Slide 1: Q1 2024 Presentation
Q1 2024 Presentation April 25, 2024
Slide 2: Highlights – Q1 2024
Highlights – Q1 2024 Revenue of NOK 7.6 billion Gross profit of NOK 2.6 billion Down 12.5% y-o-y Up 1.9% y-o-y EBIT EBIT of NOK 256 million Net profit of NOK 192 million Up 2.2% y-o-y Up 9.6% y-o-y
Slide 3: Income Statement – Q1 2024
Income Statement – Q1 2024 • EBIT growth driven by increased software and services revenue and higher gross margin • Hardware revenue falls from very strong comparable period last year Growth Growth 2 yr. CURRENCY: MNOK Q1 2022 Q1 2023 Q1 2024 2022-23 2023-24 CAGR Gross Sales 10,085 12,201 11,399 21
Slide 4: Business unit performance – Q1 2024
Business unit performance – Q1 2024 • Slower hardware shipments and higher gross margin in all countries • EBIT growth in all countries except Denmark and Finland Revenue Gross Margin EBIT Currency: Local in million Q1 2024 Q1 2023 Growth% Q1 2024 Q1 2023 Q1 2024 Q1 2023 Growth% Norway, NOK 1,900 1,
Slide 5: Cash flow from operations – Q1 2024
Cash flow from operations – Q1 2024 • Cash flow from operations was an outflow of NOK 903 million, in line with historic seasonal trends 2,500 • Operating cash flow is typically negative in the first quarter, 2,000 based on seasonally higher working capital requirements 1,500 1,000 2019 • Cash colle
Slide 6: Net financial position
CURRENCY: MNOK 31-Mar 2024 31-Mar 2023 Interest-bearing liabilities -947 -518 Net Cash and cash equivalents 830 1,053 financial Net financial position* -117 535 position EBITDA - rolling 4 Q* 1,950 1,899 Net debt / EBITDA, end of quarter (ratio) 0.1 -0.3 Net debt of Loan covenant: NOK 117 million -
Slide 7: Revenue growth (2022 – 2024, by quarter)
Revenue growth (2022 – 2024, by quarter) Key trends Q3 2022 – Q2 2023: • Exceptionally high revenue growth in “post-pandemic” period, with return to the workplace and easing of supply constraints Q3 2023 – Q1 2024: • Negative growth rates from prior year as sales volumes return to long-term trendlin
Slide 8: New frame agreements in Denmark
SKI 50.03 Servers and Storage • Public frame agreement for servers / storage, plus related software and services • Obligatory for central government ministries, as well as regions and municipalities • Term of agreement is two years + option to extend for an additional two years • Maximum value of DK
Slide 9: Increased public spending on defense
Increased public spending on defense Atea is a key IT supplier for all major IT budgets for defense departments will also defense departments in the Nordic and increase significantly, with investments in Baltics countries new capabilities and communication All Nordic / Baltic countries have announce
Slide 10: IT security & NIS 2 directive
IT security has become a top investment priority for organizations as threats of cyberattacks and data IT security & breaches continue to grow. An additional driver of IT security investment is the NIS 2 directive Network and Information Systems 2 (NIS 2) directive, which must be adopted into local
Slide 11: Windows 10 end-of-life
Windows 10 end-of-life Microsoft has announced that they will end Many existing PCs do not meet the strict hardware support for Windows 10 by October 14, 2025. compatibility requirements of Windows 11 and are unable to make the upgrade from Windows 10 (approximately 7 million PCs in Nordics). From t
Slide 12: AI Opportunities
AI Opportunities Software and cloud is where most Consulting services is driven by getting customers start their AI journey the customers data ready to meet AI For many customers, their infrastructure Microsoft Cloud for Sovereignty is an important needs massive upgrades to utilize AI solution for t
Slide 13: Revenue / EBIT – rolling 4 quarters
Revenue / EBIT – rolling 4 quarters • Business remains on solid path; return to faster growth rates during 2024 Revenue MNOK EBIT MNOK 38,000 1,400 36,000 1,300 34,000 1,200 32,000 1,100 30,000 1,000 28,000 900 26,000 800 24,000 22,000 700 20,000 600 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q
Slide 14: We build the future with IT.
We build the future with IT.
Slide 15: Q1 2024 Presentation – Fact pack
Q1 2024 Presentation Fact pack April 25, 2024
Slide 16: Highlights – Group
Highlights – Group Q1 Q1 Full year NOK in million 2024 2023 2023 Gross sales 11,399 12,201 51,938 Revenue 7,606 8,692 34,704 Gross profit 2,556 2,508 10,249 EBIT 256 250 1,244 EBIT margin (%) 3.4% 2.9% 3.6% Net profit 192 175 800 Earnings per share (NOK) 1.72 1.58 7.22 Diluted earnings per share (NO
Slide 17: Consolidated statement of financial position – Group
Consolidated statement of financial position – Group NOK in million 31 Mar 2024 31 Mar 2023 31 Dec 2023 ASSETS Property, plant and equipment 518 553 514 Right-of-use assets 1,368 1,296 1,314 Deferred tax assets 223 211 209 Goodwill 4,429 4,367 4,336 Other intangible assets 590 501 572 Other long-ter
Slide 18: Full-time employees – Group
Full-time employees – Group FTEs, end of period 31 Mar 2024 31 Mar 2023 Norway 1,767 1,781 Sweden 2,681 2,762 Denmark 1,503 1,502 Finland 557 558 Baltics 760 720 Logistics 261 292 Atea Global Services 523 524 Atea ASA 9 9 AppXite 58 53 Atea Group 8,118 8,202
Slide 19: Financial performance actual – Segment
Financial performance actual – Segment NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Norway 1,874.7 2,035.0 2,081.9 2,296.6 1,900.1 Sweden 3,171.3 3,536.1 2,739.5 3,397.8 2,909.4 Denmark 2,310.0 1,920.1 1,651.0 2,224.2 1,615.9 Finland 971.9 1,018.6 852.0 945.8 857.9 The Baltics 360.4 377.3 425.6 546.
Slide 20: Financial performance pro forma – Segment
Financial performance pro forma – Segment NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Norway 1,874.7 2,035.0 2,081.9 2,296.6 1,900.1 Sweden 3,171.3 3,536.1 2,739.5 3,397.8 2,909.4 Denmark 2,310.0 1,920.1 1,651.0 2,224.2 1,615.9 Finland 971.9 1,018.6 852.0 945.8 857.9 The Baltics 360.4 377.3 425.6 5
Slide 21: Income statement actual – Group (NOK million)
Income statement actual – Group (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Hardware 6,146.4 6,139.5 5,377.2 6,466.9 4,950.1 Software 3,717.4 5,956.8 3,072.8 5,144.4 4,010.4 Product sales 9,863.9 12,096.3 8,450.0 11,611.3 8,960.5 Services sales 2,336.9 2,561.2 2,234.7 2,784.3 2,438.6
Slide 22: Income statement pro forma – Group (NOK million)
Income statement pro forma – Group (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Hardware 6,146.4 6,139.5 5,377.2 6,466.9 4,950.1 Software 3,717.4 5,956.8 3,072.8 5,144.4 4,010.4 Product sales 9,863.9 12,096.3 8,450.0 11,611.3 8,960.5 Services sales 2,336.9 2,561.2 2,234.7 2,784.3 2,438
Slide 23: Income statement actual – Norway (NOK million)
Income statement actual – Norway (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 2,083.6 2,338.7 2,308.8 2,958.2 2,176.0 Services sales 610.8 635.7 557.5 668.4 616.8 Gross sales 2,694.4 2,974.3 2,866.4 3,626.6 2,792.7 Product margin (%) 11.3% 10.9% 10.5% 10.2% 11.7% Services
Slide 24: Income statement actual – Sweden (SEK million)
Income statement actual – Sweden (SEK million) SEK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 4,022.0 5,278.5 3,207.4 4,635.0 3,912.0 Services sales 897.9 984.4 824.3 1,071.3 903.6 Gross sales 4,919.8 6,262.9 4,031.8 5,706.3 4,815.6 Product margin (%) 10.6% 8.7% 11.2% 9.7% 11.0% Services
Slide 25: Income statement actual – Sweden (NOK million)
Income statement actual – Sweden (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 3,944.3 5,347.8 3,080.7 4,701.5 3,956.8 Services sales 880.6 1,000.0 796.8 1,085.4 915.2 Gross sales 4,824.9 6,347.8 3,877.5 5,786.9 4,872.0 Product margin (%) 10.6% 8.7% 11.2% 9.7% 11.0% Servic
Slide 26: Income statement actual – Denmark (DKK million)
Income statement actual – Denmark (DKK million) DKK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 1,651.6 1,899.7 1,076.9 1,559.9 1,090.9 Services sales 395.9 399.6 395.7 453.7 408.6 Gross sales 2,047.4 2,299.4 1,472.6 2,013.6 1,499.4 Product margin (%) 9.2% 7.0% 10.4% 9.1% 10.2% Services m
Slide 27: Income statement actual – Denmark (NOK million)
Income statement actual – Denmark (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 2,437.4 2,961.3 1,652.3 2,436.5 1,668.9 Services sales 584.2 625.1 605.5 707.2 625.7 Gross sales 3,021.6 3,586.4 2,257.8 3,143.7 2,294.6 Product margin (%) 9.2% 7.0% 10.4% 9.1% 10.2% Services m
Slide 28: Income statement actual – Finland (EUR million)
Income statement actual – Finland (EUR million) EUR in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 98.8 101.0 93.9 89.6 78.9 Services sales 12.3 12.9 12.0 15.0 13.5 Gross sales 111.1 113.9 105.9 104.6 92.5 Product margin (%) 9.6% 11.1% 9.9% 10.9% 11.8% Services margin (%) 59.6% 51.4% 55.4% 5
Slide 29: Income statement actual – Finland (NOK million)
Income statement actual – Finland (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 1,084.9 1,176.8 1,071.4 1,046.0 902.1 Services sales 135.3 150.4 137.2 174.4 154.6 Gross sales 1,220.3 1,327.2 1,208.6 1,220.4 1,056.7 Product margin (%) 9.6% 11.0% 9.9% 10.9% 11.8% Services ma
Slide 30: Income statement actual – Baltic (EUR million)
Income statement actual – Baltic (EUR million) EUR in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 31.7 22.7 28.5 36.7 25.5 Services sales 13.4 14.4 13.8 16.3 13.9 Gross sales 45.1 37.0 42.3 53.0 39.3 Product margin (%) 10.7% 14.1% 12.0% 13.7% 11.2% Services margin (%) 58.8% 56.8% 60.5% 63.4%
Slide 31: Income statement actual – Baltic (NOK million)
Income statement actual – Baltic (NOK million) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 348.5 267.1 325.0 425.6 290.6 Services sales 147.3 167.3 156.8 189.5 158.4 Gross sales 495.8 434.4 481.8 615.1 449.0 Product margin (%) 10.7% 14.0% 12.0% 13.7% 11.2% Services margin (%) 58.8% 56
Slide 32: Income statement actual – Group Shared Services (MNOK)
Income statement actual – Group Shared Services* (MNOK) NOK in million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Product sales 1,867.0 1,899.4 1,894.0 2,216.3 1,640.4 Services sales 238.3 265.1 265.5 282.3 296.2 Gross sales 2,105.3 2,164.6 2,159.6 2,498.7 1,936.6 Product margin (%) 2.2% 1.9% 1.6% 2.4% 2.2% Serv