Slide 1: Fourth Quarter 2010
18 February 2011 Fourth Quarter 2010 CEO Sverre Hurum CFO Erik Stubø
Slide 2: Disclaimer
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Slide 3: Highlights in the fourth quarter
Highlights in the fourth quarter •! Revenues and EBIT Revenues and number of employees –! Revenues increased 32.4 percent YoY 250 to NOK 211.3 million 200 211 –! EBIT up 61.1 percent to NOK 23.7 NOK million 150 172 167 million YoY 160 160 –! Utilisation rate up 4.9 percentage 100 points 50 0 Q4'09 Q
Slide 4: Operational Review
Fourth Quarter 2010 Operational Review
Slide 5: Geographic presence
Geographic presence Bouvet North (31) •! Trondheim Bouvet East (272) Bouvet West (281) •! Oslo •! Stavanger •! Bergen •! Haugesund Bouvet Sweden (21) •! Stockholm •! Malmø Bouvet South (37) •! Skien •! Arendal •! Kristiansand
Slide 6: An integrated service offering
An integrated service offering Portals Technical Training/Courses infrastructure Business System intelligence USABILITY USABILITY development SAP System integration Application management
Slide 7: Projects and deliveries
Projects and deliveries •! Kolumbus –! Bouvet has developed a mobile travel planner for Rogaland county –! Available from the Apple App Store and Android Market –! The solution makes it easier for users to choose the right public transport services when travelling •! Standardised service concepts –!
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Slide 9: Images of employees removed
IMAGES OF EMPLOYEES HAS BEEN REMOVED DUE TO PRIVACY CONCERNS
Slide 10: Creating value from consulting
Creating value from consulting CREATING VALUE FROM = COMPETENCE * COMMITMENT CONSULTING
Slide 11: Growth in the customer base
Growth in the customer base •! Keeping customers Revenues – customer split –! The existing customers* increased Existing customers* New customers (LTM)** 17 percent from Q4’09 250 –! Existing customers* represent 89 percent of revenues in Q4’10 200 •! Expanding the customer base –! Revenues increase
Slide 12: Project and customer mix
Project and customer mix •! Project mix Variably priced contracts share of revenues –! The variably priced contracts share 100 % 94,1 % 95,2 % 94,2 % 94,7 % 91,6 % of total revenues dropped to 91.6 % 90 % in Q4’10 80 % •! Customer mix 70 % –! Revenues from the three largest 60 % customers represent
Slide 13: A growing workforce
A growing workforce •! Our employees is an invaluable Changes in total number of employees resource 40 –! Training and motivation 30 –! Interesting assignments 20 –! Bouvet is considered a leading specialist environment 10 0 •! 642 employees as of Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'1
Slide 14: Financial Review
Fourth Quarter 2010 Financial Review
Slide 15: Key Figures
Key Figures Three months ending Twelve months ending NOK millions 31.12.2010 31.12.2009 Change 31.12.2010 31.12.2009 Change Operating revenue 211.3 159.6 +32.4 % 710.6 589.1 +20.6 % Operating profit (EBIT) 23.7 14.7 +61.1 % 64.7 57.1 +13.4 % EBIT margin 11.2 % 9.2 % 9.1 % 9.7 % Ordinary profit befor
Slide 16: Strong top-line growth
Strong top-line growth •! Revenues increased by Revenue split (12 months rolling average) 32.4 percent compared to Q4’09 Other Sub-contracted consultants Own consultants 800 –! Revenues from own consultants 600 increased YOY by 27.4 percent to NOK 165.2 million 400 –! Sub-contracted consultants shar
Slide 17: Value drivers
Value drivers •! Average price per hour down 0,8 Utilization rate percent compared to Q4’09 –! Variation between regions 79,4% –! Dependent on type of contract and assignment 76,8% •! Utilization rate of 79.4 percent in 75,4% 74,7% Q4’10 vs. 74.4 percent in Q4’09 74,4% 74,4% 73,7% –! Utilization rat
Slide 18: Positive EBIT development
Positive EBIT development •! EBIT increase YOY* EBIT and EBIT margin (12 months rolling) –! The EBIT-margin grows to 70,0 64,7 11.2 percent from 9.2 in Q4’09 60,0 57,1 53,2 53,0 55,8 •! OPEX up 29.5 percent 50,0 NOK million 40,0 •! Average salary increased 30,0 3.0 percent versus Q4’09 20,0 –! Avera
Slide 19: Cash flow from operations
Cash flow from operations •! Growth in cash flow from Cash flow from operations (12 months rolling) operations 70 –! Positive in Q4’10 up from 62 NOK 61.4 million in Q4’09 to 67.5 60 million in Q4’10 –! Working capital related to accounts 50 receivables and work in progress increases to NOK 155.9 (u
Slide 20: 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 49% 42% 37% 36% 50,0 50,0 0,0 0,0 31.12.2009 31.12.2010 31.12.2009 31.12.2010 Cash and Cash Equivalents Equity Other Current Assets Short-term debt Non Curr
Slide 21: Outlook and Closing Remarks
Fourth Quarter 2010 Outlook and Closing Remarks
Slide 22: Market development and outlook
Market development and outlook •! Client development –! Positive market trend continues –! Enquiries from both public and private sectors are rising •! Product and service development –! Security of ICT systems becoming more important –! Document management solutions •! Employee development –! Getti
Slide 23: Summary
Summary •! Strong financial results –! Revenues increased 32.4 percent YoY to NOK 211.3 million in Q4’10 –! EBIT up 61.1 percent to NOK 23.7 million YoY •! Solid operations –! Utilisation rate up 4.9 percentage points –! Large number of new projects and clients in Q4’10 •! Growing workforce –! 25 ne
Slide 24: Shareholders as of February 2011
Shareholders as of 14 February 2011 Shareholder % of total shares Number of shares 1 JPMORGAN CHASE BANK 9,86 % 1 011 061 2 HURUM SVERRE FINN 6,28 % 643 403 3 MP PENSJON PK 5,86 % 601 000 4 DNB NOR NORDIC TECHNOLOGY VPF 5,42 % 556 056 5 KLP AKSJE NORGE VPF 4,38 % 449 338 6 MORGAN STANLEY & CO INTERN