Bouvet ASA · OSL:BOUV
Bouvet ASA — Q3 2012 Earnings Presentation
22 slides from Bouvet ASA's earnings presentation, Nov 13, 2012
Slide 1: Interim presentation 3rd quarter 2012
Interim presentation 3rd quarter 2012 Sverre Hurum, CEO Erik Stubø, CFO 13 November 2012 1 13 November 2012 Interim presentation 3rd quarter 2012
Slide 2: Highlights in the third quarter
Highlights in the third quarter • Revenues and EBIT Revenues and number of employees – Operating revenues increased with 6.6 300 million to NOK 217.2 million 250 – EBIT decreased 8.3 million to NOK 7.1 200 million NOKM 150 • Growing number of employees 100 – 128 individuals last 12 months 50 – 28 em
Slide 3: Comments to the results
Comments to the results • Costs related to the development EBIT NOK Million of services and concepts 35 • Lower billing rate 30 • Slight increase in rates per hour 25 • Fixed price project in Region East • Weak result in Sweden 20 • 10-year anniversary 15 10 5 - Q3'07 Q3'08 Q3'09 Q3'10 Q3'11 Q3'12 3
Slide 4: Closeness
Closeness 4 13 November 2012 Interim presentation 3rd quarter 2012
Slide 5: The Core
The Core Long-term commitment Diversity Closeness Freedom 5 13 November 2012 Interim presentation 3rd quarter 2012
Slide 6: The golden triangle
The golden triangle 6 13 November 2012 Interim presentation 3rd quarter 2012
Slide 7: Close to customers
Close to customers «Bouvets’ strong local presence in Bergen is essential for being able to use the company as a strategic partner» Arne S Helgesen, Oddfjell SE «We wanted someone nearby. Being able to stop by Bouvet at Klosterøya and discuss creative solutions is really great. Besides, we want to b
Slide 8: Close to market
Close to market Sandefjord Stavanger Sandvika Kristiansand sentrum Stockholm Ørebro Arendal Bergen Malmø Haugesund Oslo Grenland Forus Trondheim 1985 1990 2002 2012 System Advisory Web og SAP development usability Application Advertising Training management App’s/Mobile services IT infrastructure Se
Slide 9: Close to employees
Close to employees …I feel that both employees and management listens to each other and respect one another… You are seen as an employee …the chiefs listens and they wants your face… …great interaction between manager and employee, with a good dialogue and supervision if needed… …one is involved in
Slide 10: Operational review
Operational review 10 13 November 2012 Interim presentation 3rd quarter 2012
Slide 11: High level of activity for existing clients
High level of activity for existing clients Revenues customer split • Existing clients remains stable NOK Million – Represent 94.9 percent of revenue in Q3’12 Existing customers* New customers (LTM)** 250 • Customer intake – Revenue increased by NOK 11.1 million from new customers** 200 • Continued
Slide 12: Customer- and project mix
Customer- and project mix • Project mix is stable Variably priced contracts share of revenues – Variable contracts account for 92.4 percent of the turnover 100% 90% 80% 70% • Solid and long-term client 60% portfolio 50% – The ten largest customers represent Q3'08 Q3'09 Q3'10 Q3'11 Q3'12 56.1 percent
Slide 13: Awarding Bouvet's work
Awarding Bouvet’s work Statoil: The Norwegian National Collection Agency: The Farmand award for Best idea and design for the The Rosing Usability award Annual Report The Norwegian railway network: Hafslund: Award from the International Union of Railways Award for «Archive of the year» from Norwegian
Slide 14: Financial review
Financial review 14 13 November 2012 Interim presentation 3rd quarter 2012
Slide 15: Key figures
Key figures Three months ending Twelve months ending MNOK 30.09.2012 30.09.2011 Change 30.09.2012 30.09.2011 Change Operating revenue 217,2 210,6 3,1 % 1 008,0 850,5 18,5 % Operating profit (EBIT) 7,1 15,4 -54,1 % 82,3 86,4 -4,8 % EBIT margin 3,2 % 7,3 % 8,2 % 10,2 % Ordinary profit before tax 7,4 1
Slide 16: Top-line growth
Top-line growth • Revenues increased by 3.1 percent Revenue split (quarterly figures) – Revenues from own consultants 300 increased by 3.6 percent to NOK 170.1 250 million NOK Million 200 – Sub-contracted consultants’ share of 150 total revenues totalled 18.0 percent 100 compared to 18.5 percent in
Slide 17: Decrease in EBIT
Decrease in EBIT • Operating profit fell in the quarter EBIT and EBIT margin (12 months rolling) – EBIT margin of 3.2 percent compared to 7.3 in Q3’11 100 EBIT EBIT margin 14% – Operating expenses increased by 7.6 percent, which is 4.6 percentage 90 12% points more than the increase in 80 operating
Slide 18: Cash flow from operations
Cash flow from operations • Cash flow from operations per Cash flow from operations (per quarter) quarter 80 – Negative NOK 10.4 million in Q3’12, 60 down from positive NOK 9.8 million in NOK million 40 Q3’11 20 - • Rolling 12 months (20) – In the last 12 months operational cash (40) flow ended at N
Slide 19: Outlook and Summary
Outlook and Summary 19 13 November 2012 Interim presentation 3rd quarter 2012
Slide 20: Prospects
Prospects • Development of digital solutions and services continues – Society is marked by mobility, and the digitalization projects within the public and private sectors continues – A continued willingness to invest among existing customers • Bouvet will continue to win new customers – Bouvet is we
Slide 21: Summary
Summary • Many new customers • The results are affected by lower billing rate • Strong market in Norway – pending market in Sweden • Continous development of service areas 21 13 November 2012 Interim presentation 3rd quarter 2012
Slide 22: Shareholders as at 12.11.2012
Shareholders as at 12.11.2012 Shareholder % share Number of shares VARNER KAPITAL AS 10,44% 1 070 000 MP PENSJON PK 6,71% 688 004 HURUM SVERRE FINN 4,92% 504 000 VERDIPAPIRFONDET DNB 4,59% 470 979 MORGAN STANLEY & CO S/A MSIL IPB CLIENT 4,30% 441 178 KLP AKSJE NORGE VPF 4,30% 440 324 STENSHAGEN INVE