Interim presentation Third quarter Sverre Hurum, CEO Erik Stubø, CFO 9 November 2017

Transcription

1 Interim presentation Third quarter 2017 Sverre Hurum, CEO Erik Stubø, CFO 9 November 2017

2 Finansavisen 6 November 2017 Finansavisen 7 November

3 Highlights in the quarter o Revenue and EBIT Operating revenues increased by 22.8 percent to NOK million (y o y) EBIT increased by 41.0 percent to NOK 17.1 million (y o y) o employees Up 45 from Q2 17 An increase of 166 in the past 12 months o Still strong market Revenue and number of employees MNOK and number

4 Operational Review 4

5 Public and private sector Public sector Private sector 48.7 % 48,3 % in Q % 51,7 % in Q3 16 5

6 Business sectors Q Other Bank & finance Retail 2.4 % 4.1 % Power supply 6.3 % 9.0 % Transportation Health 10.2 % 2.6 % 5.1 % Industry Service industry 6.4 % 5.7 % Info and communication 22.1 % Oil & gas 26.2 % Public admin 6

7 20 largest new customers (y o y) 7

8 Sectors with high increase in revenue o Public admin Increased by 29.8 percent (y o y) Represents 26.2 percent of total revenues in Q3 17 o Oil & gas Increased by 21.3 percent (y o y) Represents 22.1 percent of total revenues in Q3 17 o Transportation Increased by 30.8 percent (y o y) Represents 10.2 percent of total revenues in Q3 17 o Info and communication Increased by 44.7 percent (y o y) Represents 5.7 percent of total revenues in Q3 17 Forsvaret 8

9 Fifty a common platform for energy management o Fifty is a system for balancing the production and the reserves o Developed for Svenska kraftnät and Statnett o Deployed in operation during Q3 o Bouvet delivers three development teams o year contract Foto: Statnett 9

10 The Norwegian Armed Forces o In cooperation with the Norwegian Armed Forces, Bouvet contributes to the exchange of information and integration between F 35 ALIS and the Norwegian Armed Forces systems. 10

11 A platform for collaboration and knowledge sharing o Finansinspektionen is going to develop a new information, communication and collaboration platform o The objective is to: Increase competence sharing Improve collaboration and project execution across the organisation Increase internal efficiency o Bouvet will deliver a pre project including visual concept 11

12 Connected health devices violate users privacy o On behalf of the Norwegian Consumer Council, Bouvet has carried out the technical part of the test 12

13 Customer and project mix o o Project mix Variable contracts account for 96.8 percent of total revenues Customer portfolio The 10 largest customers represent 36.4 percent of total revenues down from 36.5 percent in Q3 16 The 20 largest customers represent 49.4 percent of total revenues up from 48.4 percent in Q3 16 Variably priced contracts share of revenues Percentage 100% 90% 80% 70% 60% 50% 10 largest customers share of revenues Percentage 100% 75% 50% 25% 0% 13

14 Customer development o Existing customers* Revenue customer split MNOK Accounted for 92.0 percent of revenues in Q Existing customers* New customers (LTM)** o New customers** 350 Customers won over the past year generated revenues of NOK 27.9 million in Q * Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of corresponding quarter last year Q3'16 Q3'17 14

15 Regional organisation Trondheim 102 ansatte Bouvet Nord 480 ansatte Bouvet Øst 71 ansatte Bouvet Bergen Bergen Borlänge 27 ansatte Sesam 369 ansatte Bouvet Rogaland Haugesund Stavanger Kristiansand Sandvika Skien Arendal Oslo Sandefjord Ørebro Stockholm 83 ansatte Bouvet Sverige 21 ansatte Konsernstab 58 ansatte Bouvet Sør Malmø

16 Enthusiastic and competent employees o employees at the end of the quarter Up 45 from Q more employees in the past 12 months Average number of employees in the quarter up 15.0 percent from Q3 16 Number of employees end of quarter Annual growth in number of employees Percentage 20% 15% 10% 5% 0% 16

17 Financial Review 17

18 Key figures Three months ending Twelve months ending MNOK Change Change Operating revenue % % Operating profit (EBIT) % % EBIT margin 5.0 % 4.3 % 8.4 % 7.8 % Ordinary profit before tax % % Profit for the period % % EPS (fully diluted) % % Net cash flow operations N/A % Equity ratio 34.2 % 34.0 % 34.2 % 34.0 % Cash and cash equivalents % % Number of employees (end of period) % % Number of employees (average) % % 18

19 Revenue o Revenues increased by 22.8 percent y o y Revenues from own consultants increased by 21.5 percent to NOK million Revenues from sub contracted consultants increased by 32.2 percent to NOK 46.6 million Other revenues increased by 18.7 percent to NOK 12.4 million Revenue split (quarterly figures) MNOK Own consultants 500 Sub contracted consultants 400 Other Revenue split (12 months rolling average) MNOK Own consultants Sub contracted consultants Other

20 Revenues from own consultants o Increased 21.5 percent y o y Positive impact from increase in billing ratio by 2.0 percentage points Positive impact from 15.0 percent increase in average number of employees Positive impact from 2.1 percent increase in prices for group hourly services 65 workdays in Q3 17 one less than Q3 16 Revenue per employee (quarterly figures) TNOK Revenue per employee (LTM) TNOK

21 Analysis of change in revenues y o y Revenue MNOK No. of employees Sub contractors Progress in projects Billing ratio Hourly rate Maternity leave Other effects No. of work days 21

22 Change in revenues effect on EBIT Revenue MNOK 40 Change in Revenue Effect on EBIT No. of employees Sub contractors Progress in projects Billing ratio Hourly rate Maternity leave Other effects No. of work days 22

23 Earnings o Operating profit increased y o y in Q3 17 EBIT margin of 5.0 percent compared to 4.3 percent in Q3 16 EBIT and EBIT margin MNOK and Percent 50 EBIT EBIT margin 15% 10% o o o Operating expenses increased by 22.0 percent compared to Q3 16 General growth in pay rate 0.6 percent y o y Other operating expenses increased 27.3 percent 20 5% % EBIT and EBIT margin (LTM) MNOK and Percent EBIT EBIT margin 10% 8% 6% 4% 2% 0% 23

24 Cash flow o o o Cash flow from operations Negative NOK 2.5 million in Q3 17 compared to negative NOK 13.7 million in Q3 16 Last 12 months Operational cash flow over the last 12 months was NOK million Cash flow from investing activities Negative NOK 7.1 million compared to negative NOK 4.8 million in Q3 16 Cash flow from operations (per quarter) MNOK Cash flow from operations (LTM) MNOK

25 Outlook 25

26 Outlook o Recruiting in a tough and challenging market o Rapid adoption of artificial intelligence and machine learning in every sector o A good market

27 Shareholders as of Investor Number of shares % of total VARNER KAPITAL AS ,44 % VPF NORDEA AVKASTNING ,20 % STENSHAGEN INVEST AS ,52 % PROTECTOR FORSIKRING ASA ,02 % HURUM SVERRE FINN ,95 % MP PENSJON PK ,93 % VEVLEN GÅRD AS ,10 % VIRTUS KAR INTERNATIONAL ,42 % STUBØ ERIK ,32 % UBS SWITZERLAND AG ,99 % SIX SIS AG ,95 % DYVI INVEST AS ,95 % STOREBRAND NORGE I VERDIPAPIRFOND ,90 % TELENOR PENSJONSKASSE ,82 % BOUVET ASA ,65 % STOREBRAND VEKST VERDIPAPIRFOND ,40 % VOLLE ANDERS ,17 % RADIG NILS-HÅKAN ,78 % VERDIPAPIRFONDET STOREBRAND OPTIMA ,72 % TALLAKSRUD OLE-JØRGEN ,69 % Number of shares held by the 20 largest shareholders ,92 % 27