Bouvet Asa · OSL:BOUV
Bouvet Asa — Q2 2013 Earnings Presentation
20 slides from Bouvet Asa's earnings presentation, Aug 28, 2013
Slide 1: Interim presentation Second quarter 2013
Interim presentation Second quarter 2013 Sverre Hurum, CEO Erik Stubø, CFO 28 August 2013
Slide 2: Highlights in the second quarter
Highlights in the second quarter • Revenues and EBIT Revenues and number of employees MNOK and number – Operating revenues increased 13.4 300 percent to NOK 284.3 million (y-o-y) 250 200 – EBIT up by 36.4 percent to NOK 28.5 150 million (y-o-y) 100 • Focus on profitability and efficiency 50 0 • High
Slide 3: Operational Review
Operational Review
Slide 4: Statoil
Statoil Frame agreement - Business Process Services • Includes design and implementation of governing documents • On-going support function of content and tools • Consultants from Stavanger, Bergen and Oslo will be involved Photo: Harald Pettersen/Statoil • Estimated scope includes 30-40 consultants
Slide 5: Statnett
Statnett Frame agreement - market systems • Development of platform for market systems and planning tools for submarine power cables to Denmark • Includes 15-20 consultants • Contract duration of four years, including options Photo: Statnett 5 28 August 2013 Interim presentation 2nd quarter 2013
Slide 6: Norwegian Public Roads Administration
Norwegian Public Roads Administration Mobile surveillance tool • Implemented on tablets using web-technology • Integrated with several of NPRA’s systems • Includes a broad specter of Bouvet’s services Photo: Scanpix 6 28 August 2013 Interim presentation 2nd quarter 2013
Slide 7: Customer development
Customer development • Existing customer Revenues customer split MNOK – Represent 89.5 percent of revenue Existing customers* New customers (LTM)** in Q2’13* 300 • New customers 250 – Revenue increased by NOK 29.7 million from new customers** 200 • Continued high activity within 150 framework agreem
Slide 8: Customer and project mix
Customer and project mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 94.0 100 % percent of total revenues 90 % 80 % • Customer portfolio 70 % – The ten largest customers 60 % represent 51.4 percent of total 50 % Q2'08 Q2'09 Q2'10 Q2'11 Q2'12
Slide 9: Geographic proximity
Geographic proximity 52 60 Trondheim 347 Bergen Haugesund Sandvika Oslo Ørebro Stockholm 354 Sandefjord Stavanger Skien Kristiansand Arendal 34 47 Malmø 9 28 August 2013 Interim presentation 2nd quarter 2013
Slide 10: Profitability - primary objective
Profitability - primary objective • Highest billing rate since Q1 2007 Nominal change in number of employees • Focus on efficiency and lowering 1000 turnover 800 600 – Growth rate in number of 400 employees has historically been 200 higher than peers 0 • 894 employees at the end of June Q2'08 Q2'09
Slide 11: Uplifting results from employee survey
Uplifting results from employee survey • Maintaining an attractive workplace and satisfied employees – Diversity – Freedom and responsibility – Challenging tasks • Survey conducted by Great Place to Work Institute – Improvement from last year (Bouvet Top 10 in Norway) – 91 percent employees views Bo
Slide 12: Financial Review
Financial Review
Slide 13: Key figures
Key figures Three months ending Twelve months ending MNOK 30.06.2013 30.06.2012 Change 30.06.2013 30.06.2012 Change Operating revenue 284.3 250.7 13.4% 1 063.1 1 001.4 6.2% Operating profit (EBIT) 28.5 20.9 36.4% 79.0 90.6 -12.8% EBIT margin 10.0% 8.3% - 7.4% 9.0% - Ordinary profit before tax 28.7 2
Slide 14: Top-line growth
Top-line growth • Revenues up by 13.4 percent YOY Revenue split (quarterly figures) MNOK – Revenues from own consultants up 300 20.9 percent to NOK 230.7 million 250 200 – Sub-contracted consultants’ share 150 totalled 14.1 percent compared to 100 18.1 percent in Q2’12 50 • Average number of employe
Slide 15: Increased earnings reflects efficiency
Increased earnings reflects efficiency • Operating profit increased in Q2 EBIT and EBIT margin MNOK and Percent – EBIT margin of 10.0 percent 40 EBIT EBIT margin 20 % compared to 8.3 percent in Q2’12 30 15 % – Operating expenses increased by 20 10 % 11.3 percent 10 5% • Salaries increased 4.1 percen
Slide 16: Cash flow
Cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – Negative NOK 2.2 million in Q2’13, 120 100 down from positive NOK 29.7 80 million in Q2’12 60 40 – Affected by increased trade 20 - receivables and work in progress (20) (40) • Rolling 12 months Q2'08 Q2'09 Q2'10 Q2
Slide 17: Outlook and summary
ee Outlook and summary x -
Slide 18: Outlook
Outlook • Continued good market outlook within primary sectors • Continued focus on profitability before growth • Customer proximity is becoming increasingly important 18 28 August 2013 Interim presentation 2nd quarter 2013
Slide 19: Summary
Summary • Strong results impacted by: – Increased efficiency – Highest billing rate since Q1 2007 • Focus on profitability • Solid demand for our services within oil & gas, energy, retail and the public sector 19 28 August 2013 Interim presentation 2nd quarter 2013
Slide 20: Shareholders as at 27.08.2013
Shareholders as at 27.08.2013 Shareholder % share Number of shares VARNER KAPITAL AS 10.44% 1 070 000 STENSHAGEN INVEST AS 8.88% 909 992 MP PENSJON PK 6.71% 688 004 HURUM SVERRE FINN 4.93% 504 965 MORGAN STANLEY & CO INTERNAT. PLC 4.32% 442 374 KLP AKSJE NORGE VPF 3.52% 360 628 VERDIPAPIRFONDET DNB