Atea Q4 2021 financial report and presentation
Atea, the leading provider of IT infrastructure products and services in the Nordic and Baltic regions, reported record high revenue and operating profit in the fourth quarter, and strong growth in earnings for the full year 2021.
High growth in services and software
Atea’s revenue in Q4 2021 was NOK 11,863 million - an increase of 6.4% in constant currency, with high growth in sales of both services and software. Currency fluctuations had a negative impact on reported growth, as revenue in foreign currencies was translated into a stronger Norwegian krone.
Services and software revenue grew by over 10% in constant currency. Hardware revenue grew by approximately 2% in constant currency, as shipments of several product categories were negatively impacted by global supply chain constraints in the electronics industry. Due to longer delivery times, the order backlog was at an all-time high level at the end of 2021.
Based on higher revenue, EBIT in Q4 2021 grew by 4% from last year to NOK 403 million. Net profit after tax was NOK 307 million, up 8% from last year.
Very strong results in full year 2021
For the full year 2021, Atea reported record high revenue of NOK 41.3 billion, up 7.5% in constant currency from last year. Growth was spread across hardware, software and services.
EBIT for the full year 2021 was NOK 1,046 million, up 23% from last year. Net profit after tax was NOK 763 million, up 29% from last year.
“Atea had an excellent 2021 despite supply chain challenges in the global electronics industry. I want to thank all of our employees for their performance in a difficult industry environment during the past year. I am particularly satisfied with the rapid growth in our services business during the second half of the year, as this is an area of strategic importance. Atea has invested heavily to develop its services business, as we view our position as a full-service provider of IT infrastructure as critical to our value proposition with customers,” commented Atea Group CEO Steinar Sønsteby.
Solid financial position – and increase in dividend
Cash flow from operations was an inflow of NOK 1.7 billion in the fourth quarter of 2021. Atea had a positive net financial position (cash, less interest bearing debt) of NOK 822 million at the end of Q4 2021.
Based on Atea’s strong financial performance and healthy balance sheet, the Board of Atea ASA resolved to propose a dividend of NOK 5.50 per share at the next Annual General Meeting. This proposed dividend is 10% higher than the dividend payment of NOK 5.00 in 2021. For Norwegian tax purposes, the dividend will be considered a repayment of paid in capital.
The interim report and presentation are available at:
https://www.atea.com/investors/financial-reports/
A webcast of management's presentation of the financial results is available at:
https://www.atea.com/investors/financial-reports/2021/webcast-q4-21/
For further information, please contact:
Steinar Sønsteby, CEO Atea ASA, mobile (+47) 930 55 655
Robert Giori, CFO Atea ASA, mobile (+47) 934 09 188
About Atea
Atea is the leading supplier of IT infrastructure in the Nordic and Baltic regions. Atea is present in 85 cities with over 7,500 employees in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. Atea delivers hardware and software from leading global vendors, and provides consulting and technical services to support its customers with the design, implementation and operation of their IT environments. Atea had revenue of approximately NOK 41 billion (EUR 4.1 billion) in 2021 and is listed on Oslo Stock Exchange. www.atea.com