Annual report 2018
Content 2018 03 .
Adonis AS in figures 2018 (NOK)
This is Adonis
05 . . . . Our mission 06 .
Some facts about us
07 . . . . What they say about Adonis 09 . . . . A global player 11 . . . . Ownership and board of directors 12 . . . . Management 13 . . . . The human touch 14 . . . . Business Idea: “A Global Human Resource Solution” 16 . . . . Directors’ report 2018
Organization, personnel and working environment
Adonis in figures 2018 The company is experiencing substantial growth in sales and profit. *2019 figure is budget Figures in 1000NOK
5 000 0 2017
2015 2019 B
0 2019 B 2015
This is Adonis Adonis is an international software house which has established itself as a leading supplier of integrated Human Resources and Payroll systems to the global shipping and offshore industries. Headquartered in Norway, with offices in the Far East and the USA, we have been in the maritime market for more than 30 years. Our hallmark has always been a high degree of customer loyalty. Time capture with Adonis Time Clock on board M/V “Crystal Serenity”
Our concept, ”The Adonis Solution,” enables companies with operations in many countries, and often across several continents, to manage all of their HR processes in a single system, so ships and other floating installations with restricted Internet access can work seamlessly with their shore-based departments, local offices and agents.
Alongside ordinary licensed systems which are installed by customers on their networks and on board ships, Adonis offers cloud hosting services based on Microsoft Azure. This allows our users, who are located all over the world, to run our systems via the Internet from a cloud data center in their local region.
Our mission To provide maritime organizations with integrated
and scalable Human Resources Management and Payroll systems that seamlessly coordinate and consolidate processes on land and at sea.
To optimize crew and fleet management, from compliance to recruitment and crew management, on one centralized platform.
To work with our maritime clients to develop
innovative HR and Payroll solutions that meet their ever-changing needs.
Some facts about us • The company is experiencing substantial growth in demand, turnover and profit from previous years. • The company has concluded several major development contracts with some of the leading maritime operators worldwide to deliver a complete, fully-integrated solution tailored to their demanding operations. • The flow of new contracts over the past few years has been particularly large in the cruise and ferry segments of the shipping market. The current contracts with Condor Ferries, Pontant, Virgin Voyages, Ritz-Carlton Yacht Collection and Mystic Cruises represent our flagship deals in this strategic area.
• 22 women and 31 men from 7 different nationalities are directly involved in development, support and sales of our products worldwide. The management team is located in Norway. • An electronic time capture system, Adonis Time Clock©, has been delivered to a number of cruise, ferry and offshore companies. This solution satisfies the requirements for documenting work and rest time under the Maritime Labor Convention (MLC) from the ILO, and it automates and simplifies the processes of time capture and checking on board. The module is integrated into a Crew Self-Service Portal.
• Our solutions are developed in Embarcadero Delphi© and Microsoft. net©. The central HR database is based on Microsoft SQL Server©. • Adonis Payroll is supplied with full electronic integration with national tax and duty systems, such as the EDAG Scheme in Norway, the Danish Customs and Tax Administration, and equivalent systems in the Philippines, the USA and Malta. Several other countries are under development.
• Adonis offer seamless integration with 15 different financial systems, more than 20 banking systems, including IBAN, SEPA and Brightwell Navigator (Oceanpay), and the leading flight booking systems on the global market, like ATPI Griffinstone. • The systems are supplied with Norwegian, English, Portuguese and Spanish as end-user language options. • The company’s customer portfolio and revenues are split across the cruise, offshore and other shipping sectors, with each accounting for about one-third.
What they say about Adonis Mikkel Groth Andersen
IT Project Portfolio Manager, DFDS Seaways Key factors behind our choice were the fact that Adonis offers a seamless database solution which ties together the operators in our offices and on board all our vessels in one central maritime Crewing & Payroll system. With Adonis we are able to enhance our maritime Crewing procedures and increase our efficiency on many levels. The ability to maintain smooth and efficient integrated payroll processes in the various countries where we operate was another benefit.
Crewing Director, AW Crewing Services Adonis is deservedly the go-to Maritime Crewing System. It is reliable, delivers user functionality and offers accurate tracking of all crew data. The team at Adonis are friendly, competent and always available for support. Adonis is the ideal partner, offering the complete solution for all your crewing needs.
Mark Jack Smith
VP of HR Operations PGS
*Have since changed jobs.
We looked at a lot of different software, including airline software, but it was either too complex or not complex enough. Adonis struck the right balance.
What they say about Adonis
Adonis has streamlined the workflow in our offices around the world and vessels by having all the information centralized in one database. We are now better able to manage our crew movement, and have realized great cost savings and improvements in efficiency and accountability.
Adonis’ combination of superior technical capabilities and quality customer service allows us to efficiently manage our crew hours and remain in compliance.
Network & Fleet IT Manager, Lindblad Expeditions Thanks to Adonis, Lindblad Expeditions will be better able to coordinate processes between our ships and offices, while helping us streamline staff recruitment. *Have since changed jobs
VP & Controller, American Steamship Company We utilized a home-grown payroll system since about 1985. Our crewing system and process was substantially manual and had little tiein to payroll. With our recent Adonis implementation, we have all our Great Lakes vessels in one integrated system and much less paperwork.
“With Adonis we are able to lift our maritime Crewing procedures and increase our efficiency on many levels… Mikkel Groth Andersen, DFDS Seaways
A global player The commercial business is run from offices in Kvinnherad, Bergen and Grimstad in Norway, while other services are carried out by subsidiary companies in Ukraine, The Philippines and USA. The Adonis Group also includes a wholly-owned subsidiary, Adonis USA LLC, in Miami and a representative office, Adonis SEA, in Manila in the Philippines. These companies deliver project implementation and support in their regions. Nowadays Adonis â€œsails the seven seasâ€? and we have users in some 30 countries. Adonis now offers a cloud solution hosted on the Microsoft Azure platform, which gives customers access to the systems from any Internet computer. This will remove all need for hardware, software and personnel costs incurred in maintaining a LAN environment.
To ensure that the interaction between our various departments and locations is as seamless as possible, we have made significant investments in recent years in new, up-to-date systems to support our business. This enables us to work very effectively on joint development projects internationally and even across continents. From a cost-benefit perspective, we do not see any other players in this market who can compete with our solutions.
Adonis – A global player
Thanks to major international marketing efforts, we are experiencing increasing demand for our products. Our profile as a highly specialized service provider within an operational area which is relatively narrow but demands high levels of expertise seems to be winning out against solutions provided by the larger, more diversified suppliers. In the cruise segment, we are well established as a serious challenger to the major players. We are making determined efforts to reach the same position in the ferry and offshore segments. Aside from all this, we regularly hear that the main reason why we are the preferred supplier is our professionalism and deep insight into specific issues related to maritime HR management both ashore and
on board the ships. All of our staff are enthusiastic about what we do; they have a go-ahead attitude and the willingness and ability to tackle the new challenges that arise from day to day. Between us, we possess the necessary expertise and know-how to operate in the international market, including professionally complex and technically challenging areas. Our customers are our best endorsement. A good many of the contracts we have won in recent years have been mainly down to good references from our many satisfied and loyal users.
We pride ourselves on “the human touch”, and approach everyone with our native Norwegian informality and honesty, allied to a willingness to make compromises to meet the customer’s requirements. With a fully integrated organization behind it, and highly qualified employees with long and valuable experience, Adonis entered 2019 better equipped than ever before to take on new customers and undertake both large and small projects.
...the main reason why we are the preferred supplier is our professionalism and deep insight into specific issues related to maritime HR management both ashore and on board the ships.
Ownership and Board Of Directors
Per Ove Kviteberg Chairman of the Board
Adonis AS is a privately-owned company whose management team has a majority interest, holding more than 67% of the shares. Adonis has issued 32043 shares, each with a face value of NOK 50.
Erick Meijer Board Member
Sigrid Kviteberg Board member
Stein Bleivik Board Member
Management Being owned and led by people with many years of experience and a longterm view of their ownership is generally considered to be a big competitive advantage. Developing and implementing Human Resources and Payroll solutions with many specialized modules and complex functionality for the international market requires a level of skills and insight which can only be achieved by systematically building up expertise and practical experience over a long time. Our platform has been built â€œbrick by brickâ€? in close cooperation with some of the leading companies in the shipping market over many years. Most of the key personnel in the growing Adonis Team have been with the company for a long time and have taken part in the major steps we have taken upwards.
Per Ove Kviteberg Sales Director
Director of Customer Services and Support
Camilla K Emmerhoff CEO
Alf Inge Lindtner Technical Director
Bente Kviteberg Finance Director
The human touch We aim to bring “the human touch” into all of our relationships, and we strive to integrate our employees into what we call the “Adonis family” whatever their country and culture of origin. We arrange frequent exchange visits between our offices, and arrange for employees to travel all over the world to trade shows, exhibitions and conferences, and to meet customers and users who are in the planning or production phase with our systems.
The celebration of our 25th anniversary.
Our annual User Conference held last year in Bergen, Norway, was a great success, with around 80 delegates attending.
Business Idea: “A Global Human Resource Solution” As well as providing the most advanced and adaptable system for comprehensive Human Resources Management on the market, our “unique business proposition” is premised on ensuring that HR and Payroll processes are coordinated between the head office and ships at sea, thus reducing the disruptive impact of geographical separation. It is precisely this distance between office and ship that has traditionally hampered efficient HR procedures for many maritime organizations. Costly and inefficient satellite-based Internet connections, which may be out of action at certain times of day
in some parts of the world, make it difficult to achieve efficient teamwork and smooth workflows between ships, local offices, and head office. With our solutions, shipping companies can connect with their ships as though they were ordinary local offices working within the same system, effectively eliminating geographical barriers. The “Adonis Solution” is based on a specially developed replication engine, which ensures that office and ship have synchronized data available at all times. The replication is configured to the frequency chosen by the customer -- many set it as low as every 15-30 minutes.
The actual exchange of data uses an automated e-mail or FTP service. If poor or non-existent Internet coverage means that the replication stops for a time, work on board will continue normally as the systems do not depend on on-line contact in order to function. As soon as the ship returns to an area with Internet coverage, synchronization between the databases on board and in the office is automatically initiated, so fresh data for all HR procedures is available at all times.
Business idea: ”A Global Human Resource Solution”
CREW MEMBERS Adonis Time Clock
APPLICANTS Adonis Web Recruitment
CREW MEMBERS Adonis crew portal Self-Service
CREW ADMINISTRATOR Adonis Personnel Manager
OPERATOR Adonis Personnel Manager
Local Caché Recruirment portal
INT E RNE T VESSEL SYSTEM
Adonis Personnel Manager
ADONIS CENTRAL (AZURE) HUB Citrix Workspace
Adonis Personnel Manager
Adonis Crew Portal
Azure MS SQL Server
MS SQL Server
Adonis Employee Portal
FTP or mail server Adonis API
Adonis Replicator Adonis Integration Server
Directors report 2018 Adonis AS Adonis AS is a privately-owned company based on the scenic island of Halsnøy, close to the city of Bergen in Norway. Managers and staff hold most of the shares in our company. We manage marketing, sales, product design, professional services and finance from Norway. We also operate two partner companies in Ukraine which focus on development, testing and support, and we have a whollyowned subsidiary, Adonis USA LLC, in Miami, USA, and a representative office, Adonis SEA, in Manila in the Philippines.
At Adonis, we are proud of our reputation as a highly specialized partner to the international cruise and ferry industries, offshore services and other specialized shipping segments. We support our customers with an extensive suite of software within Human Capital Management (HCM) and Payroll. Our Adonis suite covers the whole crew management process from recruiting through end-of-service.
Product range • Adonis Web Recruitment©, a recruitment tool that provides for efficient processing of job applicants.
• Adonis Personnel Manager©, a comprehensive tool for Crew Management and Crew Planning which is used in offices and onboard vessels. • Adonis Replicator©, a tool that efficiently and cost-effectively synchronizes data between offices and vessels. • Adonis Payroll©, a multi-country, multi-currency payroll system which support the most advanced requirements from global organizations.
• Adonis Personnel Portal©, a selfservice portal for crew and staff, which includes an electronic time tracking system for shipboard use. Our Adonis suite of products is continuously enhanced in response to customer demand and strategic priorities. We appreciate that our Adonis systems support business-critical HR processes for all of our customers. That makes it vital for us to ensure that our customers receive appropriate attention and support, building trust and longterm relationships.
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.
Organization, personnel, and the working environment We had 53 staff at the end of 2018, located all over the world but mostly in Norway and Ukraine. At Adonis, we are constantly striving to develop our great working environment still further. We focus on strengthening internal collaboration through regular gatherings, shared projects and active use of collaboration tools. All employees are given regular training to support continuous development and up-todate skills. Adonis makes targeted efforts to ensure that all employees are treated equally regardless of gender, ethnicity and other factors. Both genders are represented equally in the management team.
Outlook We had no work-related accidents or injuries of any kind during the year, and the absence rate was insignificant.
The natural environment On HalsnĂ¸y we appreciate living close to nature. Our energy consumption and environmental impact are limited. We make every effort to reduce our environmental impact by minimizing air travel.
We aim to take Adonis forward on our current path, enhancing our customer partnerships and strengthening our position in the maritime industry. We will continue to build out the Adonis suite of software solutions, adapting to technology trends and meeting future functional requirements. We are confident that Adonis is well prepared and positioned for strong and healthy growth.
Balance sheet 2018
Assets including goodwill
Change in capitalization of transitory revenues
Cost of goods sold
Cash and cash equivalents
Other operating expenses
Accounts payable, including provision for transitory revenues
Total equity and liability
EBITD Depriciation EBIT Finance income and cost Pretax profit (EBT)
Hoylandsbygd, June 25th 2019
Per Ove Kviteberg Chairman of the Board
Erick Meijer Member of the Board
Stein Bleivik Member of the Board
Camilla K. Emmerhoff CEO
Sigrid Kviteberg Project Director
A global provider of integrated Human Resource and Payroll Solutions for the maritime industry.
Adonis Annual Report for 2018, including the statement from the Board of Directors.