Annual Report • Feb 19, 2016
Annual Report
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| 2015 | 2014 | 2015* | 2014 change | 2015 | 2014 | 2015* | 2014 change | |||
|---|---|---|---|---|---|---|---|---|---|---|
| All figures in NOK million | 10-12 | 10-12 | 10-12 | 10-12 | % | 10-12 | 10-12 | 10-12 | 10-12 | % |
| Sales revenue | 113.1 | 110.4 | 106.6 | 95.8 | 11 % | 435.4 | 439.8 | 394.2 | 379.5 | 4 % |
| Gross profit | 94.7 | 91.8 | 90.4 | 80.9 | 12 % | 365.0 | 363.9 | 335.6 | 318.9 | 5 % |
| EBITDA | 13.6 | 3.1 | 14.2 | 6.0 | 136 % | 40.5 | 25.2 | 46.1 | 31.2 | 48 % |
| EBITDA margin | 12.0 % | 2.8 % | 13.3 % | 6.3 % | 7 pts | 9.3 % | 5.7 % | 11.7 % | 8.2 % 3,5 pts | |
| Operating profit (EBIT) before non-recur. items | 8.2 | -2.2 | 8.8 | 1.0 | 770 % | 20.1 | 3.8 | 26.4 | 11.0 | 139 % |
| EBIT margin before non-recurring items | 7.2 % | -2.0 % | 8.3 % | 1.1 % | 7,2 pts | 4.6 % | 0.9 % | 6.7 % | 2.9 % 3,8 pts | |
| Operating profit (EBIT) | 8.5 | -5.9 | 18.8 | 0.2 | ||||||
| EBIT margin | 7.5 % | -5.3 % | 4.3 % | 0.0 % | ||||||
| Profit before tax | 9.7 | -7.2 | 19.7 | -1.6 | ||||||
| Profit for the period | 5.8 | -7.2 | 13.0 | -4.9 | ||||||
| Profit margin | 5.1 % | -6.5 % | 3.0 % | -1.1 % | ||||||
| Net cash flow from operating activities | 30.1 | 46.8 | 20.8 | 45.8 | ||||||
| Number of employees at the end of the period | 400 | 445 | 381 | 384 | -1 % | 400 | 445 | 381 | 384 | -1 % |
* = Pro forma Profit & Loss and employee figures for continued business. Other figures as reported.
Itera experienced good growth and the profitability of its consulting and IT hosting activities in Norway and Denmark increased significantly. Itera's nearshore activities also saw strong growth thanks to new and existing customers.
Itera's Swedish units have taken the opposite path with negative growth and weak profitability. The company sold its IT hosting business in Sweden with effect from 1 July 2015, and it has been decided to close the consulting business in Sweden with effect from 1 February 2016. The closure will have no effect on the Group's Nordic customers as they are being served from other units in the Group.
The Group's operating revenue of NOK 113.1 million for the fourth quarter of 2015 represents an increase of 2% or NOK 2.7 million relative to the same period in 2014. Operating revenue from continuing operations was NOK 106.6 million in the fourth quarter as compared to NOK 95.8 million in the same period in 2014, representing an increase of 11%.
Greater efficiency and cost savings achieved by streamlining into one Nordic unit as well as by reducing the number of companies through which Itera operates, contributed to an operating profit before non-recurring items totalling NOK 8.2 million for the fourth quarter of 2015, compared to an operating loss of NOK 2.2 million for the same quarter in 2014. The corresponding pro forma figure for continuing operations was a profit of NOK 8.8 million (a loss of NOK 2.1 million).
The fourth quarter of 2015 contained the same number of working days as the fourth quarter of 2014. A change of one working day represents an impact on earnings of approximately NOK 1 million.
This consolidated interim financial report includes Itera ASA and its subsidiaries, and was prepared in accordance with IAS 34, which covers interim reporting, and the Securities Trading Act. The report has not been audited, and does not contain all the information required in an annual financial report. More information about the accounting principles used can be found in Itera's annual report for 2014.
The figures given in brackets in this report refer to the equivalent period in 2014. The comparable figures for tax expense and for balance sheet and cash flow items are the figures reported at 31 December 2014.
The Group reports operating revenue of NOK 113.1 million (110.4) for the fourth quarter of 2015 and of NOK 435.4 million (439.8) for 2015 as a whole. Pro forma operating revenue for the fourth quarter of 2015 was NOK 106.6 million (95.8), equivalent to growth of 11%. The strongest growth was achieved by Itera's nearshore, Norwegian and Danish units.
Pro forma operating revenue for 2015 as a whole was NOK 394.2 million (379.5), equivalent to growth of 4%.
"Gross profit 1" (revenue – cost of goods sold) was NOK 94.7 million (91.8) in the fourth quarter of 2015 and NOK 365.0 million (363.9) for 2015 as a whole. The corresponding pro forma figures were NOK 90.5 million (80.9) for the fourth quarter and NOK 335.6 million
(318.9) for 2015 as a whole. This equates to pro forma growth of 12% for the quarter and 5% for the year as a whole.
The Group's total operating costs were 7% lower in the fourth quarter of 2015 relative to the same period in 2014 at NOK 105.0 million (112.6). Operating costs for 2015 as a whole were 5% lower than in 2014 at NOK 415.2 million (436.0). The decrease is largely due to Itera's IT hosting business in Sweden having been sold with effect from 1 July 2015, but also to efficiency improvements in the Group's activities in Norway. Pro forma operating costs were NOK 94.5 million (97.9) for the fourth quarter and NOK 366.3 million (371.5) for 2015 as a whole.
Cost of goods sold was NOK 18.4 million (18.6) in the fourth quarter of 2015. Cost of goods sold principally consists of services purchased from sub-consultants, costs related to the Group's data centres, and third-party software licences and hardware that form part of larger deliveries. Cost of goods sold can vary significantly from quarter to quarter.
Personnel costs were NOK 68.5 million (75.6) in the fourth quarter of 2015, representing a decrease of 9%. The decrease was related to the Group having 45 fewer employees, a decrease of 10%. Personnel costs per employee were 2% higher in the fourth quarter of 2015 than in the fourth quarter of 2014. This was partly due to local increases in salaries and also to the weakening of the Norwegian krone (NOK). Personnel costs for 2015 as a whole were NOK 275.4 million (288.6).
Depreciation and amortisation totalled NOK 5.5 million (5.3) in the fourth quarter of 2015, while other operating costs were NOK 12.6 million (13.1). The corresponding figures for 2015 as a whole are NOK 20.4 million (21.4) and NOK 49.1 million (50.0).
The operating result before depreciation and amortisation (EBITDA) for the fourth quarter of 2015 was a profit of NOK 13.6 million (a profit of NOK 3.1 million in Q4 2014), and the operating result before non-recurring items (EBIT) was a profit of NOK 8.2 million (a loss of NOK 2.2 million in Q4 2014). For 2015 as a whole, EBITDA was NOK 40.5 million (25.2), while EBIT was NOK 20.1 million (3.8).
Pro forma figures show EBITDA of NOK 14.2 million (2.8) for the fourth quarter and NOK 46.1 million (24.1) for 2015 as a whole. Pro forma EBITDA margin was 13.3% (6.3%) for the fourth quarter of 2015 and 11.7% (8.2%) for 2015 as a whole. Similarly, pro forma EBIT before non-recurring items was NOK 8.8 million (-2.1) for the fourth quarter and NOK 26.4 million (4.0) for 2015 as a whole. Pro forma EBIT margin was 8.3% (1.1%) for the fourth quarter of 2015 and 6.7% (2.9%) for 2015 as a whole.
Net financial items were NOK 1.2 million (-1.3) in the fourth quarter of 2015 and NOK 0.9 (-1.7) for 2015 as a whole.
The result before tax for the fourth quarter was a profit of NOK 9.7 million (a loss of NOK 7.2 million in Q4 2014) and a profit of NOK 19.7 million for 2015 as a whole (a loss of NOK 1.6 million in 2014). Tax expense totalled NOK 4.0 million (0.0) in the fourth quarter of 2015 and NOK 6.6 million (1.5) in 2015 as a whole. Tax paid in the fourth quarter totalled NOK 0.3 million (0.2), while tax paid in 2015 was NOK 0.3 million (0.7).
The Group had deferred tax assets of NOK 2.3 million (5.8) at 31 December 2015.
The fourth quarter has traditionally been the quarter with the strongest cash flow from operations. Cash flow from operations was NOK 30.1 million (46.8) for the fourth quarter of 2015 and NOK 20.8 million (45.8) for 2015 as a whole. Cash flow from operations for 2015 was NOK 19.7 million lower than EBITDA, which is largely due to higher accounts receivable from customers due to growth and onaccount invoicing towards the end of the year not paid in the quarter.
Cash flow from operations for 2015 was also influenced by exceptional cash flow from operations in 2014.
Accounts receivable from customers were 12% higher at 31 December 2015 than at 31 December 2014.
Work in progress at 31 December 2015 was NOK 2.8 million lower than at the end of 2014, and this related to a high level of invoicing in advance. Other current receivables were NOK 5.7 million higher, principally due to a change in the principle used for classifying development projects.
Accounts payable at 31 December 2015 were NOK 2.5 million lower than at 31 December 2014. Public duties payable were in line with the same point last year and tax payable increased from zero to NOK 3.1 million. Other current liabilities were NOK 3.9 million higher, principally as a result of the above-mentioned new way of classifying development projects.
Bank deposits totalled NOK 68.4 million (67.2) at 31 December 2015, and the Group had an undrawn credit facility of NOK 25 million.
The Group had interest-bearing liabilities totalling NOK 22.5 million (16.0) at 31 December 2015 related to financial lease agreements entered into in order to finance investments related to IT hosting contracts.
Itera purchased 127,455 of its own shares in the fourth quarter at an average price of NOK 2.98 per share. It held 127,455 own shares at 31 December 2015.
A dividend of NOK 0.15 (0.00) per share was paid in the fourth quarter, representing a total payment of NOK 12.3 million. A dividend of NOK 0.35 per share was paid in 2014, representing a total payment of NOK 28.8 million.
Equity at 31 December 2015 totalled NOK 54.3 million (53.9). This represented an equity ratio of 25% (26%).
The Group invested a total of NOK 15.2 million (4.2) in the fourth quarter of 2015 and a total of NOK 24.4 million (19.1) in 2015 as a whole. Net payments of NOK 2.1 million were received in the fourth quarter of 2015 in connection with the sale of Itera's IT hosting business in Sweden. There were no comparable effects in the fourth quarter of 2014.
Investment in Itera's IT hosting activities amounted to NOK 13.2 million (0.1) in the fourth quarter of 2015. Leasing accounted for NOK 12.8 million (0.0) of this amount. Investment in intangible assets (including software developed in-house for ongoing annual agreements) totalled NOK 2.0 million (2.1) in the fourth quarter of 2015.
Itera has decided to further streamline its Nordic consulting activities. The Group achieved significant savings in 2015 by consolidating IT hosting into a single data centre in Norway. The company is now taking the next step and consolidating its consulting activities as well.
Itera has worked over a period of several years to establish reliable and cost-efficient delivery models from low-cost countries in Eastern Europe (nearshoring). The quality of these services is now so high that they reduce the need for local Swedish expertise in the areas that the Group can service from its other locations. Itera is therefore closing one of its businesses in Sweden. The business in question operated on a stand-alone basis in Sweden, meaning that its closure will have no effect on the Group's Nordic customers, who are being served by the Group's other units.
Itera's strategy remains unchanged with the Group continuing its Nordic, customer-centric strategy. The closure of the Swedish consulting company will be effective for accounting purposes from 1 February 2016. Material costs will not be incurred in connection with the closure.
The Group experienced good order inflows in the fourth quarter of 2015, with customers such as Eika Forsikring, VPS, If Skadeforsikring, Santander, KLP, the Norwegian Public Service Pension Fund and Bluegarden either extending existing or entering into new agreements. These agreements span the whole range of services offered by the group, from consultancy and strategy through to IT hosting and management via design and development. The design and development projects cover both business-critical core systems and communications solutions for Itera's customers to use with their own customers, existing as well as potential. The IT hosting and management services to an increasing degree involve setting up and hosting cloud-based platforms and applications rather than more traditional technology.
The market for cloud services is growing strongly. The Group has set up an Itera Cloud Center with a complete portfolio of cloud services at its nearshore business in Bratislava. Itera was certified by Microsoft as a central Cloud Service Provider (Tier 1) in the fourth quarter.
The Group's experience is that its customers are much more concerned with whether the services and applications they either own or subscribe to work 24/7 than with how their services are actually produced. Cloud services blur the distinction between consulting and IT hosting activities at the Group and create opportunities for recurring revenue. Itera finds it is highly competitive when it takes on round-the-clock responsibility for hosting infrastructure, cloud services, applications and databases together with taking good care of information security.
Digitalisation, new technology and the ever quicker arrival of new services onto the market are creating challenges in all sectors. Most businesses are encountering rapid and often unpredictable changes in both the competitive picture and market opportunities. The public has increasingly high expectations in terms of user experiences simplifying everyday life.
As part of its strategy process Itera worked in the fourth quarter of 2015 on clarifying its strategic position, which is to create a good user experience for the customer's customer. This is a consequence of our customer-centric approach; by helping our customers create a good user experience for their customers, we help our customers realise business gains such as increased profitability, upselling, improved customer satisfaction, greater customer loyalty, a stronger brand, a better reputation and stronger barriers against competitors.
Many of Itera's deliveries stand out as good examples of the user experiences we create for our customers. One previously mentioned example is a solution developed for the Norwegian Defence Estates Agency which reduced the amount of time a central task took by 97%, from three hours to six minutes and from 25 manual steps to a single click. This solution has been chosen as one of four finalists in the 'Optimizing' category at the internationally prestigious IxD Awards, and reaching this position involved beating strong competition from many hundreds of entries from companies such as Adobe, Philips and other global organisations. The winner will be announced in Helsinki on 4 March 2016.
A key part of Itera's strategy is to maintain and develop the Group's largest and most strategic relationships across national borders and areas of expertise. Itera has a strong customer portfolio in the Nordic region, where many customers are served from more than one of Itera's various locations.
The Group is witnessing a clear tendency for more and more Nordic customers to purchase a wider range of services from Itera across international borders. Nearshoring and cloud services are natural drivers of this, but we are also seeing a greater tendency for personnel resources to be mobile and project teams to be distributed across international borders in the Nordic region.
Itera is aiming to strengthen this trend for growth in conjunction with its customers across international borders and for greater use of delivery units and resources from across the group.
The revenue from Itera's 30 largest customers grew by 11% in the fourth quarter of 2015 and accounted for 72% of the Group's operating revenue, up from 68% in the fourth quarter of 2014.
The Group's headcount at the end of the fourth quarter of 2015 was 400 as compared to 445 at the end of the fourth quarter of 2014. The decrease can largely be explained by the sale of Itera's IT hosting business in Sweden in the first half of 2015 and the discontinuation of unprofitable activities over the course of the year.
The proportion of Itera's capacity that is located nearshore (its nearshore ratio) was 33% (29%) at the end of the fourth quarter. The Group's development centre in Bratislava provides great flexibility with regard to meeting the target of achieving a nearshore ratio of 50% in the future.
Itera's activities are influenced by a number of different factors, some of which are within the company's control, and some of which are not. As a service company, Itera faces business risks associated with competition and pressure on prices, project overruns, recruitment, loss of key resources, customers' performance and bad debts. Market-related risks include risks related to the business cycle. Financial risks include currency fluctuations, principally in relation to the Swedish krona (SEK) and the Danish krone (DKK), as well as in relation to the US dollar (USD) and the euro (EUR) against the Norwegian krone (NOK) in connection with the Group's nearshore activities. In addition, interest rate changes will affect the returns earned by the Group on its bank deposits, as well as leasing costs and the cost of credit facilities.
The Group is exposed through its nearshore activities in Ukraine to new risk factors such as country risk, data security and corruption. Itera has a zero tolerance policy on corruption and therefore does not deliver services to the public or private sector in Ukraine.
More information about risks and uncertainties can be found in Itera's annual report for 2014.
The company's overall strategy of developing large, long-term customer relationships, increasing the number of project deliveries which involve the full range of the Group's services, using nearshore resources and focusing on operational efficiency remains unchanged.
Itera is developing its range of services to meet customers' requirements, and its services are based on combining communication and technology.
The interim report for the first quarter of 2016 will be published and presented on 27 April 2016.
| 2015 | 2014 | change | 2015 | 2014 | change | 2015* | 2014* | |
|---|---|---|---|---|---|---|---|---|
| All figures in NOK 1000 | $10-12$ | $10-12$ | ℅ | $1 - 12$ | $1 - 12$ | % | $1 - 12$ | $1 - 12$ |
| Sales revenue | 113 115 | 110 378 | 2% | 435 393 | 439 845 | $-1%$ | 394 243 | 379 468 |
| Operating expenses | ||||||||
| Cost of sales | 18 3 72 | 18 6 22 | $-1%$ | 70 355 | 75926 | $-7%$ | 58 621 | 60 585 |
| Personnel expenses | 68 500 | 75 621 | $-9%$ | 275 383 | 288 639 | $-5%$ | 246 868 | 246 052 |
| Depreciation | 5452 | 5 2 9 3 | 3% | 20 36 6 | 21 407 | $-5%$ | 19741 | 20 20 1 |
| Other operating expenses | 12633 | 13079 | $-3%$ | 49 144 | 50 047 | $-2%$ | 42 625 | 41 611 |
| Total operating expenses | 104 956 | 112615 | $-7%$ | 415 248 | 436 019 | $-5%$ | 367854 | 368 449 |
| Operating profit before non-recurring items | 8 1 5 9 | $-2237$ | 465 % | 20 145 | 3826 | 426 % | 26 389 | 11 020 |
| Non-recurring items | $-351$ | 3668 | $-110%$ | 1 3 8 1 | 3668 | $-62%$ | ||
| Operating profit after non-recurring items | 8510 | $-5905$ | 244 % | 18764 | 158 | 11750 % | ||
| Financial items | ||||||||
| Other financial income | 1689 | 1046 | 61 % | 4509 | 1462 | 208 % | ||
| Other financial expenses | 472 | 2 3 5 6 | -80 % | 3619 | 3 1 7 4 | 14 % | ||
| Net financial items | 1 2 1 6 | $-1310$ | 193 % | 890 | $-1712$ | 152 % | ||
| Profit before tax | 9726 | -7 215 | 235 % | 19654 | $-1554$ | 1365 % | ||
| Tax | 3963 | 0 | 6643 | 1529 | 335 % | |||
| Profit for the period | 5763 | $-7215$ | 180% | 13 011 | -4947 | 363 % | ||
| Earnings per share | 0.07 | 0.02 | 236 % | 0.16 | 0.05 | 215% | ||
| Fully diluted earnings per share | 0.07 | 0.02 | 236 % | 0.16 | 0.05 | 215% | ||
| Statement of other income and costs | ||||||||
| Currency translation differences | $-472$ | $-307$ | $-54%$ | $-464$ | $-1028$ | 55 % | ||
| Unrealized net effect on investments in foreign subsidiaries | 172 | $-109$ | 258 % | 565 | $-649$ | 187% | ||
| Profit for the period | 5763 | 1714 | 236 % | 13011 | 4 1 3 3 | 215% | ||
| Total profit | 5463 | 1 2 9 8 | 321 % | 13 112 | 2456 | 434 % | ||
| Attributable to: | ||||||||
| Shareholders in parent company | 5463 | 1 2 9 8 | 321 % | 13 112 | 2456 | 434 % |
| 2015 | 2014 | change | 2015 | |
|---|---|---|---|---|
| All figures in NOK 1000 | Dec 31 | Dec 31 | % | Sep 30 |
| ASSETS | ||||
| Non-current assets | ||||
| 2 273 | 5 810 | -61 % | 3 177 | |
| Other intangible assets | 15 274 | 15 871 | -4 % | 14 966 |
| Fixed assets | 29 979 | 26 922 | 11 % | 20 027 |
| Total non-current assets | 47 526 | 48 604 | -2 % | 38 170 |
| Current assets | ||||
| Work in progress | 9 463 | 12 228 | -23 % | 9 163 |
| Accounts receivable | 66 599 | 59 692 | 12 % | 59 969 |
| Other receivables Bank deposits |
22 905 68 351 |
17 221 67 189 |
33 % 2 % |
30 086 53 777 |
| Total current assets | 167 318 | 156 331 | 7 % | 152 996 |
| Total assets | 214 845 | 204 935 | 5 % | 191 166 |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 24 656 | 24 656 | 0 % | 24 656 |
| Other equity | 16 617 | 34 159 | -51 % | 29 606 |
| Net profit for the period | 13 011 | -4 947 | 363 % | 7 247 |
| Total equity | 54 284 | 53 868 | 1 % | 61 509 |
| Non-current liabilities | ||||
| Non-current interest bearing liabilities | 22 527 | 16 032 | 41 % | 12 230 |
| Total non-current liabilities | 22 527 | 16 032 | 41 % | 12 230 |
| Current liabilities | ||||
| Accounts payable | 24 768 | 27 245 | -9 % | 17 958 |
| Tax payable | 3 109 | 5 | 11 | |
| Public duties payable | 29 267 | 30 801 | -5 % | 25 699 |
| Other short-term liabilities | 80 890 | 76 984 | 5 % | 73 759 |
| Total current liabilities | 138 034 | 135 035 | 2 % | 117 427 |
| Total liabilities | 160 561 | 151 066 | 6 % | 129 656 |
| Total equity and liabilities | 214 845 | 204 935 | 5 % | 191 166 |
| Equity ratio | 25 % | 26 % | 32 % | |
| 2015 | 2014 | change | 2015 | 2014 | change | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | 10-12 | 10-12 | % | 1-12 | 1-12 | % |
| Cash flow from operating activities | ||||||
| Profit before taxes | 9 726 | -7 215 | 235 % | 19 654 | -1 554 | 1365 % |
| Profit from sale of subsidiary | -348 | 0 | -2 348 | 0 | ||
| Tax paid | -327 | -228 | -44 % | -327 | -749 | 56 % |
| Depreciation | 5 452 | 5 293 | 3 % | 20 366 | 21 407 | -5 % |
| Change in work in progress | -300 | -5 388 | 94 % | 2 363 | 3 429 | -31 % |
| Change in accounts receivable | -6 630 | 8 339 | -180 % | -12 095 | 9 990 | -221 % |
| Change in accounts payable | 6 810 | 13 188 | -48 % | -572 | 73 | -883 % |
| Change in other accruals | 16 115 | 32 191 | -50 % | -6 379 | 13 745 | -146 % |
| Effect of currency changes | -394 | 617 | -164 % | 126 | -496 | 125 % |
| Net cash flow from operating activities | 30 104 | 46 798 | -36 % | 20 786 | 45 846 | -55 % |
| Cash flow from investment activities | ||||||
| Investment in fixed assets | -467 | -2 142 | 78 % | -2 856 | -6 063 | 53 % |
| Investment in intangible assets | -1 963 | -2 084 | 6 % | -6 744 | -5 589 | -21 % |
| Net payment from sale of subsidiary | 2 065 | 0 | 10 937 | 0 | ||
| Net cash flow from investment activities | -365 | -4 226 | 91 % | 1 337 | -11 652 | 111 % |
| Cash flow from financing activities | ||||||
| Purchase of own shares | -381 | 0 | -456 | -67 | -581 % | |
| Sales of own shares | 0 | 0 | 69 | 0 | ||
| Borrowings repaid | -2 475 | -1 475 | -68 % | -8 265 | -7 215 | -15 % |
| Dividend | -12 309 | -12 309 | -28 765 | 57 % | ||
| Net cash flow from financing activities | -15 165 | -1 475 | -928 % | -20 961 | -36 047 | 42 % |
| Currency effect on cash | 0 | 1 084 | -100 % | 0 | 1 084 | -100 % |
| Net cash flow | 14 574 | 42 181 | -65 % | 1 162 | -770 | 251 % |
| Bank deposits at the beginning of the period | 53 777 | 25 008 | 115 % | 67 189 | 67 958 | -1 % |
| Bank deposits at the end of the period | 68 351 | 67 189 | 2 % | 68 351 | 67 189 | 2 % |
| New borrowing related to leasing | 12 773 | 0 | 14 761 | 7 420 | 99 % |
| Share | Ow n |
Other | Translation | Other | Total | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | capital | shares | equity | differences | equity | equity |
| Shareholders' equity as of 31 Dec 2013 | 24 656 | 0 | 138 | -1 140 | 63 280 | 86 935 |
| Comprehensive income for the year | 0 | 0 | 0 | 545 | -4 947 | -4 402 |
| Option costs | 0 | 0 | 168 | 0 | 0 | 168 |
| Purchase of ow n shares |
0 | 315 | 0 | 0 | -315 | 0 |
| Sale of ow n shares |
0 | -315 | 0 | 0 | 248 | -67 |
| Dividend | 0 | 0 | 0 | 0 | -28 765 | -28 765 |
| Shareholders' equity as of 31 Dec 2014 | 24 656 | 0 | 306 | -595 | 29 500 | 53 868 |
| Comprehensive income year to date 2015 | 0 | 0 | 0 | 101 | 13 011 | 13 112 |
| Purchase of ow n shares |
0 | -456 | 0 | 0 | 0 | -456 |
| Sale of ow n shares |
0 | 70 | 0 | 0 | 0 | 70 |
| Dividend | 0 | 0 | 0 | 0 | -12 309 | -12 309 |
| Shareholders' equity as of 31 Dec 2015 | 24 656 | -386 | 306 | -494 | 30 202 | 54 284 |
There have been no material transactions with related parties during the reporting period 31 December 2014 to 31 December 2015.
It has been decided to close Itera's consulting business in Sweden with effect for accounting purposes from 1 February 2016. No material costs will be incurred in connection with the closure.
| 2015 | 2014 | change | 2015 | 2014 | change | 2015* | 2014* | change* | |
|---|---|---|---|---|---|---|---|---|---|
| All figures in NOK 1000 | 10-12 | 10-12 | % | 1-12 | 1-12 | % | 1-12 | 1-12 | % |
| Profit & Loss | |||||||||
| Sales revenue | 113 115 | 110 378 | 2 % | 435 393 | 439 845 | -1 % | 394 243 | 379 468 | 4 % |
| Gross profit 1 | 94 744 | 91 756 | 3 % | 365 038 | 363 919 | 0 % | 335 623 | 318 884 | 5 % |
| EBITDA | 13 611 | 3 056 | 345 % | 40 511 | 25 233 | 61 % | 46 130 | 31 220 | 48 % |
| EBITDA margin | 12.0 % | 2.8 % | 9,3 pts | 9.3 % | 5.7 % | 3,6 pts | 11.7 % | 8.2 % | 3,5 pts |
| Operating profit (EBIT) before non-recur. items | 8 159 | -2 237 | 465 % | 20 145 | 3 826 | 426 % | 26 389 | 11 020 | 139 % |
| EBIT margin before non-recurring items | 7.2 % | -2.0 % | 9,2 pts | 4.6 % | 0.9 % | 3,8 pts | 6.7 % | 2.9 % | 3,8 pts |
| Operating profit (EBIT) | 8 510 | -5 905 | 244 % | 18 764 | 158 11750 % | ||||
| EBIT margin | 7.5 % | -5.3 % | 12,9 pts | 4.3 % | 0.0 % | 4,3 pts | |||
| Profit before taxes | 9 726 | -7 215 | 235 % | 19 654 | -1 554 | 1365 % | |||
| Profit for the period | 5 763 | -7 215 | 180 % | 13 011 | -4 947 | 363 % | |||
| Balance sheet | |||||||||
| Non-current assets | 47 526 | 48 604 | -2 % | 47 526 | 48 604 | -2 % | |||
| Bank deposits | 68 351 | 67 189 | 2 % | 68 351 | 67 189 | 2 % | |||
| Current assets | 167 318 | 156 331 | 7 % | 167 318 | 156 331 | 7 % | |||
| Total assets | 214 845 | 204 935 | 5 % | 214 845 | 204 935 | 5 % | |||
| Equity | 54 284 | 53 868 | 1 % | 54 284 | 53 868 | 1 % | |||
| Total current liabilities | 138 034 | 135 035 | 2 % | 138 034 | 135 035 | 2 % | |||
| Equity ratio | 25.3 % | 26.3 % | -4 % | 25.3 % | 26.3 % | -4 % | |||
| Current ratio | 1.21 | 1.16 | 5 % | 1.21 | 1.16 | 5 % | |||
| Cash flow | |||||||||
| Net cash flow from operating activities | 30 104 | 46 798 | -36 % | 20 786 | 45 846 | -55 % | |||
| Net cash flow | 14 574 | 42 181 | -65 % | 1 162 | -770 | 251 % | |||
| Share information | |||||||||
| Number of shares | 82 186 624 | 82 186 624 | 0 % | 82 186 624 | 82 186 624 | 0 % | 0 | ||
| Weighted average basic shares outstanding | 82 186 624 | 82 186 624 | 0 % | 82 186 624 | 82 186 624 | 0 % | |||
| Weighted average diluted shares outstanding | 82 186 624 | 82 186 624 | 0 % | 82 186 624 | 82 186 624 | 0 % | |||
| Profit per share | 0.07 | -0.09 | 180 % | 0.16 | -0.06 | 363 % | |||
| Diluted Profit per share | 0.07 | -0.09 | 180 % | 0.16 | -0.06 | 363 % | |||
| EBITDA per share | 0.17 | 0.04 | 345 % | 0.49 | 0.31 | 61 % | 0.56 | 0.38 | 48 % |
| Equity per share | 0.66 | 0.66 | 1 % | 0.66 | 0.66 | 1 % | |||
| Dividend per share | 0.15 | 0.06 | 150 % | 0.15 | 0.06 | 150 % | |||
| Employees | |||||||||
| Number of employees at the end of the period | 400 | 445 | -10 % | 400 | 445 | -10 % | 381 | 384 | -1 % |
| Average number of employees | 401 | 453 | -11 % | 425 | 453 | -6 % | 383 | 389 | -2 % |
| Operating revenue per employee | 282 | 244 | 16 % | 1 026 | 972 | 6 % | 1 029 | 976 | 5 % |
| Gross profit 1 per employee | 236 | 203 | 17 % | 860 | 804 | 7 % | 876 | 820 | 7 % |
| Personnel expenses per employee | 171 | 167 | 2 % | 649 | 638 | 2 % | 645 | 633 | 2 % |
| Other operating expenses per employee | 31 | 29 | 9 % | 116 | 111 | 5 % | 111 | 107 | 4 % |
| EBITDA per employee | 34 | 7 | 402 % | 95 | 56 | 71 % | 120 | 80 | 50 % |
| EBIT per employee | 21 | -13 | 263 % | 44 | 0 12534 % | 0 | 0 |
* = Pro forma Profit & Loss and employee figures. Other figures as reported.
EBITDA
* = pro forma
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