Q3 2020 Interim Report

Q3 HIGHLIGHTS ......................................................................................................................................................

3

KEY FIGURES..........................................................................................................................................................

4

CEO INSIGHTS ........................................................................................................................................................

5

INTERIM CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................

9

ALTERNATIVE PERFORMANCE MEASURES (APMS) .......................................................................................

22

KEY FIGURES........................................................................................................................................................

24

28-October-2020

© Zalaris ASA

www.zalaris.com

About Zalaris

We simplify HR and payroll administration and empower organizations with useful information so that they can invest more in their people.

Our proven local and multi-country solutions for payroll and HR includes software and business process as a service (SaaS/BPaaS), and outsourcing (BPO). Our solutions integrate with customers global HR systems. Mobile apps enable people to work from anywhere. We can implement with both local on-site and remote project teams, addressing needs in times of Covid-19 pandemic. #teamZalaris has 800 competent team members across Europe and APAC serving customers from local language service centers. Our 300+ consultants have more than 20 years of experience across all industries and IT environments including on premise, cloud and integration services. Zalaris manage solutions serving over 1.5 million employees each month, across multiple industries and with many of Europe's most reputable employers.

Headquartered in Oslo, Norway, Zalaris is publicly traded on the Oslo Stock Exchange (ZAL).

2

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Q3 Highlights

  • Revenue of NOK 189.7 million (NOK 190.7 million) -0.5%
  • Adjusted EBIT of NOK 13.3 million (NOK 8.9 million) +49.4%
  • Adjusted EBIT margin of 7.0% (4.7%) +2.3pp
  • Cost reduction initiatives carried out is having a positive effect on EBIT, and has strengthened cash generation
  • Signed a 10-year BPO agreement with Danske Bank in Sweden, strengthening the position as the leading payroll supplier to the banking and finance sector in the Nordic region
  • Signed first BPO agreement originated in the UK with leading software development and gaming company
  • The pipeline remains strong, and is expected to grow due to an increased focus on outsourcing and digitalization in wake of Covid-19
  • Cash and cash equivalents of NOK 116.3 million, +NOK 51.5 million from last year (+79.5%), with continued strong operating cash flow

*Defined in separate section: Alternative Performance Measure (APMs)

3

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Key Figures

Q3 2020 financial summary

(NOK 1 000)

Revenue

Growth (YoY)

EBITDA

1)

Adjusted EBITDA

Adjusted EBITDA margin (as % of revenue)

EBIT

1)

Adjusted EBIT

Adjusted EBIT margin (as % of revenue)

Profit/(loss) for the period

Earnings per share (EPS)

Total comprehensive income

Free cash flow

1)

Net interest-bearing debt (NIBD)

1)

Full time equivalents (FTEs) period end

1)

  1. Defined in separate section Alternative Performance Measure (APMs)

2020

2019

2020

2019

2019

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

189 748

190 672

588 804

570 571

776 792

-0,5 %

8,2 %

3,2 %

1,3 %

4,2 %

30 299

28 616

90 470

82 787

103 381

26 993

24 638

80 684

68 591

87 451

14,2 %

12,9 %

13,7 %

12,0 %

11,3 %

9 172

4 776

25 990

15 671

14 091

13 282

8 870

39 363

25 244

30 142

7,0 %

4,7 %

6,7 %

4,4 %

3,9 %

(1 752)

(6 642)

(27 883)

(3 702)

(7 011)

(0,09)

(0,34)

(1,42)

(0,19)

(0,36)

8 125

1 086

11 826

(3 382)

(5 323)

8 259

11 790

63 290

(16 624)

17 046

(280 704)

(311 048)

(280 704)

(311 048)

(286 610)

713

803

713

803

753

Q3 2020 financial performance by business segment*

2020

2019

2020

2019

2019

(NOK 1 000)

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

Revenue

Managed services

127 351

130 389

406 807

400 500

553 691

Professional services

62 397

60 283

181 996

170 071

223 101

Group overhead and other

-

-

-

-

-

Total revenue

189 748

190 672

588 804

570 571

776 792

EBIT

Managed services

14 772

10 640

47 514

40 052

54 957

Professional services

6 847

9 091

17 179

21 276

20 961

Group overhead and other

(12 447)

(14 954)

(38 703)

(45 658)

(61 828)

EBIT

9 172

4 776

25 990

15 671

14 090

EBIT margin (%)

Managed services

11,6 %

8,2 %

11,7 %

10,0 %

9,9 %

Professional services

11,0 %

15,1 %

9,4 %

12,5 %

9,4 %

Group overhead and other

n/a

n/a

n/a

n/a

n/a

EBIT margin (%)

4,8 %

2,5 %

4,4 %

2,7 %

1,8 %

*Revenue from certain consulting services previously report as part of Managed Services have been moved to Professional Services from 1 January 2020. Business development costs previously included within Group Overhead has been allocated to the business segments from 1 January 2020. Comparable historical information has been updated accordingly.

4

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

CEO Insights

Another Quarter with Positive Development in Margins

Despite short term impacts from the Covid-19 pandemic, #teamZalaris delivered revenue of NOK

189.7 million, which is in line with the same quarter last year. EBIT continued on the journey towards our communicated 10% target to NOK 13.3 million (7%), which is an increase of 49% compared to Q3 last year and one of our best Q3s ever.

All our services were delivered without disruption in a mixed mode working from both our offices and home.

Our efforts of managing the pandemic are being recognized by our employees resulting in a significant jump in employee engagement scores across all countries.

Thank you to the whole #teamZalaris for doing a tremendous job!

Covid-19 slowing growth in large scale transformation projects but driving growth in solutions supporting working from anywhere

In Managed Services we continue to see the impact of reduced travel expense processing and some reduced headcount resulting from Covid-19. The net effect of these reductions amount to approximately NOK 3-4 million for the quarter. We expect a partial return of this revenue when the situation normalises.

During the quarter we signed several new agreements including a 10-year Master Services Agreement with the Danske Bank for the provision of outsourced transactional HR services for their 2,200 Swedish employees, a five-year agreement with a fast growing Scandinavian IT company with 1,200 employees, and a five-year agreement for the provision of outsourced multi-country payroll services for a UK based FTSE250 gaming company with 800 employees. In addition, we signed several new smaller agreements, including energy company Total E&P for provision of outsourced transactional HR and cloud services in Norway. In Germany, we communicated a landmark win in the municipality energy sector, employing more than 170K people in almost 400 legal entities, signing a five-year agreement with Stadtwerke Krefeld GmbH for the implementation and delivery of a SuccessFactors based HR solution for their approx. 3,000 employees.

In Professional Services we see impacted companies adjusting their HR roadmaps from larger transformative projects to more tactical projects with shorter payback time. Professional Services activity levels were stable with fair utilization of resources and revenue impacted by Q3 being the main vacation season with corresponding reduced available working days. Supporting customers with Business Continuity Services continue to be a growing services and in some cases have been converted to a permanent solution.

Working from anywhere has become the new normal driving the need for fully digitized people processes. This is the core of what we have been delivering for twenty years.

We are experiencing an all-time-high interest in our outsourced multi-country payroll solutions, as customers are exploring alternatives to reduce costs and optimize their global HR processes. Our pipeline is filled with opportunities fitting well with our offerings. While sales cycles in the past frequently have been 6-18 months, we see signs of urgency, combined with the benefit of digital sales meetings and virtual site visits, driving these down to more effective 6-9 months. Based on our historic win rate we expect to close some of these opportunities by year-end.

Productizing solution offering to address growing interest in HR Tech and further scale revenue streams

Since inception Zalaris has been driven by a continuous quest to digitize and automate processes including developing web and mobile based solutions and workflows that enable customers to operate transactional HR processes across borders. This has resulted in building own solutions and IP that are built into our service offerings. In Q3 we initiated a process to further productize and commercialize these solutions with the aim of scaling the sale and distribution of these. Our goal is to report the revenue development of this HR Technology value stream separately moving forward.

5

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Financial Review

Revenue

Consolidated revenue for the third quarter 2020 amounted to NOK 189.7 million (Q3 2019: NOK

190.7 million), only marginally lower than last year despite some negative impact on revenue from Covid-19.

Nordics & Baltics

Revenue in the Nordic & Baltic region was NOK

  1. million in the third quarter, which was marginally lower than the figure last year of NOK
  1. million. The revenue growth during the quarter has been negatively impacted by Covid-19 in terms of lower transaction volumes (e.g. travel controls) and less change orders from existing customers.

Central Europe

Revenue in the Central Europe region for the third quarter was NOK 75.1 million, compared to NOK

77.3 million last year. Higher revenue from new and existing customers in Poland was offset by a reduction in Germany, mainly within Professional Services. The market for Professional Services in Germany has been negatively impacted by potential implementation projects being postponed due to Covid-19.

UK & Ireland

Revenue for the third quarter in the UK & Ireland region amounted to NOK 10.7 million, compared to NOK 7.1 million in the same quarter last year.

The region experienced an increase in sales from existing customers and continues to see an

increase in opportunities from new potential customers.

Group Profits

Consolidated EBIT for the quarter was NOK 9.2 million (NOK 4.8 million).

The EBIT was NOK 13.3 million for the third quarter (NOK 8.9 million) when adjusted for one-off costs

(NOK 0.8 million) relating to redundancies, calculated costs of the Company's share-based payment plan (NOK 0.6 million), and amortisation of excess values on acquisition (NOK 2.7 million).

Through the EBIT-improvement program initiated in 2019, employee costs and other operating expenses have been reduced by approximately NOK 15 million for the quarter and NOK 42 million year-to-date compared to last year, when adjusted for currency effects and differences in costs capitalised. Thus, the Company's operational cost base has been significantly reduced, and has contributed to an increased operating cash flow.

The Group had net financial expense of NOK 12.3 million for the third quarter (net expense NOK 14.1 million), of which NOK 5.2 million (loss NOK 8.1 million) relates to an unrealised gain on the EUR 35 million bond loan and other foreign currency denominated balances.

The net loss for the quarter was NOK 1.8 million (loss NOK 6.6 million).

Total comprehensive income amounted to NOK 8.1 million (NOK 1.1 million), after currency translation differences of positive NOK 9.9 million (NOK 7.7 million).

6

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Business segment performance

Managed Services

The Managed Services segment had revenue of NOK 127.4 million for the third quarter 2020, compared to NOK 130.4 in the same quarter last year. Managed service revenue contributed to 67.2% (68.4%) of total revenue for the Group. Revenue within Managed Services has been negatively impacted by lower volumes of travel controls and change orders for existing BPO customers, as a result of Covid-19.

Revenue Managed Services (NOKm):

153,2

142,3

130,4

137,1

127,4

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

The EBIT for Managed Services for the third quarter 2020 was NOK 14.8 million (NOK 10.6 million). The increased EBIT comes as a result of the EBIT improvement program.

Professional Services

Revenue in the Professional Services segment amounted to NOK 62.4 million for the third quarter 2020, marginally higher than last year's figure of NOK 60.3 million. Increased revenue in Poland and UK, was partly offset by a reduction in Germany, where Covid-19 has had a more negative impact than in other regions, with several potential implementation projects being postponed.

Revenue Professional Services (NOKm):

62,4

61,3

60,3

58,3

53,0

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

The EBIT for Professional Services for the third quarter was NOK 6.8 million (NOK 9.1 million). The lower EBIT compared to last year is mainly due to lower utilisation of consultants in Germany, and a higher share of revenue from Poland where margins are lower than in Germany.

Financial position and cash flow

Zalaris had total assets of NOK 723.7 million as of 30 September 2020, compared to NOK 750.4 million at 30 June 2020.

Cash and cash equivalents were NOK 116.3 million as of 30 September 2020, a decrease of NOK 12.7 million from the end of the previous quarter after repayment of interest-bearing debt (NOK 16.5 million) and deferred VAT liability (NOK 8.0 million).

Total equity as of 30 September 2020 was NOK

108.1 million, compared to NOK 101.5 million as of 30 June 2020. This corresponds to an equity ratio of 14.9% (13.5%).

The Company holds 503,521 own shares at 30 September 2020.

Net interest-bearing debt (interest-bearing debt less cash and cash equivalents) increased marginally from NOK 277.9 million at 30 June 2020 to NOK

280.7 million at 30 September 2020. The increase is mainly due an increase in the NOK value of the EUR 35 million bond loan, as a result of the depreciation of NOK during the period.

Operating cash flow during the third quarter 2020 was NOK 13.3 million (NOK 8.8 million), after a payment of NOK 8.0 million in deferred VAT (Coivd- 19 relief). The increase compared to last year is mainly due to improved earnings.

Net cash flow from investing activities for the third quarter was negative NOK 5.0 million (positive NOK

2.9 million), mainly relating to internal development projects. Net cash flow from financing activities for the third quarter was negative NOK 22.3 million (negative NOK 6.4 million), after repayment of interest-bearing debt of NOK 16.5 million.

Cash and cash equivalents balance at 30 September 2020 was NOK 116.3 million (NOK 64.8 million).

7

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

As communicated in the second quarter, based on the current financial performance of the Company the Board will propose a dividend of minimum NOK 0.5 per share for 2020.

EBIT improvement program

As communicated in previous reports, Zalaris launched an EBIT improvement program in 2019, Vision2020 targeting NOK 4,7 million monthly cost reductions by Q1 2020. This included streamlining of the organization, ramp-up of digitizing efforts, automating services and increasing Robotic Process Automation (RPA) projects, all aimed at increasing quality in deliveries and reducing costs. As part of the program the total number of FTEs was reduced by approximately 52 (-6%) from when the program was launched.

In Q2 a follow up of Vision2020 was executed, realizing additional NOK 1 million in monthly cost reductions by Q4 2020 through a reorganizing of the Nordic Professional Services organization to align with the Professional Services organizations in our other regions. Key actions taken were:

  • Moving consultants primarily working with Managed Services customers to the Managed Services Organization

Outlook

The market fundamentals remain strong and Zalaris' key markets within multi-country payroll and HR outsourcing are expected to grow in the foreseeable future. The Company is well positioned to capture part of this growth through new customers and by expanding the service offering to existing customers.

The Covid-19 pandemic has had a short-term negative impact on revenue, as larger implementation projects within Professional Services are being postponed and less travel and lower employee numbers are impacting Managed Services. This situation is also expected going forward, depending on the duration of Covid-19.

In the longer term, Zalaris should benefit from the uncertainty created by Covid-19 by helping companies

  • Realigning the Nordic Professional Services organization to focus on advisory and implementation of SAP Cloud based HR solutions.
  • Adjusting capacity to demand resulting in the downsizing of approximately ten employees.

Other ongoing cost based EBIT initiatives focus on:

  • Increased utilization of our near- and offshore capabilities
  • Automation of standardized processes through digitization and Robotic Process Automation.

The EBIT improvement program has resulted in a reduction in total operating expenses of approximately NOK 42 million (-9%)year-to-date, when adjusted for differences in costs capitalized and currency rates compared to last year.

to move from a fixed to variable cost base. The

Company's pipeline of potential multi-country payroll outsourcing projects is strong.

The Company's financial results have significantly improved compared to 2019, as a result of the cost reduction initiatives implemented in 2019 through the EBIT improvement program, and further optimization initiatives in 2020. These initiatives include streamlining of the organization, ramp-up of digitizing efforts, automating services and increasing Robotic Process Automation (RPA) projects, all aimed at increasing quality in deliveries and reducing costs. Further improvements in the financial results are expected going forward.

The Board of Directors of Zalaris ASA

Oslo, 28 October 2020

8

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Interim Consolidated Financial Statements

Consolidated Statement of Profit and Loss

2020

2019

2020

2019

2019

(NOK 1 000)

Notes

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

unaudited

unaudited

unaudited

unaudited

Revenue

2

189 748

190 672

588 804

570 571

776 792

Operating expenses

License costs

18 337

15 238

51 572

44 070

67 981

Personnel expenses

4

99 439

106 765

324 149

321 245

438 543

Other operating expenses

41 672

40 053

122 613

122 469

166 887

Depreciation and impairments

794

1 043

2 542

3 076

4 048

Depreciation right-of-use assets

7

4 721

5 512

14 952

16 312

21 932

Amortisation intangible assets

6

6 840

6 539

20 672

19 971

26 704

Amortisation implementation costs customer projects

3

8 772

10 747

26 314

27 758

36 606

Total operating expenses

180 576

185 896

562 814

554 901

762 701

Operating profit (EBIT)

9 172

4 776

25 990

15 671

14 091

Financial items

Financial income

5

406

628

4 754

1 068

2 632

Financial expense

5

(7 446)

(6 667)

(23 266)

(22 454)

(29 057)

Unrealized foreign exchange gain/(loss)

5

(5 247)

(8 060)

(45 986)

(285)

2 375

Net financial items

(12 287)

(14 100)

(64 498)

(21 672)

(24 051)

Profit before tax

(3 115)

(9 324)

(38 508)

(6 001)

(9 960)

Tax expense

1 363

2 682

10 625

2 299

2 950

Profit for the period

(1 752)

(6 642)

(27 883)

(3 702)

(7 011)

Earnings per share:

Basic earnings per share (NOK)

(0,09)

(0,34)

(1,42)

(0,19)

(0,36)

Diluted earnings per share (NOK)

(0,09)

(0,34)

(1,42)

(0,18)

(0,36)

Consolidated Statement of Comprehensive Income

2020

2019

2020

2019

2019

(NOK 1 000)

Notes

Jul-Sep

Jul-Sep

Jan-Mar

Jan-Mar

Jan-Dec

unaudited

unaudited

unaudited

unaudited

Profit for the period

(1 752)

(6 642)

(27 883)

(3 702)

(7 011)

Other comprehensive income

Items that will be reclassified to profit and loss in subsequent periods

Currency translation differences

9 877

7 728

39 709

320

1 688

Total other comprehensive income

9 877

7 728

39 709

320

1 688

Total comprehensive income

8 125

1 086

11 826

(3 382)

(5 322)

9

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Consolidated Statement of Financial Position

2020

2019

2019

(NOK 1 000)

Notes

30. Sept

30. Sept

31. Dec

unaudited

unaudited

ASSETS

Non-current assets

Intangible assets

126 414

136 440

132 950

Goodwill

168 090

152 266

153 248

Total intangible assets

6

294 503

288 706

286 198

Deferred tax asset

11 729

7 900

11 710

Fixed assets

Right-of-use assets

7

27 214

39 925

34 849

Property, plant and equipment

34 711

34 364

33 137

Total fixed assets

61 925

74 289

67 986

Total non-current assets

368 157

370 894

365 894

Current assets

Trade accounts receivable

132 225

151 377

148 614

Customer projects

3

82 441

95 970

88 808

Other short-term receivables

24 608

26 068

27 275

Cash and cash equivalents

8

116 251

64 812

82 448

Total current assets

355 526

338 228

347 145

TOTAL ASSETS

723 683

709 122

713 038

10

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Consolidated Statement of Financial Position

2020

2019

2019

(NOK 1 000)

Notes

30. Sept

30. Sept

31. Dec

unaudited

EQUITY AND LIABILITIES

Equity

Paid-in capital

Share capital

1 962

2 006

1 957

Other paid in equity

5 591

3 165

3 804

Share premium

35 565

40 718

34 252

Total paid-in capital

43 118

45 889

40 014

Other equity

42 136

(171)

(374)

Retained earnings

22 846

55 834

52 526

Total equity

108 100

101 552

92 166

Liabilities

Non-current liabilities

Deferred tax

8 546

25 022

25 313

Interest-bearing loans

9

395 633

362 339

362 487

Lease liabilities

7

13 767

18 607

16 536

Total long-term liabilities

417 946

405 968

404 337

Current liabilities

Trade accounts payable

13 414

5 310

29 845

Customer projects liabilities

3

49 702

57 480

55 740

Interest-bearing loans

9

1 323

13 521

6 571

Lease liabilities

7

14 677

21 881

19 099

Income tax payable

4 262

333

5 408

Public duties payable

41 578

34 276

37 314

Other short-term liabilities

71 599

67 107

61 464

Derivatives

1 083

1 694

1 095

Total short-term liabilities

197 637

201 602

216 535

Total liabilities

615 583

607 570

620 873

TOTAL EQUITY AND LIABILITIES

723 683

709 122

713 038

11

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Consolidated Statement of Cash Flow

2020

2019

2020

2019

2019

(NOK 1 000)

Notes

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

unaudited

unaudited

unaudited

unaudited

Cash Flow from operating activities

Profit (Loss) before tax

(3 115)

(9 324)

(38 508)

(6 001)

(9 960)

Net financial items

5

12 287

14 100

64 498

21 671

24 051

Share-based payments

633

534

1 786

1 115

1 743

Depreciation and impairments

795

1 041

2 543

3 076

4 049

Depreciation right-of-use assets

7

4 721

5 512

14 952

16 312

21 932

Amortisation intangible assets

6

6 840

6 540

20 672

19 972

26 705

Depreciation implementation costs customer projects

3

8 772

10 747

26 314

27 758

36 606

Recognized customer projects assets

3

(2 877)

(5 866)

(12 091)

(28 112)

(29 505)

Recognized customer projects liabilities

(2 162)

(3 166)

(8 211)

(6 805)

(8 545)

Taxes paid

(25)

-

(1 281)

-

(6 356)

Changes in accounts receivable

5 892

11 153

16 389

6 740

9 504

Changes in accounts payable

(4 224)

(12 009)

(16 432)

(19 048)

5 487

Changes in other items

(6 215)

(3 734)

24 646

(28 192)

(8 313)

Interest received

49

(16)

158

124

162

Interest paid

(8 072)

(6 663)

(19 835)

(16 826)

(25 052)

Net cash flow from operating activities

13 299

8 848

75 600

(8 216)

42 508

Cash flows to investing activities

Investment in fixed and intangible assets

(5 039)

2 942

(12 310)

(8 408)

(25 462)

Net cash flow from investing activities

(5 039)

2 942

(12 310)

(8 408)

(25 462)

Cash flows from financing activities

Sale/(Buyback) of own shares

-

-

1 332

(4 419)

(10 934)

Payment of lease liabilities

(5 849)

(6 276)

(15 896)

(18 530)

(22 807)

Repayment of loan

(16 446)

(102)

(17 888)

(1 682)

(6 320)

Net cash flow from financing activities

(22 295)

(6 378)

(32 452)

(24 630)

(40 062)

Net changes in cash and cash equivalents

(14 036)

5 412

30 838

(41 254)

(23 016)

Net foreign exchange difference

1 334

(170)

2 964

(1 778)

(2 379)

Cash and cash equivalents at the beginning of the period

128 953

59 570

82 449

107 844

107 844

Cash and cash equivalents at the end of the period

116 251

64 812

116 251

64 812

82 449

12

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Consolidated Statement of Changes in Equity

Share

Other paid in Total paid-in

Retained

(NOK 1000)

Share capital

premium

equity

equity

Other equity earnings

Total equity

Equity at 01.01.2019

2 003

45 140

2 061

49 204

(33)

59 733

108 905

Profit of the year

(3 702)

(3 702)

Other comprehensive income

(11)

(11)

331

320

Buyback of own shares

(4 419)

(4 419)

(4 419)

Share based payments

1 115

1 115

1 115

Other changes

(469)

(197)

(666)

Equity at 30.09.2019

2 003

40 721

3 165

45 889

(171)

55 834

101 553

Unaudited

Profit of the year

(3 309)

(3 309)

Other comprehensive income

11

11

1 357

1 368

Buyback of own shares

(46)

(6 469)

(6 515)

(6 515)

Share based payments

628

628

628

Other changes

(1 561)

2

(1 560)

Equity at 30.12.2019

1 957

34 252

3 804

40 013

(375)

52 526

92 165

Profit of the year

(27 883)

(27 883)

Other comprehensive income

39 709

39 709

(Buyback)/sale of own shares

5

1 312

1 318

1 318

Share based payments

1 786

1 786

1 786

Other changes

2 802

(1 797)

1 005

Equity at 30.09.2020

1 962

35 565

5 590

43 117

42 136

22 846

108 100

Unaudited

13

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Notes to the condensed interim consolidated condensed financial statements

Note 1 - General Information and basis for preparation

General information

Zalaris ASA (the Group) is a public limited company incorporated in Norway. The Group's main office is in Hovfaret 4, Oslo, Norway. The Group delivers full-service outsourced personnel and payroll services.

Basis for preparation

These interim consolidated condensed financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed consolidated interim financial statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in conjunction with the annual financial statements. The interim condensed consolidated financial statements for the three months ended 30 September 2020, have not been audited or reviewed by the auditors.

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2019.

Going concern

With reference to the Norwegian Accounting Act § 3-3, the Board confirms its belief that conditions exist for continuing operations and that these interim consolidated condensed financial statements have been prepared in accordance with the going concern principle.

14

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Note 2 - Segment Information

The Company's operations are split into two main business segments; Managed Services and Professional Services.

Managed Services includes a full range of payroll and HR outsourcing services, such as payroll processing, time and attendance, travel expenses as well as related cloud system solutions and services. This includes additional cloud-based HR functionality to existing outsourcing customers as talent management, digital personnel archive, HR analytics, mobile solutions, etc.

Professional Services includes deliveries of change projects based on Zalaris templates or implementation of customer-specific functionality. This business segment also assists with cost-effective maintenance and support of customers' own on-premise solutions. A large portion of these services are of recurring nature and much of the services are based on long-term customer relationships.

Information is organized by business area and geography. The reporting format is based on the Group's management and internal reporting structure. Items that are not allocated are mainly intercompany sales, interest- bearing loans and other associated expenses and assets related to administration of the Group. The Group's executive management is the chief decision maker in the Group. The investing activities comprise total expenses in the period for the acquisition of assets that have an expected useful life of more than one year. The operating assets and liabilities of the Group are not allocated between segments.

2020 Jul-Sep

Managed

Professional

Gr.Ovhd &

(NOK 1 000)

Services

Services

Unallocated

Total

Revenue, external

127 351

62 397

-

189 748

Operating expenses

(101 618)

(52 997)

(4 833)

(159 448)

EBITDA

25 733

9 400

(4 833)

30 299

Depreciation and amortisation

(10 961)

(2 553)

(7 613)

(21 128)

EBIT

14 772

6 847

(12 447)

9 172

Net financial income/(expenses)

(12 287)

(12 287)

Income tax

1 363

1 363

Profit for the period

14 772

6 847

(23 371)

(1 752)

Cash flow from investing activities

(5 039)

2019 Jul-Sep*

Managed

Professional

Gr.Ovhd &

(NOK 1 000)

Services

Services

Unallocated

Total

Revenue, external

130 389

60 283

-

190 672

Operating expenses

(105 275)

(48 754)

(8 027)

(162 056)

EBITDA

25 115

11 529

(8 027)

28 617

Depreciation and amortisation

(14 475)

(2 438)

(6 928)

(23 841)

EBIT

10 640

9 091

(14 954)

4 776

Net financial income/(expenses)

(14 100)

(14 100)

Income tax

2 682

2 682

Profit for the period

10 640

9 091

(26 372)

(6 642)

Cash flow from investing activities

2 942

15

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

2020 Jan-Sep

Managed

Professional

Gr.Ovhd &

(NOK 1 000)

Services

Services

Unallocated

Total

Revenue, external

406 807

181 996

-

588 804

Operating expenses

(324 677)

(157 358)

(16 299)

(498 334)

EBITDA

82 131

24 639

(16 299)

90 470

Depreciation and amortisation

(34 617)

(7 459)

(22 404)

(64 480)

EBIT

47 514

17 179

(38 703)

25 990

Net financial income/(expenses)

(64 498)

(64 498)

Income tax

10 625

10 625

Profit for the period

47 514

17 179

(92 577)

(27 883)

Cash flow from investing activities

(12 310)

2019 Jan-Sep*

Managed

Professional

Gr.Ovhd &

(NOK 1 000)

Services

Services

Unallocated

Total

Revenue, external

400 500

170 071

-

570 571

Operating expenses

(321 444)

(141 898)

(24 441)

(487 783)

EBITDA

79 056

28 173

(24 441)

82 788

Depreciation and amortisation

(39 004)

(6 897)

(21 217)

(67 118)

EBIT

40 052

21 276

(45 658)

15 671

Net financial income/(expenses)

(21 672)

(21 672)

Income tax

2 299

2 299

Profit for the period

40 052

21 276

(65 031)

(3 701)

Cash flow from investing activities

(8 408)

2019 Jan-Dec*

Managed

Professional

Gr.Ovhd &

(NOK 1 000)

Services

Services

Unallocated

Total

Revenue, external

553 691

223 101

-

776 792

Operating expenses

(446 455)

(192 606)

(34 351)

(673 411)

EBITDA

107 236

30 495

(34 351)

103 380

Depreciation and amortisation

(52 279)

(9 534)

(27 477)

(89 290)

EBIT

54 957

20 961

(61 828)

14 090

Net financial income/(expenses)

(24 051)

(24 051)

Income tax

2 950

2 950

Profit for the period

54 957

20 961

(82 929)

(7 011)

Cash flow from investing activities

(25 462)

*Revenue from certain consulting services previously report as part of Managed Services have been moved to Professional Services from 1 January 2020. Business development costs previously included within Group Overhead has been allocated to the business segments from 1 January 2020. Comparable historical information has been updated accordingly.

Geographic Information

The Group's operations are carried in several countries, and information regarding revenue based on geography is provided below. Information is based on location of the entity generating the revenue, which to a large extent, corresponds to the geographical location of the customers.

16

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Revenue from external customers attributable to:

2020

2019

2020

2019

2019

(NOK 1 000)

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

Northern Europe

103 987

106 262

329 020

327 008

449 893

Central Europe

75 075

77 315

228 955

218 637

294 135

UK & Ireland

10 686

7 095

30 829

24 926

32 764

Total

189 748

190 672

588 804

570 571

776 792

Note 3 - Revenue from contracts with customers

Disaggregated revenue information

The Group's revenue from contracts with customers has been disaggregated and presented in note 2.

Contract balances:

2020

2019

2019

(NOK 1 000)

30. Sep

30. Sep

31. Dec

Trade receivables

132 225

151 377

148 614

Customer project assets

82 441

95 970

88 808

Customer project liabilities

(49 702)

(57 480)

(55 740)

Prepayments from customers

(10 068)

(13 976)

(9 608)

Customer project assets are costs specific to a given contract, generate or enhance the Group's resources that will be used in satisfying performance obligations in the future, and are recoverable. These costs are deferred and amortized evenly over the period the outsourcing services are provided.

Customer project liabilities are prepayments from customer specific to a given contract and are recognized as revenue evenly as the Group fulfills the related performance obligations over the contract period.

Prepayments from customers comprises a combination of short- and long-term advances from customers. The short-term advances are typically deferred revenues related to smaller projects or change orders related to the system solution. The long-term liabilities relate to initial advances paid upon signing the contract. These advances are contracted to be utilized by the customer to either transformation-, change- or other projects. These advances are open for application until specified, or when the contract is terminated, where the eventual remainder of the amount become the property of Zalaris and is hence rendered as income by the Group.

Movements in customer project assets through the period:

(NOK 1 000)

2020

2019

2020

2019

2019

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

31. Dec

Opening balance in the period

84 763

99 667

88 808

97 272

97 272

Cost capitalized

2 878

5 866

12 091

28 112

29 505

Amortization

(8 772)

(10 747)

(26 314)

(27 758)

(36 606)

Disposals & currency

3 573

1 185

7 855

(1 656)

(1 363)

Customer projects assets end of period

82 441

95 970

82 441

95 970

88 808

17

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Movements in customer project liabilities through the period:

(NOK 1 000)

2020

2019

2020

2019

2019

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

Opening balance in the period

(52 255)

(60 645)

(55 740)

(64 284)

(64 284)

Revenue deferred

(2 651)

(3 159)

(8 009)

(13 532)

(17 188)

Revenue recognized

4 813

6 890

16 220

18 490

28 505

Disposals & currency

393

(565)

(2 174)

1 846

(2 773)

Customer project liabilities end of period

(49 702)

(57 480)

(49 702)

(57 480)

(55 740)

Note 4 - Personnel expenses

2020

2019

2020

2019

2019

(NOK 1 000)

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

Salary

82 181

89 586

269 054

278 249

366 516

Tantieme and variable compensation

5 116

4 427

14 078

14 241

19 437

Social security tax

13 221

13 373

38 987

40 390

54 099

Pension costs

4 549

5 032

14 368

15 350

19 333

Other expenses

2 365

4 704

9 538

13 121

24 953

Capitalised development expenses

(5 116)

(4 490)

(9 785)

(11 994)

(16 290)

Capitalised implementation costs customer projects

(2 877)

(5 867)

(12 091)

(28 112)

(29 505)

Total personnel expenses

99 439

106 765

324 149

321 245

438 543

Note 5 - Finance income and finance expense

(NOK 1 000) Interest income on bank accounts and receivables Currency gain Other financial income Finance income

Interest exp. on financial liab. measured at amortised cost Currency loss Unrealised foreign currency loss Interest expense on leasing Other financial expenses Finance expenses

2020

2019

2020

2019

2019

Jul-Sep

Jul-SepJan-Sep

Jan-SepJan-Dec

49

53

158

123

160

129

391

4 071

1 399

1 916

229

183

525

-454

556

406

628

4 754

1 068

2 632

7 657

4 893

18 585

14 845

19 253

-1 248

546

1 011

2 991

3 377

5 247

8 060

45 986

285

-2 375

391

1 664

1 238

1 664

2 126

646

-435

2 432

2 955

4 302

12 693

14 729

69 252

22 740

26 683

Net financial items

-12 287

-14 101

-64 498

-21 672

-24 051

18

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Note 6 - Intangible assets

Licenses

Intern.

Internally

Customer

Goodwill

Total

and

developed

developed AuC

Relation &

(NOK 1 000)

software

software

Contracts

Book value 01.01.2020

4 505

34 652

17 889

75 905

153 248

286 198

Additions of the period

-

1 012

10 775

-

-

11 787

Reclassifications

-

15 282

(15 282)

-

-

-

Disposals and currency effects

287

486

(5 185)

6 760

14 842

17 189

This period ordinary amortisation

(1 398)

(11 125)

-

(8 148)

-

(20 672)

Book value 30.9.2020

3 393

40 306

8 197

74 516

168 089

294 503

Book value 01.01.2019

9 057

28 768

19 937

85 302

151 996

295 059

Additions of the period

136

1 008

11 821

-

-

12 965

Reclassifications

-

18 071

(18 071)

-

-

-

Disposals and currency effects

(5)

(48)

376

61

270

653

This period ordinary amortisation

(2 335)

(10 178)

-

(7 459)

-

(19 972)

Book value 30.9.2019

6 853

37 621

14 063

77 903

152 265

288 706

Book value 01.01.2019

9 057

28 768

19 937

85 302

151 996

295 059

Additions of the period

135

1 579

21 389

-

-

23 103

Reclassifications

-

18 055

(18 055)

-

-

-

Disposals and currency effects

(1 744)

(39)

(5 381)

652

1 253

(5 259)

This period ordinary amortisation

(2 944)

(13 711)

-

(10 049)

-

(26 705)

Book value 31.12.2019

4 505

34 652

17 889

75 905

153 248

286 198

Useful life

3-10 years

5 years

N/A

10 years

N/A

Depreciation method

linear

linear

linear

19

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Note 7 - Right-of-use assets and lease liabilities

Zalaris leases several assets such as buildings, equipment, and vehicles. The Group's right-of-use assets are categorized and presented in the table below:

Right-of-use assets

2020

2019

2019

(NOK 1 000)

30. Sep

30. Sep

31. Dec

Opening balance

34 849

52 326

52 326

Adjustments and additions

6 435

3 910

4 455

Depreciation and impairments

14 952

16 312

21 932

Terminations

283

-

-

Foreign currency transaction gain/(loss)

-1 166

-1

-

Closing balance

27 214

39 925

34 849

Lower of remaining lease term or economic life. Linear depreciation 1-10 years

Lease liabilities

2020

2019

2019

(NOK 1 000)

30. Sep

30. Sep

31. Dec

Opening balance

35 635

52 326

52 326

Additions and lease modifications

6 435

3 910

4 455

Lease payments including interest

17 134

16 866

20 683

Foreign currency transaction gain/(loss)

3 508

1 118

-463

Closing balance

28 444

40 488

35 635

Lease liabilities

2020

2019

2019

(NOK 1 000)

30. Sep

30. Sep

30. Sep

Short-term

14 677

21 881

19 099

Long-term

13 767

18 607

16 536

Total lease liabilities at 30 September 2020

28 444

40 488

35 635

Note 8 - Cash and cash equivalents and short term deposits

(NOK 1 000)

Cash in hand and at bank - unrestricted funds

Deposit accounts - guarantee rent obligations - restricted funds Employee withheld taxes - restricted funds

Cash and cash equivalents

2020

2019

2019

30. Sep

30. Sep

31. Dec

110 872

59 347

75 182

2 399

2 261

2 480

2 981

3 203

4 787

116 251

64 812

82 448

20

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Note 9 - Interest-bearing loans and borrowings

2020

2019

2019

(NOK 1 000)

Annual interest

Maturity

30. Sep

30. Sep

31. Dec

Bond loan

3 m Euribor + 4.75%

28.09.2023

385 986

347 156

345 188

Loan fees bond

28.09.2023

(5 408)

(6 262)

(6 760)

Commerzbank - DE

1.3%

31.12.2031

13 213

13 043

13 834

Landesbank Baden-Würtenberg

4.0%

31.12.2022

1 842

-

2 200

Landesbank Baden-Würtenberg

1.95 %

31.12.2031

1 323

13 521

9 270

MBG

From 5.0% to 6.5%

2020-2026

-

7 216

5 326

SG Finance loans

From 4.0% to 6.7%

2019-2023

-

1 185

-

Total interest-bearing loans

396 956

375 860

369 058

Total long-terminterest-bearing loans

395 633

362 339

362 487

Total short-terminterest-bearing loans

1 323

13 521

6 571

Total interest-bearing loans

396 956

375 860

369 058

Total unrealized foreign exchange profit/(loss) on bond loan

(40 798)

562

2 531

The Company's bond loan of EUR 35 million is listed on the Oslo Stock Exchange. The loan in Commerzbank DE relates to the office building in Leipzig, which is owned by the Company.

Note 10 - Transactions with Related Parties

Purchase from related parties:

(NOK 1 000)

2020

2019

2020

2019

2019

Related party

Transaction

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

Rayon Design AS 1)

Management Services

564

314

1 517

872

1 556

Haug Advisory AS 2)

Management Services

-

100

-

200

200

Total

564

414

1 517

1 072

1 756

1) 2)

Hans-Petter Mellerud, CEO, owns 40% of Rayon Design AS though his company Norwegian Retail AS Jon Erik Haug, Board Member of Zalaris ASA, owns 100% of Haug Advisory AS

Note 11 - Events after Balance Sheet Date

There have been no events after the balance sheet date significantly affecting the Group's financial position.

21

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Alternative Performance Measures (APMs)

Zalaris' financial information is prepared in accordance with IFRS. In addition, financial performance measures (APMs) are used by Zalaris to provide supplemental information to enhance the understanding of the Group's underlying financial performance. These APMs take into consideration income and expenses defined as items regarded as special due to their nature and include among others restructuring provisions and write-offs. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. Disclosures of APMs are subject to established internal control procedures.

Adjusted EBITDA and EBIT

EBIT, earnings before interest and tax is defined as the earnings excluding the effects of how the operations where financed, taxed and excluding foreign exchange gains & losses. EBIT is used as a measure of operational profitability. EBITDA is before depreciation, amortization and impairment of tangible assets and in-house development projects. To abstract non-recurring or income not reflective of the underlying operational performance, the Group also lists the adjusted EBIT and EBITDA. Adjusted EBIT is defined as EBIT excluding non-recurring costs, costs relating to share based payments to employees, and amortization of excess values on acquisition. Adjusted EBITDA is EBITDA excluding non-recurring costs and costs relating to share based payments to employees, but after depreciation of right-of-use assets.

(NOK 1 000) EBITDA Restructuring costs Share-based payments Depreciation right-of-use assets (IFRS 16 effect) Adjusted EBITDA

(NOK 1 000) EBIT Restructuring costs Share-based payments Amortization of excess values on acquisition Adjusted EBIT

2020

2019

2020

2019

2019

Jul-Sep

Jul-Sep

Jan-Sep

Jan-SepJan-Dec

30 299

28 616

90 470

82 787

103 381

782

1 000

3 380

1 000

4 259

632

534

1 786

1 115

1 743

(4 721)

(5 512)

(14 952)

(16 312)

(21 932)

26 993

24 638

80 684

68 591

87 451

2020

2019

2020

2019

2019

Jul-Sep

Jul-Sep

Jan-Sep

Jan-SepJan-Dec

9 172

4 776

25 990

15 671

14 091

782

1 000

3 380

1 000

4 259

632

534

1 786

1 115

1 743

2 696

2 560

8 207

7 458

10 049

13 282

8 870

39 363

25 244

30 142

Free cash flow

Free cash flow represents the cash flow that Zalaris generates after capital investments in the Group's business operations have been made. Free cash flow is defined as operational cash flow.

2020

2019

2020

2019

2019

(NOK 1 000)

Jul-Sep

Jul-Sep

Jan-Sep

Jan-Sep

Jan-Dec

Net cash flow from operating activities

13 299

8 848

75 600

(8 216)

42 508

Investment in fixed and intangible assets

(5 039)

2 942

(12 310)

(8 408)

(25 462)

Free cash flow

8 259

11 790

63 290

(16 624)

17 046

22

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Net interest-bearing debt (NIBD)

Net interest-bearing debt (NIBD), consists of interest-bearing liabilities, less cash and cash equivalents.

The Group risk of default and financial strength is measured by the net interest-bearing debt.

(NOK 1 000) Cash and cash equivalents Interest-bearing loans and borrowings - long-term Interest bearing loans and borrowings - short-term Net interest-bearing debt (NIBD)

2020

2019

2019

30.Sep

30.Sep

31.des

116 251

64 812

82 448

(395 633)

(362 339)

(362 487)

(1 323)

(13 521)

(6 571)

(280 704)

(311 048)

(286 610)

Full time equivalents (FTEs)

The ratio of the total number of normal agreed working hours for all employees (part-time or full-time) by the number of normal full-time working hours in that period (i.e. one FTE is equivalent to one employee working full- time).

23

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Key Figures

(NOKm unless otherwise stated)

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Revenues

192,4

187,5

190,7

206,2

200,6

198,4

189,7

Revenue growth (YoY)

3,3 %

-0,7 %

8,2 %

6,2 %

4,3 %

5,8 %

-0,5 %

EBITDA adjusted

22,9

21,4

24,7

18,5

26,8

26,3

27,0

EBITDA margin

11,9 %

11,4 %

12,9 %

9,0 %

13,4 %

13,2 %

14,2 %

EBIT adjusted

9,3

7,5

8,9

4,5

13,4

12,1

13,3

EBIT margin

4,9 %

4,0 %

4,6 %

2,2 %

6,7 %

6,1 %

7,0 %

Profit Before Tax

7,6

(4,3)

(9,3)

(4,0)

(62,5)

27,2

(3,1)

Income Tax Expense

(1,4)

1,0

2,7

0,7

14,0

(4,7)

1,4

Net income

6,3

(3,3)

(6,6)

(3,3)

(48,6)

22,4

(1,8)

Profit margin

3,3 %

-1,8 %

-3,5 %

-1,6 %

-24,2 %

11,3 %

-0,9 %

Weighted # of shares outstanding (m)

19,9

19,9

19,8

19,7

19,6

19,6

19,6

Basic EPS (NOK)

0,31

(0,17)

(0,34)

(0,17)

(2,48)

1,14

(0,09)

Diluted EPS (NOK)

0,28

(0,17)

(0,34)

(0,17)

(2,48)

1,11

(0,09)

Cash flow items

Cash from operating activities

(22,0)

8,8

(8,2)

50,7

16,9

45,4

13,3

Investments

(4,2)

(7,1)

2,9

(17,1)

(3,7)

(3,6)

(5,0)

Net changes in cash and cash equi.

(37,2)

(9,4)

(5,4)

18,2

3,9

41,0

(14,0)

Cash and cash equivalents end of period

69,3

59,6

64,8

82,4

87,5

129,0

116,3

Net interest-bearing debt

299,0

308,7

311,0

286,6

344,5

277,9

280,7

Equity

105,3

100,1

101,6

92,2

95,9

101,5

108,1

Equity ratio

13,9 %

13,8 %

14,3 %

12,9 %

12,4 %

13,5 %

14,9 %

Number of FTE (Period End)

822

825

803

753

728

723

713

Segment overview*

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Revenues

192,4

187,5

190,7

206,2

200,6

198,4

189,7

Managed Services

136,2

133,9

130,4

153,2

142,3

137,1

127,4

Professional Services

56,1

53,7

60,3

53,0

58,3

61,3

62,4

EBIT

6,5

4,4

4,8

(1,6)

9,5

7,4

9,2

Managed Services

13,6

15,8

10,6

14,9

16,7

16,0

14,8

as % of revenue

10,0 %

11,8 %

8,2 %

9,7 %

11,8 %

11,7 %

11,6 %

Professional Services

8,7

3,5

9,1

(0,3)

6,3

4,1

6,8

as % of revenue

15,5 %

6,5 %

15,1 %

-0,6 %

10,8 %

6,7 %

11,0 %

Gr.ovhd & Unallocated

(15,8)

(14,9)

(15,0)

(16,2)

(13,6)

(12,7)

(12,4)

*Revenue from certain consulting services previously report as part of Managed Services have been moved to Professional Services

from 1 January 2020. Business development costs previously included within Group Overhead has been allocated to the business

segments from 1 January 2020. Comparable historical information has been updated accordingly.

24

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

IR contacts:

Hans-Petter Mellerud

CEO hans-petter.mellerud@zalaris.com+47 928 97 276

Gunnar Manum

CFO gunnar.manum@zalaris.com+47 951 79 190

Financial information

Interim report Q4 2020 to be published at a date to be announced.

All financial information is published on the Zalaris' website: http://www.zalaris.com/Investor-Relations/

Financial reports can also be ordered at ir@zalaris.com.

Zalaris ASA

PO Box1053 Hoff

0218 Oslo

Norway

25

Zalaris ASA Interim Report Q3 2020

www.zalaris.com

Attachments

  • Original document
  • Permalink

Disclaimer

Zalaris ASA published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 09:39:05 UTC