 105 828 308
Nmbrs International BV* Amsterdam 90,00% 74 028 256
Visma Solidbricks BV Almere 100,00% 4 230 288
Visma IT & Communications BV Zwolle 100,00% 3 224 441
Visma Roxit BV Zwolle 100,00% 126 091 752
Onguard International Holding BV* Amsterdam 100,00% 36 783 146
Plusport BV Gravenhage 100,00% 31 403 937
Brincr BV Bleiswijk 100,00% 6 864 943
The Yuki Company BV* Rotterdam 100,00% 118 429 191
Comandi Business Solutions BV Rotterdam 100,00% 574 737
Cash Software BV Den Haag 100,00% 23 831 069
Rompslomp.nl BV Utrecht 100,00% 9 037 847
Agrifolio BV* Pelt 100,00% 7 621 201
Chapters
99 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 7 – Related party disclosures - Continued
VISMA AS
Visma Nederland BV* Continued Registered office Holding %
**
Book value
***
Make Life Easier BV Utrecht 100,00% 9 678 179
PDE Practicom BV Den Haag 100,00% 4 772 349
Khonraad Software Engineering BV Utrecht 100,00% 55 983 375
Appical Holding BV* Amsterdam 50,10% 22 946 669
Ecare Applicatie BV* Enschede 70,00% 46 287 349
Therapieland BV Amsterdan 80,00% 18 044 948
Mijnrapportfolio BV Eindhoven 70,00% 1 885 496
Synaxion BV Eindhoven 70,00% 6 868 798
iAssets BV Harderwijk 100,00% 7 442 728
IT Firm BV* Harderwijk 100,00% 1 153 368
Landmerc BV Wageningen 100,00% 16 762 079
CO2 Management BV* Amersfoort 50,10% 8 761 378
Visma SecurePay BV Amsterdam 100,00% 400 000
Reliforce Solutions BV Eindhoven 60,00% 5 344 323
Lyanthe BV* Linne 50,10% 40 638 734
New Generation Software Group BV* Almere 100,00% 87 199 780
Sandwich BV* Oss 100,00% 9 874 865
Dialog BV Utrecht 50,10% 19 402 160
Total (EUR) 1 852 228 024
Visma Latvia Holding SIA*
Visma Enterprise SIA Riga 100,00% 6 131 369
Visma Labs SIA Riga 100,00% 350 000
Visma Consulting SIA Riga 100,00% 250 000
JumisPro SIA Riga 100,00% 3 569 000
Total (EUR) 10 300 369
Visma Romania Holding SRL* Registered office Holding %
**
Book value
***
Visma Software SRL Sibiu 100,00% 18 500 000
Intelligent SRL Sibiu 60,00% 105 882 654
Digital Keez SRL Bucuresti 51,00% 35 737 332
Total (RON) 160 119 986
Visma Belgium Holding NV*
Admisol NV Gent 100,00% 8 981 591
Beeple NV Antwerp 80,00% 21 774 626
Syneton BVBA Bornem 100,00% 11 673 672
Visma Bouwsoft NV Zuienkerke 85,00% 17 731 402
IonProjects BV Mechelen 75,27% 13 161 166
Teamleader NV* Gent 80,06% 174 852 295
Total (EUR) 248 174 752
Chapters
100 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Note 9 - Other matters
VISMA AS
For further information regarding share capital, shareholder isssues and shares owned by the board and
executive employees, see note 14 and 15 in the consolidated accounts. Decrease in shares in subsidiaries are
explained by group contribution and sale of shares.
For further information regarding notes, see notes 5,7,12,17,18,20,21 and 24 to the consolidated accounts.
Note 8 – Deposits
VISMA AS
Visma AS has pr 31.12.2022 bank deposits of TNOK 118 349 (TNOK 301 584).
Group cash pool facilities
In addition to own cash deposits, Visma AS have deposits in the Group Cash pool facility.
As at 31.12.2022, Visma AS had deposits in the cash pool facility of TNOK 303 572 (TNOK 103 389).
Formally, the deposits in the cash pool facility is regarded as a short term receivable between Visma AS
and Visma Treasury AS.
Visma International Holding AS* Registered office Holding %
**
Book value
***
BrainSHARE IT sp.z o.o. Krakow 100,00% 52 776 238
KBOSS.hu KFT Budapest 83,30% 215 792 752
Visma Labs s.r.o Kosice 99,79% 10 381 005
School Thing Limited Dublin 100,00% 81 772 601
Visma Software Spa Krakow 100,00% 20 047 708
Visma Tech UAB Vilnius 100,00% 17 435 825
Visma Tech Unipessoal LDA Porto 100,00% 6 835 603
Visma Labs Ltd Midleton 100,00% 6 007 724
Visma Financial Solutions Spa z.o.o Warszawa 100,00% 5 858 281
Admincontrol UK Ltd London 100,00% 16 478 858
Contagram Argentina SRL Buenos Aires 3,00% 5 305 808
Merit Tarkvara AS Jogevamaa 100,00% 86 990 362
Visma Talent Solutions Ltd Luton 100,00% 17 887 561
Raet Iberia SL Madrid 100,00% 22 510 302
Inqom SAS Paris 83,22% 731 871 395
Visma Enterprise SAS Bogota 100,00% 2 983 842
Addonomy Bulgaria EOOD Sofia 100,00% 2 130 343
Zetech SA* Buenos Aires 98,18% 159 414 576
Wolftech SRL* Montevideo 97,00% 78 911 581
Calipso SA Buenos Aires 100,00% 146 038 086
Declarando Asesores 3.0 SL Castellon 50,10% 244 439 132
Woffu Job Organizer SL Barcelona 58,10% 196 249 714
InFakt sp.z.o.o Krakow 80,46% 285 276 287
Holded Technologies SL Barcelona 97,00% 1 693 312 583
Prosaldo.net Beteiligungs-GMBH* Wien 100,00% 41 328 957
Total (NOK) 4 148 037 125
Visma Deutschland Holding GMBH*
BuchhaltungsButler GMBH Berlin 60,00% 14 046 954
Total (EUR) 14 046 954
Note 7 – Related party disclosures - Continued
VISMA AS
*Parent company in subgroup.
** For all Group companies, the holding is equal to the proportion of voting capital.
The holding includes voting instruments commited to be acquired through deferred mechanisms.
***Book value in the company accounts of the individual company in the Group.
Chapters
101 Parent company annual accounts
Previous page
Next page
2
3
4
5
6
1
Statsautoriserte revisorer
Ernst & Young AS
Dronning Eufemias gate 6a, 0191 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske
Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Visma AS
Opinion
We have audited the financial statements of Visma AS (the Company), which comprise the financial
statements of the Company and the consolidated financial statements of the Company and its
subsidiaries (the Group). The financial statements of the Company comprise the balance sheet as at
31 December 2022, the profit and loss statement and the cash flow statement for the year then ended
and notes to the financial statements, including a summary of significant accounting policies. The
consolidated financial statements of the Group comprise the statement of financial position as at 31
December 2022, the income statement, consolidated statement of comprehensive income, statement of
cash flows and statement of changes in equity for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion
- the financial statements comply with applicable legal requirements,
- the financial statements give a true and fair view of the financial position of the Company as at
31 December 2022 and its financial performance and cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway,
- the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2022 and its financial performance and cash flows for the year the
n
ended in accordance with International Financial Reporting Standards as adopted by the EU.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
Other information consists of the information included in the annual report other than the financial
statements and our auditor’s report thereon. Management (the board of directors and the CEO) is
responsible for the other information. Our opinion on the financial statements does not cover the other
information, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information,
and, in doing so, consider whether the board of directors’ report contains the information required by legal
requirements and whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information or
that the information required by legal requirements is not included, we are required to report that fact.
We have nothing to report in this regard, and in our opinion, the board of directors’ report is consistent
with the financial statements and contains the information required by applicable legal requirements.
2
Independent auditor's report - Visma AS 2022
A member firm of Ernst & Young Global Limited
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements of the
Company in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway and of the consolidated financial statements of the Group in accordance
with International Financial Reporting Standards as adopted by the EU, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
de
tecting a material misstatement resulting from fraud is higher than for one resulting from err
or,
as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrid
e
of i
nternal control.
• Obtain an understanding of internal control relevant to the audit in order to design audi
t
proc
edures that are appropriate in the circumstances, but not for the purpose of expressing a
n
op
inion on the effectiveness of the Company’s and the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accountin
g
an
d, based on the audit evidence obtained, whether a material uncertainty exists related t
o
ev
ents or conditions that may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, i
f
s
uch disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or
bu
siness activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audi
t.
W
e remain solely responsible for our audit opinion.
3
Independent auditor's report - Visma AS 2022
A member firm of Ernst & Young Global Limited
We communicate with the board of directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
Oslo, 20. mars 2023
ERNST & YOUNG AS
Thomas Embretsen
State Authorised Public Accountant (Norway)
Chapters
102 Auditor's Report
Previous page
Next page
2
3
4
5
6
1
Management
Presence
Annual Report 2022
06 Who and where we are
Chapters
103 Who and where we are
Previous page
Next page
2
3
4
5
6
1
Visma’s most valuable assets are our employees. With the
guidance and leadership of our experienced management
team, our employees are able to grow and perform their
best every day.
Our management team has both varied and extensive
experience across companies and industries – making
it well equipped to lead Visma into the future as an
international leader in cloud software.
Management
Chapters
104 Who and where we are
Previous page
Next page
2
3
4
5
6
1
Merete Hverven
Chief Executive Officer
John Reynders
Area Director, Benelux
Stian Grindheim
Chief Financial Officer
T. Alexander Lystad
Chief Technology Officer
Steffen Torp
Chief Commercial Officer
Sindre T. Holen
Chief Mergers &
Acquisitions Officer
Ellen Furru
Chief Operations Officer
Ari-Pekka Salovaara
Segment Director, SMB
Kasper Lyhr
Segment Director, Public
Lars Ottersen
Chief Risk Officer
Annual Report 2022
Chapters
105 Who and where we are
Read full bio
Read full bio
Read full bio
Read full bio
Read full bio
Read full bio
Read full bio
Read full bio
Read full bio
Read full bio
Previous page
Next page
2
3
4
5
6
1
Merete Hverven
Chief Executive Officer
As CEO, Merete Hverven dedicates her time to ensuring
the continued growth and success of Visma.
Previously Deputy CEO and Chief HR Officer, Merete has
focused on strengthening Visma’s position through recruit-
ing and retaining the right people, and by working closely
with acquisitions and restructurings. She developed the
organisation with a strong customer focus while unifying
Visma’s culture through go-to-market strategies.
Merete joined Visma in 2011 as HR Director and joined the
executive team in 2013. She’s a passionate advocate for
diversity and equality in the workplace and has initiated
several programs aimed at increasing diversity across the
organisation.
With her direct leadership style, ability to execute and
passion for diversity, Merete is described as a driven,
talented, and dedicated leader by her colleagues. Her
work and dedication have earned her a reputation as an
important role model, both in and outside Visma.
She holds a Master’s Degree in Finance and International
Leadership from the University of St. Gallen and the
Norwegian School of Economics.
Chapters
106 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Stian Grindheim
Chief Financial Officer
As CFO, Stian ensures that Visma maintains world-class
financial control across the organisation. His primary
responsibilities include financial control, planning and
analysis, as well as overseeing financial reporting to inves-
tors and lenders.
Stian joined Visma in 2014 as a Management Trainee
before becoming Group Controller. He has since built up
the Group’s finance team while serving as sparring partner
for the wider finance function across Visma. He has also
contributed to Visma’s rapid growth by securing financing
for strategic acquisitions and leading the development of
an improved group reporting system.
For Stian, it’s paramount that decisions are based on rele-
vant and updated data to best help Visma make informed
decisions and create value. He’s proud of the important
role Visma plays in enabling Northern Europe to stay
globally competitive through software that helps people
to work more intelligently.
Stian holds a double Master’s Degree in Finance and Inter-
national Business from Norwegian School of Economics
and Ivey Business School in Canada.
Chapters
107 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Steffen Torp
Chief Commercial Officer
As CCO, Steffen is in charge of Visma’s international port-
folio, growth strategy, and implementation. In his role,
he’s responsible for keeping up Visma’s unique history
of profitable organic growth year after year – with a rich
web of companies and products.
Steffen joined Visma as a Management Trainee in 2006.
Since then, he’s held various positions in Visma’s finance
function. In 2018, he entered the role as Division Director
of SMB and was subsequently made Director of Visma
Software Nordic & International. In 2021, he took the
role as CCO.
Top priority for Steffen and his team is to provide custom-
ers with user-friendly, flexible solutions that enable them
to manage time and resources effectively. His experience
from working with small internet startups prior to Visma,
combined with many years in Visma’s finance department,
give him a dual perspective of the efficient operation of
businesses.
Steffen holds a Master’s Degree in Business Studies and
Economics from Trinity College in Dublin, Ireland.
Chapters
108 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Ellen Furru
Chief Operations Officer
As COO, Ellen is responsible for initiatives driving opera-
tional excellence. With her extensive experience within
Visma, Ellen is building a scalable group structure to sup-
port companies across Visma to improve their profitability
and ensure continued growth.
Ellen joined Visma in 2000 through an acquisition and
worked in sales, support, and R&D for more than ten years.
She then left Visma for a role in the finance industry that
provided her with valuable commercial and executive HR
experience, before rejoining Visma in 2017.
Ellen’s broad experience has given her the ability to work
strategically to drive Group development, as well as lead
more hands-on operational projects for specific parts of
the business. She’s passionate about building a thriving
commercial culture based on Visma’s values, with a strong
focus on competence building, transparency/trust and
sharing. She also values a mindset of continuous learning
in a world of constant change, believing that engaged
employees drive engaged customers and growth.
Ellen holds a Master’s Degree in Business and Economics
from Handelshøyskolen BI, in Norway and University of
Limburg, Netherlands.
Chapters
109 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Ari-Pekka Salovaara
Segment Director, Small
businesses
As Segment Director, Ari-Pekka is responsible for Visma’s
rapidly growing small business segment in continental
Europe with 1.4 million customers.
Ari-Pekka joined Visma in 2010, through the acquisition
of Severa Oyj, a SaaS company that Ari-Pekka co-founded.
He’s committed to developing a strong and profitable
small business software ecosystem to accelerate growth
and help Visma companies succeed. This involves leading
the segment management team, setting budgets, partici-
pating on boards, and holding chair positions in a number
of Visma companies.
Ari-Pekka is passionate about helping to build world-class
companies, products, and teams. He’s engaged in a num-
ber of leadership activities related to IT innovation and
entrepreneurship, including investments in tech startups,
participation on numerous boards, pro-bono work, and
mentoring of students and young entrepreneurs. He’s also
a board member of Nordic Business Forum, a key owner
of Oslo Business Forum.
Ari-Pekka holds a Master of Science in IT from LUT
University in Finland.
Chapters
110 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Kasper Lyhr
Segment Director, Public
As director for Visma’s public sector segment, Kasper is
responsible for increasing our presence in the Nordics,
with cloud transformation projects and SaaS solutions. He
also has chair and board positions in a number of boards
across the segment.
Kasper has extensive experience as a founder and entre-
preneur and is committed to helping the Visma companies
succeed in providing the public sector with state-of-the-art
cloud products while at the same time delivering profitable
growth. In 2015, Kasper co-founded the GovTech spinout
FirstAgenda. Over the next five years, he accelerated the
growth of the company resulting in the company became
part of Visma.
During his career, Kasper has had strategic, M&A, P&L, and
people management responsibilities at some of the larg-
est software companies in Europe. He’s been responsible
for offices in all major markets globally. This, combined
with his experiences living and working in London, San
Francisco, Dubai, and Stockholm, has given him a well-
rounded international profile.
Kasper holds a Master’s Degree in Business Administration
from Aarhus University in Denmark.
Chapters
111 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
John Reynders
Area Director, Benelux
As Area Director for Benelux, John leads Visma’s growth
in the strategic and rapidly expanding markets of the
Netherlands, Belgium and Luxembourg. He’s responsible
for building the most complete portfolio of cloud solu-
tions in FMS, HRM and eGovernment for companies and
organisations of all sizes.
John joined Visma in 2019 to lead the incredible growth
journey that started with 1 company in 2018 in the Neth-
erlands, to what is now the #1 cloud business software
business consisting of 45+ companies with over half a
billion EUR in turnover.
His mission is to make the impossible possible by enabling
people, teams, organisations and society to realise their
full potential. He is characterised by bringing his passion
to work as an energetic entrepreneur coming from a fam-
ily of entrepreneurs, curious geek starting his career as
hardcore developer and passionate people grower.
He previously worked at Microsoft for 14 years.
Born in 1976 in Knokke-Heist, Belgium, John holds a degree
in Geophysics from the University of Utrecht.
Chapters
112 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
T. Alexander Lystad
Chief Technology Officer
Since Alexander joined Visma in 2012, his main focus
has been modernising how we build, deliver and oper-
ate innovative cloud software. This includes adopting of
continuous delivery practices, DevOps organisation and
culture, use of public cloud technology and removing
friction to increase engineering performance.
Since 2020, Alexander has run or participated in more than
120 technical due diligence processes as part of Visma’s
M&A activity. He’s also improved the process to increase
the quality of insights about risks and costs, decrease the
lead time, and scaled up the technical due diligence func-
tion. By also focusing on the experience of the acquisition
target, the technical due diligence process has become an
advantage for Visma in the fight for cloud entrepreneurs.
Another theme throughout his Visma career is commu-
nity building and competence development, facilitating
communities of technology leaders across Visma. He’s
often quoted as saying “knowledge should be shared,
not hoarded”, and has led by example by establishing a
Visma-wide internal webinar series and introducing com-
munication tools that helps employees be more engaged
and effective.
Chapters
113 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Sindre Talleraas Holen
Chief Mergers &
Acquisitions Officer
As Chief M&A Officer, Sindre is responsible for coordinating
all M&A related processes for the entire Visma Group,
across all divisions and geographies.
Sindre started at Visma in 2009 as a Management Trainee,
and his quick progression is a result of Visma’s successful
Management Trainee programme. During his time at
Visma, Sindre has been involved in more than 300 acqui-
sitions in more than twenty countries. His knowledge and
expertise have been important contributors to Visma’s
successful growth over the past decade.
A crucial part of his daily business is getting to know new
companies. Sindre is in his element when meeting with
passionate entrepreneurs and hearing their stories. He
has the ability to both see the big picture and dive into
the details.
Sindre holds an MSc in Finance from Regents University
in the UK and a BSc in Economics and Business Adminis-
tration from NHH, including an exchange period at the
University of Barcelona.
Chapters
114 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Lars Ottersen
Chief Risk Officer
As CRO, Lars ensures that Visma maintains an appropriate
risk level within our organisation and services. His primary
responsibility is to ensure that Visma and our services
are secure and fulfil all necessary compliance and legal
requirements.
Lars joined Visma in 2016 as a lawyer before becoming
Legal Director and later CRO. He’s since built up the group’s
legal and compliance team while advising the wider legal
and compliance functions across Visma.
For Lars, communication is key. How advice is communi-
cated is as important as the advice itself. To ensure that
Visma accepts the right risks, it’s critical to have an efficient
and inclusive environment for sharing facts, knowledge
and opinions with colleagues and customers. With trust
and transparency now becoming central factors in cus-
tomers’ purchase decisions, security is a vital component
in Visma’s success and future growth.
As Visma’s markets become subject to more complex
requirements, including ESG, Lars is focused on reducing
risk while maintaining Visma’s entrepreneurial identity.
Lars holds a Master’s Degree in Law from the University
of Bergen, Norway.
Chapters
115 Who and where we are
Back to overview
Previous page
Next page
2
3
4
5
6
1
Presence
Visma operates across the entire Nordic region
along with Benelux, Continental Europe, and
Latin America. We have a wide network of
distributors and partners and maintain a
virtual development organisation (R&D) across
borders.
Chapters
116 Who and where we are
Previous page
Next page
2
3
4
5
6
1