Bouvet ASA · OSL:BOUV
Bouvet ASA — Q1 2015 Earnings Presentation
18 slides from Bouvet ASA's earnings presentation, May 12, 2015
Slide 1: Interim presentation First quarter 2015
Interim presentation First quarter 2015 Sverre Hurum. CEO Erik Stubø. CFO 12 May 2015
Slide 2: Highlights in the first quarter
Highlights g g in the first q quarter • Revenues and EBIT Revenues and number of employees MNOK and number – Operating revenues increased by 350 8.7 percent to NOK 327.0 million (y- 300 o-y) 250 – EBIT up p byy 18.6 ppercent to NOK 200 32.0 million (y-o-y) 150 100 • 1000 employees 50 – 8 less in the
Slide 3: Operational Review
Operational Review —
Slide 4: Q1 deliveries
Q1 deliveries Q Foto: Statoil Statoil Equipment and Material Information New global website for DNV GL An important tool for making Statoil more Improving the experience for their customers efficient BarentsWatch FiskInfo Eurocrine – A European medical registry Integrating information from governmen
Slide 5: Important new contracts
Important p new contracts Plant Design Management System E-commerce across platforms Enterprise contract covering maintenance of Design and development of e-commerce Staoil’s 3D global workshare solutions for the web and mobile New intranet for the Norwegian Police Raising awareness of information s
Slide 6: Shift in sectors
Shift in sectors Changes in revenues per sector since Q1’14 • Reduced revenues from oil and MNOK gas 45 Health • Increased revenues from other 40 Bank & finance sectors 35 Industry Power supply 30 Retail 25 20 Transportation Public admin 15 Service industry 10 Oil & gas 5 IT, media, telekom - Reduce
Slide 7: Customer and project mix
Customer and p project j mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 97.0 100% percent of total revenues 90% 80% • Client portfolio 70% – The 10 largest customers represent 60% 39.3 percent of total revenues – 50% Q1'10 Q1'11 Q1'12 Q1'13
Slide 8: Client development
Client development p • Existing clients* Revenues customer split MNOK – Revenues from existing clients Existing customers* New customers (LTM)** decreased 3.8 % from Q1’14 350 – Accounted for 88.5 p percent of 300 revenues in Q1’15 250 • New customers** – C Customer t won over the th pastt year 200
Slide 9: Regional organisation
Regional g organisation g 92 59 16 Trondheim 380 Bergen Sandvika Ørebro Stockholm Haugesund Oslo 334 Sandefjord Stavanger Skien Group Kristiansand Arendal 44 management and staff: 19 Malmø 56 9 May 12, 2015 Interim presentation 1st quarter 2015
Slide 10: Enthusiastic and competent employees
Enthusiastic and competent p employees p y • 1000 employees at the end of the Number of employees end of quarter first quarter 1200 – 8 less employees in Q1’15 1000 – 68 more employees in the past 12 800 months 600 400 – Average number of employees in 200 the quarter up 7.8 percent from 0 Q1'10 Q1'1
Slide 11: Financial Review
Financial Review
Slide 12: Key figures
Keyy figures g Three months ending Twelve months ending MNOK 31.03.2015 31.03.2014 Change 31.03.2015 31.03.2014 Change Operating revenue 327.0 300.9 8.7 % 1,158.7 1,132.5 2.3 % Operating profit (EBIT) 32.0 27.0 18.6 % 84.2 99.8 -15.6 % EBIT margin 98% 9.8 90% 9.0 73% 7.3 88% 8.8 Ordinary profit befo
Slide 13: Top line growth
Top p line g growth • Revenues increased by 8.7 percent Revenue split (quarterly figures) MNOK y-o-y 350 Own consultants – Revenues from own consultants 300 Sub-contracted consultants increased by 9.7 percent to NOK 250 Other 200 282.3 million 150 100 – Revenues from sub-contracted 50 consultants re
Slide 14: Increased earnings
Increased earnings g • Operating profit increased y-o-y in EBIT and EBIT margin MNOK and Percent Q1’15 40 EBIT EBIT margin 15% – EBIT margin of 9.8 percent 30 compared to 9.0 percent in Q1’14 10% 20 • Operating expenses increased by 10 5% 7.7 percent compared to Q1’14 0 0% Q1'10 Q1'11 Q1'12 Q1'13 Q1
Slide 15: Cash flow
Cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – Positive NOK 0.3 million in Q1’15, 120 100 up from NOK negative 13.3 million 80 in Q1’14 60 40 • Rolling 12 months 20 0 -20 – Operational cash flow over the last -40 12 months was NOK 62.3 million Q1'10 Q1'11 Q1'12
Slide 16: Outlook
Outlook
Slide 17: Outlook
Outlook • Digitization will be vital in many sectors in the years to come. • g competence Bouvet’s high p and knowledge of customers’ business will be requested • Scale of investment uncertain in some sectors 17 May 12, 2015 Interim presentation 1st quarter 2015
Slide 18: Shareholders as at 11.05.2015
Shareholders as at 11.05.2015 5 5 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44 STENSHAGEN INVEST AS 1 024 992 10,00 MP PENSJON PK 669 904 6,54 HURUM SVERRE FINN 506 584 4,94 KLP AKSJE NORGE VPF 405 313 3,95 VERDIPAPIRFONDET HANDELSBANKEN 398 915 3,89 VEVLEN GÅRD AS 350 000