Atea Asa · OSL:ATEA
Atea Asa — Q2 2012 Earnings Presentation
46 slides from Atea Asa's earnings presentation, Jul 13, 2012
Slide 1: Q2 2012 presentation
13 July 2012 Q2 2012 presentation Claus Hougesen, CEO
Slide 2: Group – Q2 2012 highlights
Group – Q2 2012 highlights • Revenue of MNOK 5,339.7, up 9.9% in constant currency ‒ Organic growth of 7.5% in constant currency • EBITDA of MNOK 153.8, down 16.9% • EBITDA margin of 2.9%, down from 3.7% • Acquisition of Net Group in Estonia and IT Partner in Norway 2
Slide 3: Group – H1 2012 highlights
Group – H1 2012 highlights MNOK Q2 12 Q2 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 5,339.7 4,947.8 7.9% 10,158.9 9,595.7 5.9% EBITDA* 153.8 185.0 -16.9% 316.4 346.2 -8.6% EBITDA margin 2.9% 3.7% - 3.1% 3.6% - * Before share based compensation and acquisition costs • H1 revenue of MNOK 10,158.9, up
Slide 4: Market update
Market update YTD 2012 organic growth vs. market growth 6,0% 5,3% 5,2% 4,9% 5,0% 4,0% 3,4% 3,0% 2,8% 2,0% 1,8% 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 Q2 2012 • At
Slide 5: Software segment
Software segment Revenue and growth Gross profit and gross margin 1 600 160 1 400 +16.1% 140 10.0% 11.1% 1 200 120 11.9% 1 000 100 12.4% +15.2% MNOK MNOK 800 80 1 385 132 139 600 1 193 60 105 876 94 400 760 40 200 20 - - Q1 Q2 Q1 Q2 2011 2012 2011 2012 • Revenue of MNOK 1,385 up 16.1% – Revenue grow
Slide 6: Hardware segment
Hardware segment Revenue and growth Gross profit and gross margin 3 000 450 +0.1% 14.4% 14.5% 14.8% 13.7% 2 900 +4.5% 400 2 800 350 2 700 300 2 600 MNOK MNOK 250 2 500 420 2 894 2 897 200 416 404 2 842 388 2 400 2 720 150 2 300 2 200 100 2 100 50 2 000 - Q1 Q2 Q1 Q2 2011 2012 2011 2012 • Revenue of
Slide 7: Services segment
Services segment Revenue and growth Gross profit and gross margin 1 140 760 1 120 +7.6% 740 66.4% 1 100 1 080 720 68.7% 1 060 +5.2% 700 67.2% MNOK MNOK 1 040 1 020 1 113 680 67.3% 739 1 000 718 980 1 046 1 035 660 695 960 994 670 640 940 920 620 Q1 Q2 Q1 Q2 2011 2012 2011 2012 • Revenue of MNOK 1,11
Slide 8: Group – cash flow
Group – cash flow MNOK Q2 12 Q2 11 YTD 12 YTD 11 CF from operations 64.2 237.9 -357.3 167.8 CF from capital expenditures -56.9 -39.6 -107.6 -71.1 CF from acquisitions -42.9 -26.2 -107.0 -69.9 CF from equity transactions -491.0 -81.7 -479.8 -57.8 Net financial position -844.3 -326.9 -844.3 -326.9 • P
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 4 acquisitions with revenue of approx. MNOK 250 • 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 Q2 12 Q2 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 1,524.5 1,247.4 22.2% 2,926.2 2,528.2 15.7% EBITDA* 57.5 52.2 10.2% 109.1 98.3 11.0% EBITDA margin 3.8% 4.2% - 3.7% 3.9% - * Before share based compensation and acquisition costs • Q2 revenue of MNOK 1,524.5, up 22.
Slide 12: Denmark – continues gaining market share
Denmark – continues gaining market share MDKK Q2 12 Q2 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 1,495.5 1,426.3 4.8% 2,779.2 2,613.8 6.3% EBITDA* 43.8 45.2 -3.1% 99.1 98.4 0.8% EBITDA margin 2.9% 3.2% - 3.6% 3.8% - * Before share based compensation and acquisition costs • Q2 revenue of MDKK 1,495.
Slide 13: Sweden – revenue growth in challenging market
Sweden – revenue growth in challenging market MSEK Q2 12 Q2 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 2,027.1 1,914.1 5.9% 3,733.8 3,687.4 1.3% EBITDA* 46.6 76.0 -38.8% 103.7 133.0 -22.1% EBITDA margin 2.3% 4.0% - 2.8% 3.6% - * Before share based compensation and acquisition costs • Q2 revenue of M
Slide 14: Finland – on track towards new target
Finland – on track towards new target MEUR Q2 12 Q2 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 54.5 57.9 -6.0% 122.3 116.0 5.4% EBITDA* 0.6 1.7 -63.6% 0.7 2.8 -73.6% EBITDA margin 1.1% 2.9% - 0.6% 2.4% - * Before share based compensation and acquisition costs • Q2 revenue of MEUR 54.5, down 6.0% - P
Slide 15: Baltic – strong performance
Baltic – strong performance MEUR Q2 12 Q2 11 y-o-y YTD 12 YTD 11 y-o-y Total revenue 22.3 13.1 69.8% 40.3 24.7 63.1% EBITDA* 1.1 0.5 108.2% 2.0 0.9 113.9% EBITDA margin 5.0% 4.0% - 5.0% 3.8% - * Before share based compensation and acquisition costs • Q2 revenue of MEUR 22.3, up 69.8% - 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 • A quarter that does not live up to Atea’s potential • Gaining market shares in a challenging market • Maintaining financial strength to grow further 17
Slide 18: Questions?
18 Questions? ATCA ATER
Slide 19: Q2 2012 Fact pack
Q2 2012 Fact pack ATER
Slide 20: Key numbers - Group (MNOK)
Key numbers - Group (MNOK) 30. jun. 2012 30. mar. 2011 Net financial position -844,3 -299,7 Interest bearing debt 888,9 471,6 Working capital 624,7 550,0 Working capital ratio 2,9 % 2,9 % Cash reserve 1 012,3 1 191,7 Equity 3 501,4 3 929,9 Goodwill/intangible assets 3 166,3 3 132,6 Equity ratio 38,7
Slide 21: Consolidated statement of financial position - Group (MNOK)
Consolidated statement of financial position - Group (MNOK) 30. jun. 30. jun. Year end (amounts in MNOK) Note 2012 2011 2011 ASSETS Property, plant and equipment 248,3 165,7 195,9 Deferred tax assets 503,2 469,8 503,2 Goodwill 2 837,8 2 757,7 2 833,8 Other intangible assets 328,5 315,9 334,8 Retirem
Slide 22: Employees - Group
Employees - Group Net commited HC (own) rollforward 30 Jun 2012 30 Jun 2011 31 Dec 2011 Norway 1 556 1 344 1 488 Sweden 1 887 1 779 1 828 Denmark 1 549 1 383 1 420 Finland 348 324 335 Baltics 523 346 446 Logistics 184 169 178 Services & Software 161 88 130 Atea ASA 13 8 14 Atea Group 6 221 5 441 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 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Norway 1 280,9 1 247,4 1 237,1 2 044,0 1 401,8 1 524,5 1 341,3 1 305,3 1 293,6 2 068,5 1 407,5 1 530,6 Sweden 1 565,4 1 662,1 1 247,2 2 041,1 1 462,7 1 721
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 Total hardware revenue 2 893,5 2 719,9 2 683,2 3 940,7 2 897,3 2 841,6 Total software revenue 760,0 1 193,0 522,6 1 388,5 875,6 1 384,8 Products revenue 3 653,5 3 912,9 3 205,8 5 329,3 3 772,9
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 Total hardware revenue 2 981,4 2 795,5 2 753,9 3 982,6 2 916,3 2 846,5 Total software revenue 764,1 1 195,0 523,5 1 391,7 876,4 1 384,8 Products revenue 3 745,4 3 990,5 3 277,4 5 374,3 3 79
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 Total hardware revenue 780,2 712,4 790,9 1 302,2 866,4 894,2 Total software revenue 155,2 186,8 135,6 366,3 179,4 261,0 Products revenue 935,4 899,2 926,5 1 668,5 1 045,8 1 155,1 Total service
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 Total hardware revenue 820,4 752,4 833,1 1 307,2 871,1 899,1 Total software revenue 158,4 187,6 135,7 366,3 179,4 261,0 Products revenue 978,8 940,0 968,8 1 673,5 1 050,5 1 160,1 Total ser
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 Total hardware revenue 786,7 796,7 784,1 1 093,5 853,0 817,5 Total software revenue 131,6 344,4 140,6 264,4 144,6 372,9 Products revenue 918,2 1 141,1 924,7 1 357,9 997,6 1 190,4 Total servic
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 Total hardware revenue 794,3 796,9 790,7 1 093,5 853,0 817,5 Total software revenue 131,9 344,9 140,7 265,3 145,4 372,9 Products revenue 926,3 1 141,8 931,4 1 358,7 998,3 1 190,4 Total se
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 Total hardware revenue 825,5 835,9 817,1 1 141,7 870,4 831,0 Total software revenue 138,1 361,4 146,0 276,0 147,6 379,5 Products revenue 963,6 1 197,3 963,1 1 417,7 1 017,9 1 210,5 Total serv
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 Total hardware revenue 833,6 836,1 823,9 1 141,6 870,4 831,0 Total software revenue 138,4 361,9 146,2 276,9 148,3 379,5 Products revenue 972,0 1 198,0 970,1 1 418,5 1 018,7 1 210,5 Total
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 Total hardware revenue 1 090,5 1 022,3 966,0 1 248,3 1 001,5 961,0 Total software revenue 319,5 502,7 181,3 673,3 304,9 640,5 Products revenue 1 410,0 1 525,0 1 147,3 1 921,6 1 306,4 1 601,5 T
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 Total hardware revenue 1 090,5 1 022,3 968,5 1 248,3 1 001,5 961,0 Total software revenue 319,5 502,7 181,3 673,3 304,9 640,5 Products revenue 1 410,0 1 525,0 1 149,7 1 921,6 1 306,4 1 601
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 Total hardware revenue 962,7 886,7 818,8 1 067,9 858,3 815,3 Total software revenue 282,0 437,6 150,0 578,1 261,3 544,9 Products revenue 1 244,8 1 324,3 968,7 1 646,1 1 119,6 1 360,2 Total ser
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 Total hardware revenue 962,7 886,7 820,9 1 067,9 858,3 815,3 Total software revenue 282,0 437,6 150,0 578,1 261,3 544,9 Products revenue 1 244,8 1 324,3 970,8 1 646,1 1 119,6 1 360,2 Total
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 Total hardware revenue 31,0 29,5 24,4 38,6 25,3 24,1 Total software revenue 22,8 23,5 11,0 20,1 37,1 24,6 Products revenue 53,8 53,1 35,4 58,7 62,4 48,7 Total services revenue 4,3 4,9 4,5 5,8
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 Total hardware revenue 31,0 29,5 24,4 38,6 25,3 24,1 Total software revenue 22,8 23,5 11,0 20,1 37,1 24,6 Products revenue 53,8 53,1 35,4 58,7 62,4 48,7 Total services revenue 4,6 5,2 4,5
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 Total hardware revenue 242,5 230,9 189,2 299,9 191,8 181,9 Total software revenue 178,3 184,2 84,9 156,0 281,3 185,8 Products revenue 420,8 415,1 274,1 455,9 473,1 367,7 Total services revenu
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 Total hardware revenue 242,5 230,9 189,2 299,9 191,8 181,9 Total software revenue 178,3 184,2 84,9 156,0 281,3 185,8 Products revenue 420,8 415,1 274,1 455,9 473,1 367,7 Total services re
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 Total hardware revenue 8,8 8,1 7,8 17,1 15,2 16,4 Total software revenue 0,8 2,9 0,7 1,6 1,0 1,8 Products revenue 9,7 11,0 8,5 18,7 16,2 18,2 Total services revenue 1,9 2,1 1,4 2,5 1,8 4,
Slide 41: Income statement proforma – the Baltics (MEUR)
Income statement proforma – the Baltics (MEUR) Proforma (amounts in EUR million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Total hardware revenue 13,9 12,6 10,3 21,9 17,1 16,4 Total software revenue 0,9 3,0 0,8 1,9 1,0 1,8 Products revenue 14,8 15,6 11,1 23,8 18,1 18,2 Total services revenue 2,6 2,8 2,5 3
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 Total hardware revenue 69,1 63,1 60,7 133,0 115,6 123,8 Total software revenue 6,6 22,8 5,6 12,5 7,2 14,0 Products revenue 75,6 85,8 66,3 145,5 122,9 137,8 Total services revenue 15,1 16,
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 Total hardware revenue 108,6 98,5 80,1 170,0 129,9 123,8 Total software revenue 7,2 23,5 6,3 14,8 7,2 14,0 Products revenue 115,8 122,1 86,4 184,7 137,2 137,8 Total services revenue 2
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 Total hardware revenue 781,1 763,5 895,0 977,7 762,9 793,6 Total software revenue 28,6 40,2 29,3 26,7 10,0 3,0 Products revenue 809,7 803,7 924,3 1 004,4 772,9 796,6 Total services r
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 Total hardware revenue 781,1 763,5 895,0 977,7 762,9 793,6 Total software revenue 28,6 40,2 29,3 26,7 10,0 3,0 Products revenue 809,7 803,7 924,3 1 004,4 772,9 796,6 Total servic
Slide 46: ATCR
ATCR