Page 28 - Sector Alarm Annual Report 2020

28/29
Directors Report 2020
Sector Alarm Holding AS, headquartered in
Oslo, provide professionally monitored alarm services for about 560,000 residential households and small businesses (“Small Systems”) through its subsidiaries in Norway, Sweden, Finland, Ireland, Spain and France.
2020 was in many ways one
of the most challenging years
in the history of Sector Alarm Holding AS and its subsidiaries (“Sector Alarm” or “Group”) due to Covid-19. However, Sector Alarm managed to navigate the challenges with high customer satisfaction, improved attrition rates and positive net customer growth proving once again the resilience of the business mod- el. Furthermore, the financial performance continued at a solid
level on the back of solid growth in the customer base.
For the Group, revenues for 2020 were NOK 2.704 million. The earnings before tax were NOK 120 million. The annual profit was NOK 107 million. The Equity was NOK -1 785 million for 2020, but the value adjusted equity would be positive and consid- ered sound. The consolidated interest-bearing debt was NOK 6.465 million at the end of 2020
and consisted mainly of the EUR 590 million Term Loan B and finance leases. The liquidity posi- tion is solid and the cashflow was NOK 323 million in 2020, which is up from MNOK -164 in 2019. The change from cashflow from operating activities of MNOK 1.069 to the total cashflow is mainly due to investment in
new customers and interest pay- ments. For Sector Alarm Holding AS (the parent), revenues were NOK 128 million in 2020. The