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Atea Interim / Quarterly Report 2010
3542_rns_2010-07-15_5987a05f-9645-44ee-82d6-8045a8a775ed.pdf
Interim / Quarterly Report
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Atea - Q2 2010
Highlights Q2 2010
- Revenue of MNOK 4,042.4, up 6.8% y-o-y, up 11.8% in constant currency
- EBITDA of MNOK 132.4, up 13.1%
- EBITDA margin of 3.3%, up from 3.1%
- EBIT of MNOK 83.5, up 17.3%
- Acquired Dropzone in Norway, e-commerce company serving SMB customers
- Acquired Portal in Sweden, one of the leading IT infrastructure companies in Sweden
- Acquired Impact Europe's subsidiaries in Sweden and Norway, leading video conferencing and AV solutions company
Financial review Q2 and first half 2010
Group
Group revenue in Q2 2010 is up 6.8% from MNOK 3,785.3 in Q2 2009 to MNOK 4,042.4 in Q2 2010. In constant currency the growth y-o-y represents as much as 11.8%. The growth in constant currency adjusted for acquisitions represents 7.2%. The Nordic IT market is expected by IDC to grow by 2.1% for the full year 2010. This implies that Atea continues gaining market shares. Hardware revenue increased by 21.4% in constant currency, services revenue was up 8.2% and software was down 1.1%.
EBITDA in Q2 2010 ended at MNOK 132.4, up 13.1% y-o-y and represents a margin of 3.3%, up from 3.1% in Q2 2009. The improvement in EBITDA is mainly due to increase in revenue combined with tight cost control.
Group EBIT ended at MNOK 83.5, which is up 17.3% compared to corresponding period last year.
In H1 2010 Atea generated total revenue of MNOK 7,613.2 which is up 4.4% compared with corresponding period last year. In constant currency the growth is as much as 9.4% and adjusted for acquisitions the growth represents 5.9% y-o-y. EBITDA ended at MNOK 252.1, up from MNOK 208.2 last year, representing an EBITDA margin of 3.3%, up from 2.9% in 2009.
Norway
Revenue in Norway in Q2 was MNOK 876.6, which is up by 8.6% compared with Q2 2009. Product revenue was up by 8.8% and consulting and services revenue was up by 7.9%. Q2 was affected by a larger portion of revenue to private sector vs. public sector. However, order backlog against public sector is strong going into third quarter.
During Q2 Norway acquired two companies. Impact Europe Norge AS with 13 employees was acquired in May and is expected to generate a full year revenue of MNOK 50 and an EBITDA of MNOK 1. The acquisition of Impact Europe in Norway will strengthen the AV solutions and video conferencing business of Atea in Norway. In June Atea AS acquired Dropzone ASA at an enterprise value of MNOK 29.2. Dropzone will be the base for Atea's dedicated sales and marketing efforts serving the small and medium sized customer segment in Norway. Dropzone with 18 employees is expected to generate full year revenue of MNOK 170 and an EBITDA of MNOK 5.
Revenue growth in Q2, excluding the impacts from the acquired businesses, was 6.6%, thus catching up most of the negative trend in Q1 2010. The recently updated IDC Atea Blue Box report predicts annual 2010 growth y-o-y for Norway to be 0.5% (2009: -6.6%).
EBITDA before acquisition cost (MNOK 5.4) and share based compensation (MNOK -0.6) for Q2 2010 ended at MNOK 38.7, up 37.9% compared with Q1 2009. The EBITDA margin was 4.4%, up from 3.5% in Q2 2009, reflecting satisfying margins and cost control.
Denmark
Revenue in Q2 2010 ended at MNOK 1,367.4, up 7.7% in constant currency compared with Q2 2009. Product revenue was up 8.9% and consulting and services revenues were up 3.0%. Excluding impacts from acquisitions (Calamus Danmark) revenue in constant currency was up 3.7%. IDC prediction for annual 2010 growth y-o-y for Denmark has recently been increased to 1.5% (2009: -9.5%). The server business continues to show a strong performance.
EBITDA ended at MNOK 37.6 compared to MNOK 57.2 in Q2 2009, a decrease in constant currency of 26.1%. Product margin is above previous year, however, consulting and services have seen a temporary set-back. Due to a less favourable mix in services, the gross margin has decreased. Billing rate performance is expected to improve during Q3. Cost base in Q2 2010 compared with Q2 2009 (excluding impacts from acquired companies) is up by 2.7%.
Sweden
Sweden has made a strong performance in Q2 2010. Revenue was MNOK 1,252.4, which is up 15.1% in constant currency. Product revenue was up 17.3% and consulting and services revenues were up 6.9%.
Late April Sweden acquired Impact Europe AB with 46 employees located in seven offices throughout Sweden. The company is expected to generate a full year revenue of MNOK 108 and an EBITDA of MNOK 5. The acquisition of Impact Europe in Sweden will strengthen the AV solutions and video conferencing business of Atea in Sweden, according to Atea's strategic growth plan. Enterprise value of the total of Impact Europe (Sweden and Norway) was MNOK 40.9.
Mid June Sweden entered into agreement to acquire Portal AB with 110 employees and with an expected full year revenue of MNOK 644 and EBITDA of MNOK 20 in 2010. The enterprise value is estimated to MNOK 115. The Stockholm based company is recognized as one of the strongest and fastest growing IT infrastructure companies in Sweden and it will increase the customer base and sales force especially within the mid-market segment. The acquisition is expected to have effect from August 2010 pursuant to the approval from the Swedish Competition Authority.
Revenue growth in Q2, excluding impacts from acquired businesses, was 8.7% in constant currency, compared with recently updated IDC predictions for annual 2010 growth for Sweden of 2.5% y-o-y (2009: -7.1%). Hence, Sweden is gaining market shares in the biggest Nordic IT market. Consulting and services revenues excluding acquired businesses are down 2.7%, caused by less consultants compared to Q2 2009. The billing rates, however, have shown a strong development and is at a satisfactory level.
EBITDA before acquisition cost (MNOK 2.4) and share based option cost (MNOK -1,2) for Q2 ended at MNOK 47.6, up 46.4% in constant currency and implying an EBITDA margin of 3.8% (Q2 2009: 3.0%). Both product and services margins are above the level of previous year. While reaching a strong top-line growth at improved margins, cost base is satisfying going forward.
During Q2 Sweden has made a series of frame agreements with public sector (Kammarkollegiet, Kommentus, The Swedish Cooperative Union) to deliver products, operations and services over several years, thus strengthening the basis for further growth in a market about to slowly recover from the financial down-turn.
Finland
Revenue in Finland in Q2 ended at MNOK 453.6, which is up 25.2% in constant currency from Q2 2009. Product business is still performing well and is up 23.4% and consulting and services is up 49.3%, thus picking up the slow performance of Q1 2010. Revenue growth excluding impacts from acquired businesses (A Communications and PALnet) is 14.4% in constant currency, to be compared with recently revised IDC predictions for annual 2010 growth for Finland of 3.7% y-o-y (2009: -9.3%). Hence Finland is still gaining
Note: All EBITDA figures are before share-based option cost and acquisition cost
Note: There may be figures and percentages that do not always add up exactly due to rounding differences.
Note: The figures in the financial statements and tables are in Norwegian format, which means comma has been used instead of a period sign in the decimal position.
In the text, comma has been used as 1000 separator, while the period sign has been used in the decimal position.
Note: The interim financial statements have been prepared in accordance with IFRS standard for interim financial reporting (IAS 34).
The statements have been prepared consistent with accounting principles used in the financial statements for 2009, plus IFRS 8, IAS 23 (Revised), IFRS 2 (Amendment), IAS 1 (Revised).
ATGA
market shares. Deliveries in Q2 are affected by a major contract to public sector, implying a more moderate development in the coming quarters.
EBITDA for Finland was up from MNOK 0.1 in Q2 2009 to MNOK 7.6 in Q2 2010.
Product margin is 0.7 percent point lower compared to previous year, related to software. A reduction of 30 employees from 2nd half of 2010 will reduce the cost base further.
The Baltics
Revenue in the Baltics in Q2 was MNOK 90.3, which is up 38.5% in constant currency. Revenue for Q2 was higher than estimated mainly due to projects which were completed earlier than expected.
EBITDA in Q2 was MNOK 2.1 compared with MNOK 4.4 the previous year. The main reason for the reduction is the low product margin caused by a generally difficult market. Constant cost focus has bridged most of the gap in margins. As a result, four days working week is implemented for the period April to end of August.
Closed projects in Q2 2010 were with the Ministry of Education in Lithuania (MNOK 17.7), the Ministry of Internal Affairs (MNOK 4.0) and the Citizens Register (MNOK 4.0).
Outlook
According to IDC the total Nordic IT infrastructure market targeted by Atea, declined by 8.0% in 2009. The IDC forecast for 2010 is a total market growth of 2.1%. In first half of 2010 Atea growth was 11.8% in constant currency. Atea is expecting to continue gaining market shares during 2010. Important technology trends, such as Unified Communication, Mobile Infrastructure Solutions, Virtualisation, Software Asset Management, Device Lifecycle Management, Windows 7 and Green IT, areas in which Atea has established a strong presence through organic initiatives and acquisitions during 2009 and beginning of 2010, will help fuel IT investments going forward.
It is expected that the positive organic development in 2010 will be supplemented by growth through acquisitions, as Atea has the financial strength and a clear intent to continue playing an important role in the ongoing market consolidation.
The target goal is to achieve revenues of NOK 20 billion and EBITDA of NOK 1 billion in 2011.
Equity and cash flow
Shareholders' equity as of June 30, 2010 was MNOK 2,861.1 and minority interests were MNOK 4.0 corresponding to an equity ratio of 40.2%. Same level compared to June 30, 2009.
Statement of changes in equity
| (amounts in MNOK) | Actual | |
|---|---|---|
| 30.06.2010 | 30.06.2009 | |
| Equity per 01.01 | 2 813,0 | 2 859,1 |
| Currency translation differences * | -20,5 | -236,4 |
| Other comprehensive income | -20,5 | -236,4 |
| Profit/loss for the period | 141,1 | 95,4 |
| Total recognised income/expense for the year | 120,7 | -141,0 |
| Changes related to own shares | 40,6 | - |
| Employee share-option schemes | 1,9 | 5,9 |
| Dividends paid | -117,4 | -91,7 |
| Issue of share capital | 6,4 | - |
| Equity per 30.06 | 2 865,1 | 2 632,4 |
- Hereby long-term liabilities, Group companies -22,6 in 2010
The Group generated an operational cash flow of MNOK 71.2 during Q2 2010. This is at the same level as Q2 2009.
During Q2 2010 capital expenditures were MNOK 26.1 and payments regarding acquisitions were MNOK 86.9. The acquisition payments are related to Impact Europe in Sweden and Norway, Dropzone and Tre65 (earn out) in Norway. A total interest bearing debt of MNOK 12.3 was included in the balance sheet from these companies in addition to the cash payments (MNOK 86.9).
Cash flow from equity transactions was MNOK -111.0 in Q2 2010 and is related to dividend payment (MNOK -117.4) and proceeds from a minor share issue (MNOK 6.4) in connection with the employee share option scheme.
The working capital ratio as of June 30, 2010, was 2.0% which is down from 2.8% as of June 30, 2009. Net interest bearing position as of June 30, 2010, compared to March 31, 2010, increased by MNOK 169.0 from MNOK 339.4 to MNOK 508.4. Cash reserves including unutilised credit facilities as of June 30, 2010, were MNOK 1,191.1.
| Cash flow statement (amounts in MNOK) | 2nd quarter | YTD (01.01 - 30.06) | ||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Cash earnings | 117,3 | 106,3 | 233,3 | 184,2 |
| Changes in work. cap./accr. items | -46,1 | -31,1 | -135,0 | 4,2 |
| Cash flow operations, post restruct. | 71,2 | 75,2 | 98,3 | 188,4 |
| Capital expenditures | -26,1 | -35,6 | -42,7 | -51,3 |
| Purch./sale of subs./assoc./investm. | -86,9 | -18,0 | -179,9 | -21,5 |
| Cash flow from investments | -113,0 | -53,6 | -222,6 | -72,7 |
| Change in debt | -4,3 | -106,1 | 67,2 | -403,5 |
| Equity issues / purchase & sale own shares | -111,0 | -91,7 | -78,8 | -91,7 |
| Cash flow from financing | -115,3 | -197,8 | -11,6 | -495,2 |
| Change in cash | -157,2 | -176,2 | -136,0 | -379,5 |
| Cash, start of period | 226,4 | 296,8 | 194,5 | 568,2 |
| Cash, end of period | 75,7 | 131,6 | 75,7 | 131,6 |
| Currency effects on cash and cash equivalents | 6,4 | 10,9 | 17,1 | -57,2 |
Shares
Atea ASA had 9,179 shareholders as of June 30, 2010, compared to 9,505 as of March 31, 2010. The 10 largest shareholders as of June 30, 2010, are:
| Main Shareholders * | Shares | % |
|---|---|---|
| System Integration ApS ** | 28 438 490 | 29,68% |
| State Street Bank & A/C Client Fund Numb *** | 3 919 927 | 4,09% |
| Goldman Sachs Int - Security Client Segr *** | 3 371 431 | 3,52% |
| Bank of New York Mel S/A Mellon *** | 2 289 387 | 2,39% |
| Atea ASA | 1 616 601 | 1,69% |
| State Street Bank AN A/C Client Omnibus F *** | 1 493 376 | 1,56% |
| VPF Nordea Kapital c/o JPMorgan Europe | 1 374 168 | 1,43% |
| Alfred Berg Gambak VPF | 1 328 000 | 1,39% |
| SHB Stockholm Client c/o Handelsbanken AS | 1 269 735 | 1,33% |
| Care Holding AS v/Bernt Endreud | 1 200 400 | 1,25% |
| Other | 49 523 842 | 51,68% |
| Total number of shares | 95 825 357 | 100,00% |
- Source: Verdiapapimentralen
** Includes shares held by Ib Kunae
*** Includes client nominee accounts
End of Q2 2010, Chairman Ib Kunae and close associates control a total of 30.0% of the shares, including the shares held in System Integration ApS.
Responsibility statement
We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1, to June 30, 2010, has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of the (Company's and) Group's assets, liabilities, financial position and result for the period viewed in their entirety, and that the interim management report, to the best of our knowledge, includes a fair review of any significant events that arose during the six-month period and their effect on the half-yearly financial report, any significant related parties' transactions, and a description of the principal risks and uncertainties for the remaining six months of the year.
Oslo, July 14, 2010
Financial statement
| Revenue | 2nd quarter | Actual (01.01 - 30.06) | Full year 2009 | ||||
|---|---|---|---|---|---|---|---|
| 2010 | 2009 | % | 2010 | 2009 | % | ||
| (amounts in MNOK) | Actual | Actual | change | Actual | Actual | change | Actual |
| Norway | 876,6 | 807,4 | 8,6 | 1 711,8 | 1 716,0 | -0,2 | 3 566,3 |
| Sweden | 1 252,4 | 1 086,9 | 15,2 | 2 229,4 | 2 003,2 | 11,3 | 3 965,9 |
| Denmark | 1 367,4 | 1 417,5 | -3,5 | 2 602,8 | 2 628,3 | -1,0 | 5 259,6 |
| Finland | 453,6 | 404,6 | 12,1 | 894,3 | 813,6 | 9,9 | 1 501,4 |
| The Baltics | 90,3 | 72,8 | 24,0 | 171,2 | 129,7 | 32,1 | 299,5 |
| Atea Logistics, Atea Service Center and Atea Spintop | 656,1 | 502,6 | 30,5 | 1 280,5 | 1 098,7 | 16,5 | 2 437,8 |
| Eliminations* | -654,0 | -506,5 | - | -1 276,7 | -1 100,3 | - | -2 441,9 |
| Atea Group | 4 042,4 | 3 785,3 | 6,8 | 7 613,2 | 7 289,3 | 4,4 | 14 588,6 |
| EBITDA | 2nd quarter | Actual (01.01 - 30.06) | Full year 2009 | ||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2010 | 2009 | % | 2010 | 2009 | % | ||
| (amounts in MNOK) | Actual | Actual | change | Actual | Actual | change | Actual |
| Norway | 38,7 | 28,1 | 37,9 | 76,5 | 56,5 | 35,3 | 134,4 |
| Sweden | 47,6 | 32,5 | 46,5 | 79,0 | 53,2 | 48,6 | 137,9 |
| Denmark | 37,6 | 57,2 | -34,2 | 90,0 | 100,8 | -10,6 | 264,8 |
| Finland | 7,6 | 0,1 | - | 11,6 | 0,1 | - | 13,0 |
| The Baltics | 2,1 | 4,4 | -52,2 | 2,9 | 4,7 | -38,3 | 9,8 |
| Atea Logistics, Atea Service Center and Atea Spintop | 6,5 | 3,6 | 81,8 | 7,5 | 9,4 | -20,1 | 22,9 |
| Group cost | -7,7 | -8,8 | 12,1 | -15,5 | -16,5 | 6,5 | -32,5 |
| EBITDA | 132,4 | 117,0 | 13,1 | 252,1 | 208,2 | 21,1 | 550,3 |
| EBITDA margin (%) | 3,3 % | 3,1 % | - | 3,3 % | 2,9 % | - | 3,8 % |
| EBIT | 2nd quarter | Actual (01.01 - 30.06) | Full year 2009 | ||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2010 | 2009 | % | 2010 | 2009 | % | ||
| (amounts in MNOK) | Actual | Actual | change | Actual | Actual | change | Actual |
| Norway | 25,2 | 18,6 | 35,4 | 54,6 | 37,7 | 44,9 | 95,3 |
| Sweden | 41,2 | 27,0 | 52,2 | 66,4 | 42,7 | 55,6 | 115,3 |
| Denmark | 15,4 | 35,0 | -56,0 | 45,9 | 56,6 | -18,8 | 175,8 |
| Finland | 3,4 | -3,3 | - | 3,6 | -6,2 | - | -0,5 |
| The Baltics | 0,2 | 1,6 | -90,0 | -1,0 | -0,5 | -112,6 | -0,1 |
| Atea Logistics, Atea Service Center and Atea Spintop | 5,8 | 1,7 | 243,5 | 5,7 | 5,7 | -1,2 | 16,3 |
| Group cost | -7,6 | -9,5 | 19,9 | -15,7 | -17,7 | 11,6 | -68,1 |
| Operating profit/loss (EBIT) | 83,5 | 71,1 | 17,3 | 159,6 | 118,3 | 34,9 | 334,1 |
| Revenue and contribution/margin | 2nd quarter | Actual (01.01 - 30.06) | Full year 2009 | ||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2010 | 2009 | % | 2010 | 2009 | % | ||
| (amounts in MNOK) | Actual | Actual | change | Actual | Actual | change | Actual |
| Consulting and services revenue | 795,7 | 771,1 | 3,2 | 1 540,9 | 1 574,4 | -2,1 | 3 121,4 |
| Product revenue | 3 935,8 | 3 526,7 | 11,6 | 7 397,4 | 6 834,1 | 8,2 | 13 975,2 |
| Eliminations* | -689,2 | -512,6 | - | -1 325,1 | -1 119,3 | - | -2 508,0 |
| Total revenue | 4 042,4 | 3 785,3 | 6,8 | 7 613,2 | 7 289,3 | 4,4 | 14 588,6 |
| Gross contribution | 958,8 | 906,5 | 5,8 | 1 880,0 | 1 812,5 | 3,7 | 3 592,1 |
| Consulting and services margin | 68,2 % | 71,3 % | - | 69,0 % | 71,5 % | - | 70,1 % |
| Product margin | 10,6 % | 10,1 % | - | 11,0 % | 10,1 % | - | 10,0 % |
| Gross margin | 23,7 % | 23,9 % | - | 24,7 % | 24,9 % | - | 24,6 % |
| Quarterly revenue and contribution/margin | Actual | ||||||
| --- | --- | --- | --- | --- | --- | --- | |
| Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | Q1 2010 | Q2 2010 | ||
| (amounts in MNOK) | |||||||
| Consulting and services revenue | 803,3 | 771,1 | 680,3 | 866,7 | 745,2 | 795,7 | |
| Product revenue | 3 307,4 | 3 526,7 | 2 846,4 | 4 294,7 | 3 461,6 | 3 935,8 | |
| Eliminations* | -606,7 | -512,6 | -636,5 | -752,2 | -635,9 | -689,2 | |
| Total revenue | 3 504,0 | 3 785,3 | 2 890,2 | 4 409,1 | 3 570,9 | 4 042,4 | |
| Gross contribution | 906,0 | 906,5 | 767,4 | 1 012,1 | 921,2 | 958,8 | |
| Consulting and services margin | 71,6 % | 71,3 % | 69,2 % | 68,5 % | 69,8 % | 68,2 % | |
| Product margin | 10,0 % | 10,1 % | 10,4 % | 9,7 % | 11,6 % | 10,6 % | |
| Gross margin | 25,9 % | 23,9 % | 26,6 % | 23,0 % | 25,8 % | 23,7 % |
Note: All EBITDA figures are before share-based option cost and acquisition cost.
Note: Actual figures include from 2009. Mondo Hosting (activities) from Jun 26, AC Sikring from Aug 13, A Communications from Nov 3, Aprismo (activities) from Dec 16, Uni Networks from Dec 22.
From 2010. Calamus Danmark from Jan 5, Office print/copy companies from Feb 14-17, PAUnit from Feb 17, Impact Europe AB from Apr 26, Impact Europe Norge AS from May 21, Dropzone from Jun 9.
* Most of Atea's internal sales are from Atea Logistics, Atea Service Center and Atea Spintop.
Consolidated statement of comprehensive income
| (amounts in MNOK) | 2nd quarter | Year to date (01.01 - 30.06) | Full year | ||
|---|---|---|---|---|---|
| Actual 2010 | Actual 2009 | Actual 2010 | Actual 2009 | Actual 2009 | |
| Operating revenues | 4 042,4 | 3 785,3 | 7 613,2 | 7 289,3 | 14 588,6 |
| Goods consumed | 3 083,6 | 2 878,8 | 5 733,2 | 5 476,7 | 10 996,5 |
| Wages and social costs | 675,0 | 658,2 | 1 332,4 | 1 322,1 | 2 480,0 |
| Other operating expenses | 151,4 | 131,2 | 295,5 | 282,2 | 561,8 |
| EBITDA before share based comp. | 132,4 | 117,0 | 252,1 | 208,2 | 550,3 |
| Non-Core | - | - | - | - | 32,3 |
| Expenses related to acquisition costs | 8,1 | - | 10,2 | - | - |
| Share based compensation | -1,8 | 3,5 | -1,1 | 7,0 | 16,6 |
| Operating profit/loss before depreciation (EBITDA) | 126,2 | 113,5 | 243,0 | 201,2 | 501,4 |
| Depreciation | 42,9 | 42,3 | 83,4 | 82,8 | 167,3 |
| Operating profit/loss (EBIT) | 83,5 | 71,1 | 159,6 | 118,3 | 334,1 |
| Finance income | 21,1 | 7,4 | 59,6 | 20,8 | 90,3 |
| Finance cost | 27,2 | 18,6 | 72,5 | 45,1 | 145,2 |
| Net finance | -6,1 | -11,2 | -13,0 | -24,3 | -55,0 |
| Profit/loss before taxes for continued operations (EBT) | 77,4 | 60,0 | 146,6 | 94,0 | 279,1 |
| Taxes on continued operations | 10,0 | 2,0 | 5,5 | -1,4 | -103,3 |
| Profit/loss for the period | 67,3 | 57,9 | 141,1 | 95,4 | 382,4 |
| Other comprehensive income | |||||
| Currency translation differences | 8,8 | 45,4 | -29,3 | -236,4 | -369,1 |
| Income tax relating to components of other comprehensive income | -0,1 | - | 8,8 | - | - |
| Other comprehensive income | 8,7 | 45,4 | -20,5 | -236,4 | -369,1 |
| Total comprehensive income for the period | 76,1 | 103,3 | 120,7 | -141,0 | 13,3 |
| Of which minority interests | 0,3 | 2,8 | 0,3 | 2,8 | 0,2 |
Consolidated statement of financial position
| (amounts in MNOK) | Actual | ||
|---|---|---|---|
| 30.06.2010 | 30.06.2009 | 31.12.2009 | |
| Assets | |||
| Deferred tax asset | 321,7 | 216,6 | 318,0 |
| Goodwill | 2 431,9 | 2 378,5 | 2 324,3 |
| Other intangible assets | 234,1 | 202,1 | 230,9 |
| Property, plant and equipment | 116,7 | 125,8 | 115,1 |
| Receivables/investments | 58,3 | 76,0 | 57,1 |
| Non-current assets | 3 162,7 | 2 999,1 | 3 045,6 |
| Inventories | 557,3 | 460,8 | 397,5 |
| Accounts receivable | 2 936,0 | 2 565,9 | 3 211,4 |
| Other receivables | 386,2 | 391,3 | 305,9 |
| Financial investments | 1,6 | 0,7 | 0,8 |
| Cash and cash equivalents | 75,7 | 131,6 | 194,5 |
| Current assets | 3 956,7 | 3 550,2 | 4 109,9 |
| Total assets | 7 119,3 | 6 549,3 | 7 155,5 |
| Equity and liabilities | |||
| Share capital and premiums | 1 543,6 | 1 559,9 | 1 571,1 |
| Fund | 24,5 | 129,0 | -3,7 |
| Retained earnings | 1 293,0 | 936,6 | 1 242,1 |
| Equity attributable to shareholders of Atea ASA | 2 861,1 | 2 625,5 | 2 809,5 |
| Minority interests | 4,0 | 6,9 | 3,7 |
| Interest-bearing borrowing/liabilities | 15,1 | 11,6 | 12,4 |
| Other long term liabilities | 23,4 | 38,1 | 22,9 |
| Deferred tax liability | 79,0 | 73,9 | 73,7 |
| Retirement benefit obligation | 1,9 | 3,7 | 0,9 |
| Non-current liabilities | 119,4 | 127,3 | 109,9 |
| Interest-bearing borrowing/liabilities | 576,9 | 798,0 | 403,9 |
| Accounts payable | 2 134,6 | 1 540,1 | 2 162,2 |
| Provisions | 110,4 | 122,0 | 144,4 |
| Other liabilities | 1 312,8 | 1 329,5 | 1 521,9 |
| Current liabilities | 4 134,8 | 3 789,6 | 4 232,3 |
| Total liabilities | 4 254,2 | 3 916,9 | 4 342,4 |
| Total equity and liabilities | 7 119,3 | 6 549,3 | 7 155,5 |
Key figures
| 2nd quarter | Year to date (01.01-30.06) | Full year | |||
|---|---|---|---|---|---|
| Actual 2010 | Actual 2009 | Actual 2010 | Actual 2009 | Actual 2009 | |
| Earnings per share (NOK) * | 0,71 | 0,63 | 1,50 | 1,04 | 4,16 |
| Diluted earnings per share, adj. for effect of option progr. (NOK) * | 0,71 | 0,63 | 1,48 | 1,04 | 4,15 |
| Weighted average number of shares * | 94 087 455 | 91 738 787 | 93 743 024 | 91 738 787 | 91 931 912 |
| Weighted average number of diluted shares * | 95 013 443 | 91 805 587 | 94 857 100 | 91 765 271 | 92 217 732 |
| Actual | |||||
| 30.06.2010 | 30.06.2009 | 31.12.2009 | |||
| Number of shares end of period * | 94 208 756 | 91 738 787 | 92 627 853 | ||
| Net interest-bearing position (MNOK) | 508,4 | 677,4 | 214,1 | ||
| Cash reserve (MNOK) | 1 191,1 | 1 138,2 | 1 536,5 | ||
| Working capital (MNOK) | 321,5 | 426,3 | 86,8 | ||
| Working capital ratio | 2,0 % | 2,8 % | 0,5 % | ||
| Equity ratio | 40,2 % | 40,2 % | 39,3 % | ||
| Number of employees | 4 707 | 4 371 | 4 380 |
- Excluding Atea ASAs number of own shares (1 616 601 end of Q2 2010).