Atea Asa · OSL:ATEA
Atea Asa — Q1 2012 Earnings Presentation
34 slides from Atea Asa's earnings presentation, Apr 26, 2012
Slide 1: Q1 2012 presentation
April 26, 2012 Q1 2012 presentation Claus Hougesen, CEO
Slide 2: Group – Q1 2012 highlights
Group – Q1 2012 highlights • Revenue of MNOK 4,819.2, up 6.1% in constant currency ‒ Organic growth of 4.0% in constant currency • EBITDA of MNOK 162.7, up 1.0% • EBITDA margin of 3.4%, down from 3.5% • Acquisition of BMK in Lithuania and Nworks in Denmark 2
Slide 3: Atea continues to gain market share
Atea continues to gain market share Q1 2012 organic growth vs. market growth 20,0% 17,2% 15,0% 10,0% 5,9% 5,0% 3,7% 0,1% 0,0% -0,7% -1,0% -1,7% -5,0% -2,9% Hardware Software Services Total Blue Box market* Atea** * Market growth in constant currency in Nordics; Source: IDC ** Organic growth in const
Slide 4: IDC Market update 2011-2013
IDC Market update 2011-2013 Note: Market growth in constant currency in Nordics; Source: IDC • Tough market conditions in second half of 2011 and first half of 2012 • IDC expects that the market will rebound in the second half of 2012 • Expected full year growth of 1.4% in 2012 and 3.2% in 2013
Slide 5: Atea services organic growth
Atea services organic growth Note: Organic growth in consulting and services revenue in constant currency • Q1 growth of 5.4% y-o-y in constant currency – Recurring revenue grew 12.3% in constant currency in Q1 – Signed several new long term service agreements in Q1
Slide 6: Group – cash flow
Group – cash flow MNOK Q1 2012 Q1 2011 CF from operations -421.5 -70.1 CF from capital expenditures -50.7 -31.5 CF from acquisitions -64.1 -53.4 CF from equity transactions 11.2 23.9 Net debt position 299.7 503.4 • Net debt position of MNOK 299.7 end of Q1 2012 compared to MNOK 503.4 end of Q1 2011
Slide 7: 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 2 acquisitions with revenue of approx. MNOK 140 • In 2011 Atea completed 7 acquisitions with revenue of approx. MNOK 500 • In 2010 Atea completed 13 acquisition
Slide 8: Countries
Countries ATER
Slide 9: Norway – strong performance
Norway – strong performance MNOK Q1 12 Q1 11 y-o-y Total revenue 1,401.8 1,280.9 9.4% EBITDA* 51.6 46.1 11.9% EBITDA margin 3.7% 3.6% - EBIT 36.6 32.7 12.0% * Before share based compensation and acquisition costs • Q1 revenue of MNOK 1,401.8, up 9.4% - Product revenue up 11.8% - Services revenue up
Slide 10: Denmark – strong growth in revenue
Denmark – strong growth in revenue MDKK Q1 12 Q1 11 y-o-y Total revenue 1,283.7 1,187.5 8.1% EBITDA* 55.4 53.2 4.1% EBITDA margin 4.3% 4.5% - EBIT 29.8 30.7 -2.8% * Before share based compensation and acquisition costs • Q1 revenue of MDKK 1,283.7, flat y-o-y - Product revenue up 8.6% - Services rev
Slide 11: Sweden – Strong services growth
Sweden – Strong services growth MSEK Q1 12 Q1 11 y-o-y Total revenue 1,706.7 1,773.3 -3.8% EBITDA* 57.1 57.0 0.2% EBITDA margin 3.3% 3.2% - EBIT 45.3 49.5 -8.5% * Before share based compensation and acquisition costs • Q1 revenue of MSEK 1,706.7, down 3.8% - Product revenue down 7.3% - Services reve
Slide 12: Finland – Strong revenue growth
Finland – Strong revenue growth MEUR Q1 12 Q1 11 y-o-y Total revenue 67.9 58.1 16.8% EBITDA* 0.1 1.1 - EBITDA margin 0.2% 1.8% - EBIT -0.5 0.7 - * Before share based compensation and acquisition costs • Q1 revenue of MEUR 67.9, up 16.8% - Product revenue down 15.9% - Services revenue up 27.7% • Q1 E
Slide 13: Baltic – Strong performance
Baltic – Strong performance MEUR Q1 12 Q1 11 y-o-y Total revenue 18.0 11.6 55.6% EBITDA* 0.9 0.4 121.3% EBITDA margin 5.0% 3.5% - EBIT 0.5 0.0 - * Before share based compensation and acquisition costs • Q1 revenue of MEUR 18.0, up 55.6% - Product revenue up 67.5% - Services revenue down 4.5% • Q1 EB
Slide 14: Group – Summary of financials
Group – Summary of financials MNOK Q1 12 Q1 11 y-o-y Total revenue 4,819.2 4,647.9 3.7% EBITDA* 162.7 161.1 1.0% EBITDA margin 3.4% 3.5% - EBIT 101.8 109.7 -7.2% * Before share based compensation and acquisition costs • Q1 revenue of MNOK 4,819.2, up 3.7% - Product revenue up 3.3% - Services revenue
Slide 15: 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 15
Slide 16: Summary
Summary • Gaining market shares • Maintaining financial strength to grow further • Board suggests to pay dividend of NOK 5 per share 16
Slide 17: Questions?
17 Questions? ATCA ATER
Slide 18: Q1 2012 Fact pack
Q1 2012 Fact pack ATER
Slide 19: Financial position - Group (MNOK)
Financial position - Group (MNOK) (amounts in MNOK) 31.03.2012 31.12.2011 Net financial position -299,7 283,2 Interest bearing debt 471,6 232,7 Working capital 550,0 -22,1 Working capital ratio 2,9 % -0,1 % Cash reserve 1 191,9 2 061,0 Equity 3 929,9 3 885,4 Goodwill/intangible assets 3 132,6 3 168,
Slide 20: Consolidated statement of financial position - Group (MNOK)
Consolidated statement of financial position - Group (MNOK) 31. mar. 31. mar. Year end (amounts in MNOK) Note 2012 2011 2011 ASSETS Property, plant and equipment 214,0 162,6 195,9 Deferred tax assets 503,2 470,0 503,2 Goodwill 2 809,5 2 787,1 2 833,8 Other intangible assets 323,1 335,1 334,8 Retirem
Slide 21: Employees - Group
Employees - Group Net commited HC (own) rollforward 31 Mar 2012 31 Mar 2011 31 Dec 2011 Norway 1 528 1 361 1 488 Sweden 1 844 1 757 1 828 Denm ark 1 436 1 360 1 420 Finland 347 316 335 Baltics 509 349 446 Logistics 180 160 178 Services & Software 140 75 130 Atea ASA 13 8 14 Atea Group 5 997 5 386 5
Slide 22: Income statement - Group (MNOK)
Income statement - Group (MNOK) Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 2 893,5 2 719,9 2 683,2 3 940,7 2 897,3 2 978,3 2 795,0 2 755,6 3 980,6 2 911,6 Total software revenue 760,0 1 193,0 522,6 1 388,5 875,6 763,6 1
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 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Norway 1 280,9 1 247,4 1 237,1 2 044,0 1 401,8 1 332,0 1 299,0 1 292,9 2 049,5 1 401,8 Sweden 1 565,4 1 662,1 1 247,2 2 041,1 1 462,7 1 565,4 1 662,1 1 250,7 2 041,1 1
Slide 24: Income statement – Norway (MNOK)
Income statement – Norway (MNOK) Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 780,2 712,4 790,9 1 302,2 866,4 817,5 752,1 835,0 1 305,1 866,4 Total software revenue 155,2 186,8 135,6 366,3 179,4 158,3 187,6 135,6 366,3 17
Slide 25: Income statement – Denmark (MDKK)
Income statement – Denmark (MDKK) Actual Proforma (amounts in DKK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 786,7 796,7 784,1 1 093,5 853,0 794,2 796,7 790,5 1 093,5 853,0 Total software revenue 131,6 344,4 140,6 264,4 144,6 131,6 344,4 140,6 264,4 1
Slide 26: Income statement – Denmark (MNOK)
Income statement – Denmark (MNOK) Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 825,5 835,9 817,1 1 141,7 870,4 833,4 835,9 823,7 1 141,7 870,4 Total software revenue 138,1 361,4 146,0 276,0 147,6 138,1 361,4 146,0 276,0 1
Slide 27: Income statement – Sweden (MSEK)
Income statement – Sweden (MSEK) Actual Proforma (amounts in SEK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 1 090,5 1 022,3 966,0 1 248,3 1 001,5 1 090,5 1 022,3 968,5 1 248,3 1 001,5 Total software revenue 319,5 502,7 181,3 673,3 304,9 319,5 502,7 18
Slide 28: Income statement – Sweden (MNOK)
Income statement – Sweden (MNOK) Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 962,7 886,7 818,8 1 067,9 858,3 962,7 886,7 820,9 1 067,9 858,3 Total software revenue 282,0 437,6 150,0 578,1 261,3 282,0 437,6 150,0 578,1 26
Slide 29: Income statement – Finland (MEUR)
Income statement – Finland (MEUR) Actual Proforma (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 31,0 29,5 24,4 38,6 25,3 31,0 29,5 24,4 38,6 25,3 Total software revenue 22,8 23,5 11,0 20,1 37,1 22,8 23,5 11,0 20,1 37,1 Products revenue 53
Slide 30: Income statement – Finland (MNOK)
Income statement – Finland (MNOK) Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 242,5 230,9 189,2 299,9 191,8 242,5 230,9 189,2 299,9 191,8 Total software revenue 178,3 184,2 84,9 156,0 281,3 178,3 184,2 84,9 156,0 281,3 P
Slide 31: Income statement – the Baltics (MEUR)
Income statement – the Baltics (MEUR) Actual Proforma (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 8,8 8,1 7,8 17,1 15,2 13,9 12,6 10,3 21,9 17,1 Total software revenue 0,8 2,9 0,7 1,6 1,0 0,9 3,0 0,8 1,9 1,0 Products revenue 9,7 11,0 8,
Slide 32: Income statement – the Baltics (MNOK)
Income statement – the Baltics (MNOK) Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 69,1 63,1 60,7 133,0 115,6 108,6 98,5 80,1 170,0 129,9 Total software revenue 6,6 22,8 5,6 12,5 7,2 7,2 23,5 6,3 14,8 7,2 Products revenue
Slide 33: Income statement – Shared services (MNOK)
Income statement – Shared services (MNOK) * Actual Proforma (amounts in NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Total hardware revenue 779,7 762,2 892,9 975,3 762,9 779,7 762,2 892,9 975,3 762,9 Total software revenue 28,6 40,2 29,3 26,7 10,0 28,6 40,2 29,3 26,7 10,0
Slide 34: ATCR
ATCR