Atea Q4 2022 financial report and presentation

Atea reported very strong sales in all countries and across all lines of business during the fourth quarter, driving record high EBIT for Q4 and full year 2022.

Rapid growth across business
Atea’s gross sales in Q4 2022 were NOK 14.0 billion, up 18% from last year. Organic growth in constant currency was also 18%.

IFRS revenue in the fourth quarter was NOK 9.8 billion, an increase of 21% from last year. Atea reported double-digit revenue growth across each of its geographies in the Nordic and Baltic countries, and across all of its business lines. Hardware revenue grew by 24%, software revenue grew by 20% and services revenue grew by 13%. 

Based on strong revenue growth, Atea reported record high EBIT of NOK 449 million in the fourth quarter, up from NOK 403 million last year. In Q4 last year, Atea had a one-time gain of NOK 32 million on the sale of shares in an associated company. Excluding this extraordinary item, Atea’s EBIT grew by 21% from last year.

Very strong results in full year 2022
For the full year 2022, Atea reported record high gross sales of NOK 46.7 billion, up 16% in constant currency from last year. Atea had strong sales growth in all countries and all lines of business.

EBIT for the full year 2022 was NOK 1,196 million, up 14% from last year. Net profit after tax was NOK 851 million, compared with NOK 763 million last year.

“Despite a turbulent economic environment, 2022 has been an excellent year of growth for Atea,” commented Atea CEO Steinar Sønsteby. “Demand for IT infrastructure and services is presently very strong across all of our geographies, and we are continuing to win market share based on our unique competitive advantages. As the leader in IT infrastructure in the Nordic and Baltic region, Atea is very well positioned for further revenue and profit growth in an expanding market.”

Strong cash flow - and increase in dividend
Cash flow from operations was positive NOK 1,650 million in Q4 2022. The strong cash flow was driven by higher profits and seasonal fluctuations in working capital. In addition, Atea reduced its inventory levels by NOK 200 million in the fourth quarter, as an easing of industry supply constraints allowed Atea to reduce its buffer stock.

Based on Atea’s strong financial performance and healthy balance sheet, the Board of Atea ASA resolved to propose a dividend of NOK 6.25 per share at the next Annual General Meeting. This proposed dividend is 14% higher than the dividend payment of NOK 5.50 in 2022. For Norwegian tax purposes, the dividend will be considered a repayment of paid in capital.

The interim report and presentation are available at:
www.atea.com/financial-reports/
A webcast of management's presentation of the financial results is available at:
www.atea.com/financial-reports/2022/webcast-q4-22/

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 88 cities with over 8,000 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 gross sales of approximately NOK 47 billion (EUR 4.6 billion) in 2022 and is listed on Oslo Stock Exchange. www.atea.com