Page 22 - Sector Alarm Annual Report 2020

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Adjusted Portfolio EBITDA was
NOK 1,490 million for 2020, up 14% compared to 2019. In con- stant currency, adjusted Portfolio EBITDA was up 6% y-o-y. The Portfolio EBITDA improvement was due to a combination of EPC (up 4% in constant currency) and increased customer base (up 3%). The improvement for EPC was due to underlying positive development and low activi-
ty level and cost for portfolio activities (e.g. service visits and call-outs).
Adjusted EBITDA was NOK 1,167 million for 2020, up 11% compared to 2019. In constant currency, adjusted EBITDA was up 6%. CPA for 2020 was NOK 12,134 up 16% compared to last year. In constant currency, CPA was up about 8% with the in- crease driven by higher share of installations from countries with higher CPA while on a coun- try-by-country basis CPA was stable or improved.
The year 2020 included adjust- ments to EBITDA and Portfolio
EBITDA of NOK 53 million mainly related to the Performance Im- provement Program and sever- ance/recruitment cost related to changes in certain management positons during the year.
Net financial items were neg- ative NOK 615 million for 2020 and consisted mainly of a net currency loss of NOK 358 million largely related to the Term Loan B due to the depreciation of NOK against EUR. Net interest expenses was NOK 198 million for 2020.