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FOURTH QUARTER 2012 INTERIM REPORT CEO ARNE MJØS CFO TORUNN HAVRE OSLO, 27TH FEBRUARY 2013.

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Presentation on theme: "FOURTH QUARTER 2012 INTERIM REPORT CEO ARNE MJØS CFO TORUNN HAVRE OSLO, 27TH FEBRUARY 2013."— Presentation transcript:

1 FOURTH QUARTER 2012 INTERIM REPORT CEO ARNE MJØS CFO TORUNN HAVRE OSLO, 27TH FEBRUARY 2013

2 2012 IN BRIEF 1.Larger projects and clients 2.Increasing cost efficiency 3.Improvement in profitability and operational cash flow +85 % Top 1 customers growth +29% Top 10 customers growth 50% Nearshore share of Top 10 customers 22% Nearshore share of employees +21% Top 30 customers growth -3% Growth in PEX per employee 7 M NOK EBIT 26 M NOK EBITDA 23 M NOK Net operational cashflow FOURTH QUARTER

3 HIGHLIGHTS IN THE FOURTH QUARTER Revenue –NOK 113 million, down -7 % –Net revenues down -1 %. EBITDA –NOK 6.8 million EBIT –NOK 1.7 million One-offs –Profit is impacted by NOK -1.4 million due to change in account principle Improving operating performance –Larger clients and projects with higher revenue visibility –Improving utilization –Increasing share of nearshore Revenues NOK million EBIT NOK million FOURTH QUARTER

4 FINANCIAL REVIEW FOURTH QUARTER

5 KEY FIGURES Profit is charged by one-off items of NOK 4.2 million in 2H, of which NOK 1.4 million in Q4 due to changes in account principles. Compared to last year, profit is improving quarter over quarter FOURTH QUARTER

6 STATEMENT OF INCOME Gross profit (net revenues) increased 5 % in 2012 while total operating expenses remained at the previous years level FOURTH QUARTER

7 STATEMENT OF FINANCIAL POSITION Equity ratio of 40.8% compared to 39.6 % in FOURTH QUARTER

8 STATEMENT OF CASH FLOW Strong improvement in operational cash flow in Net operating cash flow FOURTH QUARTER

9 QUARTERLY DEVELOPMENT Employees End of period Operating revenue NOK million EBITDA NOK million EBIT NOK million FOURTH QUARTER

10 STRATEGY UPDATE FOURTH QUARTER

11 MARKET ENVIRONMENT Digitalization and innovation drives growth Global sourcing is now commonplace delivered as a component of most service offerings Two-fold development in pricing –Continued pressure in basic services through increasing global sourcing –Prices for high value added services are increasing moderately Social Media Enhancing customer, employees and supplier communication, collaborations and interactions Mobile Transacting and interacting with everybody, anywhere, on any device Analytics/big data Handling large volume of transactions and real time analytics Cloud Combining on & off-premise IT resources, moving to on-demand consumption Market drivers FOURTH QUARTER

12 Itera is a communication and technology company that creates new and better solutions for businesses and the future of people FOURTH QUARTER

13 ONE ITERA Business consulting and communication Business Unit EVP Kristian Enger Technology consulting Business Unit EVP Anders H. Lier Managed services Business Unit EVP Jon Erik Høgberg Business development Strategic accounts TBA Group Functions CFO Torunn Havre CEO Arne Mjøs Unified delivery and Nearshore Business Unit EVP Igor Mendzebrovski Itera GazetteItera Consulting NOR Itera Consulting SWE Itera Consulting DK Itera Networks NOR Itera Networks SWE Itera Offshoring Services Organizational structure that supports the logical flow of service offerings Business Development unit for strategic corporate accounts One service offerings catalogue across all units Simplifying brand building and communication Unifying processes, methodology and systems Cicero Consulting Compendia FOURTH QUARTER

14 / FOOTER / 14 / FOOTER / 14 SERVICE OFFERINGS Operations Insight and Strategy Consulting Concept and Design System Development Testing

15 INNOVATION / FOOTER / 15 Innovation Business Intelligence Cloud Banking and Insurance Distributions Solutions Collaboration Service Design KEY FOCUS AREAS

16 LARGER CUSTOMER ENGAGEMENTS AND IMPROVING COST EFFICIENCY Top 10 customers up by 36% in Q4 Top 30 customers up by 34% in Q4 –21 customers show 89% growth in average –9 customers show -29% growth in average 50% of Top 10 customers are buying nearshoring services at a higher growth rate than local services –Blended rate (onshore and nearshore) is increasing our price flexibility in addition to unlimited access to resources –Personnel expenses per employee is down by -6 % in Q4. Nearshore ratio Top 3 customers FOURTH QUARTER

17 OUTLOOK FOURTH QUARTER

18 OUTLOOK Customer demands remain strong in all Nordic markets Profitable growth and cash flow are key focus Scaling up our nearshoring capability will continue to ensure future competitiveness Larger projects and customers should gradually increase revenue visibility, efficiency and scalability Itera makes no forecasts FOURTH QUARTER

19

20 TOP 20 SHAREHOLDERS FOURTH QUARTER


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