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Itera — Earnings Release 2014
Apr 29, 2014
3639_rns_2014-04-29_f12cfcc2-e4c4-4d72-a0ee-f33c79cb216a.html
Earnings Release
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Itera establishes new development center in the EU
Itera establishes new development center in the EU
Oslo, 29 April 2014:
Revenue and profit are affected by the slow start of
new projects due to the geopolitical tension in
Ukraine in the first quarter. This has resulted in a
lower utilization level than expected. Revenues in
the first quarter are unchanged from the
corresponding quarter in 2013, while there is a
slight increase in both EBITDA and EBIT.
Operating revenue amounted to NOK 112.4 million
(113.6) in the first quarter. This is a decrease of -
1 percent compared to the same period last year.
The operating expenses in the first quarter amounted
to NOK 110.0 million (111.4). This is a decrease of -
1 percent.
Operating profit before depreciation (EBITDA)
amounted to NOK 7.8 million (7.4) i the first
quarter, corresponding to a margin of 7.0 (6.5)
percent, respectively.
Depreciation amounted to NOK 5.4 million (5.2) in the
first quarter. The depriciaton is mainly related to
the Group's hosting operation.
Operating profit (EBIT) amounted to NOK 2.4 (2.2)
million in first quarter, which corresponds to a
margin of 2.2 (1.9) percent.
The cash flow from operations amounted to NOK -10.7
million (4.8) in the first quarter. The increase in
customer receivables of NOK 11.7 million is due to
some large invoices which were paid after due date.
The 10 largest customers accounted for 44 percent of
the Group's revenue in the first quarter, up from 35
percent in the corresponding quarter last year.
- Itera monitors the development in Ukraine very
closely, and expect that the establishment of a new
development center in the EU will lead to increased
activity and that the projects which have been
postponed in the first quarter commence, says Arne
Mjøs, CEO of Itera.
By the end of the quarter, the number of employees
was 464 compared to 432 in the corresponding quarter
last year. This represents an increase of 7 percent.
The nearshore ratio was 34 (24) percent by the end of
the first quarter.
Arne Mjøs, CEO
+47 905 23 172
Torunn Havre, CFO
+ 47 909 43 403
Ane Gjennestad, CCO
+47 90 55 60 77