February 2, Q presentation. Claus Hougesen, CEO
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- Bertha Ford
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1 February 2, 2012 Q presentation Claus Hougesen, CEO
2 Group Q highlights Revenue of MNOK 6,519.2, up 12.0% in constant currency Organic growth of 5.1% in constant currency EBITDA of MNOK 374.9, up 24.8% EBITDA margin of 5.8%, up from 5.0% EBIT of MNOK 311.4, up 27.5% Cash flow from operations of MNOK 1,051.5 Net cash positive with MNOK
3 Group 2011 key numbers MNOK y-o-y Product revenue 16, , % Services revenue 4, , % Total revenue 20, , % Gross margin 24.0% 23.4% - EBITDA % EBITDA-margin 4.3% 3.9% - EBIT % EAT % 3
4 Group Services revenue growth 2011 services growth of 24.1% y-o-y in constant currency Organic services growth was 8.7% in constant currency According to IDC the services market grew 2.7% in
5 Group Product revenue growth 2011 product growth of 17.5% y-o-y in constant currency Organic product growth was 6.1% in constant currency According to IDC the product market grew 2.8% in
6 Group strong cash flow MNOK Q4 11 Q CF from operations 1, , CF from capital expenditures CF from acquisitions CF from equity transactions Net cash position Net cash position of MNOK end of 2011 compared to a net debt position of MNOK end of
7 Cash conversion MNOK EBITDA Op.CF Operational cash flow on average constituted 111% of EBITDA from Average operational CAPEX of MNOK 144 p.a. from (0.9% of revenue) Free cash flow on average constituted 88% of EBITDA from
8 Acquisitions completed in Acquisitions within blue box is part of our 20:11:1 plan In 2011 Atea has completed 7 acquisitions with revenue of approx. MNOK 500 In 2010 Atea completed 13 acquisitions with revenue of approx. MNOK 2,500 Focus on acquisitions in the Nordics and the Baltics Aim at being a disciplined and opportunistic acquirer highly focused on strategic fit and price Mälardalen Södermanland *mobile terminals BU Borås Värmland 8
9 9 Countries
10 Norway strong performance MNOK Q4 11 Q4 10 y-o-y y-o-y Total revenue 2, , % 5, , % EBITDA* % % EBITDA margin 5.1% 4.6% - 4.4% 4.3% - EBIT % % * Before share based compensation and acquisition costs Q4 revenue of MNOK 2,044.0, up 40.7% - Product revenue up 41.7% - Services revenue up 35.4% Q4 EBITDA of MNOK 104.6, up 57.0% Full year revenue of MNOK 5,809.3, up 37.9% Full year EBITDA of MNOK 257.8, up 42.1% Acquisition of Sunnmøre Kommunikasjon AS 10
11 Denmark strong earnings MDKK Q4 11 Q4 10 y-o-y y-o-y Total revenue 1, , % 5, , % EBITDA* % % EBITDA margin 7.3% 5.9% - 4.9% 4.3% - EBIT % % * Before share based compensation and acquisition costs Q4 revenue of MDKK 1,697.6, flat y-o-y - Product revenue down 1.2% - Services revenue up 5.1% Q4 EBITDA of MDKK 124.1, up 24.3% Full year revenue of MDKK 5,512.6, up 6.4% Full year EBITDA of MDKK 272.5, up 22.5% 11
12 Sweden strong performance MSEK Q4 11 Q4 10 y-o-y y-o-y Total revenue 2, , % 7, , % EBITDA* % % EBITDA margin 5.5% 5.0% - 4.0% 3.9% - EBIT % % * Before share based compensation and acquisition costs Q4 revenue of MSEK 2,383.1, up 2.7% - Product revenue up 1.2% - Services revenue up 9.5% Q4 EBITDA of MSEK 132.2, up 14.7% Full year revenue of MSEK 7,546.8, up 20.9% Full year EBITDA of MSEK 302.3, up 22.9% Won a 3+2 year agreement with a Swedish authority to deliver client/print outsourcing with annual value of MSEK
13 Finland strong earnings MEUR Q4 11 Q4 10 y-o-y y-o-y Total revenue % % EBITDA* % % EBITDA margin 3.8% 3.4% - 2.8% 2.1% - EBIT % % * Before share based compensation and acquisition costs Q4 revenue of MEUR 64.5, down 2.7% - Product revenue down 3.1% - Services revenue up 2.2% Q4 EBITDA of MEUR 2.5, up 11.5% Full year revenue of MEUR 220.4, up 2.8% Full year EBITDA of MEUR 6.1, up 39.1% 13
14 Baltic continued improvement MEUR Q4 11 Q4 10 y-o-y y-o-y Total revenue % % EBITDA* % % EBITDA margin 5.7% 6.5% - 4.6% 3.8% - EBIT % % * Before share based compensation and acquisition costs Q4 revenue of MEUR 21.3, up 11.9% - Product revenue up 30.3% - Services revenue down 40.0% Q4 EBITDA of MEUR 1.2 Full year revenue of MEUR 56.0, up 11.7% Full year EBITDA of MEUR 2.6, up 34.9% 14
15 Group organic revenue growth vs market 15,0 % 13,3 % 10,0 % 6,9 % 6,6 % 5,0 % 0,0 % 2,8 % Market* Atea -5,0 % -3,1 % -10,0 % -9,6 % -15,0 % * Constant currency and excluding Baltics, source IDC Nordic Atea continues to gain market share According to IDC the market grew 2.8% in 2011 and is expected to grow 2.8% in 2012 From Atea has increased its market share from 13,2% to 16,2% 15
16 Ambition :15:500 11:15:600 8:15: :15:22 180:15:11 Local goals in local currencies 16
17 30 : Operational excellence Service & consulting Customer opportunities Atea DNA 20.2 :
18 Summary Strong growth in revenue Strong growth in earnings Gaining market shares Strong cash flow and maintaining financial strength to grow further Board suggests to pay dividend of NOK 5 per share 18
19 19 Questions?
20 Q Fact pack 20
21 Financial position - Group (MNOK) (amounts in MNOK) Net interest bearing position 599,5-289,0 Interest bearing debt 726,2 232,7 Working capital 643,7-27,9 Working capital ratio 3,9 % -0,1 % Cash reserve 1 150, ,7 Equity 3 563, ,4 Goodwill/intangible assets 3 119, ,6 Equity ratio 44,5 % 38,0 % 21
22 Consolidated statement of financial position - Group (MNOK) 31 Dec. 31 Dec. (amounts in MNOK) ASSETS Property, plant and equipment 195,9 157,9 Deferred tax assets 503,2 469,8 Goodwill 2 833, ,7 Other intangible assets 334,8 341,2 Retirement benefit plans 0,0 4,1 Other long-term receivables 33,4 46,3 Non-current assets 3 901, ,1 Inventories 570,0 496,6 Trade receivables 4 620, ,8 Other receivables 633,9 573,4 Other financial assets 7,2 27,2 Cash and cash equivalents 491,2 404,0 Current assets 6 322, ,0 Total assets , ,1 EQUITY AND LIABILITIES Share capital and premium 1 728, ,8 Other unrecognised reserves -0,1-3,3 Retained earnings 2 153, ,7 Equity attributable to shareholder of Atea ASA 3 881, ,1 Non-controlling interests 3,5 1,1 Equity 3 885, ,2 Interest-bearing long-term liabilities 14,5 20,5 Other long-term liabilities 66,0 64,4 Retirement benefit obligations 7,3 13,1 Deferred tax liabilities 173,0 165,1 Non-current liabilities 260,7 263,1 Trade payables 3 593, ,3 Interest-bearing current liabilities 218,2 721,3 VAT, taxes and government fees 594,8 555,1 Provisions 132,3 170,4 Other current liabilities 1 538, ,8 Other financial liabilities 0,0 0,8 Current liabilities 6 077, ,7 Total liabilities 6 338, ,7 Total equity and liabilities , ,1 22
23 23 Employees - Group
24 Income statement - Group (MNOK) (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 2 744, , , , , , , ,9 Total software revenue 717, ,1 466, ,6 788, ,1 551, ,3 Products revenue 3 461, , , , , , , ,1 Total services revenue 745,2 795,7 739, ,9 992, ,3 918, ,0 IC elimination sub-group -635,9-689,4-791, ,8-867,9-899, , ,0 Total other income 0,0 0,0 0,0-0,1 0,0 0,4 0,1 0,1 Operating revenue 3 570, , , , , , , ,2 Margin 921,2 958,8 869, , , , , ,9 Product margin (%) 11,6% 10,6% 10,5% 9,6% 11,4% 11,2% 10,5% 10,3% Total services margin (%) 69,8% 68,2% 66,5% 63,5% 67,1% 66,6% 63,3% 63,9% Total products and services margin (%) 25,8% 23,7% 24,4% 21,0% 25,4% 24,9% 24,8% 21,8% Employee benefits expense excl. share based comp 657,3 675,0 592,1 760,3 825,2 846,3 695,7 854,1 Other operating expenses 144,4 151,1 154,5 192,1 193,7 200,4 175,5 192,9 EBITDA before share based compensation 119,5 132,6 122,9 300,3 161,1 185,0 150,0 374,9 EBITDA margin before share based compensation (%) 3,3% 3,3% 3,5% 5,0% 3,5% 3,7% 3,6% 5,8% Expenses/income related to acquisition 2,1 8,1 1,2 3,3 0,7-4,4 0,8 3,0 Shared based compensation 0,7-1,8 6,6 6,8 3,9 5,1 3,5 0,8 EBITDA 116,6 126,4 115,1 290,3 156,5 184,4 145,7 371,1 Depreciation 40,5 42,9 44,5 46,0 46,8 51,8 48,1 59,7 Operating profit/(loss) (EBIT) 76,1 83,5 70,6 244,3 109,7 132,6 97,6 311,4 Actual 24
25 Income statement - Group (MNOK) Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 3 260, , , , , , , ,4 Total software revenue 763, ,5 469, ,1 792, ,6 552, ,5 Products revenue 4 024, , , , , , , ,9 Total services revenue 900,4 939,7 858, , , ,5 942, ,3 IC elimination sub-group -635,9-689,3-776, ,5-867,9-899,3-999, ,0 Total other income 0,0 0,0 0,0-0,1 0,0 0,4 0,1 0,1 Operating revenue 4 289, , , , , , , ,3 Margin 1 150, , , , , , , ,4 Product margin (%) 12,5% 11,4% 11,2% 10,1% 11,7% 11,4% 10,8% 10,4% Total services margin (%) 72,0% 71,1% 69,0% 65,8% 67,2% 66,9% 63,4% 63,8% Total products and services margin (%) 26,8% 25,1% 25,8% 22,1% 25,7% 25,1% 25,2% 21,8% Employee benefits expense excl. share based comp 820,2 831,6 712,1 863,6 849,0 869,7 717,4 856,9 Other operating expenses 197,3 197,7 198,2 229,6 204,5 210,2 189,3 194,1 EBITDA before share based compensation 132,5 144,1 121,2 319,4 158,4 182,5 152,5 375,4 EBITDA margin before share based compensation (%) 3,1% 3,1% 3,0% 5,0% 3,4% 3,6% 3,6% 5,7% Expenses/income related to acquisition 2,1 8,1 1,2 3,3 0,7-4,4 0,8 3,0 Shared based compensation 0,7-1,8 6,6 6,8 3,9 5,1 3,5 0,8 EBITDA 129,6 137,9 113,3 309,3 153,8 181,9 148,2 371,7 Depreciation 46,6 51,4 49,1 49,0 47,2 51,7 50,5 59,7 Operating profit/(loss) (EBIT) 83,0 86,5 64,2 260,3 106,6 130,2 97,7 311,9 25
26 Financial performance Segment (MNOK) (amounts in MNOK) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Norway 835,2 876, , , , , , ,0 Sweden 977, , , , , , , ,1 Denmark 1 235, , , , , , , ,3 Finland 440,7 453,6 289,3 533,0 454,5 453,3 308,8 501,0 The Baltics 81,0 90,3 77,4 152,7 90,7 102,7 77,3 165,3 Group Shared Services 624,3 656,1 787, ,7 828,5 824,5 952, ,5 Eliminations -622,6-654,1-795, ,0-818,3-838,7-961, ,0 Other income 0,0 0,0 0,0-0,1 0,0 0,4 0,1 0,1 Operating revenues group total 3 570, , , , , , , ,2 Norway 29,4 25,2 27,5 53,0 32,7 43,4 42,1 86,9 Sweden 25,3 41,2 21,9 92,7 43,7 60,2 25,7 107,4 Denmark 30,5 15,4 16,8 81,2 32,2 22,6 27,1 101,6 Finland 0,2 3,4 1,0 13,0 5,2 8,3 2,1 12,9 The Baltics -1,2 0,2 0,3 7,0 0,0-0,5 0,6 5,7 Group Shared Services -0,1 5,8 10,1 7,8 3,7 9,5 7,8 5,9 Operating profit/loss before group cost (EBIT) 84,2 91,1 77,5 254,7 117,6 143,4 105,5 320,4 Group cost -8,1-7,6-6,9-10,5-7,8-10,7-8,0-9,0 Operating profit/loss (EBIT) 76,1 83,5 70,6 244,3 109,7 132,6 97,6 311,4 Net finance -6,9-6,1-5,7-6,6-8,5-7,1-10,6-12,5 Profit/loss before taxes for continued operations (EBT) 69,2 77,4 64,8 237,7 101,2 125,5 86,9 298,9 Taxes on continued operations -4,5 10,0 16,4-71,3 12,8 14,5 12,2-27,8 Profit/loss for the period 73,8 67,3 48,5 309,0 88,4 111,0 74,7 326,7 Shareholders 73,8 67,0 48,3 308,3 87,8 110,4 74,6 320,2 Minority interests 0,0 0,3 0,2 0,7 0,6 0,6 0,1 6,5 Actual 26
27 Financial performance Segment (MNOK) Proforma (amounts in MNOK) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Norway 1 200, , , , , , , ,0 Sweden 1 240, , , , , , , ,1 Denmark 1 252, , , , , , , ,2 Finland 469,4 472,8 303,1 540,5 456,7 456,0 308,8 501,0 The Baltics 124,9 109,2 94,0 172,6 116,6 129,7 96,7 185,4 Group Shared Services 624,3 656,1 787, ,7 828,5 824,5 952, ,5 Eliminations -622,6-654,0-781, ,8-818,3-838,7-961, ,0 Other income 0,0 0,0 0,0-0,1 0,0 0,4 0,1 0,1 Operating revenues group total 4 289, , , , , , , ,3 Norway 28,2 13,4 20,2 65,9 27,8 38,9 37,5 87,1 Sweden 30,6 50,9 21,5 92,0 43,7 60,2 26,0 107,4 Denmark 32,6 17,2 16,8 84,6 32,2 22,6 27,8 101,6 Finland -0,3 5,2 1,6 13,5 5,9 9,1 2,1 12,9 The Baltics 0,0 1,6 1,0 7,0 1,1 0,7 1,9 6,0 Group Shared Services -0,1 5,8 10,1 7,8 3,7 9,5 7,8 5,9 Operating profit/loss before group cost (EBIT) 91,0 94,1 71,2 270,8 114,4 140,9 105,7 321,0 Group cost -8,1-7,6-6,9-10,5-7,8-10,7-8,0-9,0 Operating profit/loss (EBIT) 83,0 86,5 64,2 260,3 106,6 130,2 97,7 311,9 27
28 Income statement Norway (MNOK) (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 534,3 539,9 767,9 989,1 820,1 756,5 829, ,7 Total software revenue 109,4 127,8 97,0 215,4 155,2 186,8 135,6 366,3 Products revenue 643,7 667,7 864, ,5 975,4 943,3 965, ,0 Total services revenue 191,5 209,2 186,6 248,4 308,2 311,7 274,1 336,4 IC elimination sub-group 0,0-0,3-3,4 0,4-2,8-7,7-2,1-0,4 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 835,2 876, , , , , , ,0 Margin 240,8 233,7 228,4 321,1 368,0 362,3 326,2 448,1 Product margin (%) 15,1% 13,7% 12,1% 12,2% 14,6% 14,0% 14,6% 11,9% Total services margin (%) 74,8% 67,9% 66,5% 69,9% 73,1% 73,9% 67,6% 72,9% Total products and services margin (%) 28,8% 26,7% 21,8% 22,1% 28,7% 29,0% 26,4% 21,9% Employee benefits expense excl. share based comp 171,2 165,7 157,1 207,6 265,6 248,5 214,6 287,5 Other operating expenses 31,8 29,3 33,0 47,0 56,3 61,6 56,7 56,0 EBITDA before share based compensation 37,8 38,7 38,4 66,6 46,1 52,2 55,0 104,6 EBITDA margin before share based compensation (%) 4,5% 4,4% 3,7% 4,6% 3,6% 4,2% 4,4% 5,1% Expenses/income related to acquisition 0,0 5,4 0,5 2,8 0,7-4,4-0,3 0,8 Shared based compensation -0,4-0,6 1,5 1,9 1,0 1,0 0,2 2,0 EBITDA 38,1 33,9 36,4 61,8 44,4 55,6 55,1 101,8 Depreciation 8,7 8,7 8,9 8,8 11,7 12,3 12,9 14,9 Operating profit/(loss) (EBIT) 29,4 25,2 27,5 53,0 32,7 43,4 42,1 86,9 Actual 28
29 Income statement Norway (MNOK) Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 761,0 750,1 928, ,6 855,7 794,8 872, ,7 Total software revenue 137,0 154,6 108,0 240,3 158,3 187,6 135,6 366,3 Products revenue 898,0 904, , , ,9 982, , ,0 Total services revenue 302,2 316,4 282,3 341,5 317,3 321,7 284,6 336,4 IC elimination sub-group 0,0-0,2-3,4 0,6-2,8-7,7-2,1-0,4 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 1 200, , , , , , , ,0 Margin 392,8 376,2 351,4 453,4 393,3 385,9 353,2 448,1 Product margin (%) 16,9% 15,2% 13,8% 13,6% 15,9% 14,9% 15,7% 11,9% Total services margin (%) 79,7% 75,5% 73,8% 75,8% 73,0% 74,4% 68,5% 72,9% Total products and services margin (%) 32,7% 30,8% 26,7% 25,7% 29,6% 29,8% 27,4% 21,9% Employee benefits expense excl. share based comp 286,6 282,3 250,3 292,4 286,6 268,5 233,1 287,5 Other operating expenses 66,2 60,9 67,2 78,7 65,5 69,6 67,9 56,0 EBITDA before share based compensation 39,9 33,0 33,8 82,2 41,2 47,8 52,2 104,6 EBITDA margin before share based compensation (%) 3,3% 2,7% 2,6% 4,7% 3,1% 3,7% 4,0% 5,1% Expenses/income related to acquisition 0,0 5,4 0,5 2,8 0,7-4,4-0,3 0,8 Shared based compensation -0,4-0,6 1,5 1,9 1,0 1,0 0,2 2,0 EBITDA 40,3 28,3 31,9 77,5 39,5 51,2 52,3 101,8 Depreciation 12,1 14,8 11,7 11,6 11,7 12,3 14,8 14,7 Operating profit/(loss) (EBIT) 28,2 13,4 20,2 65,9 27,8 38,9 37,5 87,1 29
30 Income statement Denmark (MDKK) (amounts in DKK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 747,6 709,9 672, ,2 810,6 826,4 813, ,9 Total software revenue 144,7 347,1 137,4 269,8 131,6 344,4 140,6 264,4 Products revenue 892, ,0 810, ,0 942, ,9 953, ,3 Total services revenue 251,0 254,4 241,2 323,2 276,6 292,5 276,5 339,7 IC elimination sub-group -8,9-26,8 12,8-26,8-31,4-37,0-28,9-48,4 Total other income 0,0 0,0 0,0-0,1 0,0 0,0 0,0 0,0 Operating revenue 1 134, , , , , , , ,6 Margin 274,6 268,3 239,4 317,4 277,2 291,7 250,5 340,7 Product margin (%) 14,1% 11,0% 11,5% 10,3% 12,1% 10,6% 10,0% 10,6% Total services margin (%) 59,2% 59,9% 60,8% 53,4% 58,8% 57,3% 56,0% 56,5% Total products and services margin (%) 24,2% 20,9% 22,5% 18,7% 23,3% 20,5% 20,9% 20,1% Employee benefits expense excl. share based comp 177,1 182,6 148,1 165,6 170,9 195,1 151,8 169,3 Other operating expenses 49,3 50,2 52,6 51,9 53,1 51,4 48,7 47,3 EBITDA before share based compensation 48,2 35,5 38,8 99,9 53,2 45,2 50,0 124,1 EBITDA margin before share based compensation (%) 4,2% 2,8% 3,6% 5,9% 4,5% 3,2% 4,2% 7,3% Expenses/income related to acquisition 0,0 0,3 0,2 0,2 0,0 0,0 0,3 0,0 Shared based compensation 0,3 0,3 1,0 2,0 1,0 1,0 2,3-0,8 EBITDA 47,8 34,9 37,5 97,7 52,2 44,2 47,4 124,9 Depreciation 19,8 20,2 21,8 22,2 21,6 22,7 21,3 27,7 Operating profit/(loss) (EBIT) 28,0 14,7 15,7 75,5 30,7 21,5 26,0 97,2 Actual 30
31 Income statement Denmark (MDKK) Proforma (amounts in DKK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 755,0 718,3 676, ,4 810,6 826,4 820, ,9 Total software revenue 146,5 348,8 138,6 269,8 131,6 344,4 140,6 264,4 Products revenue 901, ,1 815, ,3 942, ,9 961, ,3 Total services revenue 257,2 262,3 248,3 328,8 276,6 292,5 281,5 339,7 IC elimination sub-group -8,9-26,8 12,8-26,8-31,4-37,0-22,5-48,4 Total other income 0,0 0,0 0,0-0,1 0,0 0,0 0,0 0,0 Operating revenue 1 149, , , , , , , ,6 Margin 285,1 279,0 246,7 324,5 277,2 291,7 254,4 340,6 Product margin (%) 14,6% 11,3% 11,7% 10,5% 12,1% 10,6% 10,1% 10,6% Total services margin (%) 59,8% 60,6% 61,0% 53,5% 58,8% 57,3% 55,8% 56,5% Total products and services margin (%) 24,8% 21,4% 22,9% 18,8% 23,3% 20,5% 20,9% 20,1% Employee benefits expense excl. share based comp 183,4 189,1 153,3 168,6 170,9 195,1 154,3 169,3 Other operating expenses 51,5 52,3 54,4 52,8 53,1 51,4 49,4 47,3 EBITDA before share based compensation 50,3 37,5 39,0 103,2 53,2 45,2 50,7 124,1 EBITDA margin before share based compensation (%) 4,4% 2,9% 3,6% 6,0% 4,5% 3,2% 4,2% 7,3% Expenses/income related to acquisition 0,0 0,3 0,2 0,2 0,0 0,0 0,3 0,0 Shared based compensation 0,3 0,3 1,0 2,0 1,0 1,0 2,3-0,8 EBITDA 49,9 36,8 37,7 101,0 52,2 44,2 48,1 124,9 Depreciation 20,0 20,5 22,0 22,3 21,6 22,7 21,4 27,7 Operating profit/(loss) (EBIT) 29,9 16,3 15,8 78,6 30,7 21,5 26,7 97,2 31
32 Income statement Denmark (MNOK) (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 814,1 754,3 718, ,9 850,7 867,1 847, ,3 Total software revenue 157,6 371,6 146,2 291,2 138,1 361,4 146,0 276,0 Products revenue 971, ,8 864, ,2 988, ,5 993, ,3 Total services revenue 273,3 270,4 257,5 348,8 290,3 306,9 288,2 354,6 IC elimination sub-group -9,7-28,9 13,7-28,8-32,9-38,8-30,3-50,6 Total other income 0,0 0,0 0,0-0,1 0,0 0,0 0,0 0,0 Operating revenue 1 235, , , , , , , ,3 Margin 299,1 285,2 255,5 342,6 290,9 306,1 260,8 355,6 Product margin (%) 14,1% 10,9% 11,5% 10,3% 12,1% 10,6% 10,0% 10,6% Total services margin (%) 59,2% 59,9% 60,8% 53,4% 58,8% 57,3% 55,9% 56,4% Total products and services margin (%) 24,2% 20,9% 22,5% 18,7% 23,3% 20,5% 20,8% 20,1% Employee benefits expense excl. share based comp 192,9 194,1 158,0 178,9 179,3 204,8 158,1 176,6 Other operating expenses 53,7 53,4 56,2 56,1 55,8 53,9 50,7 49,3 EBITDA before share based compensation 52,4 37,6 41,4 107,6 55,8 47,4 52,1 129,7 EBITDA margin before share based compensation (%) 4,2% 2,8% 3,6% 5,9% 4,5% 3,2% 4,2% 7,3% Expenses/income related to acquisition 0,0 0,3 0,3 0,2 0,0 0,0 0,3 0,0 Shared based compensation 0,4 0,4 1,0 2,1 1,0 1,0 2,4-0,8 EBITDA 52,1 36,9 40,1 105,2 54,8 46,3 49,4 130,5 Depreciation 21,5 21,5 23,3 24,0 22,6 23,8 22,2 28,9 Operating profit/(loss) (EBIT) 30,5 15,4 16,8 81,2 32,2 22,6 27,1 101,6 Actual 32
33 Income statement Denmark (MNOK) Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 822,2 763,2 722, ,7 850,7 867,1 855, ,3 Total software revenue 159,5 373,4 147,4 291,3 138,1 361,4 146,0 276,0 Products revenue 981, ,6 869, ,9 988, , , ,3 Total services revenue 280,1 278,8 265,1 354,8 290,3 306,9 293,4 354,6 IC elimination sub-group -9,7-28,9 13,7-28,8-32,9-38,8-23,6-50,6 Total other income 0,0 0,0 0,0-0,1 0,0 0,0 0,0 0,0 Operating revenue 1 252, , , , , , , ,2 Margin 310,5 296,4 263,2 350,4 290,9 306,1 265,0 355,6 Product margin (%) 14,6% 11,2% 11,7% 10,5% 12,1% 10,6% 10,1% 10,6% Total services margin (%) 59,8% 60,6% 61,0% 53,5% 58,8% 57,3% 55,8% 56,4% Total products and services margin (%) 24,8% 21,4% 22,9% 18,9% 23,3% 20,5% 20,8% 20,1% Employee benefits expense excl. share based comp 199,7 201,1 163,6 182,2 179,3 204,8 160,7 176,6 Other operating expenses 56,1 55,6 58,1 57,0 55,8 53,9 51,5 49,3 EBITDA before share based compensation 54,7 39,7 41,6 111,1 55,8 47,4 52,9 129,7 EBITDA margin before share based compensation (%) 4,4% 2,9% 3,6% 6,0% 4,5% 3,2% 4,2% 7,3% Expenses/income related to acquisition 0,0 0,3 0,3 0,2 0,0 0,0 0,3 0,0 Shared based compensation 0,4 0,4 1,0 2,1 1,0 1,0 2,4-0,8 EBITDA 54,3 39,0 40,3 108,8 54,8 46,3 50,1 130,5 Depreciation 21,7 21,8 23,5 24,1 22,6 23,8 22,3 28,9 Operating profit/(loss) (EBIT) 32,6 17,2 16,8 84,6 32,2 22,6 27,8 101,6 33
34 Income statement Sweden (MSEK) (amounts in SEK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 639,6 749,1 762, , , ,9 972, ,1 Total software revenue 280,8 484,2 162,9 581,5 319,5 502,7 181,3 673,3 Products revenue 920, ,3 925, , , , , ,6 Total services revenue 279,6 293,1 269,0 421,4 367,1 392,4 330,5 461,5 IC elimination sub-group 0,0 0,0 0,0-6,0-9,9-13,8-7,9-10,8 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 1 199, , , , , , , ,1 Margin 333,7 392,2 326,1 513,6 450,0 484,6 376,9 537,0 Product margin (%) 13,1% 13,5% 14,6% 11,1% 14,1% 14,4% 14,0% 12,7% Total services margin (%) 76,3% 77,0% 71,1% 71,6% 68,1% 67,2% 65,1% 61,1% Total products and services margin (%) 27,8% 25,7% 27,3% 22,1% 25,4% 25,3% 25,5% 22,5% Employee benefits expense excl. share based comp 255,7 284,2 241,1 326,6 328,7 345,8 285,4 343,2 Other operating expenses 39,5 50,0 50,9 71,7 64,3 62,8 54,4 61,6 EBITDA before share based compensation 38,6 58,0 34,1 115,3 57,0 76,0 37,1 132,2 EBITDA margin before share based compensation (%) 3,2% 3,8% 2,9% 5,0% 3,2% 4,0% 2,5% 5,5% Expenses/income related to acquisition 2,6 2,9 0,4-0,1 0,0 0,0 0,4 0,0 Shared based compensation 0,3-1,5 2,9 0,1 0,8-0,1-0,7-1,1 EBITDA 35,7 56,6 30,7 115,3 56,3 76,2 37,4 133,3 Depreciation 4,7 6,4 5,3 6,3 6,7 7,0 6,5 8,4 Operating profit/(loss) (EBIT) 31,0 50,2 25,5 109,0 49,5 69,1 30,9 124,9 Actual 34
35 Income statement Sweden (MSEK) Proforma (amounts in SEK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 907,0 993,0 893, , , ,9 974, ,1 Total software revenue 297,9 507,3 150,1 586,3 319,5 502,7 181,3 673,3 Products revenue 1 204, , , , , , , ,6 Total services revenue 318,9 317,6 279,5 427,4 367,1 392,4 332,1 461,5 IC elimination sub-group 0,0 0,0 0,0-0,2-9,9-13,8-7,9-10,8 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 1 523, , , , , , , ,1 Margin 399,3 452,6 351,0 527,3 450,0 484,6 379,1 537,0 Product margin (%) 13,3% 13,9% 14,5% 11,3% 14,1% 14,4% 14,1% 12,7% Total services margin (%) 74,8% 76,8% 71,3% 71,9% 68,1% 67,2% 65,2% 61,1% Total products and services margin (%) 26,2% 24,9% 26,5% 22,2% 25,4% 25,3% 25,6% 22,5% Employee benefits expense excl. share based comp 296,7 317,8 258,9 337,6 328,7 345,8 286,6 343,2 Other operating expenses 55,3 63,1 57,3 74,5 64,3 62,8 55,0 61,6 EBITDA before share based compensation 47,2 71,7 34,7 115,2 57,0 76,0 37,5 132,2 EBITDA margin before share based compensation (%) 3,1% 3,9% 2,6% 4,9% 3,2% 4,0% 2,5% 5,5% Expenses/income related to acquisition 2,6 2,9 0,4-0,1 0,0 0,0 0,4 0,0 Shared based compensation 0,3-1,5 2,9 0,1 0,8-0,1-0,7-1,1 EBITDA 44,3 70,4 31,4 115,2 56,3 76,2 37,8 133,3 Depreciation 6,8 8,3 6,6 7,3 6,7 7,0 6,6 8,4 Operating profit/(loss) (EBIT) 37,6 62,1 24,7 107,9 49,5 69,1 31,2 124,9 35
36 Income statement Sweden (MNOK) (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 520,7 614,7 645, ,8 968,1 895,9 824, ,3 Total software revenue 228,6 396,9 142,6 498,8 282,0 437,6 150,0 578,1 Products revenue 749, ,7 788, , , ,5 974, ,4 Total services revenue 227,6 240,7 228,6 363,4 324,1 340,7 279,8 395,0 IC elimination sub-group 0,0 0,0 0,0-5,0-8,8-12,1-6,9-9,3 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 977, , , , , , , ,1 Margin 271,7 321,9 277,4 443,2 397,3 420,8 318,5 459,4 Product margin (%) 13,1% 13,5% 14,5% 11,2% 14,1% 14,4% 14,0% 13,2% Total services margin (%) 76,3% 77,0% 71,3% 71,7% 68,1% 67,2% 65,0% 61,1% Total products and services margin (%) 27,8% 25,7% 27,3% 22,2% 25,4% 25,3% 25,5% 22,5% Employee benefits expense excl. share based comp 208,2 233,3 205,1 283,1 290,2 300,2 241,5 293,3 Other operating expenses 32,1 41,0 43,0 61,8 56,7 54,5 46,0 52,6 EBITDA before share based compensation 31,4 47,6 29,2 98,3 50,3 66,1 31,0 113,6 EBITDA margin before share based compensation (%) 3,2% 3,8% 2,9% 4,9% 3,2% 4,0% 2,5% 5,6% Expenses/income related to acquisition 2,1 2,4 0,4 0,0 0,0 0,0 0,3 0,0 Shared based compensation 0,2-1,2 2,4 0,1 0,7-0,1-0,6-1,0 EBITDA 29,1 46,4 26,4 98,2 49,7 66,2 31,3 114,6 Depreciation 3,8 5,3 4,5 5,5 5,9 6,1 5,5 7,2 Operating profit/(loss) (EBIT) 25,3 41,2 21,9 92,7 43,7 60,2 25,7 107,4 Actual 36
37 Income statement Sweden (MNOK) Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 738,5 815,2 759, ,5 968,1 895,9 826, ,3 Total software revenue 242,5 415,9 132,5 503,2 282,0 437,6 150,0 578,1 Products revenue 981, ,1 891, , , ,5 976, ,4 Total services revenue 259,7 260,8 237,9 369,3 324,1 340,7 281,2 395,0 IC elimination sub-group 0,0 0,0 0,0-0,1-8,8-12,1-6,9-9,3 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 1 240, , , , , , , ,1 Margin 325,1 371,5 299,3 456,5 397,3 420,8 320,4 459,4 Product margin (%) 13,3% 13,9% 14,5% 11,4% 14,1% 14,4% 14,0% 13,2% Total services margin (%) 74,8% 76,8% 71,4% 72,0% 68,1% 67,2% 65,2% 61,1% Total products and services margin (%) 26,2% 24,9% 26,5% 22,3% 25,4% 25,3% 25,6% 22,5% Employee benefits expense excl. share based comp 241,6 260,9 220,6 293,4 290,2 300,2 242,5 293,3 Other operating expenses 45,0 51,8 48,7 64,5 56,7 54,5 46,5 52,6 EBITDA before share based compensation 38,4 58,8 29,9 98,5 50,3 66,1 31,3 113,6 EBITDA margin before share based compensation (%) 3,1% 3,9% 2,7% 4,8% 3,2% 4,0% 2,5% 5,6% Expenses/income related to acquisition 2,1 2,4 0,4 0,0 0,0 0,0 0,3 0,0 Shared based compensation 0,2-1,2 2,4 0,1 0,7-0,1-0,6-1,0 EBITDA 36,1 57,7 27,1 98,4 49,7 66,2 31,6 114,6 Depreciation 5,5 6,8 5,6 6,4 5,9 6,1 5,6 7,2 Operating profit/(loss) (EBIT) 30,6 50,9 21,5 92,0 43,7 60,2 26,0 107,4 37
38 Income statement Finland (MEUR) (amounts in EUR million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 29,2 32,8 26,3 40,5 31,0 29,5 24,4 38,6 Total software revenue 22,4 19,7 6,8 20,1 22,8 23,5 11,0 20,1 Products revenue 51,6 52,5 33,1 60,6 53,8 53,1 35,4 58,7 Total services revenue 2,8 4,8 3,4 5,7 4,3 4,9 4,5 5,8 IC elimination sub-group 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 54,4 57,3 36,5 66,3 58,1 57,9 39,9 64,5 Margin 8,3 8,6 6,6 9,8 8,5 9,8 7,4 10,3 Product margin (%) 11,7% 8,9% 12,0% 10,3% 10,5% 12,0% 12,0% 9,9% Total services margin (%) 80,6% 81,7% 78,2% 62,7% 67,0% 71,0% 70,0% 76,9% Total products and services margin (%) 15,2% 14,9% 18,1% 14,8% 14,7% 17,0% 18,5% 15,9% Employee benefits expense excl. share based comp 6,0 5,6 4,5 5,5 5,9 6,1 4,9 5,5 Other operating expenses 1,8 2,0 1,4 2,0 1,5 2,1 1,6 2,3 EBITDA before share based compensation 0,5 1,0 0,7 2,2 1,1 1,7 0,9 2,5 EBITDA margin before share based compensation (%) 0,9% 1,7% 2,0% 3,4% 1,8% 2,9% 2,3% 3,8% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,1 Shared based compensation 0,0 0,0 0,0 0,0 0,0 0,1 0,0 0,0 EBITDA 0,5 1,0 0,7 2,2 1,0 1,6 0,8 2,3 Depreciation 0,4 0,6 0,6 0,5 0,3 0,6 0,6 0,6 Operating profit/(loss) (EBIT) 0,0 0,4 0,1 1,6 0,7 1,1 0,3 1,7 Actual 38
39 Income statement Finland (MEUR) Proforma (amounts in EUR million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 32,1 34,7 27,6 41,2 31,0 29,5 24,4 38,6 Total software revenue 22,7 19,7 6,8 20,1 22,8 23,5 11,0 20,1 Products revenue 54,9 54,4 34,4 61,2 53,8 53,1 35,4 58,7 Total services revenue 3,1 5,4 3,8 6,0 4,6 5,2 4,5 5,8 IC elimination sub-group 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 57,9 59,7 38,2 67,2 58,4 58,3 39,9 64,5 Margin 9,1 9,3 7,2 10,1 8,7 10,1 7,4 10,3 Product margin (%) 12,1% 9,0% 12,3% 10,4% 10,5% 12,0% 12,0% 9,9% Total services margin (%) 80,0% 82,0% 78,9% 62,3% 67,5% 70,9% 70,0% 76,9% Total products and services margin (%) 15,7% 15,5% 18,8% 15,0% 15,0% 17,3% 18,5% 15,9% Employee benefits expense excl. share based comp 6,6 6,0 4,9 5,7 6,0 6,2 4,9 5,5 Other operating expenses 2,0 2,1 1,5 2,1 1,6 2,1 1,6 2,3 EBITDA before share based compensation 0,4 1,2 0,8 2,3 1,2 1,8 0,9 2,5 EBITDA margin before share based compensation (%) 0,8% 2,0% 2,2% 3,4% 2,0% 3,1% 2,3% 3,8% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,1 Shared based compensation 0,0 0,0 0,0 0,0 0,0 0,1 0,0 0,0 EBITDA 0,4 1,2 0,8 2,2 1,1 1,7 0,8 2,3 Depreciation 0,5 0,6 0,6 0,5 0,3 0,6 0,6 0,6 Operating profit/(loss) (EBIT) 0,0 0,6 0,2 1,7 0,8 1,2 0,3 1,7 39
40 Income statement Finland (MNOK) (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 237,1 260,2 209,0 325,3 242,5 230,9 189,2 299,9 Total software revenue 181,2 155,5 53,6 162,0 178,3 184,2 84,9 156,0 Products revenue 418,3 415,7 262,6 487,3 420,8 415,1 274,1 455,9 Total services revenue 22,4 37,9 26,7 45,7 33,7 38,2 34,7 45,1 IC elimination sub-group 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 440,7 453,6 289,3 533,0 454,5 453,3 308,8 501,0 Margin 66,9 67,7 52,5 78,8 66,7 77,0 57,2 79,7 Product margin (%) 11,7% 8,8% 12,0% 10,3% 10,5% 12,0% 12,0% 9,9% Total services margin (%) 80,6% 81,7% 78,2% 62,7% 67,0% 71,0% 70,0% 76,9% Total products and services margin (%) 15,2% 14,9% 18,1% 14,8% 14,7% 17,0% 18,5% 15,9% Employee benefits expense excl. share based comp 48,4 44,5 35,4 44,7 46,3 47,5 38,1 42,6 Other operating expenses 14,6 15,5 11,1 16,3 12,1 16,3 12,1 17,7 EBITDA before share based compensation 3,8 7,8 5,9 17,9 8,3 13,2 7,0 19,3 EBITDA margin before share based compensation (%) 0,9% 1,7% 2,0% 3,4% 1,8% 2,9% 2,3% 3,9% Expenses/income related to acquisition 0,0 0,0 0,0 0,2 0,0 0,0 0,4 1,1 Shared based compensation 0,1 0,0 0,3 0,4 0,4 0,5 0,2 0,2 EBITDA 3,7 7,8 5,6 17,3 8,0 12,7 6,5 17,9 Depreciation 3,5 4,4 4,6 4,3 2,7 4,5 4,4 5,0 Operating profit/(loss) (EBIT) 0,2 3,4 1,0 13,0 5,2 8,3 2,1 12,9 Actual 40
41 Income statement Finland (MNOK) Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 260,3 274,6 219,4 331,2 242,5 230,9 189,2 299,9 Total software revenue 184,3 155,7 53,7 161,5 178,3 184,2 84,9 156,0 Products revenue 444,6 430,2 273,1 492,6 420,8 415,1 274,1 455,9 Total services revenue 24,9 42,6 30,0 47,9 35,9 40,9 34,7 45,1 IC elimination sub-group 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 469,4 472,8 303,1 540,5 456,7 456,0 308,8 501,0 Margin 73,8 73,4 57,2 81,2 68,4 78,9 57,2 79,6 Product margin (%) 12,1% 8,9% 12,3% 10,4% 10,5% 12,0% 12,0% 9,9% Total services margin (%) 80,0% 82,0% 78,9% 62,4% 67,5% 70,9% 70,0% 76,9% Total products and services margin (%) 15,7% 15,5% 18,9% 15,0% 15,0% 17,3% 18,5% 15,9% Employee benefits expense excl. share based comp 53,7 47,5 38,8 46,3 47,0 48,3 38,1 42,6 Other operating expenses 16,5 16,2 11,8 16,6 12,4 16,5 12,1 17,7 EBITDA before share based compensation 3,5 9,6 6,5 18,3 9,0 14,1 7,0 19,3 EBITDA margin before share based compensation (%) 0,8% 2,0% 2,2% 3,4% 2,0% 3,1% 2,3% 3,9% Expenses/income related to acquisition 0,0 0,0 0,0 0,2 0,0 0,0 0,4 1,1 Shared based compensation 0,1 0,0 0,3 0,4 0,4 0,5 0,2 0,2 EBITDA 3,4 9,6 6,2 17,7 8,7 13,5 6,5 17,9 Depreciation 3,7 4,4 4,6 4,3 2,7 4,5 4,4 5,0 Operating profit/(loss) (EBIT) -0,3 5,2 1,6 13,5 5,9 9,1 2,1 12,9 41
42 Income statement the Baltics (MEUR) (amounts in EUR million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 7,9 8,4 7,0 11,5 8,9 8,0 8,0 17,4 Total software revenue 0,5 0,5 0,8 2,7 0,8 2,9 0,7 1,8 Products revenue 8,5 8,9 7,8 14,2 9,8 10,9 8,7 19,3 Total services revenue 1,6 2,6 2,2 5,0 2,1 2,4 1,5 3,0 IC elimination sub-group -1,2-2,3-1,7-1,4-1,6-0,4-1,9-3,1 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 10,0 11,4 9,7 19,0 11,6 13,1 10,0 21,3 Margin 1,9 2,0 2,1 2,8 2,4 2,6 2,1 3,8 Product margin (%) 8,4% 9,5% 11,9% 9,9% 11,4% 12,0% 12,4% 12,3% Total services margin (%) 72,8% 43,8% 54,4% 27,7% 62,9% 53,7% 63,6% 46,5% Total products and services margin (%) 19,0% 17,5% 21,8% 14,7% 21,0% 20,1% 20,9% 17,8% Employee benefits expense excl. share based comp 1,2 1,1 1,2 1,3 1,4 1,5 1,3 1,7 Other operating expenses 0,6 0,6 0,7 0,2 0,7 0,6 0,4 0,8 EBITDA before share based compensation 0,1 0,3 0,3 1,2 0,4 0,5 0,4 1,2 EBITDA margin before share based compensation (%) 1,0% 2,3% 3,2% 6,5% 3,5% 4,0% 4,0% 5,7% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,1 Shared based compensation 0,0 0,0 0,0 0,1 0,0 0,1 0,1 0,1 EBITDA 0,1 0,3 0,3 1,2 0,4 0,5 0,4 1,0 Depreciation 0,2 0,2 0,3 0,3 0,4 0,5 0,3 0,3 Operating profit/(loss) (EBIT) -0,1 0,0 0,0 0,9 0,0-0,1 0,1 0,7 Actual 42
43 Income statement the Baltics (MEUR) Proforma (amounts in EUR million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 13,0 10,3 8,7 13,4 11,7 10,9 9,6 19,4 Total software revenue 0,5 0,6 0,8 2,9 0,9 3,0 0,8 2,1 Products revenue 13,5 10,9 9,6 16,3 12,7 13,9 10,4 21,6 Total services revenue 2,0 3,1 2,6 5,4 2,5 2,8 2,4 3,3 IC elimination sub-group -1,2-2,3-1,7-1,4-1,6-0,4-1,9-3,1 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 15,4 13,8 11,8 21,5 14,9 16,6 12,5 23,9 Margin 2,5 2,7 2,7 3,3 3,1 3,3 2,7 4,4 Product margin (%) 7,6% 11,2% 13,3% 10,6% 11,5% 11,7% 14,8% 12,9% Total services margin (%) 74,3% 48,5% 55,8% 29,5% 64,0% 57,4% 50,4% 47,6% Total products and services margin (%) 16,4% 19,6% 22,9% 15,4% 20,6% 19,9% 22,0% 18,3% Employee benefits expense excl. share based comp 1,4 1,4 1,4 1,7 1,6 1,8 1,6 2,1 Other operating expenses 0,8 0,8 0,8 0,5 0,8 0,8 0,5 1,0 EBITDA before share based compensation 0,3 0,5 0,5 1,1 0,6 0,7 0,6 1,3 EBITDA margin before share based compensation (%) 2,1% 3,7% 3,9% 5,2% 4,1% 4,1% 4,9% 5,4% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,1 Shared based compensation 0,0 0,0 0,0 0,1 0,0 0,1 0,1 0,1 EBITDA 0,3 0,5 0,5 1,1 0,6 0,6 0,6 1,1 Depreciation 0,3 0,3 0,3 0,2 0,4 0,5 0,3 0,3 Operating profit/(loss) (EBIT) 0,0 0,2 0,1 0,9 0,1 0,1 0,2 0,8 43
44 Income statement the Baltics (MNOK) (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 64,4 66,3 56,0 92,5 69,8 62,3 61,8 135,7 Total software revenue 4,3 4,0 6,3 21,6 6,6 22,9 5,6 14,1 Products revenue 68,7 70,3 62,4 114,1 76,4 85,2 67,5 149,8 Total services revenue 13,2 21,0 17,4 40,2 16,4 18,7 12,0 23,4 IC elimination sub-group -3,6-6,2-5,7-4,4-5,1-2,0-5,9-12,7 Total other income 0,0 0,0 0,0 0,0 0,0 0,4 0,1 0,1 Operating revenue 81,0 90,3 77,4 152,7 90,7 102,7 77,3 165,3 Margin 15,4 15,8 16,9 22,4 19,0 20,7 16,1 29,4 Product margin (%) 8,4% 9,5% 11,9% 9,9% 11,4% 12,0% 12,4% 12,3% Total services margin (%) 72,8% 43,6% 54,4% 27,7% 62,9% 53,7% 63,6% 46,4% Total products and services margin (%) 19,0% 17,5% 21,8% 14,7% 21,0% 20,1% 20,9% 17,8% Employee benefits expense excl. share based comp 9,4 9,1 9,2 10,7 10,6 11,6 10,1 13,6 Other operating expenses 5,2 4,6 5,2 1,8 5,2 5,0 2,9 6,3 EBITDA before share based compensation 0,8 2,1 2,4 9,8 3,2 4,2 3,1 9,5 EBITDA margin before share based compensation (%) 1,0% 2,3% 3,2% 6,4% 3,5% 4,0% 4,0% 5,7% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 1,1 Shared based compensation 0,0 0,0 0,0 0,5 0,4 0,4 0,4 0,4 EBITDA 0,8 2,1 2,4 9,3 2,8 3,7 2,7 8,0 Depreciation 2,0 1,9 2,1 2,3 2,9 4,2 2,1 2,3 Operating profit/(loss) (EBIT) -1,2 0,2 0,3 7,0 0,0-0,5 0,6 5,7 Actual 44
45 Income statement the Baltics (MNOK) Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 105,1 81,1 69,3 107,8 91,8 84,9 74,3 151,2 Total software revenue 4,4 4,6 6,7 23,4 7,2 23,7 6,3 16,4 Products revenue 109,5 85,7 76,0 131,1 99,0 108,6 80,6 167,6 Total services revenue 16,3 24,6 20,3 43,1 19,6 22,2 18,2 25,7 IC elimination sub-group -3,6-6,2-5,7-4,4-5,1-2,0-5,9-12,7 Total other income 0,0 0,0 0,0 0,0 0,0 0,4 0,1 0,1 Operating revenue 124,9 109,2 94,0 172,6 116,6 129,7 96,7 185,4 Margin 20,5 21,5 21,5 26,6 24,0 25,8 21,3 33,8 Product margin (%) 7,6% 11,2% 13,3% 10,6% 11,5% 11,7% 14,8% 12,9% Total services margin (%) 74,3% 48,3% 55,8% 29,6% 64,0% 57,4% 50,4% 47,5% Total products and services margin (%) 16,4% 19,7% 22,9% 15,4% 20,6% 19,9% 22,0% 18,2% Employee benefits expense excl. share based comp 11,4 11,4 11,5 13,9 12,8 14,2 12,3 16,3 Other operating expenses 6,5 6,0 6,4 3,7 6,5 6,3 4,1 7,5 EBITDA before share based compensation 2,6 4,1 3,6 9,0 4,7 5,3 4,8 10,0 EBITDA margin before share based compensation (%) 2,1% 3,8% 3,9% 5,2% 4,1% 4,1% 5,0% 5,4% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 1,1 Shared based compensation 0,0 0,0 0,0 0,5 0,4 0,4 0,4 0,4 EBITDA 2,6 4,1 3,6 8,5 4,4 4,9 4,4 8,5 Depreciation 2,6 2,5 2,6 1,5 3,3 4,1 2,5 2,5 Operating profit/(loss) (EBIT) 0,0 1,6 1,0 7,0 1,1 0,7 1,9 6,0 45
46 Income statement Shared services (MNOK) * (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 571,0 605,3 743,8 951,7 779,7 762,2 892,9 975,3 Total software revenue 36,1 34,3 20,8 55,6 28,6 40,2 29,3 26,7 Products revenue 607,1 639,6 764, ,3 808,3 802,4 922, ,0 Total services revenue 17,2 16,5 22,4 23,4 20,2 22,1 30,0 28,5 IC elimination sub-group 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 624,3 656,1 787, ,7 828,5 824,5 952, ,5 Margin 27,4 34,5 38,9 44,6 38,1 44,9 42,3 49,8 Product margin (%) 2,3% 3,3% 2,8% 2,5% 2,7% 3,2% 2,3% 2,6% Total services margin (%) 79,6% 80,2% 77,3% 83,0% 81,4% 86,9% 70,9% 81,6% Total products and services margin (%) 4,4% 5,3% 4,9% 4,3% 4,6% 5,5% 4,4% 4,8% Employee benefits expense excl. share based comp 21,4 23,1 22,8 29,0 27,1 27,6 27,6 33,8 Other operating expenses 5,0 4,8 5,0 6,6 6,3 6,9 6,0 8,6 EBITDA before share based compensation 1,0 6,5 11,1 9,0 4,6 10,4 8,7 7,4 EBITDA margin before share based compensation (%) 0,2% 1,0% 1,4% 0,9% 0,6% 1,3% 0,9% 0,7% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Shared based compensation 0,1-0,2 0,0 0,1 0,1 0,0 0,0 0,0 EBITDA 0,8 6,8 11,1 8,9 4,5 10,4 8,7 7,4 Depreciation 0,9 1,0 1,0 1,0 0,8 0,8 0,9 1,4 Operating profit/(loss) (EBIT) -0,1 5,8 10,1 7,8 3,7 9,5 7,8 5,9 Actual * Atea Logistics and Atea Services & Software 46
47 Income statement Shared services (MNOK) * Proforma (amounts in NOK million) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Total hardware revenue 571,0 605,3 743,8 951,7 779,7 762,2 892,9 975,3 Total software revenue 36,1 34,3 20,8 55,6 28,6 40,2 29,3 26,7 Products revenue 607,1 639,6 764, ,3 808,3 802,4 922, ,0 Total services revenue 17,2 16,5 22,4 23,4 20,2 22,1 30,0 28,5 IC elimination sub-group 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Total other income 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Operating revenue 624,3 656,1 787, ,7 828,5 824,5 952, ,5 Margin 27,4 34,5 38,9 44,6 38,1 44,9 42,3 49,8 Product margin (%) 2,3% 3,3% 2,8% 2,5% 2,7% 3,2% 2,3% 2,6% Total services margin (%) 79,6% 80,2% 77,3% 83,0% 81,4% 86,9% 70,9% 81,6% Total products and services margin (%) 4,4% 5,3% 4,9% 4,3% 4,6% 5,5% 4,4% 4,8% Employee benefits expense excl. share based comp 21,4 23,1 22,8 29,0 27,1 27,6 27,6 33,8 Other operating expenses 5,0 4,8 5,0 6,6 6,3 6,9 6,0 8,6 EBITDA before share based compensation 1,0 6,5 11,1 9,0 4,6 10,4 8,7 7,4 EBITDA margin before share based compensation (%) 0,2% 1,0% 1,4% 0,9% 0,6% 1,3% 0,9% 0,7% Expenses/income related to acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Shared based compensation 0,1-0,2 0,0 0,1 0,1 0,0 0,0 0,0 EBITDA 0,8 6,8 11,1 8,9 4,5 10,4 8,7 7,4 Depreciation 0,9 1,0 1,0 1,0 0,8 0,8 0,9 1,4 Operating profit/(loss) (EBIT) -0,1 5,8 10,1 7,8 3,7 9,5 7,8 5,9 * Atea Logistics and Atea Services & Software 47
48 48
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