Bouvet Asa · OSL:BOUV
Bouvet Asa — Q1 2011 Earnings Presentation
23 slides from Bouvet Asa's earnings presentation, May 24, 2011
Slide 1: First Quarter 2011
24 May 2011 First 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 first quarter
Highlights in the first quarter • Revenues and EBIT Revenues and number of employees – Revenues increased 27.2 percent 250 YoY to NOK 218.8 million 200 219 211 – EBIT up 54.8 percent to NOK 25.5 NOK million 150 172 167 160 million YoY 100 50 • Growing workforce 0 – 30 new colleagues in Q1 and 88 Q1'
Slide 4: Operational Review
First Quarter 2011 Operational Review
Slide 5: Geographic presence
Geographic presence Bouvet North (32) • Trondheim Bouvet East (278) Bouvet West (298) • Oslo • Stavanger • Bergen • Haugesund Bouvet Sweden (27) • Stockholm • Malmø • Ørebro Bouvet South (37) • Sandefjord • Skien • Arendal • Kristiansand
Slide 6: We deliver services in the following areas
We deliver services in the following areas Information technology Interactive communication Enterprise management IT strategy - Consulting - Development – Integration - Architecture Search – Databases- Project management – Testing - Application management Infrastructure – Operation - ASP – ERP- Busi
Slide 7: myDrilling.com
myDrilling.com • Bouvet is a significant contributor to the development of myDrilling.com • myDrilling™ is a collaboration platform – A multidisciplinary collaboration platform – Improve rig performance through: • real-time data • proactive services • smart communication – Optimise the performance o
Slide 8: Frame agreement with the Norwegian Armed Forces
Frame agreement with the Norwegian Armed Forces Value: Approximately NOK 30 million per year Duration: Two years + options of 1 + 1 year Services within the Norwegian Armed Forces operative systems: – System development – Integration – Adaption – Project management – Maintenance and operative suppor
Slide 9: Agreement with Statoil
Agreement with Statoil • System Development Services • An enterprise system development agreement involving services like – Integration (BizTalk, AMTrix, SAP XI/PI and Websphere) – SAP (Enterprise Portal and ABAP) – Development (.NET, Java, Test and Usability) • Value: Approximately NOK 75 million p
Slide 10: Customer logos
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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)** 15.2 percent from Q1’10 250 – Existing customers* represent 90.6 percent of revenues in Q1’11 200 • Expanding the customer base 150 – Revenues increas
Slide 12: Constant project and customer mix
Constant project and customer mix • Project mix Variably priced contracts share of revenues – The variably priced contracts share 100 % 95,2 % 94,2 % 94,7 % 91,6 % 91,9 % of total revenues increased 90 % marginally to 91.9 % in Q1’11 80 % • Customer mix 70 % – Revenues from the three largest 60 % cu
Slide 13: A growing workforce
A growing workforce • Our employees is an invaluable Changes in total number of employees resource 40 35 – Training and motivation 30 – Interesting assignments 25 20 – Bouvet is considered a leading 15 specialist environment 10 5 0 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 • 672 employee
Slide 14: Financial Review
First Quarter 2011 Financial Review
Slide 15: Key Figures
Key Figures Three months ending Twelve months ending NOK millions 31.03.2011 31.03.2010 Change 31.03.2011 31.03.2010 Change Operating revenue 218.8 172.1 +27.2 % 757,4 598,1 +26,6 % Operating profit (EBIT) 25.5 16.5 +54.8 % 73,7 53,2 +38,7 % EBIT margin 11.6 % 9.6 % 9,7 % 8,9 % Ordinary profit befor
Slide 16: Strong top-line growth
Strong top-line growth • Revenues increased by Revenue split (12 months rolling average) 27.2 percent compared to Q1’10 Other Sub-contracted consultants Own consultants 800 – Revenues from own consultants 700 increased YOY by 22.8 percent to 600 NOK 176.1 million 500 400 – Sub-contracted consultants
Slide 17: Positive EBIT development
Positive EBIT development • EBIT increase YOY* EBIT and EBIT margin (12 months rolling) – The EBIT-margin grows to 80,0 73,7 11.6 percent from 9.6 in Q1’10 70,0 64,7 60,0 53,2 53,0 55,8 • OPEX up 24.2 percent NOK million 50,0 • Average salary increased 3.6 40,0 30,0 percent in the last twelve months
Slide 18: Cash flow from operations
Cash flow from operations • Growth in cash flow from Cash flow from operations (12 months rolling) operations 80 – Positive in Q1’11 up from negative 69 NOK 28.3 million in Q1’10 70 – Working capital related to accounts 60 receivables and work in progress increases 34.7% to 174.2 million 50 from Q1'
Slide 19: Capital structure
Capital structure Assets Equity and liabilities 400,0 400,0 350,0 350,0 300,0 300,0 250,0 250,0 NOK million NOK million 200,0 200,0 150,0 150,0 100,0 100,0 39% 43% 33% 34% 50,0 50,0 0,0 0,0 31.03.2011 31.03.2010 31.03.2011 31.03.2010 Cash and Cash Equivalents Equity Other Current Assets Short-term d
Slide 20: Outlook and Closing Remarks
First Quarter 2011 Outlook and Closing Remarks
Slide 21: Market development and outlook
Market development and outlook • Client development – A strong market – Large number of tenders in both the public and the private sector • Frame agreements comprise wider set of deliveries – A trend towards larger frame agreements – A wider set of deliveries under each agreement • Employee developm
Slide 22: Summary
Summary • Solid financials – Revenues up 27.2 percent and EBIT up 54.8 percent from Q1’10 • Won important new frame agreements – The Norwegian Armed Forces and Statoil ASA • Workforce continues to grow – 30 new colleagues in the first quarter and 88 over the last 12 months • The Board propose a divi
Slide 23: Shareholders as of 23 May 2011
Shareholders as of 23 May 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 5.77% 591 381 5 KLP AKSJE NORGE VPF 4.38% 449 338 6 MORGAN STANLEY & CO INTERNAT. PLC 4.