Bouvet Asa · OSL:BOUV
Bouvet Asa — Q3 2011 Earnings Presentation
20 slides from Bouvet Asa's earnings presentation, Nov 15, 2011
Slide 1: Third Quarter 2011
15 November 2011 Third Quarter 2011 CEO Sverre Hurum CFO Erik Stubø
Slide 2: Disclaimer
Disclaimer The information contained in the Presentation is for your use only. Recipients may not reproduce, redistribute or pass on, in whole or in part, the Presentation to any other person. The contents of the Presentation are not to be construed as legal, business, investment or tax advice or si
Slide 3: Highlights in the third quarter
Highlights in the third quarter • Revenues and EBIT Revenues and number of employees – Revenues increased 31.5 percent 250 YoY to NOK 210.6 million 200 219 211 210 211 – EBIT up 57.9 percent to NOK 15.4 NOK million 150 160 million YoY 100 50 • Growing workforce 0 – 43 new colleagues in Q3 and 128 Q3
Slide 4: Operational Review
Third Quarter 2011 Operational Review
Slide 5: Geographic presence
Geographic presence Bouvet North (36) • Trondheim Bouvet Bergen (48) Bouvet Oslo (295) Bouvet Rogaland (298) • Stavanger Bouvet Sweden (27) • Haugesund • Stockholm • Malmø • Ørebro Bouvet South (41) • Sandefjord • Skien • Arendal • Kristiansand 5
Slide 6: Growth in the customer base
Growth in the customer base • Keeping customers Revenues customer split – The existing customers* increased Existing customers* New customers (LTM)** 15.6 percent from Q3’10 250 – Existing customers* represent 87.1 percent of revenues in Q3’11 200 • Expanding the customer base 150 – Revenues increas
Slide 7: Important sectors
Important sectors PUBLIC SECTOR OIL RETAIL & GAS POWER 7
Slide 8: Case: The Sesam project
Case: The Sesam project • Innovative integration of new archive system with existing CRM, business systems and monitoring systems. • Large scale reuse of information between the systems • Easy retrieval and aggregation of information creates a new user experience 8
Slide 9: 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 % 94.7 % 92.7 % 91.6 % 91.9 % 91.4 % contracts of 91.4 % in Q3’11 90 % 80 % • A solid customer mix 70 % 60 % – Revenues from the three largest customers re
Slide 10: A growing workforce
A growing workforce • Our employees is an invaluable Changes in total number of employees resource 50 – Training and motivation 40 – Interesting assignments 30 – Bouvet is considered a leading 20 specialist environment 10 0 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 • 745 employees as of
Slide 11: Financial Review
Third Quarter 2011 Financial Review
Slide 12: Key Figures
Key Figures Three months ending Twelve months ending NOK millions 30.09.2011 30.09.2010 Change 30.09.2011 30.09.2010 Change Operating revenue 210.6 160.2 +31.5 % 850.5 658.9 +29.1% Operating profit (EBIT) 15.4 9.7 +57.9 % 86.4 55.8 +55.0% EBIT margin 7.3% 6.1% 10.2% 8.5% Ordinary profit before tax 1
Slide 13: Strong top-line growth
Strong top-line growth • Revenues increased by Revenue split (12 months rolling average) 31.5 percent compared to Q3’10 Other Sub-contracted consultants Own consultants 1000 – Revenues from own consultants increased YOY by 29.3 percent to 800 NOK Million NOK 164.2 million 600 – Sub-contracted consul
Slide 14: Positive EBIT development
Positive EBIT development • EBIT increase YOY* EBIT and EBIT margin (12 months rolling) – The EBIT-margin grows to 100.0 86.4 7.3 percent from 6.1 in Q3’10 90.0 73.7 80.8 80.0 64.7 • OPEX up 29.8 percent 70.0 NOK million 60.0 55.8 • Average salary increased 4.6 50.0 40.0 percent in the last twelve m
Slide 15: Cash flow from operations
Cash flow from operations • Quarterly cash flow from Cash flow from operations (12 months rolling) operations 80 – Positive NOK 9.8 million in Q3’11 69 compared with marginal NOK 0.2 70 64 million in Q3’10 60 • 12 months rolling average 55 – For the last twelve months, cash 50 flow from operations e
Slide 16: 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 39% 40% 50.0 50.0 19% 19% 0.0 0.0 30.09.2010 30.09.2011 30.09.2010 30.09.2011 Cash and Cash Equivalents Equity Other Current Assets Short-term debt Non Curr
Slide 17: Outlook and Closing Remarks
Third Quarter 2011 Outlook and Closing Remarks
Slide 18: Market development and outlook
Market development and outlook • The market for IT-services continues to be strong – Long term client relations – High number of frame agreements • Two important market trends – IT and digital communication will play a more strategic role for company’s customer interaction and product offering – Fin
Slide 19: Summary
Summary • Financials in line with expectations – Revenues at NOK 210.6 million – EBIT at NOK 15.4 million • Growth in employees – 43 new colleagues in Q3 and 128 over the last 12 months – Will continue to grow • Signs of uncertainty – It is still a strong market for IT services – Financial uncertain
Slide 20: Shareholders as of 14 November 2011
Shareholders as of 14 November 2011 Shareholder % of total shares Number of shares NORDEA NORDIC SMALL 9.86% 1 011 061 MP PENSJON PK 5.99% 613 719 DNB NOR NORDIC TECHN VPF 5.77% 591 381 HURUM SVERRE FINN 5.30% 543 403 MORGAN STANLEY & CO S/A MSIL IPB CLIENT 4.48% 458 688 KLP AKSJE NORGE VPF 4.39% 44