Itera

Quarterly Report • Oct 29, 2014

humanizing
technology

HIGHLIGHTS Q3/2014

JULY – SEPTEMBER 2014

• Revenue NOK 102.3 million (102.5), at the same level as last year.
• EBITDA NOK 7.7 million (10.0) and EBITDA margin 7.6 % (9.7 %).
• EBIT NOK 2.5 million (4.7) and EBIT margin 2.4 % (4.6 %).
• Cash flow from operations NOK -3,2 million (4.0).
• Equity ratio 36 % (43 %).
• Bank deposits NOK 25.0 million (38.1).
• Stable organization with low attrition rate.

JULY – SEPTEMBER 2014

• Revenue NOK 329.5 million (340.1), representing a decrease of -3 %.
• EBITDA NOK 22.2 million (30.7) and EBITDA margin 6.7 % (9.0 %).
• EBIT NOK 6.1 million (14.9) and EBIT margin 1.8 % (4.4 %).
• Cash flow from operations NOK -0.5 million (21.9).

ACTIVITIES AND SIGNIFICANT EVENTS DURING THE PERIOD

• While the first six months were affected negatively by the situation in Ukraine, the Group's business operation was stabilized in the third quarter.
• The new development center in Bratislava was fully established, providing a new option for customers who considered the country risk in Ukraine.
• Signed agreements for delivery of services and projects for new and existing customers, including Skuld, Eika, Selvaag, Gjensidige, DNV GL, the Norwegian Veterinary Institute, the Norwegian Agriculture Agency, the Norwegian Environment Agency, the City of Oslo, the National Police Immigration Service, Statsbygg, the Language Council of Norway and the Norwegian Defence Estates Agency (NDEA).

KEY FIGURES

	2014	2013	change	2014	2013	change	2013
All figures in NOK million	7-9	7-9	%	1-9	1-9	%	1-12
Sales revenue	102.3	102.5	0 %	329.5	340.1	-3 %	465.2
Gross profit	84.7	85.1	-1 %	272.2	272.5	0 %	374.6
EBITDA	7.7	10.0	-22 %	22.2	30.7	-28 %	43.9
EBITDA margin	7.6 %	9.7 %		6.7 %	9.0 %		9.4 %
EBIT	2.5	4.7	-48 %	6.1	14.9	-59 %	22.5
EBIT margin	2.4 %	4.6 %		1.8 %	4.4 %		4.8 %
Profit before tax	2.3	3.7	-36 %	5.7	13.4	-58 %	20.4
Profit for the period	1.7	2.6	-35 %	4.1	9.7	-57 %	15.8
Profit margin	1.7 %	2.6 %		1.3 %	2.8 %		3.4 %
Earnings per share	0.02	0.03	-35 %	0.05	0.12	-57 %	0.19
Fully diluted earnings per share	0.02	0.03	-35 %	0.05	0.12	-57 %	0.19
Net cash flow from operating activities	-3.2	4.0	-179 %	-1.0	21.9	-104 %	22.5
Bank deposits	25.0	38.1		25.0	38.1		68.0
Number of employees at the end of the period	465	453	3 %	465	453	3 %	460

THIRD QUARTER REPORT

FINANCIAL PERFORMANCE

While the first six months were negatively affected by the situation in Ukraine, the Group now experiences a more stable situation. The third quarter revenue shows growth compared to the first two quarters this year adjusted for seasonal variations.

Establishment of the new nearshore development center inside EU proceeds according to plan, enabling distribution of tasks to several countries. Several customers show renewed interest in utilizing nearshore resources.

The third quarter is seasonally affected by the summer holiday in all countries.

Accounting principles

The consolidated interim report includes Itera ASA and its subsidiaries. The interim financial statements were prepared in accordance with IAS 34, which covers interim financial reporting and the Securities Trading Act. The interim report has not been audited and does not include all information required for a complete annual report. For further information about the accounting principles, please see Itera's annual report 2013.

Figures in brackets apply to the third quarter of 2013, respectively year to date of 2013.

Operating revenue

Operating revenue amounted to NOK 102.3 million (102.5) in the third quarter and NOK 329.5 million (340.1) year to date. The revenue in the third quarter ended on the same level as last year, but had a decrease of -3 percent year to date. The decrease in the revenue is mainly caused by the situation in Ukraine in the first half year. The termination of a customer with low margin due to competition from brokers represents a decrease of approximately NOK 10 million.

Gross profit 1 (revenue minus cost of sold goods) amounted to NOK 84.7 million (85.1) in the third quarter and NOK 272.2 million (272.5) year to date, corresponding to a decrease of - 1 percent in the third quarter while stays at the same level year to date.

Operating expences

The operating expenses in the third quarter amounted to NOK 99.8 million (97.8) and NOK 323.4 million (325.2) year to date. This represents an increase of 2 percent in the third quarter. The increase is related to the establishment of the new development centre in Bratislava. The total operating expenses decreased by –1 percent compared to last year.

Cost of sold goods amounted to NOK 17.6 million (17.3) in the third quarter and NOK 57.3 million (67.7) year to date. Cost of sold goods consists mainly of purchase of services from sub consultants and expenses related to the Group's datacenters in addition to third party SW-licences as part of larger deliveries. Cost of sold goods could flutuate substantially from quarter to quarter, showing an increase of 1 percent in the third quarter and a reduction of -15 percent year to date. The increase in the third quarter is mainly explained by an increase in sale of licenses, while the year to date decrease mainly is explained by the termination of a large subcontractor with less than 1 percent margin to Itera.

The personnel expenses for the third quarter amounted to NOK 64.0 million (61.9) and NOK 213.0 (204.6) year to date. This represents an increase of 3 percent in the third quarter and 4 percent year to date. The increase in number of employees year to date was 3 percent compared to the same period last year.

Other operating expenses decreased by -3 percent to NOK 12.9 million (13.3) in the third quarter and by -1 percent to NOK 37.0 (37.2) year to date.

Profit

Operating profit before depreciation (EBITDA) amounted to NOK 7.7 million (10.0) in the third quarter, corresponding to a margin of 7.6 (9.7) percent. Operating profit (EBITDA) year to date amounted to NOK 22.2 (30.7), corresponding to a margin of 6.7 (9.0) percent.

Depreciation amounted to NOK 5.3 million (5.2) in the third quarter and NOK 16.1 million (15.8) year to date.The depreciaton is mainly related to the Group's hosting operation.

Operating profit (EBIT) amounted to NOK 2.5 million (4.7) in the third quarter, which corresponds to a margin of 2.4 (4.6) percent. EBIT year to date amounted to NOK 6.1 million (14.9), corresponding to a margin of 1.8 (4.4) percent.

The cost for planning and establishing the new development centre in Bratislava is covered in the daily operation. The cost year to date amounted to NOK 3.1 million and has a negative effect on the profit year to date.

Net financial items amounted to NOK -0.1 million (-1.0) in the third quarter and NOK -0.4 million (-1.5) year to date.

Profit after tax amounted to NOK 1.7 million (2.6) in the third quarter and NOK 4.1 (9.7) year to date. Estimated cost of tax amounted to NOK 0.6 million (1.0) in the third quarter and MNOK 1.5 (3.8) year to date, of which NOK 0.0 million (0.0) is payable year to date.

At the end of the third quarter, deferred tax assets amounted to NOK 8.0 million (9.7), where all is recognized in the statement of financial position.

Cash flow and equity

The cash flow from operations amounted to NOK -3.2 million (4.0) in the third quarter and NOK -1.0 million (21.9) year to date.

The change in customer receivables amounted to NOK -1.0 million, and is at the same level as last year. Change in other accruals amounted to NOK -2.4 million, due to the effect of

ITERA Q3 2014

increased short term debt and an increase in other short term receivables.

The changes in accounts payable amounted to NOK -7.9 million due to reduced cost of sold goods and other operating cost.

At the end of the third quarter, bank deposits amounted to NOK 25.0 million (38.1). A dividend of NOK 28.8 million (4.9) was paid in the second quarter. The Group has a credit facility of NOK 25 million.

The Group has interest-bearing debts of NOK 17.5 million (15.6) related to lease agreements, implemented to finance investments related to new customer contracts for the hosting operation.

Itera has re-purchased 108.000 own shares during the first half year. The re-purchase is due to obligations related to the employee stock option program. The shares were sold to employees who exercised their stock options in the third quarter. Itera has 0 (0) own shares by 30.9.2014.

The equity by the end of the third quarter was NOK 60.6 million (78.9). This corresponds to an equity ratio of 36 (43) percent. The equity is reduced due to payment of dividend.

Investments

The total investments in the third quarter amounted to NOK 2.6 million (1.2) and NOK 15,3 million (11.8) year to date.

Investments in the hosting operation amounted to NOK 1.4 million (0.2) in the third quarter, of which NOK 0.6 million (0.2) in leasing. For the first nine months, investments in the hosting operation amounted to NOK 8.1 (7.8) million, of which NOK 6.3 million (7.8) in leasing.

Investments in intangible assets, such as own developed software with annual running agreements, amounted to NOK 1.4 million (0.7) in the third quarter and NOK 3.5 million (2.0) year to date.

BUSINESS REVIEW

While the first six months were affected negatively by the situation in Ukraine, the Group's business operation was stabilized in the third quarter. The new development center in Bratislava was fully established, providing a new option for customers who considered the country risk in Ukraine.

Sourcing model expansion

The planned establishment of a development center within the EU was accelerated because of the geopolitical turmoil in Ukraine in the first half year. The travel time from the Nordic countries is short, and Slovakia is a member of both the EU and NATO.

The new development center is based on the same operating model in Ukraine in order to ensure equality and transparency in methodology, procedures, structural capital and culture across geographical borders. This model is a key element in the Group's business model, as it ensures agile interaction in all levels of the organization, regardless of location.

Organization

By the end of the quarter, the number of employees was 465 compared to 453 in the third quarter last year. This represents an increase of 3 percent.

The nearshore ratio was 33 (29) percent by the end of the third quarter. While the nearshore ratio increased quarter by quarter for the past three years, it shows a flat sequential growth this year.

Group's competence and professional environment within communication and technology is increasingly recognized both locally and internationally. During the quarter, Itera in Denmark won the Business Intelligence award in Computerworld Denmark's top 100 best IT companies. Furthermore, Statsbygg's web solution won the category Best website in the public sector in Norway. The solution is developed by Itera.

Itera is constantly working to enhance our reputation as a highly qualified organization. In order to deliver the best possible offering to the employees, Itera has developed a concept for competency development called Itera Academy, which was launched in the second quarter. Itera Academy has delivered more than 40 different courses to employees during its first full quarter. Certifications, trainings and courses enhance the Group's structure and knowledge capital, which brings value to our customers. Itera Academy is a key differentiator for recruiting and retaining employees.

Market and customer development

The Group experienced a good order intake in the third quarter. The convergence between communication and technology affects all industries. Digitalization changes customer behavior, creates new business models and reshapes the structures of competition. The rules change, consumers are empowered and mobile devices are already or will be in the near future – the main communication and transaction channel for many businesses.

The Group experiences that purchases of communication services and technology services converge. One important reason is the expectations and demands from the customer's customers in terms of consistent communication and great user experience in all channels. Itera is experiencing a particular demand for new ways and means to launch ideas, products, services and concepts faster and more agile to the market. Itera delivers more and more digitalization strategies, which often result in comprehensive implementation projects where communication and technology services are included.

The public sector is a high priority for the Group. The sector is facing great efforts in order to reach its high ambitions of digital communication with the citizens. During the quarter, Itera signed new or expanded agreements with customers such as the Norwegian Environment Agency, the City of Oslo, the National Police Immigration Service, Statsbygg, the Norwegian Agriculture Agency, the Language Council of Norway and the Norwegian Defence Estates Agency (NDEA). As published on 3rd September, NDEA signed an agreement with Itera for Internet services in the third quarter. The agreement has a duration of two years, with an option for extension of up to two years.

Larger, long-term customer relations

Itera has a strong Nordic customer portfolio, where many of the customers already are or have the potential to become buyers of Itera's full range of services. It is a key part of the strategy to maintain and develop the largest and most strategic customer relationships across geographical borders and professional disciplines.

One of Itera's largest customers within the banking and insurance sector is a good example of how a customer relationship has evolved over time. Itera has worked with this organization for many years, primarily in technology-based services and projects. The cooperation has gradually expanded to include a wider range of services. Among other things, we are in the process of implementing a strategic communication project. The project was initiated to improve the communication skills in the organization. The task is to establish a common understanding of communication challenges, to increase knowledge among employees, to conduct skills training and to establish well-working communication procedures. The goal of the project is to make employees able to communicate better with customers.

The 10 largest customers accounted for 42 percent of the total revenues in the third quarter, up from 39 percent in the corresponding period last year. The growth of the five largest customers was 10 percent year to date, while the growth of the 10 largest customers was 4 percent year to date compared to the same period last year.

Significant risks and uncertainties

Itera's business is affected by a number of different factors, some of which are within the company's control while others are beyond our control. As a consulting firm, the business is affected by business-related risks such as competition and price pressure, project overruns, recruitment, loss of key personnel and our customer's development and bad debts. Market risks include risks related to the business cycle.

Financial risks include exchange risks, mainly related to Swedish (SEK) and Danish kroner (DKK), and US dollar (USD) against Norwegian kroner (NOK). Further, the Group is exposed to interest risks related to return on the bank deposits and financial expenses related to the external financing by changes in the interest rate.

Itera's nearshore operations in Ukraine expose the Group to new risks, included country risk, data security and corruption. Itera has zero tolerance for corruption and does not conduct domestic activities where the problem of corruption is greatest.

For more information about risk and uncertainties, please see the 2013 annual report.

Outlook

The Group keeps focus on its core strategy, creating large, long term customer relationships, increasing share of project deliveries involving the full range of services, increasing use of nearshore resources and improving efficiency within the organization.

The range of services is developed in line with customer needs, and has its base in the combination of communication and technology.

The Group expects that the establishment of the new development center inside the EU will lead to increased activity through new projects for both new and existing customers.

The Group is properly positioned for profitable growth.

Interim Report Q4

The fourth quarter 2014 interim report will be presented mid February 2015.

STATEMENT OF COMPREHENSIVE INCOME

	2014	2013	change	2014	2013	change	2013
All figures in NOK 1000	7-9	7-9	%	1-9	1-9	%	1-12
Sales revenue	102 251	102 477	0 %	329 467	340 133	-3 %	465 194
Operating expenses
Cost of sales	17 598	17 343	1 %	57 305	67 682	-15 %	90 630
Personell expenses	64 017	61 867	3 %	213 018	204 562	4 %	279 400
Depreciation	5 298	5 244	1 %	16 113	15 766	2 %	21 376
Other operating expenses	12 888	13 307	-3 %	36 968	37 224	-1 %	51 266
Total operating expenses	99 801	97 761	2 %	323 404	325 233	-1 %	442 671
Operating profit	2 450	4 716	-48 %	6 063	14 900	-59 %	22 523
Financial items
Other financial income	149	270	-45 %	416	740	-44 %	383
Other financial expenses	251	1 317	-81 %	818	2 203	-63 %	2 467
Net financial items	-102	-1 047	90 %	-402	-1 463	73 %	-2 084
Profit before taxes	2 348	3 669	-36 %	5 662	13 437	-58 %	20 439
Income tax	634	1 027	-38 %	1 529	3 762	-59 %	4 639
Profit for the period	1 714	2 642	-35 %	4 133	9 675	-57 %	15 800
Earnings per share	0.02	0.03	-35 %	0.05	0.12	-57 %	0.19
Fully diluted earnings per share	0.02	0.03	-35 %	0.05	0.12	-57 %	0.19
Statement of other income and costs
Currency translation differences	-307	130	-336 %	-1 028	1 207	-185 %	2 323
Unrealized net effect on investments in foreign
subsidaries	-109	359	-130 %	-649	480	-235 %	1 622
		0					-459
Profit for the period	1 714	2 642	-35 %	4 133	9 675	-57 %	15 800
Total profit	1 298	3 131	-59 %	2 456	11 362	-78 %	19 286
Attributable to:
Shareholders in parent company	1 298	3 131	-59 %	2 456	11 362	-78 %	18 783

STATEMENT OF FINANCIAL POSITION

	2014	2013	change	2014	2013
All figures in NOK 1000	30 Sept	30 Sept	%	30 Jun	31 Dec
ASSETS
Non-current assets
Deferred tax asset	7 999	9 711	-18 %	8 652	9 146
Other intangible assets	15 205	17 435	-13 %	15 646	17 216
Fixed assets	28 463	27 200	5 %	30 237	27 858
Total non-current assets	51 667	54 346	-5 %	54 534	54 221
Current assets Work in progress	6 840	13 254	-48 %	7 670	15 657
Accounts receivable	68 031	66 242	3 %	67 074	69 682
Other receivables	17 707	11 649	52 %	19 575	12 574
Bank deposits	25 008	38 146	-34 %	32 284	67 958
Total current assets	117 586	129 292	-9 %	126 605	165 872
Total assets	169 253	183 638	-8 %	181 139	220 092
EQUITY AND LIABILITIES
Equity
Share capital	24 656	24 656	0 %	24 648	24 656
Other equity	31 771	44 543	-29 %	32 418	46 479
Net profit for the period	4 133	9 675	-57 %	2 419	15 800
Total equity	60 560	78 874	-23 %	59 485	86 935
Non-current liabilities
Non-current interest bearing liabilities	17 507	15 649	12 %	18 701	15 827
Total non-current liabilities	17 507	15 649	12 %	18 701	15 827
Current liabilities
Accounts payable	14 056	18 414	-24 %	21 917	27 171
Tax payable	11	0		31	151
Public duties payable	25 975	19 738	32 %	24 570	24 576
Other short-term liabilites	51 143	50 963	0 %	56 435	65 431
Total current liabilities	91 186	89 115	2 %	102 953	117 330
Total liabilities	108 693	104 764	4 %	121 654	133 157
Total equity and liabilites	169 253	183 638	-8 %	181 139	220 092
Equity ratio	36 %	43 %		33 %	39 %

STATEMENT OF CASH FLOW

	2014	2013	change	2013	2013	change	2013
All figures in NOK 1000	7-9	7-9	%	1-9	1-9	%	1-12
Cash flow from operating activities
Profit before taxes	2 348	3 669	-36 %	5 662	13 437	-58 %	20 439
Income tax	0	0		-521	0		-1 152
Depreciation	5 298	5 244	1 %	16 113	15 766	2 %	21 376
Change in w ork in progress	830	-1 118	174 %	8 817	-7 362	220 %	-9 765
Change in account receivables	-957	18 381	-105 %	1 651	7 934	-79 %	4 494
Change in account payables	-7 861	-3 238	-143 %	-13 115		700 -1972 %	9 458
Change in other accruals	-2 442	-18 936	87 %	-18 446	-8 591	-115 %	10 640
Effect of currency changes	-392	0		-1 113	0
Net cash flow from operating activities	-3 176	4 002	-179 %	-952	21 884	-104 %	57 726
Cash flow from investments activities
Investment in fixed assets	-814	-509	-60 %	-3 921	-1 989	-97 %	-5 146
Investment in intangible assets	-1 389	-713	-95 %	-3 505	-2 000	-75 %	-3 670
Net cash flow from investments activities	-2 203	-1 222	-80 %	-7 426	-3 989	-86 %	-8 816
Cash flow from financing activities
Purchase of ow n shares	-67	0		-67	0		0
Borrow ings repaid	-1 830	-1 633	-12 %	-5 740	-4 022	-43 %	-6 131
Dividend	0	0		-28 765	-4 931	-483 %	-4 931
Net cash flow from financing activities	-1 897	-1 633	-16 %	-34 572	-8 953	-286 %	-11 062
Currency effect on cash	0	-121	100 %	0	379	-100 %	1 286
Net cash flow	-7 276	1 026	-809 %	-42 950	9 321	-561 %	39 134
Bank deposits at the beginning of the period	32 284	37 120	-13 %	67 958	28 824	136 %	28 824
Bank deposits at the end of the period	25 008	38 146	-34 %	25 008	38 146	-34 %	67 958
New borrowing related to leasing	635	0		7 420	0		12 575

STATEMENT OF CHANGES IN EQUITY

All figures in NOK 1000	Share capital	Ow n shares	Other equity	Translation differences	Other equity	Total equity
Shareholders' equity as of 31 Dec 2012	24 656	0	0	-4 626	52 412	72 442
Comprehensive income for the year	0	0	0	3 486	15 800	19 286
Option costs	0	0	138	0	0	138
Dividend	0	0	0	0	-4 931	-4 931
Shareholders' equity as of 31 Dec 2013	24 656	0	0	-1 140	63 280	86 935
Comprehensive income for the year	0	0	0	-1 677	4 133	2 456
Purchase of ow n shares	0	-66	0	0	0	-66
Dividend	0	0	0	0	-28 765	-28 765
Shareholders' equity as of 30 Sep 2014	24 656	-66	0	-2 817	38 648	60 560

NOTES

NOTE 1: TRANSACTION WITH RELATED PARTIES

There has not been any material transactions with related parties during the reporting period 1st of July to 30th of September 2014.

NOTE 2: EVENTS AFTER BALANCE SHEET DATE

There has not been any material events after 30th of September 2014 of significance for this quarterly report.

KEY FIGURES

	2014	2013	endring	2014	2013	endring	2013
Beløp i NOK 1000	7-9	7-9	%	1-9	1-9	%	1-12
Resultat
Driftsinntekter	102 251	102 477	0 %	329 467	340 133	-3 %	465 194
Dekningsbidrag 1	84 653	85 134	-1 %	272 162	272 451	0 %	374 564
EBITDA	7 748	9 960	-22 %	22 177	30 665	-28 %	43 899
EBITDA-margin	7.6 %	9.7 %		6.7 %	9.0 %		9.4 %
Driftsresultat (EBIT)	2 450	4 716	-48 %	6 063	14 900	-59 %	22 523
EBIT-margin	2.4 %	4.6 %		1.8 %	4.4 %		4.8 %
Ordinært resultat før skattekostnad	2 348	3 669	-36 %	5 662	13 437	-58 %	20 439
Periodens resultat	1 714	2 642	-35 %	4 133	9 675	-57 %	15 800
Balanse
Anleggsmidler	51 667	54 346		51 667	54 346		54 221
Bankinnskudd	25 008	38 146		25 008	38 146		67 958
Omløpsmidler	117 586	129 292		117 586	129 292		165 872
Sum eiendeler	169 253	183 638		169 253	183 638		220 092
Egenkapital	60 560	78 874		60 560	78 874		86 935
Sum kortsiktig gjeld	91 186	89 115		91 186	89 115		117 330
Egenkapitalandel	35.8 %	43.0 %		35.8 %	43.0 %		39.5 %
Likviditetsgrad	1.29	1.45		1.29	1.45		1.41
Kontantstrøm
Netto operasjonell kontantstrøm	-3 176	4 002		-952	21 884		57 726
Netto kontantstrøm	-7 276	1 026		-42 950	9 321		39 134
Aksje informasjon
Antall aksjer	82 186 624	82 186 624		82 186 624	82 186 624		82 186 624
Gjennomsnittlig antall utestående aksjer	82 186 624	82 186 624		82 186 624	82 186 624		82 186 624
Gjennomsnittlig antall utvannede aksjer	82 186 624	82 186 624		82 186 624	82 186 624		82 186 624
Resultat pr.aksje	0.02	0.03	-35 %	0.05	0.12	-57 %	0.19
Utvannet resultat pr. aksje	0.02	0.03	-35 %	0.05	0.12	-57 %	0.19
EBITDA pr. aksje	0.09	0.12	-22 %	0.27	0.37	-28 %	0.53
Bokført egenkapital pr. aksje	0.74	0.96	-23 %	0.74	0.96	-23 %	1.06
Utbetalt utbytte pr. aksje	0.00	0.06	-100 %	0.35	0.06	483 %	0.06
Ansatte
Antall ansatte ved utgangen av perioden	465	453	3 %	465	453	3 %	460
Gjennomsnittlig antall ansatte	463	442	5 %	462	437	6 %	443
Driftsinntekt pr. ansatt	221	232	-5 %	713	778	-8 %	1 050
Dekningsbidrag 1 pr. ansatt	183	193	-5 %	589	623	-5 %	846
Personalkostnad pr. ansatt	138	140	-1 %	461	468	-1 %	631
Annen driftskostnad pr. ansatt	28	30	-8 %	80	85	-6 %	116
EBITDA pr. ansatt	17	23	-26 %	48	70	-32 %	99
EBIT pr. ansatt	5	11	-50 %	13	34	-61 %	51

QUARTERLY DEVELOPMENT 2012-2014

EBITDA

EBITDA margin

IT'S OUR DIVERSITY THAT MAKES THE DIFFERENCE.

ITERA

Itera.no Sognsveien 77 A-B Pb. 3834 Ullevål Stadion, 0805 Oslo TLF +47 23 00 76 50 contact@itera.no

ARNE MJØS

Konsernsjef Tlf +4723007650 Mob. +47 905 23172 arne.mjos@itera.no

TORUNN HAVRE

Finansdirektør TLF +47 23 00 76 50 Mob. +47 909 43 403 torunn.havre@itera.no