Interim / Quarterly Report • Nov 7, 2019
Interim / Quarterly Report
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We change, renew and improve
| NOK MILLION | JUL-SEP 2019 | JUL-SEP 2018 | CHANGE % | JAN-SEP 2019 | JAN-SEP 2018 | CHANGE % | YEAR 2018 |
|---|---|---|---|---|---|---|---|
| Revenue | 460.9 | 395.4 | 16.6 % | 1 543.5 | 1 311.3 | 17.7 % | 1 846.7 |
| Operating profit (EBIT) | 32.6 | 20.1 | 61.9 % | 160.7 | 126.4 | 27.1 % | 191.6 |
| Ordinary profit before tax | 33.0 | 20.2 | 63.4 % | 160.9 | 125.3 | 28.4 % | 191.6 |
| Profit for the period | 25.7 | 15.4 | 66.9 % | 125.5 | 97.0 | 29.5 % | 150.5 |
| Net cash flow operations | 10.8 | -14.1 | N/A | 47.3 | 3.0 | 1457.7 % | 219.0 |
| Cash and cash equivalents | 133.2 | 63.4 | 109.9 % | 133.2 | 63.4 | 109.9 % | 278.4 |
| Number of employees (end of period) | 1 545 | 1 342 | 15.1 % | 1 545 | 1 342.0 | 15.1 % | 1 369 |
| Number of employees (average) | 1 513 | 1 328 | 14.0 % | 1 449 | 1 286.0 | 12.6 % | 1 305 |
| Earnings per share | 2.52 | 1.52 | 65.9 % | 12.27 | 9.54 | 28.6 % | 14.80 |
| Diluted earnings per share | 2.49 | 1.51 | 64.7 % | 12.15 | 9.45 | 28.5 % | 14.66 |
| EBIT-margin | 7.1 % | 5.1 % | 10.4 % | 9.6 % | 10.4 % | ||
| Equity ratio | 27.5 % | 35.0 % | 27.5 % | 35.0 % | 36.6 % |
We are a Scandinavian consultancy in the field of IT and digital communication. We support both private- and public-sector players in digitalising their operations, and help them to meet the challenges and exploit the opportunities presented by digital technology.
We are committed to maintaining long-term client relationships, and are a strategic partner for a number of enterprises where we work together on innovation, development and implementation of solutions. Clients value our good understanding of their activities, and the fact that our broad range of services – comprising development and consultancy support with information technology, communication and enterprise management – means we can be a turnkey supplier.
Our client base includes a number of important societal players, and we contribute together with them to the development of society. That is in line with our vision.
A close relationship can be maintained with clients 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 reality is always changing. 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 30 September 2019, we had 1 545 employees at 10 offices in Norway and three in Sweden.
| Won an innovation-related contract from the Norwegian Directorate of Public Construction and Property |
|---|
| Demand for courses high and big attendance at breakfast seminars |
| Contributed to Arendal Week with a debate on how digitalisation can contribute to sustainable growth and development |
| Workforce up by 90 from previous quarter, many of these were new graduates |
| Operating profit (EBIT) rose by 61.9 per cent or NOK 12.4 million from the same period of last year to NOK 32.6 million |
| Operating revenues up by 16.6 per cent or NOK 65.5 million from the third quarter of 2018 to NOK 460.9 million |
| Employees up by 203 over the past 12 months |
We continued to work hard during the third quarter to reach our three long-term goals. Being dependent on motivated, able and proud employees, we pursue continuous expertise development, renew our services and work on our corporate culture. The result today is that we are a company with 1 545 employees and a very good workforce composition in terms of age, experience and expertise. People thrive with us. That is the basis for reaching our second long-term goal – having satisfied and loyal clients who want our services. Our third-quarter turnover was NOK 461 million, with 95 per cent coming from the same clients we had in the same period of 2018. We also secured several new clients. They thrive with us. Motivated, proud and able employees who continued developing our clients and their digital transformation also meant that profitability was good in the quarter. Put briefly, we achieved yet another quarter of profitable growth. We all thrive with that.
We make our living from delivering expertise. Our employees are the key to everything, and our attention is concentrated on them regardless of what we do. To create the best workplace for our personnel, we work a great deal developing and sharing expertise. Our company contains people with differing human capabilities, knowledge and experience. Older members of staff are generous in sharing their experience with new and hungry younger colleagues. The latter join us to share their energy, innovative thinking and technology expertise, which further develops us in turn. One of our most important slogans is that "Bouvet shares". This attitude permeates our organisation, and we have established a number of channels and events where sharing is the main topic. During the quarter, we supplemented growth through recruitment with a focus on retaining our more experienced consultants. The workforce increased by 90 in this period.
Closeness to clients is one of our most important competitive advantages. We are close to them both geographically and in terms of relations. Our clients are the most exciting companies from most sectors in Norway and Sweden. Virtually all our clients purchased more from us in the third quarter than they did in the same period of last year. They have come further in their digitalisation voyage and are now investing in a number of our service areas. That includes digital leadership, change management and digital consulting. And, not least, the attention they are devoting to service design has provided many assignments. Demand for our technology expertise from new and existing clients is consistently good. Assignments in different sectors, combined with our sharing culture, mean that we contribute a useful recycling of ideas and expertise.
"With able employees and closeness to clients, I am convinced that we will remain an important driver for renewal and improvement."
To keep abreast of rapid technological advances, our clients must actively pursue expertise development. Our course department offers a good and relevant range of internal company programmes and standard courses. We again experienced very good demand in the third quarter.
Our profitability is rising. The basis for this growth is that we are succeeding in recruiting and developing able people, developing services our clients require, and operating efficiently. We have been successful here for many years, and achieved good growth and profitability yet again in the third quarter. Many new colleagues came on board during the period, and we see that it takes a little while to get going with billable work. But this is an investment in future progress.
We in Bouvet want to take the lead and be a prime mover in building tomorrow's society. We work with a great many of the most important Norwegian and Swedish enterprises in the
public and private sectors. That includes such areas as energy, health, education, transport, retail, finance, maritime and coastal. We also have small clients who want to grow. In a society changing rapidly and dramatically, we will participate in digitalising what can and should be digitalised. With able employees and closeness to clients, I am convinced that we will remain an important driver for renewal and improvement.
Despite a rather unsettled macroeconomic picture, we will be a workplace where the best people want to work, our clients will continue to show us confidence, and we will continue to run a good and sound business.
Sverre Hurum President and CEO
Bouvet had operating revenues of NOK 460.9 million for the third quarter, compared with NOK 395.4 million in the same period of 2018. That represented a rise of 16.6 per cent. Fee income generated by the group's own consultants increased by 18.6 per cent, from NOK 331.3 million in the third quarter of 2018 to NOK 392.7 million. Income generated by sub-contractors grew by 10.1 per cent from the same period of last year to NOK 55.9 million. Other revenues fell by 7.1 per cent from the third quarter of 2018 to NOK 12.3 million.
An increase of 14 per cent in the average number of employees over the quarter had a positive effect of NOK 47.0 million on fee income generated by the group's own workforce. Furthermore, a 4.6 per cent rise in rates for the group's hourly based services compared with the third quarter of 2018 increased fee income by NOK 18.7 million. The third quarter had one working day more than the same period of 2018. That had a positive effect of NOK 5.3 million on fee income generated by the group's own employees. A 2.3 percentage-point reduction in the billing ratio for the group's consultants from the third quarter of 2018 had a negative effect of NOK 11.5 million on fee income generated by the group's own employees. Other factors, such as holiday take-up, sickness absence and leave of absence, had an overall positive effect of NOK 0.8 million in the third quarter compared with the same period of 2018.
Sales to existing clients made good progress overall during the quarter. Clients who also used the group in the third quarter of
2018 accounted for 95.7 per cent of operating revenues. In addition, clients acquired since 30 September 2018 contributed a total of NOK 19.8 million to third-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 12.1 per cent in the third quarter, compared with 12.9 per cent in the same period of 2018.
Operating revenues for the first nine months were NOK 1 543.5 million, compared with NOK 1 311.3 million in the same period of 2018. That represented a rise of 17.7 per cent.
Fee income generated by the group's own consultants rose by 17.7 per cent from the first nine months of 2018 to NOK 1 291.6 million. This increase largely reflected a 12.6 per cent rise in the average workforce and a 4.1 per cent growth in rates for the group's hourly based services compared with the first nine months of 2018. The billing ratio for the group's consultants declined by 0.5 percentage points from the first nine months of 2018.
Income generated by sub-contractors grew by 17.7 per cent from the first nine months of last year to NOK 198.8 million. Other revenues rose by 17.2 per cent from the first nine months of 2018 to NOK 53.1 million.
Number of employees (end of quarter)
Bouvet's operating costs, including depreciation and amortisation, totalled NOK 428.3 million for the third quarter, up from NOK 375.3 million in the same period of 2018. That represented a rise of 14.1 per cent. Increased payroll costs reflected a higher average number of employees in addition to the general growth in pay rates. The group experienced a general rise in pay of 2.5 per cent over the past 12 months. The cost of sales was NOK 56.3 million, unchanged from the third quarter of 2018, and primarily comprised procurement of sub-contractor services and software as well as the hire of course instructors. Viewed in isolation, implementing IFRS 16 Leases from 1 January 2019 (see note 1) reduced other operating expenses by NOK 9.8 million compared with the third quarter of 2018. An overall NOK 5.3 million rise in the cost of recruitment, social security expenses, premises and marketing meant that other operating expenses showed a net reduction of NOK 4.5 million from the third quarter of 2018 and amounted to NOK 48.5 million. Depreciation and amortisation came to NOK 15.4 million, compared with NOK 6.2 million in the third quarter of 2018. Implementing IFRS 16 increased depreciation by NOK 9 million from the same period of last year.
Where the first nine months are concerned, operating costs increased by 16.7 per cent from the same period of 2018 to total NOK 1 382.9 million. The cost of sales rose by 13.7 per cent in the first nine months to NOK 208.4 million. Payroll costs were up by 18.7 per cent to NOK 999.7 million. Viewed in isolation, implementing IFRS 16 from 1 January 2019 (see note 1)
reduced other operating expenses by NOK 28.8 million compared with the first nine months of 2018. An overall rise of NOK 18.5 million in the cost of recruitment, social security expenses, premises and marketing meant that other operating expenses showed a net reduction of NOK 10.3 million from the first nine months of 2018 and amounted to NOK 130.2 million. Depreciation and amortisation came to NOK 44.7 million, compared with NOK 19 million in the first nine months of last year. Implementing IFRS 16 increased depreciation by NOK 26.5 million from the same period of 2018.
Operating profit (EBIT) for the third quarter came to NOK 32.6 million, compared with NOK 20.1 million in the same period of 2018. The EBIT margin thereby came to 7.1 per cent, compared with 5.1 per cent in the third quarter of last year. Net profit came to NOK 25.7 million, up from NOK 15.4 million in the same period of 2018. Diluted earnings per share were NOK 2.49, compared with NOK 1.51 in the first nine months of last year.
Cumulative operating profit for the first nine months came to NOK 160.7 million, compared with NOK 126.4 million in the same period of 2018. That represented a 27.1 per cent increase. The EBIT margin thereby came to 10.4 per cent, compared with 9.6 per cent in the first nine months of last year. Net profit for the first nine months came to NOK 125.5 million, up from NOK 97 million in the same period of 2018. Diluted earnings per share were NOK 12.15, compared with NOK 9.45 in the third quarter of last year.
Revenue from customer 100 % public owned: 47.7 %
Revenue from customer wholly or partially private owned: 52.3 %
| Oil & gas | 30.0 % |
|---|---|
| Public admin | 26.7 % |
| Power supply | 9.2 % |
| Transportation | 7.1 % |
| Retail | 5.7 % |
| Industry | 5.0 % |
| Bank & finance | 4.3 % |
| Service industry | 4.2 % |
| Info and communication | 3.8 % |
| Health | 2.0 % |
| Other | 2.0 % |
Consolidated cash flow from operations was NOK 10.8 million for the third quarter, compared with a negative NOK 14.1 million in the same period of 2018. Cash flow for the quarter was affected positively by a reduction of NOK 39.5 million from the second quarter of 2019 in accounts receivable, work in hand and other current receivables. Furthermore, a reduction of NOK 71.3 million in other current liabilities from the second quarter of 2019 had a negative effect. Where the first nine months is concerned, consolidated cash flow from operations came to NOK 47.3 million, compared with NOK 3 million for the same period of 2018. Consolidated cash flow from operations over the past 12 months was NOK 263.2 million, while net profit for the same period came to NOK 179.1 million.
Capital spending in the quarter totalled NOK 6.8 million, including NOK 4.6 million for the acquisition of new operating assets and NOK 2.2 million for investment in intangible assets. The comparable figure for the third quarter of 2018 was NOK 10.5 million, including NOK 7.9 million for fixed operating assets and NOK 2.6 million for intangible assets. Operating assets totalling NOK 0.2 million were sold by the group during the quarter, so that net investment came to NOK 6.6 million compared with NOK 10.1 million in the same quarter of 2018.
Where the first nine months is concerned, capital spending totalled NOK 19.6 million. This took the form of NOK 12.5 million invested in operating assets and NOK 7.1 million for intangible assets. Operating assets totalling NOK 0.5 million were sold by the group during the first nine months, so that net investment came to NOK 19.1 million compared with NOK 47.2 million for the corresponding nine months of 2018.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No significant 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 30 September totalled NOK 133.2 million, compared with NOK 63.4 million a year earlier. Of bank deposits at 30 September, the account for employee tax deductions totalled NOK 34.2 million. Disposable bank deposits thereby totalled NOK 99 million, compared with NOK 35 million a year earlier. The group had an undrawn overdraft facility of NOK 100 million at 30 September. Bouvet held 37 704 of its own shares at 30 September. Equity at 30 September totalled NOK 265.1 million, representing an equity ratio of 27.5 per cent. The corresponding figures for 30 September 2018 were an equity of NOK 213.3 million and an equity ratio of 35 per cent. Implementation of IFRS 16 had a negative effect of 9.1 percentage points on the equity ratio at 30 September 2019 compared with the year before.
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 was good for Bouvet in the third quarter. In collaboration with its clients, the company is devoting more and more attention to achieving effects from digitalisation activities as the solutions are realised. This has led to good progress and results, in that existing clients have involved Bouvet in various types of assignments related to their digital transformation.
Meeting the need for technical specialists and cross-disciplinary teams in order to see the overall picture and effects across the organisation has proved to be important. A number of clients have chosen Bouvet as their digitalisation partner, where its consultants and teams have been closely integrated with the client in order to assess value creation in relation to cost and to ensure implementation capability.
Bouvet combines various service areas in order to meet demand for service-based deliveries. These include designrelated services, system development and security, which were all in good demand during the quarter. Security services are a growth area.
Technology is an enabler for new value creation, changes to commercial chains, new business models and productivity enhancements, and an important instrument in reducing negative footprints for society and the environment. Seeing the opportunities and predicting the consequences have called for good grasp of the technology as well as clear advice and learning across enterprises and sectors. Demand has therefore risen for leading-edge expertise in digital leadership, change management, digital consultancy and service design, and for consultants able to make sound judgements.
Digitalisation is also a driving force for new forms of internal collaboration. During the quarter, Bouvet noted increased interest in and demand for consultancy on, as well as development and implementation of, collaboration and communication solutions. Client goals are to encourage collaboration across organisational silos, work more intelligently and facilitate new work processes in order to increase productivity.
The ability of enterprises to acquire data and utilise these in a better and more intelligent way is important for digitalisation success. This could be for use with digital twins, special applications, analysis or machine learning. Exploiting these opportunities calls for platform-oriented development, which is generally based on cloud technology. Demand for this type of solution has increased, with Sesam – Bouvet's data and integration platform – as one of the solutions being chosen. Deliveries during the quarter by the company's data science team include algorithm-driven recommendations, forecasts and solutions for optimisation and language processing for a number of clients.
Access to data, computing power and algorithms provide new opportunities for development and innovation. The need for expertise with innovation is therefore growing. During the quarter, Bouvet contributed insights with opportunities based on technology-driven innovation at its innovation laboratories, and became involved for developing an innovation culture and parameters. Demand is also rising for design services related to user-oriented innovation.
Very good demand for Bouvet's course department has been generated by the importance of increasing digital expertise. The company's breakfast seminars in Bergen, Stavanger and Oslo have also been well attended. These have addressed issues where Bouvet can contribute and share expertise. Examples of popular topics include omnichannels, digital leadership, intranets, innovation, test management and DevSecOps.
Clients who continued to award Bouvet interesting assignments in the quarter included Equinor, the Norwegian armed forces, Statnett, Hafslund, Agder, Aker BP, Aker Solutions, the Norwegian Public Service Pension Fund, Bane NOR, Norsk Hydro, Apotek1, Entur, Avinor, SBanken, Kommunalbanken, Gjensidige, Kolumbus, Go-A-head, Norwegian Tunnel Safety and Sweden's Royal Institute of Technology.
The attention devoted to culture and community-oriented expertise development yielded good organic growth during the quarter. Bouvet's workforce increased by 90 people from the previous three months, and the group had 1 545 employees at 30 September – up by 203 from the same date in 2018. Sixty-two of the new recruits during the quarter chose Bouvet as their first employer after graduating.
Knowledge of Bouvet is increasing among students. The company's presence at conferences, universities and university colleges allows them to share in its creativity and technology enthusiasm. About 50 students in vacation jobs were involved with relevant projects at Bouvet's clients during the summer. The company also participated in the Sildikon Valley project in Haugesund, which aimed to encourage more students to seek jobs in the region after graduation.
Bouvet's ambition is to be the most credible consultancy with the best satisfied employees. The company's workforce has a good composition of ages, nationalities, experience and expertise, creating an inclusive and diversified working environment with good conditions for feeling secure and learning. The corporate community and professional development have a very high priority, and Bouvet's sharing community is constantly being further developed. During the
quarter, activity was high in various sharing arenas among employees in the form of events and digital sharing.
This desire to share knowledge and expertise also extends to the company's clients and other specialists. Employees shared expertise and experience at conferences and other professional arenas during the quarter. Our clients have been invited to Bouvet's innovation laboratories and shared such matters as the way the company tests and experiments with internetof-things units aimed at analyses, machine learning and data lakes in the cloud. Bouvet also participated in two events in the Arendal Week, one of which addressed the subject of how digitalisation can contribute to sustainable growth and development. In this way, the company contributes collectively to achieving good results and desired effects.
Familiarity with and knowledge of Bouvet's culture, values and ambitions are increasing. This means that the company manages to attract relevant expertise in a recruitment market which remains challenging.
Academic Work published its Young Professional Attraction Index early in the fourth quarter. This placed Bouvet 10th among 50 companies, and in first place among IT consultancies.
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 under corporate
governance in the annual report for 2018 (section 10: risk management and internal control). In the board's view, no significant changes occurred over the past three months in the various risks to which the group is exposed.
Technology helps to shape society and is a key instrument in the meeting with external development aspects of the world economy, demographic changes and climate challenges. Success in achieving increased growth in prosperity and sustainable competitiveness at this time of change calls for knowledge-sharing and collaboration across sectors and enterprises. That includes enhancing technological understanding in order to take advantage of the opportunities available in a secure and ethical context.
Demand will grow for design, technology and consultancy expertise, along with integrated understanding of and experience with continuous and value-driven product development. The ability to execute and to achieve effects depends on the application of experience and curiosity in cross-disciplinary and agile work processes and an understanding of digitalisation as a driver for organisational
Sverre Hurum President and CEO Tel: +47 23 40 60 00 | +47 913 50 047
Erik Stubø CFO Tel: +47 23 40 60 00 | +47 950 36 011 development and value creation. That requires a structure for continuous learning and knowledge sharing and the right balance between younger and more experienced personnel with varied professional expertise and experience. Bouvet has the range of services, the sharing culture, the structure to assemble cross-disciplinary teams, the capacity, and the regional and adaptable model required to respond to this development.
A focus on people and the company's emphasis on community and knowledge-sharing have demonstrated that it has the ability to attract and retain the right people and to pursue continuous service development. Bouvet thereby continues to be well positioned to deliver to its clients and to contribute to societal development.
We hereby confirm to the best of our knowledge that the interim financial statements for the third quarter and the first nine months of 2019 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, 7 November 2019 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
Sverre Hurum President and CEO
| NOK 1 000 | UNAUDITED JUL-SEP 2019 |
UNAUDITED JUL-SEP 2018 |
CHANGE | CHANGE % | UNAUDITED JAN-SEP 2019 |
UNAUDITED JAN-SEP 2018 |
CHANGE | CHANGE % | YEAR 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 460 851 | 395 377 | 65 474 | 16.6 % | 1 543 519 | 1 311 314 | 232 205 | 17.7 % | 1 846 711 |
| Operating expenses | |||||||||
| Cost of sales | 56 299 | 56 312 | -13 | 0.0 % | 208 357 | 183 261 | 25 096 | 13.7 % | 258 514 |
| Personell expenses | 308 060 | 259 684 | 48 376 | 18.6 % | 999 667 | 842 185 | 157 482 | 18.7 % | 1 178 968 |
| Depreciation fixed assets | 13 619 | 4 212 | 9 407 | 223.3 % | 39 772 | 13 198 | 26 574 | 201.3 % | 17 388 |
| Amortisation intangible assets | 1 801 | 2 012 | -211 | -10.5 % | 4 879 | 5 762 | -883 | -15.3 % | 7 414 |
| Other operating expenses | 48 506 | 53 036 | -4 530 | -8.5 % | 130 184 | 140 528 | -10 344 | -7.4 % | 192 865 |
| Total operating expenses | 428 285 | 375 256 | 53 029 | 14.1 % | 1 382 859 | 1 184 934 | 197 925 | 16.7 % | 1 655 149 |
| Operating profit | 32 566 | 20 121 | 12 445 | 61.9 % | 160 660 | 126 380 | 34 280 | 27.1 % | 191 562 |
| Financial items | |||||||||
| Interest income | 778 | 330 | 448 | 135.8 % | 2 315 | 1 202 | 1 113 | 92.6 % | 1 815 |
| Financial income | 96 | 140 | -44 | -31.4 % | 142 | 289 | -147 | -50.9 % | 929 |
| Interest expense | -191 | -14 | -177 | 1264.3 % | -599 | -65 | -534 | 821.5 % | -104 |
| Finance expense | -243 | -383 | 140 | -36.6 % | -1 637 | -2 547 | 910 | -35.7 % | -2 627 |
| Net financial items | 440 | 73 | 367 | 502.7 % | 221 | -1 121 | 1 342 | -119.7 % | 13 |
| Ordinary profit before tax | 33 006 | 20 194 | 12 812 | 63.4 % | 160 881 | 125 259 | 35 622 | 28.4 % | 191 575 |
| Income tax expense | |||||||||
| Tax expense on ordinary profit | 7 273 | 4 773 | 2 500 | 52.4 % | 35 333 | 28 298 | 7 035 | 24.9 % | 41 078 |
| Total tax expense | 7 273 | 4 773 | 2 500 | 52.4 % | 35 333 | 28 298 | 7 035 | 24.9 % | 41 078 |
| Profit for the period | 25 733 | 15 421 | 10 312 | 66.9 % | 125 548 | 96 961 | 28 587 | 29.5 % | 150 497 |
| Assigned to: | |||||||||
| Shareholders in parent company | 25 733 | 15 421 | 125 548 | 96 961 | 150 497 | ||||
| Diluted earnings per share | 2.49 | 1.51 | 0.98 | 64.7 % | 12.15 | 9.45 | 2.70 | 28.5 % | 14.66 |
| Earnings per share | 2.52 | 1.51 | 1.00 | 65.9 % | 12.27 | 9.45 | 2.73 | 28.6 % | 14.80 |
| NOK 1 000 | UNAUDITED JUL-SEP 2019 |
UNAUDITED JUL-SEP 2018 |
CHANGE | CHANGE % | UNAUDITED JAN-SEP 2019 |
UNAUDITED JAN-SEP 2018 |
CHANGE | CHANGE % | YEAR 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Profit for the period | 25 733 | 15 421 | 10 312 | 66.9 % | 125 548 | 96 961 | 28 587 | 29.5 % | 150 497 |
| Items that may be reclassified through profit or loss in subsequent periods |
|||||||||
| Currency translation differences | 107 | 115 | -9 | -7.6 % | -543 | -592 | 48 | -8.1 % | -28 |
| Sum other income and costs | 107 | 115 | -9 | -7.6 % | -543 | -592 | 48 | -8.1 % | -28 |
| Total comprehensive income | 25 840 | 15 536 | 10 303 | 66.3 % | 125 005 | 96 369 | 28 635 | 29.7 % | 150 469 |
| Assigned to: | |||||||||
| Shareholders in parent company | 25 840 | 15 536 | 125 005 | 96 369 | 150 469 |
| NOK 1 000 | UNAUDITED 30.09.2019 |
UNAUDITED 30.09.2018 |
CHANGE | CHANGE % | 31.12.2018 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| Intangible assets | |||||
| Deferred tax asset | 991 | 1 379 | -388 | -28.1 % | 0 |
| Goodwill | 32 560 | 32 501 | 59 | 0.2 % | 32 944 |
| Other intangible assets | 36 091 | 31 070 | 5 021 | 16.2 % | 34 070 |
| Total intangible assets | 69 642 | 64 950 | 4 692 | 7.2 % | 67 014 |
| Fixed assets | |||||
| Office equipment | 24 787 | 23 954 | 833 | 3.5 % | 25 187 |
| Office machines and vehicles | 4 948 | 5 517 | -569 | -10.3 % | 5 907 |
| IT equipment | 20 323 | 20 589 | -266 | -1.3 % | 20 112 |
| Right-of-use assets | 240 367 | 0 | 240 367 | N/A | 0 |
| Total fixed assets | 290 425 | 50 060 | 240 365 | 480.2 % | 51 206 |
| Financial non-current assets | |||||
| Other financial assets | 11 | 11 | 0 | 0.0 % | 11 |
| Other long-term receivables | 1 885 | 1 877 | 8 | 0.4 % | 1 935 |
| Total financial non-current assets | 1 896 | 1 888 | 8 | 0.4 % | 1 946 |
| Total non-current assets | 361 963 | 116 898 | 245 065 | 209.6 % | 120 166 |
| CURRENT ASSETS | |||||
| Work in progress | 96 493 | 82 999 | 13 494 | 16.3 % | 55 520 |
| Trade accounts receivable | 338 273 | 315 675 | 22 598 | 7.2 % | 269 718 |
| Other short-term receivables | 33 852 | 30 954 | 2 898 | 9.4 % | 32 765 |
| Cash and cash equivalents | 133 177 | 63 440 | 69 737 | 109.9 % | 278 388 |
| Total current assets | 601 795 | 493 068 | 108 727 | 22.1 % | 636 391 |
| TOTAL ASSETS | 963 758 | 609 966 | 353 792 | 58.0 % | 756 557 |
| NOK 1 000 | UNAUDITED 30.09.2019 |
UNAUDITED 30.09.2018 |
CHANGE | CHANGE % | 31.12.2018 |
|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Paid-in capital | |||||
| Share capital | 10 250 | 10 250 | 0 | 0.0 % | 10 250 |
| Own shares - nominal value | -38 | -97 | 59 | -60.8 % | -1 |
| Share premium fund | 10 000 | 10 000 | 0 | 0.0 % | 10 000 |
| Total paid-in capital | 20 212 | 20 153 | 59 | 0.3 % | 20 249 |
| Earned equity | |||||
| Other equity | 244 887 | 193 161 | 51 726 | 26.8 % | 256 744 |
| Total earned equity | 244 887 | 193 161 | 51 726 | 26.8 % | 256 744 |
| Total equity | 265 099 | 213 314 | 51 785 | 24.3 % | 276 993 |
| DEBT | |||||
| Long-term debt | |||||
| Lease liabilities | 201 568 | 0 | 201 568 | N/A | 0 |
| Deferred tax | 0 | 0 | 0 | N/A | 574 |
| Total long-term debt | 201 568 | 0 | 201 568 | N/A | 574 |
| Short-term debt | |||||
| Current lease liabilities | 36 988 | 0 | 36 988 | N/A | 0 |
| Trade accounts payable | 55 442 | 59 753 | -4 311 | -7.2 % | 58 012 |
| Income tax payable | 42 551 | 36 578 | 5 973 | 16.3 % | 41 279 |
| Public duties payable | 146 397 | 134 735 | 11 662 | 8.7 % | 169 088 |
| Deferred revenue | 16 155 | 9 151 | 7 004 | 76.5 % | 16 678 |
| Other short-term debt | 199 558 | 156 435 | 43 123 | 27.6 % | 193 933 |
| Total short-term debt | 497 091 | 396 652 | 100 439 | 25.3 % | 478 990 |
| Total liabilities | 698 659 | 396 652 | 302 007 | 76.1 % | 479 564 |
| TOTAL EQUITY AND LIABILITIES | 963 758 | 609 966 | 353 792 | 58.0 % | 756 557 |
| NOK 1 000 | UNAUDITED JUL-SEP 2019 |
UNAUDITED JUL-SEP 2018 |
UNAUDITED JAN-SEP 2019 |
UNAUDITED JAN-SEP 2018 |
YEAR 2018 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Ordinary profit before tax | 33 006 | 20 194 | 160 881 | 125 259 | 191 576 |
| Paid tax | 4 | 7 | -34 147 | -23 456 | -30 807 |
| (Gain)/loss on sale of fixed assets | -58 | -417 | -142 | -385 | -406 |
| Ordinary depreciation | 13 619 | 4 212 | 39 772 | 13 198 | 17 388 |
| Amortisation intangible assets | 1 801 | 2 012 | 4 879 | 5 762 | 7 414 |
| Share based payments | 1 967 | 1 793 | 5 918 | 5 378 | 7 272 |
| Changes in work in progress, accounts receivable and accounts payable | 8 461 | -30 235 | -112 098 | -86 353 | -14 658 |
| Changes in other accruals | -48 013 | -11 690 | -17 781 | -36 367 | 41 192 |
| Net cash flow from operating activities | 10 787 | -14 124 | 47 281 | 3 035 | 218 971 |
| Cash flows from investing activities | |||||
| Sale of fixed assets | 272 | 437 | 487 | 528 | 574 |
| Purchase of fixed assets | -4 618 | -7 884 | -12 464 | -25 248 | -30 609 |
| Purchase of intangible assets | -2 207 | -2 649 | -7 114 | -9 111 | -13 718 |
| Investment in subsidiaries - net cash | 0 | 0 | 0 | -13 390 | -13 390 |
| Net cash flow from investing activities | -6 553 | -10 096 | -19 091 | -47 221 | -57 143 |
| Cash flows from financing activities | |||||
| Purchase of own shares | 0 | 0 | -11 341 | -10 620 | -19 544 |
| Sales of own shares | 0 | 0 | 0 | 0 | 17 858 |
| Payments on lease liabilities | -28 810 | 0 | 0 | ||
| Dividend payments | 0 | 0 | -133 250 | -87 125 | -87 125 |
| Net cash flow from financing activities | -9 808 | 0 | -173 401 | -97 745 | -88 811 |
| 0 | 0 | ||||
| Net changes in cash and cash equivalents | -5 573 | -24 220 | -145 211 | -141 931 | 73 017 |
| Cash and cash equivalents at the beginning of the period | 138 750 | 87 660 | 278 388 | 205 371 | 205 371 |
| Cash and cash equivalents at the end of the period | 133 177 | 63 440 | 133 177 | 63 440 | 278 388 |
| 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 01.01.2018 | 10 250 | -47 | 10 000 | 20 203 | 197 659 | -472 | 197 186 | 3 019 | 220 408 |
| Profit for the period | 96 961 | 96 961 | 96 961 | ||||||
| Other income and costs | -592 | -592 | -592 | ||||||
| Purchase/sale of own shares (net) | -50 | -50 | -10 570 | -10 570 | -10 620 | ||||
| Employee share scheme | 7 672 | 7 672 | 7 672 | ||||||
| Change non-controlling interests | -10 371 | -10 371 | -3 019 | -13 390 | |||||
| Dividend | -87 125 | -87 125 | -87 125 | ||||||
| Equity at 30.09.2018 (Unaudited) | 10 250 | -97 | 10 000 | 20 153 | 194 226 | -1 063 | 193 161 | 0 | 213 314 |
| Equity at 01.01.2019 | 10 250 | -1 | 10 000 | 20 249 | 257 244 | -500 | 256 744 | 0 | 276 993 |
| Profit for the period | 125 548 | 125 548 | 125 548 | ||||||
| Other income and costs | 0 | -543 | -543 | -543 | |||||
| Purchase/sale of own shares (net) | 0 | -37 | 0 | -37 | -11 305 | -11 305 | -11 342 | ||
| Employee share scheme | 7 693 | 7 693 | 7 693 | ||||||
| Dividend | -133 250 | -133 250 | -133 250 | ||||||
| Equity at 30.09.2019 (Unaudited) | 10 250 | -38 | 10 000 | 20 212 | 245 930 | -1 043 | 244 887 | 0 | 265 099 |
The group made no changes to the accounting principles applied in 2018. 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 2018.
The accounting policies applied are consistent with those applied in previous financial year, except for the implementation of IFRS 16 Leases.
The Group has adopted IFRS 16 Leases on 1 January 2019. The standard replaces IAS 17 Leases and sets out the principles for the recognition, measurement and presentation of leases. The new standard requires lessees to recognise assets and liabilities for most leases. Bouvet has chosen to adopt IFRS 16 using the modified retrospective approach, with its exemptions, where lease contracts for which the lease terms ends within 12 months as of date of initial application, and lease contracts for which the underlying asset is of low value is not included.
For the Group mainly leases related to office premises was affected by IFRS 16. Bouvet leases office premises at the 13 places where business is operated. At 1 January 2019 it was capitalised right-of-use-assets and lease liabilities of NOK 263 361 thousand. This reduced the equity ratio of 9.5 percentage points.
| NOK 1 000 | 01.01.2019 |
|---|---|
| Operating lease commitments at 31 December 2018 | 289 210 |
| Short-term leases | -1 252 |
| Low-value leases | -419 |
| Change in existing leases | 548 |
| Discounted using incremental borrowing rate | -24 726 |
| Lease liabilities | 263 361 |
| Incremental borrowing rate | 2 % |
Se note 4 for statement of right-to-use-assets and lease liabilities per 30 September 2019.
In accordance with the new regulations leases recognised in the balance sheet will be depreciated over the lease period and recognised together with the Group's remaining depreciations. Interest effect from the discount calculation will be recognised as financial items. Due to the new regulations the Group's EBIT will slightly increase, provided the same type and number of lease objects.
Leases the Group held 1 January 2019 is estimated to increase the EBIT with NOK 3 054 thousand for the year 2019. Annual depreciations will increase with NOK 34 949 thousand and operating expenses will decrease with NOK 38 003 thousand. Interest effect will be NOK 651 thousand. Actual EBIT effect will be influenced by changes in existing leases and new leases added.
| IFRS 16 | IAS 17 | |||
|---|---|---|---|---|
| NOK 1 000 | JUL-SEP 2019 | JUL-SEP 2019 | JUL-SEP 2018 | |
| Revenue | 460 851 | 460 851 | 395 377 | |
| Operating expenses (ex. depreciation and amortisation) | 412 865 | 422 673 | 369 032 | |
| EBITDA | 47 986 | 38 178 | 26 345 | |
| Depreciation and amortisation | 15 420 | 6 391 | 6 224 | |
| EBIT | 32 566 | 31 787 | 20 121 | |
| Financial items | 440 | 608 | 73 | |
| Ordinary profit before tax | 33 006 | 32 395 | 20 194 |
| IFRS 16 | IAS 17 | |||
|---|---|---|---|---|
| NOK 1 000 | JAN-SEP 2019 | JAN-SEP 2019 | JAN-SEP 2018 | |
| Revenue | 1 543 519 | 1 543 519 | 1 311 314 | |
| Operating expenses (ex. depreciation and amortisation) | 1 338 208 | 1 367 018 | 1 165 974 | |
| EBITDA | 205 311 | 176 501 | 145 340 | |
| Depreciation and amortisation | 44 651 | 18 147 | 18 960 | |
| EBIT | 160 660 | 158 354 | 126 380 | |
| Financial items | 221 | 715 | -1 121 | |
| Ordinary profit before tax | 160 881 | 159 069 | 125 259 |
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. The Group is therefore very little affected by the changes caused from adoption of IFRS 15.
| Contract category Fixed- and target price 7 228 Variable contracts 453 623 Total revenue 460 851 Business sector Bank & finance 19 936 Power supply 42 468 Health 9 417 Industry 23 159 Info and communication 17 642 Public admin 123 237 Oil & gas 138 059 Service industry 19 231 Transportation 32 591 Retail 26 048 Other 9 063 Total revenue 460 851 |
8 534 386 843 395 377 |
|---|---|
| 16 830 | |
| 39 334 | |
| 9 598 | |
| 18 238 | |
| 19 484 | |
| 108 448 | |
| 103 583 | |
| 20 903 | |
| 26 942 | |
| 23 341 | |
| 8 676 | |
| 395 377 | |
| Public/privat sector | |
| Public sector (100% owned) 219 629 |
203 909 |
| Privat sector 241 222 |
191 468 |
| Total revenue 460 851 |
395 377 |
| Work in progress 96 493 |
82 999 |
| Deferred revenue 16 155 |
9 151 |
At the balance sheet date, processed but not billed services amounted to NOK 96.49 million (2018.09.30: NOK 83.00 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-SEP 2019 |
SOFTWARE | OTHER INTANGIBLE ASSETS |
GOODWILL | JAN-SEP 2018 |
|---|---|---|---|---|---|---|---|---|
| Book value 1 January | 27 906 | 6 165 | 32 944 | 67 015 | 20 002 | 7 762 | 33 460 | 61 224 |
| Additions of the period | 0 | 0 | 0 | 0 | 0 | 931 | 0 | 931 |
| Self-developed software | 7 114 | 0 | 0 | 7 114 | 8 180 | 0 | 0 | 8 180 |
| Amortisation | -4 141 | -738 | 0 | -4 879 | -3 593 | -2 169 | 0 | -5 762 |
| Exchange rate variances | 0 | -215 | -384 | -599 | 0 | -43 | -959 | -1 002 |
| Book value end of period | 30 879 | 5 212 | 32 560 | 68 650 | 24 589 | 6 481 | 32 501 | 63 572 |
| 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 a software for sale, Sesam, that works as a search engine for enterprise data. Sesam can collect all type of information, tie it together and make use of the compound information in a range of valuable services. Version 3 of Sesam was completed September 2016 with investment costs of NOK 10 783 thousand. Version 4 of Sesam was completed December 2017 with investment costs of NOK 12 250 thousand. Version 5 is under development and consists of several modules. Module GDPR was completed in June 2018 and module Swarm was completed June 2019. The rest has an expected completion during fourth quarter of 2019. So far, the investment costs is NOK 19 901 thousand. All versions have an economic life of 5 years.
| TNOK | PREMISES | OTHER LEASES | JAN-SEP 2019 |
|---|---|---|---|
| Book value 1 January | 263 291 | 70 | 263 361 |
| Additions of the period | 3 510 | 0 | 3 510 |
| Depreciation | -26 456 | -48 | -26 504 |
| Book value end of period | 240 345 | 22 | 240 367 |
| Economic life | 1-9 years | 1-2 years | |
| Depreciation method | linear | linear |
| FUTURE LEASE PAYMENTS PER YEAR | |||||||
|---|---|---|---|---|---|---|---|
| TNOK | FUTURE LEASE PAYMENTS |
2019 | 2020 | 2021 | 2022 | 2023 | > 2023 |
| Lease liabilities 30.09.2019 | 238 556 | 9 639 | 36 463 | 34 387 | 32 399 | 31 207 | 94 461 |
| Incremental borrowing rate | 2% |
| SHARES IN THOUSANDS | 30.09.2019 | 30.09.2018 |
|---|---|---|
| Ordinary shares, nominal value NOK 1 | 10 250 | 10 250 |
| Total number of shares | 10 250 | 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 | 30.09.2019 | 30.09.2018 | 30.09.2019 | 30.09.2018 | |
| Ordinary shares issued and fully paid at 31.12. | 10 250 | 10 250 | 10 250 | 10 250 | |
| Own shares at nominal value | -38 | -97 | -38 | -97 |
In the period, Bouvet ASA, has not purchased any own shares. The company owns 37 704 own shares at the end of the period.
| NO. OF SHARES | |||||
|---|---|---|---|---|---|
| NAME | ROLE | 31.06.2019 | BUY | SALE | 30.09.2019 |
| Pål Egil Rønn | Chairman of the Board | 5 000 | 0 | 0 | 5 000 |
| Tove Raanes | Vice-chairman of the Board | 895 | 0 | 0 | 895 |
| Grethe Høiland | Board member | 0 | 0 | 0 | 0 |
| Ingebrigt Steen Jensen | Board member | 1 640 | 0 | 0 | 1 640 |
| Egil Christen Dahl | Board member | 453 502 | 0 | 0 | 453 502 |
| Sverre F. Hurum | CEO | 491 779 | 0 | 0 | 491 779 |
| Erik Stubø | CFO | 238 279 | 0 | 0 | 238 279 |
| Total | 1 191 095 | 0 | 0 | 1 191 095 |
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 | JUL-SEP 2019 | JUL-SEP 2018 | CHANGE % | JAN-SEP 2019 | JAN-SEP 2018 | CHANGE % | YEAR 2018 |
|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | |||||||
| Operating revenue | 460 851 | 395 377 | 16.6 % | 1 543 519 | 1 311 314 | 17.7 % | 1 846 711 |
| EBITDA | 47 986 | 26 345 | 82.1 % | 205 311 | 145 340 | 41.3 % | 216 364 |
| Operating profit (EBIT) | 32 566 | 20 121 | 61.9 % | 160 660 | 126 380 | 27.1 % | 191 562 |
| Ordinary profit before tax | 33 006 | 20 194 | 63.4 % | 160 881 | 125 259 | 28.4 % | 191 575 |
| Profit for the period | 25 733 | 15 421 | 66.9 % | 125 548 | 96 961 | 29.5 % | 150 497 |
| EBITDA-margin | 10.4 % | 6.7 % | 56.3 % | 13.3 % | 11.1 % | 20.0 % | 11.7 % |
| EBIT-margin | 7.1 % | 5.1 % | 38.9 % | 10.4 % | 9.6 % | 8.0 % | 10.4 % |
| BALANCE SHEET | |||||||
| Non-current assets | 361 963 | 116 898 | 209.6 % | 361 963 | 116 898 | 209.6 % | 120 166 |
| Current assets | 601 795 | 493 068 | 22.1 % | 601 795 | 493 068 | 22.1 % | 636 391 |
| Total assets | 963 758 | 609 966 | 58.0 % | 963 758 | 609 966 | 58.0 % | 756 557 |
| Equity | 265 099 | 213 314 | 24.3 % | 265 099 | 213 314 | 24.3 % | 276 993 |
| Long-term debt | 201 568 | 0 | N/A | 201 568 | 0 | N/A | 574 |
| Short-term debt | 497 091 | 396 652 | 25.3 % | 497 091 | 396 652 | 25.3 % | 478 990 |
| Equity ratio | 27.5 % | 35.0 % | -21.3 % | 27.5 % | 35.0 % | -21.3 % | 36.6 % |
| Liquidity ratio | 1.21 | 1.24 | -2.6 % | 1.21 | 1.24 | -2.6 % | 1.33 |
| CASH FLOW | |||||||
| Net cash flow operations | 10 787 | -14 124 | N/A | 47 281 | 3 035 | 1457.7 % | 218 971 |
| Net free cash flow | 4 235 | -24 220 | N/A | 28 190 | -44 186 | N/A | 161 828 |
| Net cash flow | -5 573 | -24 220 | N/A | -145 211 | -141 931 | N/A | 73 017 |
| Cash flow margin | 2.3 % | -3.6 % | N/A | 3.1 % | 0.2 % | 1223.3 % | 11.9 % |
| SHARE INFORMATION | |||||||
| Number of shares | 10 250 000 | 10 250 000 | 0.0 % | 10 250 000 | 10 250 000 | 0.0 % | 10 250 000 |
| Weighted average basic shares outstanding | 10 212 296 | 10 152 947 | 0.6 % | 10 232 030 | 10 161 482 | 0.7 % | 10 169 093 |
| Weighted average diluted shares outstanding | 10 314 928 | 10 251 455 | 0.6 % | 10 334 662 | 10 259 990 | 0.7 % | 10 268 110 |
| EBIT per share | 3.19 | 1.98 | 60.9 % | 15.70 | 12.44 | 26.2 % | 18.84 |
| Diluted EBIT per share | 3.16 | 1.96 | 60.9 % | 15.55 | 12.32 | 26.2 % | 18.66 |
| Earnings per share | 2.52 | 1.52 | 65.9 % | 12.27 | 9.54 | 28.6 % | 14.80 |
| Diluted earnings per share | 2.49 | 1.51 | 64.7 % | 12.15 | 9.45 | 28.5 % | 14.66 |
| Equity per share | 25.86 | 20.81 | 24.3 % | 25.86 | 20.81 | 24.3 % | 27.02 |
| Dividend per share | 0.00 | 0.00 | N/A | 13.00 | 8.50 | 52.9 % | 8.50 |
| EMPLOYEES | |||||||
| Number of employees (year end) | 1 545 | 1 342 | 15.1 % | 1 545 | 1 342 | 15.1 % | 1 369 |
| Average number of employees | 1 513 | 1 328 | 14.0 % | 1 449 | 1 286 | 12.6 % | 1 305 |
| Operating revenue per employee | 305 | 298 | 2.3 % | 1 066 | 1 020 | 4.5 % | 1 415 |
| Operating cost per employee | 283 | 283 | 0.2 % | 955 | 921 | 3.6 % | 1 268 |
| EBIT per employee | 22 | 15 | 42.0 % | 111 | 98 | 12.9 % | 147 |
| 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 |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITDA-margin | EBITDA / operating revenue |
| EBIT-margin | EBIT / 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 13 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
Uniongata 18 Klosterøya NO-3732 Skien Tel: (+47) 23 40 60 00
Kjøita 25 NO-4630 Kristiansand Tel: (+47) 23 40 60 00
Laberget 28 NO-4020 Stavanger P. O. Box 130 NO-4065 Stavanger Tel: (+47) 51 20 00 20
Diktervegen 8 NO-5538 Haugesund Tel: (+47) 52 82 10 17
Kjøpmannsgata 35 NO-7011 Trondheim Tel: (+47) 23 40 60 00
SANDEFJORD Fokserødveien 12 NO-3241 Sandefjord 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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