Atea Asa · OSL:ATEA
Atea Asa — Q2 2014 Earnings Presentation
48 slides from Atea Asa's earnings presentation, Jul 15, 2014
Slide 1: Q2 2014 presentation
15 July 2014 Q2 2014 presentation
Slide 2: Agenda
Agenda • Highlights • Financial performance • Dividends • Market outlook/trends
Slide 3: Q2 highlights
Q2 highlights • Revenue of NOK 5,981 million, up 8.7% • EBITDA of NOK 177 million, up 26.0% • EBITDA margin of 3.0%, up from 2.6% • Operational cash flow of NOK 449 million, up from NOK 158 million • Dividend pay-out of NOK 3 per share on 12 May
Slide 4: Group revenue
Group revenue Q2 growth H1 growth 5,981 11,866 +8.7% +12.1% NOK in million NOK in million 5,502 10,586 Q2 13 Q2 14 H1 13 H1 14
Slide 5: Group hardware revenue
Group hardware revenue Growth vs corresponding quarter last year 14.5 % 9.2 % 9.9 % 3.2 % Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 -3.2 % Margin development 13.6 % 12.8 % 12.7 % 12.2 % 11.9 % Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Slide 6: Group software revenue
Group software revenue Growth vs corresponding quarter last year 21.7 % 13.0 % 10.5 % 9.7 % 3.4 % Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Margin development 15.4 % 9.8 % 10.5 % 10.3 % 9.1 % Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Slide 7: Group services revenue
Group services revenue Growth vs corresponding quarter last year 13.1 % 11.4 % 9.7 % 6.5 % 0.8 % Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Margin development 67.7 % 68.1 % 66.0 % 65.7 % 66.1 % Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Slide 8: Group EBITDA
Group EBITDA Q2 growth H1 growth 177 358 +26.0% +27.1% NOK in million NOK in million 140 281 Q2 13 Q2 14 H1 13 H1 14
Slide 9: Norway
Norway Revenue EBITDA b +3,8% 1,615 b +27.0% 66 1,555 NOK in million NOK in million 52 Q2 13 Q2 14 Q2 13 Q2 14
Slide 10: Sweden
Sweden Revenue EBITDA +7.0% b +21.5% b 2,566 61 2,399 SEK in million 50 SEK in million Q2 13 Q2 14 Q2 13 Q2 14
Slide 11: Denmark
Denmark Revenue EBITDA +2.0% b +20.8% b 1,353 43 1,326 DKK in million DKK in million 35 Q2 13 Q2 14 Q2 13 Q2 14
Slide 12: Finland
Finland Revenue EBITDA +15.5% b 52 +11.1% b 0.6 0.5 EUR in million EUR in million 45 Q2 13 Q2 14 Q2 13 Q2 14
Slide 13: The Baltics
The Baltics Revenue EBITDA 20 -4.4% b 1.1 -29.7% b 20 EUR in million EUR in million 0.8 Q2 13 Q2 14 Q2 13 Q2 14
Slide 14: Group cash flow – YTD (NOK in million)
Group cash flow – YTD (NOK in million) 911 +373 308 -66 -163 -141 -224 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Slide 15: Dividends – NOK per share
Dividends – NOK per share 9.50 6.00 5.00 2.00 1.00 1.25 2009 2010 2011 2012 2013 2014
Slide 16: Profitable growth
Increased value to the customer Profitable growth Increase efficiency
Slide 17: The client shift
The client shift Consumerization “Choose Your Own Device programs represents the most radical shift in enterprise client computing since the introduction of the PC” – Gartner Group Mobility Aug. 2012 The big shift in operating systems Mobile OS PC OS Mobile OS Cloud Source: Gartner Group 2012
Slide 18: The third platform – The hybrid model
The third platform – The hybrid model Public Cloud Private Cloud Partner Cloud Dedicated services
Slide 19: Summary
Summary • Continued strong growth in revenue • High focus on operational efficiency • Strong growth in EBITDA • Strong cash flow and maintaining financial strength • Dividend payment of NOK 3 on 12 May and NOK 3 on 12 November
Slide 20: Q2 2014 Fact pack
Q2 2014 Fact pack ATCR
Slide 21: Key numbers - Group
Key numbers - Group Q2 Q2 H1 H1 Full year 2014 2013 2014 2013 2013 Operating revenue (NOK in million) 5,981.2 5,501.8 11,865.7 10,586.5 22,095.8 Gross margin (%) 23.0 24.1 23.2 24.4 24.1 EBITDA (NOK in million) * 177.0 140.5 357.5 281.2 800.3 EBITDA margin (%) * 3.0 2.6 3.0 2.7 3.6 EBIT (NOK in mill
Slide 22: Consolidated statement of financial position - Group
Consolidated statement of financial position - Group NOK in million 30 Jun 2014 30 Jun 2013 31 Dec 2013 ASSETS Property, plant and equipment 512.7 398.3 520.1 Deferred tax assets 557.9 580.2 557.6 Goodwill 3,111.9 3,010.7 3,132.4 Other intangible assets 296.5 347.7 325.6 Other long-term receivables
Slide 23: Full-time employees - Group
Full-time employees - Group Net committed workforce 30 Jun 2014 30 Jun 2013 Norway 1,580 1,700 Sweden 1,832 1,880 Denmark 1,293 1,426 Finland 343 353 Baltics 559 583 Logistics 204 193 Atea Global Services 333 237 Atea ASA 11 16 Atea Group 6,155 6,388
Slide 24: Financial performance actual – Segment (NOK million)
Financial performance actual – Segment (NOK million) (amounts in MNOK) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Norway 1,435.2 1,555.4 1,498.2 2,080.7 1,569.6 1,614.6 Sweden 1,784.5 2,128.6 1,589.5 2,447.7 2,137.6 2,332.6 Denmark 1,331.6 1,354.8 1,169.4 1,748.9 1,548.3 1,487.6 Finland 423.9 340.7 261.4 3
Slide 25: Financial performance proforma – Segment (NOK million)
Financial performance proforma – Segment (NOK million) (amounts in MNOK) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Norway 1,448.2 1,555.4 1,498.2 2,067.7 1,569.6 1,614.6 Sweden 1,801.7 2,128.8 1,589.7 2,447.8 2,137.6 2,332.6 Denmark 1,331.6 1,354.8 1,169.4 1,748.9 1,548.3 1,487.6 Finland 437.7 356.9 273.9
Slide 26: Income statement actual - Group (NOK million)
Income statement actual - Group (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 2,868.5 2,757.6 2,929.3 3,908.0 3,283.1 3,030.7 Total software revenue 1,107.3 1,530.3 661.5 1,552.6 1,347.3 1,728.6 Products revenue 3,975.7 4,287.9 3,590.8 5,460.6 4,63
Slide 27: Income statement proforma - Group (NOK million)
Income statement proforma - Group (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 2,896.9 2,771.4 2,941.9 3,915.5 3,295.9 3,030.6 Total software revenue 1,111.5 1,533.4 663.6 1,556.5 1,349.7 1,728.6 Products revenue 4,008.5 4,304.8 3,605.6 5,472.0 4,
Slide 28: Income statement actual – Norway (NOK million)
Income statement actual – Norway (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 783.2 896.0 947.3 1,287.8 925.4 910.5 Total software revenue 256.7 248.1 201.1 366.2 257.2 312.3 Products revenue 1,039.9 1,144.2 1,148.4 1,654.0 1,182.6 1,222.8 Total s
Slide 29: Income statement proforma – Norway (NOK million)
Income statement proforma – Norway (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 794.0 896.0 947.3 1,276.9 925.4 910.5 Total software revenue 256.7 248.1 201.1 366.2 257.2 312.3 Products revenue 1,050.8 1,144.2 1,148.4 1,643.2 1,182.6 1,222.8 Total
Slide 30: Income statement actual – Denmark (DKK million)
Income statement actual – Denmark (DKK million) (amounts in DKK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 819.5 700.4 702.2 977.4 850.0 740.5 Total software revenue 223.9 320.0 109.5 275.6 223.3 305.7 Products revenue 1,043.4 1,020.4 811.7 1,253.0 1,073.3 1,046.2 Total serv
Slide 31: Income statement proforma – Denmark (DKK million)
Income statement proforma – Denmark (DKK million) (amounts in DKK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 819.5 700.4 702.2 977.4 850.0 740.5 Total software revenue 223.9 320.0 109.5 275.6 223.3 305.7 Products revenue 1,043.4 1,020.4 811.7 1,253.0 1,073.3 1,046.2 Total se
Slide 32: Income statement actual – Denmark (NOK million)
Income statement actual – Denmark (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 816.4 716.9 748.8 1,066.5 950.7 813.3 Total software revenue 223.0 325.6 122.3 301.3 249.8 336.9 Products revenue 1,039.5 1,042.5 871.2 1,367.8 1,200.5 1,150.2 Total se
Slide 33: Income statement proforma – Denmark (NOK million)
Income statement proforma – Denmark (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 816.4 716.9 748.8 1,066.5 950.7 813.3 Total software revenue 223.0 325.6 122.3 301.3 249.8 336.9 Products revenue 1,039.5 1,042.5 871.2 1,367.8 1,200.5 1,150.2 Total
Slide 34: Income statement actual – Sweden (SEK million)
Income statement actual – Sweden (SEK million) (amounts in SEK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 1,169.7 1,007.7 1,069.5 1,320.1 1,184.4 1,107.8 Total software revenue 440.2 912.2 261.3 784.6 596.3 975.8 Products revenue 1,609.9 1,919.9 1,330.8 2,104.6 1,780.7 2,083
Slide 35: Income statement proforma – Sweden (SEK million)
Income statement proforma – Sweden (SEK million) (amounts in SEK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 1,175.6 1,007.7 1,069.5 1,320.1 1,184.4 1,107.8 Total software revenue 442.2 912.2 261.3 784.6 596.3 975.8 Products revenue 1,617.8 1,919.9 1,330.8 2,104.6 1,780.7 2,0
Slide 36: Income statement actual – Sweden (NOK million)
Income statement actual – Sweden (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 1,023.6 896.9 977.8 1,221.2 1,116.1 1,003.3 Total software revenue 385.2 807.6 247.6 722.9 561.9 891.7 Products revenue 1,408.8 1,704.5 1,225.3 1,944.1 1,678.0 1,895.0 T
Slide 37: Income statement proforma – Sweden (NOK million)
Income statement proforma – Sweden (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 1,028.8 896.9 977.8 1,221.3 1,116.1 1,003.3 Total software revenue 387.0 807.6 247.6 722.9 561.9 891.7 Products revenue 1,415.7 1,704.5 1,225.4 1,944.2 1,678.0 1,895.0
Slide 38: Income statement actual – Finland (EUR million)
Income statement actual – Finland (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 20.6 20.1 18.3 23.1 21.0 24.4 Total software revenue 31.6 19.2 9.2 15.9 32.4 21.6 Products revenue 52.2 39.3 27.5 39.0 53.4 45.9 Total services revenue 4.9 5.3 4.8 5.9
Slide 39: Income statement proforma – Finland (EUR million)
Income statement proforma – Finland (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 21.9 21.6 19.4 24.8 22.6 24.4 Total software revenue 31.9 19.6 9.5 16.3 32.7 21.6 Products revenue 53.8 41.1 28.9 41.1 55.3 45.9 Total services revenue 5.1 5.6 5.0 6.
Slide 40: Income statement actual – Finland (NOK million)
Income statement actual – Finland (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 153.0 153.3 145.9 189.0 175.5 200.2 Total software revenue 234.4 147.1 77.5 132.5 270.5 176.3 Products revenue 387.5 300.4 223.5 321.5 446.0 376.5 Total services revenu
Slide 41: Income statement proforma – Finland (NOK million)
Income statement proforma – Finland (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 162.7 164.3 154.8 202.9 188.3 200.1 Total software revenue 237.0 150.1 79.7 136.4 273.0 176.3 Products revenue 399.6 314.5 234.5 339.3 461.3 376.3 Total services reve
Slide 42: Income statement actual – the Baltics (EUR million)
Income statement actual – the Baltics (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 12.3 13.1 13.7 17.8 12.5 12.1 Total software revenue 3.6 2.1 2.6 3.4 3.9 3.3 Products revenue 15.9 15.2 16.2 21.2 16.4 15.4 Total services revenue 3.4 5.2 4.8 4.9 3
Slide 43: Income statement proforma – the Baltics (EUR million)
Income statement proforma – the Baltics (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 12.7 13.5 14.1 18.4 12.5 12.1 Total software revenue 3.6 2.1 2.6 3.4 3.9 3.3 Products revenue 16.2 15.6 16.7 21.8 16.4 15.4 Total services revenue 3.4 5.2 4.9 5.0
Slide 44: Income statement actual – the Baltics (NOK million)
Income statement actual – the Baltics (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 91.4 99.8 108.1 144.7 104.2 99.4 Total software revenue 26.4 16.4 20.6 27.9 32.7 26.7 Products revenue 117.8 116.1 128.7 172.6 136.9 126.0 Total services revenue 25
Slide 45: Income statement proforma – the Baltics (NOK million)
Income statement proforma – the Baltics (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 94.1 102.4 111.7 149.1 104.2 99.4 Total software revenue 26.4 16.4 20.6 27.9 32.7 26.7 Products revenue 120.5 118.8 132.4 177.0 136.9 126.0 Total services revenue
Slide 46: Income statement actual – Shared services (NOK million)
Income statement actual – Shared services (NOK million)* (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 887.1 747.1 957.1 1,081.9 983.3 927.1 Total software revenue 1.9 2.6 1.1 2.0 2.2 2.1 Products revenue 888.9 749.7 958.2 1,083.9 985.6 929.2 Total services reve
Slide 47: Income statement proforma – Shared services (NOK million)
Income statement proforma – Shared services (NOK million)* (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total hardware revenue 887.1 747.1 957.1 1,081.9 983.3 927.1 Total software revenue 1.9 2.6 1.1 2.0 2.2 2.1 Products revenue 888.9 749.7 958.2 1,083.9 985.6 929.2 Total services re
Slide 48: ATCA
ATCA