Quarterly Report • Feb 19, 2021
Quarterly Report
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Q4
We lead the way and build tomorrow's society
| NOK MILLION | OCT-DEC 2020 | OCT-DEC 2019 | CHANGE % | JAN-DEC 2020 | JAN-DEC 2019 | CHANGE % |
|---|---|---|---|---|---|---|
| Revenue | 645.6 | 588.5 | 9.7 % | 2 401.8 | 2 132.1 | 12.7 % |
| Operating profit (EBIT) | 91.6 | 71.4 | 28.3 % | 314.6 | 232.1 | 35.6 % |
| Ordinary profit before tax | 90.5 | 67.3 | 34.3 % | 311.7 | 228.2 | 36.6 % |
| Profit for the period | 69.1 | 54.6 | 26.6 % | 241.2 | 180.1 | 33.9 % |
| Net cash flow operations | 198.7 | 229.8 | -13.5 % | 450.9 | 277.1 | 62.7 % |
| Liquid assets | 576.8 | 344.7 | 67.3 % | 576.8 | 344.7 | 67.3 % |
| Number of employees (end of period) | 1 656 | 1 557 | 6.4 % | 1 656 | 1 557 | 6.4 % |
| Number of employees (average) | 1 653 | 1 549 | 6.7 % | 1 609 | 1 474 | 9.2 % |
| Earnings per share | 6.74 | 5.34 | 26.1 % | 23.52 | 17.61 | 33.6 % |
| Diluted earnings per share | 6.66 | 5.29 | 26.0 % | 23.29 | 17.44 | 33.6 % |
| EBIT-margin | 14.2 % | 12.1 % | 13.1 % | 10.9 % | ||
| Equity ratio | 32.5 % | 29.4 % | 32.5 % | 29.4 % |
We are a Scandinavian consultancy in the field of IT and digital communication. We support both private- and public-sector players with digitalisation, and help them to meet the challenges and exploit the opportunities presented by new technology.
We have long-term client relationships and are a strategic partner for many enterprises. We work with these on innovation, development and implementation of solutions. Our understanding of client activities and our broad range of services in information technology, communication and enterprise management mean we are often chosen as a turnkey supplier.
Our clients are important societal players and we contribute through our collaboration with them to the development of society. That is in line with our vision.
A close relationship with clients is possible because we pursue our assignments with a high level of integrity. In addition to our standards for delivering good solutions, we set strict requirements for ethics, avoiding conflicts of interest, security, openness and trustworthiness.
Digital developments create continuous change. To be able to handle this and to seize the opportunities which arise, we devote particular attention to the job satisfaction and expertise of our employees, continuous service development and our credibility as a long-term partner.
With a regional model where each office and organisational unit has considerable freedom, we have reduced bureaucracy and shortened decision paths. That gives us an adaptability which is essential for the ability to create good, flexible and durable solutions.
At 31 December 2020, we had 1 656 employees at 11 offices in Norway and three in Sweden.
| Employee survey confirms a high level of job satisfaction |
|---|
| Client satisfaction survey documents that they have never been more satisfied with Bouvet |
| CEO changeover completed, with Sverre Hurum passing the baton to Per Gunnar Tronsli |
| Operating revenues up by NOK 57.1 million or 9.7 per cent from the fourth quarter of 2019 to NOK 645.6 million |
| Operating profit (EBIT) rose by 28.3 per cent from the same period of 2019 to NOK 91.6 million |
| Employees rose by six people from the previous quarter and by 99 over the past 12 months |
| The board proposes a dividend of NOK 22.00 per share for 2020 |
Our aim in Bouvet is to have the most satisfied employees and the most satisfied clients. This goal again guided us in 2020 and in the quarter, and directed all our efforts at a time heavily affected by Covid-19. Our concern has been to get through the pandemic together in a way which strengthens our culture and our fellowship.
We believe that satisfied employees create satisfied clients. Experience shows us that the most important contribution we make to our clients occurs through the committed and highly competent people we employ. Our attention throughout this period has therefore been directed at our employees, their working day and their job satisfaction, and at our clients and the value we create together.
The pandemic has forced us to look with new and creative eyes at our everyday work in Bouvet. We have had to examine how we learn, share expertise, keep our spirits and enthusiasm up by showing care and by meeting in new ways, share information and communicate, use digital tools to collaborate and, not least, interact with our clients and partners.
This attention has been characterised by an incomparable creativity and willingness to create new ways of interacting, and we will be incorporating much of this experience into our future way of working.
The employee survey conducted during the quarter provided very positive confirmation of the commitment made to continuing the development of our culture and fellowship at a very difficult time. Never before have we had so much positive feedback on the strength of employee satisfaction in our group. Questions about job satisfaction, work motivation, how employees feel they are seen and heard, and how they gain the personal development all of them dream about, have yielded more positive and confirmatory feedback than ever.
Along with our employees, clients have been our most important concern. During 2020 and in the quarter, we could be grateful over the significance of digitalisation for our clients and for their associated long-term priorities and investment. The uncertainty both they and we lived through earlier in the year was replaced with increased demand from our biggest customers towards the end of the year and the quarter. Sectors characterised by downscaling earlier in the year acquired renewed optimism during these three months.
The client satisfaction survey conducted during the quarter provided solid confirmation that the commitment shown by our whole workforce in their meeting with clients is greatly valued. Never before have our clients expressed themselves more positively about our ability to support their digitalisation initiatives. They find themselves met proactively and collaborative in an open and trust-based manner, and feel that our breadth and multidisciplinary approach make an important
contribution to their efforts to improve efficiency and transform their own activities.
We continued our steady growth during the quarter in terms of both employees and turnover. Profits are growing strongly, in part because of cost reductions attributable to Covid-19.
The news broke this quarter that Sverre Hurum is stepping aside after 18 years as our CEO, and passing on the baton. I know I speak for everyone in the group in expressing our collective gratitude for Sverre's contribution to Bouvet over many years. Throughout this time, he has helped to build a group with a unique culture rooted in a focus on its employees, long-term customer relations and a corporate culture which seeks constantly to improve further. This has created a very special business with a unique history. Many thanks, Sverre.
It is now our job to carry Bouvet forward, and we will do that in the way we know best – by being the group at its best. This means that we will continue to stretch ourselves in pursuit of our vision that "we lead the way and build tomorrow's society". We will do the same with our clients through socially beneficial and sustainable deliveries. We will continue to stretch
ourselves in pursuit of our ambition of having the most satisfied employees by further developing our culture and our fellowship, and of being an arena where people get the professional and personal development they seek. We will continue to stretch ourselves in pursuit of our ambition of having satisfied clients by building long-term partnerships with them in sectors which are important for social progress. In other words, we will continue to work for a Bouvet at its best.
Per Gunnar Tronsli President and CEO
Bouvet had operating revenues of NOK 645.6 million for the fourth quarter, compared with NOK 588.5 million in the same period of 2019. That represented a rise of 9.7 per cent. Fee income generated by the group's own consultants came to NOK 545.1 million, up by 10.9 per cent from NOK 491.4 million in the fourth quarter of 2019. Fee income generated by sub-contractors declined by 1.5 per cent from the same period of 2019 to NOK 75.8 million. Other revenues came to NOK 24.7 million, up by 22.4 per cent from the fourth quarter of 2019.
An increase of 6.7 per cent in the average number of employees over the quarter had a positive effect of NOK 37.9 million on fee income from the group's own consultants. The quarter had one working day more than the same period of 2019, which increased fee income from the group's own consultants by NOK 9.1 million. An 0.4 per cent rise in rates for the group's hourly based services compared with the fourth quarter of 2019 increased fee income from the group's own consultants by NOK 2.4 million. An 0.7 percentage-point increase in the billing ratio for the group's consultants from the fourth quarter of 2019 had a positive effect of NOK 5.4 million on fee income. Sickness absence was down by 0.7 percentage points from the fourth quarter of 2019, which increased fee income from the group's own employees by NOK 3.3 million. Higher take-up of parental leave reduced fee income from the group's own employees by NOK 2.7 million. Other effects, such as holiday take-up, progress in projects and time off in lieu, had a negative effect of NOK 1.6 million on fee income from the group's own employees. All told, these factors had a positive effect of NOK 53.8 million on fee income generated by the group's own consultants.
Sales to existing clients made good progress overall during the quarter. Clients who also used the group in the fourth quarter
100 200 300 400 500 600 700 NOK MILLION
Q4 2018
Operating revenue
of 2019 accounted for 94.9 per cent of operating revenues. In addition, clients acquired since 31 December 2019 contributed a total of NOK 32.9 million to fourth-quarter operating revenues.
Bouvet's strategy is to use services from sub-contractors when it lacks the capacity to meet demand with its own personnel or when clients require leading-edge expertise outside the group's priority areas. The sub-contractor share of total revenues was 11.7 per cent in the fourth quarter, compared with 13.1 the same period of 2019.
Operating revenues for the full year were NOK 2 401.8 million, compared with NOK 2 132.1 million in the same period of 2019. That represented a rise of 12.7 per cent. Fee income generated by the group's own consultants for the year increased by NOK 245.1 million or 13.7 per cent from the same period of 2019. This growth primarily reflects a rise of 9.2 per cent in the average number of employees, a growth of 0.1 percentage points in the billing ratio for the group's consultants and a 1.9 per cent increase in rates for the group's hourly based services. In addition, fee income generated by sub-contractors for the year grew by NOK 23.1 million or 8.4 per cent from the same period of 2019. Other operating revenues rose by NOK 1.5 million or 2.1 per cent from 2019.
Q4 2020
Q4 2019 Bouvet's operating costs, including depreciation and amortisation, totalled NOK 554 million for the fourth quarter, up from NOK 517.1 million in the same period of 2019. That represented a rise of 7.1 per cent. Payroll costs grew by 9.9 per cent to NOK 415.9 million because of a rise in the average number of employees as well as the general growth in pay rates. The group experienced a general rise in pay of 4.7 per cent over the past 12 months. The cost of sales was NOK 82.1 million, compared with NOK 78.3 million in the fourth quarter of 2019, and primarily comprised procurement of sub-contractor services and software as well as the hire of course instructors. Other operating expenses fell by NOK 6.1 million overall, reflecting reduced costs for travel, courses, conferences, social events and recruitment – primarily as direct consequences of the Covid-19 pandemic. Depreciation and amortisation came to NOK 17.6 million, compared with NOK 16 million in the fourth quarter of 2019.
Total operating costs for the full year increased by 9.9 per cent from the same period of 2019 to NOK 2 087.3 million. The cost of sales for the year was up by 7.7 per cent to NOK 308.8 million, largely owing to greater use of subcontractors. Payroll costs rose by 14.6 per cent to NOK 1 579.7 million. In connection with the Covid-19 pandemic, the rate of employer's National Insurance contribution was reduced by four percentage points
Q4 2017
0
Q4 2016 in May and June 2020, which yielded a saving of NOK 7 million for the group's business in Norway. Other operating expenses fell overall by NOK 42.9 million, mainly as a result of reduced costs for travel, courses, conferences, social events and recruitment. This was primarily a direct consequence of the Covid-19 pandemic. Depreciation and amortisation came to NOK 67 million, compared with NOK 60.7 million for 2019.
The reduction in other operation expanses was largely attributable to the effects of the Covid-19 pandemic. The group expects virtually all this effect to be reversed over time as the pandemic declines.
Operating profit (EBIT) for the fourth quarter came to NOK 91.6 million, compared with NOK 71.4 million in the same period of 2019. The EBIT margin was thereby 14.2 per cent, compared with 12.1 per cent in the fourth quarter of 2019. Net profit came to NOK 69.1 million, up from NOK 54.6 million in the same period of 2019. Diluted earnings per share were NOK 6.66 for the quarter, compared with NOK 5.29 in the same period of 2019.
Cumulative operating profit for the full year was NOK 314.6 million, compared with NOK 232.1 million in 2019. That
represents an increase of 35.6 per cent. The EBIT margin was thereby 13.1 per cent, compared with 10.9 per cent the year before. Net profit came to NOK 241.2 million, up from NOK 180.1 million for 2019. Diluted earnings per share were NOK 23.29 for the year, compared with NOK 17.44 for 2019.
Revenue from customer 100 % public owned: 54.4 %
Revenue from customer wholly or partially private owned: 45.6 %
Consolidated cash flow from operations was NOK 198.7 million for the fourth quarter, compared with NOK 229.8 million in the same period of 2019. Cash flow for the quarter was affected positively by a decrease of NOK 90.4 million from the third quarter of 2020 in working capital related to accounts receivable, work in progress, other current receivables, accounts payable and other current liabilities. Consolidated cash flow from operations for the full year came to NOK 450.9 million, compared with NOK 277.1 million in the same period of last year.
Capital spending in the quarter totalled NOK 3.8 million, including NOK 2.2 million for the acquisition of new operating assets and NOK 1.6 million for investment in intangible assets. In the fourth quarter of 2019, capital spending totalled NOK 5.8 million, including NOK 4 million for acquiring new operating assets and NOK 1.8 million invested in intangible assets.
Overall capital spending for the full year came to NOK 27.6 million, including NOK 18.5 million for the acquisition of operating assets and NOK 9.1 million invested in intangible assets. During the year, the group sold operating assets for NOK 0.2 million, so that net investment totalled NOK 27.4 million compared with NOK 24 million in 2019.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered during the quarter, and the group has good oversight and control of its receivables.
The group has no interest-bearing debt. Bank deposits at 31 December totalled NOK 576.8 million, compared with NOK 344.7 million a year earlier. Of bank deposits at 31 December, the account for employee tax deductions totalled NOK 57.8 million. Disposable bank deposits thereby totalled NOK 519 million, compared with NOK 294.9 million at the same date in the year before. The group had an undrawn overdraft facility of NOK 100 million at 31 December. Bouvet held 467 of its own shares at 31 December. Equity at 31 December totalled NOK 422.9 million, representing an equity ratio of 32.5 per cent. The corresponding figures for 31 December 2019 were an equity of NOK 317.8 million and an equity ratio of 29.4 per cent.
At its meeting of 9 November 2020, the board of Bouvet ASA decided to exercise the mandate awarded by the general meeting and resolved to pay a supplementary dividend of NOK 8.25 per share for fiscal 2019. The dividend was paid on 19 November 2020.
The group does not report internally by separate business areas. Its business is homogenous and pursued within the Scandinavian market for IT consultancy services. Risk and return are followed up for the business as a whole, with shared markets, on a project basis and per consultant. On that basis, the group has one reportable segment.
The market for Bouvet's services was good in the fourth quarter. Covid-19 and the national measures instituted had limited effect on group operations. Existing clients continued to involve Bouvet in their digitalisation activities during the quarter. The rapid digitalisation progress driven by Covid-19 has increased the need for innovation and collaboration across functions and sectors.
Many of Bouvet's clients have developed advanced digital services and system in order to shift towards more data-driven operations. Bouvet has contributed across its whole range of services in design, communication, consulting and technology. The group was a digitalisation partner and turnkey supplier for a number of clients during the quarter. Its cross-disciplinary delivery models, breadth of services and cross-sectoral
experience also attracted assignments from new clients, where Bouvet could contribute to their digital restructuring.
Demand for the group's cloud services continued to increase during the quarter. This included services related to innovation in the cloud, cloud migration and cloud operation/management. Together with clients and partners, Bouvet has worked continuously on further development of services in this area. Among current assignments, mention can be made of Equinor's move-to-cloud work.
The significance of data at individual enterprises and in society as a whole has increased demand for Bouvet's expertise on insight, data analysis and platform technology. It has taken care of differing client needs and approaches through
continuous development and adaptation of its service range and through sharing experience across sectors. Examples worth mentioning include further development of existing platform technology for oil and gas for transfer to renewable energy. Bouvet is contributing its expertise on sensors and platform technology to develop an observation system to support sustainable growth in the ocean for the Smart Ocean project at the Centres for Research-Based Innovation (SFI).
IT and business are closely integrated in the work of digitalisation and restructuring at the group's clients. A concentration on improving efficiency, automation and technology-driven value creation has increased demand for service deliveries and cross-disciplinary teams. That has included enquiries for services and expertise related to agile frameworks, such as SAFe. Bouvet has worked with its clients on further development of its delivery forms tailored to their organisational and market requirements.
One area where demand has increased is design-driven product development and innovation, where design processes are combined with an agile framework to provide for rapid introduction of user- and business-oriented solutions to the market. Bouvet's Olavstoppen subsidiary delivered crossdisciplinary teams with this kind of approach during the quarter to such clients as Easee, eSmart and EMsoft.
Value creation and increased productivity call for insight into the problem or challenge to be resolved through an integrated approach often with the focus on the human element. Bouvet's clients therefore had a need during the quarter for designrelated services such as service design and design thinking. This type of expertise has been attractive in developing a foundation for innovative procurement in the public sector.
The importance of detailed knowledge about and a crossdisciplinary approach to user behaviour, design, content and coding in developing business-critical user interfaces generated continuous demand for this type of service during the quarter. Bouvet supported Sleipner, which manufactures thruster systems, hydraulic control systems and propeller equipment, with renewal of its brand, communication concept and visual identity as well as development of a new website and e-commerce solution for launching in an international market. Design-related expertise has also yielded big value in other sectors such as health care, where Bouvet has contributed to more user-friendly solutions for staff and patients.
Rapid digitalisation in enterprises has increased the need for digital expertise. Bouvet's course department witnessed growing demand for learning with such tools as Office 365 and Teams, as well as with flexible organisation, change management and service design.
Enterprise architecture, process, project and change management, and security are examples of consultancy services which experienced growing demand during the quarter. Bouvet received expanded assignments with this type of consultancy from such clients as the City of Oslo, the Swedish Association of Local Authorities and Regions (SKR), Svenska Kraftnät and the Norwegian Tax Administration.
The market for system development remained very good during the quarter, when Bouvet worked with varied types of assignments and technologies.
Bouvet's long-term client relationships were important for the good results in the quarter. Its presence in a number of sectors has proved to create value. Within industry, demand for new types of assignments grew during the quarter. Examples of orders placed include developing a reporting solution for the Eyde Cluster as part of a move towards a circular economy, and support to Glencore Nikkelverk for starting the "cloud journey".
Among other clients during the quarter, mention can be made of the Norwegian Courts Administration, the Brønnøysund Register Centre, the Public Health Agency of Sweden, SKR, Svenska Kraftnät, the Swedish Public Employment Service, Vår Energi, the Norwegian Communications Authority, Nordland county council, the joint rescue coordination centre in Bodø, Aker BP, the Central Norway Regional Health Authority, Norsk Hydro, Cappelen Damm, Equinor, Statnett, the Norwegian Public Service Pension Fund, the Norwegian armed forces, the Norwegian Labour Inspection Authority, Bane Nor, the Norwegian Water Resources and Energy Directorate, Hafslund, the City of Oslo, the Norwegian Directorate for Education and Training, Viking Redningstjeneste, the Norwegian Environment Agency, Vinmonopolet, BKK, the Norwegian Tax Administration, Apotek 1, the City of Bergen and Sporveien.
Sesam, a Bouvet subsidiary, delivers a unique data platform component which ensures optimal data quality. This makes it simpler and faster to build cost-effective, value-enhancing solutions on the basis of platforms, and helps enterprises to become data-driven.
At 31 December, Sesam had 30 clients.
Located in Norway, Sweden and Germany, these included Elektroskandia, Aker Solutions and Statnett.
Bouvet has worked continuously, in close collaboration with its clients, to continue developing and improving our interaction and communication during the Covid-19 period. Some increase in competition in parts of the market has led to a certain amount of pressure on prices.
Bouvet had 1 656 employees at its 14 offices in Norway and Sweden at 31 December – up by 6 from 30 September and by 99 from a year earlier.
Bouvet's ambition is to be the consultancy with the most content employees. Satisfied personnel contribute to the quality of deliveries, satisfied clients and lower staff turnover. As a result of the Covid-19 outbreak, the group has been hands-on with its employees to ensure good working conditions for the individual, maintain job satisfaction and continue its community-based focus on ensuring social and professional identity. The organisation has devoted continuous attention to its adaptability with regard to regional infection control measures. Experience in the quarter showed that productivity was maintained.
The group's personnel have applied their creativity to identifying opportunities for fellowship, both through informal meetings with colleagues during the working day and through social events which have been moved to the virtual arena. This has created new meeting places and forms of togetherness, which have provided contact and built fellowship in new areas.
Conducted in the autumn of 2020, the employee survey shows that Bouvet personnel have a high level of job satisfaction rooted in highly interesting jobs, good development opportunities, and trust in colleagues and management.
Knowledge about and familiarity with different services and experience increased across regions during the quarter through the establishment of networks and joint deliveries.
2 000
Bouvet's regional and collective incentive models facilitate this. New forms of collaboration between colleagues have reinforced the group's fellowship-oriented sharing culture, and have become important for expertise-sharing across regions.
Demand from clients for Bouvet's expertise has resulted in a continued focus on recruitment to increase delivery capacity. The group is able to attract relevant candidates in all age segments and service categories.
In line with its vision of "we lead the way and build tomorrow's society", Bouvet completed its first activities during the fourth quarter aimed at including sustainability more clearly in its strategy.
The risk picture is affected by the Covid-19 pandemic. Uncertainty prevails about what the general economic consequences might be, both in short term and over a longer period, and how the competitive position will develop. The consequences could be increased pressure on prices. The extraordinary measures introduced by the government affect both Bouvet and its clients. Action taken in the future will depend on the further progress of the pandemic, and its effects are therefore uncertain.
Generally speaking, the group is exposed at any given time to various forms of operational, market and financial risk. The board and executive management work continuously on risk management and control. This is described in more detail on pages 10-11 and note 23 in the annual report for 2019. See also section 10 in the corporate governance presentation.
Society is experiencing a digital transformation with the focus on improving productivity and rapid user adoption of digital services. Enterprises must have a digital presence in order to be competitive, and users expect a seamless public sector. That creates a need for sharing data across enterprises and sectors.
Important technologies for achieving greater productivity and economic growth as well as more sustainable social development include the internet of things, artificial intelligence, Big Data, data platforms and the cloud. In addition to technology, achieving the desired effects calls for new business models, organisational changes and new expertise.
Communication, design, technological and consultancy expertise will be needed, along with an overall understanding of and experience with continuous value-driven product and organisational development.
Bouvet has the breadth of services, the sharing culture, the structure for composing cross-disciplinary teams, the capacity, and the regional and adaptable model required to meet this development. The group thereby remains well positioned to deliver to its clients and to contribute to social development.
President and CEO Tel: +47 23 40 60 00 | +47 900 20 622
CFO Tel: +47 23 40 60 00 | +47 950 36 011
We hereby confirm to the best of our knowledge that the interim financial statements for the fourth quarter of 2020 and the preliminary financial statements for 1 January to 31 December 2020 have been prepared in accordance with IAS 34, and that the information in the financial statements provides a true and fair picture of the overall assets, liabilities, financial position and financial results of the Bouvet ASA group. We also confirm to the best of our knowledge that the interim report provides a true and fair view of important events in the accounting period and their influence on the interim financial statements, the most important risk and uncertainty factors facing the business in the next accounting period, and significant transactions with close associates.
Oslo, 19 February 2021 The board of directors of Bouvet ASA
Pål Egil Rønn Chair of the board
Ingebrigt Steen Jensen
Director
Tove Raanes Deputy chair
Egil Christen Dahl Director
Grethe Høiland Director
Per Gunnar Tronsli President and CEO
| NOK 1 000 | NOTE | UNAUDITED OCT-DEC 2020 |
UNAUDITED OCT-DEC 2019 |
CHANGE | CHANGE % | UNAUDITED JAN-DEC 2020 |
JAN-DEC 2019 |
CHANGE | CHANGE % |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 645 597 | 588 533 | 57 064 | 9.7 % | 2 401 844 | 2 132 052 | 269 792 | 12.7 % |
| Operating expenses | |||||||||
| Cost of sales | 82 090 | 78 282 | 3 808 | 4.9 % | 308 822 | 286 639 | 22 183 | 7.7 % | |
| Personell expenses | 415 879 | 378 271 | 37 608 | 9.9 % | 1 579 668 | 1 377 938 | 201 730 | 14.6 % | |
| Depreciation fixed assets | 4 | 14 944 | 14 079 | 865 | 6.1 % | 58 047 | 53 851 | 4 196 | 7.8 % |
| Amortisation intangible assets | 3 | 2 664 | 1 947 | 717 | 36.8 % | 8 921 | 6 826 | 2 095 | 30.7 % |
| Other operating expenses | 38 449 | 44 563 | -6 114 | -13.7 % | 131 827 | 174 747 | -42 920 | -24.6 % | |
| Total operating expenses | 554 026 | 517 142 | 36 884 | 7.1 % | 2 087 285 | 1 900 001 | 187 284 | 9.9 % | |
| Operating profit | 91 571 | 71 391 | 20 180 | 28.3 % | 314 559 | 232 051 | 82 508 | 35.6 % | |
| Financial items | |||||||||
| Interest income | 232 | 930 | -698 | -75.1 % | 1 584 | 3 245 | -1 661 | -51.2 % | |
| Financial income | 313 | 174 | 139 | 79.9 % | 1 677 | 316 | 1 361 | 430.7 % | |
| Interest expense | -1 416 | -4 607 | 3 191 | -69.3 % | -5 273 | -5 206 | -67 | 1.3 % | |
| Finance expense | -248 | -555 | 307 | -55.3 % | -809 | -2 192 | 1 383 | -63.1 % | |
| Net financial items | -1 119 | -4 058 | 2 939 | -72.4 % | -2 821 | -3 837 | 1 016 | -26.5 % | |
| Ordinary profit before tax | 90 452 | 67 333 | 23 119 | 34.3 % | 311 738 | 228 214 | 83 524 | 36.6 % | |
| Income tax expense | |||||||||
| Tax expense on ordinary profit | 21 373 | 12 748 | 8 625 | 67.7 % | 70 539 | 48 081 | 22 458 | 46.7 % | |
| Total tax expense | 21 373 | 12 748 | 8 625 | 67.7 % | 70 539 | 48 081 | 22 458 | 46.7 % | |
| Profit for the period | 69 079 | 54 585 | 14 494 | 26.6 % | 241 199 | 180 133 | 61 066 | 33.9 % | |
| Assigned to: | |||||||||
| Shareholders in parent company | 69 048 | 54 601 | 241 113 | 180 149 | |||||
| Non-controlling interests | 31 | -16 | 86 | -16 | |||||
| Diluted earnings per share | 6.66 | 5.29 | 1.37 | 26.0 % | 23.29 | 17.44 | 5.85 | 33.6 % | |
| Earnings per share | 6.74 | 5.34 | 1.39 | 26.1 % | 23.52 | 17.61 | 5.91 | 33.6 % |
| NOK 1 000 | NOTE | UNAUDITED OCT-DEC 2020 |
UNAUDITED OCT-DEC 2019 |
CHANGE | CHANGE % | UNAUDITED JAN-DEC 2020 |
JAN-DEC 2019 |
CHANGE | CHANGE % |
|---|---|---|---|---|---|---|---|---|---|
| Periodens resultat | 69 079 | 54 585 | 14 494 | 26.6 % | 241 199 | 180 133 | 61 066 | 33.9 % | |
| Poster som kan reklassifiseres over resultat i senere perioder |
|||||||||
| Omregningsdifferanser valuta | -149 | 239 | -388 | -162.4 % | 1 250 | -304 | 1 555 | -510.5 % | |
| Sum andre inntekter og kostnader | -149 | 239 | -388 | -162.4 % | 1 250 | -304 | 1 555 | -510.5 % | |
| Totalresultat | 68 930 | 54 824 | 14 106 | 25.7 % | 242 449 | 179 829 | 62 621 | 34.8 % | |
| Henføres til: | |||||||||
| Eiere i morselskapet | 68 899 | 54 840 | 242 363 | 179 845 | |||||
| Ikke-kontrollerende interesse | 31 | -16 | 86 | -16 |
| NOK 1 000 | NOTE | UNAUDITED 31.12.2020 |
31.12.2019 | CHANGE | CHANGE % |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| Intangible assets | |||||
| Deferred tax asset | 1 826 | 1 133 | 693 | 61.2 % | |
| Goodwill | 3 | 33 573 | 32 722 | 851 | 2.6 % |
| Other intangible assets | 3 | 36 539 | 35 932 | 607 | 1.7 % |
| Total intangible assets | 71 938 | 69 787 | 2 151 | 3.1 % | |
| Fixed assets | |||||
| Office equipment | 27 291 | 24 868 | 2 423 | 9.7 % | |
| Office machines and vehicles | 4 582 | 4 865 | -283 | -5.8 % | |
| IT equipment | 17 077 | 19 510 | -2 433 | -12.5 % | |
| Right-of-use assets | 4 | 222 888 | 232 611 | -9 723 | -4.2 % |
| Total fixed assets | 271 838 | 281 854 | -10 016 | -3.6 % | |
| Financial non-current assets | |||||
| Other financial assets | 10 | 10 | 0 | 0.0 % | |
| Other long-term receivables | 2 022 | 1 927 | 95 | 4.9 % | |
| Total financial non-current assets | 2 032 | 1 937 | 95 | 4.9 % | |
| Total non-current assets | 345 808 | 353 578 | -7 770 | -2.2 % | |
| CURRENT ASSETS | |||||
| Work in progress | 2 | 59 267 | 67 842 | -8 575 | -12.6 % |
| Trade accounts receivable | 276 024 | 276 167 | -143 | -0.1 % | |
| Other short-term receivables | 37 459 | 37 142 | 317 | 0.9 % | |
| Liquid assets | 576 786 | 344 725 | 232 061 | 67.3 % | |
| Total current assets | 949 536 | 725 876 | 223 660 | 30.8 % | |
| TOTAL ASSETS | 1 295 344 | 1 079 454 | 215 890 | 20.0 % | |
| NOK 1 000 | NOTE | UNAUDITED 31.12.2020 |
31.12.2019 | CHANGE | CHANGE % |
|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Paid-in capital | |||||
| Share capital | 5 | 10 286 | 10 250 | 36 | 0.4 % |
| Share premium | 29 567 | 10 000 | 19 567 | 195.7 % | |
| Total paid-in capital | 39 853 | 20 250 | 19 603 | 96.8 % | |
| Earned equity | |||||
| Other equity | 382 195 | 296 706 | 85 489 | 28.8 % | |
| Total earned equity | 382 195 | 296 706 | 85 489 | 28.8 % | |
| Non-controlling interests | 873 | 795 | 78 | 9.8 % | |
| Total equity | 422 921 | 317 751 | 105 170 | 33.1 % | |
| DEBT | |||||
| Long-term debt | |||||
| Lease liabilities | 188 688 | 201 352 | -12 664 | -6.3 % | |
| Total long-term debt | 188 688 | 201 352 | -12 664 | -6.3 % | |
| Short-term debt | |||||
| Current lease liabilities | 38 229 | 33 520 | 4 709 | 14.0 % | |
| Trade accounts payable | 59 064 | 51 661 | 7 403 | 14.3 % | |
| Income tax payable | 64 468 | 46 434 | 18 034 | 38.8 % | |
| Public duties payable | 207 360 | 181 807 | 25 553 | 14.1 % | |
| Deferred revenue | 2 | 7 394 | 11 268 | -3 874 | -34.4 % |
| Other short-term debt | 307 220 | 235 661 | 71 559 | 30.4 % | |
| Total short-term debt | 683 735 | 560 351 | 123 384 | 22.0 % | |
| Total liabilities | 872 423 | 761 703 | 110 720 | 14.5 % | |
| TOTAL EQUITY AND LIABILITIES | 1 295 344 | 1 079 454 | 215 890 | 20.0 % |
| NOK 1 000 | NOTE | UNAUDITED OCT-DEC 2020 |
UNAUDITED OCT-DEC 2019 |
UNAUDITED JAN-DEC 2020 |
JAN-DEC 2019 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Ordinary profit before tax | 90 452 | 67 333 | 311 738 | 228 214 | |
| Paid tax | -7 096 | -10 585 | -46 434 | -44 732 | |
| (Gain)/loss on sale of fixed assets | 15 | -26 | -183 | -168 | |
| Ordinary depreciation | 14 944 | 14 078 | 58 047 | 53 851 | |
| Amortisation intangible assets | 3 | 2 664 | 1 947 | 8 921 | 6 826 |
| Share based payments | 3 173 | 2 126 | 9 801 | 8 044 | |
| Changes in work in progress, accounts receivable and accounts payable | 82 949 | 86 977 | 16 122 | -25 121 | |
| Changes in other accruals | 11 592 | 67 923 | 92 864 | 50 142 | |
| Net cash flow from operating activities | 198 694 | 229 774 | 450 876 | 277 054 | |
| Cash flows from investing activities | |||||
| Sale of fixed assets | 4 | 81 | 260 | 568 | |
| Purchase of fixed assets | -2 152 | -3 969 | -18 571 | -16 433 | |
| Purchase of intangible assets | 3 | -1 616 | -1 806 | -9 075 | -8 921 |
| Investment in subsidiaries - net cash | 0 | 812 | 0 | 812 | |
| Net cash flow from investing activities | -3 764 | -4 882 | -27 385 | -23 973 | |
| Cash flows from financing activities | |||||
| Capital increase | 19 603 | 0 | 19 603 | 0 | |
| Purchase of own shares | 0 | -24 650 | 0 | -35 991 | |
| Sales of own shares | 0 | 21 152 | 0 | 21 152 | |
| Payments on lease liabilities | 4 | -11 038 | -9 845 | -41 909 | -38 655 |
| Dividend payments | -84 568 | 0 | -169 125 | -133 250 | |
| Net cash flow from financing activities | -76 003 | -13 343 | -191 431 | -186 744 | |
| Net changes in liquid assets | 118 927 | 211 548 | 232 061 | 66 337 | |
| Liquid assets at the beginning of the period | 457 859 | 133 177 | 344 725 | 278 388 | |
| Liquid assets at the end of the period | 576 786 | 344 725 | 576 786 | 344 725 |
| NOK 1 000 | SHARE CAPITAL |
OWN SHARES |
SHARE PREMIUM |
TOTAL PAID-IN EQUITY |
OTHER EQUITY |
TRANSLATION DIFFERENCES |
TOTAL OTHER EQUITY |
NON-CON TROLLING INTERESTS |
TOTAL EQUITY |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 01.01.2019 | 10 250 | -1 | 10 000 | 20 249 | 257 244 | -500 | 256 744 | 0 | 276 993 |
| Profit for the period | 0 | 180 149 | 180 149 | -16 | 180 133 | ||||
| Other income and costs | 0 | -304 | -304 | -304 | |||||
| Purchase/sale of own shares (net) | 1 | 1 | -14 796 | -14 796 | -14 795 | ||||
| Employee share scheme | 0 | 8 162 | 8 162 | 8 162 | |||||
| Change non-controlling interests | 0 | 0 | 811 | 811 | |||||
| Dividend | -133 250 | -133 250 | -133 250 | ||||||
| Equity at 31.12.2019 | 10 250 | 0 | 10 000 | 20 250 | 297 509 | -804 | 296 706 | 795 | 317 751 |
| Equity at 01.01.2020 | 10 250 | 0 | 10 000 | 20 250 | 297 509 | -804 | 296 706 | 795 | 317 751 |
| Profit for the period | 241 113 | 241 113 | 86 | 241 199 | |||||
| Other income and costs | 1 250 | 1 250 | 1 250 | ||||||
| Employee share scheme | 12 251 | 12 251 | 12 251 | ||||||
| Change non-controlling interests | -8 | -8 | |||||||
| Share issue | 36 | 19 567 | 19 603 | 19 603 | |||||
| Dividend | -169 125 | -169 125 | -169 125 | ||||||
| Equity at 31.12.2020 (Unaudited) | 10 286 | 0 | 29 567 | 39 853 | 381 748 | 446 | 382 195 | 873 | 422 921 |
This interim report is presented in accordance with the International Financial Reporting Standards (IFRS) and interpretations determined by the European Union, and have been prepared in accordance with IAS 34. The interim financial statements have not been audited, do not include all the information required in annual financial statements and should be viewed in conjunction with the group's annual report for 2019.
The accounting policies applied are consistent with those applied in previous financial year.
The Group is primarily delivering its services based on time and material used and has in most cases legal rights for payment for services delivered at date. In cases where the Group has income from projects with predefined results at a fixed price or which has elements causing the income per hour to be unknown
before completion of the project, the income is recorded in correlation with the degree of completion. Progress is measured as incurred hours in relation to totally estimated hours. For these projects the customer controles the asset being made or improved.
| NOK 1 000 | OCT-DEC 2020 | OCT-DEC 2019 |
|---|---|---|
| Contract category | ||
| Fixed- and target price | 6 065 | 8 003 |
| Variable contracts | 639 532 | 580 530 |
| Total revenue | 645 597 | 588 533 |
| Business sector | ||
| Bank & finance | 17 934 | 25 113 |
| Power supply | 109 361 | 60 520 |
| Health | 13 735 | 11 825 |
| Industry | 26 999 | 26 581 |
| Info and communication | 36 808 | 23 504 |
| Public admin | 173 831 | 167 501 |
| Oil & gas | 162 287 | 168 243 |
| Service industry | 33 163 | 22 801 |
| Transportation | 33 605 | 36 761 |
| Retail | 27 784 | 35 534 |
| Other | 10 090 | 10 150 |
| Total revenue | 645 597 | 588 533 |
| Public/privat sector | ||
| Public sector (100% owned) | 351 305 | 299 575 |
| Privat sector | 294 292 | 288 958 |
| Total revenue | 645 597 | 588 533 |
| Work in progress | 59 267 | 67 842 |
| Deferred revenue | 7 394 | 11 268 |
At the balance sheet date, processed but not billed services amounted to NOK 59.27 million (2019.12.31: NOK 67.84 million). This is mainly services delivered on running account, invoiced to customers at the beginning of the next month.
Intangible assets and goodwill are related to added value from the acquisitions of subsidiaries, businesses, and costs related to development of software and internally developed internet homepage.
| NOK 1 000 | SOFTWARE | OTHER INTANGIBLE ASSETS |
GOODWILL | JAN-DEC 2020 |
SOFTWARE | OTHER INTANGIBLE ASSETS |
GOODWILL | JAN-DEC 2019 |
|---|---|---|---|---|---|---|---|---|
| Book value 1 January | 30 989 | 4 943 | 32 722 | 68 654 | 27 906 | 6 165 | 32 944 | 67 015 |
| Additions of the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Self-developed software | 9 075 | 0 | 0 | 9 075 | 8 920 | 0 | 0 | 8 920 |
| Amortisation | -7 401 | -1 520 | 0 | -8 921 | -5 837 | -989 | 0 | -6 826 |
| Exchange rate variances | 0 | 453 | 851 | 1 304 | 0 | -233 | -222 | -455 |
| Book value end of period | 32 663 | 3 876 | 33 573 | 70 112 | 30 989 | 4 943 | 32 722 | 68 653 |
| Amortisation rate | 20 % | 10-20 % | N/A | 20 % | 10-20 % | N/A | ||
| Economic life | 5 years | 5-10 years | not decided | 5 years | 5-10 years | not decided | ||
| Amortisation method | linear | linear | N/A | linear | linear | N/A |
The group is developing Sesam, a software as a service (SaaS). This software provides a stand-alone, generic data platform component – a master data hub which continuously exchanges data with the business' core systems. Sesam delivers a unique platform component which continually ensures optimal data quality and makes it simpler and faster to build cost-effective, value-enhancing solutions on the basis of the platform. The latter is in continual development, with intelligent data catalogues, artificial intelligence integration and predictive data type analysis in focus during 2020. A total of NOK 58 030 thousand has so far been invested in the software Sesam, which is capitalised and amortised in modules. The Stream and Swarm modules were completed in 2020, with the Data Catalogue, Infrastructure, Performance and Unification modules under development during the year. These modules have an expected service life of five years.
| NOK 1 000 | PREMISES | OTHER LEASES | JAN-DEC 2020 | PREMISES | OTHER LEASES | JAN-DEC 2019 |
|---|---|---|---|---|---|---|
| Book value 1 January | 232 606 | 5 | 232 611 | 264 941 | 70 | 265 011 |
| Additions/adjustments of the period | 30 030 | 0 | 30 030 | 3 577 | 0 | 3 577 |
| Depreciation | -39 256 | -5 | -39 261 | -35 790 | -65 | -35 855 |
| Exchange rate variances | -492 | -492 | -122 | -122 | ||
| Book value end of period | 222 888 | 0 | 222 888 | 232 606 | 5 | 232 611 |
| Economic life | 1-9 years | 1-2 years | 1-9 years | 1-2 years | ||
| Depreciation method | linear | linear | linear | linear |
| FUTURE LEASE PAYMENTS PER YEAR | |||||||
|---|---|---|---|---|---|---|---|
| NOK 1 000 | FUTURE LEASE PAYMENTS | 2021 | 2022 | 2023 | 2024 | 2025 | > 2025 |
| Undiscounted lease liabilities 31.12.2020 | 241 390 | 42 417 | 41 558 | 39 451 | 37 895 | 32 516 | 47 553 |
| SHARES IN THOUSANDS | 31.12.2020 | 31.12.2019 |
|---|---|---|
| Ordinary shares, nominal value NOK 1 | 10 286 | 10 250 |
| Total number of shares | 10 286 | 10 250 |
The nominal value of the share is NOK 1. All shares in the company have equal voting rights and are equally entitled to dividend.
| NO. OF SHARES | SHARE CAPITAL | ||||
|---|---|---|---|---|---|
| NOK 1 000 | 31.12.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | |
| Ordinary shares issued and fully paid at 31.12. | 10 286 | 10 250 | 10 286 | 10 250 | |
| Own shares at nominal value | 0 | -38 | 0 | -38 |
In the period, Bouvet ASA, has not acquired any own shares. The company owns 467 own shares at the end of the period. However, Bouvet ASA, has completed a private placement towards employees. A total of 36 363 shares at a nominal value of NOK 1 was issued. The cash consideration for these shares was NOK 19 603 thousand. The share issue has increased the share capital in Bouvet ASA by NOK 36 363 to NOK 10 286 363. The total number of shares outstanding after this share issue is 10 286 363.
The company has paid the following dividends:
| NOK 1 000 JAN-DEC 2020 |
JAN-DEC 2019 | |
|---|---|---|
| Ordinary dividend for 2019: NOK 8.25 per share (November 2020) | 84 563 | |
| Ordinary dividend for 2019: NOK 8.25 per share (May 2020) | 84 563 | |
| Ordinary dividend for 2018: NOK 13.00 per share (May 2019) | 133 250 | |
| Total | 169 125 | 133 250 |
Proposed dividend to be approved at the annual general meeting May 2021 amounts to NOK 22.00 per share.
| NO. OF SHARES | |||||
|---|---|---|---|---|---|
| NAME | ROLE | 30.09.2020 | BUY | SALE | 31.12.2020 |
| Pål Egil Rønn | Chairman of the Board | 5 000 | 5 000 | ||
| Tove Raanes | Vice-chairman of the Board | 895 | 895 | ||
| Grethe Høiland | Board member | 0 | 0 | ||
| Ingebrigt Steen Jensen | Board member | 1 300 | 1 300 | ||
| Egil Christen Dahl | Board member | 203 502 | 203 502 | ||
| Sverre F. Hurum | Former CEO | 387 068 | 57 | 387 125 | |
| Per Gunnar Tronsli | CEO | 6 365 | 57 | 6 422 | |
| Erik Stubø | CFO | 205 235 | 57 | 205 292 | |
| Total | 809 365 | 171 | 0 | 809 536 |
There have been no events after the balance sheet date significantly effecting the Group's financial position.
The European Securities and Markets Authority ("ESMA") issued guidelines on Alternative Performance Measures ("APMs") that came into force on July 3, 2016. Bouvet discloses APMs that are frequently used by investors, analysts, and other interested parties. The management believes that the disclosed APMs provide improved insight into the operations, financing, and prospects of Bouvet. Bouvet has defined the following APMs:
EBITDA is short for earnings before interest, taxes, depreciation, and amortization. EBITDA is calculated as profit for the period before tax expense, financial items, depreciation, and amortization.
EBIT is short for earnings before interest and taxes. EBIT corresponds to operating profit in the consolidated income statement.
Net free cash flow is calculated as net cash flow from operations plus net cash flow from investing activities. EBITDA-margin is calculated as EBITDA divided by revenue.
EBIT-margin is calculated as EBIT divided by revenue.
Cash flow margin is calculated as Net cash flow from operations divided by revenue.
Equity ratio is calculated as total equity divided by total assets.
Liquidity ratio is calculated as current assets divided by short-term debt.
| NOK 1 000 | OCT-DEC 2020 | OCT-DEC 2019 | CHANGE % | JAN-DEC 2020 | JAN-DEC 2019 | CHANGE % |
|---|---|---|---|---|---|---|
| INCOME STATEMENT | ||||||
| Operating revenue | 645 597 | 588 533 | 9.7 % | 2 401 844 | 2 132 052 | 12.7 % |
| EBITDA | 109 179 | 87 417 | 24.9 % | 381 527 | 292 728 | 30.3 % |
| Operating profit (EBIT) | 91 571 | 71 391 | 28.3 % | 314 559 | 232 051 | 35.6 % |
| Ordinary profit before tax | 90 452 | 67 333 | 34.3 % | 311 738 | 228 214 | 36.6 % |
| Profit for the period | 69 079 | 54 585 | 26.6 % | 241 199 | 180 133 | 33.9 % |
| EBITDA-margin | 16.9 % | 14.9 % | 13.9 % | 15.9 % | 13.7 % | 15.7 % |
| EBIT-margin | 14.2 % | 12.1 % | 16.9 % | 13.1 % | 10.9 % | 20.3 % |
| BALANCE SHEET | ||||||
| Non-current assets | 345 808 | 353 578 | -2.2 % | 345 808 | 353 578 | -2.2 % |
| Current assets | 953 696 | 725 876 | 31.4 % | 953 696 | 725 876 | 31.4 % |
| Total assets | 1 299 504 | 1 079 454 | 20.4 % | 1 299 504 | 1 079 454 | 20.4 % |
| Equity | 422 921 | 317 751 | 33.1 % | 422 921 | 317 751 | 33.1 % |
| Long-term debt | 188 688 | 201 352 | -6.3 % | 188 688 | 201 352 | -6.3 % |
| Short-term debt | 687 895 | 560 351 | 22.8 % | 687 895 | 560 351 | 22.8 % |
| Equity ratio | 32.5 % | 29.4 % | 10.6 % | 32.5 % | 29.4 % | 10.6 % |
| Liquidity ratio | 1.39 | 1.30 | 7.0 % | 1.39 | 1.30 | 7.0 % |
| CASH FLOW | ||||||
| Net cash flow operations | 198 694 | 229 774 | -13.5 % | 450 876 | 277 054 | 62.7 % |
| Net free cash flow | 194 929 | 224 891 | -13.3 % | 423 491 | 253 081 | 67.3 % |
| Net cash flow | 118 927 | 211 548 | -43.8 % | 232 061 | 66 337 | 249.8 % |
| Cash flow margin | 30.8 % | 39.0 % | -21.2 % | 18.8 % | 13.0 % | 44.5 % |
| SHARE INFORMATION | ||||||
| Number of shares | 10 286 363 | 10 250 000 | 0.4 % | 10 286 363 | 10 250 000 | 0.4 % |
| Weighted average basic shares outstanding | 10 249 533 | 10 219 372 | 0.3 % | 10 249 533 | 10 228 839 | 0.2 % |
| Weighted average diluted shares outstanding | 10 362 005 | 10 325 937 | 0.3 % | 10 352 851 | 10 332 463 | 0.2 % |
| EBIT per share | 8.93 | 6.99 | 27.8 % | 30.68 | 22.69 | 35.2 % |
| Diluted EBIT per share | 8.84 | 6.92 | 27.8 % | 30.38 | 22.46 | 35.2 % |
| Earnings per share | 6.74 | 5.34 | 26.1 % | 23.52 | 17.61 | 33.6 % |
| Diluted earnings per share | 6.66 | 5.29 | 26.0 % | 23.29 | 17.44 | 33.6 % |
| Equity per share | 41.11 | 31.00 | 32.6 % | 41.11 | 31.00 | 32.6 % |
| Dividend per share | 8.25 | 0.00 | N/A | 16.50 | 13.00 | 26.9 % |
| EMPLOYEES | ||||||
| Number of employees (year end) | 1 656 | 1 557 | 6.4 % | 1 656 | 1 557 | 6.4 % |
| Average number of employees | 1 653 | 1 549 | 6.7 % | 1 609 | 1 474 | 9.2 % |
| Operating revenue per employee | 391 | 380 | 2.8 % | 1 493 | 1 447 | 3.1 % |
| Operating cost per employee | 335 | 334 | 0.4 % | 1 297 | 1 289 | 0.6 % |
| EBIT per employee | 55 | 46 | 20.2 % | 195 | 157 | 24.2 % |
| Cash flow margin | Net cash flow operations / Operating revenue |
|---|---|
| Diluted earnings per share | Profit for the period assigned to shareholders in parent company / weighted average diluted shares outstanding |
| Diluted EBIT per share | EBIT assigned to shareholders in parent company / weighted average diluted shares outstanding |
| Dividend per share | Paid dividend per share througout the year |
| Earnings per share | Profit for the period assigned to shareholders in parent company / weighted average basic shares outstanding |
| EBIT | Operating profit |
| EBIT per employee | EBIT / average number of employees |
| EBIT per share | EBIT assigned to shareholders in parent company / weighted average basic shares outstanding |
| EBIT-margin | EBIT / operating revenue |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITDA-margin | EBITDA / operating revenue |
| Equity per share | Equity / number of shares |
| Equity ratio | Equity / total assets |
| Liquidity ratio | Current assets / Short-term debt |
| Net free cash flow | Net cash flow operations - Net cash flow investments |
| Number of shares | Number of issued shares at the end of the year |
| Operating cost per employee | Operating cost / average number of employees |
| Operating revenue per employee | Operating revenue / average number of employees |
| Weighted average basic shares outstanding | Issued shares adjusted for own shares on average for the year |
| Weighted average diluted shares outstanding | Issued shares adjusted for own shares and share scheme on average for the year |
The Group has 14 offices in Norway and Sweden. Our philosophy is that competence should be utilized across the company, while projects are attached locally.
Sørkedalsveien 8 NO-0369 Oslo P. O. Box 5327 Majorstuen NO-0304 Oslo Tel: (+47) 23 40 60 00
Frolandsveien 6 NO-4847 Arendal Tel: (+47) 23 40 60 00
Solheimsgaten 15 NO-5058 Bergen Tel: (+47) 55 20 09 17
Drammen Business Center Dr. Hansteins Gate 9 NO-3044 Drammen Tel: (+47) 23 40 60 00
Uniongata 18 Klosterøya NO-3732 Skien Tel: (+47) 23 40 60 00
Kjøita 25 NO-4630 Kristiansand Tel: (+47) 23 40 60 00
Fokserødveien 12 NO-3241 Sandefjord Tel: (+47) 23 40 60 00 SANDVIKA Leif Tronstadsplass 7 NO-1337 Sandvika Tel: (+47) 23 40 60 00
Laberget 28 NO-4020 Stavanger P. O. Box 130 NO-4065 Stavanger Tel: (+47) 51 20 00 20
Kjøpmannsgata 35 7NO-011 Trondheim Tel: (+47) 23 40 60 00
Östermalmsgatan 87 A 114 59 Stockholm Tel: (+ 46) 0 771 611 100
Forskargatan 3 781 70 Borlänge Tel: (+46) 0 771 611 100
Kungsgatan 1 702 11 Örebro Tel: (+46) 0 709 431 411
en.bouvet.no
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