Annual / Quarterly Financial Statement • Feb 26, 2014
Annual / Quarterly Financial Statement
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| 2013 | 2012 | change | 2013 | 2012 | change | |
|---|---|---|---|---|---|---|
| All figures in NOK million | 10-12 | 10-12 | % | 1-12 | 1-12 | % |
| Sales revenue | 125.1 | 113.3 | 10 % | 465.2 | 438.2 | 6 % |
| Gross profit | 102.1 | 90.4 | 13 % | 374.6 | 358.0 | 5 % |
| EBITDA | 13.2 | 6.8 | 93 % | 43.9 | 25.9 | 70 % |
| EBITDA margin | 10.6 % | 6.0 % | 9.4 % | 5.9 % | ||
| EBIT | 7.6 | 1.7 | 338 % | 22.5 | 7.3 | 210 % |
| EBIT margin | 6.1 % | 1.5 % | 4.8 % | 1.7 % | ||
| Profit before tax | 7.0 | 1.9 | 272 % | 20.4 | 6.8 | 199 % |
| Profit for the period | 5.0 | 1.4 | 272 % | 14.7 | 4.6 | 219 % |
| Profit margin | 4.0 % | 1.2 % | 3.2 % | 1.1 % | ||
| Net cash flow from operating activities |
35.8 | 17.3 | 108 % | 57.7 | 22.5 | 157 % |
| Number of employees at the end of the period | 460 | 428 | 7 % | 460 | 428 | 7 % |
Itera is now united as an integrated company. The Group performance continues to improve in the fourth quarter, both in terms of growth, profitability and liquidity compared to the corresponding quarter in 2012. The Group's competitiveness is also strengthened through increasing use of nearshore resources with a lower cost base.
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 2012.
Figures given in brackets apply to the fourth quarter and accumulated figures as of 31.12.2012 respectively.
Operating revenue amounted to MNOK 125.1 (113.3) in the fourth quarter and MNOK 465.2 (438.2) for the year to date, corresponding to a growth of 10 percent for the fourth quarter and 6 percent for the year.
Gross margin 1 amounted to MNOK 102.1 (90.4) in the fourth quarter and MNOK 374.6 (358.0) year to date, corresponding to a growth of 13 percent in the fourth quarter and 5 percent for the year.
The Group's operating expenses amounted to MNOK 117.4 (111.6) in the fourth quarter and MNOK 442.7 (431.0) for the full year. This represents an increase of 5 and 3 percent respectively.
The cost of sold goods was MNOK 22.9 (22.9) in the fourth quarter and MNOK 90.6 (80.2) for the full year. The cost of goods consists mainly of the purchase of services from sub consultants, hosting related expenses and SW-licenses in large projects. These expenses can vary greatly from quarter to quarter. The cost of sold goods in the fourth quarter was at the same level as in the fourth quarter of 2012. The costs of sold goods increased by 13 percent for the full year.
Personnel expenses amounted to MNOK 74.8 (71.5) in the fourth quarter and MNOK 279.4 (281.9) for the full year. This corresponds to an increase of 5 percent in the fourth quarter and a decrease of -1 percent for the full year. The company continues to increase the proportion of employees in Ukraine, where the cost base is lower. Average personnel cost per man year is 1 percent lower in the fourth quarter and 2 percent lower for the full year, compared to the same period last year.
Other operating expenses amounted to MNOK 14.0 (12.0) in the fourth quarter and MNOK 51.3 (50.2) for the full year. This corresponds to a change of 17 percent in the fourth quarter and 2 percent for the year compared to the same periods last year.
Operating profit before depreciation (EBITDA) increased by 93 percent to MNOK 13.2 (6.8) in the fourth quarter, corresponding to a margin of 10.6 (6.0) percent. EBITDA for the full year increased by 70 percent to MNOK 43.9 (25.9) corresponding to a margin of 9.4 (5.9) percent.
Ordinary depreciations were MNOK 5.6 (5.1) in the fourth quarter and MNOK 21.4 (18.6) for the full year. The increase is related to the Group's hosting operation.
Operating profit (EBIT) increased by MNOK 5.9 to MNOK 7.6 (1.7) in the fourth quarter, corresponding to a margin of 6.1 (1.5) percent. EBIT for the whole year increased by MNOK 15.3 to 22.5 (7.3), corresponding to a margin of 4.8 (1.7) percent.
Net financial items amounted to MNOK -0.6 (0.1) in the fourth quarter and MNOK -2.0 (-0.4) for the full year.
Profit after tax increased by 272 percent to MNOK 5.0 (1.4) in the fourth quarter and by 219 percent to MNOK 14.7 (4.6) for the full year. Estimated tax cost is MNOK 2.0 (0.5) in the fourth quarter and MNOK 5.7 (2.2) for the full year. Payable tax in the fourth quarter and for the full year amounted to MNOK 1.2 (0).
At the end of the fourth quarter the deferred tax advantage was MNOK 9.6 (13.4), of which MNOK 8.5 (12.4) was recognized in the balance sheet. The deferred tax advantage will ensure that the Group will not pay tax in the near future.
The cash flow from operations amounted to MNOK 35.8 (17.3) in the fourth quarter and MNOK 57.7 (22.5) for the year as a whole. This confirms the solid improvement of the operational performance compared to last year.
The change in work in progress from Q3 2013 of MNOK 0,7 is related to revenue invoiced from previous periods. Customer receivables, accounts payable to suppliers and other accruals must be grouped together, and the total effect of MNOK 21.5 is mainly the result of an increase of accounts payable to suppliers and in other short-term liabilities.
At the end of the fourth quarter bank deposits amounted to MNOK 68.0 (28.8). The Group has a credit facility of MNOK 25.
The Group has interest-bearing debts in leasing arrangements of MNOK 15.8 (11.9) utilised to finance investments relating to hosting contracts.
Itera has not re-purchased own shares during 2013.
The equity at the end of the fourth quarter was MNOK 86.3 (72.49). This corresponds to an equity ratio of 40 (41) percent.
The Group's total investments amounted to MNOK 8.7 (3.3) in the fourth quarter and MNOK 20.4 (11.9) for the full year.
Investments in the hosting operation amounted to MNOK 4.8 (1.7) in the fourth quarter and MNOK 12.6 (10.3) for the full year. Of this, leasing accounted for MNOK 4.8 (1.4) in the fourth quarter and MNOK 12.6 (5.4) for the full year.
Investments in intangible assets, hereunder in-house developed software with subscription income agreements, amounted to MNOK 1.7 (1.3) in the fourth quarter and MNOK 3.7 (6.1) for the full year.
In a meeting on 25 February 2014 the Board of Directors have decided to propose to the Annual General Meeting a dividend of NOK 0.35 per share for 2013.
Following the resolution by the Annual General Meeting on Thursday 22 May 2014, the share will be traded ex dividend on Friday 23 May 2014.
The positive development from the third quarter continues in the fourth quarter. The Group delivers good, profitable growth.
The income-related predictability continues due to stronger customer relationships and growth in both size and duration of the customer engagements, and an increasing number of customers are purchasing a wider range of the group's services in communications and technology.
The development provides a higher billable utilization ratio and income-related predictability.
Itera has built a completely new group over the course of 10 months. Instead of the previous structure with independent subsidiaries, Itera is now an integrated company within communications and technology. The group delivers projects in cross-disciplinary teams. The boundaries between areas of expertise and corporate structure have been eliminated and replaced by a strong community, professional multiplicity and a culture of sharing.
The merger that was completed at the close of the third quarter through the establishment of Itera Norge immediately resulted in increased efficiency and brand clarity both internally and externally. The simplified structure provides simpler routines, a more efficient governance model, more focused culture and corporate development as well as a
more distinct branding. The establishment of Itera Norge was well-received throughout the organisation, and employee satisfaction is good throughout the group, well supported by the positive economic development.
By the end of the fourth quarter the number of employees was 460, compared to 428 in the fourth quarter last year, corresponding to an increase of 7 percent. The number of employees increased by 7 (-6) in the fourth quarter.
The share of resources located nearshore was 32 (22) percent at the end of the fourth quarter. Implementation of projects in teams across borders works very well and is a mature model both among employees and among more and more customers.
The availability of highly qualified resources in Ukraine is good, and it is relatively easy to increase staffing quickly when resource needs occur than it is in the Nordic labour markets. Itera's nearshore capability provides the group with strategically valuable flexibility and dampens part of the effect of uncovered capacity needs.
The largest IT professional network in Ukraine recently voted Itera to be one of the two most attractive workplaces in the country's technology sector. The Group finds that Itera is an attractive employer and has a strong 'employer brand' in competition with other international businesses.
Starting from the beginning of December 2013, the political situation in Ukraine has received a lot of media attention. Itera has continuously been monitoring the situation, both through own visits to the country and through external sources such as the Norwegian-Ukrainian Chamber of Commerce and relevant Norwegian authorities. None of the Group's projects, clients or employees have been affected by the situation. The Norwegian National Broadcasting Corporation broadcasted a report from the Itera Kiev office in the end of January 2014 that showed normal activity and a calm situation.
The Norwegian and Danish markets for IT services remained strong in the fourth quarter. The Swedish market has been a little uncertain, but there are signs of improvement.
The Group is experiencing high demand, especially among its larger clients, who in many cases enter into agreements for a wider range of services than previously. The labour market is in general tight, but the Group experiences that the Itera brand has increased its influence and thus its appeal in the labour market.
Itera is no longer an IT company, but has repositioned itself as communications and technology company. The group has an extremely solid customer portfolio in flourishing branches where the ability to implement rapid restructuring and innovation typifies the market leaders. When companies are made aware of Itera's total area of expertise, experience, reference list and capacity, the group experiences that customers find the total package both value increasing and attractive.
During the course of the quarter agreements were entered into for the delivery of services and projects for both new and current customers, including the Norwegian Environment Agency, Storebrand, PGS, Lemminkäinen, If, Santander, KLP, Elektroskandia, The Norwegian Defence Estates Agency, Nordea, Union of Education Norway, SN Power, the Language Council of Norway, Canal Digital, Visma, Gjensidige, Centrica, the Norwegian Data Protection Authority, Nobel's Peace Centre, The Police Immigration Unit, Statsbygg and Matmerk.
The breadth of the types of agreements serves to illustrate the extent of the group's expertise in communications and technology: digital strategy development, communications strategy, service design, games development, project management, modernisation of key systems, search solutions, web solutions, digital magazine, annual reports, testing, information security, application management and operations.
Itera's approach to development of new services and concepts is strongly customer and market oriented. The general use of mobile platforms and cloud services is in rapid growth, which represents new challenges for many enterprises regarding access management related to business-critical information. During the fourth quarter, Itera launched a new solution – Identity and Access Management (IAM) – that protects businesses from unauthorized access to sensitive information. The solution is supplied as a subscription service (IAMaaS) so that the enterprise can implement the service in the easiest possible way.
Itera has a strong Nordic customer portfolio, where many of the customers already buy or have the potential to apply the full range of Itera's services.
The 10 largest customers accounted for 42 percent of the Group's revenue in the fourth quarter, up from 37 percent in the corresponding quarter last year. The growth of the 30 largest customers was 42 percent compared to the corresponding period last year and 38 percent for the full year compared to 2012.
Itera delivers projects with a blended sourcing model. The nearshore model is fully integrated in the Group's service spectrum, and provides the customer with high flexibility regarding cost efficiency and ensures stable access of resources. Local and nearshore resources work closely together in integrated and interdisciplinary teams, supported by a common corporate culture and delivery methodology across geographical borders.
More and more of Itera's range of services can be performed both onshore and nearshore, depending on which model is appropriate for the particular project and client needs. The Group's employees are used to working effectively across borders, and the customer demand for Itera's delivery model is growing.
Half of Iteras largest customers are utilizing Itera's nearshore services, like If, Bluegarden and Santander. Several larger companies are showing interest in the sourcing model, and are visiting the operation in Kiev to take a closer look at possibilities and scenarios. The trend is that more and more customers are buying more services from the Group where nearshoring is included than not included.
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 exposes the Group to new risks, included country risk, data security and corruption. Itera has zero tolerance for corruption and does not deliver services to public and private sector in Ukraine.
For more information about risks and uncertainties please read the 2012 annual report.
The Group keeps its focus on the main 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 efficency within the organization. Itera is experiencing good activity in all the markets where the Group is represented, and is monitoring the development in market trends closely.
The Group is properly positioned for profitable growth.
The Interim Report for the first quarter of 2014 will be presented on April 29th 2014.
| 2013 | 2012 | change | 2013 | 2012 | change | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | 10-12 | 10-12 | % | 1-12 | 1-12 | % |
| Sales revenue | 125 061 | 113 314 | 10 % | 465 194 | 438 207 | 6 % |
| Operating expenses | ||||||
| Cost of sales | 22 948 | 22 924 | 0 % | 90 630 | 80 221 | 13 % |
| Personell expenses | 74 838 | 71 548 | 5 % | 279 400 | 281 924 | -1 % |
| Depreciation | 5 610 | 5 102 | 10 % | 21 376 | 18 596 | 15 % |
| Other operating expenses | 14 041 | 11 997 | 17 % | 51 266 | 50 211 | 2 % |
| Total operating expenses | 117 438 | 111 571 | 5 % | 442 671 | 430 952 | 3 % |
| Operating profit | 7 623 | 1 742 | 338 % | 22 523 | 7 255 | 210 % |
| Financial items | ||||||
| Other financial income | -357 | 214 | -267 % | 383 | 758 | -50 % |
| Other financial expenses | 264 | 76 | 246 % | 2 467 | 1 167 | 111 % |
| Net financial items | -622 | 138 | -550 % | -2 084 | -409 | -410 % |
| Profit before taxes | 7 002 | 1 880 | 272 % | 20 439 | 6 846 | 199 % |
| Income tax | 1 960 | 526 | 272 % | 5 723 | 2 228 | 157 % |
| Profit for the period | 5 041 | 1 354 | 272 % | 14 716 | 4 618 | 219 % |
| Earnings per share | 0.06 | 0.02 | 272 % | 0.18 | 0.06 | 202 % |
| Fully diluted earnings per share | 0.06 | 0.02 | 272 % | 0.18 | 0.06 | 202 % |
| Statement of other income and costs | ||||||
| Currency translation differences | 130 | -940 | 114 % | 2 445 | -899 | 372 % |
| Unrealized net effect on investments in foreign subsidaries | 359 | 52 | 590 % | 1 622 | -194 | 937 % |
| Profit for the period | 5 041 | 1 354 | 272 % | 14 716 | 4 618 | 219 % |
| Total profit | 5 530 | 466 | 1088 % | 18 783 | 3 525 | 433 % |
| Attributable to: | ||||||
| Shareholders in parent company | 5 530 | 466 | 1088 % | 18 783 | 3 525 | 433 % |
| 2013 | 2012 | change | |
|---|---|---|---|
| All figures in NOK 1000 | Dec 31 | Dec 31 | % |
| ASSETS | |||
| Non-current assets | |||
| Deferred tax asset | 8 506 | 12 903 | -34 % |
| Other intangible assets | 17 216 | 20 423 | -16 % |
| Fixed assets | 27 858 | 26 603 | 5 % |
| Total non-current assets | 53 581 | 59 929 | -11 % |
| Current assets | |||
| Work in progress | 12 574 | 5 892 | 113 % |
| Accounts receivable | 69 682 | 74 176 | -6 % |
| Other receivables | 12 661 | 8 537 | 48 % |
| Bank deposits | 67 958 | 28 824 | 136 % |
| Total current assets | 162 875 | 117 430 | 39 % |
| Total assets | 216 457 | 177 359 | 22 % |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 24 656 | 24 656 | 0 % |
| Ow n shares |
0 | 0 | |
| Other equity | 46 923 | 47 787 | -2 % |
| Net profit for the period | 14 716 | 0 | |
| Total equity | 86 295 | 72 443 | 19 % |
| Non-current liabilities | |||
| Non-current interest bearing liabilities | 15 827 | 11 889 | 33 % |
| Total non-current liabilities | 15 827 | 11 889 | 33 % |
| Current liabilities | |||
| Accounts payable | 27 171 | 17 714 | 53 % |
| Public duties payable | 24 576 | 25 978 | -5 % |
| Other short-term liabilites | 62 349 | 49 335 | 26 % |
| Total current liabilities | 114 335 | 93 027 | 23 % |
| Total liabilities | 130 162 | 104 916 | 24 % |
| Total equity and liabilites | 216 457 | 177 359 | 22 % |
| Equity ratio | 40 % | 41 % |
| 2013 | 2012 | change | 2013 | 2012 | change | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | 10-12 | 10-12 | % | 1-12 | 1-12 | % |
| Cash flow from operating activities | ||||||
| Profit before taxes | 7 002 | 1 969 | 256 % | 20 439 | 6 846 | 199 % |
| Income tax | -1 152 | -389 | -196 % | -1 152 | -389 | -196 % |
| Gain/Loss sale of fixed assets | 0 | -10 | 100 % | 0 | -10 | 100 % |
| Depreciation | 5 610 | 5 102 | 10 % | 21 376 | 18 596 | 15 % |
| Change in w ork in progress |
680 | -3 338 | 120 % | -6 682 | -4 425 | -51 % |
| Change in account receivables | -3 440 | -6 116 | 44 % | 4 494 | -2 207 | 304 % |
| Change in account payables | 8 757 | 4 239 | 107 % | 9 458 | 2 619 | 261 % |
| Change in other accruals | 16 148 | 16 952 | -5 % | 7 557 | 2 629 | 187 % |
| Effect of currency changes | 2 236 | -1 158 | 293 % | 2 236 | -1 158 | 293 % |
| Share based payments | 0 | 0 | 0 | 0 | ||
| Net cash flow from operating activities | 35 841 | 17 251 | 108 % | 57 726 | 22 500 | 157 % |
| Cash flow from investments activities | ||||||
| Payment from sale of fixed assets | 0 | 105 | -100 % | 0 | 105 | -100 % |
| Investment in fixed assets | -3 157 | 3 013 | -205 % | -5 146 | -5 596 | 8 % |
| Investment in intangible assets | -1 670 | -1 298 | -29 % | -3 670 | -6 066 | 39 % |
| Net payment from sale of subsidiary | 0 | 0 | ||||
| Net cash flow from investments activities | -4 827 | 1 820 | -365 % | -8 816 | -11 557 | 24 % |
| Cash flow from financing activities | ||||||
| Purchase of ow n shares |
0 | 0 | 0 | 0 | ||
| New borrow ing |
0 | -4 740 | 100 % | 0 | 0 | |
| Borrow ings repaid |
-2 109 | -327 | -545 % | -6 131 | -3 089 | -98 % |
| Dividend | 0 | -4 931 | 0 | |||
| Net cash flow from financing activities | -2 109 | -5 067 | 58 % | -11 062 | -3 089 | -258 % |
| Currency effect on cash | 907 | 37 | 2351 % | 1 286 | -36 | 3672 % |
| Net cash flow | 29 812 | 14 041 | 112 % | 39 134 | 7 818 | 401 % |
| Bank deposits at the beginning of the period | 38 146 | 14 783 | 158 % | 28 824 | 21 006 | 37 % |
| Bank deposits at the end of the period | 67 958 | 28 824 | 136 % | 67 958 | 28 824 | 136 % |
| Total | ||||
|---|---|---|---|---|
| capital | shares | differences | equity | equity |
| 24 882 | -225 | -3 532 | 47 796 | 68 920 |
| 0 | 0 | -1 094 | 4 618 | 3 524 |
| 0 | 0 | 0 | 0 | 0 |
| 0 | 225 | 0 | 0 | 225 |
| -226 | 0 | 0 | 0 | -226 |
| 0 | ||||
| 24 656 | 0 | -4 626 | 52 414 | 72 443 |
| 0 | 0 | 4 067 | 14 716 | 18 783 |
| 0 | ||||
| 0 | ||||
| 0 | ||||
| 0 | ||||
| 0 | 0 | 0 | -4 931 | -4 931 |
| 24 656 | 0 | -559 | 62 199 | 86 295 |
| Share 0 0 0 0 0 |
Ow n 0 0 0 0 0 |
Translation 0 0 0 0 0 |
Other 0 0 0 0 0 |
There have been no material transactions with related parties during the reporting period 1st of October to 31th of December 2013.
There have been no material events after 31th of December 2013 of significance for this quarterly report.
| 2013 | 2012 | change | 2013 | 2012 | change | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | 10-12 | 10-12 | % | 1-12 | 1-12 | % |
| Profit & Loss | ||||||
| Sales revenue | 125 061 | 113 314 | 10 % | 465 194 | 438 207 | 6 % |
| Gross profit 1 | 102 113 | 90 389 | 13 % | 374 564 | 357 986 | 5 % |
| EBITDA | 13 234 | 6 844 | 93 % | 43 899 | 25 851 | 70 % |
| EBITDA-margin | 10.6 % | 6.0 % | 9.4 % | 5.9 % | ||
| Operating profit (EBIT) | 7 623 | 1 742 | 338 % | 22 523 | 7 255 | 210 % |
| EBIT-margin | 6.1 % | 1.5 % | 4.8 % | 1.7 % | ||
| Profit before taxes | 7 002 | 1 880 | 272 % | 20 439 | 6 846 | 199 % |
| Profit for the period | 5 041 | 1 354 | 272 % | 14 716 | 4 618 | 219 % |
| Balance sheet | ||||||
| Non-current assets | 53 581 | 59 929 | 53 581 | 59 929 | ||
| Bank deposits | 67 958 | 28 824 | 67 958 | 28 824 | ||
| Current assets | 162 875 | 117 430 | 162 875 | 117 430 | ||
| Total assets | 216 457 | 177 359 | 216 457 | 177 359 | ||
| Equity | 86 295 | 72 443 | 86 295 | 72 443 | ||
| Total current liabilities | 114 335 | 93 027 | 114 335 | 93 027 | ||
| Equity ratio | 39.9 % | 40.8 % | 39.9 % | 40.8 % | ||
| Liquidity factor | 1.42 | 1.26 | 1.42 | 1.26 | ||
| Cash flow | ||||||
| Net cash flow from operating activities |
35 841 | 17 251 | 57 726 | 22 500 | ||
| Net cash flow | 29 812 | 14 041 | 39 134 | 7 818 | ||
| Share information | ||||||
| Number of shares | 82 186 624 | 82 940 346 | 82 186 624 | 82 940 346 | ||
| Weighted average basic shares outstanding | 82 186 624 | 82 186 624 | 82 186 624 | 82 186 624 | ||
| Weighted average diluted shares outstanding | 82 186 624 | 82 186 624 | 82 186 624 | 82 186 624 | ||
| EBIT per share | 0.06 | 0.02 | 272 % | 0.18 | 0.06 | 219 % |
| Diluted EBIT per share | 0.06 | 0.02 | 272 % | 0.18 | 0.06 | 219 % |
| EBITDA per share | 0.16 | 0.08 | 93 % | 0.53 | 0.31 | 70 % |
| Equity per share | 1.05 | 0.88 | 19 % | 1.05 | 0.88 | 19 % |
| Dividend per share | 0.00 | 0.00 | 0.06 | 0.00 | ||
| Employees | ||||||
| Number of employees at the end of the period | 460 | 428 | 7 % | 460 | 428 | 7 % |
| Average number of employees | 456 | 431 | 6 % | 443 | 439 | 1 % |
| Operating revenue per employee | 274 | 263 | 4 % | 1 050 | 999 | 5 % |
| Gross profit 1 per employee | 224 | 210 | 7 % | 846 | 816 | 4 % |
| Personell expenses per employee | 164 | 166 | -1 % | 631 | 643 | -2 % |
| Other operating expenses per employee | 31 | 28 | 11 % | 116 | 114 | 1 % |
| EBITDA per employee | 29 | 16 | 83 % | 99 | 59 | 68 % |
| EBIT per employee | 17 | 4 | 313 % | 51 | 17 | 208 % |
EBITDA
0 % 2 % 4 % 6 % 8 % 10% 12% Q 1 Q 2 Q 3 Q 4 2011 2012 2013 EBITDA margin %
-2%
Itera.no Sognsveien 77 A-B Pb. 3834 Ullevål Stadion, 0805 Oslo TLF +47 23 00 76 50 [email protected]
CEO Tel +47 23 00 76 50 Mob. +47 905 23172 [email protected]
CFO Tel +47 23 00 76 50 Mob. +47 909 43 403 [email protected]
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