Good morning, everyone, and welcome to this fourth quarter presentation. We have had many things going on during the previous quarter, and let's just dive in here. First of all, we had an all-time high revenue of NOK 151 million in the fourth quarter. That is 5.2% above the same quarter previous year. Our EBITDA is negative NOK 11.7 million, but that, as you can see, also includes NOK 13.8 million one-off one-time non-cash items. Adjusted EBITDA is positive at NOK 2.1 million, which compares to NOK 1.8 million a year ago. In December, the shareholder meeting resolved to raise cash in Q1, and we did that, and Arribatec actually raised NOK 41 million in gross proceeds from that share issue, leaving the company in a net cash position. I'll come back to the cash position a little bit later here.
We have had a cost efficiency program going during the whole of Q4, and as part of that cost efficiency program, the headcount has been reduced by some 25 full-time equivalents across the entire organization, and the corporate head office has been downsized by approximately 70%. Also happy to inform that we are in advanced negotiations to divest both Arribatec Marine and Arribatec Hospitality. Lastly, also very happy to share with you that our sales for Q4 is up 33% compared to the same quarter last year, and it is the best quarter in the history of the company. We are very satisfied with that. Yeah, revenue, as I said, NOK 151 million for the quarter. Recurring revenue now accounts for 43% of the total revenue in the company. At NOK 63 million, it is up 17% in absolute terms compared to a year ago.
Yeah, we have talked about EBITDA, but the adjusted EBITDA at NOK 2.1 million, that gives us an adjusted EBITDA margin of 1.4%. Norway accounts for 71% of the total revenue of the group, and in absolute numbers, that is NOK 107 million for the quarter, comparing to NOK 96 million a year ago. Up 11% compared to a year ago. Continental Europe, including Sweden, is 14% of the total, and it's a reduction of 20% compared to where we were a year ago. Lastly, U.K. and U.S. revenue of NOK 22 million this quarter, up 5% compared to a year ago, and accounts for 15% of the total revenue for the group. To the shareholders meeting arranged on 2nd December last year. There it was decided that the company would issue 350 million new shares at a price of NOK 0.1 per share.
Additionally, it was decided to issue 60 million new shares to the members of the board of directors at the same price. The meeting also decided to issue 150.2 million warrants to the underwriters of the share issue. Lastly, the meeting also decided to issue 60 million warrants to the board of directors. Both those warrant issues have a duration of 12 months. The actual share issue ended or was undertaken in the end of January, and the company received the proceeds from that share issue on February 6th and received at that time NOK 41 million in gross proceeds. The warrants under point 3 and point 4 above will expire, as I said, in 12 months. If all the warrants are exercised, an additional 210 million shares will be issued with gross proceeds for the company of NOK 21 million.
That means that as of today, Arribatec Group has 479.6 million shares outstanding, and on a fully diluted basis, there will be 689.8 million shares outstanding in Arribatec if all the warrants are being issued. That is a fully diluted basis, 689.8 million shares outstanding. If you look at the pro forma liquidity after the share issue, we have made a simple chart here showing what our cash balance was at the end of last year. It was NOK 23 million. We still had NOK 3 million in unutilized credits from our bank. We received net proceeds from the share issue, NOK 40 million, so that of course increased our bank balance significantly.
We had an agreement with our main bank that we would repay part of our credit facility with NOK 15 million, which means that at the end of all these events, we had a little bit more than NOK 50 million or around NOK 51 million in total liquidity available to us as a company. As I said, we have had a lot of things going on in the company in Q4. The headcount reduction by 25 employees I mentioned earlier. We also have made changes so that most of the back office and support activities are removed from corporate level and will be performed in the regions going forward. Also, as I said, corporate staff are reduced by approximately 70%. We have simplified the legal organization, and this will facilitate better coordination, easier coordination across all business units, and also improve our efficiency.
Another very important point here is that we have improved our forecasting capabilities, and this should enable us to make quicker adjustments when we see changes in the market ahead of us. That is important for us. Lastly, discretionary expenses have been reduced across the board in a significant amount. Total restructuring costs that we have taken into the 2024 account are NOK 10 million, recognized in Q4, and will have a real impact on our Q1 and Q2 2025 performance. These measures are expected to contribute to improved margins, positive cash flow, and improved visibility. The full effect of the cost and efficiency measures will be evident during 2025. This is a slide that we have been using for quite some time now. Out on the right-hand side, the tall bar there shows total revenue in Q4, segmented by business area.
At the bottom, you can see that Business Services, NOK 74 million in revenue for the fourth quarter. If you look at the same quarter a year ago, the revenue was NOK 70 million, so it's an improvement from a year ago. Also, we can see that EA & BPM flat from the fourth quarter a year ago, but a solid improvement compared to the previous quarter. Also, look at Cloud. In Q4 2024, NOK 38 million, while a year ago, NOK 31 million. It's a significant increase in revenue. We have also on the top, you can look at our recurring portion of our total revenue, 43%, and 29% of our revenue is created outside of Norway. Now to sales. During Q4, we signed a total of 610 contracts for a total value of NOK 285 million.
That is up 33% compared to Q4 in 2023, and we are very satisfied with the sales performance at the end of last year. Should also mention that EA & BPM signed a total of 94 new contracts for a total value of NOK 91 million. In there, there are two contracts, both for oil and gas companies, one of them with a NOK 23 million total value, and the other one with NOK 11 million of total value. Similarly, Business Services also signed two larger contracts, one for a research institute based in Continental Europe for Unit4 installation of NOK 21 million, and another contract signed for a global engineering firm where we will do a Unit4 rollout in the U.K. and Ireland for approximately NOK 15 million. A lot of very good contracts for us secured, and we will be working through these contracts during 2025.
To cash flow development during the quarter. Net cash from operations for Q4 was positive NOK 14 million, and of course, the main contributor there is improvement in working capital, positive change of NOK 26 million, and that compensates for the operating loss of NOK 15 million before impairment, depreciation, amortization. Cash from financing was just a little bit more than negative NOK 7.4 million, where the main items there are lease payments and repayment of some bank overdrafts. Lastly, we have cash flow from investing activities, negative NOK 1.7 million, and that is all related to capitalized software development costs. That means we ended the quarter with NOK 23 million in cash and cash equivalents at the end of the quarter, and NOK 11.7 million of that is restricted cash.
To the balance sheet, we have a total balance sheet at NOK 442 million at the end of 2024, and that compares to NOK 501 million at the end of 2023. You can see we have taken an impairment of goodwill for Hospitality equal to NOK 22 million in quarter four, and also we can see that cash here is down NOK 16 million compared to year-end 2023. However, cash improved, as I said earlier, by NOK 5 million compared to third quarter in 2024. If you look at the equity at the end of 2024, it is NOK 189 million, and that gives us an equity ratio of some 43%, a little bit lower than that. To outlook, our initiatives, both within cost reduction and efficiency improvement, we expect that to definitely lift margins during 2025.
We expect that the demand for Cloud Services will continue to drive growth for Cloud and managed IT services. We have seen that the demand for EA & BPM services and solutions is good, both in the Nordics and now also in the U.K. after what we have to call the two slow quarters. Cloud migrations and related digital transformation projects are expected to see solid growth in 2025. Lastly, I would like to mention that our multi-partnership strategy will continue. We have won our first Orbus contracts, both in the Nordics and in the U.K. In addition, we have during Q4 landed our first SAP project. We are very happy to see that our multi-partnership strategy actually starts bearing fruit. That is what I had, and I will now give you a couple of minutes to articulate questions if there should be any. Thank you.
Okay, we are back again, and I have received one question here related to Hospitality. Basically, the question is, how come we have so large write-down on the goodwill of Hospitality for Q4? That is really the financial performance over time, and the goodwill that we associated with that acquisition had to be taken down in order to reflect the actual performance of Hospitality. That is the background of the impairment. Let me see if there's anything else. Okay, we haven't received any further questions. With that, I would like to thank you all for attending, and I wish you a good day. Thank you so much.