First quarter 2014 Sverre Hurum . CEO Erik Stub. CFO 20 May 2014 - - PowerPoint PPT Presentation

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First quarter 2014 Sverre Hurum . CEO Erik Stub. CFO 20 May 2014 - - PowerPoint PPT Presentation

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Interim presentation First quarter 2014 Sverre Hurum . CEO Erik Stub. CFO 20 May 2014 Highlights in the first quarter g g q A solid quarter financially and Revenues and number of employees MNOK and number MNOK and number

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SLIDE 1

Interim presentation

First quarter 2014

Sverre Hurum . CEO Erik Stubø. CFO 20 May 2014

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SLIDE 2

Highlights in the first quarter

  • A solid quarter – financially and

g g q

Revenues and number of employees

MNOK and number

  • perationally
  • New assignments and clients

within our core sectors; power

MNOK and number

200 250 300 350

; p supply, retail and public services

  • A reduction in the demand from

50 100 150 200

  • A reduction in the demand from

the O&G sector

  • Bouvet was voted as one of

N d S d ’ b t

Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 800 1000

Norway and Sweden’s best places to work

200 400 600 Dato: May 20, 2014 Interim presentation 1st quarter 2014 2 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

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SLIDE 3

Operational Review Operational Review

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SLIDE 4

BROAD RANGE OF SERVICES

A holistic approach the customer’s

  • Digital customer dialogue must work in unison with back-end

pp business

solutions

  • Example: Lyse
  • Up to now Bouvet has
  • Up to now Bouvet has

delivered:

– IT services – Web design and development

  • Now also

– Customer orientation – Customer Experience Journey

Dato: May 20, 2014 4 Interim presentation 1st quarter 2014

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SLIDE 5

CONTINUOUS SERVICE DEVELOPMENT

CRM as new service area

  • Acquired Blinc AS in March 2014
  • A consultancy within CRM-systems and mobility
  • Blinc’s competence on client relationships and –

e commerce complements Bouvet’s service Business Systems e-commerce complements Bouvet s service

  • ffering within customer experience solutions

Customer Experience p

Dato: May 20, 2014 Interim presentation 1st quarter 2014 5

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SLIDE 6

LONG TERM FOCUS

Long standing clients order more

  • EREX - makes it possible to bill

g g

accurately the energy consumed by trains

– Used in Norway, Sweden, Denmark, Finland and Belgium – Will be adapted to Switzerland – A Bouvet client for 9 years

Image: SBB CFF FFS

  • GDF Suez

– Have ordered a business critical Have ordered a business critical portal project – A Bouvet client for 8 years

Dato: May 20, 2014 6 Interim presentation 1st quarter 2014 Image: GDF SUEZ

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SLIDE 7

CLOSE TO CUSTOMERS

Assignments close to customer business

  • From developing business

g

systems to assist in the development of services and

  • rganisations
  • Examples:

– Modeling and documentation

  • f business processes for
  • f business processes for

Jernbaneverket – Implementation of Lean in Helse Vest

  • Customers appreciate local

presence

Dato: May 20, 2014 7 Interim presentation 1st quarter 2014

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SLIDE 8

SATISFIED EMPLOYEES

Great Place to Work

Dato: May 20, 2014 8 Interim presentation 1st quarter 2014

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SLIDE 9

Employees

  • 932 employees at the end of the

p y

Number of employees end of quarter

first quarter

– One new employee in Q1’14 – 39 new employees in the past 12 months

600 800 1000

months – Average number of employees in the quarter up 4.9 percent from Q1’13

200 400 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

  • Lower growth in number of

employees

Annual growth in number of employees

Percentage

20% 25% 5% 10% 15% 20% 9 0% Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Interim presentation 1st quarter 2014 Dato: May 20, 2014

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SLIDE 10

Regional organisation g g

57 60 57

Trondheim

337

Sesam

14

Bergen Stavanger Haugesund Sandvika Oslo Stockholm Ørebro Sandefjord Skien

348 46

14

Kristiansand Malmø Arendal

46 51

Group management and staff:

19

10

51

Interim presentation 1st quarter 2014 Dato: May 20, 2014

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SLIDE 11

Financial Review Financial Review

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SLIDE 12

Key figures

Three months ending Twelve months ending

y g

MNOK 31.03.2014 31.03.2013 Change 31.03.2014 31.03.2013 Change Operating revenue 300.9 281.2 7.0 % 1 132.5 1 029.6 10.0 % Operating profit (EBIT) 27.0 22.3 21.1 % 99.8 71.4 39.8 % EBIT margin 9 0 % 7 9 % 8 8 % 6 9 % EBIT margin 9.0 % 7.9 %

  • 8.8 %

6.9 %

  • Ordinary profit before tax

27.5 23.0 19.9 % 101.7 73.5 38.4 % Profit for the period 19.2 16.6 15.6 % 72.4 51.6 40.5 % EPS (f ll dil t d) 1 84 1 58 16 2 % 7 04 4 97 41 6 % EPS (fully diluted) 1.84 1.58 16.2 % 7.04 4.97 41.6 % Net cash flow operations

  • 13.3
  • 11.8

12.9 % 97.9 102.3

  • 4.4 %

Equity ratio 38.7 % 38.2 %

  • 38.7 %

38.2 %

  • Cash and cash equivalents

144.8 122.8 17.9 % 144.8 122.8 17.9 % Number of employees (end of period) 932 893 4.4 % 932 893 4.4 % Number of employees (average) 931 888 4.9 % 916 866 5.9 % 12 Interim presentation 1st quarter 2014 Dato: May 20, 2014

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SLIDE 13

Top line growth p g

Revenue split (quarterly figures)

MNOK

  • Revenues up by 7.0 percent YOY

MNOK

200 250 300 350

– Revenues from own consultants up 12.0 percent to NOK 252.6 million – Revenues from sub-contracted

Own consultants Sub-contracted consultants Other

50 100 150 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

consultants declined 14.3 percent to NOK 38.0 million – Sub-contracted consultants’ share

Revenue split (12 months rolling average)

MNOK

1000 1200

declined to 12.6 percent from 15.7 percent in Q1’13

  • Billing rate decreased 0.2

Own consultants Sub-contracted consultants

200 400 600 800 1000

percentage points from Q1’13

  • Prices for group hourly services

increased 2.7 percent from Q1’13

Other

13 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Interim presentation 1st quarter 2014 Dato: May 20, 2014

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SLIDE 14

Increased earnings

  • Continued y-o-y increase in

g

EBIT and EBIT margin

MNOK and Percent

Operating profit in Q1’14

– EBIT margin of 9.0 percent compared to 7.9 percent in Q1’13

MNOK and Percent

10% 15% 20 30 40 EBIT EBIT margin

  • Operating expenses increased by

5.8 percent from Q1’13

  • Other operating expenses

0% 5% 10 20 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

Other operating expenses increased 16.7 percent

  • 63 workdays in Q1’14 – two more

than in Q1’13

EBIT and EBIT margin (12 months rolling)

MNOK and Percent

15% 100 120 EBIT EBIT margin

than in Q1 13

5% 10% 20 40 60 80 100

14

0%

  • Q1'09

Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

Interim presentation 1st quarter 2014 Dato: May 20, 2014

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SLIDE 15

Solid cash flow

  • Cash flow from operations

Cash flow from operations (per quarter)

MNOK

– Negative NOK 13.3 million in Q1’14, slightly down from NOK negative 11.8 million in Q1’13

MNOK

40 60 80 100 120

– Negatively affected by working capital changes, including work in progress

  • 40
  • 20

20 40 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

  • Rolling 12 months

– Operational cash flow over the last 12 months was NOK 97.9 million

Cash flow from operations (LTM)

MNOK

100 120 20 40 60 80 15 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Interim presentation 1st quarter 2014 Dato: May 20, 2014

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SLIDE 16

Outlook Outlook

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SLIDE 17

Continued development towards p digitization

  • Retail: Towards e-commerce
  • Power: Digital meter reading
  • Public: A change of pace in

the use of digital solutions

  • O&G: Signals of reduced

g investments

Dato: May 20, 2014 Interim presentation 1st quarter 2014 17

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SLIDE 18

Summary

  • Another solid quarter
  • Loyal and long term
  • Loyal and long-term

clients continue to support Bouvet

  • Bouvet is one of the best

places to work in Norway and Sweden

Dato: May 20, 2014 Interim presentation 1st quarter 2014 18

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SLIDE 19

Shareholders as at 19.05.2014 9 5 4

Investor Number of shares % of total

VARNER KAPITAL AS 1 070 000 10,44% STENSHAGEN INVEST AS 909 992 8,88% MP PENSJON PK 669 904 6,54% HURUM SVERRE FINN 505 751 4,93% KLP AKSJE NORGE VPF 340 628 3,32% VERDIPAPIRFONDET DNB NORDIC TECHNO 313 871 3,06% VEVLEN GÅRD AS 300 000 2,93% KOMMUNAL LANDSPENSJONSKASSE 246 049 2,40% STUBØ ERIK 235 251 2,30% MORGAN STANLEY & CO INTERNAT. PLC 224 999 2,20% VERDIPAPIRFONDET HANDELSBANKEN 220 000 2,15% VERDIPAPIRFONDET EIKA NORGE 194 626 1,90% TELENOR PENSJONSKASSE 186 800 1,82% STOREBRAND VEKST 161 619 1,58% STOREBRAND NORGE I 154 574 1,51% VERDIPAPIRFONDET DNB NORDEN (III) 153 808 1,50% DYVI INVEST AS 150 000 1,46% VERDIPAPIRFONDET DNB SMB 125 000 1,22% RIISNÆS STEIN KRISTIAN 123 489 1,20% VOLLE ANDERS 118 075 1,15% Number of shares held by the 20 largest shareholders 6 404 436 62.49% 19

Dato: May 20, 2014 Interim presentation 1st quarter 2014 19

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SLIDE 20

Appendix Appendix

Dato: May 20, 2014 Interim presentation 1st quarter 2014 20

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SLIDE 21

Client development

  • Existing clients*

p

Revenues customer split

MNOK

– Revenues from existing clients decreased 2.9 percent from Q1’13 – Accounted for 90.7 percent of

MNOK

300 350 Existing customers* New customers (LTM)**

p revenues in Q1’14

  • New customers**

C t th t

200 250 300

– Customer won over the past year generated revenues of NOK 28.0 million in Q1’14

100 150 200 50 100

* Existing customers defined as customers that were invoiced in the corresponding quarter last year

  • Q1'13

Q1'14

** New customers defined as customers won since end of corresponding quarter last year

Interim presentation 1st quarter 2014 21 Dato: May 20, 2014

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SLIDE 22

Customer and project mix

  • Project mix

p j

Variably priced contracts share of revenues

Percentage

80% 90% 100%

– Variable contracts account for 96.2 percent of total revenues

  • Client portfolio

Percentage

50% 60% 70% Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14

Client portfolio

– The 10 largest customers represent 48.8 percent of total revenues – down from 53.3 percent in Q1’13 p – The 20 largest customers represent 63.6 percent of total revenues – down from 66.9 percent in Q1’13

10 largest customers share of revenues

Percentage

75% 100% 25% 50% 75% 22 0% Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Interim presentation 1st quarter 2014 Dato: May 20, 2014