Bouvet Asa · OSL:BOUV
Bouvet Asa — Q2 2015 Earnings Presentation
18 slides from Bouvet Asa's earnings presentation, Aug 27, 2015
Slide 1: Interim presentation Second quarter 2015
Interim presentation Second quarter 2015 Sverre Hurum. CEO Erik Stubø. CFO 27 August 2015
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 by 350 14.3 percent to NOK 315.7 million 300 (y-o-y) 250 – EBIT up by 46.2 percent to NOK 200 34.6 million (y-o-y) 150 100 • 1018 employees 50 – An increase of 18 in t
Slide 3: Operational Review
Operational Review
Slide 4: Digitisation of train operation in Norway
Digitisation of train operation in Norway • FIDO makes all train-related communication digital and mobile • Reduces delays and improves security • Saves NOK 20 million per year • Developed by Bouvet
Slide 5: Important long term agreements across regions
Important long term agreements across regions • Statoil Oil Trade Solutions – 10 years – Stavanger, Trondheim • Altinn portal – 8 years – Stavanger, Bergen • Helse Vest IKT – 4 years – Bergen, Haugesund, Stavanger 5 August 27, 2015 Interim presentation 2nd quarter 2015
Slide 6: Shift in sectors
Shift in sectors Changes in revenues per sector since Q2’14 • Reduced revenues from oil and MNOK gas 45 • Increased revenues from all 40 other sectors 35 • 41,4 % of revenues from Public admin 30 customers publicly owned, up Health from 37,1 % in Q2’14 25 Bank & finance 20 Industry 15 Power supply R
Slide 7: Customer and project mix
Customer and project mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 96.1 100% percent of total revenues 90% 80% • Client portfolio 70% – The 10 largest customers represent 60% 39.3 percent of total revenues – 50% down from 43.8 percent in Q2
Slide 8: Client development
Client development • Existing clients* Revenues customer split MNOK – Revenues from existing clients Existing customers* New customers (LTM)** increased 3.5% from Q2’14 350 – Accounted for 90.5 percent of 300 revenues in Q2’15 • New customers** 250 – Customer won over the past year 200 generated rev
Slide 9: Regional organisation
Regional organisation 90 63 14 Trondheim 396 Bergen Sandvika Ørebro Stockholm Haugesund Oslo 334 Sandefjord Stavanger Skien Group Kristiansand Arendal 48 management and staff: 18 Malmø 55 9 August 27, 2015 Interim presentation 2nd quarter 2015
Slide 10: Enthusiastic and competent employees
Enthusiastic and competent employees • 1 018 employees at the end of the Number of employees end of quarter second quarter 1200 – 18 new employees in Q2’15 1000 – 73 more employees in the past 12 800 months 600 400 – Average number of employees in 200 the quarter up 6.8 percent from 0 Q2'10 Q2'11 Q2
Slide 11: Financial Review
Financial Review
Slide 12: Key figures
Key figures Three months ending Twelve months ending MNOK 30.06.2015 30.06.2014 Change 30.06.2015 30.06.2014 Change Operating revenue 315.7 276.2 14.3 % 1 198.2 1 124.5 6.6 % Operating profit (EBIT) 34.6 23.6 46.2 % 95.1 95.0 0.1 % EBIT margin 11.0 % 8.6 % 7.9 % 8.4 % Ordinary profit before tax 35.4
Slide 13: Top line growth
Top line growth • Revenues increased by 14.3 Revenue split (quarterly figures) MNOK percent y-o-y 350 Own consultants – Revenues from own consultants 300 Sub-contracted consultants increased by 15.0 percent to NOK 250 Other 200 268.6 million 150 – Revenues from sub-contracted 100 50 consultants incr
Slide 14: Increased earnings
Increased earnings • Operating profit increased y-o-y in EBIT and EBIT margin MNOK and Percent Q2’15 40 EBIT EBIT margin 15% – EBIT margin of 11.0 percent 30 compared to 8.6 percent in Q2’14 10% 20 • Operating expenses increased by 10 5% 11.3 percent compared to Q2’14 0 0% Q2'10 Q2'11 Q2'12 Q2'13 Q2
Slide 15: Cash flow
Cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – Positive NOK 28.6 million in Q2’15, 120 100 up from NOK positive 18.0 million 80 in Q2’14 60 40 • Rolling 12 months 20 0 -20 – Operational cash flow over the last -40 12 months was NOK 76.5 million Q2'10 Q2'11 Q2'12
Slide 16: Outlook
Outlook
Slide 17: Outlook
Outlook • Short-term uncertainty – Long decision-making processes – Cost reduction • Technology, digital communication and business development more interwoven • Digital solutions expected to persist in every sector 17 August 27, 2015 Interim presentation 2nd quarter 2015
Slide 18: Shareholders as at 26.08.2015
Shareholders as at 26.08.2015 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44 STENSHAGEN INVEST AS 1 024 992 10,00 MP PENSJON PK 669 904 6,54 HURUM SVERRE FINN 506 584 4,94 KLP AKSJE NORGE VPF 405 313 3,95 PROTECTOR FORSIKRING ASA 400 000 3,90 VEVLEN GÅRD AS 400 000 3,90 SIX S