Q2 2015 presentation 15 July 2015
Q2 Highlights Revenue of NOK 6 842 million, up 14.4% EBITDA* of NOK 157 million, down 11.2% Large variance in performance across countries, with strong results in Sweden, Baltics and Finland, but EBITDA decline in Norway and Denmark Acquisition of Baltneta in Baltics * Before share-based compensation, expenses related to acquisitions, and restructuring costs
NOK in million NOK in million Financial Highlights Strong revenue growth, but lower EBITDA* based on reduced profitability in Norway and Denmark Revenue +14.4% EBITDA* -11.2% 6 842 177 5 981 157 Q2 14 Q2 15 Q2 14 Q2 15 * Before share-based compensation, expenses related to acquisitions, and restructuring costs
Group hardware revenue Growth vs corresponding quarter last year 17.1 % 14.3 % 12.5 % 9.9 % 17.7 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Gross margin development 13.6 % 12.7 % 13.1 % 13.4 % 13.2 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Group software revenue Growth vs corresponding quarter last year 13.0 % 11.1 % 8.2 % -1.6 % 5.5 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Gross margin development 17.1 % 9.1 % 10.9 % 11.0 % 8.6 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Group services revenue Growth vs corresponding quarter last year 14.8 % 0.8 % 1.8 % 4.6 % 4.2 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Gross margin development 66.1 % 66.5 % 64.0 % 67.2 % 64.6 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
NOK in million NOK in million Norway Revenue growth, but lower EBITDA* due to higher operating expense Revenue EBITDA* 1 615 b +6.1% -39.2% 66 1 713 b 40 Q2 14 Q2 15 Q2 14 Q2 15 * Before share-based compensation, expenses related to acquisitions, and restructuring costs
SEK in million SEK in million Sweden Continued strong performance, both in revenue and EBITDA* Revenue +17.3% b 3 010 EBITDA* +22.5% b 75 2 566 61 Q2 14 Q2 15 Q2 14 Q2 15 * Before share-based compensation, expenses related to acquisitions, and restructuring costs
DKK in million DKK in million Denmark Lower EBITDA*, as operating expense grows faster than revenue Revenue +11.4% b EBITDA* -28.6% b 1 508 43 1 353 30 Q2 14 Q2 15 Q2 14 Q2 15 * Before share-based compensation, expenses related to acquisitions, and restructuring costs
EUR in million EUR in million Finland EBITDA* grows with higher gross margin and lower operating expense Revenue +1.5% b EBITDA* +14.8% b 51.5 52.3 0.6 0.7 Q2 14 Q2 15 Q2 14 Q2 15 * Before share-based compensation, expenses related to acquisitions, and restructuring costs
EUR in million EUR in million The Baltics Strong financial performance, based on improved market conditions and acquisition of Baltneta Revenue +25.7% b EBITDA* +72.2% b 24.5 1.3 19.5 0.8 Q2 14 Q2 15 Q2 14 Q2 15 * Before share-based compensation, expenses related to acquisitions, and restructuring costs
NOK in million Cash flow from operations Cash flows in 1H 2015 in line with historic seasonal performance. Decline from last year due to one-time effect of extended payment terms in 1H 2014. 786 425 25-22 -150-103 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Current situation Atea Group Strong revenue growth in Atea outperforming the market Driven by Sweden and Baltics, which deliver 15%+ organic growth Revenue misses expectations in Norway and Denmark, with higher cost than revenue growth in both countries Danish revenue substantially impacted by bribery case
Police investigation in Denmark A serious issue Negative revenue effect in Denmark and Norway in Q2 Atea is cooperating fully with the police, and has taken corrective actions internally Working closely with customers to restore trust Atea response to investigation meets requirements from SKI (Statens og Kommunernes Indkøbs Service A/S) in Denmark. Contract of MDKK 500 awarded to Atea last week Longer-term impact still uncertain
Denmark status and actions to date Cost level according to plan in Q2, but lower than expected revenue Temporary hiring freeze and selective adjustment of workforce Accelerated integration of Axcess Short term focus on getting public business back up to speed
Norway status and actions to date Over the last year, the organization had become complex with too high centralized personnel cost Other operating expenses too high (travel, marketing, etc.) This has now been corrected with simplifying the organization and reducing total staff by 3% A separate business unit has been formed with 60 employees, focusing on SMB in the Oslo area Spirit in organization is now high and target is to return to revenue growth in excess of market
Summary High growth in revenue increased sales across all countries and lines of business Large variance in performance across countries, with strong performance in Sweden, Baltics and Finland, but EBITDA decline in Norway and Denmark Actions being taken to improve profitability in Norway and Denmark
Q2 2015 Fact pack
Key numbers - Group Q2 Q2 H1 H1 Full year 2015 2014 2015 2014 2014 Group revenue (NOK in million) 6,842.1 5,981.2 13,340.3 11,865.7 24,588.4 Gross margin (%) 22.5 23.0 23.1 23.2 23.3 EBITDA (NOK in million) * 157.2 177.0 359.4 357.5 958.3 EBITDA margin (%) * 2.3 3.0 2.7 3.0 3.9 EBIT (NOK in million) 56.5 89.2 156.5 179.6 583.8 Net profit (NOK in million) 24.5 54.8 92.9 125.4 429.0 Earnings per share (NOK) 0.23 0.53 0.89 1.21 4.14 Diluted earnings per share (NOK) 0.23 0.52 0.88 1.21 4.10 Cash flow from operations (NOK in million) -21.6 424.7 3.2 275.3 958.8 Free cash flow (NOK in million) ** -159.6 364.1-194.3 141.5 617.3 30 Jun 2015 30 Jun 2014 30 Jun 2015 30 Jun 2014 31 Dec 2014 Net financial position (NOK in million) -1,508.2-553.7-1,508.2-553.7-828.8 Liquidity reserve (NOK in million) *** 907.1 1,389.3 907.1 1,389.3 1,627.7 Working capital (NOK in million) **** -485.7-327.9-485.7-327.9-496.8 Working capital in relation to annualized revenue (%) -1.8-1.4-1.8-1.4-1.9 Equity ratio (%) 25.2 30.4 25.2 30.4 28.1 Number of shares 105,170,711 103,966,535 105,170,711 103,966,535 104,168,164 Diluted number of shares (YTD) 106,525,402 104,107,443 106,525,402 104,107,443 104,739,264 Number of full-time employees 6,818 6,155 6,818 6,155 6,504 * Before share-based compensation and expenses/income related to acquisitions and restructuring costs ** Defined as cash flow from operations, less capital expenditures. Capital expenditures include assets acquired through cash purchases and through financial leasing agreements. *** Limited by 2.5 debt bond covenant ratio (net debt/last twelve months proforma EBITDA) **** Non-interest-bearing current assets less non-interest-bearing current liabilities
Consolidated statement of financial position - Group NOK in million 30 Jun 2015 30 Jun 2014 31 Dec 2014 ASSETS Property, plant and equipment 671 513 613 Deferred tax assets 545 558 546 Goodwill 3,575 3,112 3,588 Other intangible assets 350 296 369 Shares in associated companies 8 0 9 Other long-term receivables 3 0 0 Non-current assets 5,153 4,479 5,125 Inventories 772 600 632 Trade receivables 4,400 3,715 5,496 Other receivables 901 791 777 Other financial assets 6 2 11 Cash and cash equivalents 292 462 583 Current assets 6,372 5,569 7,498 Total assets 11,525 10,049 12,624 EQUITY AND LIABILITIES Share capital and premium 1,180 1,130 1,140 Other unrecognised reserves 981 911 1,079 Retained earnings 747 1,017 1,330 Equity 2,908 3,058 3,549 Interest-bearing long-term liabilities 1,122 1,016 1,121 Other long-term liabilities 5 21 4 Deferred tax liabilities 247 207 246 Non-current liabilities 1,374 1,244 1,371 Trade payables 3,853 3,258 4,681 Interest-bearing current liabilities 678 0 291 VAT, taxes and government fees 567 506 667 Provisions 127 121 212 Other current liabilities 1,999 1,848 1,838 Other financial liabilities 19 13 13 Current liabilities 7,243 5,747 7,704 Total liabilities 8,617 6,991 9,074 Total equity and liabilities 11,525 10,049 12,624
Full-time employees - Group 30 Jun 2015 30 Jun 2014 Norway 1,705 1,580 Sweden 1,916 1,832 Denmark 1,592 1,293 Finland 324 343 Baltics 731 559 Logistics 216 204 Atea Global Services 326 333 Atea ASA 8 11 Atea Group 6,818 6,155
Financial performance actual Segment (NOK million) Actual (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Norway 1,569.6 1,614.6 1,513.9 2,108.3 1,622.1 1,713.4 Sweden 2,137.6 2,332.6 1,764.7 2,657.9 2,324.5 2,772.1 Denmark 1,548.3 1,487.6 1,424.4 2,043.2 1,825.0 1,727.7 Finland 492.3 422.2 318.6 474.1 565.7 446.0 The Baltics 167.6 160.0 173.5 289.9 202.1 209.9 Group Shared Services 1,032.5 973.2 1,144.1 1,117.4 939.1 1,003.8 Eliminations -1,063.6-1,009.2-1,166.0-1,141.9-980.4-1,031.0 Other income 0.1 0.1 0.1 0.3 0.1 0.1 Operating revenues group total 5,884.4 5,981.2 5,173.5 7,549.3 6,498.2 6,842.1 Norway 21.1 48.8 39.1 94.6 23.1 24.9 Sweden 40.3 38.1 30.0 82.0 49.5 54.6 Denmark 35.7 7.7 45.3 103.9 39.9-18.2 Finland 0.9 1.8 1.7 10.6 0.5 2.5 The Baltics 0.0-0.7 1.3 6.8-0.2-0.7 Group Shared Services 7.1 5.9 11.3 4.7 0.1 2.6 Operating profit/loss before group cost (EBIT) 105.2 101.5 128.8 302.5 112.9 65.7 Group cost -14.8-12.3-11.5-15.6-13.0-9.1 Operating profit/loss (EBIT) 90.4 89.2 117.3 286.9 99.9 56.5 Net finance -9.8-26.4-16.2-20.9-20.8-25.3 Profit/loss before taxes (EBT) 80.7 62.8 101.1 266.0 79.1 31.3 Tax 10.0 8.1 13.4 50.1 10.7 6.8 Profit/loss for the period 70.7 54.8 87.7 215.8 68.4 24.5
Financial performance proforma Segment (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Norway 1 642.3 1 684.1 1 570.4 2 192.5 1 622.1 1 713.4 Sweden 2 137.6 2 332.6 1 764.7 2 657.9 2 324.5 2 772.1 Denmark 1 672.6 1 655.4 1 558.2 2 198.2 1 825.0 1 727.7 Finland 509.6 422.0 318.6 474.3 565.7 446.0 The Baltics 181.4 174.2 189.0 306.7 219.4 209.8 Group Shared Services 1 034.4 973.2 1 144.1 1 117.4 939.1 1 003.8 Eliminations -1 065.5-1 009.2-1 165.9-1 141.9-980.4-1 031.0 Other income 0.1 0.1 0.1 0.3 0.1 0.1 Operating revenues group total 6 112.7 6 232.5 5 379.2 7 805.3 6 515.5 6 841.9 Norway 25.0 54.1 38.7 94.1 23.1 24.9 Sweden 40.3 38.1 30.0 82.0 49.5 54.6 Denmark 40.9 18.4 44.6 127.1 39.9-18.2 Finland 0.2 1.8 1.7 10.6 0.5 2.5 The Baltics 1.3 1.4 3.6 8.4 2.9-1.0 Group Shared Services 7.1 5.9 11.3 4.7 0.1 2.6 Operating profit/loss before group cost (EBIT) 115.0 119.7 129.8 326.9 116.0 65.4 Group cost -14.8-12.3-11.5-15.6-13.0-9.1 Operating profit/loss (EBIT) 100.2 107.4 118.3 311.3 103.0 56.3
Income statement actual - Group (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 3,283.1 3,030.7 3,430.4 4,467.5 3,694.6 3,568.4 Software revenue 1,347.3 1,728.6 650.7 1,637.6 1,496.7 1,870.9 Products revenue 4,630.4 4,759.3 4,081.1 6,105.1 5,191.3 5,439.3 Total services revenue 1,254.0 1,221.8 1,092.2 1,443.9 1,306.7 1,402.7 Other income 0.1 0.1 0.1 0.3 0.1 0.1 Revenue 5,884.4 5,981.2 5,173.5 7,549.3 6,498.2 6,842.1 Margin 1,377.3 1,378.3 1,272.7 1,688.6 1,537.7 1,538.6 Product margin (%) 12.0% 12.0% 13.4% 12.5% 12.7% 11.6% Total services margin (%) 65.7% 66.1% 66.5% 64.0% 67.2% 64.6% Total products and services margin (%) 23.4% 23.0% 24.6% 22.4% 23.7% 22.5% Personnel costs 1,005.4 1,008.5 889.5 1,061.3 1,122.1 1,163.0 Other operating expenses 191.4 192.7 178.0 231.7 213.4 218.4 EBITDA (adjusted) 180.5 177.0 205.2 395.6 202.1 157.2 EBITDA (adjusted) (%) 3.1% 3.0% 4.0% 5.2% 3.1% 2.3% Acqusition costs -1.5 0.0 0.1 2.2 0.3 1.5 Share based compensation 7.1 7.2 6.5 7.3 9.2-0.7 EBITDA 174.8 169.8 198.7 386.0 192.6 156.4 Depreciation 84.4 80.6 81.4 99.1 92.7 99.9 Operating profit/loss 90.4 89.2 117.3 286.9 99.9 56.5
Income statement proforma - Group (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 3 435.1 3 206.2 3 564.9 4 638.0 3 696.0 3 568.4 Software revenue 1 349.7 1 728.6 650.7 1 637.6 1 496.7 1 870.8 Products revenue 4 784.8 4 934.7 4 215.6 6 275.6 5 192.6 5 439.3 Total services revenue 1 327.8 1 297.6 1 163.5 1 529.5 1 322.7 1 402.6 Other income 0.1 0.1 0.1 0.3 0.1 0.1 Revenue 6 112.7 6 232.5 5 379.2 7 805.3 6 515.5 6 841.9 Margin 1 456.4 1 459.6 1 343.5 1 770.7 1 549.8 1 538.4 Product margin (%) 12.1% 12.1% 13.5% 12.6% 12.7% 11.6% Total services margin (%) 65.9% 66.5% 66.7% 64.1% 67.3% 64.6% Total products and services margin (%) 23.8% 23.4% 25.0% 22.7% 23.8% 22.5% Personnel costs 1 057.8 1 057.0 942.6 1 102.3 1 127.1 1 163.0 Other operating expenses 204.4 202.9 190.5 245.5 215.3 218.5 EBITDA (adjusted) 194.2 199.7 210.4 422.9 207.5 156.9 EBITDA (adjusted) (%) 3.2% 3.2% 3.9% 5.4% 3.2% 2.3% Restructuring costs 0.0 0.0 0.0 0.0 0.0 0.0 Acqusition costs -1.5 0.0 0.1 2.2 0.3 1.5 Share based compensation 7.1 7.2 6.5 7.3 9.2-0.7 EBITDA 188.5 192.5 203.8 413.3 197.9 156.1 Depreciation 88.3 85.1 85.5 102.0 94.9 99.9 Operating profit/loss 100.2 107.4 118.3 311.3 103.0 56.3
Income statement actual Norway (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 925.4 910.5 998.2 1,210.1 940.8 1,023.8 Software revenue 257.2 312.3 168.3 455.2 282.9 263.2 Products revenue 1,182.6 1,222.8 1,166.4 1,665.3 1,223.7 1,287.0 Total services revenue 387.0 391.8 347.4 443.1 398.4 426.4 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,569.6 1,614.6 1,513.9 2,108.3 1,622.1 1,713.4 Margin 429.4 442.9 397.3 534.0 463.6 451.0 Product margin (%) 14.2% 13.9% 14.1% 13.9% 16.6% 13.4% Total services margin (%) 67.7% 69.8% 66.9% 68.3% 65.3% 65.2% Total products and services margin (%) 27.4% 27.4% 26.2% 25.3% 28.6% 26.3% Personnel costs 319.7 306.9 277.0 339.3 345.9 331.2 Other operating expenses 71.0 69.9 63.0 81.3 78.1 79.6 EBITDA (adjusted) 38.6 66.1 57.4 113.4 39.6 40.2 EBITDA (adjusted) (%) 2.5% 4.1% 3.8% 5.4% 2.4% 2.3% Acqusition costs 0.0 0.0 0.0 0.1 0.2 0.0 Share based compensation 1.2 1.0 1.6 0.6 1.4-0.3 EBITDA 37.5 65.1 55.7 112.7 38.1 40.4 Depreciation 16.4 16.4 16.6 18.2 15.0 15.6 Operating profit/loss 21.1 48.8 39.1 94.6 23.1 24.9
Income statement proforma Norway (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 994.8 976.7 1,051.7 1,294.2 940.8 1,023.8 Software revenue 257.2 312.3 168.3 455.2 282.9 263.2 Products revenue 1,252.1 1,289.0 1,220.0 1,749.4 1,223.7 1,287.0 Total services revenue 390.3 395.1 350.4 443.1 398.4 426.4 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,642.3 1,684.1 1,570.4 2,192.5 1,622.1 1,713.4 Margin 447.3 460.0 411.5 549.2 463.6 451.0 Product margin (%) 14.5% 14.2% 14.4% 14.1% 16.6% 13.4% Total services margin (%) 67.9% 70.0% 67.2% 68.3% 65.3% 65.2% Total products and services margin (%) 27.2% 27.3% 26.2% 25.0% 28.6% 26.3% Personnel costs 329.9 314.8 287.7 349.4 345.9 331.2 Other operating expenses 74.7 73.7 66.7 86.8 78.1 79.6 EBITDA (adjusted) 42.6 71.5 57.0 113.0 39.6 40.2 EBITDA (adjusted) (%) 2.6% 4.2% 3.6% 5.2% 2.4% 2.3% Acqusition costs 0.0 0.0 0.0 0.1 0.2 0.0 Share based compensation 1.2 1.0 1.6 0.6 1.4-0.3 EBITDA 41.5 70.5 55.4 112.3 38.1 40.4 Depreciation 16.4 16.4 16.7 18.2 15.0 15.6 Operating profit/loss 25.0 54.1 38.7 94.1 23.1 24.9
Income statement actual Denmark (DKK million) (amounts in DKK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 850.0 740.5 869.4 1,130.6 976.4 783.8 Software revenue 223.3 305.7 123.5 286.6 221.9 343.3 Products revenue 1,073.3 1,046.2 992.9 1,417.2 1,198.3 1,127.1 Total services revenue 310.9 306.9 289.9 365.8 358.9 380.5 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,384.3 1,353.0 1,282.8 1,783.0 1,557.2 1,507.6 Margin 301.0 289.8 286.8 378.7 373.5 346.2 Product margin (%) 9.6% 8.9% 9.4% 9.8% 10.8% 9.0% Total services margin (%) 63.5% 64.1% 66.7% 65.6% 68.2% 64.3% Total products and services margin (%) 21.7% 21.4% 22.4% 21.2% 24.0% 23.0% Personnel costs 191.9 207.8 169.8 194.3 247.3 266.4 Other operating expenses 40.4 39.4 39.9 46.1 47.5 49.4 EBITDA (adjusted) 68.6 42.5 77.1 138.3 78.7 30.4 EBITDA (adjusted) (%) 5.0% 3.1% 6.0% 7.8% 5.1% 2.0% Acqusition costs 0.0 0.0 0.0 1.9 0.0 0.0 Share based compensation 0.7 0.9 0.7 0.6 0.6 0.0 EBITDA 67.9 41.6 76.4 135.8 78.1 30.4 Depreciation 36.0 34.4 35.6 43.9 44.1 45.8 Operating profit/loss 31.9 7.2 40.8 91.9 34.0-15.4
Income statement proforma Denmark (DKK million) (amounts in DKK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 911.7 838.7 941.1 1,203.9 976.4 783.8 Software revenue 223.3 305.7 123.5 286.6 221.9 343.3 Products revenue 1,135.0 1,144.4 1,064.6 1,490.5 1,198.3 1,127.1 Total services revenue 360.4 360.8 338.7 426.9 358.9 380.5 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,495.4 1,505.2 1,403.3 1,917.4 1,557.2 1,507.6 Margin 344.5 339.5 328.3 426.7 373.5 346.2 Product margin (%) 10.0% 9.1% 9.6% 9.9% 10.8% 9.0% Total services margin (%) 64.1% 65.1% 66.8% 65.3% 68.2% 64.3% Total products and services margin (%) 23.0% 22.6% 23.4% 22.3% 24.0% 23.0% Personnel costs 223.8 240.9 203.9 216.3 247.3 266.4 Other operating expenses 45.9 44.0 46.3 51.0 47.5 49.4 EBITDA (adjusted) 74.9 54.5 78.2 159.4 78.7 30.4 EBITDA (adjusted) (%) 5.0% 3.6% 5.6% 8.3% 5.1% 2.0% Acqusition costs 0.0 0.0 0.0 1.9 0.0 0.0 Share based compensation 0.7 0.9 0.7 0.6 0.6 0.0 EBITDA 74.2 53.6 77.4 156.8 78.1 30.4 Depreciation 37.6 36.7 37.3 44.3 44.1 45.8 Operating profit/loss 36.6 16.9 40.1 112.5 34.0-15.4
Income statement actual Denmark (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 950.7 813.3 965.2 1,294.6 1,144.4 896.1 Software revenue 249.8 336.9 137.3 328.5 260.0 395.1 Products revenue 1,200.5 1,150.2 1,102.5 1,623.1 1,404.4 1,291.2 Total services revenue 347.8 337.4 321.9 420.1 420.6 436.5 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,548.3 1,487.6 1,424.4 2,043.2 1,825.0 1,727.7 Margin 336.6 318.6 318.4 434.3 437.8 396.5 Product margin (%) 9.6% 8.9% 9.4% 9.8% 10.8% 9.0% Total services margin (%) 63.5% 64.1% 66.7% 65.6% 68.2% 64.3% Total products and services margin (%) 21.7% 21.4% 22.4% 21.3% 24.0% 23.0% Personnel costs 214.7 228.7 188.6 224.1 289.9 305.6 Other operating expenses 45.2 43.4 44.3 53.1 55.6 56.7 EBITDA (adjusted) 76.7 46.5 85.6 157.1 92.3 34.2 EBITDA (adjusted) (%) 5.0% 3.1% 6.0% 7.7% 5.1% 2.0% Acqusition costs 0.0 0.0 0.0 2.1 0.0 0.0 Share based compensation 0.8 1.0 0.8 0.7 0.7-0.1 EBITDA 76.0 45.5 84.8 154.2 91.6 34.2 Depreciation 40.2 37.8 39.5 50.4 51.7 52.5 Operating profit/loss 35.7 7.7 45.3 103.9 39.9-18.2
Income statement proforma Denmark (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 1,019.7 921.6 1,044.8 1,379.4 1,144.4 896.1 Software revenue 249.8 336.9 137.3 328.5 260.0 395.1 Products revenue 1,269.5 1,258.6 1,182.1 1,707.9 1,404.4 1,291.2 Total services revenue 403.1 396.8 376.1 490.3 420.6 436.5 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,672.6 1,655.4 1,558.2 2,198.2 1,825.0 1,727.7 Margin 385.4 373.3 364.5 489.5 437.8 396.5 Product margin (%) 10.0% 9.1% 9.6% 9.9% 10.8% 9.0% Total services margin (%) 64.1% 65.1% 66.8% 65.3% 68.2% 64.3% Total products and services margin (%) 23.0% 22.5% 23.4% 22.3% 24.0% 23.0% Personnel costs 250.3 265.1 226.4 249.9 289.9 305.6 Other operating expenses 51.3 48.4 51.4 58.7 55.6 56.7 EBITDA (adjusted) 83.7 59.8 86.8 180.9 92.3 34.2 EBITDA (adjusted) (%) 5.0% 3.6% 5.6% 8.2% 5.1% 2.0% Acqusition costs 0.0 0.0 0.0 2.1 0.0 0.0 Share based compensation 0.8 1.0 0.8 0.7 0.7-0.1 EBITDA 82.9 58.8 86.0 178.0 91.6 34.2 Depreciation 42.0 40.4 41.4 50.9 51.7 52.5 Operating profit/loss 40.9 18.4 44.6 127.1 39.9-18.2
Income statement actual Sweden (SEK million) (amounts in SEK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 1,184.4 1,107.8 1,269.1 1,616.5 1,384.8 1,400.1 Software revenue 596.3 975.8 290.7 717.0 647.8 1,108.1 Products revenue 1,780.7 2,083.6 1,559.9 2,333.5 2,032.6 2,508.2 Total services revenue 487.8 482.6 412.1 540.7 465.3 502.1 Other income 0.0 0.0 0.0 0.1 0.0 0.0 Revenue 2,268.5 2,566.2 1,972.0 2,874.3 2,497.9 3,010.2 Margin 491.9 519.9 461.3 578.5 523.3 577.2 Product margin (%) 11.3% 11.7% 14.4% 12.4% 11.7% 11.4% Total services margin (%) 59.4% 57.4% 57.6% 53.6% 61.5% 58.1% Total products and services margin (%) 21.7% 20.3% 23.4% 20.1% 21.0% 19.2% Personnel costs 365.9 390.9 349.2 386.5 383.2 428.0 Other operating expenses 63.5 67.7 60.9 82.8 69.8 74.2 EBITDA (adjusted) 62.4 61.3 51.2 109.2 70.4 75.1 EBITDA (adjusted) (%) 2.8% 2.4% 2.6% 3.8% 2.8% 2.5% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.0 Share based compensation 2.1 2.0 1.6 1.0 3.0-0.7 EBITDA 60.3 59.3 49.6 108.3 67.4 75.8 Depreciation 17.5 17.2 16.1 19.3 14.1 16.4 Operating profit/loss 42.8 42.0 33.5 88.9 53.2 59.3
Income statement proforma Sweden (SEK million) (amounts in SEK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 1,184.4 1,107.8 1,269.1 1,616.5 1,384.8 1,400.1 Software revenue 596.3 975.8 290.7 717.0 647.8 1,108.1 Products revenue 1,780.7 2,083.6 1,559.9 2,333.5 2,032.6 2,508.2 Total services revenue 487.8 482.6 412.1 540.7 465.3 502.1 Other income 0.0 0.0 0.0 0.1 0.0 0.0 Revenue 2,268.5 2,566.2 1,972.0 2,874.3 2,497.9 3,010.2 Margin 491.9 519.9 461.3 578.5 523.3 577.2 Product margin (%) 11.3% 11.7% 14.4% 12.4% 11.7% 11.4% Total services margin (%) 59.4% 57.4% 57.6% 53.6% 61.5% 58.1% Total products and services margin (%) 21.7% 20.3% 23.4% 20.1% 21.0% 19.2% Personnel costs 365.9 390.9 349.2 386.5 383.2 428.0 Other operating expenses 63.5 67.7 60.9 82.8 69.8 74.2 EBITDA (adjusted) 62.4 61.3 51.2 109.2 70.4 75.1 EBITDA (adjusted) (%) 2.8% 2.4% 2.6% 3.8% 2.8% 2.5% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.0 Share based compensation 2.1 2.0 1.6 1.0 3.0-0.7 EBITDA 60.3 59.3 49.6 108.3 67.4 75.8 Depreciation 17.5 17.2 16.1 19.3 14.1 16.4 Operating profit/loss 42.8 42.0 33.5 88.9 53.2 59.3
Income statement actual Sweden (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 1,116.1 1,003.3 1,142.8 1,494.2 1,288.7 1,288.2 Software revenue 561.9 891.7 252.8 663.5 602.8 1,021.9 Products revenue 1,678.0 1,895.0 1,395.6 2,157.6 1,891.5 2,310.0 Total services revenue 459.6 437.6 369.1 500.3 433.0 462.1 Other income 0.0 0.0 0.0 0.1 0.0 0.0 Revenue 2,137.6 2,332.6 1,764.7 2,658.0 2,324.5 2,772.1 Margin 463.5 472.0 413.9 535.3 487.0 531.3 Product margin (%) 11.3% 11.7% 14.4% 12.4% 11.7% 11.4% Total services margin (%) 59.4% 57.4% 57.6% 53.7% 61.5% 58.1% Total products and services margin (%) 21.7% 20.2% 23.5% 20.1% 21.0% 19.2% Personnel costs 344.8 355.0 313.4 357.9 356.6 394.0 Other operating expenses 59.9 61.5 54.6 76.5 64.9 68.3 EBITDA (adjusted) 58.8 55.5 45.8 100.8 65.5 69.1 EBITDA (adjusted) (%) 2.8% 2.4% 2.6% 3.8% 2.8% 2.5% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.0 Share based compensation 2.0 1.8 1.5 0.9 2.8-0.7 EBITDA 56.8 53.7 44.4 99.9 62.7 69.7 Depreciation 16.5 15.6 14.4 17.9 13.2 15.1 Operating profit/loss 40.3 38.1 30.0 82.0 49.5 54.6
Income statement proforma Sweden (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 1,116.1 1,003.3 1,142.8 1,494.2 1,288.7 1,288.2 Software revenue 561.9 891.7 252.8 663.5 602.8 1,021.9 Products revenue 1,678.0 1,895.0 1,395.6 2,157.6 1,891.5 2,310.0 Total services revenue 459.6 437.6 369.1 500.3 433.0 462.1 Other income 0.0 0.0 0.0 0.1 0.0 0.0 Revenue 2,137.6 2,332.6 1,764.7 2,658.0 2,324.5 2,772.1 Margin 463.5 472.0 413.9 535.3 487.0 531.3 Product margin (%) 11.3% 11.7% 14.4% 12.4% 11.7% 11.4% Total services margin (%) 59.4% 57.4% 57.6% 53.7% 61.5% 58.1% Total products and services margin (%) 21.7% 20.2% 23.5% 20.1% 21.0% 19.2% Personnel costs 344.8 355.0 313.4 357.9 356.6 394.0 Other operating expenses 59.9 61.5 54.6 76.5 64.9 68.3 EBITDA (adjusted) 58.8 55.5 45.8 100.8 65.5 69.1 EBITDA (adjusted) (%) 2.8% 2.4% 2.6% 3.8% 2.8% 2.5% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.0 Share based compensation 2.0 1.8 1.5 0.9 2.8-0.7 EBITDA 56.8 53.7 44.4 99.9 62.7 69.7 Depreciation 16.5 15.6 14.4 17.9 13.2 15.1 Operating profit/loss 40.3 38.1 30.0 82.0 49.5 54.6
Income statement actual Finland (EUR million) (amounts in EUR million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 21.0 24.4 24.3 29.5 20.7 27.5 Software revenue 32.4 21.6 9.2 19.6 39.2 19.4 Products revenue 53.4 45.9 33.5 49.2 59.9 46.9 Total services revenue 5.5 5.6 5.1 6.2 4.9 5.4 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 59.0 51.5 38.5 55.3 64.8 52.3 Margin 8.1 8.0 7.6 10.1 8.2 8.2 Product margin (%) 7.9% 9.2% 12.2% 11.6% 8.1% 9.1% Total services margin (%) 70.1% 67.6% 70.3% 71.5% 67.9% 72.2% Total products and services margin (%) 13.8% 15.5% 19.8% 18.2% 12.6% 15.7% Personnel costs 6.0 5.5 5.2 6.2 6.0 5.5 Other operating expenses 1.8 1.9 1.9 2.2 1.9 2.1 EBITDA (adjusted) 0.4 0.6 0.6 1.6 0.4 0.7 EBITDA (adjusted) (%) 0.6% 1.1% 1.5% 3.0% 0.6% 1.3% Acqusition costs -0.2 0.0 0.0 0.0 0.0 0.1 Share based compensation 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 0.5 0.6 0.5 1.6 0.3 0.6 Depreciation 0.4 0.3 0.3 0.4 0.3 0.3 Operating profit/loss 0.1 0.2 0.2 1.3 0.1 0.3
Income statement proforma Finland (EUR million) (amounts in EUR million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 22.6 24.4 24.3 29.5 20.7 27.5 Software revenue 32.7 21.6 9.2 19.6 39.2 19.4 Products revenue 55.3 45.9 33.5 49.2 59.9 46.9 Total services revenue 5.8 5.6 5.1 6.2 4.9 5.4 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 61.1 51.5 38.5 55.3 64.8 52.3 Margin 8.5 8.0 7.6 10.1 8.2 8.2 Product margin (%) 8.0% 9.2% 12.2% 11.6% 8.1% 9.1% Total services margin (%) 70.0% 67.6% 70.3% 71.5% 67.9% 72.2% Total products and services margin (%) 13.9% 15.5% 19.8% 18.2% 12.6% 15.7% Personnel costs 6.3 5.5 5.2 6.2 6.0 5.5 Other operating expenses 1.9 1.9 1.9 2.2 1.9 2.1 EBITDA (adjusted) 0.3 0.6 0.6 1.6 0.4 0.7 EBITDA (adjusted) (%) 0.5% 1.1% 1.5% 3.0% 0.6% 1.3% Acqusition costs -0.2 0.0 0.0 0.0 0.0 0.1 Share based compensation 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 0.4 0.6 0.5 1.6 0.3 0.6 Depreciation 0.4 0.3 0.3 0.4 0.3 0.3 Operating profit/loss 0.0 0.2 0.2 1.3 0.1 0.3
Income statement actual Finland (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 175.5 200.2 201.0 252.3 180.6 235.9 Software revenue 270.5 176.3 75.7 169.0 342.5 163.9 Products revenue 446.0 376.5 276.7 421.3 523.1 399.8 Total services revenue 46.3 45.7 41.8 52.8 42.6 46.3 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 492.3 422.2 318.6 474.1 565.7 446.0 Margin 67.8 65.6 63.0 86.2 71.3 70.0 Product margin (%) 7.9% 9.2% 12.2% 11.5% 8.1% 9.2% Total services margin (%) 70.1% 67.6% 70.3% 71.5% 67.9% 72.2% Total products and services margin (%) 13.8% 15.5% 19.8% 18.2% 12.6% 15.7% Personnel costs 50.0 45.4 42.7 53.3 52.0 46.6 Other operating expenses 14.8 15.5 15.7 19.1 16.2 17.8 EBITDA (adjusted) 3.0 4.7 4.6 13.8 3.2 5.6 EBITDA (adjusted) (%) 0.6% 1.1% 1.5% 2.9% 0.6% 1.3% Acqusition costs -1.5 0.0 0.1 0.0 0.0 0.5 Share based compensation 0.3 0.1 0.2 0.2 0.4-0.1 EBITDA 4.2 4.5 4.4 13.7 2.8 5.2 Depreciation 3.3 2.8 2.7 3.1 2.3 2.7 Operating profit/loss 0.9 1.8 1.7 10.6 0.5 2.5
Income statement proforma Finland (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 188.3 200.1 201.0 252.5 180.6 235.9 Software revenue 273.0 176.3 75.7 169.0 342.5 163.9 Products revenue 461.3 376.3 276.7 421.5 523.1 399.8 Total services revenue 48.3 45.7 41.8 52.9 42.6 46.3 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 509.6 422.0 318.6 474.3 565.7 446.0 Margin 70.6 65.6 63.0 86.3 71.3 70.0 Product margin (%) 8.0% 9.2% 12.2% 11.5% 8.1% 9.2% Total services margin (%) 70.0% 67.6% 70.3% 71.5% 67.9% 72.2% Total products and services margin (%) 13.9% 15.5% 19.8% 18.2% 12.6% 15.7% Personnel costs 52.3 45.4 42.7 53.3 52.0 46.6 Other operating expenses 15.9 15.5 15.7 19.1 16.2 17.8 EBITDA (adjusted) 2.4 4.7 4.6 13.8 3.2 5.6 EBITDA (adjusted) (%) 0.5% 1.1% 1.5% 2.9% 0.6% 1.3% Acqusition costs -1.5 0.0 0.1 0.0 0.0 0.5 Share based compensation 0.3 0.1 0.2 0.2 0.4-0.1 EBITDA 3.6 4.5 4.4 13.7 2.8 5.2 Depreciation 3.4 2.8 2.7 3.1 2.3 2.7 Operating profit/loss 0.2 1.8 1.7 10.6 0.5 2.5
Income statement actual the Baltics (EUR million) (amounts in EUR million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 12.5 12.1 13.7 24.6 14.8 14.5 Software revenue 3.9 3.3 3.1 3.5 4.0 3.4 Products revenue 16.4 15.4 16.9 28.1 18.7 17.8 Total services revenue 3.7 4.1 4.1 6.0 4.4 6.7 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 20.1 19.5 21.0 34.1 23.2 24.5 Margin 4.4 4.3 4.2 6.4 4.6 6.0 Product margin (%) 13.4% 12.5% 12.3% 12.6% 10.7% 13.0% Total services margin (%) 59.1% 56.2% 52.2% 46.9% 57.3% 55.3% Total products and services margin (%) 21.8% 21.8% 20.2% 18.7% 19.7% 24.6% Personnel costs 2.8 2.7 2.6 3.4 2.9 3.8 Other operating expenses 0.7 0.8 0.8 1.1 0.7 0.9 EBITDA (adjusted) 0.8 0.8 0.9 1.8 0.9 1.3 EBITDA (adjusted) (%) 4.1% 4.0% 4.2% 5.4% 3.9% 5.4% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.1 Share based compensation 0.1 0.1 0.0 0.3 0.1 0.1 EBITDA 0.7 0.6 0.9 1.6 0.8 1.2 Depreciation 0.7 0.7 0.7 0.8 0.8 1.2 Operating profit/loss 0.0-0.1 0.2 0.8 0.0-0.1
Income statement proforma the Baltics (EUR million) (amounts in EUR million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 12.6 12.2 13.9 24.8 14.9 14.5 Software revenue 3.9 3.3 3.1 3.5 4.0 3.3 Products revenue 16.5 15.5 17.0 28.3 18.9 17.8 Total services revenue 5.3 5.7 5.8 7.8 6.2 6.7 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 21.7 21.2 22.9 36.1 25.1 24.5 Margin 5.5 5.4 5.5 7.7 5.9 6.0 Product margin (%) 13.4% 12.5% 12.3% 12.6% 10.7% 13.0% Total services margin (%) 63.2% 60.8% 58.5% 53.3% 62.6% 55.1% Total products and services margin (%) 25.5% 25.6% 24.1% 21.4% 23.6% 24.6% Personnel costs 3.3 3.2 3.1 4.0 3.5 3.8 Other operating expenses 1.0 1.0 1.0 1.4 0.9 0.9 EBITDA (adjusted) 1.2 1.3 1.4 2.3 1.5 1.3 EBITDA (adjusted) (%) 5.6% 6.0% 6.1% 6.3% 6.0% 5.3% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.1 Share based compensation 0.1 0.1 0.0 0.3 0.1 0.1 EBITDA 1.1 1.1 1.4 2.0 1.4 1.1 Depreciation 1.0 1.0 1.0 1.0 1.1 1.2 Operating profit/loss 0.2 0.2 0.4 1.0 0.3-0.1
Income statement actual the Baltics (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 104.2 99.4 113.7 208.5 129.0 123.8 Software revenue 32.7 26.7 25.7 30.3 34.6 28.6 Products revenue 136.9 126.0 139.4 238.8 163.6 152.4 Total services revenue 30.7 34.0 34.1 51.1 38.5 57.6 Other income 0.1 0.1 0.1 0.2 0.1 0.1 Revenue 167.7 160.2 173.7 290.1 202.2 210.0 Margin 36.6 35.0 35.1 54.4 39.8 51.8 Product margin (%) 13.4% 12.5% 12.3% 12.6% 10.7% 13.1% Total services margin (%) 59.1% 56.2% 52.2% 47.1% 57.3% 55.3% Total products and services margin (%) 21.8% 21.8% 20.2% 18.7% 19.7% 24.7% Personnel costs 23.4 21.9 21.1 29.3 25.7 32.5 Other operating expenses 6.2 6.7 6.8 9.6 6.2 7.9 EBITDA (adjusted) 6.9 6.3 7.2 15.5 7.9 11.4 EBITDA (adjusted) (%) 4.1% 4.0% 4.2% 5.3% 3.9% 5.4% Acqusition costs 0.0 0.0 0.0 0.0 0.2 1.0 Share based compensation 0.9 1.1 0.0 2.2 0.8 0.6 EBITDA 6.0 5.2 7.2 13.2 6.9 9.9 Depreciation 6.0 5.9 5.9 6.5 7.1 10.6 Operating profit/loss 0.0-0.7 1.3 6.8-0.2-0.7
Income statement proforma the Baltics (NOK million) (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 104.9 100.4 115.1 210.0 130.4 123.8 Software revenue 32.7 26.7 25.7 30.3 34.6 28.5 Products revenue 137.6 127.1 140.8 240.3 164.9 152.4 Total services revenue 43.8 47.2 48.2 66.4 54.4 57.4 Other income 0.1 0.1 0.1 0.2 0.1 0.1 Revenue 181.5 174.4 189.1 306.9 219.5 209.9 Margin 46.2 44.6 45.6 66.0 51.9 51.5 Product margin (%) 13.4% 12.5% 12.3% 12.6% 10.7% 13.1% Total services margin (%) 63.2% 60.7% 58.5% 53.4% 62.6% 55.0% Total products and services margin (%) 25.5% 25.6% 24.1% 21.5% 23.6% 24.6% Personnel costs 27.8 26.1 25.6 34.5 30.6 32.5 Other operating expenses 8.3 8.2 8.5 12.2 8.1 8.0 EBITDA (adjusted) 10.2 10.4 11.5 19.3 13.2 11.1 EBITDA (adjusted) (%) 5.6% 6.0% 6.1% 6.3% 6.0% 5.3% Acqusition costs 0.0 0.0 0.0 0.0 0.2 1.0 Share based compensation 0.9 1.1 0.0 2.2 0.8 0.6 EBITDA 9.3 9.3 11.5 17.1 12.3 9.6 Depreciation 7.9 7.8 8.0 8.7 9.4 10.6 Operating profit/loss 1.3 1.4 3.6 8.4 2.9-1.0
Income statement actual Shared services (NOK million)* (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 983.3 927.1 1,091.9 1,064.9 889.6 953.7 Software revenue 2.2 2.1 1.7 2.5 2.8 2.2 Products revenue 985.6 929.2 1,093.6 1,067.4 892.3 955.9 Total services revenue 47.0 44.1 50.6 50.0 46.8 47.8 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,032.5 973.2 1,144.2 1,117.4 939.1 1,003.8 Margin 61.7 65.5 65.5 69.4 62.7 65.3 Product margin (%) 2.7% 2.9% 2.4% 2.7% 2.7% 2.6% Total services margin (%) 75.3% 87.1% 78.3% 80.2% 81.8% 85.2% Total products and services margin (%) 6.0% 6.7% 5.7% 6.2% 6.7% 6.5% Personnel costs 43.3 43.7 41.4 48.8 46.8 48.1 Other operating expenses 9.1 13.7 10.5 12.7 12.3 11.3 EBITDA (adjusted) 9.3 8.1 13.7 7.9 3.6 5.9 EBITDA (adjusted) (%) 0.9% 0.8% 1.2% 0.7% 0.4% 0.6% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.0 Share based compensation 0.2 0.2 0.1 0.1 0.2 0.0 EBITDA 9.1 7.9 13.5 7.7 3.4 5.9 Depreciation 1.9 2.0 2.2 3.0 3.2 3.3 Operating profit/loss 7.1 5.9 11.3 4.7 0.1 2.6 * Atea Logistics and Atea Global Services
Income statement proforma Shared services (NOK million)* (amounts in NOK million) Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Hardware revenue 983.3 927.1 1,091.9 1,064.9 889.6 953.7 Software revenue 2.2 2.1 1.7 2.5 2.8 2.2 Products revenue 985.6 929.2 1,093.6 1,067.4 892.3 955.9 Total services revenue 48.8 44.0 50.5 50.0 46.8 47.8 Other income 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 1,034.4 973.2 1,144.2 1,117.4 939.1 1,003.8 Margin 63.6 65.4 65.5 69.4 62.7 65.3 Product margin (%) 2.7% 2.9% 2.4% 2.7% 2.7% 2.6% Total services margin (%) 76.2% 87.1% 78.3% 80.2% 81.8% 85.2% Total products and services margin (%) 6.1% 6.7% 5.7% 6.2% 6.7% 6.5% Personnel costs 43.3 43.7 41.4 48.8 46.8 48.1 Other operating expenses 11.0 13.6 10.5 12.7 12.3 11.3 EBITDA (adjusted) 9.3 8.1 13.7 7.9 3.6 5.9 EBITDA (adjusted) (%) 0.9% 0.8% 1.2% 0.7% 0.4% 0.6% Acqusition costs 0.0 0.0 0.0 0.0 0.0 0.0 Share based compensation 0.2 0.2 0.1 0.1 0.2 0.0 EBITDA 9.1 7.9 13.5 7.7 3.4 5.9 Depreciation 1.9 2.0 2.2 3.0 3.2 3.3 Operating profit/loss 7.1 5.9 11.3 4.7 0.1 2.6 * Atea Logistics and Atea Global Services