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Atea ASA Annual Report 2013 Content the Business the Board Board of Directors' Report Shareholder Info Atea Group Accounts Atea ASA Accounts Corp

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Atea ASA Annual Report 2013 Content the Business the Board Board of Directors' Report Shareholder Info Atea Group Accounts Atea ASA Accounts Corp Atea ASA Annual Report 2013 Content The Business The Board Board of Directors' Report Shareholder Info Atea Group accounts Atea ASA accounts Corp. Gov. 2 /110 About Atea Atea is the leading Nordic and Baltic supplier of IT infrastructure, has 6,499 employees and is present in 84 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. Atea delivers IT products from leading vendors and assist its customers with specialist competencies within IT infrastructure services. Atea is listed on Oslo Stock Exchange, under the ticker ATEA. Content Key Figures 3 CEO Comments 4 A market in convergence 6 Business overview Atea's products and services 10 Local presence and worldwide delivery capabilities 16 Segments 18 Corporate Social Responsibility 23 Presentation of the Board of Directors 28 6,499 7countries Board of Directors' Report 30 employees Shareholder Information 40 Financial statements and Notes Atea Group Financial Statements 44 Atea Group Financial Notes 48 Atea ASA Financial Statements 90 Atea ASA Financial Notes 94 Auditors' Report 104 Corporate Governance 105 84 offices 22.1 NOK billion Content The Business The Board Board of Directors' Report Shareholder Info Atea Group accounts Atea ASA accounts Corp. Gov. 3 /110 Key Figures | CEO Comments | Trends : Mobility | Cloud | IT as a service | Products and Services : Hardware | Software | Services | Segments : Norway | Sweden | Denmark | Finland | The Baltics | CSR | Contact us Key Figures Group 2009 – 2013 NOK in million 2009 2010 2011 2012 2013 Operating revenue 14, 588. 6 17, 131. 2 20, 227. 8 20, 930. 3 22, 095. 8 Contribution 3, 592. 1 4, 002. 2 4, 854. 9 5, 098. 1 5, 373. 9 Contribution margin (%) 24. 6 23. 4 24. 0 24. 4 24. 3 EBITDA* 550. 3 675. 3 871. 1 824. 1 800. 3 EBITDA-margin (%)* 3. 8 3. 9 4. 3 3. 9 3. 6 EBITDA 501. 4 648. 4 857. 7 811. 3 700. 6 EBIT 334. 1 474. 4 651. 3 559. 7 354. 9 Earnings per share continued operations (NOK) 4. 16 5. 29 5. 96 5. 08 3. 33 Diluted earnings per share continued operations (NOK) 4. 15 5. 23 5. 90 5. 04 3. 31 Dividend per share (NOK) 1. 00 1. 25 2. 00 5. 00 9. 50 Net financial position -214. 1 -337. 3 283. 2 49. 3 -419. 1 Cash flow from operations 749. 1 586. 5 1046. 4 812. 4 910. 6 Liquidity reserve 1, 536. 5 1, 533. 9 2, 061. 0 1, 833. 6 1, 325. 7 Equity ratio (%) 39. 3 34. 8 37. 9 38. 9 31. 6 Number of employees 4, 380 5, 418 5, 839 6, 266 6, 499 Revenue Revenue per country EBITDA* 2009 – 2013 (NOK in million) 2013 2009 – 2013 (NOK in million) 25,00025,000 25,000 1,0001,000 1,000 20,00020,000 20,000 750750 750 15,00015,000 15,000 2009: 14,588.6 Norway: 29.6 % 2009: 550.3 500500 500 2010: 17,131.2 Sweden: 35.8 % 2010: 675.3 10,00010,000 10,000 2011: 20,227.8 Denmark: 25.3 % 2011: 871.1 250250 250 5,0005,000 5,000 2012: 20,930.3 Finland: 6.3 % 2012: 824.1 0 0 0 2013: 22,095.8 The Baltics: 3.1 % 0 0 0 2013: 800.3 0909 1010 1111 1212 1313 09 10 11 12 13 0909 1010 1111 1212 1313 09 10 11 12 13 * Before share-based compensation, expenses/income related to acquisitions and restructuring. Driftsinntekter,Driftsinntekter, Konsern Konsern Driftsinntekter, Konsern DriftsinntekterDriftsinntekter pr. pr. land land Driftsinntekter pr. land NYNY Driftsinntekter Driftsinntekter pr. pr. land land NY Driftsinntekter pr. land EBITDA,EBITDA, Konsern Konsern EBITDA, Konsern HardwareHardware Hardware NONO SE SE Software SoftwareDK DK FI FI BA BA NO SE Software DK FI BA TjenesterTjenester Tjenester Content The Business The Board Board of Directors' Report Shareholder Info Atea Group accounts Atea ASA accounts Corp. Gov. 4 /110 Key Figures | CEO Comments | Trends : Mobility | Cloud | IT as a service | Products and Services : Hardware | Software | Services | Segments : Norway | Sweden | Denmark | Finland | The Baltics | CSR | Contact us Dear reader, In the beginning of February 2014, I had the honour and privilege to succeed Claus Hougesen as CEO of Atea. I have huge respect for the challenge it is to take over the management of a company I care so much for, and which I have been a part of since 1997. I am looking forward to continuing the company’s successful journey and would like to share with you my thoughts on 2013 and the future. Going into 2013, economists were positive about GDP growth within our region, and IT market analysts on this basis expected positive market conditions. GDP and IT market expectations were gradually lowered throughout the year. The challenging market conditions from 2012 therefore continued and throughout the year Atea experienced a reluctance to invest and prolonged sales processes with the customers. The market bounced back somewhat in the last part of the year. The challenging market conditions were combined with a transition within both the client and the datacenter environment. The year saw the largest decline in the history of the PC according to a Gartner report. On the other hand, we noticed an increasing demand for mobile devices, such as smartphones and tablets. The important thing for Atea is, however, not whether we are Steinar Sønsteby delivering a PC or mobile device, but that we are capable of CEO delivering what our customers require. Content The Business The Board Board of Directors' Report Shareholder Info Atea Group accounts Atea ASA accounts Corp. Gov. 5 /110 Key Figures | CEO Comments | Trends : Mobility | Cloud | IT as a service | Products and Services : Hardware | Software | Services | Segments : Norway | Sweden | Denmark | Finland | The Baltics | CSR | Contact us I am certain that Atea will continue In the datacenter business the development within cloud services to be "The Place to Be" for I am also pleased to see that we continued to gain market share in has meant a significant drop in the demand for servers. In the short employees, customers, vendors 2013. The IT infrastructure market is a highly competitive business term, this has had a negative effect on Atea’s revenue and required and shareholders. with pressure on investing in competence and employees. You have changes within our organization, but, on the other hand, we are to grow revenue to improve your financial results. Gaining market seeing an increased demand for our private cloud and hybrid cloud share also means that we grow in importance to our vendors, who services and solutions. This is another example of an area where then in turn will invest more in their cooperation with us. we have adapted our deliveries to our customers changed require- ments due to technological changes during 2013. From a shareholder perspective, 2013 was a good year. As a consequence of Atea's strong cash flow and deleveraged balance In the future, we will continue to develop solutions, increase compe- needs in a more efficient manner and to improve profitability go- sheet, an extraordinary dividend of NOK 4.00 was distributed in tencies and focus on the segments where we believe the market ing forward. November. Together with the NOK 5.50 in ordinary dividend paid is growing. In order to create room for investments within these out in May, this yields a total cash return of 16 per cent, based on areas and to drive profitable growth, we launched a programme to I am glad to report that we, despite the challenging market conditions the share price at the end of 2012. enhance our operational efficiency in October. The operational and technological transition, returned to positive growth rates efficiency program is two-sided. The first part was a cost reduction for both revenue and EBITDA in the third and the fourth quarter. We enter 2014 in a robust financial position with expectations of a programme, which lowered the September 2013 run-rate cost base To me this is proof of Atea's ability to adapt the business to the somewhat improved market environment. In combination with the by NOK 200 million through a reduction of the number of employees changes in customer requirements, market conditions or techno- operational efficiency programme, this will give us growth in both by approximately 350. The second part of the programme focuses logical shifts. Obviously, such setbacks in the macro environment revenue and earnings in the coming years. I am therefore certain on moving back office functions to our shared service operations will have a negative impact on our business in the short term, that Atea will continue to be “The Place to Be” for employees, centre in Riga, Latvia. The aim is to enhance quality, strengthen as it has had numerous times before, but due to our relevance to customers, vendors and shareholders. our competitive edge and lower the yearly costs by approximately customers and our ability to adapt, we today hold the position as NOK 100 million when fully implemented in 2016. Taking these the undisputed market leader after five decades within the ever- actions has meant saying goodbye to good hard-working colleagues, changing IT infrastructure industry. but the actions were necessary in order to serve customer Oslo, 19 March 2014 Content The Business The Board Board of Directors' Report Shareholder Info Atea Group accounts Atea ASA accounts Corp. Gov. 6 /110 Key Figures | CEO Comments | Trends : Mobility | Cloud | IT as a service | Products and Services : Hardware | Software | Services | Segments : Norway | Sweden | Denmark | Finland | The Baltics | CSR | Contact us A market in convergence The face of IT is changing rapidly and there is no going back.
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