Bouvet Asa · OSL:BOUV
Bouvet Asa — Q4 2013 Earnings Presentation
23 slides from Bouvet Asa's earnings presentation, Feb 27, 2014
Slide 1: Interim presentation Fourth quarter 2013
Interim presentation Fourth quarter 2013 Sverre Hurum. CEO Erik Stubø. CFO 27 February 2014
Slide 2: Highlights in the fourth quarter
Highlights g g in the fourth q quarter • Good demand in all Bouvet’s Revenues and number of employees MNOK and number service areas 350 • Solid financial results 300 250 • The organisation increased with 200 150 15 new colleagues in Q4’13 100 • Strategy of delivering services 50 0 up close l tto th
Slide 3: Operational Review
Operational Review
Slide 4: Knowledge intensive services is all about people
Knowledge g intensive services is all about people
Slide 5: Services close to customers' business
Services close to customers’ business Bouvet Business Process Services team 5 Dato: February 27, 2014 Interim presentation 4th quarter 2013
Slide 6: Continuous development of concepts and services
Continuous development p of concepts p and services • Sesam for – Search – Integration – Data analysis 6 Dato: February 27, 2014 Interim presentation 4th quarter 2013
Slide 7: Customer Experience Journey
Customer Experience p Journeyy 7 Dato: February 27, 2014 Interim presentation 4th quarter 2013
Slide 8: Increase in Oil & Gas
Increase in Oil & Gas • Increased revenues and more Development of O&G customers NOK million customers within oil and gas 500 • Consultancy closer to 450 10 clients 7 customers’ core business 400 clients 7 • Statoil recently extended one of 350 clients five ongoing agreements with 300 6 Bouvet clien
Slide 9: Long term customers
7 7 of " al = | ‘ TT ae “~_ : | , % %
Slide 10: Customers, Competence, Culture
C t Customers Competence Culture 10
Slide 11: Financial Review
Financial Review
Slide 12: Key figures
Keyy figures g Three months ending Twelve months ending MNOK 31.12.2013 31.12.2012 Change 31.12.2013 31.12.2012 Change Operating revenue 298.2 280.5 6.3% 1,112.7 1,030.3 8.0 % Operating profit (EBIT) 27.2 21.2 28.5% 95.1 78.2 21.5 % EBIT margin 91% 9.1 76% 7.6 85% 8.5 76% 7.6 Ordinary profit before
Slide 13: Top line growth
Top p line g growth • Revenues up by 6.4 percent YOY Revenue split (quarterly figures) MNOK – Revenues from own consultants up 350 Own consultants 12.9 percent to NOK 247.0 million 300 Sub-contracted consultants 250 Other – Revenues from sub-contracted 200 150 consultants declined 18.9 percent 100 t
Slide 14: Increased earnings
Increased earnings g • Continued y-o-y increase in EBIT and EBIT margin MNOK and Percent Operating profit in Q4’13 40 EBIT EBIT margin 15% – EBIT margin of 9.1 percent 30 compared to 7.6 percent in Q4’12 10% 20 • Operating expenses increased by 10 5% 4.5 percent from Q4’12 0 0% Q4'08 Q4'09 Q4'10 Q4'
Slide 15: Solid cash flow
Solid cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – NOK 92.8 million in Q4’13, slightly 120 100 down from NOK 94.7 million in 80 Q4’12 60 40 – Positively affected by working 20 0 capital changes, including work in -20 progress -40 Q4'08 Q4'09 Q4'10 Q4'11 Q4'12
Slide 16: Outlook
Outlook
Slide 17: Data analysis
Customer Experience Mobile Enterprise E-commerce Data analysis y Security 17 Dato: February 27, 2014 Interim presentation 4th quarter 2013
Slide 18: Outlook and summary
Outlook and summaryy • Strong financial results • Solid demand for all services within major sectors • Strategy of delivering services up close to the client’s business has yielded results 18 Dato: February 27, 2014 Interim presentation 4th quarter 2013
Slide 19: Shareholders as at 24.02.2014
Shareholders as at 24.02.2014 4 4 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44% STENSHAGEN INVEST AS 909 992 8 88% 8,88% MP PENSJON PK 669 904 6,54% HURUM SVERRE FINN 505 751 4,93% KLP AKSJE NORGE VPF 340 628 3,32% MORGAN STANLEY & CO INTERNAT. PLC 314 149 3,06% VERDIPAPIRF
Slide 20: Appendix
Appendix
Slide 21: Client development
Client development p • Existing clients* Revenues customer split MNOK – Revenues from existing clients Existing customers* New customers (LTM)** decreased 2 % from Q4’12 350 – Accounted for 98 p percent of 300 revenues in Q4’13 250 • New customers** – C Customer t won over th the pastt year 200 gene
Slide 22: Customer and project mix
Customer and p project j mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 93.8 100% percent of total revenues 90% 80% • Client portfolio 70% – The 10 largest customers represent 60% 51 percent of total revenues 50% Q4'08 Q4'09 Q4'10 Q4'11 Q4'1
Slide 23: Employees
Employees p y • 931 employees at the end of the Number of employees end of quarter fourth quarter 1000 – 15 new employees in Q4’ 13 800 – 50 new employees in the past 12 600 months 400 200 – Average number of employees end 0 of quarter up 5.6 percent from Q4'08 Q4'09 Q4'10 Q4'11 Q4'12 Q4'13 Q4’12 Q4