Annual financial statements We are proud to announce that our gross sales for 2018 increased by more than 28% compared to 2017, to NOK 27.7 million. This growth builds on our established growth path. In 2018, we continued to invest heavily in further developing Adonis, preparing for future growth by building capacity in all critical functions. We will maintain our growth trajectory in the coming years, while also building greater financial resilience. Customer demand has remained at a high level, but sales cycles are still long. The company’s financial position is satisfactory. We expect to regain our triple-A credit rating based on the 2018 results. We consider quality-ofearnings to be healthy. Approximately 60% of our annual revenue comes
from prepaid mandatory software maintenance and support services with one year’s notice and automatic renewal. Our customer base is differentiated, comprising customers in the cruise and ferry industries, offshore services and other specialized shipping segments across the globe. Currency risk is limited, as 80% of our revenue is in USD and EUR, balancing reasonably well with our cost base. In the opinion of the Board, the annual financial statements provide a true picture of Adonis’ financial position at the end of 2018. The Board confirms that the relevant legal requirements for a “going concern” have been met, and the annual financial statements have been prepared on that basis. No events with a bearing on the financial
statements occurred after the end of the financial year. The Board recommends that no dividend be paid and that the whole of the profit of NOK 2.1 million be reserved as retained earnings.
Adonis Annual Report for 2018, including the statement from the Board of Directors.