Atea Asa · OSL:ATEA
Atea Asa — Q1 2013 Earnings Presentation
46 slides from Atea Asa's earnings presentation, Apr 30, 2013
Slide 1: Q1 2013 presentation
30 April 2013 Q1 2013 presentation Claus Hougesen, CEO
Slide 2: Group – Q1 2013 highlights
Group – Q1 2013 highlights • Revenue of MNOK 5,084.8, up 5.7% in constant currency ‒ Organic revenue up 3.9% in constant currency • EBITDA of MNOK 140.8, down 13.7% • EBITDA margin of 2.8%, down from 3.4% • Cash flow from operations of MNOK -224.1, up from MNOK -421.5 2
Slide 3: Market update
Market update Q1 2013 organic growth vs. market growth 30% 24,1% 25% 20% 15% 10% 4,8% 4,6% 5% 3,2% 3,6% 1,8% 0% -0,5% -1,1% -5% HW SW Services Total Market* Atea** * Expected market growth in constant currency in the Nordics in 2013; Source: IDC ** Organic growth in constant currency in the Nordics
Slide 4: Software segment
Software segment Revenue and growth Gross profit and gross margin 1 600 +8.1% 180 10.9% 1 400 +16.1% 160 10.0% 1 200 140 11.1% 9.7% +26.5% 11.4% 120 1 000 11.9% 100 MNOK MNOK 14.2% 800 80 15.1% +15.4% 600 60 400 40 200 20 - - Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Comparable quarter Latest quarter Comparable quart
Slide 5: Services segment
Services segment Revenue and growth Gross profit and gross margin 1 400 900 +5.3% 65.9% 800 68.6% 1 200 +7.2% 66.4% 63.6% +7.6% 67.3% 68.7% +12.0% 700 67.2% 1 000 600 64.5% 800 500 MNOK MNOK 600 400 300 400 200 200 100 - - Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Comparable quarter Latest quarter Comparable quarter
Slide 6: Hardware segment
Hardware segment Revenue and growth Gross profit and gross margin 4 500 600 4 000 13.5% -9.5% 500 13.2% 3 500 14.8% 14.5% 3 000 +4.5% +5.5% -1.4% 400 13.7% 13.3% 13.2% 12.7% 2 500 MNOK MNOK 300 2 000 1 500 200 1 000 100 500 - - Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Comparable quarter Latest quarter Comparable qua
Slide 7: Group – strong cash flow
Group – strong cash flow MNOK Q1 13 Q1 12 CF from operations -224.1 -421.5 CF from capital expenditures -77.1 -50.7 CF from acquisitions -77.9 -64.1 CF from equity transactions 33.6 11.2 Net financial position -266.7 -299.7 • Operational cash flow of MNOK -224.1, up from MNOK -421.5 • Net financial
Slide 8: Completed acquisitions
Completed acquisitions • Acquisitions within blue box in the Nordics and Baltics is part of the 30:15:1.8 plan • In 2013 Atea has completed 2 acquisitions with revenue of approx. MNOK 230 • In 2012 Atea completed 5 acquisitions with revenue of approx. MNOK 320 • In 2011 Atea completed 7 acquisitions
Slide 9: Countries
Countries ATCR
Slide 10: Norway – strong SW & services revenue
Norway – strong SW & services revenue MNOK Q1 13 Q1 12 y-o-y Total revenue 1,435,2 1,401,8 2.4% EBITDA* 33.3 51.6 -35.5% EBITDA margin 2.3% 3.7% - * Before share based compensation and acquisition costs • Q1 revenue of MNOK 1,435.2, up 2.4% - Product revenue down 0.6% - Services revenue up 11.1% • Q
Slide 11: Denmark – strong performance
Denmark – strong performance MDKK Q1 13 Q1 12 y-o-y Total revenue 1,336.7 1,283.7 4.1% EBITDA* 56.6 55,4 2.2% EBITDA margin 4.2% 4.3% - * Before share based compensation and acquisition costs • Q1 revenue of MDKK 1,336.7, up 4.1% - Product revenue up 4.6% - Services revenue up 2.5% • Q1 EBITDA of MD
Slide 12: Sweden – strong revenue growth
Sweden – strong revenue growth MSEK Q1 13 Q1 12 y-o-y Total revenue 2,039.2 1,706.7 19.5% EBITDA* 53.2 57.1 -6.9% EBITDA margin 2.6% 3.3% - * Before share based compensation and acquisition costs • Q1 revenue of MSEK 2,039.3, up 19.5% - Product revenue up 23.2% - Services revenue up 7,3% • Q1 EBITDA
Slide 13: Finland – improved earnings
Finland – improved earnings MEUR Q1 13 Q1 12 y-o-y Total revenue 57.1 67.9 -15.9% EBITDA* 0.7 0.1 - EBITDA margin 1.2% 0.2% - * Before share based compensation and acquisition costs • Q1 revenue of MEUR 57.1, down 15.9% - Product revenue down 16.4% - Services revenue down 10.9% • Q1 EBITDA of MEUR 0
Slide 14: Baltic – revenue growth in challenging market
Baltic – revenue growth in challenging market MEUR Q1 13 Q1 12 y-o-y Total revenue 19.2 18.0 6.5% EBITDA* 0.5 0.9 -46.1% EBITDA margin 2.5% 5.0% - * Before share based compensation and acquisition costs • Q1 revenue of MEUR 19.2, up 6.5% - Product revenue down 2.1% - Services revenue up 82.3% • Q1 E
Slide 15: Goals to be revisited during 2013
Goals to be revisited during 2013 Operational excellence Service & consulting Customer opportunities Atea DNA 20.2 : 11 871 15
Slide 16: Summary
Summary • Continued strong development within software and services • Challenging market conditions within hardware • Gaining market shares • Strong cash flow and maintaining financial strength to grow further 16
Slide 17: Questions?
Questions? ATER ATER
Slide 18: Q1 2013 Fact pack
Q1 2013 Fact pack ATCR
Slide 19: Key figures – Group
Key figures – Group Q1 Q1 Full year 2013 2012 2012 Operating revenue (NOK in million) 5 084,8 4 819,2 20 930,3 Gross margin (%) 25,0 25,8 24,4 EBITDA (NOK in million) * 140,8 163,2 824,1 EBITDA margin (%) 2,8 3,4 3,9 EBIT (NOK in million) 68,6 101,7 559,7 Earnings per share (NOK) ** 0,52 0,80 5,08 D
Slide 20: Consolidated statement of financial position - Group (MNOK)
Consolidated statement of financial position - Group (MNOK) NOK in million Note 31 Mar 2013 31 Mar 2012 31 Dec 2012 ASSETS Property, plant and equipment 362,1 214,0 330,5 Deferred tax assets 1,6 580,1 519,2 580,2 Goodwill 2 950,5 2 809,5 2 832,5 Other intangible assets 344,8 323,1 330,3 Other long-t
Slide 21: Employees - Group
21 Employees - Group Net commited HC (own) rollforward 31 Mar 2013 31 Mar 2012 Norway 1 686 1 528 Sweden 1940 1 844 Denmark 1 503 1436 Finland 337 347 Baltics 604 509 Logistics 185 180 Atea Global Services 232 140 Atea ASA 16 13 Atea Group 6 503 5 997 ATCR
Slide 22: Financial performance actual – Segment (MNOK)
Financial performance actual – Segment (MNOK) (amounts in MNOK) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Norway 1 401,8 1 524,5 1 505,4 1 921,8 1 435,2 Sweden 1 462,7 1 721,5 1 419,7 2 033,6 1 784,5 Denmark 1 309,9 1 520,7 1 157,0 1 742,0 1 331,7 Finland 514,8 411,4 256,4 424,8 423,9 The Baltics 136,8 168,4 14
Slide 23: Financial performance proforma – Segment (MNOK)
Financial performance proforma – Segment (MNOK) (amounts in MNOK) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Norway 1 440,9 1 566,6 1 529,0 1 948,2 1 448,2 Sweden 1 491,6 1 746,1 1 439,8 2 063,1 1 801,7 Denmark 1 323,4 1 520,7 1 156,9 1 741,9 1 331,7 Finland 514,8 411,4 256,4 424,8 423,9 The Baltics 167,6 185,7
Slide 24: Income statement actual - Group (MNOK)
Income statement actual - Group (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 2 897,3 2 841,6 2 831,5 3 566,4 2 856,4 Total software revenue 875,6 1 384,8 603,3 1 501,4 1 107,3 Products revenue 3 772,9 4 226,3 3 434,8 5 067,8 3 963,7 Total services revenue 1 04
Slide 25: Income statement proforma - Group (MNOK)
Income statement proforma - Group (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 2 960,6 2 893,2 2 856,5 3 600,8 2 872,5 Total software revenue 880,8 1 388,0 605,2 1 504,3 1 109,0 Products revenue 3 841,4 4 281,2 3 461,7 5 105,2 3 981,5 Total services revenue 1
Slide 26: Income statement actual – Norway (MNOK)
Income statement actual – Norway (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 866,4 894,2 1 004,8 1 128,8 783,2 Total software revenue 179,4 261,0 154,6 362,2 256,7 Products revenue 1 045,8 1 155,1 1 159,4 1 491,0 1 039,9 Total services revenue 356,0 369,4 346
Slide 27: Income statement proforma – Norway (MNOK)
Income statement proforma – Norway (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 895,2 925,0 1 021,6 1 150,9 794,0 Total software revenue 181,2 262,1 155,0 362,2 256,7 Products revenue 1 076,4 1 187,0 1 176,6 1 513,1 1 050,8 Total services revenue 364,6 379,5 3
Slide 28: Income statement actual – Denmark (MDKK)
Income statement actual – Denmark (MDKK) (amounts in DKK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 853,0 817,5 730,6 1 084,4 819,5 Total software revenue 144,6 372,9 138,6 321,7 223,9 Products revenue 997,6 1 190,4 869,2 1 406,1 1 043,4 Total services revenue 286,1 305,1 300,1 35
Slide 29: Income statement proforma – Denmark (MDKK)
Income statement proforma – Denmark (MDKK) (amounts in DKK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 853,0 817,5 730,6 1 084,4 819,5 Total software revenue 145,4 372,9 138,6 321,7 223,9 Products revenue 998,3 1 190,4 869,2 1 406,1 1 043,4 Total services revenue 298,6 305,1 300,1
Slide 30: Income statement actual – Denmark (MNOK)
Income statement actual – Denmark (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 870,4 831,0 723,5 1 075,6 816,4 Total software revenue 147,6 379,5 135,5 319,4 223,0 Products revenue 1 017,9 1 210,5 859,0 1 395,0 1 039,5 Total services revenue 291,9 310,2 298,0
Slide 31: Income statement proforma – Denmark (MNOK)
Income statement proforma – Denmark (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 870,4 831,0 723,5 1 075,6 816,4 Total software revenue 148,3 379,5 135,5 319,4 223,0 Products revenue 1 018,7 1 210,5 859,0 1 395,0 1 039,5 Total services revenue 304,7 310,2 297,
Slide 32: Income statement actual – Sweden (MSEK)
Income statement actual – Sweden (MSEK) (amounts in SEK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 1 001,5 961,0 1 004,5 1 176,4 1 169,7 Total software revenue 304,9 640,5 255,2 731,1 440,2 Products revenue 1 306,4 1 601,5 1 259,7 1 907,5 1 609,9 Total services revenue 400,3 425,7
Slide 33: Income statement proforma – Sweden (MSEK)
Income statement proforma – Sweden (MSEK) (amounts in SEK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 1 010,6 968,3 1 009,8 1 186,6 1 175,6 Total software revenue 308,0 642,9 256,9 734,5 442,2 Products revenue 1 318,6 1 611,2 1 266,7 1 921,1 1 617,8 Total services revenue 421,9 444
Slide 34: Income statement actual – Sweden (MNOK)
Income statement actual – Sweden (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 858,3 815,3 879,5 1 005,7 1 023,6 Total software revenue 261,3 544,9 226,9 626,0 385,2 Products revenue 1 119,6 1 360,2 1 106,4 1 631,7 1 408,8 Total services revenue 343,1 361,3 313
Slide 35: Income statement proforma – Sweden (MNOK)
Income statement proforma – Sweden (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 866,1 821,5 884,2 1 014,4 1 028,8 Total software revenue 263,9 547,0 228,4 628,9 387,0 Products revenue 1 130,0 1 368,5 1 112,6 1 643,3 1 415,7 Total services revenue 361,6 377,7 3
Slide 36: Income statement actual – Finland (MEUR)
Income statement actual – Finland (MEUR) (amounts in EUR million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 25,3 24,1 20,7 29,0 20,6 Total software revenue 37,1 24,6 9,4 22,9 31,6 Products revenue 62,4 48,7 30,1 52,0 52,2 Total services revenue 5,5 5,8 5,0 5,6 4,9 Total other income 0,0 0
Slide 37: Income statement proforma – Finland (MEUR)
Income statement proforma – Finland (MEUR) (amounts in EUR million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 25,3 24,1 20,7 29,0 20,6 Total software revenue 37,1 24,6 9,4 22,9 31,6 Products revenue 62,4 48,7 30,1 52,0 52,2 Total services revenue 5,5 5,8 5,0 5,6 4,9 Total other income 0,0
Slide 38: Income statement actual – Finland (MNOK)
Income statement actual – Finland (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 191,8 181,9 152,8 214,4 153,0 Total software revenue 281,3 185,8 66,7 168,8 234,4 Products revenue 473,1 367,7 219,5 383,2 387,5 Total services revenue 41,7 43,7 36,9 41,6 36,4 Tota
Slide 39: Income statement proforma – Finland (MNOK)
Income statement proforma – Finland (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 191,8 181,9 152,8 214,4 153,0 Total software revenue 281,3 185,8 66,7 168,8 234,4 Products revenue 473,1 367,7 219,5 383,2 387,5 Total services revenue 41,7 43,7 36,9 41,6 36,4 To
Slide 40: Income statement actual – the Baltics (MEUR)
Income statement actual – the Baltics (MEUR) (amounts in EUR million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 15,2 16,4 13,8 19,1 12,3 Total software revenue 1,0 1,8 2,6 3,4 3,6 Products revenue 16,2 18,2 16,5 22,5 15,9 Total services revenue 1,8 4,1 3,1 4,3 3,4 Total other income 0,0 0
Slide 41: Income statement proforma – the Baltics (MEUR)
Income statement proforma – the Baltics (MEUR) (amounts in EUR million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 18,8 18,3 14,3 19,6 12,3 Total software revenue 1,0 1,8 2,6 3,4 3,6 Products revenue 19,7 20,2 17,0 23,0 15,9 Total services revenue 2,4 4,4 3,2 4,3 3,4 Total other income 0,1
Slide 42: Income statement actual – the Baltics (MNOK)
Income statement actual – the Baltics (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 115,6 123,8 102,0 141,0 91,4 Total software revenue 7,2 14,0 19,6 25,3 26,4 Products revenue 122,9 137,8 121,6 166,3 117,8 Total services revenue 14,0 30,7 23,2 31,6 25,0 Total
Slide 43: Income statement proforma – the Baltics (MNOK)
Income statement proforma – the Baltics (MNOK) (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 142,4 138,4 105,4 144,6 91,4 Total software revenue 7,2 14,0 19,6 25,3 26,4 Products revenue 149,6 152,4 125,0 169,9 117,8 Total services revenue 18,0 33,3 23,4 31,7 25,0 Tota
Slide 44: Income statement actual – Shared services (MNOK)
Income statement actual – Shared services (MNOK)* (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 762,9 793,6 921,3 889,4 887,1 Total software revenue 10,0 3,0 2,5 4,6 1,9 Products revenue 772,9 796,6 923,8 894,1 888,9 Total services revenue 29,5 27,9 38,4 31,2 40,3 Tot
Slide 45: Income statement proforma – Shared services (MNOK)
Income statement proforma – Shared services (MNOK)* (amounts in NOK million) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Total hardware revenue 762,9 793,6 921,3 889,4 887,1 Total software revenue 10,0 3,0 2,5 4,6 1,9 Products revenue 772,9 796,6 923,8 894,1 888,9 Total services revenue 29,5 27,9 38,4 31,2 40,3 T
Slide 46: ATCA
ATCA