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Annual Report
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2022
THE WORLD'S MOST SUSTAINABLE CORPORATIONS
GLOBAL
c
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THE WORLD'S MOST SUSTAINABLE CORPORATIONS
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Contents
The Business
Key Figures
This is Atea
Letter from the CEO
Board of Directors’ Report
Members of the Board
Shareholder Information
Financial Statements and Notes
Atea Group Financial Statements
Atea Group Financial Notes
Alternative Performance Measures
Atea ASA Financial Statements
Atea ASA Financial Notes
Auditor’s Report
Responsibility statement
Corporate Governance
ATEA’S OFFICE LOCATIONS
National office Regional office
One IT
infrastructure
partner for
your digital
transformation
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2018: 690
2019: 747
2020: 854
2021: 1,046
2022: 1,196
Key Figures
46%
emission reduction in scope 1&2
(Since 2019)
8,073
employees (FTE)
46.7
billion NOK in gross sales
2018: 34,708
2019: 36,655
2020: 39,503
2021: 41,316
2022: 46,664
0
10,000
20,000
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2221201918
Revenue, Konsern Revenue per country
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EBIT, Konsern
Key figures, nøkkeltall
2022
Sett inn komma
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tusenskille!
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2221201918
Revenue, Konsern Revenue per country
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Key figures, nøkkeltall
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Sett inn komma
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tusenskille!
Operating profit
2018–2022 (NOK in million)
Gross sales
2018–2022 (NOK in million)
NOK in million (unless stated otherwise) 2018 2019 2020 2021 2022
Gross sales
1
34,708 36,655 39,503 41,316 46,664
Revenue (IFRS)
1
25,815 26,376 27,399 28,491 32,397
Gross profit 7,534 7,758 8,236 8,446 9,002
Operating profit (EBIT) 690 747 854 1,046 1,196
EBIT-margin (%) 2.7 2.8 3.1 3.7 3.7
Earnings per share (NOK) 4.33 4.84 5.37 6.84 7.62
Diluted earnings per share (NOK) 4.26 4.78 5.32 6.67 7.55
Cash flow from operations 946 1,897 1,388 1,096 1,030
Number of full-time employees at the year end 7,385 7,585 7,337 7,658 8,073
1
Atea has implemented a change in accounting policy due to an Agenda Decision approved by the IFRS Interpretations Committee on April 20, 2022. Under the Agenda Decision, revenue
from the resale of software and vendor services is recognized on a net basis - see Note 1 for more information. Gross Sales is an Alternative Performance Measure which reflects gross
invoiced revenue to customers, and is comparable to previous years’ revenue reporting. Revenue (IFRS) is Gross Sales, following the change in accounting policy to apply net accounting
treatment to the resale of software and vendor services.
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One IT partner for your digital transformation
Atea is the market leader in IT infrastructure and related services for
businesses and public sector organizations in the Nordic and Baltic regions.
Strength in our markets
With over 8,000 employees located in 88
cities, in seven European countries — Norway,
Sweden, Denmark, Finland, Lithuania, Latvia
and Estonia — Atea has a powerful local
presence across all of the markets we serve.
We offer a complete range of IT infrastructure
products and services to make sure our
customers succeed with the use of information
technology. We have over 4,000 service
personnel to advise and support your organ-
ization through the entire lifecycle of their IT
purchases. Through the breadth and depth of
our competence, we help customers to design,
implement and manage the IT infrastructure
upon which their organization depends.
Making a difference with technology
Equally important, we are among the top
channel partners in Europe for many of
the world’s leading technology companies,
including: Microsoft, Apple, Cisco, HP Inc,
Hewlett Packard Enterprise, IBM, Lenovo,
VMware, Citrix and Dell Technologies.
Atea has the highest level of vendor certifi-
cation across its key technology partners and
is frequently recognized with awards for its
performance.
Based on Atea’s unique mix of competence
and technology partnerships, our customers
count on us for professional insight on how
to do more with IT. To that end, Atea is at
the forefront of the latest technologies for
mobility, collaboration and big data, as well
as IT-as-a-service and cloud computing.
As a result, we help customers solve
problems and get maximum productivity
from their IT investments.
Built for growth and sustainability
As a publicly traded company listed on the
Oslo Stock Exchange, Atea takes pride in its
long-term record of delivering above-market
revenue growth and in providing a healthy,
consistent dividend payout to investors. For
2022, Atea reported gross sales of NOK 46.7
billion: up 12.9 percent compared to last year,
and the highest in our company’s history.
Corporate responsibility and good steward-
ship of our planet are also at the core of what
we do. Atea has received numerous awards
and recognitions for its work in corporate
sustainability during 2022:
• Atea was awarded the highest rating in
environmental and social performance
by EcoVadis in 2022. This achievement
ranks Atea in the top 1% of 100,000
organizations evaluated globally for the
third consecutive year.
• Atea was ranked as the world’s most
sustainable company in the IT Services
Industry, by Corporate Knights (Global 100
Index 2023) for the second consecutive
year.
• Atea received an A-rating in CDP’s annual
climate change questionnaire. This marks
a new personal best for our company since
first reporting to CDP over ten years ago.
• Atea maintained “Prime” (highest) status
by ISS ESG, one of the world’s leading
rating agencies in the field of sustainable
investment.
Atea’s future sustainability goals are stated
in its Vision 2030: a 10-year plan for building
a better, more sustainable future with IT.
The Vision 2030 is described in the 2022
Sustainability report, which is published on
Atea’s corporate website (visit us at
www.atea.com).
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Letter from the CEO
Atea once again demonstrated the strength and resilience of
its business in 2022.
2022 was a year filled with disruptive events. The year began
with severe supply constraints in the electronics industry. In
February, Russia invaded Ukraine, with geopolitical turmoil
causing spillover effects in the Nordic and Baltic regions.
Sweden and Finland applied to join NATO shortly afterward,
and the Baltic region was impacted by its proximity to the
conflict and by an inflow of refugees.
As the year continued, there was a surge in price inflation
which drove central banks to raise interest rates. This led to
a slowdown in global economic growth. Many technology
companies struggled to adapt to the new economic environ-
ment, and there were layoffs across the industry.
In spite of this, Atea had another outstanding year – its best
ever. Sales grew by 13% to NOK 47 billion (16% organic growth
in constant currency) and EBIT grew by over 14% to NOK 1.2
billion. Growth was very strong across all countries and across
all lines of business.
These figures are all the more remarkable given the size of our
business. Atea’s sales in 2022 increased by NOK 5 billion from
last year, a larger sum than the total sales of nearly all of our
competitors.
Certain market trends contributed to Atea’s exceptional growth
in 2022. The return to on-premise work resulted in higher
investment in the workplace, after two years in which office
access was restricted due to the COVID pandemic. The easing
of electronics supply shortages enabled higher hardware ship-
ments, particularly during the second half of the year. Finally,
price inflation also contributed to growth rates, which we
expect to abate in 2023.
But beneath these trends, there are structural factors at work
which allow Atea to withstand disruptions and consistently
deliver strong results throughout the economic cycle.
First, Atea operates in a market with steady, long-term growth
in demand. Enterprise IT spending continues to grow as
organizations invest in information technology to redefine
their operations and drive productivity. This “digitization” trend
Steinar Sønsteby
CEO of Atea ASA
Steinar Sønsteby joined Atea in 1997 and was
managing director of Atea in Norway in 1997-
2000 and for Atea in Sweden in 2000 - 2002.
After moving back to Norway Sønsteby was
CEO of Atea in Norway until 2012 when he
became Executive Senior Vice President of
Atea ASA. In January of 2014 Sønsteby was
appointed CEO of Atea ASA. Before joining
Atea he was the CEO of Skrivervik Data AS.
Steinar Sønsteby holds a degree in Mechanical
Design from Oslo College of Engineering
and a Bachelor of Science in Mechanical
Engineering from University of Utah (USA).
He also has a finance degree from Norwegian
School of Management (BI) and for Training in
Management and Human relations from Dale
Carnegie Institute.
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shows no signs of slowing, and has in fact accelerated in the
last few years. Organizations are increasingly dependent on
information technology and will continue spending on their
IT environments even in the most challenging times.
Second, Atea has a unique competitive position as the largest
player in the Nordic and Baltic markets, with a complete
offering of IT infrastructure products and services. We operate
as a full-service IT infrastructure partner – with over 4,000
IT services personnel helping our customers manage the
increasing complexity of their IT environments and capture
maximum value from their IT investments. Our scale provides
us with strong competitive advantages in procurement and
logistics, and allows us to maintain a network of 88 offices
providing local support to customers.
Third, Atea has a solid base of long-term relationships with the
largest customers in our region. About 65% of our sales are to
the public sector, and most of the remainder is to major corpo-
rations. These customers rely on Atea’s services personnel
to design, implement and operate their IT infrastructure.
Furthermore, these customers have the financial strength to
invest in IT solutions throughout the economic cycle.
Finally, Atea has a unique workforce of over 8,000 employees
- the largest community of IT professionals in our markets.
We have built a unique corporate culture which empowers
our employees to take decisions and proactively support our
customers. Based on this culture and our solid reputation,
we attract IT professionals who are self-starters and are
motivated to develop their competence within the latest
technologies in IT infrastructure. All this helps us work towards
our Vision of creating “The Place To Be”.
These structural factors will continue to drive Atea forward in
the years to come. The market for IT infrastructure will keep
growing as organizations invest further in IT to transform their
operations. Atea’s competitive position will strengthen as
customers seek an IT partner with the competence to support
their increasingly complex IT operations. And as IT skills grow
in value, companies like Atea which can attract, develop and
motivate IT professionals will succeed in the marketplace.
I am extremely proud of our company’s success in 2022, and
in the contribution made by all of our employees. In August,
I had the pleasure of bringing together all of our employees at
a company event in Norway for the first time. The experience
was unforgettable and a reminder of what truly makes us
successful as a company – both today and in the years to come.
I wish the entire Atea community of employees, customers,
vendors and investors a happy and prosperous 2023.
Steinar Sønsteby
CEO of Atea ASA
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Board of Directors Report 2022
2022 was another excellent year for the Atea group, with
very high sales growth in all countries and across all lines of
business. Group gross sales increased by 12.9% to NOK 46.7
billion, and net revenue (IFRS) increased by 13.7% to NOK 32.4
billion. Organic net revenue growth in constant currency was
16.2%.
Profits in the Atea group reached a new all-time high. EBIT for
the full year 2022 was NOK 1,196 million, up 14.4% from last
year. Cash conversion also remained strong. Cash flow from
operations was NOK 1,030 million. The company maintained
a healthy balance sheet, with a net cash position of NOK 304
million at year-end, as defined by its loan covenants.
Atea continued to win recognitions for its industry leadership
in corporate social responsibility. Atea was recognized as one
of the most sustainable corporations in the world (49
th
overall,
and 1
st
in the IT services industry) by Corporate Knights as
part of their annual “Global 100” ranking. Atea was awarded
the highest rating in environmental and social performance by
EcoVadis for the third straight year, ranking Atea in the top 1%
of 100,000 organizations evaluated globally. Atea also earned
an A-rating in CDP’s annual climate change questionnaire,
widely recognized as the gold standard of corporate environ-
mental transparency.
The Board of Atea ASA would like to thank all Atea employees
for their contribution to the Group’s strong performance during
the past year.
Company overview
Atea is the leading provider of IT infrastructure and related
services to organizations within the Nordic and Baltic regions.
The Group has over 8,000 employees and is located in 88
cities across Norway, Sweden, Denmark, Finland, Latvia,
Lithuania and Estonia. Approximately 65% of Atea’s sales are
to the public sector, with the remainder of sales to private
companies. The Group is headquartered in Oslo, Norway.
Atea is the largest provider of IT infrastructure within each of
its local markets and is the third largest provider in Europe. The
company’s sales in the Nordic and Baltic regions are approxi-
mately three times higher than its largest competitor, with an
estimated market share of approximately 23%. Atea’s business
strategy is to strengthen and consolidate its market leadership
position through organic growth and selective acquisitions,
and to continuously focus on improving operating efficiency.
Through its scale of operations, Atea has critical advantages
over smaller competitors in purchasing power, local market
presence, breadth of product and service offering, system
integration competence, and cost-efficient support and
logistics functions. This is reflected in the long-term financial
performance of the Group. Atea’s leading market position and
competence in IT infrastructure has enabled the company
to grow organically at a rate higher than that of the market.
During the last three years, Atea’s annual rate of organic
growth in constant currency has been 10% in a market that
has grown by about 8% per year, according to preliminary
estimates from IDC.
In addition to organic growth, Atea has pursued an M&A
strategy to further strengthen and consolidate its market posi-
tion. Atea’s current organizational structure is the result of the
merger of the leading IT infrastructure companies in Denmark,
Norway, Sweden, Finland and the Baltic region in 2006 – 2007.
Since these mergers, Atea has acquired more than 60 compa-
nies to enhance its offering and expand its customer reach.
The acquired companies have been purchased at valuation
multiples significantly below those of Atea.
In 2022, Atea acquired two smaller companies: the Finnish
IT consultancy Gambit Group, and a carve-out of the IT
consulting operations within Human IT in Sweden. Both
acquisitions focused on enhancing Atea’s position within
information management solutions, a strategic growth area
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for the company. In addition, Atea entered an agreement with
KMD in Denmark to acquire its customer contracts related to IT
infrastructure resale. Atea plans to continue actively acquiring
companies to consolidate its market position in the coming
years.
To address the needs of the Nordic and Baltic markets, Atea
works closely with leading international IT companies, such
as Microsoft, Cisco, HP Inc., Hewlett Packard Enterprise,
IBM, Apple, Lenovo, VMware, and Dell Technologies. These
companies view the Nordic region as a critical market for the
early adoption of new technologies and work closely with Atea
to penetrate these markets. This enables Atea to stay at the
forefront of the latest IT trends, and to offer its customers new
and innovative IT solutions.
Market trends
The market for information technology is in the midst of
dramatic change, with profound effects on society, known as
the “digital transformation”.
Across private enterprise and throughout the public sector,
organizations are converting vast amounts of information into
digital form. As information is made digital, it can be collected,
processed, managed, and distributed with methods and at
a scale that was previously impossible. This “digitalization”
enables public and private organizations to completely rede-
fine how they provide goods and services, and how these
goods and services are consumed and shared.
The resulting “digital transformation” is driving innovation in
all sectors of the economy and all public services, including
health, welfare, education, defense, policing and infrastructure
management. Collectively, this can result in major improve-
ments in productivity and living standards.
At the same time, the “digital transformation” places even
greater demands on organizations’ IT environments, as the
amount of data that is being managed grows exponentially
across a broadening range of devices. Furthermore, as digital
information and processes become central to the definition of
goods, services and of work itself, the capabilities and stability
of the IT environment become essential for organizations to
function. Consequently, the risk of security breaches becomes
ever greater. All of this creates a level of complexity that IT
departments struggle to support.
This presents a significant opportunity for Atea, as the leading
provider of IT infrastructure and system integration in the
Nordic and Baltic regions. Through its breadth of compe-
tency and depth of expertise, Atea supports its customers in
managing the continuous growth and increased complexity
of their IT environments. Atea helps its customers to design,
implement and operate the IT infrastructure upon which they
are dependent as their operations become increasingly digital.
Business strategy
Atea’s business strategy is to act as a full-service IT infra-
structure partner for its customers - enabling its customers to
successfully pursue their digital transformation initiatives and
manage the increasing complexity of their IT environments.
In order to earn a position as a trusted IT partner, Atea
provides a complete range of IT infrastructure solutions, with
a highly trained service team to support its customers in
capturing maximum value from their IT investments.
Atea’s solution offering:
The range of solutions which Atea provides its customers can
be categorized into three major areas: “Digital Workplace”,
“Hybrid Platforms” and “Information Management”.
• “Digital Workplace” consists of all the devices and software
through which users conduct work, access data and appli-
cations, and interact with each other. Examples include PCs,
mobile phones and tablets, audio/video and conferencing
solutions, smart displays, printers, and more.
• “Hybrid Platforms” are the data center and network infra-
structure through which organizations process, store,
and distribute information. The category includes both
on-premise infrastructure and cloud solutions, as well as
“hybrid” solutions which integrate the two.
• “Information management” consists of tools and methods
through which organizations collect and administer data,
and then derive value from this information. This includes
Atea’s practices within data protection, analytics/AI, and
automation technologies.
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Atea’s service portfolio:
Atea supports customers with the design, implementation and
operation of their IT environments through a broad portfolio of
services. The service portfolio can be broken into three cate-
gories: “Lifecycle Management”, “Professional Services”, and
“Managed Services”.
• “Lifecycle Management”: Atea’s service team assists
customers in all aspects of managing their IT assets
throughout the lifecycle of each product they acquire.
This includes services to help customers deploy, install,
finance, maintain, track and dispose of their IT assets.
• “Professional services”: Atea’s consultants advise customers
in the design and integration of their IT environments, the
management of their information, and how specific IT
solutions can best be used to fulfill their objectives.
• “Managed services”: Atea is a managed service provider
which helps customers operate their IT environments either
on-premise or from the cloud. Atea’s managed services
enable customers to dedicate less time and resources to
IT operations and instead focus on their core objectives.
Financial summary
Income Statement
Group gross sales grew by 12.9% in the full year 2022 to
NOK 46,664 million, with high growth in sales in all countries
and across all lines of business.
Revenue (IFRS) increased by 13.7% to NOK 32,397 million.
Due to a new agenda decision from the IFRS interpretations
committee, Atea changed its IFRS accounting policy effective
from 1 January 2022 to recognize revenue from software and
some vendor services on a net basis.
The equity in the opening balance as of 1 January 2021 has
been changed due to prior period accounting errors. The
errors are due to historical calculation of deferred tax assets
in Atea Denmark related to goodwill, resulting in understated
deferred tax liabilities. More information regarding the impact
of the accounting policy change and prior period errors can be
found in Note 2 in the Annual report.
Hardware gross sales increased by 14.7% to NOK 23,176
million, with strong demand across all product categories.
Software gross sales grew by 12.6% to NOK 14,782 million,
driven by higher sales of cloud subscriptions. Services gross
sales increased by 9.1% to NOK 8,706 million, driven by growth
in the consulting business.
Gross profit was NOK 9,002 million, compared with NOK 8,446
million last year. Gross sales margin fell from 20.4% to 19.3%,
based on a shift in the sales mix toward products and due to
a time lag in price adjustments on some hardware and service
deliveries to reflect rising input costs in an inflationary
environment.
Total operating costs were NOK 7,806 million, up 5.5%
from last year. Growth in operating expenses was due to an
increase in the average number of full-time employees by 440
(5.9%) from last year.
EBIT for the full year 2022 was NOK 1,196 million, up 14.4%
from last year, based on strong sales growth and lower growth
in operating expenses. The EBIT margin was 3.7% of IFRS
revenue, the same level as last year.
Net financial items were an expense of NOK 112 million for the
year, compared with an expense of NOK 104 million in 2021.
NOK 58 million of these costs were related to facility leases, as
recognized in accordance with IFRS 16 ‘Leases’. Otherwise, net
interest expenses were NOK 75 million compared with NOK 32
million last year due to higher interest rates and borrowing
levels.
Profit before tax was NOK 1,084 million compared with
NOK 942 million last year. Tax expenses were NOK 235 million
in 2022, compared with NOK 182 million last year. Net profit
after tax grew by 11.6% to NOK 848 million. This represents a
basic earnings per share of NOK 7.62 in 2022 compared with
NOK 6.84 in 2021.
In accordance with section 3-3a of the Norwegian Accounting
Act, the Board of Directors confirms that the prerequisites for
continued operations have been met, and that the financial
statements have been prepared on a going-concern basis.
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Segmentation
Atea has commercial operations in Norway, Sweden, Denmark,
Finland and the Baltics. These geographic regions have their
own management and are reported as separate operating
segments. There is also a Shared Services operating segment,
which encompasses support functions such as Atea Logistics
and Atea Global Services.
The financial performance of each business unit is presented
in Note 5 of the Group financial report. A summary of business
performance follows:
Sweden is Atea’s largest market, representing 42% of Group
gross sales in 2022. In 2022, gross sales in Atea Sweden
increased by 19.5% to SEK 20,484 million, with strong growth
across all business lines. Revenue (IFRS) grew by 20.6% to
SEK 13,321 million. Based on higher sales and relatively low
growth in operating expenses, EBIT for the full year increased
by 19.5% to SEK 627 million.
Norway is Atea’s second-largest market, representing 24%
of Group gross sales in 2022. In 2022, gross sales in Atea
Norway increased by 15.1% to NOK 11,362 million, driven by
strong growth in sales of products. Revenue (IFRS) grew by
11.0% to NOK 8,052 million. EBIT in Norway was NOK 387
million, an increase of 6.6% from 2021.
Denmark is Atea’s third-largest market, representing 22% of
Group gross sales in 2022. In 2022, Atea’s continued its busi-
ness recovery following a restructuring in 2020. Gross sales in
Atea Denmark increased by 6.9% to DKK 7,522 million, driven
by strong growth in sales of services. Revenue (IFRS) grew
by 7.5% to DKK 5,330 million. EBIT was DKK 70 million, an
increase of 72.1% from 2021.
Finland represented 9% of Group gross sales in 2022. In 2022,
gross sales in Atea Finland increased by 16.2% to EUR 394.9
million, driven by strong demand for hardware from public
sector customers. Atea Finland also showed strong growth
in its consultancy business, supported by its acquisition of
Gambit Group in April 2022. Revenue (IFRS) grew by 33.1%
to EUR 302.8 million. Based on high growth in sales, EBIT
increased by 27.2% from last year to EUR 10.8 million.
The Baltics (Lithuania, Latvia and Estonia) represented 3% of
Group gross sales in 2022. In 2022, gross sales in Atea Baltics
increased by 15.0% to EUR 158.9 million based on high growth
in product deliveries to the public sector and strong demand for
its managed cloud services. Revenue (IFRS) grew by 16.6% to
EUR 143.8 million. EBIT increased by 10.4% to EUR 6.3 million.
Balance Sheet and Cash Flow
As of 31 December 2022, Atea had total assets of NOK 17,858
million. Current assets such as cash, receivables and inven-
tory represented NOK 11,138 million of this total. Non-current
assets represented NOK 6,719 million of this total, and
primarily consisted of goodwill (NOK 4,132 million), property,
plant and equipment (NOK 541 million), right-of-use leased
assets (NOK 1,253 million) and deferred tax assets (NOK 207
million).
Atea had total liabilities of NOK 14,129 million, and share-
holders’ equity of NOK 3,728 million as of 31 December 2022.
In order to reduce the volatility of its working capital and debt
balances throughout the year, Atea sells specified accounts
receivable through a securitization program organized by
its bank. At the end of 2022, Atea had sold receivables of
NOK 1,859 million under the securitization program.
Atea entered into a temporary uncommitted revolving trade
finance facility with the amount of up to USD 140 million with
Deutsche Bank in May 2022, under which Deutsche Bank
extended payables to one vendor on behalf of Atea ASA and
its subsidiaries The facility was terminated in November 2022.
The Group’s cash flow from operations was an inflow of
NOK 1,030 million in 2022, based on solid cash earnings.
Atea’s working capital requirements increased from last year,
due to a lengthening of delivery times and cash collection
Sweden: 42%
Norway: 24%
Denmark: 22%
Finland: 9%
The Baltics: 3%
0
10,000
20,000
30,000
40,000
50,000
2221201918
Revenue, Konsern Revenue per country
0
200
400
600
800
1,000
1,200
2221201918
EBIT, Konsern
Key figures, nøkkeltall
2022
Sett inn komma
manuelt som
tusenskille!
Gross sales per country
2022
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cycles as a result of supply constraints in the electronics
industry. These supply constraints eased significantly by the
end of the year and are expected to lead to lower working
capital requirements in 2023.
Cash flow from investments was an outflow of NOK 441 million
in 2022, primarily driven by investments in IT systems and data
center equipment. Cash flow from financing was an outflow
of NOK 989 million in 2022. The negative cash flow from
financing was primarily due to dividend payments of NOK 612
million and lease payments of NOK 315 million.
The Group’s net cash flow was an outflow of NOK 400 million
in 2022. Currency fluctuations reduced the cash balance by
NOK 31 million during the year. The Group’s cash balance
was NOK 922 million at 31 December 2022, compared with
NOK 1,353 million at 31 December 2021. At the end of 2022,
Atea had a net financial position as defined by Atea’s loan
covenants (total cash balance, less interest-bearing debt
excluding right-of-use leases) of NOK 304 million.
Atea’s interest-bearing debt primarily consists of a project
finance loan of NOK 475 million from the European Investment
Bank, due to mature in May 2023. Atea is currently working
with the EIB to renew its project finance loan for the next 3-5
years. The Group has additional short-term credit facilities to
manage fluctuations in liquidity throughout the year, as well
as leases related to specified assets. Further information on
debts and credit facilities can be found in Note 21 in the Group
financial statements.
Risk factors
Market risk
The market for IT infrastructure has historically maintained a
relatively stable growth rate throughout the economic cycle.
According to data from IDC, the Nordic market for IT infra-
structure has grown at an annual rate of approximately 6%
during the last 10 years.
Atea’s share of the IT infrastructure market has grown
steadily over time, both through organic growth and through
acquisitions. The company benefits from a unique compet-
itive position, in which it is the largest player in the Nordic
and Baltic markets, with the widest office network, and the
broadest offering of products, services and system integration
competence.
Due to its market share and competitive advantages, the
company develops stable long-term relations with its
customers. Approximately 65% of Atea’s revenue comes from
the public sector, in which demand is less sensitive to changes
in the economic cycle. Many of Atea’s customer contracts,
especially in the public sector, are frame agreements in which
the customer selects Atea as an IT partner for a term of
roughly 3 – 5 years. In addition, a large and growing propor-
tion of the company’s service revenue comes from managed
service contracts of one year or more.
The company is exposed to pricing and performance risk from
its key vendors. Due to Atea’s position as the third largest IT
infrastructure provider in Europe, the company has the highest
level of partner certification and significant negotiating power
with its key vendors. When possible, the company works
closely with at least two primary vendors in each product
category to boost competition and avoid vendor risk.
Financial risk
Financial risk management for the Group is the responsibility
of the central finance department, in compliance with guide-
lines approved by the Board of Directors. The Group’s finance
department identifies and evaluates financial risk and ensures
that the necessary measures to mitigate this risk are imple-
mented in close cooperation with the respective operating
units.
In order to ensure financial stability in the event of adverse
market conditions, the Group maintains a healthy balance
of debt, equity and working capital. The Group’s goal is to
maintain an adjusted equity ratio (shareholder’s equity divided
by total assets excluding IFRS 16 right-of-use assets and
sublease receivables) in excess of 20%. In addition, the Group
maintains a maximum operational gearing (net debt divided by
pro forma EBITDA) of 2.5.
Atea is exposed to foreign currency fluctuations, especially
from the Swedish krona (SEK), the Danish krone (DKK), US
dollars (USD) and the Euro (EUR), since part of the company’s
revenues and purchases of goods are in foreign currencies.
It is company policy that all significant, committed goods or
loan transactions with foreign currency exposure are to be
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hedged with forward contracts. The company is also exposed
to fluctuations in interest rates, since nearly all of the compa-
ny’s debt facilities have floating interest rates.
Credit risk
Historically, the Group has had very few losses on receivables.
The Group has not experienced materially greater losses on
receivables in 2022 than in previous years. No agreements
relating to offsetting claims or other financial instruments that
would minimize the company’s credit risk have been estab-
lished, however, the Group continues to have a high focus on
credit assessment and collections.
Liquidity risk
The company considers its liquidity risk to be limited. Atea has
significant liquidity reserves available through credit facilities
with its primary bank.
Atea’s loan covenants require that the company’s net debt
balance remain below 2.5 times its pro forma EBITDA for the
last twelve months (including acquired companies) at each
quarter-end. The covenants exclude incremental net lease
liabilities due to the adoption of IFRS 16 from the definition of
net debt. As defined by the covenants, Atea had a positive net
financial position of NOK 304 million on 31 December 2022,
resulting in an available liquidity reserve of NOK 4,835 million
before the debt covenant is reached.
Other risk factors
Supply chain constraints
Rapid shifts in demand for electronic devices during the
COVID pandemic resulted in supply constraints in the elec-
tronics industry which became severe during 2021. This led to
shortages of electronics equipment, longer delivery times to
customers, and higher prices. The supply constraints eased
greatly throughout 2022, and presently are not a challenge for
Atea’s business.
The electronics industry has historically concentrated
production of major components in China but has diversified
its supply chain in recent years due to geopolitical tensions.
Disruption in the electronics supply chain can be considered a
potential risk factor for Atea’s business, although the risk does
not appear material at this time.
Inflation
Price inflation had a major impact on the global economy in
2022. In Norway, the consumer price index grew by 5.9%
during the last twelve months through December 2022
according to government statistics. Atea estimates that this is
approximately consistent with the general cost inflation for IT
infrastructure products and services during this period.
In most cases, Atea can quickly adjust its prices to compen-
sate for cost inflation and maintain a stable margin. In some
cases, there will be temporary delays in Atea’s ability to pass
on higher costs to its customers, based on the structure of
customer agreements. These temporary delays were a factor
behind the high sales growth but decline in Atea’s product and
service margins in 2022.
Persistent inflation should be considered a potential risk factor
for Atea’s business. The profit impact is mostly neutral for
Atea, as price inflation results both in higher costs and higher
sales growth.
Climate change
The Group has assessed whether climate change or efforts
to reduce carbon emissions will negatively impact Atea’s
business as a provider of IT infrastructure. The Group does not
consider this risk to be material, as both the supply chain and
market demand for IT infrastructure will adapt to changes in
the business environment from climate change. Atea supports
customers in managing their IT in a manner which reduces its
potential climate impact. See Note 29 for more information.
Personnel and Organization
The Group had 8,073 full-time employees on 31 December
2022, a net increase of 415 from 1 January 2022. During the
course of 2022, Atea hired additional resources to develop its
services business within consulting and managed services.
The average number of full-time equivalents employed by the
Group was 7,881 in 2022, compared with 7,441 in 2021.
Atea’s long-term success is dependent on recruiting skilled IT
professionals and providing its employees with a work envi-
ronment in which they can develop and contribute with their
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talents. The work environment and culture are central to Atea’s
vision of being “The Place to Be” for its employees, customers
and vendors.
Common guidelines have been established for recruitment
activities, to ensure that Atea is attracting and hiring skilled
professionals across the organization. Extensive competence
training is conducted in all parts of the organization. Employee
surveys, and goal and development meetings with employees
are held regularly.
An introduction program has been implemented in every
country to quickly integrate new employees. This includes
training in Atea’s business systems, values, ethical guidelines
and corporate culture. All employees are required to success-
fully complete an examination on Atea’s Code of Conduct and
sign a confirmation that they will comply with the Code.
Health, safety and the work environment
Atea has worked systematically to promote health among
employees and to improve safety and environmental standards
at the workplace. The risk of occupational injury is very low. In
2022, there were no occupational injuries resulting in absence.
For the Group, absence due to illness was 3.1%, up from 2.4%
in 2021. Absence due to illness was 4.3% in Norway, 2.6% in
Sweden, 3.2% in Denmark, 3.0% in Finland, 1.6% in the Baltics
and 3.9% in Shared Services. One employee out of nine total
was on long-term illness in the parent company.
Equality of opportunity
Diversity and gender equality are core values at Atea. The
Group strives to provide a work environment that is free from
discrimination based on gender, nationality, religion, skin color,
sexual orientation, age or disability.
At 31 December 2022, women represented 25.9% of the
Group’s employees, compared with 25.0% at the end of the
previous year. In the parent company, women represented 11.1%
of the Group’s employees, compared with 20.0% at the end of
the previous year. There were nine employees in the parent
company at the end of 2022, and eight of these are men.
The low percentage of female employees within the Group
reflects the IT industry in which the company operates. The
Group works systematically to recruit women at all levels
and to encourage that they remain with Atea. We continue to
encourage more women to work in the IT industry by arranging
activities to promote gender balance. As stipulated in the
Anti-Discrimination Act, our company adheres to a policy that
forbids discrimination against any employee because of age,
national origin, religion, sexual orientation or disability.
Atea provides a suitable work environment for employees with
disabilities. The company modifies the physical environment
of the workplace as necessary to facilitate employees with
special needs.
More information about equal opportunity is disclosed in the
latest Sustainability Report at atea.com.
Corporate Governance
Atea’s guidelines for Corporate Governance are in accord-
ance with the Norwegian Code of Practice for Corporate
Governance, dated 14 October 2021, as required for all listed
companies on the Oslo Stock Exchange. Furthermore, the
guidelines meet the disclosure requirements of the Norwegian
Accounting Act and the Securities Trading Act. The guidelines
are included separately in the annual report.
The Group has an ordinary Directors & Officers Insurance
protecting the Board of Directors and management from
personal liability. The maximum liability amount covered is
NOK 250 million.
Corporate Social Responsibility
Atea’s mission is to build the future with IT, together with its
employees, its customers and its vendors. Atea’s sustainability
agenda is an essential part of the company’s mission. The
company has received numerous recognitions for its leader-
ship within sustainability.
In 2020, Atea launched a 10-year vision for its sustainability
agenda. The vision is described in our latest Sustainability
Report, published in March 2023 at atea.com.
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During the past year:
• Atea received and maintained recognition as one of the
most sustainable corporations in the world, by Corporate
Knights as part of their annual ranking called “Global 100”.
Atea’s overall ranking increased from 51
st
in 2022 to 49
th
in
2023, placing Atea 1
st
in our industry (IT Services).
• Atea earned an A- rating in CDP’s annual climate change
questionnaire, widely recognized as the gold standard of
corporate environmental transparency. This places Atea
in the Leadership Band among global companies analyzed
by the CDP, a non-profit organization that runs the world’s
leading environmental disclosure platform.
• Atea maintained “Prime” (highest) status by ISS ESG, one of
the world’s leading rating agencies in the field of sustainable
investment.
• Atea earned the highest rating in environmental and social
performance by EcoVadis for the third consecutive year: a
platinum-level ranking, placing Atea among the top 1% of
more than 100,000 companies evaluated globally.
• Atea received an ESG Risk Rating of 17.8 from Sustainalytics,
a leading independent ESG research, ratings and data firm,
and was assessed to be at LOW risk of experiencing mate-
rial financial impacts from ESG factors.
• Atea was selected for inclusion in the Carbon Clean 200™
(Clean200), a list of 200 publicly traded companies world-
wide that are leading the way among their global peers to a
clean energy future.
• Atea was recognized as “Environmental Partner Leader” by
Canalys due to our strategy and commitment to our people,
community, and the environment.
• Atea was recognized as a “Transparency Partner” by
Nasdaq, an initiative focusing on improving the ESG infor-
mation flow between listed companies and the investor
community.
Atea observes the UN Global Compact’s principles in the areas
of human rights, labor rights, the environment and anti-corrup-
tion. Atea also participates in a number of recognized national
and international initiatives focused on sustainability, including
the UN Global Compact, Carbon Disclosure Project and
Responsible Business Alliance.
On 1 July 2022, the Norwegian Transparency Act entered into
force. It established processes for the public to gain access to
information about how enterprises covered by the law address
adverse impacts on human rights and working conditions.
More information about The Atea Group´s efforts within this
area can be found in the latest Sustainability Report, available
on atea.com.
Environmental initiatives
Atea sells IT products that are developed and manufactured
by international technology companies. The Group does
not manufacture its own products, and distribution is mainly
outsourced to logistics partners. The Group does not have any
research and development activities.
Atea recognizes the impact its operations have on the envi-
ronment and are determined to take the necessary actions to
reduce its impact. In 2022, we have broadened our Scope 3
reporting to include more categories. This approach provides
us with a more complete view of the total environmental
impact generated by our business. This will also help our
customers understand the actions they can take to meet their
climate goals. Since 2019, Atea has decreased its own emis-
sions by 46% (scope 1 and 2). For more information, see our
Sustainability Report, available on atea.com.
Atea supports its customers in implementing sustainability poli-
cies regarding their use of information technology. Atea has
formed a coalition with its customers called Atea Sustainability
Focus (ASF), which uses the collective voice of Nordic IT
buyers to influence the electronic industry towards more
sustainable operations. Atea promotes “circular economy”
solutions relating to the use of IT. The circular economy is a
concept that seeks to minimize resource consumption and the
need to extract virgin materials through recycling and reuse.
In Växjö, Sweden, Atea operates one of the largest electronic
recycling-and-reuse operations in the Nordic and Baltic
regions. Electronic devices can be a major driver of carbon
emissions and waste within organizations. Most of the carbon
emissions from an electronic device occurs when the device
is manufactured or disposed of. Therefore, extending the
lifecycle of electronic equipment is a highly effective way of
reducing carbon emissions and waste.
Through its innovative “Goitloop” program with customers,
Atea processed over 604 thousand electronic devices for
recycling and reuse during 2022, the vast majority of which
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are PCs, mobile phones and tablets. Atea receives older used
equipment from its customers, fully cleanses the equipment of
data, and refurbishes the equipment for reuse. This recycling
operation has a major impact on the carbon footprint and
electronic waste of Atea’s customers.
Finally, Atea’s cloud computing solutions help customers to
reduce carbon emissions and resource use. Atea’s data center
operations are scaled for energy efficiency by consolidating
many customers on one multitenant platform. At the same
time, customers benefit from higher and more stable utilization
of server capacity when sharing resources in a multitenant
environment, reducing the need for managing the excess
capacity of servers and storage units.
The company’s work in promoting sustainable IT solutions
across the Nordic and Baltic regions is further described within
the annual Sustainability Report at atea.com.
Allocation of Net Profit
Atea ASA is the parent company of the Group. The parent
company has a total of 9 employees, including the Group’s
CEO, CFO and associated staff functions. In 2022, the net
profit of Atea ASA was NOK 921 million, up from 436 million
in 2021. The improvement in net profit compared to 2021 is
mainly due to increased dividend from subsidiaries. The Board
of Directors proposes to transfer the entire net profit of Atea
ASA to retained earnings.
Based on the Atea Group’s financial performance in 2022, the
Board will propose a dividend of NOK 6.25 per share at the
annual general meeting in April 2023. Atea’s dividend policy is
to distribute approximately 70 – 100 percent of the Group’s net
profit after tax to shareholders in the form of a dividend. The
dividend payment represents over 80 percent of Atea’s basic
earnings per share during 2022. The dividend will be paid in
two installments of NOK 3.125 per share in May and November
2023.
Atea ASA has been actively repurchasing shares during 2022
based on its strong cash position. Over the course of 2022, the
company returned NOK 230 million to shareholders through
the buyback of 1,800,000 shares. The sale of treasury shares
amounted to NOK 59 million used to fulfill the Groups obliga-
tion related to the Share based compensation. The Board will
propose that the AGM renews its mandate to authorize a share
buyback at the annual general meeting in April 2023.
Business Outlook
Atea’s financial objectives are to maintain a long-term rate
of organic revenue growth faster than the IT infrastructure
market, and to further expand its competitive position through
selective acquisitions. At the same time, Atea aims to steadily
increase its operating profit through a combination of revenue
growth, expansion in higher margin products and services, and
operating efficiencies. Finally, the company seeks to convert
profits into a solid cash flow, through a business model which
requires both low capital expenditures and net working capital.
As the market leader in IT infrastructure in the Nordic and
Baltic regions, Atea is very well-positioned to achieve its
financial targets. Atea has a unique competitive position in its
markets as a full-service IT infrastructure partner - enabling its
customers to successfully pursue their digital transformation
initiatives and manage the increasing complexity of their IT
environments.
Atea has a solid base of long-term customers, with about 65%
of its sales to the public sector and a majority of its remaining
revenue from large corporations. These organizations are
highly dependent on their IT infrastructure and have a strong
financial position to continue to invest in information tech-
nology throughout the economic cycle.
Atea expects sales growth rates to remain higher than normal
during the start of 2023, before transitioning to a longer-term
trend. The company’s sales forecast is supported by a high
order backlog of over NOK 5 billion at the end of 2022.
During the past 12 months, Atea has added over 400
employees to support its growth plans, primarily within the
services business. Atea is a highly attractive employer in the
Nordic IT market, based on its work culture, customer engage-
ment, and partnership with leading IT companies. As a result,
Atea has been able to recruit employees in a tight labor market
for IT professionals.
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In order to fully capture Atea’s scale advantages, Atea is imple-
menting the “One Atea” program to align its operations and
coordinate strategy across countries. The program has estab-
lished specialist teams to drive strategy and best practices
across each of its business lines, including Hardware/lifecycle
management, Software/cloud transformation, Professional
services and Managed services. The program is also acceler-
ating the alignment of back-office functions and supply chain
operations in order to drive efficiencies through scale and
improved use of automation.
Based on its unique competitive advantages in an expanding
market, Atea expects to continue to grow and capture market
share in the coming years. At the same time, the company
will slow its rate of hiring in 2023 and enhance productivity
through the “One Atea” program. In this manner, Atea expects
continued, long-term growth in its profitability and cash flow.
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Members of the Board
Ib Kunøe (born 1943)
Chairman of the Board
Ib Kunøe has decades of experience as an
entrepreneur and investor in the IT sector. He
brings strategic insight and practical experience
from building profitable businesses and from turn-
around processes. Kunøe holds an HD Graduate
Diploma in Organisation and Management as well
as a background as a professional officer (major).
He is the founder and owner of Consolidated
Holdings A/S and is the main shareholder and
Chairman of the Board in a broad variety of
Danish owned companies such as Columbus A/S
and X -Yachts A/S. Ib Kunøe has participated in
8 of 8 board meetings in 2022.
Ib Kunøe is the Chairman of the nomination and
remuneration committees.
Morten Jurs (born 1960)
Member of the Board
Morten Jurs currently holds a CEO position at
SpinChip Diagnostics AS and has extensive leader
ship experience from leading roles in both public
and private companies. His prior experiences
include the role of partner in Pegasus Industrier
AS as well as CEO at Stamina Group AS between
2013-2016, CFO at Pronova BioPharma ASA from
2006 – 2009, CEO at Pronova BioPharma ASA
from 2009-2013 and CFO at Kitron ASA from
2001-2006. Jurs brings with him over 30 years’
experience within general management, financial
administration and strategic planning. He holds a
Master of Science/MBA in Business and Economics
from the University of Wyoming. Morten Jurs
participated in 8 of 8 board meetings in 2022.
Morten Jurs is the Chairman of the audit
committee.
Sven Madsen (born 1964)
Member of the Board
Sven Madsen is Chief Financial Officer in
Consolidated Holdings A/S. He has extensive
experience from working with corporate
reporting, financing, corporate management
and M&A activities in companies such as Codan
Insurance, FLS Industries, SystemForum and
Consolidated Holdings. Madsen provides special
competence within financial reporting, and is a
member of the Atea’s audit committee. He holds
Board positions with Consolidated Holdings A/S,
Columbus A/S, X-Yachts A/S, core:workers AB,
Ejendomsaktieselskabet af 1920 A/S, MonTa
Biosciences ApS, Dansk Emballage A/S and
DAN-Palletiser Finans A/S. Madsen holds a
Graduate Diploma in Financial and Management
Accounting as well as an MSc in Business
Economics and Auditing. Sven Madsen has
participated in 8 of 8 board meetings in 2022.
Sven Madsen is member of the audit committee.
Saloume Djoudat (born 1977)
Member of the Board
Saloume Djoudat has been a partner in Bull & Co
Advokatfirma AS since 2013, coming from a
previous position as a General Counsel in Uno-X
Energi AS. Saloume Djoudat is Head of Corporate
at Bull & Co. She specializes in corporate law
including M&A and contract negotiations. Djoudat
has managed negotiations and acted as legal
adviser in projects both in Norway and for inter-
national corporations. In light of her combination
of academia and industry experience, Djoudat
has a strong ability to give legal advice from a
business perspective. She also serves on the
Board of Directors of AF Gruppen ASA. Djoudat is
a graduate of the Faculty of Law in the University
of Oslo. Saloume Djoudat has participated in 7 of
8 board meetings in 2022.
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Lisbeth Toftkær Kvan (born 1967)
Member of the Board
Lisbeth Toftkær Kvan is Branch and Commercial
Manager in Ikano Bank Norway. She is an
experienced financial services executive and
previously held the position as Country Manager
in Ford Credit Norway and has additionally been
Member of Board and Control Committee as well
as Country Manager in GE Capital Solutions AS,
Norway. She brings experience within financial
services and management to the Atea Board and
audit committee. Her previous roles include various
positions within the GE Capital organization in UK
and Germany. Kvan holds an MSc in International
Business Administration from Copenhagen
Business School. Lisbeth Toftkær Kvan has
participated in 7 of 8 board meetings in 2022.
Lisbeth Toftkær Kvan is member of the audit
committee.
Leiv Jarle Larsen (born 1973)
Member of the Board (employee elected)
Leiv Jarle Larsen joined Atea in 1998. Larsen has
a broad experience in IT infrastructure, both as
an engineer and infrastructure architect. He has
worked both as an infrastructure consultant and
presales engineer focusing on hybrid platforms.
He now holds the position as Enterprise Architect,
helping customers to align technology with busi-
ness goals. His main focus is to use technology
to find and harvest business values for the
customers. Larsen has studied media science and
information science at the University of Bergen.
Leiv Jarle Larsen has participated in 8 of 8 board
meetings in 2022.
Nelly Flatland (born 1991)
Member of the Board (employee elected)
Nelly Flatland joined Atea in 2020 and holds the
position as Head of Sustainability in Atea Norway.
Flatland has broad experience from the field of
corporate social responsibility and sustainability,
both on a strategic and operational level. Flatland
currently works on developing and managing the
sustainability work in Atea Norway proving how
sustainability and profitability is a synergy and not
a trade-off. Doing so by focusing on delivering
shared value within the field of sustainability,
and how we as a company can harvest business
value for our customers. At the same time Flatland
continuously strives for Atea to improve our
sustainability measurements. Flatland received
her degree from BI Norwegian Business School.
Nelly Flatland has participated in 5 of 5 board
meetings since she joined the board in April 2022.
Marius Hole (born 1981)
Member of the Board (employee elected)
Marius Hole joined Atea in 2007. Hole has a broad
experience in IT infrastructure and security, as
both an engineer and infrastructure architect.
Hole has achieved several high level expert
certifications in technology and architecture that
are only held by a select few specialists in the
world. He is currently working as infrastructure
architect and strategic advisor, helping customers
to develop and implement digital strategies and
solutions. His focus is to solve challenges with
technology and to secure the value chain for all
stakeholders. Marius Hole has participated in 5
of 5 board meetings since he joined the board
in April 2022.
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Shareholder Information
Atea’s objective is to provide a competitive
long-term return to shareholders, relative to
the underlying risk of the Company’s opera-
tions. The Company endeavours to achieve
this objective through a high dividend payout
and through capital appreciation on the value
of the underlying business.
The company’s dividend policy is to distribute
approximately 70-100 percent of net profit
after tax to shareholders in the form of a
dividend. During 2022, the Company paid
dividends of NOK 5.50 per share to share-
holders in two equal instalments of NOK 2.75
during May and November. This represented
a total dividend of NOK 612 million, or 80%
of net profit after tax in the prior year. In
addition, the company repurchased its own
shares for an additional sum of NOK 230
million in 2022.
At the end of 2022, the Company’s net
financial position was cash positive of
NOK 304 million, compared with NOK 822
million at the end of 2021. The Company
has entered into an unsecured loan agree-
ment for NOK 475 million with the European
Investment Bank in May 2018, with a cove-
nant that its net debt must remain below
2.5 times pro forma EBITDA for the prior
twelve months (EBITDA includes any acqui-
sitions made during this period). Atea was
NOK 4,835 million below this debt covenant
at the end of 2022.
Investor relations
Atea aims to increase investor awareness of
the Company through an open, transparent
and reliable information policy. In this manner,
the Company seeks also to promote the
liquidity of its shares and ensure that its share
price reflects the fair value of the Company.
Presentations will be held for shareholders,
brokers and analysts in connection with
the quarterly and annual reporting dates.
Furthermore, Atea keeps the financial
markets informed of important developments
through stock exchange and press releases,
and other market updates. Atea holds regular
meetings with investors and analysts to
enhance communication. More information
can be found on Atea’s investor pages online
at atea.com.
Share capital and shareholder structure
At 31 December 2022, the VPS regis-
tered share capital in the company was
NOK 112,384,093, divided into 112,384,093
shares with a nominal value of NOK 1 per
share. Atea has one class of shares, with
each share carrying one vote. Ib Kunøe,
Chairman of the Board, with associated
companies and close associates, was the
largest shareholder controlling 28.4 per cent
of the shares at the end of 2022. Otherwise,
Atea ASA has a diversified shareholder struc-
ture, with a total of 8,251 shareholders at the
end of the year.
Robert Giori
CFO of Atea ASA
Robert Giori joined Atea as Chief Financial
Officer in 2014. He has extensive experience
in financial management for public companies
within the IT industry. Prior to joining Atea,
Robert spent over five years as Chief Financial
Officer of Nordic Semiconductor ASA. He
has also worked as Chief Financial Officer of
TeleComputing ASA and as Finance Director
for Dell’s operations in Norway. In addition,
he has previously been a consultant with
McKinsey & Company.
Robert Giori has an MBA from Harvard
University and a Bachelor degree from Stanford
University. He has completed the Certified
Public Accountant (CPA), Certified Management
Accountant (CMA) and Chartered Financial
Analyst (CFA) examinations in the United States.
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Shareholder InformationShareholder Information Shareholder Information
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Share performance
• At the end of 2022, Atea’s share price was NOK 114.0 compared with NOK 164.0 end of 2021.
• During 2022, a dividend payout of NOK 5.50 per share was made to shareholders, yielding a
direct return of 3.4 per cent compared to the share price at the end of 2021.
• The total return on the Company’s shares during 2022 was -27.1 percent, including the
dividend yield and share price decrease from NOK 164.0 to NOK 114.0.
• The share’s highest close price during 2022 was NOK 161.4 on 12 January and its lowest
close price was NOK 93.5 on 29 September.
• At the end of 2022, the number of shareholders was 8,251, down from 8,573 at the start
of the year.
Financial calendar 2023
Atea ASA will publish quarterly interim accounts and provisional annual accounts on the
following dates:
1
st
quarter 2023: Thursday, 27 April 2023
2
nd
quarter 2023: Tuesday, 18 July 2023
3
rd
quarter 2023: Thursday, 19 October 2023
4
th
quarter 2023 and
provisional accounts
for 2023: Thursday, 8 February 2024
Annual General Meeting: Thursday, 27 April 2023
Visit www.atea.com for more shareholder information.
Main Shareholders
1
at 31 December 2022
Main Shareholders
1
Shares %
Systemintegration APS
2
31,251,063 27.8%
Folketrygdfondet 7,646,060 6.8%
State Street Bank and Trust Co.
3
6,527,702 5.8%
State Street Bank and Trust Co.
3
3,815,939 3.4%
Verdipapirfond Odin Norden 3,656,029 3.3%
State Street Bank and Trust Co.
3
3,197,375 2.8%
RBC Investor Services Trust
3
3,091,261 2.8%
State Street Bank and Trust Co.
3
2,861,423 2.5%
Verdipapirfond Odin Norge 2,191,692 2.0%
Atea ASA 1,786,498 1.6%
Other 46,359,051 41.3%
Total number of shares 112,384,093 100.0%
1
Source: Verdipapirsentralen
2
Includes shares held by Ib Kunøe
3
Includes client nominee accounts
Ownership structure by number of shares
Number of shares held
Number of
shareholders
Proportion of
share capital
Total
shares held
1 - 100 5,063 0.2% 169,417
101 - 1 000 2,303 0.8% 869,727
1001 - 10 000 606 1.7% 1,908,664
10 001 - 100 000 178 5.3% 5,895,841
100 001 - 500 000 71 15.7% 17,672,122
500 001 - 30 76.4% 85,868,322
8,251 100.0% 112,384,093
More information can be found on Atea’s investor pages online at atea.com/analysts.
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Shareholder InformationShareholder Information Shareholder Information
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Analysts following Atea
Company Name Telephone
ABG Sundal Collier Eirik Thune Øritsland +47 22 01 61 40
Arctic Securities
Kristian Spetalen +47 22 93 72 28
Carnegie
Oliver Schüler Pisani +47 22 00 94 25
DnB
Christoffer Wang Bjørnsen +47 24 16 91 43
Handelsbanken
Daniel Djurberg +46 72 544 55 75
SB1
Petter Kongslie +47 98 41 10 80
Nordea
Kristoffer Bollestad Pedersen +47 93 66 32 57
Danske Bank
Mads Ek Strøm +47 97 09 41 75
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Financial
Statements
Atea Group Financial Statements
26
Atea Group Financial Notes
31
Alternative Performance Measures
81
Atea ASA Financial Statements
90
Atea ASA Financial Notes
95
Auditor’s Report
105
Responsibility statement
110
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Atea Group
Financial Statements
Contents
Consolidated statement of Comprehensive Income
Consolidated statement of Financial Position
Consolidated statement of changes in Equity
Consolidated statement of Cash Flow
Note 01 General information
Note 02 Summary of significant accounting principles
Note 03 Financial risk and capital management
Note 04 Critical estimates and judgements in
applying the entity’s accounting policy
and key sources of estimation uncertainty
Note 05 Segment information
Note 06 Revenue (IFRS) recognition and contract
balances
Note 07 Payroll and related costs
Note 08 Other operating costs
Note 09 Net financial items
Note 10 Taxes
Note 11 Earnings per share
Note 12 Property, plant and equipment
Note 13 Goodwill and intangible assets
Note 14 Inventories
Note 15 Trade and other receivables
Note 16 Share capital and premium, options and
shareholders
Note 17 Trade payables and other current liabilities
Note 18 Borrowings
Note 19 Leases
Note 20 Changes in financial liabilities
Note 21 Liquidity reserve
Note 22 Provisions
Note 23 Classifications of financial instruments
Note 24 Corporate structure of the Atea Group
Note 25 Business combinations and other
business initiatives
Note 26 Contingent liabilities and assets
Note 27 Commitments
Note 28 Related parties
Note 29 Consideration of climate change
Note 30 Events after the balance sheet date
Alternative Performance Measures
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Consolidated statement of Comprehensive Income
NOK in million Note 2022
Restated
2021
Revenue (IFRS) 5, 6 32,397 28,491
Cost of sales 14 -23,395 -20,045
Gross profit 9,002 8,446
Payroll and related costs 7, 16 -6,540 -6,130
Other operating costs 8 -651 -656
EBITDA 1,811 1,660
Depreciation and amortisation 12, 13, 19 -615 -614
Operating profit (EBIT) 1,196 1,046
Financial income 9, 19 8 14
Financial expenses 9, 19 -121 -118
Net financial items 9, 19 -112 -104
Profit before tax 1,084 942
Tax 2, 10 -235 -182
Profit for the period 2 848 760
NOK in million Note 2022
Restated
2021
Profit for the period attributable to:
Shareholders of Atea ASA 848 760
Earnings per share
– earnings per share (NOK) 2, 11 7.62 6.84
– diluted earnings per share (NOK) 2, 11 7.55 6.67
Profit for the period 848 760
Currency translation differences 73 -183
Items that may be reclassified subsequently to profit or loss 73 -183
Other comprehensive income 73 -183
Total comprehensive income for the period 922 577
Total comprehensive income for the period attributable to:
Shareholders of Atea ASA 922 577
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Consolidated statement of Financial Position
NOK in million Note 31 Dec 2022
Restated
31 Dec 2021
Restated
1 Jan 2021
ASSETS
Property, plant and equipment 12 541 493 538
Right-of-use assets 19 1,253 1,200 1,288
Deferred tax assets 10 207 276 303
Goodwill 13 4,132 3,942 4,088
Other intangible assets 13 452 328 289
Investment in associated companies 14 0 0 17
Long-term subleasing receivables 19, 23 36 53 83
Other long-term receivables 15 99 29 20
Non-current assets 6,719 6,321 6,626
Inventories 14 1,198 1,191 797
Trade receivables 6, 15, 23 6,701 5,189 5,818
Other receivables 6, 15, 23 2,268 1,916 1,606
Short-term subleasing receivables 19, 23 45 71 126
Other financial assets 4 7 5
Cash and cash equivalents 23 922 1,353 1,605
Current assets 11,138 9,727 9,957
Total assets 17,858 16,048 16,584
NOK in million Note 31 Dec 2022
Restated
31 Dec 2021
Restated
1 Jan 2021
EQUITY AND LIABILITIES
Share capital and premium 16 680 657 503
Other reserves 1,518 1,444 1,627
Retained earnings 2 1,531 1,406 1,234
Equity 3,728 3,507 3,363
Interest-bearing long-term liabilities 18, 20, 23 - 475 475
Long-term sublease liabilities 19, 20, 23, 27 36 53 83
Long-term leasing liabilities 19, 23 1,018 986 1,039
Other long-term liabilities 23 116 190 7
Deferred tax liabilities 2, 10 145 164 185
Non-current liabilities 1,316 1,867 1,790
Trade payables 17, 23 8,100 6,574 6,934
Interest-bearing current liabilities 18, 20, 23 586 8 7
Current sublease liabilities 19, 20, 23, 27 45 71 126
Current leasing liabilities 19, 23 318 284 310
Tax payable 265 136 133
Provisions 22 50 27 184
Other current liabilities 6, 17, 23 3,424 3,562 3,710
Other financial liabilities 23 26 12 28
Current liabilities 12,813 10,674 11,430
Total liabilities 14,129 12,541 13,220
Total equity and liabilities 17,858 16,048 16,584
Oslo, 29 March 2023
Approved by
The Board of Directors
Ib Kunøe
Chairman of the Board
Morten Jurs
Member of the Board
Sven Madsen
Member of the Board
Saloume Djoudat
Member of the Board
Lisbeth Toftkær Kvan
Member of the Board
Leiv Jarle Larsen
Member of the Board
(employee elected)
Marius Hole
Member of the Board
(employee elected)
Nelly Flatland
Member of the Board
(employee elected)
Steinar Sønsteby
CEO of Atea ASA
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Consolidated statement of changes in Equity
Share capital and premiums
1
Other reserves Retained earnings
NOK in million Share capital Share premium
Other paid-in
capital
Currency
translation
differences
Option
programmes
Retained
earnings Total equity
Balance at 1 January 2021 110 393 879 748 332 922 3,384
Effect of correction of error
3
Balance at 1 January 2021 - as restated 110 393 879 748 332 902 3,363
Other comprehensive income - - - -183 - - -183
Profit for the period - - - - - 760 760
Issue of share capital 2 153 - - - 155
Employee share-option schemes - - - - 49 - 49
Dividend - - - - - -555 -555
Changes related to own shares
2
Balance at 31 December 2021 111 546 879 565 381 1,025 3,507
Balance at 1 January 2022 111 546 879 565 381 1,025 3,507
Other comprehensive income - - - 73 - - 73
Profit for the period - - - - - 848 848
Issue of share capital 0 23 - - - - 23
Employee share-option schemes - - - - 54 - 54
Dividend - - - - - -612 -612
Changes related to own shares
2
-1 - - - - -164 -166
Balance at 31 December 2022 111 569 879 639 434 1,097 3,728
1
See Note 16.
2
Own shares has been used to fulfill the Groups obligation related to the Share based compensation. The amount is net of tax. The tax effect is NOK 5 million in reduced tax (NOK 24 million in 2021).
3
See Note 2.1b.
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Consolidated statement of Cash Flow
NOK in million Note 2022 2021
Profit before tax 1,084 942
Adjusted for:
Net interest expenses 133 84
Depreciation and amortisation 12, 13, 19 615 614
Share based compensation 53 49
Gains on sale of property, plant and equipment and intangible assets -72 -44
Change in inventories -10 -446
Change in trade receivables -1,537 306
Change in trade payables 1,510 -40
Change in other accruals -372 -136
Taxes paid -240 -151
Interest paid -140 -92
Interest received 7 12
Net cash flow from operational activities 1,030 1,096
NOK in million Note 2022 2021
Acquisition of subsidiaries/businesses 25 -119 -1
Purchase of property, plant and equipment and intangible assets 12, 13 -397 -328
Sale of property, plant and equipment and intangible assets 12, 13 76 56
Net cash flow from investment activities -441 -273
Payment from changes in treasury shares -170 -106
Proceeds from new shares issue 23 155
Dividend paid -612 -555
Proceeds from sublease 43 75
Payments of sublease liabilities 20 -43 -75
Payments of lease liabilities 19, 20 -315 -327
Proceeds from raising loans 20 4,923 5,955
Repayment of loans 20 -4,838 -5,991
Cash flow from financing activities -989 -870
Net change in cash and cash equivalents for the year -400 -47
Cash and cash equivalents at the start of the year 21 1,353 1,605
Foreign exchange effect on cash held in a foreign currency -31 -205
Cash and cash equivalents at the end of the year 922 1,353
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Alternative Performance Measures
The financial information is prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by EU. Additionally,
it is management’s intent to provide alternative performance meas-
ures that are regularly reviewed by management to enhance the
understanding of Atea’s performance. As defined in ESMAs guidelines
on alternative performance measures (APM), an APM is defined as
a financial measure of historical or future financial performance,
financial position, or cash flows, other than a financial measure
defined or specified in the International Financial Reporting Standards
as adopted by EU.
Atea uses the following APMs:
Gross sales and revenue (IFRS)
Atea has implemented a change to its accounting policy to comply
with a new guidance from the IFRS interpretations committee. In its
financial reporting through 2021, Atea has recognized revenue from
the resale of standard software and vendor services on a gross basis
(with gross invoiced sales reported as revenue, and costs of the
resold products reported as cost of sales).
Under the new guidance, Atea will recognize revenue from these
products and services on a net basis (with gross invoiced sales, less
costs of the resold products reported as revenue). Atea will continue
to report Gross invoiced sales in its financial statements as an APM.
More details are provided in Note 2, part 2.1 Accounting Policies,
Changes in Accounting Estimates and Errors.
The bridge from Gross sales to revenue (IFRS) is provided below.
The change in accounting policy only affects revenue and cost of
sales, and has no impact on Gross profit, operating profit, net profit
after tax, balance sheet and cash flow statement.
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Full year 2022
NOK in million Norway Sweden Denmark Finland The Baltics Atea Group
Hardware 5,600 9,037 4,983 2,551 966 23,176
Software 3,501 7,094 2,971 986 138 14,782
Services 2,261 3,341 2,260 452 500 8,706
Gross sales 11,362 19,472 10,214 3,989 1,605 46,664
Hardware IFRS 15 adjustments - - - - - -
Software IFRS 15 adjustments 3,188 6,618 2,777 899 125 13,696
Services IFRS 15 adjustments 122 190 200 31 27 571
Total IFRS 15 adjustments 3,310 6,809 2,977 930 153 14,266
Hardware 5,600 9,037 4,983 2,551 966 23,176
Software 312 476 194 87 13 1,087
Services 2,140 3,150 2,060 421 473 8,135
Revenue (IFRS) 8,052 12,663 7,237 3,059 1,452 32,397
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Full year 2021
NOK in million Norway Sweden Denmark Finland The Baltics Atea Group
Hardware 4,939 7,728 4,823 1,862 819 20,212
Software 2,694 6,313 2,817 1,180 150 13,127
Services 2,240 3,128 1,977 412 436 7,976
Gross sales 9,872 17,169 9,617 3,454 1,404 41,316
Hardware IFRS 15 adjustments - - - - - -
Software IFRS 15 adjustments 2,452 5,867 2,646 1,107 138 12,180
Services IFRS 15 adjustments 165 235 196 35 13 644
Total IFRS 15 adjustments 2,617 6,102 2,843 1,141 151 12,824
Hardware 4,939 7,728 4,823 1,862 819 20,212
Software 242 446 170 73 12 947
Services 2,075 2,893 1,781 377 423 7,332
Revenue (IFRS) 7,255 11,068 6,774 2,312 1,254 28,491
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Full year 2022
Local currency in million
Norway
NOK
Sweden
SEK
Denmark
DKK
Finland
EUR
The Baltics
EUR
Atea Group
NOK
Hardware 5,600 9,507 3,669 253 96 23,176
Software 3,501 7,463 2,188 98 14 14,782
Services 2,261 3,514 1,665 45 50 8,706
Gross sales 11,362 20,484 7,522 395 159 46,664
Hardware IFRS 15 adjustments - - - - - -
Software IFRS 15 adjustments 3,188 6,962 2,045 89 12 13,696
Services IFRS 15 adjustments 122 200 147 3 3 571
Total IFRS 15 adjustments 3,310 7,162 2,192 92 15 14,266
Hardware 5,600 9,507 3,669 253 96 23,176
Software 312 500 143 9 1 1,087
Services 2,140 3,314 1,517 42 47 8,135
Revenue (IFRS) 8,052 13,321 5,330 303 144 32,397
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Full year 2021
Local currency in million
Norway
NOK
Sweden
SEK
Denmark
DKK
Finland
EUR
The Baltics
EUR
Atea Group
NOK
Hardware 4,939 7,713 3,529 183 81 20,212
Software 2,694 6,302 2,061 116 15 13,127
Services 2,240 3,122 1,447 41 43 7,976
Gross sales 9,872 17,137 7,037 340 138 41,316
Hardware IFRS 15 adjustments - - - - - -
Software IFRS 15 adjustments 2,452 5,856 1,937 109 14 12,180
Services IFRS 15 adjustments 165 234 144 3 1 644
Total IFRS 15 adjustments 2,617 6,090 2,080 112 15 12,824
Hardware 4,939 7,713 3,529 183 81 20,212
Software 242 446 125 7 1 947
Services 2,075 2,888 1,303 37 42 7,332
Revenue (IFRS) 7,255 11,047 4,957 228 123 28,491
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Pro forma accounts
Pro forma gross sales, revenue (IFRS) and EBITDA includes gross
sales, revenue (IFRS) and EBITDA from business combinations during
2022 and 2021 in both the current and prior full year. Pro forma
financial results are used to calculate organic growth as well as loan
covenant requirements (see below).
Pro forma gross sales and revenue (IFRS) in constant currency
excludes the effect of foreign currency rate fluctuations. Growth
in constant currency is translating gross sales and revenue (IFRS)
recognized during the current period using exchange rates for the
previous period.
NOK in million
Full year
2022
Full year
2021
Gross sales 46,664 41,316
Adjustment for acquisitions 46 84
Pro forma gross sales 46,709 41,400
Pro forma gross sales on last year currency 47,861 42,537
Pro forma growth in constant currency 15.6%
NOK in million
Full year
2022
Full year
2021
Revenue (IFRS) 32,397 28,491
Adjustment for acquisitions 46 84
Pro forma revenue (IFRS) 32,443 28,575
Pro forma revenue (IFRS) on last year
currency 33,202 29,364
Pro forma growth in constant currency 16.2%
EBITDA
EBITDA is defined as Operating profit (EBIT) before depreciation and
amortization. Pro forma EBITDA is used as the basis for loan covenant
requirements.
NOK in million
Full year
2022
Full year
2021
EBITDA 1,811 1,660
Adjustment for acquisitions 1 -1
Pro forma EBITDA 1,812 1,659
Gross profit
Gross profit is defined as revenue (IFRS) less cost of sales. The
Group’s revenue (IFRS) is recognized either gross or net depending
on sales streams. Cost of sales includes products and services
bought from suppliers and resold to customers.
Cost of sales includes all direct expenses for goods and services
directly connected to the sales. Direct costs related to services
include leasing, outsourcing, and freight.
NOK in million
Full year
2022
Full year
2021
Revenue (IFRS) 32,397 28,491
Cost of sales -23,395 -20,045
Gross profit 9,002 8,446
Gross sales margin
Gross sales margin % is defined as gross profit divided by gross sales.
NOK in million
Full year
2022
Full year
2021
Gross sales – products 37,958 33,339
Gross sales – services 8,706 7,976
Total gross sales 46,664 41,316
Product gross profit 4,029 3,607
Services gross profit 4,973 4,840
Total products and services gross profit 9,002 8,446
Product margin 10.6% 10.8%
Services margin 57.1% 60.7%
Gross sales margin % 19.3% 20.4%
Operating expenses
Operating expenses include payroll and related costs, other operating
expenses, depreciation and amortization costs.
NOK in million
Full year
2022
Full year
2021
Payroll and related costs 6,540 6,130
Other operationg costs 651 656
Depreciation and amortization 615 614
Total operating expenses 7,806 7,400
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Free Cash Flow
Free cash flow is defined as cash flow from operations, less capital
expenditures. Capital expenditure is a net of cash payments to
acquire or develop property, plant and equipment, intangible assets
and proceeds from sale of assets.
The company’s dividend policy is to distribute approximately
70-100 percent of net profit after tax to shareholders in the form of
a dividend. Any dividends proposed by the Board of directors to the
annual general meeting shall be justified based on the company’s
dividend policy and its capital requirements.
NOK in million
Full year
2022
Full year
2021
Cash flow from operations 1,030 1,096
Purchase of PPE and intangible assets -397 -328
Sale of PPE and intangible assets 76 56
Capital expenditures through cash -322 -272
Free cash flow 709 824
Net financial position
Net financial position consists of both current and non-current
interest-bearing liabilities, less cash and cash equivalents.
Net financial position is one of the key metrics used in Atea to assess
both the cash position and its indebtedness. It is also used in Atea’s
covenants on debt agreements.
Net financial position does not include incremental net lease liabilities
due to the adoption of IFRS 16 from 1 January 2019. IFRS 16 requires
lessees to recognize most lease contracts on their balance sheet,
including subleases and lease liabilities for Right-of-Use (ROU)
assets (such as facility rental contracts). Atea’s financial covenants
specifically exclude incremental net lease liabilities due to the adoption
of IFRS 16 from the definition of net financial position.
NOK in million 31 Dec 2022 31 Dec 2021
Interest-bearing long-term liabilities - -475
Interest-bearing long-term leasing liabilities -24 -30
Interest-bearing current liabilities -586 -8
Interest-bearing current leasing liabilities -7 -18
Cash and cash equivalents 922 1,353
Net financial position 304 822
Long-term ROU assets leasing liabilities -994 -956
Current ROU assets leasing liabilities -310 -266
Long-term subleasing liabilities -36 -53
Short-term subleasing liabilities -45 -71
Long-term subleasing receivables 36 53
Short-term subleasing receivables 45 71
Incremental net lease liabilities due to
IFRS 16 adoption -1,304 -1,222
Liquidity reserve
Liquidity reserve is a metric used to assess maximum additional
borrowing that is allowed by Atea’s debt covenants as of the balance
sheet date. Liquidity reserve does not show committed loans reserve.
Liquidity reserve is calculated as the difference between Atea’s net
debt limit according to its debt covenants and Atea’s net debt on the
balance sheet date.
Atea’s debt covenants require that Atea limit its net debt on a Group
level to 2.5x pro forma EBITDA for the last 12 months.
NOK in million 31 Dec 2022 31 Dec 2021
Last 12 months pro forma EBITDA 1,812 1,659
Debt covenant ratio 2.5 2.5
Net debt limit 4,531 4,147
Net financial position 304 822
Liquidity reserve 4,835 4,969
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Net Working Capital
Net working capital is defined as non-interest-bearing current assets
net of cash and cash equivalents less non-interest-bearing current
liabilities. The net working capital balance impacts how much funding
is needed for business operations. Net working capital is positively
affected by the securitization program, see Note 18 for more details.
NOK in million 31 Dec 2022 31 Dec 2021
Inventories 1,198 1,191
Trade receivables 6,701 5,189
Other receivables 2,268 1,916
Trade payables -8,100 -6,574
Tax payable -265 -136
Provisions -50 -27
Other current liabilities -3,424 -3,562
Working capital -1,672 -2,003
Securitization effect 1,859 1,848
Working capital before securitization 187 -154
Year to date gross sales 46,664 41,316
Working capital in relation to last 12 months
gross sales -3.6% -4.8%
Adjusted Equity ratio
Atea’s adjusted equity ratio is defined as its equity as a percentage of
its adjusted total assets. Atea’s adjusted total assets are calculated
by deducting incremental lease assets due to the adoption of IFRS 16
(such as right-of-use assets and sublease receivables) from the total
asset balance.
In accordance with Atea’s risk management guidelines, Atea’s
adjusted equity ratio should be above 20%.
NOK in million 31 Dec 2022 31 Dec 2021
Total assets 17,858 16,048
Deduct: incremental lease assets due to
IFRS 16 adoption
Right-of-use assets -1,253 -1,200
Long-term subleasing receivables -36 -53
Short-term subleasing receivables -45 -71
Adjusted total assets 16,523 14,724
Equity 3,728 3,507
Equity ratio 22.6% 23.8%
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Atea ASA
Financial Statements
Contents
Statement of Comprehensive Income Atea ASA
Statement of Financial Positions Atea ASA
Statement of Cash Flow Atea ASA
Statement of Changes in Equity Atea ASA
Note 01 General information and
accounting principles
Note 02 Sensivity analysis
Note 03 Payroll and audit fee
Note 04 Net financial items
Note 05 Taxes
Note 06 Shares in subsidiaries
Note 07 Trade and other receivables
Note 08 Paid-in capital, shareholders and options
Note 09 Trade payables and other current liabilities
Note 10 Long term receivables
Note 11 Interest-bearing liabilities
Note 12 Liquidity reserve
Note 13 Classification of financial instruments
Note 14 Commitment
Note 15 Events after the balance sheet date
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Statement of Comprehensive Income Atea ASA
NOK in million Note 2022 2021
Revenue 1 70 66
Payroll and related costs 3 -49 -64
Depreciation and amortisation -1 -1
Other operating costs -53 -42
Operating profit (EBIT) -33 -41
Financial income 4 1,114 563
Financial expenses 4 -121 -100
Net financial items 4 993 463
Profit before tax 960 422
Tax 5 -39 14
Profit for the period 921 436
Profit for the period 921 436
Items that may be reclassified subsequently to profit or loss - -
Other comprehensive income - -
Total comprehensive income for the period 921 436
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Statement of Financial Positions Atea ASA
NOK in million Note 31 Dec 2022 31 Dec 2021
ASSETS
Deferred tax assets 5 189 221
Other long-term receivables 10, 13 800 800
Investments in subsidiaries 6 3,841 3,804
Non-current assets 4,830 4,826
Trade receivables 13 139 65
Other receivables 7, 13 1,758 1,173
Cash and cash equivalents 11, 13 - 460
Current assets 1,897 1,698
Total assets 6,727 6,524
NOK in million Note 31 Dec 2022 31 Dec 2021
EQUITY AND LIABILITIES
Share capital and premium 8 680 657
Other reserves 879 879
Retained earnings 623 431
Equity 2,184 1,968
Interest-bearing long-term liabilities 11, 13 0 475
Non-current liabilities 0 475
Trade payables 9 25 12
Interest-bearing current liabilities 11, 13 477 2
Tax payable 5 7 -
Other current liabilities 9 194 160
Other financial liabilities 9, 13 3,839 3,906
Current liabilities 4,543 4,081
Total liabilities 4,543 4,556
Total equity and liabilities 6,727 6,524
Oslo, 29 March 2023
Approved by
The Board of Directors
Ib Kunøe
Chairman of the Board
Morten Jurs
Member of the Board
Sven Madsen
Member of the Board
Saloume Djoudat
Member of the Board
Lisbeth Toftkær Kvan
Member of the Board
Leiv Jarle Larsen
Member of the Board
(employee elected)
Marius Hole
Member of the Board
(employee elected)
Nelly Flatland
Member of the Board
(employee elected)
Steinar Sønsteby
CEO of Atea ASA
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Statement of Cash Flow Atea ASA
NOK in million Note 2022 2021
Profit before tax 960 422
Adjustment for:
Net interest expenses 64 33
Depreciation and amortization 1 1
Share-based compensation 17 13
Interest received 72 42
Interest paid -136 -75
Change in trade receivables -73 11
Change in trade payables 13 -4
Other changes in working capital -552 345
Cash flow from operational activities 364 787
Dividend paid -612 -555
Payments from changes in treasury shares 8 -170 -106
Proceeds from new share issue 8 23 155
Payments of lease liabilities -1 -1
Changes in debt -64 -411
Cash flow from financing activities -824 -918
Net change in cash and cash equivalents at the start for the year -460 -131
Cash and cash equivalents at the start of the year 11 460 590
Cash and cash equivalents at the end of the year 11 - 460
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Statement of Changes in Equity Atea ASA
Share capital and premiums Other reserves Retained earnings
NOK in million Share capital
1
Share premium
Other paid-in
capital
Option
programmes
Retained
earnings Total equity
Balance at 1 January 2021 110 393 879 332 258 1,972
Profit for the year - - - - 436 436
Issue of share capital 2 153 - - - 155
Employee share option programmes, value of employee contributions - - - 49 - 49
Dividend - - - - -555 -555
Changes related to own shares - - - - -88 -88
Equity at 31 December 2021 112 546 879 381 50 1,968
Balance at 1 January 2022 112 546 879 381 50 1,968
Profit for the year - - - - 921 921
Issue of share capital 0 23 - - - 23
Employee share option programmes, value of employee contributions - - - 54 - 54
Dividend - - - - -612 -612
Changes related to own shares - - - - -170 -170
Equity at 31 December 2022 112 569 879 435 189 2,184
1
See also Note 8.
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Note 01 General information and accounting principles
About Atea ASA
These are the financial statements of Atea ASA, which is the holding
company for the Group and includes the Group’s top management
and associated staff functions (9 employees). See also Note 1 in the
Group’s consolidated financial statements.
Revenue
Atea ASA charges group costs to subsidiaries. As a holding company,
Atea ASA is a purely administrative unit offering services for the
subsidiaries in all the countres. All revenue is related to intercompany
transactions and based on market prices.
Accounting principles
The accounts have been prepared in accordance with simplified IFRS
pursuant to section 3-9 of the Norwegian Accounting Act.
The explanation of the accounting policies for the group also apply
to the parent company, and the notes to the consolidated financial
statements will in some cases cover the parent company. See Note 2
in the explanation of the accounting policy in the Group’s consolidated
financial statements.
Critical accounting estimates and assessments in applying the
group’s accounting policies is mainly related to the valuation of assets
(investment in subsidiaries with a book value of NOK 3,841 million, as
well as deferred tax assets of NOK 189 million at 31 December 2022).
See also Note 4 in the Group’s consolidated financial statements.
There may be figures and percentages that do not always add up
correctly due to rounding differences.
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Note 02 Sensivity analysis
Sensitivity analysis 2022:
Interest rate risk Foreign currency risk
+ 200 bp
1
- 200 bp
1
+ 10% - 10%
NOK in million
Amount
affected
Effect on
profit/loss
Other effects
on equity
Effect on
profit/loss
Other effects
on equity
Amount
affected
Effect on
profit/loss
Other effects
on equity
Effect on
profit/loss
Other effects
on equity
Financial assets
- NOK 959 19 - -19 - - - - - -
- SEK -2 -0 - 0 - -2 -0 - 0 -
- DKK -134 -3 - 3 - 1,410 141 - -141 -
- EUR 97 2 - -2 - 97 10 - -10 -
- USD -131 -3 - 3 - -131 -13 - 13 -
Effect on financial assets before tax 16 - -16 - 137 - -137 -
Tax expense (22%) -3 - 3 - -30 - 30 -
Effect on financial assets after tax 12 - -12 - 107 - -107 -
Financial liability items
- NOK -2,767 -55 - 55 - - - - - -
- SEK -447 -9 - 9 - -447 -45 - 45 -
- DKK -243 -5 - 5 - -243 -24 - 24 -
- EUR -566 -11 - 11 - -566 -57 - 57 -
- USD -492 -10 - 10 - -492 -49 - 49 -
Effect on financial liability items before tax -90 - 90 - -175 - 175 -
Tax expense (22%) 20 - -20 - 38 - -38 -
Effect on financial liability items after tax -70 - 70 - -136 - 136 -
Total increase/reduction -58 - 58 - -29 - 29 -
1
Basis points.
At the end of 2022 Atea ASA had following forward contracts:
- buying SEK 476,8 million and selling NOK 451,1 million, in less than three months, at the exchange rate of 0.9461137 with an estimated fair value of NOK -0,1 million
- buying USD 48 million and selling DKK 334,4 million, in less than three months, at the exchange rate of 6.96557 with an estimated fair value of NOK -0,6 million
- buying USD 13,1 million and selling NOK 128,6 million, in less than three months, at the exchange rate of 9.85579 with an estimated fair value of NOK -0,2 million
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Sensitivity analysis 2021:
Interest rate risk Foreign currency risk
+ 200 bp
1
- 200 bp
1
+ 10% - 10%
NOK in million
Amount
affected
Effect on
profit/loss
Other effects
on equity
Effect on
profit/loss
Other effects
on equity
Amount
affected
Effect on
profit/loss
Other effects
on equity
Effect on
profit/loss
Other effects
on equity
Financial assets
- NOK 920 18 - -18 - - - - - -
- SEK -8 -0 - 0 - -8 -1 - 1 -
- DKK -3 -0 - 0 - 1,152 115 - -115 -
- EUR 249 5 - -5 - 249 25 - -25 -
- USD 102 2 - -2 - 102 10 - -10 -
Effect on financial assets before tax 25 - -25 - 150 - -150 -
Tax expense (22%) -6 - 6 - -33 - 33 -
Effect on financial assets after tax 20 - -20 - 117 - -117 -
Financial liability items
- NOK -2,375 -47 - 47 - - - - - -
- SEK -1,111 -22 - 22 - -1,111 -111 - 111 -
- DKK -499 -10 - 10 - -499 -50 - 50 -
- EUR -213 -4 - 4 - -213 -21 - 21 -
- USD -343 -7 - 7 - -343 -34 - 34 -
Effect on financial liability items before tax -91 - 91 - -217 - 217 -
Tax expense (22%) 20 - -20 - 48 - -48 -
Effect on financial liability items after tax -71 - 71 - -169 - 169 -
Total increase/reduction -51 - 51 - -52 - 52 -
1
Basis points.
At the end of 2021 Atea ASA had following forward contracts:
- buying SEK 781,6 million and selling NOK 760,9 million, in less than three months, at the exchange rate of 0.9735783 with an estimated fair value of NOK -0,08 million
- buying USD 26,7 million and selling DKK 175,6 million, in less than three months, at the exchange rate of 6.5678728 with an estimated fair value of NOK -0,4 million
- buying SEK 332,4 million and selling DKK 241,5 million, in less than three months, at the exchange rate of 1.3764331 with an estimated fair value of NOK -1,8 million
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Note 03 Payroll and audit fee
NOK in million 2022 2021
Wages and salaries to employees -29 -30
Total social security costs -4 -4
Option plans for the management and employees -15 -28
Pension costs -1 -1
Total payroll and related costs -49 -64
Average number of full time employees 9 10
Wages and remuneration to the CEO, CFO, Board of Directors and the employees’ share option plans are
described in Note 7 in the Group’s consolidated financial statements.
Deloitte is the auditor of Atea ASA. The table below shows Deloitte’s total charges for auditing and other
services in 2022. All amounts are exclusive of VAT.
NOK in million 2022 2021
Auditor's fees -1.6 -0.9
Total -1.6 -0.9
Note 04 Net financial items
NOK in million 2022 2021
Dividend from subsidiaries 829 499
Group contribution 189 -
Other financial income 24 22
Interest income from subsidiaries 21 11
Other interest income 51 31
Total financial income 1,114 563
Foreign exchange effects 20 -22
Interest expenses from other loans -136 -75
Other financial expense -4 -3
Total financial expenses -121 -100
Total net financial items 993 463
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Note 05 Taxes
Income tax recognized in profit or loss:
NOK in million 2022 2021
Current tax -7 -
Deferred tax -33 14
Total income tax expenses -39 14
The income tax expense for the year can be reconciled to the accounting profit as follows:
NOK in million 2022 2021
Profit before tax 960 422
Income tax expense calculated at 22% -211 -93
Tax effect of:
- income non taxable and expenses non deductible 172 107
Total income tax expenses recognised in Comprehensive income -39 14
Effective tax rate -4.1% 3.3%
The tax payable is related to limitation of taxable interest deduction.
Deferred tax balances are presented in the statement of financial position as follows:
NOK in million 2022 2021
Deferred tax assets related to carryforward losses
1
186 218
Other temporary differences 2 2
Net deferred tax assets 189 221
1
Atea ASA tax loss carryforwards amounted to NOK 848 million at the end of 2022 (NOK 990 million at the end of 2021)
The amount is recognised in the Financial position as deferred tax assets, because Atea ASA is receiving taxable group contributiopn from
its subsidiary Atea AS. There are no time restrictions on the utilisation of tax loss carryforwards.
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Note 06 Shares in subsidiaries
Financial year 2022
NOK in million Head office
Ownership and
voting share (%)
Equity at
31 December Book value Primary activity
Atea AS (Norway) Oslo, Norway 100 1,104 466 IT infrastructure
Atea Holding AB (Sweden) Stockholm, Sweden 100 966 1,104 IT infrastructure
Atea Holding A/S (Denmark) Copenhagen, Denmark 100 1,709 1,595 IT infrastructure
Atea Holding OY (Finland) Helsinki, Finland 100 286 319 IT infrastructure
Atea Baltic UAB (Baltics) Vilnius, Lithuania 100 265 231 IT infrastructure
Atea Global Services SIA Riga, Latvia 100 49 0 Services
AppXite SIA Riga, Latvia 100 52 127 IT infrastructure
Atea Service Center AB Stockholm, Sweden 100 6 0
Securitization contract
management
Total shares in subsidiaries 3,841
Financial year 2021
NOK in million Head office
Ownership and
voting share (%)
Equity at
31 December Book value Primary activity
Atea AS (Norway) Oslo, Norway 100 1,124 460 IT infrastructure
Atea Holding AB (Sweden) Stockholm, Sweden 100 1,137 1,072 IT infrastructure
Atea Holding A/S (Denmark) Copenhagen, Denmark 100 1,634 1,526 IT infrastructure
Atea Holding OY (Finland) Helsinki, Finland 100 251 296 IT infrastructure
Atea Baltic UAB (Baltics) Vilnius, Lithuania 100 195 272 IT infrastructure
Atea Global Services SIA Riga, Latvia 100 33 1 Services
AppXite SIA Riga, Latvia 100 60 177 IT infrastructure
Atea Service Center AB Stockholm, Sweden 100 4 0
Securitization contract
management
Total shares in subsidiaries 3,804
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Note 07 Trade and other receivables
NOK in million 2022 2021
Prepaid expenses (short-term) 4 7
Other short-term receivables in the same group 210 11
Junior Note
1
1,544 1,155
Total other receivables 1,758 1,173
1
Junior Note is receivables from subsidiaries related to Securitization program.
See Note 18 in Atea Group Financial Statements and Notes.
Note 08 Paid-in capital, shareholders and options
Number of shares Share capital
NOK in million, except Number of shares Issued Treasury shares Issued Treasury shares Share premium
Total share capital
and premiums
At 1 January 2021 110,119,046 -736,844 110 -1 393 503
Issue of Share capital
1
2,011,563 - 2 - 153 155
Changes related to own shares
2
- 128,277 - 0 - 0
At 31 December 2021 112,130,609 -608,567 112 -1 546 657
At 1 January 2022 112,130,609 -608,567 112 -1 546 657
Issue of Share capital
1
253,484 - 0 - 23 23
Changes related to own shares
2
- -1,177,931 - -1 - -1
At 31 December 2022 112,384,093 -1,786,498 112 -2 569 680
All the shares have equal rights. All the shares issued by the company are fully paid.
Atea ASA holds 1,786,498 treasury shares at 31 December 2022 (608,567 at 31 December 2021).
1
Issue1) Issue of Share capital is related to Share options for the Management and selected employees.
Share options have been allotted to the management and selected employees. Each share option allows for the subscription of one share in Atea ASA
The fair value of the options is calculated when they are allotted and expensed over the vesting period.
A cost of NOK 17 million has been charged as an expense in the income statement in 2022 relating to the share option programmes (NOK 13 million in 2021).
In addition, National Insurance contribution expense of NOK -2 million has been charged as an expense in 2022 (NOK 16 million in 2021).
See Note 16 in Atea Group Financial Statements and Notes.
2
Related to Share options for the Management and selected employees
The sales price for the shares in 2022 was NOK 59 million (with remaining NOK 58 million affecting retained earnings).
The purchased price for the shares in 2022 was NOK 230 million (with remaining NOK 228 million affecting Other unrecognized reserves).
Total effect on Equity was negative by NOK 170 million.
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Note 09 Trade payables and other current liabilities
NOK in million 2022 2021
Trade payables 22 1
Trade payables in the same group 3 11
Total trade payables 25 12
Other current liabilities
1
194 160
Deposit in cash pool from subsidiaries
2
3,839 3,904
Total other financial liabilities 3,839 3,904
1
Includes Other payable related to securitization, NOK 169 million (NOK 105 million in 2021). See Note 18 in Atea Group Financial
Statements and Notes.
2
Atea ASA has entered into a multicurrency cash pool agreement, or global cash pool system (“cash pool”), and established a cash
pooling account with Nordea that it uses to facilitate the daily working capital requirements of the majority of the group’s subsidiaries.
Atea is charged or receives interest on the net Top Currency Accounts. Under the cash pool arrangement each Participants accounts
are credited/debited interest irrespective of the net position on the Top Currency Accounts.
Note 10 Long term receivables
NOK in million 2022 2021
Long-term receivables
Long-term receivables from subsidiaries
1
800 800
Total receivables 800 800
1
Interest is charged on long-term claims against subsidiaries at the 12-month interbank rate plus a company-specific margin calculated
based on the subsidiaries’ respective creditworthiness. The interest is charged and falls due annually in arrears. The principal amount will
not fall due for payment in the foreseeable future.
Note 11 Interest-bearing liabilities
Interest-bearing long-term liabilities
NOK in million 2022 2021
Other long-term debt
2
0 475
Interest-bearing long-term liabilities 0 475
2
European Investment Bank, NOK 475 million
Atea ASA has entered into a loan agreement with the European Investment Bank in May 2018. The loan is unsecured, and will be repaid in
a single installment following a term of five years.
Interest-bearing current liabilities
NOK in million 2022 2021
Short-term loan facility 477 1
Interest-bearing current liabilities 477 2
Maturity analysis for loans 2022
NOK in million
Less than
1 month 1-3 months
3 months
to 1 year 1-5 years Total
Short-term financing - - 477 - 477
Long-term financing - - - 0 0
Total - - 477 0 477
Maturity analysis for loans 2021
NOK in million
Less than
1 month 1-3 months
3 months
to 1 year 1-5 years Total
Short-term financing - - 2 - 2
Long-term financing - - - 475 475
Total - - 2 475 477
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Note 12 Liquidity reserve
Atea Group liquidity reserve is limited by a bond covenant ratio in
2022 and 2021 of 2.5x Atea Group EBITDA (net debt/last twelve
months pro forma EBITDA). See Note 21 in Atea Group Financial
Statements and Notes. Atea ASA (as standalone company) liquidity
is not limited by any covenants.
Note 13 Classification of financial instruments
2022
NOK in million
Amortised
cost Fair value
1
Financial assets
Interest-bearing long-term receivables 800 800
Trade receivables 139 139
Other receivables
2
1,754 1,754
Cash and cash equivalents - -
Financial liabilities
Trade payables 22 22
Trade payables in the same group 3 3
Other current liabilities
3
4,515 4,515
1
Book value is a reasonable estimate of fair value in cases where these numbers are
identical
2
Less prepaid expenses
3
Including deposit in Cash pool from subsidiaries. See Note 9.
2021
NOK in million
Amortised
cost Fair value
1
Financial assets
Interest-bearing long-term receivables 800 800
Trade receivables 65 65
Other receivables
2
1,166 1,166
Cash and cash equivalents 460 460
Financial liabilities
Interest-bearing long-term liabilities 475 475
Trade payables 1 1
Trade payables in the same group 11 11
Other current liabilities
3
4,065 4,065
1
Book value is a reasonable estimate of fair value in cases where these numbers are
identical
2
Less prepaid expenses
3
Including deposit in Cash pool from subsidiaries. See Note 9.
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Note 14 Commitment
NOK in million 2022 2021
Guarantees to financial institutions
1
1,896 2,157
Guarantees to business associates
2
6,963 5,159
Total commitments 8,859 7,316
1
Atea ASA has issued guarantees in favor of Nordea Bank and Nordea Finans as security for the facilities provided for the subsidiaries (see
Note 18 and Note 27 in Atea Group Financial Statements and Notes).
In addition to facilities disclosed in Note 18, Atea ASA issued guarantees for sublease facilities of NOK 82 million in 2022 (NOK 124 million
in 2021).
2
As part of the ordinary operations, parent company guarantees are furnished to suppliers and partners on behalf of subsidiaries.
It is considered improbable (i.e. < 10%) that Atea ASA will incur any charges as a result of guarantee liabilities the company has incurred
on behalf of the subsidiaries. Since the financing companies were established in 2007, no losses have been incurred with respect to the
residual value of leasing activities.
A bank guarantee of NOK 3.5 million has been issued to cover the witholding tax for employees in Atea ASA.
Note 15 Events after the balance sheet date
See Note 30 in Atea Group Financial Statements and Notes.
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Auditor’s Report
To the General Meeting of Atea ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Atea ASA, which comprise:
• The financial statements of the parent company Atea ASA (the Company), which comprise the
statement of financial position as at 31 December 2022, the statement of comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and notes
to the financial statements, including a summary of significant accounting policies, and
• The consolidated financial statements of Atea ASA and its subsidiaries (the Group), which comprise
the statement of financial position as at 31 December 2022, the statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies.
In our opinion:
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company
as at 31 December 2022, and its financial performance and its cash flows for the year
then ended in accordance with simplified application of international accounting stand-
ards according to section 3-9 of the Norwegian Accounting Act, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2022, and its financial performance and its cash flows for the year then
ended in accordance with International Financial Reporting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial
Statements
section of our report. We are independent of the Company and the Group as required by relevant
laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code),
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 16 years from the election by the general meeting of the
shareholders on 27 April 2006 for the accounting year 2006.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
The key audit mattes identified in our audit are:
• Impairment of goodwill
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo, Norway
Tel: +47 23 27 90 00
www.deloitte.no
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as
“Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL
member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.no to learn more.
© Deloitte AS
Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
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Impairment of goodwill
Key audit matter
As disclosed in note 13 the carrying amount of goodwill amounted to NOK 4,132 million as at 31 December 2022.
The Group allocates goodwill to the cash-generating units which management has determined are the coun-
tries of operation, which also are defined as the Group’s segments.
Determining whether goodwill and are impaired requires estimation of the value in use. As disclosed in note 4
and 13, the value in use calculation requires management to make significant estimates and assumptions
related to future revenues, profit margins, costs and capital employment. The outcome of impairment
assessments may vary significantly, dependent on the assumptions applied.
Due to the significant judgment involved in determining the assumptions used in the testing for impairment
of goodwill we have assessed this to be a Key Audit Matter.
How the matter was addressed in the audit
We challenged the assumptions and judgement used in the impairment model for assessing the
recoverability of the carrying amount of goodwill. Our procedures included:
• We obtained an understanding of management’s process for impairment testing of goodwill.
• We assessed the appropriateness of the identification of cash-generating units.
• We tested the methodology applied to estimate recoverable amount
against the requirements of IAS 36, Impairment of assets.
• We obtained an understanding of and assessed the basis for the
key assumptions for the estimated cash flows.
• We challenged the key assumptions used in the estimation of cash flow including the growth rate.
• We assessed the discount rate applied by benchmarking against independent market data.
• We tested the mathematical accuracy of management’s impairment model.
• We used Deloitte valuation specialists in our audit of the impairment assessment of goodwill.
• We also assessed the adequacy of the related notes in the financial statements.
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Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in
the Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and our
auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board
of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying
the financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise appear
to be materially misstated. We are required to report if there is a material misstatement in the Board of
Directors’ report or the other information accompanying the financial statements. We have nothing to report
in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with simplified application of international accounting standards according to the Norwegian
Accounting Act section 3-9, and for the preparation and true and fair view of the consolidated financial
statements of the Group in accordance with International Financial Reporting Standards as adopted by the
EU, and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Group or
to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and the Group’s internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
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• conclude on the appropriateness of management’s use of the going concern basis of accounting,
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or condi-
tions may cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit.
We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical require-
ments regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclo-
sure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Atea ASA, we have performed an assurance engagement
to obtain reasonable assurance about whether the financial statements included in the annual report, with
the file name 5967007LIEEXZXINVS13-2022-12-31-en.zip, have been prepared, in all material respects, in
compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European
Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian
Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML
format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in compliance with
ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements
(ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”.
The standard requires us to plan and perform procedures to obtain reasonable assurance about whether
the financial statements included in the annual report have been prepared in compliance with the ESEF
Regulation.
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As part of our work, we have performed procedures to obtain an understanding of the Company’s processes
for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the
financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of
the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement.
Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in
human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Oslo, 29 March 2023
Deloitte AS
Espen Johansen
State Authorised Public Accountant
(This document is signed electronically)
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Responsibility statement
We confirm to the best of our knowledge that:
• the consolidated financial statements for 2022 have been prepared in accordance with IFRS as adopted by EU, as well as addi-
tional information requirements in accordance with the Norwegian Accounting Act, and that
• the financial statements for the parent company for 2022 have been prepared in accordance with simplified IFRS pursuant to section 3-9 of the
Norwegian Accounting Act, as well as additional information requirements in accordance with the Norwegian Accounting Act, and that
• the information presented in the financial statements gives a true and fair view of the Company’s and Group’s assets, liabil-
ities, financial position and result for the period viewed in their entirety, and that
• the Board of Directors’ report gives a true and fair view of the development, performance and financial position
of the Company and Group, and includes a description of the principal risks and uncertainties.
Oslo, 29 March 2023
Approved by
The Board of Directors
Ib Kunøe
Chairman of the Board
Morten Jurs
Member of the Board
Sven Madsen
Member of the Board
Saloume Djoudat
Member of the Board
Lisbeth Toftkær Kvan
Member of the Board
Leiv Jarle Larsen
Member of the Board
(employee elected)
Marius Hole
Member of the Board
(employee elected)
Nelly Flatland
Member of the Board
(employee elected)
Steinar Sønsteby
CEO of Atea ASA
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Statement of Corporate Governance
The Board of Directors and management of Atea ASA (the
“company”) aim to execute their respective tasks in accord-
ance with the highest standards for corporate governance.
Atea’s standards for corporate governance provide a critical
foundation for the company’s management. These principles
must be viewed in conjunction with the company’s efforts to
constantly promote a sound corporate culture throughout the
organization. The company’s core values of respect, trust,
accountability and equal treatment are central to the Board’s
and management’s efforts to build confidence in the company,
both internally and externally.
The company’s and its subsidiaries’ (“Atea” or the “Group”)
policy on corporate governance are provided in the annual
report and on the company’s website. Atea’s principles for
corporate governance are based on Norwegian law, regula-
tions by the Oslo Stock Exchange and the Norwegian Code of
Practice for Corporate Governance (the “Code”) published by
the Norwegian Corporate Governance Board on October 14,
2021. These principles are described in detail below.
1. Implementation and reporting
on corporate governance
The Board of Directors is responsible for the implementation
of sound corporate governance policies across the Group,
in accordance with the Norwegian Code of Practice for
Corporate Governance. If Atea does not fully comply with this
Code, the company provides an explanation of the reason for
the deviation and what solution it has selected.
2. Business operations
The business objective of Atea as stated in the Articles of
Association is as follows: “The objective of the company is the
sale of IT services, equipment, systems and related products,
hereunder to participate in other companies having financial
purposes.” The Articles of Association are available on the
company’s website.
Each year, the Board of Directors conducts a full-day meeting
with Management to evaluate the Group’s business strategy.
During the meeting, clear objectives, strategies and risk
profiles for the Group’s business activities are defined in
order to create value for shareholders. The business strategy
provides Management with a basis for carrying out invest-
ments and other structural measures.
Atea’s sustainability guidelines are an essential component
of the Group’s business strategy. The sustainability guidelines
include an impact assessment of the Group’s business
strategy on external stakeholders. An annual Sustainability
report containing these guidelines is published at
atea.com/esg-overview/.
3. Equity and dividends
Capital structure
The Board of Directors continuously assesses Atea’s capital
structure, financial strength and capital requirements in light of
Atea’s business objectives, strategy and risk profile.
Dividend
Atea’s objective is to offer competitive returns to its share-
holders through capital appreciation and a high dividend
pay-out.
The company’s policy is to distribute approximately 70-100%
of net profit after tax to shareholders in the form of a dividend.
Any dividends proposed by the Board to the General Meeting
shall be justified based on the company’s dividend policy and
its capital requirements, in accordance with the Norwegian
Public Companies Act (allmennaksjeloven) § 8-1.
Powers of attorney to the Board of Directors
Powers of attorney granted by the shareholders to the Board
of Directors at the General Meeting to increase the company’s
share capital or to purchase own shares shall be limited to
specific purposes, and each purpose shall be treated as a
separate issue in the General Meeting. Powers of attorney to
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the Board of Directors are only provided with a term until the
next Annual General Meeting.
The general meeting can approve multiple mandates. In such
an instance, the proposals for the mandates should stipulate
a limit on the overall amount by which the board shall be
permitted to increase the company’s share capital.
4. Equal treatment of shareholders
Equal treatment
Neither the Board of Directors, Management, or the General
Meeting may make any decision that is intended to give
an unreasonable advantage to certain shareholders at the
expense of other shareholders or the company.
Decisions to waive the share-
holders’ pre-emption rights
Any proposal to waive the pre-emption rights of existing
shareholders to subscribe for shares in the event of share
capital increase will be justified. If the Board of Directors has
been granted a power of attorney to increase the company’s
share capital and waive the pre-emption rights of existing
shareholders, justification of such resolution will be disclosed
in a stock exchange announcement issued in connection with
the resolution.
Purchase of own shares
Transactions the company will carry out in its own shares
will be made either through the stock exchange or if made
otherwise, at a prevailing stock exchange price. In case of
limited liquidity in the company’s shares, the company will
consider other means of such transactions to ensure equal
treatment of all shareholders.
Insider trading
The Board of Directors has adopted instructions for the
Group’s employees and primary insiders relating to inside
information and trading in financial instruments, including the
duty of confidentiality, prohibition of trading, investigation and
reporting requirements, and ban on giving advice.
5. Shares and negotiability
Atea ASA has only one class of shares. All shares have equal
rights. The Articles of Association do not contain any restrictions
when it comes to voting rights, ownership or trading of shares.
6. General meetings
The General Meeting guarantees shareholder’s participation in
the company’s highest body. An Annual General Meeting shall
be held within June 30 each year. Notice of the General Meeting
shall be sent to all the shareholders with a known address.
The right to participate in and vote at the General Meeting
may only be exercised when ownership of shares has been
recorded in the company’s shareholder register (VPS) on
the fifth weekday prior to the General Meeting being held,
pursuant to Article 9 of the company’s Articles of Association.
Shareholders that wish to participate in the General Meeting
(personally or through proxy) must, pursuant to Article 10
of the Articles of Association, notify the company within a
deadline that will be provided in the summons, and which shall
be no less than 5 days prior to the date on which the General
Meeting is held. Registration for the General Meeting is made
in writing by letter or through the Internet.
The Notice will provide the agenda for the General meeting,
and sufficiently detailed, and specific information on each
item on the agenda for the General Meeting so that the
shareholders can make a decision on the matters that are to
be resolved. The Notice will provide information on direct and
proxy voting procedures (including information on a person
who will be available to vote on behalf of the shareholders
as their proxy), which enable shareholders to vote separately
for each individual agenda item or candidate that shall be
elected. Shareholders may provide their votes in writing or
electronically, although no later than two days in advance of
the General Meeting.
At a minimum, the Board Chairman, Chief Executive Officer,
Chief Financial Officer, auditor, and a member of the
Nomination Committee participate at the General Meeting. The
General Meeting is chaired by an independent chairperson
elected in the meeting.
In addition to the Annual General Meeting, an Extraordinary
General Meeting may be called by the Board. Shareholders
who represent at least 5% percent of the shares may, pursuant
to Section 5–7 of the Norwegian Public Limited Companies
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Act, demand an Extraordinary General Meeting to address a
specific matter.
7. The Nomination Committee
The Nomination Committee shall, pursuant to Article 7 of the
Articles of Association, consist of the Board Chairman and two
members elected by the General Meeting. The members who
are elected by the General Meeting have a term of office of
two years. The Nomination Committee was re-elected by the
Annual General Meeting in 2021.
The Nomination Committee’s duties should be to propose
candidates for election to the Board of Directors and to
propose the fees to be paid to the Board members. The
Nomination Committee may also propose new members to
the Nomination Committee. The nomination committee should
justify its recommendations for each candidate separately.
The General Meeting has stipulated guidelines for the duties
and composition of the Nomination Committee. The guidelines
state that elected members of the Nomination Committee
should a) be independent of the Board of Directors and the
company’s main shareholders, b) have competence and
experience with respect to the position as Board member, c)
have good knowledge and competence within the area of the
Group’s business and d) be well oriented within the Nordic
industry and commerce. The guidelines further state that the
Nomination Committee should have contact with major share-
holders, Board members and the CEO as part of its work on
proposing candidates for election to the Board of Directors.
Atea has made arrangements on its website (atea.com/compli-
ance/) whereby shareholders may submit proposals to the
Nomination Committee for candidates for election as members
of the Board of Directors.
The Code (article 7) states that; “The nomination committee
should not include any executive personnel or any member
of the company’s board of directors.” The company deviates
from the recommendation as the Board Chairman is a member
of the Nomination Committee. The participation of the Board
Chairman in the Nomination committee is stated in the Articles
of Association of the company, which have been approved by
the Annual General Meeting. The Board is of the opinion that
the Board Chairman is a valuable member of the Nomination
committee, as the Chairman has frequent contact with the share-
holders and is in the best position to understand the operation of
the Board and contribution of the individual Board members.
8. Board of directors: composition and independence
Corporate Assembly
An agreement has been entered into with the employees of the
Norwegian part of the Group, whereby a Corporate Assembly
shall not be established, but the employees shall instead increase
their representation in the Board of Directors as provided by the
Norwegian Public Limited Companies Act § 6-4 (3).
Election and composition of the Board of Directors
The General Meeting elects the shareholder’s representatives
to the Board of Directors. The Nomination Committee prepares
the nominations for shareholder-elected Board members
prior to the election, as stated in Article 7 above. Resolutions
concerning the composition of the Board of Directors are
made on the basis of a simple majority. The Board of Directors
elects the Board Chairman. This deviates from the Code,
which states that the Board Chairman should be elected by
the General Meeting. The reason for such deviation is that
it has been agreed with employees and shareholders that a
Corporate Assembly shall not be established and then the
Board Chairman shall, pursuant to the Norwegian Public Limited
Companies Act § 6-1 (2), be elected by the Board of Directors.
Systemintegration ApS is the company’s largest shareholder
and is represented by two Board members. The other Board
members are independent of the company’s largest shareholders
and the company’s management. The Board members are
elected for a term of two years and may stand for re-election.
Independence of the Board of Directors
The Board of Directors considers itself to be independent of
the Group’s management, and free of any conflict of interest
between the shareholders, Board of Directors, corporate
management and the company’s other stakeholders. The
annual report provides information on the Board member’s
participation in Board meetings and their competence.
Members of the Board of Directors are encouraged to own
shares in Atea.
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9. The Board of Directors work
The Board of Director’s duties in general
The Board of Directors has primary responsibility for govern-
ance of the Group. The function of the Board of Directors
is primarily to safeguard the interests of the shareholders.
However, the Board of Directors also bears responsibility for
the company’s other stakeholders.
The Board of Directors shall hire the Chief Executive Officer,
direct the Group’s strategy, and ensure proper control and
risk management of the company’s assets, business opera-
tions and financial reporting. Matters of importance for these
objectives shall be reviewed and, if necessary, approved by
the Board of Directors. For example, the Board will formally
approve the Group’s annual and quarterly reports, business
strategy and M&A plans.
Rules of procedure
The work of the Board of Directors is described in guidelines
which are approved by the Board. The guidelines relate to the
Board’s responsibilities and authority, the administration of
Board meetings, and the Board’s confidentiality and conflict of
interest requirements.
The Board of Directors has routines in place to ensure that
members of the Board and executive personnel make the
company aware of any material interests that they may have in
items to be considered by the Board of Directors. A member of
the Board of Directors or executive team may not participate
in the discussion or decision of any matter which is of such
particular importance or financial interest to himself or any
related party. If the chairman of the Board is or has been
personally involved in matters of a material character, the
Board’s consideration of such matters is chaired by another
member of the Board of Directors.
Transactions with related parties
In the event of transactions between the company and its
related parties, such as transactions with a shareholder, a
shareholder’s parent company, members of the Board of
Directors, executive personnel or close associates of any such
parties, the Board of Directors will arrange for an assessment
of the transaction to be obtained from an independent third
party, however, this will not apply if the transaction requires
approval from the General Meeting pursuant to the Public
Limited Liability Companies Act. Further, independent valu-
ations will also be arranged in case of transactions between
companies in the Group where any of the companies involved
have minority shareholders.
The Board charter states how the board of directors and
executive management shall handle agreements with related
parties, including whether an independent valuation must be
obtained.
Notice and structure of meetings
The Board of Directors schedules fixed meetings every year.
Normally six to eight meetings are held annually. Additional
meetings are called as required.
The Board of Directors discussions and minutes of meetings
are kept confidential, unless the Board of Directors determines
otherwise or if there is clearly no need for such treatment. In
addition to the Board members, the Chief Executive Officer,
Chief Financial Officer and the company secretary will regu-
larly participate in the Board meetings. Other participants are
invited as required.
Board members receive information on the Group’s operational
and financial performance, including monthly financial reports.
The Board members are free to consult the Group’s manage-
ment if they feel a need to do so. The Board charter can be
found in the Corporate Governance document at atea.com/
compliance/.
Audit Committee
The Company has an Audit Committee, that also serves as the
Compliance Committee for the Group.
The Audit committee schedules fixed meetings every year.
Normally six to eight meetings are held annually. Additional
meetings are called as required. The Audit Committee charter
can be found in the Corporate Governance document at atea.
com/compliance/.
Use of other Board Committees
The Group has a Nomination Committee pursuant to the
Articles of Association. The Nomination Committee also serves
as the Group’s Compensation Committee. The Compensation
Committee’s responsibility is to prepare to the Board of
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Director’s guidelines for executive compensation and to
monitor these compensation guidelines. Details of the compa-
ny’s use of Board Committees are provided in the annual
report. The Nomination Committee charter can be found in the
Corporate Governance document at atea.com/compliance/.
The Board of Directors self-evaluation
The Board of Directors performs an annual evaluation of how
the Board members function individually and as a group.
10. Risk management and internal control
Guidelines for internal control
The Group has established guidelines for internal control which
include routines for financial reporting, communication, authori-
zation, risk management, ethics and social responsibility. These
guidelines are reviewed annually by the Board of Directors, in a
full day meeting with Management to evaluate the Group’s busi-
ness strategy. During the business strategy review, the Board
performs an assessment of the Group’s most important areas of
risk exposure, including its internal control arrangements.
Financial reporting controls
In order to ensure internal control and manage risk, the Group
conducts comprehensive financial reporting and reconciliation
on a monthly basis, on both a consolidated, segment and
subsidiary level.
Immediately after the completion of the monthly financial
report, the Group’s financial administration holds a meeting
with the financial management of each of the business
segments. The purpose of the meeting is to follow up on the
performance of each business segment and to identify poten-
tial errors and omissions in the financial statements. During
the meetings, Management analyzes variances between each
segment’s actual performance and forecast, as well as its
performance in the previous year. External market data is also
used to analyze business performance across the group. When
the financial reporting and analysis is complete, Management
reports the monthly financial statements together with a
summary of business operations to the Board of Directors and
executive team.
All financial reporting within the Group is in accordance with
IFRS. All relevant changes to IFRS and their impact on the
Group is disclosed in Note 2 to the Group financial statements.
The Group has implemented changes to its accounting policies
and systems to adapt to these changes.
When the Group acquires companies, the reporting practices
of the acquired company are reviewed and integrated with
corporate practices within a month of the acquisition date so
that the Group can consolidate the acquired company within
the Group accounts by the next quarterly financial report.
Code of Conduct
The personal conduct of every Atea employee shapes the
work culture and defines our reputation as a company. Atea
employees are expected to demonstrate the highest standards
of integrity and professionalism when fulfilling their job respon-
sibilities.
The Atea Code of Conduct sets the principles with which Atea
personnel work together and with outside stakeholders. It
provides guidelines for our business practices which must be
followed by all Atea personnel and is a source of governance
for decision making across Atea. The Code of Conduct is
published at atea.com/compliance/.
It is the personal responsibility of every Atea employee to
review and follow the Code of Conduct. All employees must
take an examination on the Code of Conduct and sign an
agreement that they will abide by the Code and relevant laws
and regulations when acting on behalf of Atea. Any violation
of the Code of Conduct will not be tolerated, and may lead
to internal disciplinary measures, notice, dismissal, or – in the
event of illegal behaviour – criminal prosecution.
11. Remuneration of the Board of Directors
The General Meeting determines the annual remuneration
to the Board of Directors. The remuneration shall reflect the
Board of Directors responsibility, expertise, time spent and
the complexity of the operation. The remuneration is not
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dependent on results. No stock options have been granted to
the Board members.
Members of the Board of Directors and/or companies with
which they are associated, do in general not take on assign-
ments for the company. If, however, such assignments are
made, the matters are disclosed to the Board of Directors and
the Board of Directors approves their remuneration.
Wages and remuneration to the Board of Directors and the
employees’ share option plans are described in a separate
Remuneration report published at atea.com/. If remuneration
is provided to Board members in addition to the regular Board
remuneration, this will be reported separately in the same
Remuneration report.
12. Salary and other remuneration
for executive personnel
The CEO’s remuneration is set by the Board of Directors,
based on recommendation from the Compensation Committee.
The remuneration of the CEO is specified in a separate
Remuneration report published at atea.com/.
The Board of Directors has established a Remuneration policy.
The guidelines must be considered and approved by the
general meeting in the event of any material changes, and
at least every fourth year. The guidelines set out the main
principles applied in determining the salary and other remu-
neration to executives and the board of directors, are linked
to value creation for shareholders and the company’s earnings
performance over time and incentivises performance based on
quantifiable factors of which the executives can influence.
Performance related remuneration in the form of share options,
bonus programmes or similar, to executive personnel is subject
to an absolute limit.
13. Information and communication
Annual and interim reporting
The Group’s financial calendar and presentations are published
on the company’s website (atea.com/financial-calendar/).
The Group presents its interim accounts on a quarterly basis
and its annual accounts during the month of February. The
complete financial statements and Board of Directors report
are published on the company’s website at least twenty-one
days prior to the General Meeting.
Other market information
The Group aims to increase investor awareness of Atea
through an open, transparent and reliable information policy. In
this manner, the Group seeks also to promote the liquidity of
its shares and ensure that its share price reflects the fair value
of Atea.
Open investor presentations are arranged in connection with
the publication of the Group’s annual and quarterly results. The
Chief Executive Officer and Chief Financial Officer present the
financial results of the group and each business segment, and
present additional information which is relevant to the company’s
future prospects. When publishing the preliminary annual
accounts and the interim reports, the Group is holding public
presentations that are simultaneously broadcasted through
webcasts. Investor-related information and presentations
associated with the annual and quarterly results are available
on the Group’s website, atea.com/financial-reports/.
In addition to the publication of financial results, the Board
of Directors has authorized the Chairman, CEO and CFO
to conduct regular meetings with analysts and investors.
This improves communication and increases the Group’s
understanding of which matters are of particular concern to
shareholders. During meetings, care is taken to ensure equal
treatment of all investors. Caution with regard to distribution
of non-public information is exercised in investor meetings
outside of public presentations.
In the event of an emergency or serious incident at Atea,
the Group has established a crisis management plan which
provides additional governance and procedures on all commu-
nications from the Group.
14. Take-overs
The company’s Articles of Association do not contain any
defence mechanisms against the acquisition of shares, nor has
any measures been taken to restrict the opportunity to acquire
shares in the company. In the event of a takeover offer, the
Board of Directors will seek expert advice in order to comply
with applicable rules and regulations and will otherwise act in
a manner to ensure equal treatment of shareholders, seek to
avoid that the company’s business activities are unnecessary
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disrupted and to ensure that the shareholders are given suffi-
cient information and time to consider the offer.
The Board of Directors will not seek to hinder or obstruct take-
over bids. In the event of a take-over bid for the company,
the Board of Directors will seek to comply with the NUES
recommendations, including obtaining a valuation from an
independent expert and making a recommendation to Atea’s
shareholders regarding acceptance of the bid. The Board of
Directors will ensure that shareholders are given sufficient
information and time to form an opinion on an offer.
15. The Auditor
The Auditor’s relationship with the Board of Directors
The auditor participates at the Board meeting where the
annual accounts are discussed. At this meeting, the Board of
Directors is briefed on the annual accounts and any matters
of particular concern to the auditor, including matters where
there has been disagreement between the auditor and the
executive management of the company. In order to strengthen
the board’s work on financial reporting and internal control,
the auditor is required by the EU’s Audit Regulation to submit
an annual additional report to the audit committee in which
it declares its independence and explains the results of the
statutory audit carried out by providing a range of information
about the audit. The auditor has regular contact with the
Audit Committee during the audit process so that the Audit
Committee can fulfil its oversight responsibilities. At least once
a year the auditor presents to the Audit Committee the main
features of the audit carried out in respect of the previous
accounting year, and a review of the company’s internal
control procedures, including identified weaknesses, if any,
and proposals for improvement.
The Board of Directors and the auditor meet at least once per
year without management present.
The use of the external group auditor for advisory services, tax
services and other services outside the ordinary audit scope
shall be pre-approved by the Audit Committee. The external
Group auditor is responsible for reporting such services to the
Audit Committee and to perform an ongoing assessment of
independence. Furthermore, the independence of the auditor
is continuously monitored by the Audit Committee.
Auditor’s relationship to the corporate management
Deloitte has been the company’s auditor since 2006. In
addition to ordinary auditing, the auditing firm has provided
services related to accounting, tax and reporting. Reference
is made to Note 8 to the annual accounts. The corporate
management holds regular meetings with the auditor. In these
meetings the auditor reports on the company’s accounting
practices, risk areas and internal control routines. The auditor’s
remuneration is approved by the company’s General Meeting,
including a breakdown of remuneration between auditing and
other services.
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General ESEF data
Name of reporting entity or other means of identification Atea ASA 01 pp://General Data/Name of reporting entity or other means of identification[taxonomy=ESEF]?allowhtml=false
Domicile of entity Norway 02 pp://General Data/Domicile of entity[taxonomy=ESEF]?allowhtml=false
Legal form of entity public limited company 03 pp://General Data/Legal form of entity[taxonomy=ESEF]?allowhtml=false
Country of incorporation Norway 04 pp://General Data/Country of incorporation[taxonomy=ESEF]?allowhtml=false
Address of entity's registered office Karvesvingen 5 05 pp://General Data/Address of entity's registered office[taxonomy=ESEF]?allowhtml=false
Principal place of business Norway, Sweden, Denmark, Finland, and the Baltic 06 pp://General Data/Principal place of business[taxonomy=ESEF]?allowhtml=false
Description of nature of entity's operations and principal activities IT infrastructure 07 pp://General Data/Description of nature of entity's operations and principal activities[taxonomy=ESEF]?allowhtml=false
Name of parent entity Atea ASA 08 pp://General Data/Name of parent entity[taxonomy=ESEF]?allowhtml=false
Name of ultimate parent of group Atea ASA 09 pp://General Data/Name of ultimate parent of group[taxonomy=ESEF]?allowhtml=false
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artbox.no
Holding
Atea ASA
Karvesvingen 5
Box 6472 Etterstad
Tel: +47 22 09 50 00
Org.no 920 237 126
atea.com
Norway
Atea AS
Karvesvingen 5
Box 6472 Etterstad
Tel: +47 22 09 50 00
Org.no 976 239 997
atea.no
Sweden
Atea AB
Kronborgsgränd 1
Box 18
info@atea.se
atea.se
Denmark
Atea A/S
Lautrupvang Street 6
Tel: +45 70 25 25 50
Org.no 25511484
info@atea.dk
atea.dk
Finland
Atea Oy
Rajatorpantie 8
customercare@atea.fi
atea.fi
Lithuania
Atea UAB
J. Rutkausko Street 6
Tel: +370 5 239 7899
Org.no 122 588 443
atea.lt
Latvia
Atea SIA
Unijas iela 15
Tel: +371 67 819050
Org.no 40003312822
atea.lv
Estonia
Atea AS
Järvevana tee 7b
Tel: +372 610 5920
Org.no 10088390
info@atea.ee
atea.ee
Group Logistics
Atea Logistics AB
Nylandavägen 8A
Box 159
customer[email protected]
Group Shared Services
Atea Global Services SIA
Mukusalas Street 15
Org.no 50203101431
AGS_info@atea.com
ateaglobal.com
Group Functions
Atea Group Functions A/S
Lautrupvang Street 6
Org.no 39097060
info@atea.dk
AppXite
AppXite SIA
Matrozu Street 15
Org.no 40003843899
info@appxite.com
appxite.com
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