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MeldingsID: 370152
Dato/tid 02.02.2015 08:00
Utsteder Itera ASA
UtstederID ITE
Instrument ITE
Marked OB
Kategori INNSIDEINFORMASJON
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Vedlegg
Tittel Fourth quarter 2014 accounts
Tekst
Itera's strategy is about developing large, long-term 
customer relationships, increased ratio of project 
deliveries based on the width of the group's service 
spectrum, utilization of nearshore resources and focus on 
efficiency in the organization. The Group develops its range 
of services in line with customer needs, based on the 
combination of communication and technology.

Itera had a positive revenue growth for its consultants in 
the fourth quarter. However, the Group experienced lower 
volumes in the operations activities as well as high 
restructuring costs in the same period, especially in 
Sweden. As previously communicated, there has also been an 
income reduction from the nearshoring activities throughout 
the year, due to the situation in Ukraine.

Accrued restructuring costs and provisions including rent 
obligations makes Itera report an operating profit (EBIT) of 
about -5 million in the fourth quarter of 2014. Cash flow 
from operations in the fourth quarter 2014 is good with a 
bank balance of approximately MNOK 67 31.12.2014, unchanged 
from the same time in 2013.

Itera has decided to carry out the necessary adjustments to 
counteract the situation. The Group no longer considers the 
Swedish operations business essential for implementing the 
strategy, and has therefore started a process to sell this 
part of the business. Itera is going to focus its activities 
in Sweden in consulting with emphasis on digitization, 
business intelligence / big data and nearshoring services. 
In addition to refocusing in Sweden, the company will 
liquidate an unprofitable division in the Norwegian 
operation business in the first quarter of 2015.

The planned actions will position Itera for profitable 
growth and a strong cash flow in 2015. Further information 
will be given on the fourth quarter presentation on February 
26th.


For more information:
Arne Mjøs, CEO
+47 905 23 172
arne.mjos@itera.no

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