Bouvet Asa · OSL:BOUV
Bouvet Asa — Q4 2014 Earnings Presentation
20 slides from Bouvet Asa's earnings presentation, Feb 24, 2015
Slide 1: Interim presentation Fourth quarter 2014
Interim presentation Fourth quarter 2014 Sverre Hurum. CEO Erik Stubø. CFO 24 February 2015
Slide 2: Highlights in the fourth quarter
Highlights in the fourth quarter • Revenues and EBIT Revenues and number of employees MNOK and number – Operating revenues increased by 5.0 percent to NOK 313.2 million (y- 350 o-y) 300 – EBIT down by 29.0 percent to NOK 250 200 19.3 million (y-o-y) 150 • 1008 employees 100 – Up 46 in the quarter 50
Slide 3: Operational Review
Operational Review
Slide 4: Growth in most regions
Growth in most regions 94 (+38) Sesam 60 (+1 ) 15 (+15) Trondheim 370 (+25) Bergen Sandvika Ørebro Stockholm Haugesund Oslo 344 (-16) Sandefjord Stavanger Skien Kristiansand Arendal 48 Group (+9) management and staff: 19 (0) 58 Malmø (+5) Numbers in parenthesis refer to changes compared to correspon
Slide 5: Important customers in all sectors
Important customers in all sectors Health Bank and Finance Industry Oil and gas Services industry Retail IT, Media, Telecom Public admin and defense Power supply Transportation 5 February 24, 2015 Interim presentation 4th quarter 2014
Slide 6: New mobile tool improves road safety
A MORE EFFICIENT PUBLIC SECTOR New mobile tool improves road safety • Vadis: Tool for control of vehicles in use by Norwegian Public Roads Administration • Enables 50% more controls • Calculations prove that on average, two lives will be saved each year • Bouvet as a supplier have contributed with a
Slide 7: Proximity to the business within oil and gas
Proximity to the business within oil and gas Information IT and technology Organisation Rules and regulations Procedures and workflow February 24, 2015 Interim presentation 4th quarter 2014
Slide 8: Agreement with The National Procurement Services in Sweden
Agreement with The National Procurement Services in Sweden • In Sweden, central framework agreements are used for the purchase of consulting services throughout the public sector Northern • Bouvet has signed framework region agreement in one region and is now also awarded framework agreements in the
Slide 9: Enthusiastic and competent employees
Enthusiastic and competent employees • 1008 employees at the end of the Number of employees end of quarter fourth quarter 1200 – 46 new employees in Q4’14 1000 – 77 new employees in the past 12 800 months 600 400 – Average number of employees in 200 the quarter up 7.2 percent from 0 Q4'09 Q4'10 Q4'1
Slide 10: Financial Review
Financial Review
Slide 11: Key figures
Key figures Three months ending Twelve months ending MNOK 31.12.2014 31.12.2013 Change 31.12.2014 31.12.2013 Change Operating revenue 313.2 298.3 5.0% 1,132.6 1,112.8 1.8 % Operating profit (EBIT) 19.3 27.2 -29.0% 79.2 95.1 -16.8 % EBIT margin 6.2 % 9.1 % 7.0 % 8.5 % Ordinary profit before tax 20.4
Slide 12: Top line growth
Top line growth • Revenues increased by 5.0 percent Revenue split (quarterly figures) MNOK y-o-y 350 Own consultants – Revenues from own consultants 300 Sub-contracted consultants increased by 4.9 percent to NOK 250 Other 200 264.8 million 150 – Revenues from sub-contracted 100 50 consultants reduce
Slide 13: Reduced earnings
Reduced earnings • Operating profit decreased y-o-y in EBIT and EBIT margin MNOK and Percent Q4’14 40 EBIT EBIT margin 15% – EBIT margin of 6.2 percent 30 compared to 9.1 percent in Q4’13 10% 20 • Operating expenses increased by 10 5% 8.4 percent compared to Q4’13 0 0% Q4'09 Q4'10 Q4'11 Q4'12 Q4'13
Slide 14: Cash flow
Cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – Positive NOK 61.6 million in Q4’14, 120 100 down from NOK positive 92.8 80 million in Q4’13 60 40 • Rolling 12 months 20 0 -20 – Operational cash flow over the last -40 12 months was NOK 52.3 million Q4'09 Q4'10 Q4'
Slide 15: Outlook
Outlook
Slide 16: Outlook
Outlook • Digitization will be vital in order to increase productivity in Scandinavia • Bouvet’s high competence and knowledge of customers’ business will be requested 16 February 24, 2015 Interim presentation 4th quarter 2014
Slide 17: Shareholders as at 23.02.2014
Shareholders as at 23.02.2014 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44 % STENSHAGEN INVEST AS 824 992 8,05 % MP PENSJON PK 669 904 6,54 % HURUM SVERRE FINN 506 584 4,94 % KLP AKSJE NORGE VPF 435 313 4,25 % KOMMUNAL LANDSPENSJONSKASSE 302 569 2,95 % VEVLEN GÅRD AS 300 00
Slide 18: Appendix
Appendix
Slide 19: Client development
Client development • Existing clients* Revenues customer split MNOK – Revenues from existing clients Existing customers* New customers (LTM)** decreased 9.7 % from Q4’13 350 – Accounted for 86.0 percent of 300 revenues in Q4’14 • New customers** 250 – Customer won over the past year 200 generated re
Slide 20: Customer and project mix
Customer and project mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 96.2 100% percent of total revenues 90% 80% • Client portfolio 70% – The 10 largest customers represent 60% 37.3 percent of total revenues – 50% down from 50.7 percent in Q4