31.5.2022 08:00:01 CEST | EcoOnline | Annual financial and audit reports

Oslo, 31 May 2022 EcoOnline Holding AS ("EcoOnline" or the "Company") release
its 2021 Annual Report. The 2021 Annual Report is, as communicated in the Q4
2021 report, prepared in accordance with International Financial Reporting
Standards (IFRS).

2021 was a year of significant developments for EcoOnline in terms of business
expansion, technology and product development, organizational evolution, and
financial positioning. Annual Recurring Revenue (ARR) reached NOK 434 million, a
state-of-the-art industry agnostic Environmental, Health and Safety (EHS)
platform including many new key features was launched, and the organization was
strengthened by more than 150 employees - all contributing to strong growth and
the creation of a solid foundation for further expansion and scaling. NOK 365
million in cash at year-end and a credit facility of EUR 114.5 million to fund
further potential acquisitions ensured a strong financial position.

Total revenue and other operating income amounted to NOK 425.9 million, with a
loss before depreciation and amortization (EBITDA) of NOK 14.8 million and an
operating loss (EBIT) of NOK 116.7 million. Loss before tax was NOK 139.6
million, whereas net loss for the year amounted to NOK 130.9 million.

The main effect on the profit and loss account for 2021 of the IFRS adoption was
an increase in revenue of NOK 4.6 million, a reduction in operating expenses of
NOK 0.8 million, a reduction in depreciation of NOK 136.6, and an increase in
financial costs of NOK 2.3 million. As a result, the EBITDA was NOK 5.4 million
stronger under IFRS than under NGAAP whereas EBIT was improved by NOK 142.0
million. Loss before tax was improved by NOK 139.7 under IFRS, whereas the net
loss was NOK 140.1 million stronger under IFRS than under NGAAP. The full
effects of the transition from NGAAP to IFRS on equity and financial position,
cash flows, and the consolidated statement of profit and loss are explained in
detail in the notes in Section 8 -Changes in accounting policies.

The 2021 Annual Report is attached and available on the Company's Investor
Relations - https://www.ecoonline.com/investor-relations website.

DISCLOSURE REGULATION

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

CONTACTS

 * Siw Ødegaard, CFO and Head of IR at EcoOnline, +47 957 59 848,
   siw.odegaard@ecoonline.com 

ABOUT ECOONLINE

EcoOnline is a European EHSQ SaaS market leader dedicated to developing software
creating safer & sustainable workplaces while ensuring compliance and
environmental sustainability. EcoOnline has offered a positive contribution to
customers and society since its inception and is a leader in the Nordics, UK and
Ireland with customers also in the US and many other countries. The company has
a clear history of successfully acquiring and integrating companies with same
level of employee engagement as EcoOnline.

ATTACHMENTS

EcoOnline Holding AS_2021 Annual Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847687/1499/2055/EcoOnline%20Holding%20A
S_2021%20Annual%20Report.pdf