Slide 1: Second Quarter 2011
25 August 2011 Second Quarter 2011 CEO Sverre Hurum CFO Erik Stubø
Slide 2: Disclaimer
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Slide 3: Highlights in the second quarter
Highlights in the second quarter • Revenues and EBIT Revenues and number of employees – Revenues increased 25.5 percent 250 YoY to NOK 209.7 million 200 211 219 210 – EBIT up 47.3 percent to NOK 21.9 NOK million million YoY 150 167 160 100 • Growing workforce 50 – 30 new colleagues in Q2 and 110 0 o
Slide 4: Operational Review
Second Quarter 2011 Operational Review
Slide 5: Geographic presence
Geographic presence Bouvet North (32) • Trondheim Bouvet Bergen (50) Bouvet Oslo (279) Bouvet Rogaland (273) • Stavanger Bouvet Sweden (29) • Haugesund • Stockholm • Malmø • Ørebro Bouvet South (39) • Sandefjord • Skien • Arendal • Kristiansand
Slide 6: Technology
Technology • Bouvet provides a wide range of IT- services needed to establish and manage good IT-solutions • Lifecycle services from analysis of needs through the development phase to an efficient management, including: – Technical infrastructure – Architecture – System development – Integration – D
Slide 7: Communications
Communications • Bouvet is a full-service agency within communication services • Bouvet provides competence on all levels of communication and marketing – combined with technology and integration – Communication strategy – Multi-channel strategy – Concept development – Graphic design and service des
Slide 8: Enterprise management
Enterprise management • Governance of a modern enterprise is complex • Bouvet offers advise, methods and solutions to handle the complexity – Processes and process analysis – Information management – Business intelligence – Business systems/ERP - SAP – Education
Slide 9: Growth in the customer base
Growth in the customer base • Keeping customers Revenues customer split – The existing customers* increased Existing customers* New customers (LTM)** 9.1 percent from Q2’10 250 – Existing customers* represent 86.9 percent of revenues in Q2’11 200 • Expanding the customer base 150 – Revenues increase
Slide 10: Customer logos
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Slide 11: Constant project and customer mix
Constant project and customer mix • A stable project mix Variably priced contracts share of revenues – Still a high level of variable priced 100 % 94.2 % 94.7 % 92.7 % 91.6 % 91.9 % contracts of 92.7 % in Q2’11 90 % 80 % • A solid customer mix 70 % 60 % – Revenues from the three largest customers re
Slide 12: Frame Agreements
Frame Agreements • New frame agreements – Statkraft – Kollektivtransportproduksjon (KTP) – Medinor – Helse Vest IKT – Jernbaneverket – Tine • Development in frame agreements entered into in Q1’11 – The Norwegian Armed Forces and Statoil through successful start-up phase and in full production
Slide 13: A growing workforce
A growing workforce • Our employees is an invaluable Changes in total number of employees resource 40 35 – Training and motivation 30 – Interesting assignments 25 20 – Bouvet is considered a leading 15 specialist environment 10 5 0 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 • 702 employee
Slide 14: Financial Review
Second Quarter 2011 Financial Review
Slide 15: Key Figures
Key Figures Three months ending Twelve months ending NOK millions 30.06.2011 30.06.2010 Change 30.06.2011 30.06.2010 Change Operating revenue 209.7 167.0 +25.5 % 800,1 618,5 +29,4 % Operating profit (EBIT) 21.9 14.9 +47.3 % 80,8 53,0 +52,6 % EBIT margin 10.5 % 8.9 % 10,1 % 8,6 % Ordinary profit befo
Slide 16: Strong top-line growth
Strong top-line growth • Revenues increased by Revenue split (12 months rolling average) 25.5 percent compared to Q2’10 Other Sub-contracted consultants Own consultants 1000 – Revenues from own consultants 800 increased YOY by 20.8 percent to 600 NOK 160.0 million 400 – Sub-contracted consultants sh
Slide 17: Positive EBIT development
Positive EBIT development • EBIT increase YOY* EBIT and EBIT margin (12 months rolling) – The EBIT-margin grows to 90.0 80.8 10.5 percent from 8.9 in Q2’10 80.0 73.7 70.0 64.7 • OPEX up 23.4 percent 55.8 NOK million 60.0 53.0 50.0 • Average salary increased 4.1 40.0 percent in the last twelve months
Slide 18: Cash flow from operations
Cash flow from operations • Cash flow from operations Cash flow from operations (12 months rolling) – Negative NOK 17.4 million in Q2’11 80 compared with negative NOK 2.9 69 million in Q2’10 70 60 • Working capital and tax 55 – Increase in working capital from 50 Q1’11 NOK million 40 – No changes in
Slide 19: Capital structure
Capital structure Assets Equity and liabilities 350.0 350.0 300.0 300.0 250.0 250.0 NOK million NOK million 200.0 200.0 150.0 150.0 100.0 100.0 36% 37% 50.0 50.0 17% 20% 0.0 0.0 30.06.2011 30.06.2010 30.06.2011 30.06.2010 Cash and Cash Equivalents Equity Other Current Assets Short-term debt Non Curr
Slide 20: Outlook and Closing Remarks
Second Quarter 2011 Outlook and Closing Remarks
Slide 21: Market development and outlook
Market development and outlook • The market for IT-services is strong – A large number of opportunities – No signs of financial turmoil – It is challenging to attract new consultants • New contracts and frame agreements will fuel growth – Transforming frame agreements to revenue – New contracts util
Slide 22: Summary
Summary • Solid financials – Revenues at NOK 209.7 million – EBIT at NOK 21.9 million • Bouvet continues to recruit talent – 30 new colleagues in Q2 and 110 over the last 12 months • A strong marked for IT services – Important agreements won – Growth in the second half
Slide 23: Shareholders as of 15 August 2011
Shareholders as of 15 August 2011 Shareholder % of total shares Number of shares 1 JPMORGAN CHASE BANK 9,86% 1 011 061 2 MP PENSJON PK 5,86% 601 000 3 DNB NOR NORDIC TECHNOLOGY VPF 5,77% 591 381 4 HURUM SVERRE FINN 5,30% 543 403 5 KLP AKSJE NORGE VPF 4,38% 449 338 6 MORGAN STANLEY & CO INTERNAT. PLC