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Annual Report 2020 Content the Business Board of Directors' Report the Board Shareholder Info Atea Group Accounts Atea ASA Accounts Corporate Governance 2 /103 Annual report 2020 Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 2 /103 Content Key Figures 3 We are Atea 4 Letter from the CEO 7 Board of Directors' Report 2020 10 Members of the Board 19 Shareholder Information 21 Financial statements and Notes Atea Group Financial Statements 25 Atea Group Financial Notes 29 Atea ASA Financial Statements 80 Atea ASA Financial Notes 84 Auditors' Report 94 Corporate Governance 97 ATEA’S OFFICE LOCATIONS National office Regional office Key figuresKey Keyfigures neltall figures neltall neltall 2020 20202020 Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 3 /103 Key Figures | Atea in brief | Letter from the CEO | Contact us Key Figures Group 2016–2020 Revenue Revenue per country EBIT 2016–2020 (NOK in million) 2020 2016–2020 (NOK in million) 40,000 40,000 40,000 1,000 1,000 1,000 35,000 35,000 35,000 800 800 800 30,000 30,000 30,000 25,000 25,000 25,000 2016: 31,188 Norway: 24 % 600 600 6002016: 677 20,000 20,000 20,000 2017: 32,438 Sweden: 41 % 2017: 799 5,000 5,000 5,000 400 400 400 2018: 34,708 Denmark: 22 % 2018: 690 0,000 0,000 0,000 2019: 36,655 Finland: 10 % 200 200 2002019: 747 5,000 5,000 5,000 2020: 39,503 The Baltics: 3 % 2020: 854 0 0 0 0 0 0 16 17 8 19 1620 17 8 16 19 17 208 19 20 16 17 8 19 1620 17 8 16 19 17 208 19 20 Revenue, Konsern Revenue, KonsernRevenue, KonsernRevenue per country Revenue per countryRevenue per country EBIT, Konsern EBIT, Konsern EBIT, Konsern NOK in million (unless stated otherwise) 2016 2017 2018 2019 2020 Revenue 31,188 32,438 34,708 36,655 39,503 Gross profit 6,939 7, 218 7,5 3 4 7,75 8 8,236 Gross margin (%) 22.2 22.3 21.7 21.2 20.8 Operating profit (EBIT) 677 799 690 747 854 EBIT-margin (%) 2.2 2.5 2.0 2.0 2.2 Earnings per share (NOK) 4.87 5.10 4.33 4.84 5.37 Diluted earnings per share (NOK) 4.80 5.00 4.26 4.78 5.32 Dividend per share (NOK) 6.50 6.50 6.50 6.50 5.00 Net financial position -350 102 -17 657 1,067 Cash flow from operations 1,404 1,238 946 1,897 1,388 Liquidity reserve 2,362 3,065 2,669 3,995 4,808 Adjusted equity ratio (%) 23.8 22.6 22.0 22.4 22.4 Number of full-time employees at the year end 6,882 6,904 7,3 8 5 7,5 8 5 7,3 37 Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 4 /103 Key Figures | Atea in brief | Letter from the CEO | Contact us WE ARE ATEA Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 5 /103 Key Figures | Atea in brief | Letter from the CEO | Contact us Atea is the market leader in IT infrastructure and related services for businesses and public sector organizations in the Nordic and Baltic regions. Strength in our markets Atea has the highest level of vendor certifica- consistent dividend payout to investors. For With over 7,000 employees located in 84 tion across its key technology partners and 2020, Atea reported revenue of NOK 39.5 cities in seven European countries — Norway, is frequently recognized with awards for its billion: up 7.8 % compared to last year, and Sweden, Finland, Denmark, Lithuania, Latvia performance. the highest in our company’s history. and Estonia — Atea has a powerful local presence across all of the markets we serve. Based on Atea’s unique mix of competence Corporate responsibility and good steward- and technology partnerships, our customers ship of our planet are also at the core of what Given our unmatched size and reach, Atea can count on us for professional insight on how we do. Atea was awarded the highest rating provide the broadest range of IT infrastruc- to do more with IT. To that end, Atea is at in environmental and social performance by ture support and advice to our customers. the forefront of the latest technologies for EcoVadis in 2020. This achievement ranks This means that we are not only able to mobility, collaboration and big data, as well Atea in the top 1 % of 65,000 organizations provide the latest technologies, but that we as IT-as-a-service and cloud computing. evaluated globally. Atea has won numerous also have the internal competence to design, awards and recognitions for its work in implement, support and operate highly As a result, we help customers solve problems corporate sustainability. complex and integrated IT solutions. and get maximum productivity from their IT investments. This year, Atea launched Vision 2030: a Making a difference with technology 10-year plan for building a better, more Equally important, we are among the Top 3 Built for growth and sustainability sustainable future with IT. The Vision 2030 channel partners in Europe for many of As a publicly traded company listed on the is further described in the 2020 sustainability the world’s leading technology companies, Oslo Stock Exchange, Atea takes pride in its report, which is published on Atea’s corporate including: Microsoft, Apple, Cisco, HP Inc, long-term record of delivering above-market website. Hewlett Packard Enterprise, IBM, Lenovo, revenue growth and in providing a healthy, VMware, Citrix and Dell Technologies. Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 6 /103 Key Figures | Atea in brief | Letter from the CEO | Contact us Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 7 /103 Key Figures | Atea in brief | Letter from the CEO | Contact us Letter from the CEO What a difference a year makes! On the same day, the Board took a difficult decision to At almost precisely this time last year (March 11, 2020), the propose to the AGM that the annual dividend payment be World Health Organization formally categorized COVID-19 postponed until there was greater visibility on the duration as a global pandemic. During the following days, govern- of the COVID-19 pandemic and its financial impact on the ments across the Nordic and Baltic region took unprece- Group. Management across Atea accepted voluntary salary dented measures to contain the spread of the coronavirus. reductions and prepared crisis plans to furlough several International borders were closed, and schools and many hundred employees in order to reduce operating costs. businesses were ordered to shut down until further notice. Steinar Sønsteby (born 1962) All employees of businesses or public sector institutions were Now – let’s fast forward one year to the present date: CEO advised to work from home and to maintain social distancing from others. Atea delivered record high revenue and operating profit for the full year 2020. During April – December 2020, the The impact on Atea’s business was immediate, with nearly company’s EBIT grew by over 30 % from the same period in Steinar Sønsteby joined Atea in 1997 and was manag- empty office buildings and restricted access to customer 2019. Atea finished the year 2020 with a net cash position of ing director of Atea in Norway in 1997- 2000 and for locations. Face-to-face meetings with customers and vendors NOK 1.1 billion, after paying NOK 550 million in dividends Atea in Sweden in 2000 - 2002. After moving back were cancelled, and large projects were postponed. Managers to shareholders. The share price has approximately doubled to Norway Sønsteby was CEO of Atea in Norway had to immediately adapt to new ways of maintaining contact since we issued the last annual report, reaching record high until 2012 when he became Executive Senior Vice with their teams. Sales and consulting staff had to quickly levels in 2021. President of Atea ASA. In January of 2014 Sønsteby was appointed CEO of Atea ASA. Before joining Atea adjust to restrictions in meeting with customers. he was the CEO of Skrivervik Data AS. Again - what an amazing difference a year makes! Atea’s Atea released its annual report on March 17 and advised financial results have far exceeded our crisis plans from one Steinar Sønsteby holds a degree in Mechanical investors that “Atea faces high uncertainty regarding the year ago. But while we can celebrate the company’s strong Design from Oslo College of Engineering and a impact of the coronavirus on the market for IT infrastruc- performance during 2020, it is also important to recognize Bachelor of Science in Mechanical Engineering ture and related services. It is not possible for the company the underlying factors which drove that performance – and from University of Utah (USA). He also has to forecast how significantly the coronavirus will impact what this means for the years to come. a finance degree from Norwegian School of Management (BI) and for Training in Management sales of IT infrastructure during 2020.” By that time, the and Human relations from Dale Carnegie Institute. Atea share price had already fallen by over 40 % from the Atea’s success in 2020 was based on several factors, including start of the year. long-term positive structural trends in the market for IT Content The Business Board of Directors' Report The Board Shareholder Info Atea Group accounts Atea ASA accounts Corporate Governance 8 /103 Key Figures | Atea in brief | Letter from the CEO | Contact us infrastructure, Atea’s unique competitive position across 84 Finally, Atea’s success in 2020 is a tribute to all of the employ- I look back on Atea’s performance in the face of challenge offices in the Nordic and Baltic region, and the work culture ees at Atea, and to the corporate culture and community with sincere pride and gratitude to our entire organization.
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