Bouvet Asa · OSL:BOUV
Bouvet Asa — Q3 2013 Earnings Presentation
20 slides from Bouvet Asa's earnings presentation, Nov 13, 2013
Slide 1: Interim presentation Third quarter 2013
Interim presentation Third quarter 2013 Sverre Hurum. CEO Erik Stubø. CFO 13 November 2013
Slide 2: Highlights in the third quarter
Highlights in the third quarter • Revenues and EBIT Revenues and number of employees MNOK and number – Operating revenues increased 14.7 300 percent to NOK 249.1 million (y-o-y) 250 200 – EBIT up by 142.4 percent to NOK 150 17.1 million (y-o-y) 100 • The organisation increased with 22 50 employees i
Slide 3: Operational Review
Operational Review
Slide 4: Solid and long-term customer commitments
Solid and long-term customer commitments DNV GL 1985 1990 2002 2013 4
Slide 5: New customers: Wintershall
New customers Wintershall • Became an operator on the NCS through the acquisition of Brage in 2013 • Bouvet has assisted Wintershall with: – Business analysis – IT architecture – Service management – Application management – Integration • 83 systems - all of which are necessary to operate an oil fie
Slide 6: New customers: Uloba
New customers Uloba • An employer for more than 5,000 personal assistants • Bouvet provides: – User experience – Technology development – System integration • Bouvet has developed several systems with substantial requirements to universal design • The newly elected government emphasizes universal de
Slide 7: New customers: DNV GL
New customers DNV GL • DNV and GL Group merged in September • Commissioned to facilitate a web strategy for the merged company as well as develop an interim web • Bouvet is providing technical consulting and development, graphic design as well as strategic communications 7 13 November 2013 Interim p
Slide 8: Client development
Client development • Existing clients* Revenues customer split MNOK – Revenue from existing clients Existing customers* New customers (LTM)** increased 5.2% from Q3’12 300 – Accounted for 91.8 percent of 250 revenue in Q3’13 • New customers** 200 – Customer won over the past year generated revenues
Slide 9: Customer and project mix
Customer and project mix • Project mix Variably priced contracts share of revenues Percentage – Variable contracts account for 95.1 100 % percent of total revenues 90 % 80 % • Client portfolio 70 % – The 10 largest customers represent 60 % 54.5 percent of total revenues 50 % Q3'08 Q3'09 Q3'10 Q3'11
Slide 10: Geographic proximity
Geographic proximity 57 62 Trondheim 337 Bergen Haugesund Sandvika Oslo Ørebro Stockholm 350 Sandefjord Stavanger Skien Group management Kristiansand Arendal 37 and staff: 20 53 Malmø 10 13 November 2013 Interim presentation 3rd quarter 2013
Slide 11: Shareholder identification
Shareholder identification • Employees' ownership constitutes Shareholder category Number of shares a significant share of Bouvet • It is an important and positive 1% Private investor aspect in the development of Bouvet Pension fund 11 % Employee • In Bouvet 578 employees own 30 % more than 30 perce
Slide 12: Profitability - primary objective
Profitability - primary objective • Increased focus on operational Nominal change in number of employees efficiency 1000 • 916 employees at the end of 800 September 600 – 22 new employees in Q3’ 13 400 200 – 43 new employees in the past 12 0 months Q3'08 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 – Average numbe
Slide 13: Financial Review
Financial Review
Slide 14: Key figures
Key figures Three months ending Twelve months ending MNOK 30.09.2013 30.09.2012 Change 30.09.2013 30.09.2012 Change Operating revenue 249.1 217.2 14.7 % 1,095.0 1,008.0 8.6 % Operating profit (EBIT) 17.1 7.1 142.4 % 89.1 82.3 8.2 % EBIT margin 6.9 % 3.2 % 8.1 % 8.2 % Ordinary profit before tax 17.5
Slide 15: Top line growth
Top line growth • Revenues up by 14.7 percent YOY Revenue split (quarterly figures) MNOK – Revenues from own consultants up 300 Own consultants 20.4 percent to NOK 204.8 million 250 Sub-contracted consultants Other 200 – Revenues from sub-contracted 150 consultants declined 8.3 percent to 100 NOK 35
Slide 16: Increased earnings reflects efficiency
Increased earnings reflects efficiency • Operating profit increased EBIT and EBIT margin MNOK and Percent significantly from Q3’12 40 EBIT EBIT margin 15 % – EBIT margin of 6.9 percent 30 compared to 3.2 percent in Q3’12 10 % 20 • Operating expenses increased by 10 5% 10.4 percent from Q3’12 0 0% Q3
Slide 17: Cash flow
Cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK – NOK 20.5 million in Q3’13, up from 120 100 a negative NOK 10.4 million in 80 Q3’12 60 40 – Positively affected by working 20 0 capital changes, including work in -20 progress -40 Q3'08 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13
Slide 18: Outlook
Outlook
Slide 19: Outlook and summary
Outlook and summary • Strong third quarter financials • Solid demand for our services within oil & gas, energy, retail and the public sector • Continued positive market outlook within core sectors • Increased focus on operational efficiency 19 13 November 2013 Interim presentation 3rd quarter 2013
Slide 20: Shareholders as at 11.11.2013
Shareholders as at 11.11.2013 Shareholder % share Number of shares VARNER KAPITAL AS 10.44% 1 070 000 STENSHAGEN INVEST AS 8.88% 909 992 MP PENSJON PK 6.71% 688 004 HURUM SVERRE FINN 4.93% 504 965 MORGAN STANLEY & CO INTERNAT. PLC 4.53% 464 149 KLP AKSJE NORGE VPF 3.32% 340 628 VERDIPAPIRFONDET DNB