Board of Directors' report
Nature and location of the business
OC Industries AS is a owner company where the business includes å own shares in companies in the Group. The group management is employee in OneCo AS, and subsidiary of OC Industrier AS.
OC Industrier AS is located in Oslo municipality with subsidiaries in Kristiansand, Oslo, Sandnes, Arendal, Bergen and Stockholm. The Group's operating businesses is Geographically limited to Norway and Sweden.
OneCo's business idea is the following:
OneCo delivers concepts, services and expertise in electrical engineering, automation and telecommunications as builds and sustainable future and enables the green shift and digitalisation of society. The future is electric and OneCo connects it.
OC Industrier conducts its operations within six business areas, which are described in more detail in the next chapter.
More about the business areas
FO Telecom
The core business is related to operations, maintenance and development of telecoms infrastructure (fixed and mobile) in Norway. FO Telecoms had a turnover in 2022 of NOK 2,162 million, which is at approximately the same level as last year. The ambition of FO Telecom is to Maintain position as a market leader i Norway inside telecoms.
FO Electrical
The core business is related to service and projects within electrical engineering, electric power and renewable energy in Norway. FO electro had and revenue in 2022 on NOK 1,574 million, which is an increase of 10 % from last year. FO Elektro's ambition is to be a leading electrical contractor i Norway.
Business Unit Sweden
The core business is related to service and projects within telecoms, electric power and power/IoT. Business Unit Sweden had and turnover i 2022 on NOK 589 million, a reduction of on 2 % from previous years. The ambition of FO Sweden is to increase profitability and turnover through focussed investment inside selected niches.
FO Infra
The core business is related to transport projects (road and rail). FO Infra had a turnover in 2022 on NOK 256 million, a reduction of on 12 % from previous years. The ambition to FO Infra is to take a clear position as general contractors inside Selected market segments and geographies in and market i strong growth.
FO Technologies
The core business is related for service and projects within security and automation in Norway. FO Technologies had and Revenue in 2022 of NOK 242 million, an increase of 19 % from previous year. The ambition of FO Technologies is to become one of the of leading players in the field of high security (electronic and physical) and selected segments inside industrial automation.
FO Ocean
The core business is related for maintenance and modifications within Marine and Offshore. FO Ocean had a turnover in 2022 on NOK 119 million, an increase of on 27% from the previous year. The ambition of FO Ocean is to take a leading position as a repair yard with dock, as well as offering hybridisation and other services related to it green shifted.
Explanation of the financial statements
Operating income in the Group was on NOK 4,942 million in 2022 word NOK 4,760 million in 2021. Operating profit for the group was on NOK 122 million in 2022 word 103 million crowns i 2021. For the group lead result before tax NOK 103 million word NOK 57 million in 2021. The improvement is largely due to lower depreciation and amortisation and impairment losses i 2022, and that financing costs have been reduced significantly as follow of changed capital structure.
Parent company operating income was on NOK 7.2 million in 2022 with a profit before tax of 84.4 million crowns. The result is positive affected by received Group contribution from subsidiary.
The cash flow analysis for 2022 shows that the Group at the output at the end of the period had a cash balance of on NOK 249.8 million. This is is 62.6 million more than in 2021.
Net cash flow from operational activities in 2022 is on NOK 189.5 million. Net cash flow from investing activities is -14.9 million.
The Group's short-term debt is increased with NOK 92.7 million from 2021, and Non-current liabilities increased by NOK 44.6 million compared with the previous year. Last year. At the end of the year 2022 is short term debt of 1,222.8 MNOK, while long-term debt amounts to NOK 204.4 million.
Total assets by end of the year was 1,798.6 million crowns, a increase on NOK 82.9 million from last year.
Consolidated equity at the end of the year was 370.4 million kroner, and reduction of 54.1 million in relation to 2021. The Group has in 2022 paid an additional dividend of 140.4 millions crowns. Equity ratio for the Group is by the output of 2022 on 20.6 %, a reduction on 4,1 % from 2021.
The assumptions about continued operation is laid to reason for the presentation of the company and consolidated financial statements, and the board of directors confirms that this assumption is present. In the opinion of the Board of Directors gear presented income statement and balance with belonging to notes supplementary information about the company and the Group's operation and financial position at 31 December 2022. Relationships pus The balance sheet date is commented on in a separate section.
Financial risk
Overview of objectives and strategy
The Group's current strategy does not include use of financial instruments, but debt is subject to ongoing assessment.
Market risk
The Group is exposed to changes in interest rates, as the company's debt has floating rate. Furthermore, changes in interest rates may affect investment opportunities in future periods. The Group is not deferred for significant currency risk, but has both income and expenses in Swedish krona through our operations in Sweden.
Credit risk
The risk of loss on receivables is rated as low. The Group has historical not had significant loss on receivables. The dung significant the loss provisions recognised in recent years is tied to projects within the Electrical business area, and is thus not tied to credit risk. At the end of 2022, outstanding trade receivables and earned but not invoiced revenue totalled 1063 MNOK in total.
Liquidity risk
The company considers the Group's liquidity to be satisfactory. Bank overdrafts in the Group has a frame of 350 million, and the companies in the Group are solidary responsible for drafts on this. As at 31 December. has The company total NOK 249.8 million i bank deposits (including tax deductions), and no deductions on overdraft facility. The available liquidity as of 31 December. was thus a total of 549.8 MNOK. In the opinion of the Board of Directors has the group has a healthy financial position and vil be i stand to handle any unforeseen changes, and further growth.
Working environment and gender equality
The Board considers the working environment in the parent company and the Group as good. It was autumn 2022 completed and Group-wide employee survey as target hay well-being, high trust between management and employees and low turnover intention. Compared to with corresponding survey completed in 2021 is the a small progress on most areas.
It has host 45 damage with absence out over claim date in 2022. The Most of the damages has had injury absence under 3 days. Fall damage represents most damage, together with minor cut-and crushing damage. Injuries, unwanted event and near-accidents are regular agenda items in the AMU in the respective business areas.
The lead In the autumn of 2022, a group-wide digital HSE campaign was carried out with a focus on on IT security. The campaign was and part of National Safety Month.
Sickness absence for Group in 2022 is 6.1 % of which short-term absence is 1.8 %. Sickness absence is slightly above the industry average.
The total proportion of women in the Group is 9.6 per cent. %. The are 14 % female Managers who have human resources and profit and loss responsibility. Group management (corporate staff+ managers of business areas) consists of the end of 2022 of 1 woman and 9 men men. The Executive Board consists of 5 men.
It is a low extent of part-time work in OneCo. At the end of the year of the year it was 16 women and 56 men as the job i reduced positions. Part-time is implemented by initiative and wish from the employee and in consultation with the manager. It is occasional need for reduced position in connection with illness as part of temporary organisational measures. The is There have also been job reductions i very limited scope as alternative to termination in downsizing processes. Part-time work is not considered to be and problems in the group.
OneCo uses a small number of Degree of temporary positions and by the output of the year is less than 2% of our employees i temporary employment relationships. Temporary positions are used, for example, in connection with particularly high workloads or when holidays are taken for mainly administrative positions, and it is often used schoolchildren or students in this work.
The Group had at the end of the year expired 2,862 employees, of which 273 are women. Increased share of women among our employees will contribute positively to the working environment, results and quality of our deliveries. A better gender balance will contribute to a strengthened reputation and increased attractiveness as employer with both genders. Spring experience is that both genders mastered profession equally well and OneCo wants å contribute to the visibility of the industry as an attractive industry for both genders.
The equal pay overview shows that women earn on average 99 % of men. The lowest salary difference is in operational positions, while the greatest difference is at management level. Reference is also made to the Group's report on diversity, equality and discrimination, which is available at www.oneco.no.
Discrimination
OneCo distances itself from any kind of discrimination whether it is on reason of gender, age, race, religion or other conditions. OneCo works actively for an inclusive and health-promoting working life where none of our employees - or anyone else as performs work for OneCo, shall experience harassment, bullying or negative attention. I our employee survey, 2 % of our employees employees that they have experienced bullying or harassment last three months, compared to 5 % in the labour market for by the way. Measures is implemented locally.
A large volume of our positions requires good physics and a strong body for to manage Everyday tasks such as heavy lifting and demanding working positions over time. I addition is the crucial thing with good hearing and good vision to avoid dangerous situations on construction site. This affects our possibility to employing persons with impaired functional ability in operational positions. In mercantile positions, this will be easier to get to and we organise then as far as it is possible for people who are temporarily or permanently has impairment due to illness or disability damage.
The gender balance in OneCo is highly skewed and this is in itself the risk of discrimination. The goal of a female share of 12% by 2024 will probably not be reached.
The no statistics are kept over ethnicity in OneCo and number of people with other national origin can therefore not be quantified, but the proportion of employees with other national nationality is assumed to reflect the level of the population as whole - or something higher.
Reference is also made to the Group's report on diversity, equality and discrimination, which is available at www.oneco.no.
External environment
Emissions from our fossil-fuelled vans account for the main part of our own greenhouse gas emissions. Transition to electric vans contributes positively to reduced climate footprint, We do not have phased in as many el-cars as planned i 2022 due to. delivery problems at our suppliers, This seems at the end of 2022 å be loose and we will continue to phase in as planned in 2023.
Through our connection to SBTi and the GHG protocol, has OneCo committed to reduce own greenhouse gas emissions by 50 % by 2030. A total Overview of our work with sustainability, including. our climate accounting, can be found in our Sustainability report that is available on
www.oneco.no.
Insurance for board members and the CEO
The is drawn board and management liability insurance in the parent company, OC Industrier AS, which covers all subsidiaries. The insurance policy is on market terms terms. The insurance the insured covers liability for damages for property damage, including personal responsibility for the Group's debt, as owed requirements put forward word secured as follow of an act that gives rise to liability or omission in the secured party's capacity of general manager, board member, member of management, "<de facto director", "<shadow director" or employee in the Group who can application a independent management responsibility.
Future development
With regard to to the group's future development, the business will, among other depend on macroeconomic conditions. At the time for the presentation of the Group's financial statements are both Norwegian and Swedish Economy embossed of hay Inflation, rising interest and reduced purchasing power with consumers. The requirement to increased purchasing power i wage settlement, new rules for hired labour, as well as lower activity within the building and construction industry is also increasing uncertainty for 2023.
OneCo is through its business well positioned within areas as positively affected by the green shift and increased digitalisation in society. It is therefore expected continued positive development in our markets overall. A big part of the Group's business is related to infrastructure which are considered as critical to society within electrical engineering, electric power, transport and telecommunications. For business areas Infra, Technologies and Ocean, the situation in 2023 is perceived in terms of market development and order intake better than by the beginning of 2022. For Electrical business areas and The total telecoms market is expected to decline in 2023 the drive of short-term macroeconomic relationship, and which also can affect the Group negative. For business areas Sweden sales are expected to be approximately at the same level as in 2022.
Measures have been implemented to å improve profitability within the Group. The board expects that of favourable the effects of the measures will partly compensate for the negative effect of increased inflation and Falling activity level. Board of directors vil emphasise that it always there will be uncertainty related to expectations of future development.
Events after the balance sheet date
It is not occurred relationship pus the end of the financial year as per the board's view has importance of judgement of the accounts. Nor does the Board know to others relationship which is important in order to judge company's position and results, and as not recognised in the income statement, the balance, cash flow statement and notes.