Slide 1: Fourth Quarter 2009 Presentation
Presentation ese tat o Fourth Quarter 2009 CEO Sverre Hurum CFO Erik Stubø 19 February 2010
Slide 2: Disclaimer
Di l i 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, t th the P Presentation t ti tto any other th person. ThThe contents t t off th the P Presentation t ti are nott tto b be construed t d as
Slide 3: Highlights in the fourth quarter
Hi hli ht in Highlights i the th ffourth th quarter t • Revenues up p and EBIT down Revenues and number b of employees p y 200 – Revenues increased 2.2 percent YOY to NOK 159.6 million 150 163 160 – EBIT fell 29.1 9 percent p to 156 on 147 NOK millio NOK 14.7 million YOY 100 120 – The cash flow from
Slide 4: Operational Review
Fourth Quarter 2009 Operational Review
Slide 5: Strategy – achieving our vision
St t Strategy – achieving hi i our vision i i Focus on long term relationships with large customers Off a range off services Offer i iin which hi h demand d d iis increasing i i Leading Scandinavian consultancy in Combine bi organici growth h with i h selected l d strategic i selected service acquis
Slide 6: An integrated service offering
A integrated An i t t d service i offering ff i Portals Technical Training/Courses infrastructure Business iintelligence lli USABILITY USABILITY System development d l SAP System integration Application management
Slide 7: Public client roster
P bli client Public li t roster t
Slide 8: Private client roster
P i t client Private li t roster t
Slide 9: Strengthening the customer base
St Strengthening th i th the customer t b base • Sales to existing clients at a high Revenues – customer split p level Existing customers* New customers (LTM)** 180,0 – The existing customers* represent 85 8 percent of revenues in Q4’09 85,8 Q4 09 160,0 – Revenues from existing customers* 140,0 decr
Slide 10: Constant project and customer mix
C Constant t t project j t and d customer t mix i • Project mix Variably byp priced contracts share of revenues 93,0 % 93,0 % 95,5 % 94,9 % 94,10 % – The variably priced contracts share 100 % of total revenues is continuing at 75 % the stable level 50 % • Customer mix – Revenues from the three large
Slide 11: A growing workforce
A growing i workforce kf Changes in total number of employees • Bouvet: an attractive workplace 35 – Bouvet attractive workplace, 30 especially in a challenging market 25 – Bouvet considered a leading 20 specialist environment 15 10 5 • 546 employees as of 0 31 December‘09 Q108 Q208 Q308 Q408 Q109 Q
Slide 12: Financial Review
Fourth Quarter 2009 Financial Review
Slide 13: Key Figures
K Figures Key Fi Three months ending Twelve months ending NOK millions 31.12.2009 31.12.2008 Change 31.12.2009 31.12.2008 Change Operating revenue 159.6 156.1 +2.2 % 589.1 565.4 4.2 % Operating profit (EBIT) 14.7 20.7 -29.1 % 57.1 69.5 -17.9 % EBIT margin 9.2 % 13.3 % 9.7 % 12.3 % Ordinary profit be
Slide 14: Revenues growing at a slower pace
R Revenues growing i att a slower l pace • Revenues increased by Revenue split p ((12 months rolling g average) g ) 700 2.2 percent compared to Q4’08 Other Sub-contracted consultants Own consultants – Revenues from own consultants 600 increased by 99.4 4 percent to NOK 27 26 25 27 135.7 million 29 8
Slide 15: EBIT margin close to long term target
EBIT margin i close l to t llong tterm ttargett • EBIT decrease YOY YOY* EBIT and EBIT margin g ((12 months rolling) g) – EBIT-margin decreased to 9.2 80,0 69,5 74,0 67,7 70,0 63,1 percent from 13.3 percent in Q4’08 57,1 60,0 OPEX up 7.0 percentt NOK million n • 50,0 40,0 • Average salary increased
Slide 16: Cash flow from operations
C h flow Cash fl ffrom operations ti • Improved cash flow from Cash flow from operations p ((12 months rolling) g) operations 100 – NOK 61.4 million, up from 90 88 89 NOK 55.5 55 5 million in Q4’08 Q4 08 80 – Tax payments of NOK 10.0 million 73 in Q4’09 70 62 • Two days increase in DSO vs. 60 56 OK
Slide 17: Capital structure
C it l structure Capital t t Assets Equity q y and liabilities b 350 350 300 300 250 250 on on 200 200 NOK millio NOK millio 150 150 100 49% 100 43.5% 42.1% 46% 50 50 0 0 31.12.08 31.12.09 31.12.08 31.12.09 Cash and Cash Equivalents Equity Other Current Assets Short-term debt Non Current Assets Long
Slide 18: Outlook and Closing Remarks
Fourth Quarter 2009 Outlook and Closing Remarks
Slide 19: Outlook
O tl k Outlook • Focus on regional structure – Strong local market position • Service range well adapted to market demand – Technical infrastructure introduced in 2009 – Focus on increasing number of frame agreements further • Bouvet positioned for further growth in 2010 – Gained market share in 200
Slide 20: Summary
Summary • Profitable growth continued in a challenging market – Operating revenues of NOK 589.1 million in 2009 (+2.2 percent) – EBIT of NOK 57.1 million – EBIT margin of 9.7 percent - close to long-term target of 10 percent • Strong market position and continued to gain market shares in 2009 – Bouv
Slide 21: Shareholders as of February 2010
Sh Shareholders h ld as off 15 February F b 2010 Shareholder % of total shares Number of shares 1 JPMORGAN CHASE BANK 9,84% 1 008 781 2 HURUM SVERRE FINN 7,05% 722 697 3 DNB NOR NORDIC TECHNOLOGY VPF 5,79% 593 454 4 MP PENSJON 5,67% 581 000 5 KLP LK AKSJER 4,68% 480 000 6 STUBØ ERIK 3,24% 332 197 7