Bouvet Asa · OSL:BOUV
Bouvet Asa — Q1 2013 Earnings Presentation
20 slides from Bouvet Asa's earnings presentation, May 16, 2013
Slide 1: Interim presentation First quarter 2013
Interim presentation First quarter 2013 Sverre Hurum, CEO Erik Stubø, CFO 16 May 2013
Slide 2: Highlights in the first quarter
Highlights in the first quarter • Revenues and EBIT Revenues and number of employees MNOK and number – Operating revenues stable (y-o-y) 300 – EBIT decreased 6.8 million to NOK 250 22.3 million (y-o-y) 200 • Number of employees stabilising 150 – 72 new employees last 12 months 100 50 – 12 new employ
Slide 3: Bouvet - leading the development
Bouvet - leading the development
Slide 4: Business systems in Wintershall
Business systems in Wintershall • Wintershall is gaining an operatorship on the NCS through the transfer of Brage from Statoil • Bouvet is supporting Wintershall in the establishment of business functions and systems Photo: Statoil 4 16 May 2013 Interim presentation 1st quarter 2013
Slide 5: The Norwegian National Collection Agency
The Norwegian National Collection Agency • Bouvet supports the NNCA in creating an advantageous customer experience across all channels Self service • Bouvet’s provides support on Print Customer service guidelines on how the NNCA supplies its services • Bouvet is providing similar NNCA services to s
Slide 6: Advising on security for BankID
Advising on security for BankID • New BankID solution announced • Bouvet has advised on security aspects of the new solution • Bouvet provides support on security aspects for Sparebanken Vest, Frende Insurance, Avinor and more Photo: Sigvald Sveinbjørnsson 6 16 May 2013 Interim presentation 1st quar
Slide 7: Operational Review
Operational Review 7
Slide 8: Stable client development
Stable client development • Existing clients remains stable Revenues customer split MNOK – Represents 91.8 percent of revenue in Q1’13 Existing customers* New customers (LTM)** 300 • New customers – Revenue increased by NOK 23.1 million 250 from new customers** • Continued high activity within 200 f
Slide 9: Customer and project mix
Customer and project mix • Project mix is stable Variably priced contracts share of revenues Percentage – Variable contracts account for 100% 93.9 percent of total revenues 90% 80% 70% • Continued solid client portfolio 60% – The ten largest customers 50% represent 53.3 percent of total Q1'08 Q1'09
Slide 10: Geographic proximity
Geographic proximity 49 62 Trondheim 348 Bergen Haugesund Sandvika Oslo Ørebro Stockholm 356 Sandefjord Stavanger Skien Kristiansand Arendal 32 Malmø 46 10 16 May 2013 Interim presentation 1st quarter 2013
Slide 11: Lower growth rate
Lower growth rate • Number of consultants is a key Nominal change in number of employees value driver 1000 – Diversity 800 – Freedom and responsibility 600 – Challenging tasks 400 • 893 employees at the end of March 200 – 12 new employees in Q1’12 0 – 72 new employees in the past 12 Q1'08 Q1'09 Q1'1
Slide 12: Financial Review
Financial Review
Slide 13: Key figures
Key figures Three months ending Twelve months ending MNOK 31.03.2013 31.03.2012 Change 31.03.2013 31.03.2012 Change Operating revenue 281.2 282.0 -0.3% 1,029.5 960.4 7.2% Operating profit (EBIT) 22.3 29.1 -23.4% 71.4 91.7 -22.1% EBIT margin 7.9% 10.3% - 6.9% 9.5% - Ordinary profit before tax 23.0 29
Slide 14: Flat top-line
Flat top-line • Revenues marginally down Y-on-Y Revenue split (quarterly figures) MNOK – Revenues from own consultants up 300 4.1 percent to NOK 225.6 million 250 – Sub-contracted consultants’ share 200 totalled 15.7 percent compared to 150 19.0 percent in Q1’12 100 50 • Average number of employees
Slide 15: Earnings down
Earnings down • Operating profit fell in the EBIT and EBIT margin MNOK and Percent quarter 40 EBIT EBIT margin 20% – EBIT margin of 7.9 percent 30 15% compared to 10.3 in Q1’12 20 10% – Operating expenses increased 10 5% by 2.4 percent 0 0% • Salaries increased 3.4 percent Q1'08 Q1'09 Q1'10 Q1'11 Q1
Slide 16: Solid cash flow from operations
Solid cash flow from operations • Cash flow from operations per Cash flow from operations (per quarter) MNOK quarter 120 – Negative NOK 11.8 million in 100 80 Q1’13, up from negative 60 NOK 16.7 million in Q1’12 40 20 - • Rolling 12 months (20) (40) – Cash from operations ended at Q1'08 Q1'09 Q1'10
Slide 17: Outlook and summary
Outlook and summary 17 Interim presentation 1st quarter 2013
Slide 18: Outlook
Outlook • Continued strong demand from core segments • Increased activity within the public sector segment in Norway • The Swedish market is still challenging • Continued focus on profitability before growth 18 16 May 2013 Interim presentation 1st quarter 2013
Slide 19: Summary
Summary • Revenues stable, in a quarter with fewer work-days • Initiatives to improve profitability works • Demand for Bouvet core services continues to be strong 19 16 May 2013 Interim presentation 1st quarter 2013
Slide 20: Shareholders as at 13.05.2013
Shareholders as at 13.05.2013 Shareholder % share Number of shares VARNER KAPITAL AS 10,44% 1 070 000 MP PENSJON PK 6,71% 688 004 HURUM SVERRE FINN 4,93% 504 965 STENSHAGEN INVEST AS 4,59% 470 023 KLP AKSJE NORGE VPF 4,36% 446 563 EXPLORA INV.FDS PLC - TAIGA FUND 4,30% 441 178 VERDIPAPIRFONDET DNB N