Welcome to this quarterly presentation of Arribatec. My name is Per Ronny Stav, Group CEO of Arribatec. We are currently located in Økern Portal in Oslo, where we are also moving our head office in February next year. Welcome to the audience and also to you out there in the world. First of all, we will go through an introduction. We will look at the financial performance, of course, but also a little bit into the underlying business areas and organizational structure, after all the integrations we have done or acquisitions we have done in the recent year. Also some appendices, but we will not go through those in detail. Otherwise, there are questions from the audience.
The highlights from our performance the last quarter or the third quarter is that we are showing a revenue of NOK 94.4 million, which is 253% above same period last year. We are also increasing heavily our recurring revenue. I have to be specific on that. Our recurring revenue, it's recognized recurring revenue and not annual recurring revenue. We have recognized NOK 40 million in the third quarter, up from NOK 5.6 million last year, or an increase of 614%. We're showing a very sustainable growth. We are growing organically in the old heritage part of the business by 32%. Despite the negative figures of NOK 13.9 million, we are very confident about the future.
We see already after the summer where we had put down or performed a lot of what is it holidays per period. As we are still a consulting company as well, we are very dependent on the consulting revenue, meaning that this is also affecting our figures over the summer period. As I said, we continue to grow, 32% organic growth underneath. All the underlying acquisitions are also performing very well. We have a strong focus on continued hiring, so we will still see a lack of on the bottom line because we will always be ahead of the recruitment. We have a big backlog that we need to deliver on.
Also the fact that we have acquired seven companies over the last year requires a lot of internal work, and we need to focus as well on making all these acquisitions work together. We see a great potential. The platform is unique. We have a width and a depth in our service offering that is beyond almost anybody in the market. We need to get these teams working together, and this costs us also some invaluable internal work that we aim to capitalize on in the next year. We can also mention that we have signed and closed the Integra Associates.
We have now added 45 people in the U.K., which also contribute to both our global service offering, but also revenue-wise from fourth quarter. We have abandoned it or terminated the agreement with Grupo Hodei in Spain. I don't think I should mention more about that, but we could not reach an agreement at the end on the terms and conditions we could accept, no? Yeah, as I said, this is the highlight, 253% growth, 614% on the recurring revenue side, and the old heritage part of the business, 32% organic growth, which is very good. We are continuing our strong growth, and we also see that moving into fourth quarter and moving forward.
Also the recurring revenue will make us more or less sensitive towards seasonal adjustments for the coming years. We also are on a journey where we are growing internationally. We have a strong growth, of course, in Norway also due to the acquisitions, but we also see a very strong growth in Europe and in the U.S. We're also looking now at how we can take a lot of the Norwegian acquisitions also abroad. This is also a process that will require investments, but we see a great potential, for example, for Enterprise Architecture, Business Process Management also beyond or outside Norway, both in Europe, but also in the U.S.
As we can see here, on the performance side, on the revenue, we have divided the revenue into these three geographical areas. We are, as you can see on the consulting side as well, still dependent on that. We also see and know, and this is also part of our strategy, that the service part is also very vital to build the values into the solutions that we are offering. A big part of the focus we have now is to transform traditional services into solutions and delivering that as a service. Which means that we will also, in the transformation process, have lower revenue in the short run, but we are accelerating the revenue in the long run.
It also gives us then more predictability because the recurring revenue part will grow the business. On the balance sheet side, we have total assets of NOK 501 million. The total book equity is still NOK 329 million, up NOK 12 million compared to 2020. The equity ratio is 66%, meaning that we are quite solid company also from a financial perspective. Cash flow, we are still burning some cash, but it's not that bad compared to the underlying P&L.
We also see that after the summer, that the cash is when we are recovering also the business into normal activities, that the cash is recovering and also increasing again, which is positive. We still have sufficient cash to operate on a sound basis, no? I would like to go a little bit into the core part of the business. As I said, we have over the last year done 7 acquisitions, 3 acquisitions back in 2020, and 4 acquisitions now in 2021, and all these have now been transformed into 5 different business areas. We have consolidated these 7 acquisitions organically into 5 business areas and established a new management team. We have also established a new global sales team to focus on business development and also cross-selling.
We have a lot of potential in the underlying platform. We have our horizontal solutions as well as vertical solutions, giving us a lot of traction in the market and also a huge platform to develop our current customer base. What we have done, we have divided into five. We have business services, which is the old heritage part of the business, and Marine, which is asset manager solutions and performance solutions for the maritime sector. We have Hospitality, which you have check-in, checkout solutions, Certify with the classification and inspection. We have enterprise architecture and business process management, which is the old Qualisoft, and also the cloud solution, which is Innit and all the Microsky.
From seven acquisitions, multiple companies, I think we have more than 20 legal entities throughout the world now, and all this is transformed from operational perspective into five different business areas. What we are going to the market with this is one solution delivered as a service, where we are combining different parts of the offerings we have, ERP with Enterprise Architecture, with Business Process Management and BI, for example, bundling that, delivering that as one solution, removing the complexity and delivering on our new strategy called Simplify Complexity. As you can see, the way this is delivered, it's through a monthly fee, meaning that the revenue will come later. That's why we are growing the recurring revenue part.
We also see a latency on the overall revenue recognition. We will secure also the long-term cash flow and also make us more or less vulnerable towards seasonal adjustments, no? I don't know if I should go into the details on all this is a summary of all the different services and solutions that we are delivering to the different within the different business areas. What is important here is that both the business services, we have, we are working, as everybody probably know, heavily with Unit4. We are also working now a lot with RamBase, which is complementary from an ERP perspective. They are complementing each other towards different verticals.
We are also working a lot on the integration side and also see how these different business areas can cross-sell and hence that establishment of this new global business development unit. I'm heading that part myself as well in parallel to be the Group CEO. If you look at the business services, this is the principal part, the old heritage part of the business serving customers globally. We have accounting for 47% of our total revenue so far. As we know in the Nordics, we have primarily our holiday season during July, August.
In Europe, or Southern Europe, it's August, and we also saw that the holiday season in the U.S. will end up in September this year. That's why we are a bit hit on the revenue side. We see strong results in September when we are back to normal activity level and no big large periods of holidays and so on. We see that the revenue is growing due to also high level of on the consulting side and good utilization, but also good bottom line showing that the potential in the business is very sustainable. We have also taken over 13 customers from Unit4 in the Spanish market, meaning that we also get a more solid base there.
We have signed several important deals in France and in Spain. Of course, we have also done deals in the Nordics, but the bigger ones are in the southern part of Europe. We are now sourcing people from different part of the organization into these projects, exchanging resources from Europe to U.S., from Nordics to Europe and so on, getting a high utilization. This is due to the fact that we have a huge backlog that we need to deliver on. We expect good figures in the months to come. We have also hired new resources on the sales part. We are staffing up on sales to fuel the growth.
We also added a EVP on the business development side to drive this together with me, the entire global sales team. On the Enterprise Architecture Business Process Management level, we also see a very strong growth and traction in the market. We have delivered fantastic projects. We have received cakes and statements from the biggest companies on the Oslo Stock Exchange. We are taking a very strong position within this market now, and we have also been forced to grow the organization with 50%. That will not stop there. We are continuing, and we are still in the market for more people. As we said also here, negative figures in July, but started again to ramp up in August and historically high figures already in September.
We also moved into new offices in Stavanger, but we need to extend it with another double the size because of the growth we see. We have also launched our first product, which is very important. We aim to have more focus also in this area to build our own software to increase the relative part of what we're delivering with our own IP. On the cloud side, this is the vast majority of the revenue coming from the cloud is recurring revenue. We have strong performance there as well with good rates on the revenue side, but even stronger on the bottom line.
We are, as I said, when we see that we have huge part of the revenues recurring, we are also not that sensitive on the seasonality, you know. We are also closing in on an ISO certification, to be completed in the first quarter next year, which means that it will also open up new opportunities for us to take on larger projects but also public globally are now delivered through our own cloud services. So this is also have scalability and also an efficiency aspect, you know. The offerings is serving us as a customer in line with all other external customers now.
Yeah, we are also shutting down the data center in Bergen and co-locating and saving substantial amount there as well by centralizing it. On the hospitality side, we are still investing, but the hospitality business is back to normal or in some areas even beyond normal business. They are also opening now to start investing and optimizing. We have signed several very important deals. We are taking over the economy segment in the Nordics with the two major wins. We are rolling out our solutions on a daily and weekly basis.
We expect that this business area will also contribute much more to the top line and bottom line in the months and years to come. On the marine side, we are still burning a lot of money. This has been known as a restructuring case. We are in that loop. This has a great potential. The pipeline is bigger than ever. We are now taking some measures to also get the positive figures on the bottom line in this area within the beginning of next year now.
also in the maritime business, we are also back seeing a vertical or an industry that is back to normal or even beyond normal after COVID now. On the corporate side, we have staffed up quite heavily on the corporate side to cope with the growth. We have increased especially on the finance side team dramatically. We are also implementing Unit4 globally to get system support to our operations, meaning that we will also be faster and more accurate to drive the business on one side but also reporting to the market. We have a new Executive Management Team in place, and also the Group Management Team.
We have also established a shared service center on the finance part in Poland. Where we are currently now at the Økern Portal, we are moving in, co-locating, shutting down three offices in the center of Oslo and moving here, meaning that both our acquisition, Maksit, Qualisoft Oslo, and also the heritage Arribatec will be co-located here as of February next year. To sum up, continued growth. What is of course important to focus on here is the total growth is one side, but the organic itself is very important. We have the culture from the Arribatec side to grow fast, and we continue growing fast. I think 32% organic, it's still we are above the average in the market.
Of course, the recurring part is important. We are aware of the EBITDA, which is, of course disappointing, but the underlying business is growing very well, and we see totally different figures going forward. We expect roughly NOK 50 million in yearly revenue from the Integra acquisition in the U.K. and with the positive EBITDA. We are also confident that we will be able to deliver NOK 550 million in revenue next year. We expect also to have a good positive margin on those figures. Underlying growth should still be above 30%, meaning that we see how the combined company are working together.
The new strategy we have put in place is also having a lot of focus on this, selling, cross-selling and also increasing the recurring revenue to make us more or less vulnerable. As we said on the EBIT side, all the investments we are doing now in the integrations and also working internally, we see that this will also get proper effects on the bottom line as of 2022. I think that is it for me. Any questions? No? Thanks for this. If there are some questions, you can always contact me or Geir Johansen, CFO, or even send to our ir@arribatec.com as well to.
We will try to respond as soon as possible and with the details as required. Thank you.