Bouvet Asa · OSL:BOUV

Bouvet Asa — Q4 2012 Earnings Presentation

21 slides from Bouvet Asa's earnings presentation, Feb 27, 2013

  1. Slide 1: Interim presentation 4th quarter 2012

    Interim presentation 4th quarter 2012 Sverre Hurum, CEO Erik Stubø, CFO 27 February 2013 1 27 February 2013 Interim presentation 4th quarter 2012

  2. Slide 2: Highlights in the fourth quarter

    Highlights in the fourth quarter • Revenues and EBIT Revenues and number of employees – Operating revenues increased 8.7 300 percent to NOK 280.5 (y-­‐o-­‐y) 250 – EBIT decreased 4.1 million to NOK 21.2 million (y-­‐o-­‐y) 200 NOKM 150 • Growing number of employees 100 – 102 new employees last 12 mo

  3. Slide 3: Freedom

    Freedom 3 27 February 2013 Interim presentation 4th quarter 2012

  4. Slide 4: The Core

    The Core Long-term commitment Diversity Closeness Freedom 4 27 February 2013 Interim presentation 4th quarter 2012

  5. Slide 5: What is Freedom?

    What is Freedom? 5 27 February 2013 Interim presentation 4th quarter 2012

  6. Slide 6: Freedom in practice

    Freedom in practice • Individual adaptions with • Regions and subsidiaries • Concepts and services • Distributed shareholder regards to filling your own have a large degree of developed based on local base work day freedom with respect to expertise and customers services and how to work • Listed on O

  7. Slide 7: Operational review

    Operational review 7 27 February 2013 Interim presentation 4th quarter 2012

  8. Slide 8: High level of activity

    High level of activity Revenues customer split NOK Million • Existing clients remains stable – Represent 93.6 percent of revenue in Q4’12 Existing customers* New customers (LTM)** 300 • New customers – Revenue increased by NOK 18.0 million from new customers** 250 • Continued high activity of framew

  9. Slide 9: 10 largest customers in 2012

    10 largest customers in 2012 9 27 February 2013 Interim presentation 4th quarter 2012

  10. Slide 10: Customer- and project mix

    Customer- and project mix • Project mix is stable Variably priced contracts share of revenues – Variable contracts account for 93.5 100 % percent of the turnover 90 % 80 % 70 % • Solid and long-­‐term client 60 % portfolio 50 % – The ten largest customers represent Q4'08 Q4'09 Q4'10 Q4'11 Q4'12 54.7

  11. Slide 11: Geographic proximity

    Geographic proximity 47 60 Trondheim 343 Bergen Haugesund Sandvika Oslo Ørebro Stockholm 352 Sandefjord Stavanger Skien Kristiansand Arendal 35 Malmø 44 11 27 February 2013 Interim presentation 4th quarter 2012

  12. Slide 12: Continued growth

    Continued growth • Number of consultants is a key driver Nominal change in number of employees – Diversity – Freedom and responsibility 1000 – Challenging tasks 800 • 881 employees at the end of 600 December 400 – 8 new employees in Q4’ 12 200 – 102 new employees in the past 12 months 0 Q4'07 Q4'08

  13. Slide 13: Financial review

    Financial review 13 27 February 2013 Interim presentation 4th quarter 2012

  14. Slide 14: Key figures

    Key figures Three months ending Twelve months ending MNOK 31.12.2012 31.12.2011 Change 31.12.2012 31.12.2011 Change Operating revenue 280.5 258.1 8.7 % 1 030.3 897.2 14.8 % Operating profit (EBIT) 21.2 25.3 -­‐16.1 % 78.2 88.0 -­‐11.1 % EBIT margin 7.6 % 9.8 % 7.6 % 9.8 % Ordinary profit before tax 21

  15. Slide 15: Top-line growth

    Top-line growth • Revenues increased by 8.7 percent Revenue split (quarterly figures) – Revenues from own consultants 300 increased by 11.0 percent to NOK 250 218.7 million NOK Million 200 – Sub-­‐contracted consultants’ share of 150 total revenues totalled 17.2 percent 100 compared to 18.6 percent i

  16. Slide 16: Decrease in earnings

    Decrease in earnings • Operating profit fell in the quarter EBIT and EBIT margin (12 months rolling) – EBIT margin of 7.6 percent compared to 9.8 in Q4’11 100 EBIT EBIT margin 14 % – Operating expenses increased by 11.4 percent, including a positive effect of 90 12 % NOK 5.8 million from the transitio

  17. Slide 17: Solid cash flow from operations

    Solid cash flow from operations • Cash flow from operations per Cash flow from operations (per quarter) quarter 120 – Positive NOK 94.7 million in Q4’12, up 100 from positive NOK 61.0 million in 80 NOK million 60 Q4’11 40 20 • Rolling 12 months -­‐ (20) – In the last 12 months operational cash (40) flo

  18. Slide 18: Outlook and Summary

    Outlook and Summary 18 27 February 2013 Interim presentation 4th quarter 2012

  19. Slide 19: Outlook

    Outlook • Continued solid demand in Norway – Oil and oil service – Public sector – Retail – Energy • Still a challenging market in Sweden • Customers’ IT ecosystems have increased complexity – Increased need for data integration – IT is more intervened with business and is more business critical – M

  20. Slide 20: Summary

    Summary • Positive effects from activities initiated to improve profitability • Solid demand and increasing hourly rates • Solid cash flow from operations 20 27 February 2013 Interim presentation 4th quarter 2012

  21. Slide 21: Shareholders as at 25.02.2013

    Shareholders as at 25.02.2013 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 MORGAN STANLEY & CO INTERNAT. PLC 4,30% 441 178 VERDIPAPIRFONDET DNB

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