Profit is affected by seasonal variations and ramp up of new employees. EBITDA of NOK 1 (-2) million and 0.5% (-2.7%) margin in the third quarter.
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2 2 /16 Highlights Q3 The growth continues in the third quarter with strong growth in number of employees and low turnover rate. Profit is affected by seasonal variations and ramp up of new employees. Cancellation of 2.4 million own shares and equity ratio of 44% (53%). 29% growth in the third quarter and 25% year to date, with revenues of NOK 98 and 310 million, respectively Number of employees has increased to 452, up by 38 in the third quarter and by 87 last 12 months. EBITDA of NOK 1 (-2) million and 0.5% (-2.7%) margin in the third quarter. Operating profit (EBIT) of NOK 4 (-5) million and -3.6% (-7.1%) margin in the third quarter. Good development in sales and increasing deliveries of the Group s full range of services. Good market outlook, strengthened brand and motivated people are providing a platform for profitable growth. KEY FIGURES change change 2010 All figures in NOK million * % * % 1-12 Sales revenue % % 384 Gross profit % % 309 EBITDA % % 26 EBITDA margin 0.8 % -2.7 % 4.9 % 4.1 % 6.7 % EBIT % % 12 EBIT margin -3.6 % -7.1 % 1.0 % 0.2 % 3.2 % Profit before tax % % 13 Profit for the period % % 12 Profit margin -2.6 % -4.2 % 0.8 % 0.7 % 3.0 % Earnings per share % % 0.14 Fully diluted earnings per share % % 0.14 Net cash flow from operating activities Bank deposits Number of employees at the end of the period % % 382 * Pro forma
3 3 /16 Interim Report Q3 FINANCIAL PERFORMANCE Accounting principles The consolidated interim report includes Itera ASA with subsidiaries. The accounting principles are unchanged in The consolidated interim report has been prepared in accordance with the Norwegian Securities Trading Act and IAS 34 Interim Financial Reporting. The interim report has not been audited and does not include all information required for a complete annual report. Further information and complete description of the accounting principles can be read in the annual report for Pro forma figures The statement of comprehensive income for 2010 shows pro forma figures. The pro forma figures take into account the sale of a subsidiary in the third quarter last year. Pro forma figures are shown in a columns labeled "* " in the statement of comprehensive income. In the following, all comparisons made against the pro forma figures unless otherwise are specified. This is to provide more relevant information. The statement of financial position (balance sheet) and statement of cash flow have not been restated for pro forma figures. Operating revenue Operating revenues amounted to NOK 97.6 (75.6) million in the third quarter and NOK (248.2) million in the first three quarters. The organic growth was 29 (-5) percent in the third quarter and 25 (-9) percent in the first three quarters compared to the same periods last year. Gross margin 1 amounted to NOK 76.6 (62.6) million in the third quarter and NOK (202.4) in the first three quarters, corresponding to an increase of 22 (-8) respectively 23 (-10) percent compared to same periods last year. The group experienced an increase in revenue in all subsidiaries and countries. The operation in Denmark is improving after a period with weak results. Operating expenses Itera s operating expenses amounted to NOK (81.0) million the third quarter and NOK (247.7) million in the first three quarters, corresponding to an increase of 25 respectively 24 percent. Cost of sales amounted to NOK 21.1 (13.0) million in the third quarter and NOK 61.4 (45.8) in the first three quarters. Cost of sales mainly consists of purchases of services from the consultants and expenses related to the Group's hosting business and will vary from quarter to quarter. The personnel expenses are increased in the third quarter by 15 percent to NOK 64.1 million compared to the same period last year. In the first three quarters the personnel expenses amounted to NOK (168.6) million, corresponding to an increase of 17 percent. The increase is due to the increase in number of employees to secure the delivery capacity. An increasing proportion of the employees are located at the nearshore operation in Ukraine, that isolated reduce the personnel expenses per employee. Other operating expenses amounted to NOK 11.6 (8.8) million in the third quarter and NOK 35.9 (23.6) year to date. The increase is mainly due to costs related to the Group's growth, including recruitment, new nearshore location in Ukraine, marketing activities and the hosting operations. Profit Operating profit before depreciation (EBITDA) amounted to NOK 0.8 (-2.0) million in the third quarter and NOK 15.2 (10.3) in the first three quarters, corresponding to a margin of 0.8 (-2.7) respectively 4.9 (4.1) percent. Depreciations amounted to NOK 4.3 (3.4) million in the third quarter and NOK 11.9 (9.8) million year to date. Operating profit (EBIT) amounted to NOK -3.5 (-5.4) million in the third quarter and NOK 3.2 (0.5) million in the first three quarters, corresponding to a margin of -3.6 (-7.1) respectively 1.0 (0.2) percent. The operating profit was negatively impacted by the introduction of 38 new employees in the third quarter to ensure the delivery capacity. Normal ramp up time before billable projects is 6-8 weeks per employee, depending on the competency profile and level of experience. In addition, the quarter charged with NOK 1 million in project overruns. Net financial items amounted to NOK 0 (0.1) million in the third quarter and NOK 0.1 (1.0) million year to date. Profit after tax amounted to NOK -2.5 (-3.2) million in the third quarter and NOK 2.4 (1.7) million in the first three quarters. Estimated income tax amounted to NOK +1.0 (2.1) million in the third quarter and NOK 0.9 (+0.2) million in the first three quarters, of which NOK 0 (0) million is payable. The Group has NOK 14.3 million in total deferred tax assets, of which NOK 10.3 million is recognized in the statement of financial position. The deferred tax assets will ensure that the group probably not will pay tax until 2012.
4 4 /16 Cash flow and equity Cash flow from operations amounted to NOK -6.7 (-2.3) million in the third quarter and NOK 0.7 (0.4) million in the first three quarters. The increase in other receivable of NOK 4.5 million in the third quarter and the reduction in short term liabilites of NOK 6 million affect the cash flow negative. The sales and lease back transaction has a positive effect. The bank deposits amounted to NOK 11.2 (45.0) million at the end of the third quarter. In addition, the Group has a credit facility of NOK 25 million. At year-end the bank deposits was amounted to NOK 40.1 million. In the third quarter a sales and lease back transaction has generated a non-current interest bearing debt of NOK 7.2 million. Itera re-purchased 85,000 (193,000) own shares year to date. After cancellation of 2.4 million own shares, Itera holds the total of 0.9 (2.8) own shares at the end of the third quarter with a market value of NOK 2.3 (9.2) million. The share capital is reduced with NOK 720,000 in the third quarter by cancellation of 2,400,000 own shares. The share capital after this transaction is NOK 24,882,104 equal to 82,940,346 shares at a face value of NOK The equity at the end of the third quarter was NOK 69 (79) million, corresponding to an equity ratio of 44 (53) percent. Investments Total investments amounted to NOK 3.7 (2.7) million in the third quarter and NOK 21.2 (9.1) million in the first three quarters. The increase is mainly due to investments related to the Group's hosting business. Investments in hardware and software related to the hosting business was amounted to NOK 2.3 (1.7) million in the third quarter and NOK 17.0 (4.9) million year to date. Investments in intangible assets, such as SaaSofferings with subscription based fixed income are on the same level as earlier and was amounted to NOK 1.5 (1.1) million in the third quarter and NOK 4.2 (4.2) million in the first three quarters. In the third quarter the Group's hosting business has performed a sales and lease back transaction amounted to NOK 7 million. The assets was invested in the first half year and recognized as investments. The sales price was equal to the historical purchase price The transaction is recognized net in the statement of cash flow, but gross in the statement of financial position. BUSINESS REVIEW The Group finds it satisfactory to see that the growth in the first half of the year is reinforced in the third quarter. The planned delivery capacity is now secured, and the Group is now capable to take on bigger and more challenging commitments than ever before. The Group is now entering a phase of optimization, where focus will be on utilization to secure profit. Strategic target areas Customer development Itera targets larger, long-term customer relationships in order to be a close business partner and actively participate in the customers strategic development. Furthermore, this will contribute to improved activity and profit visibility, larger order book and internal stability. Itera has defined a set of strategic customers across the Group. The customers are potential buyers of Itera s complete range of services, from consulting, concepts and solutions to system development, project management, application management and operations. Several of the customers operate in the same countries as Itera, they are innovation-driven, they represent sectors with high levels of change, and they see smart use of technology as a key driver to achieve business goals. Revenue related to the 10 largest customers shows a positive trend, increasing from 22 percent in the third quarter of 2010 to 32 percent in the same period this year. During third quarter, Itera has signed agreements with Bergen University College, The Western Norway Regional Health Authority (WNRHA, "Helse Vest"), The Norwegian National Opera & Ballet, Hjelp 24, Optimarin, Faroe Petroleum Norge, Lillehammer, Gjøvik and Hedmark University Colleges, Aker Solutions and the Norwegian Automobile Federation (NAF). Employee satisfaction and attractiveness Itera aims to be an attractive employer for both existing and potential employees. To attract, retain and develop employees is a leading objective of the Group s strategy. Attract The recruitment activity in the third quarter has been very high. During 2011, the media coverage of Itera has been extensive and positive, and the Group is experiencing that the awareness of and knowledge about the Itera brand is increasing. This has positive effects, amongst others in the recruitment activities. The talents are attracted to a group that can offer challenging tasks and teamwork with large customers across national borders. The Group has during the third quarter increased by 38 employees, which represents the most extensive net staffing increase ever. Among these, only two are nonbillable resources. The Group has now 452 employees. The last 12 months, the Group has increased by 87 employees, equivalent to 24 percent. The share of resources located nearshore is increasing, and amounted to 15 percent at the end of the quarter. Itera has 67 employees based in its two offices in Kiev and Lviv, Ukraine. Retain We are working purposefully to continuously improve employee satisfaction, and all employees have the opportunity to give their input. The Group has worked goal-oriented and in close cooperation with all employees with initiatives based on last year s employee satisfaction survey results. Positive effects are emerging, among
5 5 /16 others has the turn over rate decreased considerably during the year. This year s survey will be carried out in the beginning of the fourth quarter, and the Group expects a considerable improvement from last year as a result of the work performed during This year s results will form the basis for sharing best practice across the Group and the establishment of joint arrangements and measures that will help strengthen a common corporate culture. Develop Itera is actively working to maintain and further develop one of the most professional communities in the industry. All employees have the opportunity to develop their skills within a wide range of competency areas, both within the frames of the Group s core areas but also within the areas of strategy and management. Media has shown interest in describing how Itera is inviting employees to participate actively in the strategy process in close cooperation with the management group. This way to organize the work has been very positively received by the employees. Service range Itera offers a wide range of services that reflects the entire life cycle of the customers' IT solutions, from consulting and project management through development and integration to management and operations. The reinforcement of the service range in the second quarter has continued in the third quarter, and with strong focus on.net and Java, integration, security, Microsoft SharePoint and senior consulting competency in banking and finance and operations. Nearshoring To meet the private and public sectors IT services today and in the future, the Nordic competence market is already under substantial pressure. To build additional capacity, Itera has established a development centre in Kiev, Ukraine. With geographic and cultural proximity to the Nordic countries, the project cooperation works smoothly and efficiently across borders. The cooperation between the Itera companies in the Nordics and in Ukraine works seamlessly. Sales and delivery processes work efficiently across borders, and the Ukraine operation contributes increasingly strategically through entering long term customers relations with large customers in the Nordic market. Itera is experiencing the delivery model as mature in the market. The interest in using the resources placed nearshore to meet the capacity and competency challenges is increasing. The new development center in Lviv, western Ukraine, is fully operational at the end of third quarter. Market and customer development The Nordic market for IT services was strong also in the third quarter. The Group has a solid customer base, and more than half of the revenues are from customers with more than employees. More and more customers are offered a full range of services across group companies. Itera is working increasingly across group companies, with smooth cooperation between the specialized units. The companies are cooperating in both tender and delivery processes, and the competence is put together based on customers' overall needs for services. Significant risks and uncertainties Itera s business is affected by a number of different factors, some of which are within the company s control while others are beyond our control. As a consulting firm, the business is affected by business-related risks such as competition and price pressure, recruitment and our customer s development and bad debts. Market risks include risks related to the business cycle. Financial risks include interest risks and exchange risks. Outlook The Group is experiencing good activity in all the markets where the Group is represented. The unstability in the financial markets and decreased growth in several European countries has not affected the investment activities in the Group s customer base negatively. The Group is monitoring the development thoroughly and will carry out operational adjustments in customer portfolio and acitivity level to secure the position in case the situastion should change. The strategy is well implemented in the Group, and all employees are sharing our new vision: Making a difference. Always! This vision applies for all stakeholders: our employees should feel that Itera is more than "just a job, our customers should find that Itera brings solid business value and our shareholders should experience good returns compared to competing investments. The Group will continue to focus on the synergy effects of cooperation across the companies. The planned delivery capacity is now secured, and the Group is now entering a phase of optimization, where focus will be on utilization to secure profit. Competitiveness in relation to large, long-term customer relationships has been enhanced, and solid relationships with strategically important customers in need of Itera s whole range of services has been established. The company is well positioned for growth and profitability. Interim report Q4 The Interim Report for the fourth quarter of 2011 will be presented February/March 2012.
6 6 /16 Directors responsibility statement We declare that, to the best of our knowledge and belief, the interim accounts for the period 1 January to 30 September 2011 have been prepared in accordance with IAS 34 and that the information in the accounts provides a true and fair view of the Itera ASA group s assets, liabilities, financial position and overall results. We also declare that, to the best of our knowledge and belief, the interim report provides a true and fair overview of information according to the Norwegian Securities Trading Act (verdipapirloven) 5-6 (4). Oslo, 18 th of October 2011 The Board of Directors of Itera ASA Ole Jørgen Fredriksen Chairman Mimi K. Berdal Vice chairman John Markus Lervik Board member Johan Lindqvist Board member Trude S. Husebø Board member Arne Mjøs CEO
7 7 /16 Statement of comprehensive income change change 2010 All figures in NOK * % * % 1-12 Sales revenue % % Operating expenses Cost of sales % % Personell expenses % % Depreciation % % Other operating expenses % % Total operating expenses % % Operating profit % % Financial items Other financial income % % Other financial expenses % % 415 Net financial items % % 966 Profit before taxes % % Income tax % % Profit for the period % % Earnings per share % % 0.14 Fully diluted earnings per share % % 0.14 Statement of other income and costs Currency translation differences % % Unrealized net effect on investments in foreign subsidaries % % 618 Profit for the period % % Total profit % % Attributable to: Shareholders in parent company % % * Pro forma
8 8 /16 Statement of financial position change 2010 All figures in NOK Sep 30 Sep % 31 Dec ASSETS Non-current assets Deferred tax asset % Other intangible assets % Fixed assets % Total non-current assets % Current assets Work in progress % Accounts receivable % Other receivables % Bank deposits % Total current assets % Total assets % EQUITY AND LIABILITIES Equity Share capital % Ow n shares % -913 Other equity % Net profit for the period % 0 Total equity % Non-current liabilities Non-current interest bearing liabilities % 0 Total non-current liabilities % 0 Current liabilities Accounts payable % Tax payable Public duties payable % Other short-term liabilites % Total current liabilities % Total liabilities % Total equity and liabilites %
9 9 /16 Statement of cash flow All figures in NOK Cash flow from operating activities Profit before taxes Profit from sale of subsidiary Income tax Depreciation Change in w ork in progress Change in account receivables Change in account payables Change in other accruals Net cash flow from operating activities Cash flow from investments activities Investment in fixed assets Investment in intangible assets Net payment from sale of subsidiary Net cash flow from investments activities Cash flow from financing activities Purchase of ow n shares External dividend paid Net cash flow from financing activities Currency effect on cash Net cash flow Bank deposits at the beginning of the period Bank deposits at the end of the period
10 10 /16 Statement of changes in equity Share Ow n Translation Other Total All figures in NOK 1000 capital shares differences equity equity Shareholders' equity as of 31 Dec Comprehensive income for the year Purchase of ow n shares Dividend Shareholders' equity as of 31 Dec Comprehensive income for the year Purchase of ow n shares Reduction of the share premium reserve Dividend Shareholders' equity as of 30 Sep
11 11 /16 Notes Note 1: Transaction with related parties There have been no material transactions with related parties during the reporting period. Note 2: Events after balance sheet date There have been no material events after 30 th of September 2011 of significance for this quarterly report.
12 12 /16 Key figures change change 2010 All figures in NOK * % * % 1-12 Profit & Loss Sales revenue % % Gross profit % % EBITDA % % EBITDA-margin 0.8 % -2.7 % 4.9 % 4.1 % 6.7 % Operating profit (EBIT) % % EBIT-margin -3.6 % -7.1 % 1.0 % 0.2 % 3.2 % Profit before taxes % % Profit for the period % % Balance sheet Non-current assets % % Bank deposits % % Current assets % % Total assets % % Equity % % Total current liabilities % % Equity ratio 44.1 % 0 % 44.1 % 0 % 49.3 % Liquidity factor % % 1.38 Cash flow Net cash flow from operating activities % % Net cash flow % % Share inform ation Number of shares Weighted average basic shares outstanding Weighted average diluted shares outstanding EBIT per share % % 0.14 Diluted EBIT per share % % 0.14 EBITDA per share % % 0.31 Equity per share % % 0.93 Dividend per share % % 0.20 Employees Number of employees at the end of the period % % 382 Average number of employees % % 373 Operating revenue per employee % % Gross profit 1 per employee % % 829 Personell expenses per employee % % 656 Other operating expenses per employee % % 104 EBITDA per employee % % 69 EBIT per employee % % 33 * Pro forma
13 13 /16 Quarterly development *) Proforma
14 14 /16
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