Atea Asa · OSL:ATEA
Atea Asa — Q3 2012 Earnings Presentation
46 slides from Atea Asa's earnings presentation, Oct 18, 2012
Slide 1: Q3 2012 presentation
18 October 2012 Q3 2012 presentation Claus Hougesen, CEO
Slide 2: Group – Q3 2012 highlights
Group – Q3 2012 highlights • Revenue of MNOK 4,450.5, up 9.0% in constant currency ‒ Organic growth of 5.6% in constant currency • EBITDA of MNOK 157.5, up 5.0% • EBITDA margin of 3.5%, down from 3.6% • Cash flow of MNOK 39.5, up MNOK 197.5 • Acquisition of Total Storage Solutions in Norway 2
Slide 3: Group – YTD 2012 highlights
Group – YTD 2012 highlights MNOK Q3 12 Q3 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 4,450.5 4,112.8 8.2% 14,609.4 13,708.5 6.6% EBITDA* 157.5 150.0 5.0% 473.9 496.2 -4.5% EBITDA margin 3.5% 3.6% - 3.2% 3.6% - * Before share based compensation and acquisition costs • YTD revenue of MNOK 14,609.4, up
Slide 4: Market update
Market update YTD 2012 organic growth vs. market growth 6,0% 5,7% 5,0% 5,1% 5,0% 4,2% 4,0% 3,3% 3,0% 2,0% 1,7% 1,0% 0,0% Products Services Total IDC* Atea** * Expected market growth in constant currency in Nordics in 2012; Source: IDC ** Organic growth in constant currency in Nordics in YTD 2012 • A
Slide 5: Software segment
Software segment Revenue and growth Gross profit and gross margin 160 +16.1% 140 10.0% 11.1% 120 11.9% 100 12.4% 14.2% +15.2% MNOK 80 15.1% +15.4% 132 139 60 105 94 86 40 79 20 - Q1 Q2 Q3 2011 2012 • Revenue of MNOK 603 up 15.4% – Revenue growth of 15.5% in constant currency adjusted for acquisition
Slide 6: Hardware segment
Hardware segment Revenue and growth Gross profit and gross margin 3 000 430 2 900 +0.1% +4.5% 420 14.4% 14.5% +5.5% 2 800 410 14.8% 2 700 400 390 13.7% 2 600 MNOK MNOK 2 897 380 2 500 2 894 370 416 420 2 400 2 842 2 832 12.7% 2 720 360 404 13.3% 2 683 2 300 388 350 2 200 340 357 360 2 100 330 2 000
Slide 7: Services segment
Services segment Revenue and growth Gross profit and gross margin 1 200 800 +7.6% +5.2% +12.0% 750 66.4% 1 000 68.7% 67.2% 700 67.3% 67.3% 800 650 MNOK MNOK 600 600 64.5% 1 113 994 1 046 1 035 1 016 718 739 907 550 695 684 400 670 500 585 200 450 - 400 Q1 Q2 Q3 Q1 Q2 Q3 2011 2012 2011 2012 • Revenue
Slide 8: Group – cash flow
Group – cash flow MNOK Q3 12 Q3 11 YTD 12 YTD 11 CF from operations 39.5 -158.0 -317.8 3.3 CF from capital expenditures -48.6 -53.2 -156.2 -124.3 CF from acquisitions -47.9 -6.0 -154.9 -69.4 CF from equity transactions 0.4 0.0 -479.4 -57.8 Net financial position -884.1 -599.5 -884.1 -599.5 • Q3 oper
Slide 9: Completed acquisitions
Completed acquisitions • Acquisitions within blue box in the Nordics and Baltics is part of the 30:15:1.8 plan • In 2012 Atea has completed 5 acquisitions with revenue of approx. MNOK 320 • In 2011 Atea completed 7 acquisitions with revenue of approx. MNOK 500 • In 2010 Atea completed 13 acquisition
Slide 10: Countries
Countries ATER
Slide 11: Norway – strong performance
Norway – strong performance MNOK Q3 12 Q3 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 1,505.4 1,237.1 21.7% 4,431.6 3,765.3 17.7% EBITDA* 60.7 55.0 10.4% 169.8 153.3 10.8% EBITDA margin 4.0% 4.4% - 3.8% 4.1% - * Before share based compensation and acquisition costs • Q3 revenue of MNOK 1,505.4, up 21
Slide 12: Denmark – strong margin
Denmark – strong margin MDKK Q3 12 Q3 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 1,169.4 1,201.2 -2.6% 3,948.6 3815.0 3.5% EBITDA* 56.9 50.0 13.8% 156.0 148.3 5.2% EBITDA margin 4.9% 4.2% - 4.0% 3.9% - * Before share based compensation and acquisition costs • Q3 revenue of MDKK 1,169.4, down 2.6% -
Slide 13: Sweden – revenue growth in challenging market
Sweden – revenue growth in challenging market MSEK Q3 12 Q3 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 1,616.4 1,476.3 9.5% 5,350.3 5,163.7 3.6% EBITDA* 29.2 37.1 -21.3% 132.9 170.1 -21.9% EBITDA margin 1.8% 2.5% - 2.5% 3.3% - * Before share based compensation and acquisition costs • Q3 revenue of M
Slide 14: Finland – on track towards new target
Finland – on track towards new target MEUR Q3 12 Q3 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 35.1 39.9 -11.9% 157.4 155.9 1.0% EBITDA* 0.1 0.9 -93.9% 0.8 3.7 -78.6% EBITDA margin 0.2% 2.3% - 0.5% 2.4% - * Before share based compensation and acquisition costs • Q3 revenue of MEUR 35.1, down 11.9% -
Slide 15: Baltic – strong performance
Baltic – strong performance MEUR Q3 12 Q3 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 19.6 10.0 96.8% 60.0 34.7 72.8% EBITDA* 1.0 0.4 143.5% 3.0 1.3 122.8% EBITDA margin 5.0% 4.0% - 5.0% 3.9% - * Before share based compensation and acquisition costs • Q3 revenue of MEUR 19.6, up 96.8% - Product reven
Slide 16: Ambition 2015
Ambition 2015 7.5:15:500 11:15:600 8:15:500 400:15:22 180:15:11 Local goals in local currencies 16
Slide 17: Summary
Summary • Revenue and earnings growth in a challenging market • Gaining market shares • Strong cash flow • Maintaining financial strength to grow further 17
Slide 18: Questions?
18 Questions? ATCA ATER
Slide 19: Q3 2012 Fact pack
Q3 2012 Fact pack ATER
Slide 20: Key numbers - Group (MNOK)
Key numbers - Group (MNOK) 30 Sep 2012 30 Jun 2012 Net financial position -884,1 -844,3 Interest bearing debt 1 046,1 888,9 Working capital 729,1 624,7 Working capital ratio 4,1 % 2,9 % Cash reserve 1 275,7 1 012,3 Equity 3 561,2 3 501,4 Goodwill/intangible assets 3 169,2 3 166,3 Equity ratio 42,1 %
Slide 21: Consolidated statement of financial position - Group (MNOK)
Consolidated statement of financial position - Group (MNOK) 30. sep. 30. sep. Year end (amounts in MNOK) 2012 2011 2011 ASSETS Property, plant and equipment 251,6 181,9 195,9 Deferred tax assets 503,2 469,8 503,2 Goodwill 2 849,3 2 805,0 2 833,8 Other intangible assets 319,9 314,8 334,8 Retirement b
Slide 22: Employees - Group
Employees - Group Net commited HC (own) rollforward 30 Sep 2012 30 Sep 2011 31 Dec 2011 Norway 1 622 1 362 1 488 Sweden 1 881 1 810 1 828 Denmark 1 516 1 392 1 420 Finland 341 330 335 Baltics 577 338 446 Logistics 177 170 178 Services & Software 181 99 130 Atea ASA 14 9 14 Atea Group 6 309 5 510 5 8
Slide 23: Financial performance – Segment (MNOK)
Financial performance – Segment (MNOK) Actual Proforma (amounts in MNOK) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Norway 1 280,9 1 247,4 1 237,1 2 044,0 1 401,8 1 524,5 1 505,4 1 358,1 1 320,0 1 312,1 2 086,1 1 421,0 1 546,2 1 510,9 Sweden 1 565,4 1 662,1 1
Slide 24: Income statement actual - Group (MNOK)
Income statement actual - Group (MNOK) Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 2 893,5 2 719,9 2 683,2 3 940,7 2 897,3 2 841,6 2 831,5 Total software revenue 760,0 1 193,0 522,6 1 388,5 875,6 1 384,8 603,3 Products revenue 3 653,5 3 912,9 3 20
Slide 25: Income statement proforma - Group (MNOK)
Income statement proforma - Group (MNOK) Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 2 998,2 2 817,0 2 775,0 4 014,7 2 933,2 2 867,7 2 833,1 Total software revenue 767,0 1 196,0 526,3 1 393,5 878,2 1 385,9 603,6 Products revenue 3 765,1 4 012,9
Slide 26: Income statement actual – Norway (MNOK)
Income statement actual – Norway (MNOK) Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 780,2 712,4 790,9 1 302,2 866,4 894,2 1 004,8 Total software revenue 155,2 186,8 135,6 366,3 179,4 261,0 154,6 Products revenue 935,4 899,2 926,5 1 668,5 1 045,8 1
Slide 27: Income statement proforma – Norway (MNOK)
Income statement proforma – Norway (MNOK) Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 829,3 761,2 843,6 1 317,3 878,1 908,8 1 006,6 Total software revenue 161,2 188,5 138,5 368,2 181,2 262,1 155,0 Products revenue 990,6 949,7 982,0 1 685,4 1 059
Slide 28: Income statement actual – Denmark (MDKK)
Income statement actual – Denmark (MDKK) Actual (amounts in DKK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 786,7 796,7 784,1 1 093,5 853,0 817,5 730,6 Total software revenue 131,6 344,4 140,6 264,4 144,6 372,9 138,6 Products revenue 918,2 1 141,1 924,7 1 357,9 997,6 1
Slide 29: Income statement proforma – Denmark (MDKK)
Income statement proforma – Denmark (MDKK) Proforma (amounts in DKK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 794,3 796,9 790,7 1 093,5 853,0 817,5 730,6 Total software revenue 131,9 344,9 140,7 265,3 145,4 372,9 138,6 Products revenue 926,3 1 141,8 931,4 1 358,7 998,
Slide 30: Income statement actual – Denmark (MNOK)
Income statement actual – Denmark (MNOK) Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 825,5 835,9 817,1 1 141,7 870,4 831,0 723,5 Total software revenue 138,1 361,4 146,0 276,0 147,6 379,5 135,5 Products revenue 963,6 1 197,3 963,1 1 417,7 1 017,9
Slide 31: Income statement proforma – Denmark (MNOK)
Income statement proforma – Denmark (MNOK) Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 833,6 836,1 823,9 1 141,6 870,4 831,0 723,5 Total software revenue 138,4 361,9 146,2 276,9 148,3 379,5 135,5 Products revenue 972,0 1 198,0 970,1 1 418,5 1 01
Slide 32: Income statement actual – Sweden (MSEK)
Income statement actual – Sweden (MSEK) Actual (amounts in SEK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 1 090,5 1 022,3 966,0 1 248,3 1 001,5 961,0 1 004,5 Total software revenue 319,5 502,7 181,3 673,3 304,9 640,5 255,2 Products revenue 1 410,0 1 525,0 1 147,3 1 921
Slide 33: Income statement proforma – Sweden (MSEK)
Income statement proforma – Sweden (MSEK) Proforma (amounts in SEK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 1 090,5 1 022,3 968,5 1 248,3 1 001,5 961,0 1 004,5 Total software revenue 319,5 502,7 181,3 673,3 304,9 640,5 255,2 Products revenue 1 410,0 1 525,0 1 149,7 1
Slide 34: Income statement actual – Sweden (MNOK)
Income statement actual – Sweden (MNOK) Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 962,7 886,7 818,8 1 067,9 858,3 815,3 879,5 Total software revenue 282,0 437,6 150,0 578,1 261,3 544,9 226,9 Products revenue 1 244,8 1 324,3 968,7 1 646,1 1 119,6
Slide 35: Income statement proforma – Sweden (MNOK)
Income statement proforma – Sweden (MNOK) Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 962,7 886,7 820,9 1 067,9 858,3 815,3 879,5 Total software revenue 282,0 437,6 150,0 578,1 261,3 544,9 226,9 Products revenue 1 244,8 1 324,3 970,8 1 646,1 1 1
Slide 36: Income statement actual – Finland (MEUR)
Income statement actual – Finland (MEUR) Actual (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 31,0 29,5 24,4 38,6 25,3 24,1 20,7 Total software revenue 22,8 23,5 11,0 20,1 37,1 24,6 9,4 Products revenue 53,8 53,1 35,4 58,7 62,4 48,7 30,1 Total services rev
Slide 37: Income statement proforma – Finland (MEUR)
Income statement proforma – Finland (MEUR) Proforma (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 31,0 29,5 24,4 38,6 25,3 24,1 20,7 Total software revenue 22,8 23,5 11,0 20,1 37,1 24,6 9,4 Products revenue 53,8 53,1 35,4 58,7 62,4 48,7 30,1 Total services
Slide 38: Income statement actual – Finland (MNOK)
Income statement actual – Finland (MNOK) Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 242,5 230,9 189,2 299,9 191,8 181,9 152,8 Total software revenue 178,3 184,2 84,9 156,0 281,3 185,8 66,7 Products revenue 420,8 415,1 274,1 455,9 473,1 367,7 219,
Slide 39: Income statement proforma – Finland (MNOK)
Income statement proforma – Finland (MNOK) Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 242,5 230,9 189,2 299,9 191,8 181,9 152,8 Total software revenue 178,3 184,2 84,9 156,0 281,3 185,8 66,7 Products revenue 420,8 415,1 274,1 455,9 473,1 367,7
Slide 40: Income statement actual – the Baltics (MEUR)
Income statement actual – the Baltics (MEUR) Actual (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 8,8 8,1 7,8 17,1 15,2 16,4 13,8 Total software revenue 0,8 2,9 0,7 1,6 1,0 1,8 2,6 Products revenue 9,7 11,0 8,5 18,7 16,2 18,2 16,5 Total services revenue 1,
Slide 41: Income statement proforma – the Baltics (MEUR)
Income statement proforma – the Baltics (MEUR) The Baltics Proforma (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 14,9 14,2 11,7 24,7 18,4 17,9 13,8 Total software revenue 0,9 3,0 0,8 1,9 1,0 1,8 2,6 Products revenue 15,8 17,2 12,5 26,6 19,4 19,8 16,5 Tota
Slide 42: Income statement actual – the Baltics (MNOK)
Income statement actual – the Baltics (MNOK) Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 69,1 63,1 60,7 133,0 115,6 123,8 102,0 Total software revenue 6,6 22,8 5,6 12,5 7,2 14,0 19,6 Products revenue 75,6 85,8 66,3 145,5 122,9 137,8 121,6 Total se
Slide 43: Income statement proforma – the Baltics (MNOK)
Income statement proforma – the Baltics (MNOK) Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 116,5 111,3 90,9 191,9 139,9 135,3 101,7 Total software revenue 7,2 23,5 6,3 14,8 7,2 14,0 19,6 Products revenue 123,7 134,8 97,1 206,6 147,1 149,3 121,3
Slide 44: Income statement actual – Shared services (MNOK)
Income statement actual – Shared services (MNOK)* Actual (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 781,1 763,5 895,0 977,7 762,9 793,6 921,3 Total software revenue 28,6 40,2 29,3 26,7 10,0 3,0 2,5 Products revenue 809,7 803,7 924,3 1 004,4 772,9 796,6
Slide 45: Income statement proforma – Shared services (MNOK)
Income statement proforma – Shared services (MNOK)* Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Total hardware revenue 781,1 763,5 895,0 977,7 762,9 793,6 921,3 Total software revenue 28,6 40,2 29,3 26,7 10,0 3,0 2,5 Products revenue 809,7 803,7 924,3 1 004,4 772,9 79
Slide 46: ATCR
ATCR