Bouvet Asa · OSL:BOUV
Bouvet Asa — Q1 2014 Earnings Presentation
22 slides from Bouvet Asa's earnings presentation, May 20, 2014
Slide 1: Interim presentation First quarter 2014
Interim presentation First quarter 2014 Sverre Hurum. CEO Erik Stubø. CFO 20 May 2014
Slide 2: Highlights in the first quarter
Highlights g g in the first q quarter • A solid quarter – financially and Revenues and number of employees MNOK and number operationally 350 300 • New assignments and clients 250 within our core sectors;; p power 200 supply, retail and public 150 100 services 50 • A reduction in the demand from 0 Q1
Slide 3: Operational Review
Operational Review —
Slide 4: A holistic approach to the customer's business
BROAD RANGE OF SERVICES A holistic approach pp the customer’s business • Digital customer dialogue must work in unison with back-end solutions • Example: Lyse • Up to now Bouvet has delivered: – IT services – Web design and development • Now also – Customer orientation – Customer Experience Journey
Slide 5: CRM as new service area
CONTINUOUS SERVICE DEVELOPMENT CRM as new service area • Acquired Blinc AS in March 2014 Business Systems • A consultancy within CRM-systems and mobility • Blinc’s competence on client relationships and – e commerce complements Bouvet e-commerce Bouvet’s s service offering within customer experience
Slide 6: Long standing clients order more
LONG TERM FOCUS Long g standing g clients order more • EREX - makes it possible to bill accurately the energy consumed by trains – Used in Norway, Sweden, Denmark, Finland and Belgium – Will be adapted to Switzerland – A Bouvet client for 9 years Image: SBB CFF FFS • GDF Suez – Have ordered a busine
Slide 7: Assignments close to customer business
CLOSE TO CUSTOMERS Assignments g close to customer business • From developing business systems to assist in the development of services and organisations • Examples: – Modeling and documentation of business processes for Jernbaneverket – Implementation of Lean in Helse Vest • Customers appreciate lo
Slide 8: Great Place to Work
SATISFIED EMPLOYEES Great Place to Work 8 Dato: May 20, 2014 Interim presentation 1st quarter 2014
Slide 9: Employees
Employees p y • 932 employees at the end of the Number of employees end of quarter first quarter 1000 – One new employee in Q1’14 800 – 39 new employees in the past 12 600 months 400 – Average number of employees in 200 the quarter up 4.9 percent from 0 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Q1’13 Annu
Slide 10: Regional organisation
Regional g organisation g 57 60 Trondheim 337 Sesam 14 Bergen Haugesund Sandvika Oslo Ørebro Stockholm 348 Sandefjord Stavanger Skien Group management Kristiansand Arendal 46 and staff: 19 Malmø 51 10 Dato: May 20, 2014 Interim presentation 1st quarter 2014
Slide 11: Financial Review
Financial Review
Slide 12: Key figures
Keyy figures g Three months ending Twelve months ending MNOK 31.03.2014 31.03.2013 Change 31.03.2014 31.03.2013 Change Operating revenue 300.9 281.2 7.0 % 1 132.5 1 029.6 10.0 % Operating profit (EBIT) 27.0 22.3 21.1 % 99.8 71.4 39.8 % EBIT margin 90% 9.0 79% 7.9 - 88% 8.8 69% 6.9 - Ordinary profit
Slide 13: Top line growth
Top p line g growth • Revenues up by 7.0 percent YOY Revenue split (quarterly figures) MNOK – Revenues from own consultants up 350 Own consultants 12.0 percent to NOK 252.6 million 300 Sub-contracted consultants 250 Other – Revenues from sub-contracted 200 150 consultants declined 14.3 percent 100 t
Slide 14: Increased earnings
Increased earnings g • Continued y-o-y increase in EBIT and EBIT margin MNOK and Percent Operating profit in Q1’14 40 EBIT EBIT margin 15% – EBIT margin of 9.0 percent 30 compared to 7.9 percent in Q1’13 10% 20 • Operating expenses increased by 10 5% 5.8 percent from Q1’13 0 0% Q1'09 Q1'10 Q1'11 Q1'
Slide 15: Solid cash flow
Solid cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – Negative NOK 13.3 million in 120 100 Q1’14, slightly down from NOK 80 negative 11.8 million in Q1’13 60 40 – Negatively affected by working 20 0 capital changes, including work in -20 progress -40 Q1'09 Q1'10
Slide 16: Outlook
Outlook
Slide 17: Continued development towards digitization
Continued development p towards digitization • Retail: Towards e-commerce • Power: Digital meter reading • Public: A change of pace in the use of digital solutions • g O&G: Signals of reduced investments 17 Dato: May 20, 2014 Interim presentation 1st quarter 2014
Slide 18: Summary
Summaryy • Another solid quarter • Loyal and long long-term term clients continue to support Bouvet • Bouvet is one of the best places to work in Norway and Sweden 18 Dato: May 20, 2014 Interim presentation 1st quarter 2014
Slide 19: Shareholders as at 19.05.2014
Shareholders as at 19.05.2014 9 5 4 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44% STENSHAGEN INVEST AS 909 992 8,88% MP PENSJON PK 669 904 6,54% HURUM SVERRE FINN 505 751 4,93% KLP AKSJE NORGE VPF 340 628 3,32% VERDIPAPIRFONDET DNB NORDIC TECHNO 313 871 3,06% VEVLEN GÅRD AS
Slide 20: Appendix
Appendix Dato: May 20, 2014 20 Interim presentation 1st quarter 2014
Slide 21: Client development
Client development p • Existing clients* Revenues customer split MNOK – Revenues from existing clients Existing customers* New customers (LTM)** decreased 2.9 percent from Q1’13 350 – Accounted for 90.7 p percent of 300 revenues in Q1’14 250 • New customers** – C Customer t won over the th pastt yea
Slide 22: Customer and project mix
Customer and p project j mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 96.2 100% percent of total revenues 90% 80% • Client portfolio 70% – The 10 largest customers represent 60% 48.8 percent of total revenues – 50% Q1'09 Q1'10 Q1'11 Q1'12