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Atea Q1 2022 financial report and presentation

Interim Report 2022-04-28

Atea, the leading provider of IT infrastructure products and services in the Nordic and Baltic regions, reported increased sales and operating profit in the first quarter of 2022 despite an industry environment challenged by supply shortages.

Atea’s gross sales in Q1 2022 was NOK 10,085 million - an increase of 5% in constant currency, with high growth in sales of both software and services. Currency fluctuations had a negative impact on reported growth, as revenue in foreign currencies was translated into a stronger Norwegian krone.  

Sales of software grew by over 15% in constant currency, and sales of services grew by 11% in constant currency.  Hardware sales fell from a strong comparable period last year, when Atea had an exceptionally large delivery (NOK 535 million) of tablet PCs to a developing country on behalf of a global NGO based in Denmark. Excluding this exceptional international delivery, hardware gross sales grew over 8% in constant currency despite ongoing challenges caused by supply chain constraints in the electronics industry.

“I am very pleased with the strong underlying sales growth in Q1 2022. Atea continues to see high demand for IT products and services as our customers return to the workplace and adapt to a combination of on-premise and remote work,” commented Atea CEO Steinar Sønsteby. “Many organizations have postponed major workplace investments during the COVID pandemic, and now need to upgrade or replace older equipment. Finally, our customers continue to innovate and invest in digital solutions to transform their processes and automate their operations.”

Atea’s IFRS revenue in the first quarter was NOK 6,906 million. From Q1 2022, Atea has implemented a change in accounting policy to conform with an Agenda Decision from the IFRS Interpretations Committee regarding revenue recognition from the resale of software. More information on the change in accounting policy can be found in Atea’s stock exchange notice on April 25 and in Note 1 of the Q1 2022 financial report. 

EBIT in Q1 2022 was NOK 183 million, up 4% from last year. Net profit after tax was NOK 131 million, compared with NOK 128 million last year.

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/2022/webcast-q1-22/

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 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 

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