Bouvet Asa · OSL:BOUV
Bouvet Asa — Q4 2011 Earnings Presentation
22 slides from Bouvet Asa's earnings presentation, Feb 16, 2012
Slide 1: Fourth Quarter 2011
16 February 2012 Fourth 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 fourth quarter
Highlights in the fourth quarter •! Revenues and EBIT Revenues and number of employees –! Revenues increased 22.1 percent 300 YoY to NOK 258.1 million 250 258 –! EBIT up 6.7 percent to NOK 25.3 NOK million 200 219 211 210 211 million YoY 150 100 •! Continued growth in the workforce 50 0 –! 34 new co
Slide 4: Strategy – achieving our vision
Strategy – achieving our vision Focus on long term relationships with large customers Offer a range of services in which demand is increasing Leading Scandinavian consultancy in selected Combine organic growth with selected strategic service segments acquisitions Utilize strong position when attract
Slide 5: 5 years of financial growth
5 years of financial growth Annual revenues Annual EBIT 1000 100 900 90 897 88 800 80 700 70 711 70 600 60 65 NOK million NOK million 589 565 57 500 50 47 400 448 40 300 30 200 20 100 10 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 5
Slide 6: 5 years of shareholder return
5 years of shareholder return Investment Calculator 16 000 NOK 4.10 180 NOK 3.75 160 14 000 NOK 4.00 NOK 2.50 159 shares 151 shares 140 NOK 4.00 141 shares Value of NOK 12,271 12 000 136 shares NOK 3.70 120 120 shares Number of shares 10 000 108 shares 100 100 shares NOK 8 000 80 60 6 000 40 4 000 V
Slide 7: Operational Review
Fourth Quarter 2011 Operational Review
Slide 8: Geographic presence
Geographic presence Bouvet North (39) •! Trondheim Bouvet East (303) •! Oslo Bouvet Bergen (48) •! Sandvika Bouvet Rogaland (315) •! Stavanger Bouvet Sweden (31) •! Haugesund •! Stockholm •! Malmø •! Ørebro Bouvet South (43) •! Sandefjord •! Skien •! Arendal •! Kristiansand 8
Slide 9: Existing customers – our main focus
Existing customers – our main focus •! Keeping customers Revenues customer split –! The existing customers* increased Existing customers* New customers (LTM)** 9.0 percent from Q4’10 300 –! Existing customers* represent 89.2 percent of revenues in Q4’11 250 •! Expanding the customer base 200 –! Reve
Slide 10: Local contact – national outreach
Local contact – national outreach Stavanger Bergen Kristiansand Stockholm Stockholm Trondheim Oslo Oslo Arendal Oslo Bergen Trondheim Stavanger Oslo Arendal Skien Haugesund Bergen Oslo Oslo Stavanger Oslo Bergen Sandvika 10
Slide 11: No change to customer and project mix
No change to customer and project mix •! A stable project mix Variably priced contracts share of revenues –! Variable priced contracts share of 100 % 92,7 % 91,6 % 91,9 % 91,4 % total contracts ended 89.1 percent 90 % 89,1 % in Q4’11 80 % 70 % •! A solid customer mix 60 % –! Revenues from the three
Slide 12: Attracting talent in all regions
Attracting talent in all regions •! The individual is at the core of Changes in total number of employees Bouvet 50 –! Knowledge and enthusiasm 40 –! Empowered entities and 30 empowered employees 20 –! Challenging tasks 10 0 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 •! 779 employees as o
Slide 13: Financial Review
Fourth Quarter 2011 Financial Review
Slide 14: Key Figures
Key Figures Three months ending Twelve months ending NOK millions 31.12.2011 31.12.2010 Change 31.12.2011 31.12.2010 Change Operating revenue 258.1 211.3 +22.1% 897.2 710.6 +26.3% Operating profit (EBIT) 25.3 23.7 +6.7% 88.0 64.7 +36.0% EBIT margin 9.8 % 11.2 % - 9.8 % 9.1 % - Ordinary profit before
Slide 15: Continued top-line growth
Continued top-line growth •! Revenues increased by Revenue split (12 months rolling average) 22.1 percent compared to Q4’10 –! Revenues from own consultants 1000 Other Sub-contracted consultants Own consultants increased YOY by 19.5 percent to 800 NOK 196.8 million NOK Million –! Sub-contracted cons
Slide 16: Flat EBIT development
Flat EBIT development •! EBIT increase YOY* EBIT and EBIT margin (12 months rolling) –! The EBIT-margin in Q4’11 ended at 100,0 88,0 86,4 9.8 percent compared to 11.2 in 73,7 80,8 80,0 Q4’10 64,7 NOK million 60,0 •! OPEX up 24.1 percent 40,0 •! Average salary increased 4.4 20,0 percent in the last t
Slide 17: Cash flow from operations
Cash flow from operations •! Quarterly cash flow from operations Cash flow from operations –! Positive NOK 61.0 million in Q4’11 80 68 61 compared with NOK 67.5 million in 60 NOK million Q4’10 40 20 10 •! 12 months rolling average 4 0 –! For the last twelve months, cash -20 flow from operations ende
Slide 18: A solid capital structure
A solid capital structure Assets Equity and liabilities 450,0 450,0 400,0 400,0 350,0 350,0 300,0 300,0 NOK million NOK million 250,0 250,0 200,0 200,0 150,0 150,0 100,0 100,0 35% 37% 36% 29% 50,0 50,0 0,0 0,0 31.12.2010 31.12.2011 31.12.2010 31.12.2011 Cash and Cash Equivalents Equity Other Current
Slide 19: Outlook and Closing Remarks
Fourth Quarter 2011 Outlook and Closing Remarks
Slide 20: Market development and outlook
Market development and outlook •! IT market still strong –! Strong market development in regions and customer segments •! Strong market position –! Strengthened market share in 2011 –! Well positioned to further strengthen the market share •! Success with regional profile –! The regional focus will
Slide 21: Summary
Summary •! Financials in line with expectations –! Revenues at NOK 258.1 million –! EBIT at NOK 25.3 million •! Continued growth in employees –! 34 new colleagues in Q4 and 137 over the last 12 months –! Demand for manpower and knowledge in all regions •! No sign of financial uncertainty –! It is st
Slide 22: Shareholders as of February 2012
Shareholders as of 13 February 2012 Shareholder % of total shares Number of shares NORDEA NORDIC SMALL CAP FUND 9,86% 1 011 061 MP PENSJON PK 5,99% 613 719 HURUM SVERRE FINN 5,31% 544 000 VERDIPAPIRFONDET DNB NORDIC TECHNO 5,14% 526 642 KLP AKSJE NORGE VPF 4,39% 450 030 MORGAN STANLEY & CO INTERNAT.