Interim presentation first quarter Sverre Hurum, CEO Erik Stubø, CFO 16 May 2018

Transcription

1 Interim presentatin first quarter 2018 Sverre Hurum, CEO Erik Stubø, CFO 16 May 2018

2 Highlights in the quarter Revenue and EBIT Operating revenues increased by 10.3 percent t NOK millin (y--y) EBIT increased by 22.7 percent t NOK 50.5 millin (y--y) emplyees Up 45 frm Q4 17 An increase f 129 in the past 12 mnths Still strng market Revenue and number f emplyees MNOK and number

3 Operatinal Review 3

4 Public and private sectr Public sectr Private sectr 46,9 % in Q % 53,1 % in Q1 17 4

5 Business sectrs Q Transprtatin Retail 6.3 % Other Bank & finance 2.5 % 3.8 % Pwer supply 9.0 % Service industry 10.4 % Health 2.6 % Industry 4.3 % 5.2 % 6.5 % Inf and cmmunicatin Oil & gas 22.5 % 26.9 % Public admin 5

6 Sectrs with high increase in revenue Oil & gas Increased by 27.0 percent (y--y) Represents 22.5 percent f ttal revenues in Q1 18 Transprtatin Increased by 21.4 percent (y--y) Represents 10.4 percent f ttal revenues in Q1 18 Inf and cmmunicatin Increased by 49.5 percent (y--y) Represents 6.5 percent f ttal revenues in Q1 18 Industry Increased by 13.3 percent (y--y) Represents 4.3 percent f ttal revenues in Q1 18 6

7 Avinr As a strategic partner with Avinr Buvet develps: new mdels fr capacity planning fr security cntrl at Avinr s airprts e-cmmerce slutin t be used at Avinr s airprts First versin was launched during the quarter Ft: Avinr 7

8 Predictin f wind pwer prductin Buvet helps Kinect Energy Grup using machine learning t better explit its wind pwer prtfli in the Eurpean market 8

9 9

10 Custmer and prject mix Prject mix Variable cntracts accunt fr 96.9 percent f ttal revenues Custmer prtfli The 10 largest custmers represent 36.9 percent f ttal revenues up frm 36.0 percent in Q1 17 The 20 largest custmers represent 49.4 percent f ttal revenues up frm 48.4 percent in Q1 17 Variably priced cntracts share f revenues Percentage 100% 90% 80% 70% 60% 50% 10 largest custmers share f revenues Percentage 100% 75% 50% 25% 0% 10

11 Custmer develpment Existing custmers* Revenue custmer split MNOK Accunted fr 94.7 percent f revenues in Q Existing custmers* New custmers (LTM)** New custmers** Custmers wn ver the past year generated revenues f NOK 24.3 millin in Q * Existing custmers defined as custmers that w ere inviced in the crrespnding quarter last year ** New custmers defined as custmers w n since end f crrespnding quarter last year - Q'17 Q1'18 11

12 Reginal rganisatin Trndheim 104 ansatte Buvet Nrd 490 ansatte Buvet Øst 78 ansatte Buvet Bergen Bergen Brlänge 29 ansatte Sesam 403 ansatte Buvet Rgaland Haugesund Stavanger Kristiansand Sandvika Skien Arendal Osl Sandefjrd Ørebr Stckhlm 73 ansatte Buvet Sverige 22 ansatte Knsernstab 61 ansatte Buvet Sør

13 Enthusiastic and cmpetent emplyees emplyees at the end f the quarter Up 45 frm Q mre emplyees in the past 12 mnths Average number f emplyees in the quarter up 11.6 percent frm Q1 17 Number f emplyees end f quarter Annual grwth in number f emplyees Percentage 20% 15% 10% 5% 0% 13

14 e24.n 8. januar 2018 vg.n 8. januar

15 Financial Review 15

16 Key figures Three mnths ending Twelve mnths ending MNOK Change Change Operating revenue % % Operating prfit (EBIT) % % EBIT margin 10.9 % 9.8 % 9.3 % 8.9 % Ordinary prfit befre tax % % Prfit fr the perid % % EPS (fully diluted) % % Net cash flw peratins N/A % Equity rati 35.1 % 35.9 % 35.1 % 35.9 % Cash and cash equivalents % % Number f emplyees (end f perid) % % Number f emplyees (average) % % 16

17 Revenue Revenues increased by 10.3 percent y--y Revenues frm wn cnsultants increased by 13.4 percent t NOK millin Revenues frm sub-cntracted cnsultants decreased by 3.9 percent t NOK 58.1 millin Other revenues decreased by 1.6 percent t NOK 16.2 millin Revenue split (quarterly figures) MNOK 500 Own cnsultants Sub-cntracted cnsultants 400 Other Revenue split (12 mnths rlling average) MNOK 2000 Own cnsultants Sub-cntracted cnsultants Other

18 Revenues frm wn cnsultants Increased 13.4 percent y--y Psitive impact frm increase in billing rati by 3.4 percentage pints Psitive impact frm 11.6 percent increase in average number f emplyees Psitive impact frm 3.4 percent increase in prices fr grup hurly services 62 wrkdays in Q1 18 three less than Q1 17 Revenue per emplyee (quarterly figures) TNOK Revenue per emplyee (LTM) TNOK

19 Analysis f change in revenues y--y Revenue MNOK N. f emplyees Billing rati Hurly rate Other effects Sub-cntractrs Vacatin N. f wrk days 19

20 Change in revenues effect n EBIT Revenue MNOK 50 Change in Revenue Effect n EBIT N. f emplyees Billing rati Hurly rate Other effects Sub-cntractrs Vacatin N. f wrk days 20

21 Earnings Operating prfit (EBIT) up by 22.7 percent t NOK 50.5 millin EBIT margin f 10.9 percent cmpared t 9.8 percent in Q1 17 Operating expenses increased by 9.0 percent cmpared t Q1 17 General grwth in pay rate 1.7 percent y--y Other perating expenses increased 10.1 percent EBIT and EBIT margin MNOK and Percent EBIT and EBIT margin (LTM) % MNOK and Percent EBIT EBIT EBIT margin EBIT margin 0% 15% 10% 5% 10% 8% 6% 4% 2% 21

22 Cash flw Cash flw frm peratins Negative NOK 14.6 millin in Q1 18 cmpared t negative NOK 13.3 millin in Q1 17 Last 12 mnths Operatinal cash flw ver the last 12 mnths was NOK millin Cash flw frm investing activities Negative NOK 21.1 millin cmpared t negative NOK 12.0 millin in Q1 17 Cash flw frm peratins (per quarter) MNOK Q1'13-50 Q1'14 Q1'15 Q1'16 Q1'17 Q1'18 Cash flw frm peratins (LTM) MNOK

23 Outlk 23

24 Outlk High demand Digitalisatin change prcurement prcesses Increased demand fr system integratin T lw delivery capacity in the IT cnsultancy sectr

25 Sharehlders as f Sharehlders Number f shares % f ttal VARNER KAPITAL AS ,44 % VPF NORDEA AVKASTNING ,61 % STENSHAGEN INVEST AS ,19 % PROTECTOR FORSIKRING ASA ,04 % MP PENSJON PK ,12 % HURUM SVERRE FINN ,96 % VEVLEN GÅRD AS ,42 % VIRTUS KAR INTERNATIONAL SMALL-CAP ,65 % STUBØ ERIK ,32 % UBS SWITZERLAND AG ,99 % SIX SIS AG ,95 % DYVI INVEST AS ,95 % TELENOR PENSJONSKASSE ,82 % STOREBRAND NORGE I VERDIPAPIRFOND ,80 % VOLLE ANDERS ,17 % BOUVET ASA ,95 % STOREBRAND VEKST VERRDIPAPIRFOND ,83 % RADIG NILS-HÅKAN ,76 % STATE STREET BANK AND TRUST COMP ,75 % TALLAKSRUD OLE-JØRGEN ,70 % Number f shares held by the 20 largest sharehlders ,42 % 25