Quarterly Report • Apr 27, 2017
Quarterly Report
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| 2017 | 2016 | change | change | 2016 | |
|---|---|---|---|---|---|
| All figures in NOK million | 1-3 | 1-3 | % | 1-12 | |
| Sales revenue | 118.6 | 105.6 | 12.9 | 12 % | 424.8 |
| Gross profit | 103.8 | 90.6 | 13.2 | 15 % | 361.3 |
| EBITDA | 16.1 | 10.4 | 5.7 | 55 % | 55.6 |
| EBITDA margin | 13.6 % | 9.8 % | 3.8 % | 3.8 pts | 13.1 % |
| Operating profit (EBIT) | 11.3 | 3.8 | 7.4 | 194 % | 34.1 |
| EBIT margin | 9.5 % | 3.6 % | 5.9 % | 5.9 pts | 8.0 % |
| Profit before tax | 11.0 | 3.4 | 7.6 | 226 % | 32.8 |
| Profit for the period | 8.3 | 2.5 | 5.8 | 227 % | 25.3 |
| Profit margin | 7.0 % | 2.4 % | 4.6 % | 4.6 pts | 6.0 % |
| Net cash flow from operating activities |
-0.8 | -3.5 | 2.7 | 78 % | 48.4 |
| No. of employees at the end of the period | 419 | 373 | 46 | 12 % | 395 |
Itera achieved organic revenue growth of 12% in the first quarter of 2017 relative to the same period in 2016. This growth was achieved through service-related revenue onshore and nearshore, while subscription-related revenue was virtually unchanged.
The Group's operating profit (EBIT) was NOK 11.3 million (NOK 3.8 million), giving an EBIT margin of 9.5% (3.6%). The figures for last year include non-recurring items totalling NOK 1.6 million.
There were four more working days in Norway in the first quarter of 2017 than in the first quarter of 2016 due to Easter falling in the second quarter in 2017. A change of one working day normally represents an impact on earnings of slightly over 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 2016.
The figures given in brackets in this report refer to the equivalent period in 2016. The comparable figures for tax expense and for balance sheet and cash flow items are the figures reported at 31 December 2016.
See Note 3 on alternative performance measures.
The Group reports operating revenue of NOK 118.6 million (NOK 105.6 million) for the first quarter of 2017, which represents growth of 12%. There was a strong growth in service-related revenue in Norway due to an increase in utilisation and billing rates, as well as 4 more working days and less vacation days compared to last year when Easter fell in the first quarter. Subscription revenue was approximately unchanged relative to the first quarter of last year. The nearshore business showed a good growth with development of customers also in Sweden and on Iceland.
Gross profit (revenue – cost of goods sold) was NOK 103.8 million (NOK 90.6 million) in the first quarter. This represents growth of 15% relative to the first quarter of 2016.
The Group's total operating expenses in the first quarter of 2017 were 7% higher at NOK 107.3 million (NOK 100.2 million).
Cost of goods sold was NOK 14.7 million (NOK 15.0 million) in the first quarter of 2017. 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 expenses were NOK 74.7 million (NOK 69.7 million) in the first quarter of 2017, which represents an increase of 7%, which was due to an increase in the number of employees. Personnel expenses per employee was down 1% due to a proportionately higher growth nearshore.
Depreciation and amortisation totalled NOK 4.9 million (NOK 4.9
million) in the first quarter, and other operating expenses totalled NOK 13.0 million (NOK 10.5 million).
The operating result before depreciation and amortisation (EBITDA) for the first quarter of 2017 was NOK 16.1 million (NOK 10.4 million), while the operating result (EBIT) was NOK 11.3 million (NOK 3.8 million). The EBIT margin was 9.5% as compared to 3.6% in the first quarter of 2016.
Net financial items were NOK -0.3 million (NOK -0.5 million) in the first quarter of 2017.
The result before tax for the first quarter of 2017 was NOK 11.0 million (NOK 3.4 million). Tax expense totalled 2.6 million (NOK 0.8 million), while tax paid totalled NOK 1.7 million (NOK 0.1 million).
The Group had deferred tax assets totalling NOK 3.4 million (NOK 2.2 million) at 31 March 2017.
Cash flow from operational activities was NOK -0.8 million (NOK -3.5 million) in the first quarter of 2017. This is NOK 16.9 million lower than EBITDA, and this was primarily due to seasonal increases in work in progress and accounts receivable, as well as to lower accounts payable than at 31 December 2016.
Work in progress at 31 March 2017 was NOK 8.3 million higher than at 31 March 2016, and this was largely due to some larger fixedprice projects involving payment milestones. Accounts receivable from customers were NOK 2.6 million higher than at 31 March 2016. Other current receivables were approximately in line with the end of the first quarter of 2016.
Accounts payable at 31 March 2017 were NOK 1.5 million higher than at 31 March 2016. Public duties payable were NOK 3.7 million higher than at the end of the first quarter of 2016, while tax payable was NOK 9.1 million compared with NOK 3.7 million. Other current liabilities were NOK 2.3 million higher.
Bank deposits totalled NOK 65.3 million (NOK 59.8 million) at 31 March 2017, and the Group had an undrawn credit facility of NOK 25 million.
The Group had interest-bearing liabilities totalling NOK 18.8 million (NOK 22.6 million) at 31 March 2017 related to financial lease agreements entered into in order to finance investments related to IT hosting contracts.
Itera did not purchase any of its own shares in the first quarter. At 31 March 2017 Itera held 965,455 own shares.
Equity at 31 March 2017 totalled NOK 62.9 million (NOK 56.8 million). This represented an equity ratio of 29% (28%).
The Group invested a total of NOK 3.5 million (NOK 4.2 million) in the first quarter of 2017.
Investment in Itera's IT hosting activities amounted to NOK 0.9 million (NOK 2.3 million) in the first quarter of 2017. Leasing accounted for NOK 0.8 million (NOK 2.2 million) of this amount. Investment in intangible assets (including software developed inhouse for ongoing yearly agreements) totalled NOK 2.7 million (NOK 1.5 million) in the first quarter of 2017.
The Board of Directors has passed a resolution to propose an ordinary dividend of NOK 0.18 per share at the Annual General Meeting on 22 May 2017. It will also ask for its authorisation to approve possible additional dividends to be renewed.
The market for the Group's services is generally healthy, and there is strong demand for the Group's services both in traditional areas such as developing and hosting applications, but also to an increasing extent in emerging areas of technology such as machine learning, artificial intelligence and robotics. Organisations have never been more strongly focused on the user experience and time-tomarket than they are today, and the Group is finding that both the range of services it offers and its delivery methodologies are relevant and well-suited to the market situation.
The Group experienced good order inflows in the first quarter. Itera's portfolio of customers is strong across a broad spectrum of sectors, but is particularly strong in banking and insurance, a sector in which it has sizeable and long-term customer relationships. In the first quarter of 2017, organisations including KLP and Eika entered into agreements to extend and expand their relationships with Itera, while the Group also entered into major new contracts with customers including Santander, Gjensidige and Islandsbanki.
Developing long-term customer relationships is a key part of Itera's strategy. In the first quarter of 2017 both the Norwegian Directorate of Public Construction and Property and the Language Council of Norway entered into new agreements with Itera, in each case for the third time.
The Norwegian Directorate of Public Construction and Property (Statsbygg) signed a two-year framework agreement with Itera with an option to extend. Itera has been a supplier to the Norwegian Directorate of Public Construction and Property for a number of years, and has carried out assignments including developing statsbygg.no in 2014, which won the Farmand award for best website by a public sector organisation. The jury's comments included the following: "The jury awards the Norwegian Directorate of Public Construction and Property gold and first place against the toughest of competition in the public sector category. Statsbygg.no is very easy to navigate, has been carefully constructed, and is a useful and user-friendly website".
Following a tender competition for a contract to provide operations, support and development services to the Language Council of Norway, Itera was selected for the third time due to its expertise and reference contracts. The contract runs for two years and includes the option to extend for one year at a time for up to two years.
Itera's employees are active in their areas of expertise in communications and technology, and they share and strengthen their expertise in international, national and local arenas. During the first quarter, Itera was represented at specialist events on machine learning and artificial intelligence, the internet of things, robotics, security, cloud services, big data, and smart city and smart home technologies.
In the first quarter the Norwegian Communication Association hired specialists from Itera to run a course for its members on user testing for a third time.
Itera has a strong culture of sharing expertise, with the Group sharing its expertise internally as well as with customers and the industry in general. Itera arranged a specialist open evening event in the first quarter, which was very quickly fully booked. The event brought together technology specialists from across the industry. One of Itera's aims is to be part of helping to strengthen expertise in the Nordic region, and it will therefore be organising specialist open
events on a regular basis.
The technology shift towards the digitalization of services, products and process is affecting all sectors. A large proportion of Itera's customers operate in banking and insurance, the public sector, healthcare, organizations, the service sector and retail. All sectors are facing challenges, but not necessarily of the same sort. Itera strives to be a high-quality advisor for each individual organisation, and it therefore needs not only to have good insight into its customers' sectors, but also detailed knowledge of how the future will turn out in each sector. This will determine what services the Group will offer in future as well as what expertise will be required to deliver them.
The Group is therefore working systematically on analysing and understanding the commercial and technological factors affecting its customers across their various industries. One approach to this that Itera is pursuing is strategic competence development, primarily in order to identify those areas that the Group thinks are most central to having in place strong expertise over a 6-18 month perspective.
To contribute to the Group's growth ambitions, an open innovation competition called "Itera Game Changer" was launched in the first quarter of 2017. The Group defines a "game changer" as an initiative (idea, partnership, spin off, agreement etc.) that has a realistic potential to significantly increase Itera's revenue of its own accord over a 12-24 month perspective.
Itera invited the Group's more than 400 extremely skilled, highly experienced, commercially insightful and very creative employees to participate in the competition. The employees themselves were free to decide whether they would work alone or as part of a team that they would form with other colleagues or also by inviting external participants. To win, entrants had to come up with a business concept that is scalable and has significant market potential.
A broad range of ideas were presented, and all attendees and participants were able to vote to decide which three ideas would go forward to the final. The ideas presented by the three finalists related to machine learning and artificial intelligence, chatbots, and edtech. The final will be held in the second quarter of 2017.
Data breaches, information falling into the wrong hands and data leakages are in the news almost daily. Many of Itera's customers are national and international organisations that have extensive data security requirements, and this means Itera has a major responsibility in terms of protecting its customers' data in connection with its hosting and management of their applications.
In order to provide customers with the certainty that the Group's procedures and processes protect their information, Itera has undertaken an extensive certification process, with successful results. At the start of the first quarter, Itera's IT hosting organisation obtained ISO/IEC 27001 certification, which is an international information security standard.
Itera has found that there is increasing demand for information security certification, and expects that most companies will require this of their technology service provides in the relatively near future, particularly in connection with cloud services becoming the prevailing choice with regard to developing, hosting and managing solutions.
Itera wishes to help create a high-quality ecosystem for innovation in Norway by contributing with the Group's extensive experience and expertise in communication and technology. The Group therefore in the first quarter extended its partnership agreement with Fintech Factory, an accelerator program for fintech start-ups.
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 revenue from Itera's 30 largest customers grew by 22% in the first quarter of 2017 and accounted for 77% of the Group's operating revenue, up from 70% in the first quarter of 2016.
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 for project teams to be distributed across international borders in the Nordic region. This is making local presence less critical.
The Group's headcount at the end of the first quarter of 2017 was 419 as compared to 373 at the end of the first quarter of 2016.
The proportion of Itera's capacity that is located nearshore (its nearshore ratio) was 37% (36%) at the end of the first quarter. The Group has development centres in Slovakia and Ukraine and has a strategic target of achieving a nearshore ratio of 50% over the long term.
Itera's activities are influenced by a number of different factors, both within and outside of the company's control. As a service company, Itera faces business risks associated with competition and pressure on prices, project overruns, recruitment, loss of key employees, customers' performance and bad debts. Market -related risks include risks related to the business cycle. Financial risks include currency fluctuations against the Norwegian krone (NOK), principally in relation to the Danish krone (DKK), the US dollar (USD) and the euro (EUR). 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 additional 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 sectors in Ukraine.
More information about risks and uncertainties can be found in Itera's annual report for 2016.
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 develops its range of services to meet customers' requirements, and its services are based on combining communication and technology.
The interim report for the second quarter of 2017 will be published and presented on 22 August 2017.
| 2017 | 2016 | change | change | 2016 | |
|---|---|---|---|---|---|
| All figures in NOK 1000 | 1-3 | 1-3 | % | 1-12 | |
| Sales revenue | 118 569 | 105 647 | 12 922 | 12 % | 424 787 |
| Operating expenses | |||||
| Cost of sales | 14 742 | 15 010 | -268 | -2 % | 63 533 |
| Gross Profit | 103 827 | 90 637 | 13 190 | 15 % | 361 254 |
| Gross Margin | 88 % | 86 % | 2 % | 85 % | |
| Personnel expenses | 74 684 | 69 741 | 4 943 | 7 % | 263 326 |
| Depreciation | 4 865 | 4 922 | -57 | -1 % | 19 785 |
| Other operating expenses | 12 994 | 10 490 | 2 504 | 24 % | 42 345 |
| Total operating expenses | 107 286 | 100 164 | 7 122 | 7 % | 388 990 |
| Operating profit before non-recurring items | 11 283 | 5 483 | 5 800 | 106 % | 35 797 |
| Non-recurring items | - | 1 647 | -1 647 | -100 % | 1 648 |
| Operating profit after non-recurring items | 11 283 | 3 836 | 7 447 | 194 % | 34 149 |
| Financial items | |||||
| Other financial income | 265 | 163 | 103 | 63 % | 874 |
| Other financial expenses | 576 | 629 | -53 | -8 % | 2 230 |
| Net financial items | -311 | -466 | 155 | 33 % | -1 356 |
| Ordinary profit before tax | 10 972 | 3 370 | 7 602 | 226 % | 32 793 |
| Tax expense | 2 629 | 820 | 1 808 | 221 % | 7 484 |
| Profit for the period | 8 343 | 2 550 | 5 794 | 227 % | 25 309 |
| Earnings per share | 0.10 | 0.03 | 0.07 | 231 % | 0.31 |
| Fully diluted earnings per share | 0.10 | 0.03 | 0.07 | 228 % | 0.30 |
| Statement of other income and costs | |||||
| Currency translation differences | 264 | -117 | 381 | 327 % | -329 |
| Profit for the period | 8 343 | 2 550 | 5 794 | 227 % | 25 309 |
| Total profit | 8 608 | 2 433 | 6 175 | 254 % | 24 980 |
| Attributable to: | |||||
| Shareholders in parent company | 8 608 | 2 433 | 6 175 | 254 % | 24 980 |
| 2017 | 2016 | change | change | 2016 | |
|---|---|---|---|---|---|
| All figures in NOK 1000 | 31 Mar | 31 Mar | % | Dec 31 | |
| ASSETS | |||||
| Non-current assets | |||||
| Deferred tax assets | 3 355 | 2 212 | 1 144 | 52 % | 2 865 |
| Other intangible assets | 16 163 | 15 448 | 716 | 5 % | 15 607 |
| Fixed assets | 25 768 | 28 657 | -2 889 | -10 % | 27 243 |
| Total non-current assets | 45 286 | 46 317 | -1 030 | -2 % | 45 715 |
| Current assets | |||||
| Work in progress | 20 992 | 12 728 | 8 264 | 65 % | 14 311 |
| Accounts receivable | 63 688 | 61 122 | 2 566 | 4 % | 55 939 |
| Other receivables | 20 495 | 20 632 | -138 | -1 % | 22 040 |
| Bank deposits | 65 298 | 59 841 | 5 457 | 9 % | 71 092 |
| Total current assets | 170 473 | 154 323 | 16 149 | 10 % | 163 382 |
| TOTAL ASSETS | 215 759 | 200 640 | 15 119 | 8 % | 209 098 |
| EQUITY AND LIABILITIES | |||||
| Equity | |||||
| Share capital | 24 656 | 24 656 | 0 | 0 % | 24 656 |
| Other equity | 29 923 | 29 629 | 294 | 1 % | 4 679 |
| Net profit for the period | 8 343 | 2 550 | 5 794 | 227 % | 24 980 |
| Total equity | 62 923 | 56 835 | 6 088 | 11 % | 54 315 |
| Non-current liabilities | |||||
| Non-current interest bearing liabilities | 18 794 | 22 641 | -3 848 | -17 % | 20 311 |
| Total non-current liabilities | 18 794 | 22 641 | -3 848 | -17 % | 20 311 |
| Current liabilities | |||||
| Accounts payable | 18 272 | 16 784 | 1 488 | 9 % | 24 442 |
| Tax payable | 9 078 | 3 741 | 5 337 | 143 % | 8 121 |
| Public duties payable | 34 437 | 30 692 | 3 744 | 12 % | 29 945 |
| Other short-term liabilities | 72 256 | 69 945 | 2 311 | 3 % | 71 965 |
| Total current liabilities | 134 042 | 121 163 | 12 879 | 11 % | 134 472 |
| Total liabilities | 152 836 | 143 804 | 9 032 | 6 % | 154 782 |
| TOTAL EQUITY AND LIABILITIES | 215 759 | 200 640 | 15 119 | 8 % | 209 097 |
| Equity ratio | 29.2 % | 28.3 % | 0.8 pts | 26.0 % |
| 2017 | 2016 | change | 2016 | |
|---|---|---|---|---|
| All figures in NOK 1000 | 1-3 | 1-3 | % | 1-12 |
| Cash flow from operating activities | ||||
| Profit before taxes | 10 972 | 3 370 | 226 % | 32 793 |
| Profit from sale of subsidiary | 0 | -530 | 100 % | -530 |
| Tax paid | -1 702 | -127 | -1240 % | -2 984 |
| Depreciation | 4 865 | 4 922 | -1 % | 19 785 |
| Change in w ork in progress |
-6 681 | -3 693 | -81 % | -5 276 |
| Change in accounts receivable | -7 749 | 281 | -2858 % | 5 464 |
| Change in accounts payable | -6 170 | -4 881 | -26 % | 2 777 |
| Change in other accruals | 6 524 | -2 769 | 336 % | -3 147 |
| Effect of currency changes | -825 | -85 | -870 % | -448 |
| Net cash flow from operating activities | -765 | -3 512 | 78 % | 48 434 |
| Cash flow from investment activities | ||||
| Payment from sale of fixed assets | 0 | 0 | 0 % | 140 |
| Investment in fixed assets | -31 | -577 | 95 % | -5 263 |
| Investment in intangible assets | -2 684 | -1 484 | -81 % | -6 230 |
| Net payment from sale of subsidiary | 0 | -881 | 100 % | -881 |
| Net cash flow from investment activities | -2 715 | -2 942 | 8 % | -12 234 |
| Cash flow from financing activities | ||||
| Purchase of ow n shares |
0 | 0 | 0 % | -3 604 |
| Sales of ow n shares |
0 | 0 | 0 % | 373 |
| Borrow ings repaid |
-2 317 | -2 057 | -13 % | -8 591 |
| Dividend | 0 | 0 | 0 % | -21 911 |
| Net cash flow from financing activities | -2 317 | -2 057 | -13 % | -33 734 |
| Currency effect on cash | 4 | 0 | 0 % | 275 |
| Net cash flow | -5 794 | -8 510 | 32 % | 2 741 |
| Bank deposits at the beginning of the period | 71 092 | 68 351 | 4 % | 68 351 |
| Bank deposits at the end of the period | 65 298 | 59 841 | 9 % | 71 092 |
| New borrowing related to leasing | 800 | 2 170 | -63 % | 6 374 |
| 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 2015 | 24 656 | -38 | 402 | -598 | 29 980 | 54 401 | |
| Comprehensive income for the year | 0 | 0 | 0 | -329 | 25 309 | 24 980 | |
| Option costs | 0 | 0 | 78 | 0 | 0 | 78 | |
| Purchase of ow n shares |
0 | -300 | 0 | 0 | -3 304 | -3 604 | |
| Sale of ow n shares |
0 | 49 | 0 | 0 | 324 | 373 | |
| Dividend | 0 | 0 | 0 | 0 | -21 911 | -21 911 | |
| Shareholders' equity as of 31 Dec 2016 | 24 656 | -290 | 480 | -927 | 30 397 | 54 315 | |
| Comprehensive income year to date 2017 | 0 | 0 | 0 | 264 | 8 343 | 8 608 | |
| Option costs | 0 | 0 | 0 | 0 | 0 | 0 | |
| Purchase of ow n shares |
0 | 0 | 0 | 0 | 0 | 0 | |
| Sale of ow n shares |
0 | 0 | 0 | 0 | 0 | 0 | |
| Dividend | 0 | 0 | 0 | 0 | 0 | 0 | |
| Shareholders' equity as of 31 Mar 2017 | 24 656 | -290 | 480 | -663 | 38 741 | 62 923 |
There have been no material transactions with related parties during the reporting period 31 December 2016 to 31 March 2017.
There have been no events after 31 March 2017 that would have a material effect on the interim accounts.
The new guidelines issued by the European Securities and Markets Authority on alternative performance measures (APMs) have entered into force for 2017. In accordance with these guidelines Itera is publishing definitions for the alternative performance measures used by the company. Alternative performance measures, i.e. performance measures not based on financial reporting standards, provide the company's management, investors and other external users with additional relevant information on the company's operations by excluding matters that may not be indicative of the company's operating result or cash flow. Itera has adopted non-recurring costs, EBITDA, EBITDA margin, EBIT, EBIT margin and equity ratio as alternative performance measures both because the company thinks these measures will increase the level of understanding of the company's operational performance and because these represent performance measures that are often used by analysts and investors and other external parties.
Non-recurring costs are significant costs that are not expected to reoccur under normal circumstances.
EBITDA is calculated as profit for the period before (i) tax expense, (ii) financial income and expenses and (iii) depreciation and amortisation.
EBITDA margin is calculated as EBITDA as a proportion of operating revenue.
EBIT is calculated as profit for the period before (i) tax expense and (ii) financial income and expenses.
EBIT margin is calculated as EBIT as a proportion of operating revenue.
Equity ratio is calculated as total equity as a proportion of total equity and liabilities.
| 2017 | 2016 | change | 2016 | |
|---|---|---|---|---|
| All figures in NOK 1000 | 1-3 | 1-3 | % | 1-12 |
| Profit & Loss | ||||
| Sales revenue | 118 569 | 105 647 | 12 % | 424 787 |
| Gross profit 1 | 103 827 | 90 637 | 15 % | 361 254 |
| EBITDA | 16 148 | 10 405 | 55 % | 55 582 |
| EBITDA margin | 13.6 % | 9.8 % | 3.8 pts | 13.1 % |
| Operating profit (EBIT) | 11 283 | 3 836 | 194 % | 34 149 |
| EBIT margin | 9.5 % | 3.6 % | 5.9 pts | 8.0 % |
| Profit before taxes | 10 972 | 3 370 | 226 % | 32 793 |
| Profit for the period | 8 343 | 2 550 | 227 % | 25 309 |
| Balance sheet | ||||
| Non-current assets | 45 286 | 46 317 | -2 % | 45 715 |
| Bank deposits | 65 298 | 59 841 | 9 % | 71 092 |
| Current assets | 170 473 | 154 323 | 10 % | 163 382 |
| Total assets | 215 759 | 200 640 | 8 % | 209 098 |
| Equity | 62 923 | 56 835 | 11 % | 54 315 |
| Total current liabilities | 134 042 | 121 163 | 11 % | 134 472 |
| Equity ratio | 29.2 % | 28.3 % | 0.8 pts | 26.0 % |
| Current ratio | 1.27 | 1.27 | 0 % | 1.21 |
| Cash flow | ||||
| Net cash flow from operating activities |
-765 | -3 512 | 78 % | 48 434 |
| Net cash flow | -5 794 | -8 510 | 32 % | 2 741 |
| Share information | ||||
| Number of shares | 82 186 624 | 82 186 624 | 0 % | 82 186 624 |
| Weighted average basic shares outstanding | 81 221 179 | 82 059 169 | -1 % | 81 640 174 |
| Weighted average diluted shares outstanding | 80 279 229 | 80 503 169 | 0 % | 83 905 174 |
| Profit per share | 0.10 | 0.03 | 231 % | 0 |
| Diluted Profit per share | 0.10 | 0.03 | 228 % | 0 |
| EBITDA per share | 0.20 | 0.13 | 57 % | 0.68 |
| Equity per share | 0.77 | 0.69 | 12 % | 0.67 |
| Dividend per share | 0.00 | 0.00 | 0 % | 0.27 |
| Employees | ||||
| Number of employees at the end of the period | 419 | 373 | 12 % | 395 |
| Average number of employees | 413 | 380 | 9 % | 385 |
| Operating revenue per employee | 287 | 278 | 3 % | 1 104 |
| Gross profit 1 per employee | 252 | 239 | 5 % | 939 |
| Personnel expenses per employee | 181 | 184 | -1 % | 684 |
| Other operating expenses per employee | 31 | 28 | 14 % | 110 |
| EBITDA per employee | 39 | 27 | 43 % | 144 |
| EBIT per employee | 27 | 14 | 89 % | 93 |
200 250 300 350 400 450 Q 1 Q 2 Q 3 Q 4 2015 2016 2017
EBITDA NOK million
EBIT NOK million
EBITDA margin
Employees End of period
EBIT margin
CEO Tlf +47 23 00 76 50 Mob. +47 905 23172 [email protected]
CFO Tlf +47 23 00 76 50 Mob. +47 982 15 497 [email protected]
Itera.no Nydalsveien 28 Pb. 4814 Nydalen, 0422 Oslo TLF +4723007650 [email protected]
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