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Atea Q4 2023 financial report and presentation

Annual Financial Statement 2024-02-08

Atea reported lower financial results in the fourth quarter of 2023, compared with an exceptionally strong sales period last year. Despite a slower fourth quarter, Atea finished 2023 with record high revenue and EBIT for the full year, and very strong cash flow from operations.

Based on solid full year performance and a healthy balance sheet, the Board will propose to the 2024 AGM an increase in the dividend to NOK 7.00 per share, up from NOK 6.25 last year.

Gross sales in Q4 2023 increased by 3.2% to NOK 14.4 billion. Revenue (IFRS) fell by 4.3% to NOK 9.4 billion. Currency fluctuations had a positive impact of 7.0% on revenue growth in Q4 2023.

Software revenue grew by 10.0% and services revenue grew by 7.0% from last year, while hardware revenue fell by 8.8% from an exceptionally strong sales period in Q4 last year. Over a two-year period since Q4 2021, hardware has grown at a rate of 6.5% per year (CAGR) and total group revenue has grown at a rate of 7.7% per year.

Gross profit in Q4 2023 grew by 7.1% to NOK 2,804 million. Gross margin increased to 29.8%, up from 26.7% last year, due to improved hardware and services margins and a higher proportion of software and services in the revenue mix. Operating costs grew by 10.6%, or roughly 3.4% in constant currency. EBIT in Q4 2023 was NOK 405 million, down 9.9% from last year.

For the full year 2023, Atea reported gross sales of NOK 51.9 billion, revenue (IFRS) of NOK 34.7 billion, and EBIT of NOK 1,244 million – all record high for Atea.

Cash flow from operations was an inflow of NOK 1.6 billion in Q4 2023, with a large seasonal reduction in working capital. During the full year 2023, Atea generated cash flow from operations of NOK 1.9 billion. Atea finished the quarter with a net cash position of NOK 961 million as defined by its loan covenants, up from NOK 304 million last year.

“Atea faced a more challenging hardware market in Q4 2023 compared with last year,” commented Atea CEO Steinar Sønsteby. “But at the same time, I am proud to present full year results with record high sales and operating profit, and healthy cash flow. Our shareholders can look forward to an increased dividend and more favorable market conditions in 2024.”

The interim report and presentation are available at:
A webcast of management's presentation of the financial results is available at:

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 revenue of approximately NOK 35 billion (EUR 3.1 billion) in 2023 and is listed on Oslo Stock Exchange.