Interim / Quarterly Report • Aug 24, 2017
Interim / Quarterly Report
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| NOK MILLION | APR-JUN 2017 | APR-JUN 2016 | CHANGE % | JAN-JUN 2017 | JAN-JUN 2016 | CHANGE % | YEAR 2016 |
|---|---|---|---|---|---|---|---|
| Revenue | 385.7 | 345.3 | 11.7 % | 804.7 | 668.2 | 20.4 % | 1 330.8 |
| Operating profit (EBIT) | 36.8 | 41.0 | -10.2 % | 78.0 | 61.3 | 27.2 % | 106.3 |
| Ordinary profit before tax | 37.6 | 41.0 | -8.3 % | 79.1 | 61.4 | 28.7 % | 106.0 |
| Profit for the period | 28.3 | 30.9 | -8.2 % | 59.8 | 45.4 | 31.9 % | 79.9 |
| Net cash flow operations | 6.2 | 20.7 | -70.0 % | -7.1 | 3.7 | -290.5 % | 113.5 |
| Cash and cash equivalents | 56.0 | 101.9 | -45.0 % | 56.0 | 101.9 | -45.0 % | 161.7 |
| Number of employees (end of period) | 1 166 | 1 033 | 12.9 % | 1 166 | 1 033 | 12.9 % | 1 090 |
| Number of employees (average) | 1 158 | 1 037 | 11.7 % | 1 140 | 1 036 | 10.0 % | 1 050 |
| Earnings per share | 2.75 | 2.98 | -7.9 % | 5.82 | 4.38 | 32.7 % | 7.76 |
| Diluted earnings per share | 2.72 | 2.94 | -7.7 % | 5.75 | 4.33 | 32.9 % | 7.66 |
| EBIT-margin | 9.5 % | 11.9 % | 9.7 % | 9.2 % | 8.0 % | ||
| Equity ratio | 32.0 % | 34.4 % | 32.0 % | 34.4 % | 32.9 % |
Bouvet is a consultancy delivering digital services. At 30 June, it had 1 166 employees at 15 offices in Norway and Sweden.
The company is a strategic partner for a number of enterprises, and helps them to design digital solutions which create new business opportunities and provide the desired effects. Clients value Bouvet's good understanding of their business and the fact that its broad range of services allows it to act as a turnkey provider. The company is concerned to maintain long-term client relationships.
Bouvet's regional model with local offices provides clear benefits for marketing and competitiveness. Many enterprises regard it as important that their provider of business-critical
systems has local entrenchment and expertise. In addition, this model makes it easier to establish long-term relationships and thereby become acquainted with the client's business and systems.
As a result of the clear attention it pays to principles for managing the business, Bouvet comes across as a solid, well-run and well-regarded company. The company's standards for delivering good solutions are supplemented by strict requirements on ethics, conflicts of interest, security, openness and accountability. Close relations with clients are achieved because the company and its employees implement their assignments with a high degree of integrity.
We are continuing to deliver. That is because we continue to invest in job satisfaction and expertise. Our clients notice this, and maintain their collaboration with us. Turnover, profi ts and the workforce therefore grew during the quarter.
A good market and satisfi ed clients able and willing to invest, combined with our committed and capable employees, made this a very good quarter for us. In a market where a number of our clients are now seeing benefi ts from digitalisation, they are following this up with new, exciting and useful projects and showing renewed trust in us. The attention being devoted to digital leadership in the public and private sectors provided us with many interesting challenges and opportunities in the quarter.
We have had the opportunity to participate in development, specialisation, research and innovation with the most interesting clients in Norway and Sweden. It is a particular privilege to be in a company where both clients and employees thrive and remain. We believe that this refl ects our constant investment in well-being and expertise development. We are known both in-house and at our clients for our sharing culture. Combined with our ability to deliver integrated solutions, this undoubtedly explains why we lead the pack in knowledge terms and why new and existing clients choose to collaborate with us.
Our Sesam integration product is making rapid progress, and was described in the latest Gartner report on hype cycle for platform as a service, 2017, as one of the world's few products to provide a data hub integration platform as a service (iPaaS). This is gratifying and important for our commitment to the product. A special version of Sesam is now being offered to overcome most of the technical challenges currently facing all enterprises from the EU's forthcoming general data protection regulation (GDPR).
We hired a number of new colleagues during the quarter, and it is particularly gratifying to see that our good reputation and extra commitment at universities is bearing fruit. Many are newly graduated and a number have signed up to start during the autumn. They contribute new expertise and views on how we can remain the most attractive place to work.
The quarter turned out well. We grew turnover, we achieved a good result, we won a number of new contracts and clients, and – not least – we secured many able and pleasant new colleagues.
Our ability to adapt to changed market conditions has also been demonstrated over the past couple of years. The oil crisis created diffi culties for several of our regions, particularly our big Rogaland region. Its rapid restructuring and commitment to securing new clients outside the oil sector was fantastic, and the region has delivered good results throughout. This quarter was no exception. Our clients continue to invest in utilising new technology. The ability we demonstrate to recruit and build an attractive place to work means we are optimistic, and believe we will continue to make progress.
Sverre Hurum President and CEO
" A good market and satisfied clients able and willing to invest, combined with our committed and capable employees, made this a very good quarter for us. "
Operating revenues
Bouvet had operating revenues of NOK 385.7 million for the second quarter, compared with NOK 345.3 million in the same period of 2016. That represented a rise of 11.7 per cent. Fee income generated by the group's own consultants increased by NOK 29.2 million or 10.2 per cent from the second quarter of last year. Revenues generated by sub-contractors rose by NOK 15.3 million or 35.7 per cent from the same period of 2016. Other revenues declined by NOK 4.1 million from the second quarter of last year to NOK 13.2 million.
The second quarter of 2017 had four fewer working days than the same period of last year. That had a negative effect of NOK 17.0 million on operating revenues from Bouvet's own employees. Increased holidays and other absence, caused by Easter holiday, had a further negative effect of NOK 14.2 million. Overall, these factors had an negative effect of NOK 31.2 million compared with the second quarter of 2016.
Operating revenues generated by own employees benefited from an increase of 3.4 percentage points in the billing ratio for the group's consultants compared with the second quarter of 2016. They were also boosted by an 11.7 per cent increase in the average number of employees and a 1.8 per cent rise in rates for the group's hourly based services compared with the same period of last year. In addition, improved progress in fixed-price projects compared with the second quarter of 2016 made a positive contribution.
Viewed overall, sales to existing clients made good progress during the quarter. Clients who also used the group in the second quarter of 2016 accounted for 88.4 per cent of operating revenues. In addition, clients acquired since
30 June 2016 contributed a total of NOK 45.3 million to second-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 15.1 per cent in the second quarter, compared with 12.4 per cent in the same period of 2016.
Where the first half-year is concerned, operating revenues amounted to NOK 804.7 million compared with NOK 668.2 million for the same period of 2016. That represents a rise of 20.4 per cent. Fee income generated by the group's own consultants increased by NOK 93.6 million or 16.7 per cent from the first half of last year. This primarily reflects a 10 per cent expansion in the average number of employees, a growth of 2.9 percentage points in the billing ratio for the group's employees, and a 1.8 per rise in rates for its hourly based services. In addition, revenues generated by subcontractors rose by NOK 43.5 million from the same period of 2016.
Bouvet's operating costs, including depreciation and amortisation, were NOK 348.9 million for the second quarter, up from NOK 304.3 million in the same period of 2016. That represented an increase of 14.6 per cent. Payroll costs increased because the average number of employees rose, in addition to the general growth in pay rates. The group experienced a general rise in pay of 2.1 per cent over the past 12 months. The cost of sales was NOK 57.2 million, compared with NOK 47.2 million for the second quarter of
Number of employees (Year end)
2016, and primarily comprised procurement of sub-contractor services and software as well as the hire of course instructors. Other operating expenses grew by 25.8 per cent from the same period of 2016 to NOK 36.9 million. This rise primarily refl ected higher costs for renting and operating premises as well as increased ICT expenses.
Where the fi rst half was concerned, overall operating costs rose by 19.8 per cent from the same period of 2016 to NOK 726.8 million. The cost of sales increased by 41.7 per cent to NOK 124.3 million, primarily because greater use was made of sub-contractors. Payroll costs rose by 13.6 per cent from the fi rst half of last year to NOK 517.3 million. Other operating expenses came to NOK 74.8 million in the fi rst half. This rise of NOK 17.9 million from the same period of 2016 again primarily refl ected higher costs for renting and operating premises as well as increased ICT expenses.
Operating profi t (EBIT) for the second quarter came to NOK 36.8 million, compared with NOK 41 million in the same period of 2016. The EBIT margin was thereby 9.5 per cent, compared with 11.9 per cent in the second quarter of last year. Net profi t came to NOK 28.3 million, down from NOK 30.9 million in the same period of 2016. Diluted earnings per share were NOK 2.72, compared with NOK 2.94 in the second quarter of last year.
Cumulative operating profi t for the fi rst half came to NOK 78 million, up by 27.2 per cent from NOK 61.3 million in the same period of 2016. The EBIT margin was thereby 9.7 per cent, compared with 9.2 per cent in the fi rst half of last year. Net profi t came to NOK 59.8 million, up from NOK 45.4 million in the same period of 2016. Diluted earnings per share were NOK 5.75, compared with NOK 4.33 in the fi rst half of last year.
Consolidated cash fl ow from operations was NOK 6.2 million for the second quarter, compared with NOK 20.7 million in the same period of 2016. Cash fl ow for the quarter was affected negatively by an increase of NOK 2.3 million from
the fi rst quarter of 2017 in working capital related to client receivables, work in progress and other current receivables. A reduction of NOK 26.7 million in current liabilities from the fi rst quarter of this year also had a negative impact on cash fl ow. Cash fl ow from operations for the fi rst six months was negative at NOK 7.1 million, compared with a positive NOK 3.7 million for the fi rst half of last year. Consolidated cash fl ow from operations over the past 12 months came to NOK 94.4 million, while net profi t over the same period was NOK 94.3 million.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered in the second quarter, and the group has good oversight and control of its receivables.
The group has no interest-bearing debt. Bank deposits at 30 June totalled NOK 56 million, compared with NOK 101.9 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 30 June. Bouvet held 138 682 of its own shares at 30 June. A dividend of NOK 71.8 million was paid in the second quarter. Equity at 30 June totalled NOK 161.1 million, representing an equity ratio of 32 per cent. The corresponding fi gures for 30 June 2016 were an equity of NOK 156.6 million and an equity ratio of 34.4 per cent. Bouvet's long-term target is to maintain an equity ratio in excess of 30 per cent.
The group does not report internally by business areas or segments in an accounting sense. Its business is homogenous and pursued within the Nordic market for IT consultancy services. Risk and return are followed up at departmental level within homogenous consultancy departments with shared markets, on a project basis and per consultant. This does not provide a basis for segment reporting, which is accordingly not presented. Should changes be made to the group's business, the possibility that these changes might provide a basis for segment reporting will be assessed.
Turnover from customer 100 % public owned: 48.7 %
Turnover from customer wholly or partially private owned: 51.3 %
| Public admin | 27.8 % |
|---|---|
| Oil & gas | 20.7 % |
| Power supply | 9.2 % |
| Transportation | 9.0 % |
| Retail | 7.2 % |
| Service industry | 6.1 % |
| Industry | 5.6 % |
| Info and communication | 5.1 % |
| Bank & fi nance | 3.9 % |
| Health | 3.2 % |
| Other | 2.2 % |
The market was good in the quarter. Clients invested in utilising new technology, which generated strong demand for Bouvet's expertise. New contracts were secured, and the company participated in many exciting digitalisation projects.
Assignments secured by Bouvet during the quarter include an agreement with Entur, which delivers services to make life easier for public transport users. Bouvet will support innovation work to develop solutions for planning, comparing and purchasing journeys across all public transport operators in Norway. Another highly interesting contract was won from the E&P Information Management Association (EPIM), a membership organisation for operators on the Norwegian continental shelf, where Bouvet will administer and continue development of a core system.
Bouvet's range of service, delivery capacity and commitment to long-term client relations have led to renewed trust from existing clients and a high degree of continuity. Clients which renewed contracts during the quarter include the Ministry of Foreign Affairs across the full range of the company's services, BarentsWatch for management and further development of key services for coastal industries, and Agder Energi Nett as a key adviser on enterprise architecture, reporting and analyses. Statoil has increased its assignments relating to both consultancy and development.
Development and implementation of good digital solutions have prompted Bouvet's clients to pay greater attention to digital leadership. A number of them took advantage of the company's consultancy expertise when preparing their digitalisation strategy, and demand for its project and process management also increased as a result. Bouvet won very interesting contracts from such clients as the Swedish Legal, Financial and Administrative Services Agency, the Norwegian Courts Administration, the City of Oslo and Flytoget.
Service-driven development, great expectations for integrated user experiences and the need to know more about digitalisation have yielded growth in the customer experience service area. A key role in developing new solutions is played by service design, and Bouvet is contributing this expertise to a number of projects. Examples of clients include the City of Bergen, the Norwegian Directorate of eHealth (NDE) and the Brønnøysund Register Centre.
Technology trends such as the internet of things (IoT), cloud services, artificial intelligence (AI) and machine learning (ML), and robotic process automation (RPA) have become part of everyday life for a number of clients. Enquiries and assignments are increasing in these areas, and in data science and sensor technology. Bouvet is now looking at opportunities for utilising AI together with such bodies as the Norwegian Institute of Public Health. Yara Industrial has chosen the company to contribute to the re-design of its cloud solution, and Sporveien is continuing to involve Bouvet in IoT projects.
The development and application of new technology leads to a greater focus on security and an increased need for expertise in this area. Bouvet delivers across technology, communication and enterprise processes to overcome complex challenges. These include the EU's GDPR. A unique cloud service developed for the company's Sesam data integration product swiftly implements a number of the technical requirements imposed by this regulation.
Opportunities and changes in the value chain demand cross-disciplinary collaboration between different technology players and sectors. Bouvet and its Olavstoppen subsidiary experienced positive synergies during the quarter through their collaboration in the eSmart innovation project, where AI is used to map and monitor the electricity grid with the aid of drones.
Bouvet's clients have a big need to build digital expertise. The course business at the company secured a number of internal educational assignments at clients during the quarter, as well as experiencing good demand for its standard programmes.
High demand for Bouvet's expertise has boosted recruitment. The company hired a number of new employees during the quarter, and its workforce rose by 35 people from the end of March. It had 1 166 employees at 30 June, an increase of 133 from the same date in 2016.
Bouvet's ambition is to be the consultancy with the most satisfied employees, and its regional model has yielded organic growth in a tough labour market. A number of new graduates have chosen the company as their first employer. This group contributes new and relevant expertise, particularly in AI and ML. That in turn will contribute to the quality of deliveries, client satisfaction and lower staff turnover. Bouvet was named climber of the year by Universum in its student IT survey for 2017, which was published during the quarter. At the same time, the company is succeeding in being attractive to all age groups and service areas in order to meet demand in the market.
Through the company's commitment to recruitment and maintaining a presence at conferences, universities and university colleges, people are able to participate in Bouvet's creativity and enthusiasm for technology. Its summer programme, which allowed a number of students to start work on various client projects at the end of the quarter, has been very well received.
As a knowledge-based company, Bouvet pays continuous attention to expertise development. Bouvet.no/Bouvet was launched during the quarter to provide employees with their own platform for professional sharing and for exchanging experience. A digital presence has made employees visible and created opportunities to contribute expert comments in the media. An example is an article on five tricks for avoiding hackers, which was published in a number of media with local or national coverage.
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 2016 (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.
A series of positive results from digitalisation projects as well as the increased establishment of digital leadership in enterprises will lead to a continued high level of investment in new solutions.
Growing technology- and service-driven development makes digitalisation a priority area. A number of enterprises are shifting towards becoming data-driven. Altered value chains, digitalisation of products and development of new services, as well as incentives to return production to Norway, are leading to rapid structural changes in the market. The ability to develop good, forward-looking and integrated solutions and to be responsive to change will be critical for success in the public sector and in companies from every industry.
The continued development of Bouvet's expertise and services, its extensive experience of different sectors, its unique sharing culture and its flexible delivery models have demonstrated their value for its clients in this market. At the same time, Bouvet's Sesam product for data integration has been recommended by Gartner after 30 June. It remains to see what opportunities this will provide in a market seeking access to and ownership of the user's own data as well as rapid tailoring of system portfolios in order to realise enterprise strategies.
Bouvet is thereby well positioned and equipped for continued growth.
Sverre Hurum President and CEO Tel: +47 23 40 60 00 | +47 913 50 047
We hereby confi rm to the best of our knowledge that the interim fi nancial statements for the fi rst half and second quarter of 2017 have been prepared in accordance with IAS 34, and that the information in the fi nancial statements provides a true and fair picture of the overall assets, liabilities, fi nancial position and fi nancial results of the Bouvet ASA group. We also confi rm 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 infl uence on the interim fi nancial statements, the most important risk and uncertainty factors facing the business in the next accounting period, and signifi cant transactions with close associates.
Oslo, 24 August 2017 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 APR-JUN 2017 |
UNAUDITED APR-JUN 2016 |
CHANGE | CHANGE % | UNAUDITED JAN-JUN 2017 |
UNAUDITED JAN-JUN 2016 |
CHANGE | CHANGE % | YEAR 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 385 662 | 345 259 | 40 403 | 11.7 % | 804 714 | 668 175 | 136 539 | 20.4 % | 1 330 811 |
| Operating expenses | |||||||||
| Cost of sales | 57 218 | 47 188 | 10 030 | 21.3 % | 124 253 | 87 657 | 36 596 | 41.7 % | 183 002 |
| Personell expenses | 249 510 | 224 252 | 25 258 | 11.3 % | 517 335 | 455 345 | 61 990 | 13.6 % | 897 355 |
| Depreciation fixed assets | 3 162 | 2 497 | 665 | 26.6 % | 6 120 | 4 968 | 1 152 | 23.2 % | 10 001 |
| Amortisation intangible assets | 2 062 | 1 002 | 1 060 | 105.8 % | 4 245 | 1 979 | 2 266 | 114.5 % | 4 588 |
| Other operating expenses | 36 938 | 29 370 | 7 568 | 25.8 % | 74 806 | 56 941 | 17 865 | 31.4 % | 129 567 |
| Total operating expenses | 348 890 | 304 309 | 44 581 | 14.6 % | 726 759 | 606 890 | 119 869 | 19.8 % | 1 224 513 |
| Operating profit | 36 772 | 40 950 | -4 178 | -10.2 % | 77 955 | 61 285 | 16 670 | 27.2 % | 106 298 |
| Financial items | |||||||||
| Interest income | 294 | 403 | -109 | -27.0 % | 590 | 826 | -236 | -28.6 % | 1 315 |
| Financial income | 683 | 84 | 599 | 713.1 % | 888 | 183 | 705 | 385.2 % | 553 |
| Interest expense | -16 | -16 | 0 | 0.0 % | -41 | -104 | 63 | N/A | -265 |
| Finance expense | -151 | -448 | 297 | N/A | -294 | -753 | 459 | N/A | -1 852 |
| Net financial items | 810 | 23 | 787 | 3421.7 % | 1 143 | 152 | 991 | 652.0 % | -249 |
| Ordinary profit before tax | 37 582 | 40 973 | -3 391 | -8.3 % | 79 098 | 61 437 | 17 661 | 28.7 % | 106 049 |
| Income tax expense | |||||||||
| Tax expense on ordinary profit | 9 262 | 10 116 | -854 | -8.4 % | 19 281 | 16 071 | 3 210 | 20.0 % | 26 164 |
| Total tax expense | 9 262 | 10 116 | -854 | -8.4 % | 19 281 | 16 071 | 3 210 | 20.0 % | 26 124 |
| Profit for the period | 28 320 | 30 857 | -2 537 | -8.2 % | 59 817 | 45 366 | 14 451 | 31.9 % | 79 885 |
| Assigned to: | |||||||||
| Shareholders in parent company | 27 839 | 30 475 | 59 025 | 44 807 | 78 887 | ||||
| Non-controlling interests | 481 | 382 | 792 | 559 | 998 | ||||
| Diluted earnings per share | 2.72 | 2.94 | -0.23 | -7.7 % | 5.75 | 4.33 | 1.43 | 32.9 % | 7.66 |
| Earnings per share | 2.75 | 2.98 | -0.24 | -7.9 % | 5.82 | 4.38 | 1.43 | 32.7 % | 7.76 |
| NOK 1 000 | UNAUDITED APR-JUN 2017 |
UNAUDITED APR-JUN 2016 |
CHANGE | CHANGE % | UNAUDITED JAN-JUN 2017 |
UNAUDITED JAN-JUN 2016 |
CHANGE | CHANGE % | YEAR 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Profit for the period | 28 320 | 30 857 | -2 537 | -8.2 % | 59 817 | 45 366 | 14 451 | 31.9 % | 79 885 |
| Items that may be reclassified through profit or loss in subsequent periods |
|||||||||
| Currency translation differences | 92 | -150 | 242 | N/A | 125 | -310 | 435 | N/A | -346 |
| Sum other income and costs | 92 | -150 | 242 | N/A | 125 | -310 | 435 | N/A | -346 |
| Total comprehensive income | 28 412 | 30 707 | -2 295 | -7.5 % | 59 942 | 45 056 | 14 886 | 33.0 % | 79 539 |
| Assigned to: | |||||||||
| Shareholders in parent company | 27 931 | 30 325 | 59 150 | 44 497 | 78 542 | ||||
| Non-controlling interests | 481 | 382 | 792 | 559 | 998 |
| NOK 1 000 | UNAUDITED 30.06.2017 |
UNAUDITED 30.06.2016 |
CHANGE | CHANGE % | 31.12.2016 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| Intangible assets | |||||
| Deferred tax asset | 0 | 831 | -831 | -100.0 % | 0 |
| Goodwill | 33 401 | 27 719 | 5 682 | 20.5 % | 32 782 |
| Other intangible assets | 27 137 | 20 300 | 6 837 | 33.7 % | 25 032 |
| Total intangible assets | 60 538 | 48 850 | 11 688 | 23.9 % | 57 814 |
| Fixed assets | |||||
| Office equipment | 17 899 | 7 799 | 10 100 | 129.5 % | 13 430 |
| Office machines and vehicles | 3 937 | 2 577 | 1 360 | 52.8 % | 3 283 |
| IT equipment | 16 262 | 10 642 | 5 620 | 52.8 % | 14 949 |
| Total fixed assets | 38 098 | 21 018 | 17 080 | 81.3 % | 31 662 |
| Financial non-current assets | |||||
| Other financial assets | 116 | 11 | 105 | 954.5 % | 11 |
| Other long-term receivables | 1 951 | 4 162 | -2 211 | -53.1 % | 859 |
| Total financial non-current assets | 2 067 | 4 173 | -2 106 | -50.5 % | 870 |
| Total non-current assets | 100 703 | 74 041 | 26 662 | 36.0 % | 90 346 |
| CURRENT ASSETS | |||||
| Work in progress | 134 848 | 114 351 | 20 497 | 17.9 % | 97 728 |
| Trade accounts receivable | 181 372 | 143 397 | 37 975 | 26.5 % | 159 133 |
| Other short-term receivables | 31 197 | 21 635 | 9 562 | 44.2 % | 26 990 |
| Cash and cash equivalents | 56 044 | 101 932 | -45 888 | -45.0 % | 161 719 |
| Total current assets | 403 461 | 381 315 | 22 146 | 5.8 % | 445 570 |
| TOTAL ASSETS | 504 164 | 455 356 | 48 808 | 10.7 % | 535 916 |
| NOK 1 000 | UNAUDITED 30.06.2017 |
UNAUDITED 30.06.2016 |
CHANGE | CHANGE % | 31.12.2016 |
|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Paid-in capital | |||||
| Share capital | 10 250 | 10 250 | 0 | 0.0 % | 10 250 |
| Own shares - nominal value | -139 | -31 | -108 | 348.4 % | -99 |
| Share premium fund | 10 000 | 10 000 | 0 | 0.0 % | 10 000 |
| Total paid-in capital | 20 111 | 20 219 | -108 | -0.5 % | 20 151 |
| Earned equity | |||||
| Other equity | 138 592 | 132 804 | 5 788 | 4.4 % | 152 378 |
| Total earned equity | 138 592 | 132 804 | 5 788 | 4.4 % | 152 378 |
| Non-controlling interests | 2 420 | 3 575 | -1 155 | -32.3 % | 3 629 |
| Total equity | 161 123 | 156 598 | 4 525 | 2.9 % | 176 158 |
| DEBT | |||||
| Long-term debt | |||||
| Deferred tax | 389 | 0 | 389 | N/A | 1 521 |
| Other provisions for obligations | 0 | 171 | -171 | -100.0 % | 57 |
| Total long-term debt | 389 | 171 | 218 | 127.5 % | 1 578 |
| Short-term debt | |||||
| Trade accounts payable | 49 123 | 34 931 | 14 192 | 40.6 % | 61 128 |
| Income tax payable | 14 963 | 18 630 | -3 667 | -19.7 % | 21 944 |
| Public duties payable | 115 991 | 103 564 | 12 427 | 12.0 % | 126 258 |
| Other short-term debt | 162 575 | 141 462 | 21 113 | 14.9 % | 148 850 |
| Total short-term debt | 342 652 | 298 587 | 44 065 | 14.8 % | 358 180 |
| Total liabilities | 343 041 | 298 758 | 44 283 | 14.8 % | 359 758 |
| TOTAL EQUITY AND LIABILITIES | 504 164 | 455 356 | 48 808 | 10.7 % | 535 916 |
| NOK 1 000 | UNAUDITED APR-JUN 2017 |
UNAUDITED APR-JUN 2016 |
UNAUDITED JAN-JUN 2017 |
UNAUDITED JAN-JUN 2016 |
YEAR 2016 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Ordinary profit before tax | 37 582 | 40 973 | 79 098 | 61 437 | 106 049 |
| Paid tax | -13 351 | -12 083 | -26 547 | -24 248 | -27 016 |
| (Gain)/loss on sale of fixed assets | -166 | 1 | -158 | -2 | 1 257 |
| Ordinary depreciation | 3 161 | 2 497 | 6 120 | 4 968 | 10 001 |
| Amortisation intangible assets | 2 062 | 1 002 | 4 245 | 1 979 | 4 588 |
| Share based payments | 1 596 | 1 451 | 3 192 | 2 903 | 5 826 |
| Changes in work in progress, accounts receivable and accounts payable | -8 634 | -10 076 | -71 364 | -32 804 | -5 720 |
| Changes in other accruals | -16 052 | -3 096 | -1 647 | -10 527 | 18 476 |
| Net cash flow from operating activities | 6 198 | 20 669 | -7 063 | 3 707 | 113 462 |
| Cash flows from investing activities | |||||
| Sale of fixed assets | 856 | 49 | 856 | 122 | 405 |
| Purchase of fixed assets | -4 483 | -1 778 | -13 253 | -4 479 | -21 696 |
| Purchase of intangible assets | -2 913 | -2 450 | -6 165 | -4 708 | -9 191 |
| Purchase of business | 0 | 0 | 0 | 0 | -7 343 |
| Net cash flow from investing activities | -6 540 | -4 178 | -18 562 | -9 065 | -37 826 |
| Cash flows from financing activities | |||||
| Purchase of own shares | -6 300 | 0 | -6 300 | 0 | -25 095 |
| Sales of own shares | 0 | 0 | 0 | 0 | 8 436 |
| Dividend payments | -71 750 | -67 010 | -73 750 | -67 010 | -67 395 |
| Net cash flow from financing activities | -78 050 | -67 010 | -80 050 | -67 010 | -84 054 |
| Net changes in cash and cash equivalents | -78 392 | -50 519 | -105 675 | -72 368 | -8 419 |
| Cash and cash equivalents at the beginning of the period | 134 436 | 152 451 | 161 719 | 174 300 | 170 138 |
| Cash and cash equivalents at the end of the period | 56 044 | 101 932 | 56 044 | 101 932 | 161 719 |
| 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 01.01.2016 | 10 250 | -31 | 10 000 | 20 219 | 151 297 | -297 | 151 000 | 3 401 | 174 618 |
| Profit for the period | 0 | 44 807 | 44 807 | 559 | 45 366 | ||||
| Other income and costs | 0 | -310 | -310 | -310 | |||||
| Employee share scheme | 0 | 3 935 | 3 935 | 3 935 | |||||
| Dividend | 0 | -66 625 | -66 625 | -385 | -67 010 | ||||
| Equity at 30.06.2016 (Unaudited) | 10 250 | -31 | 10 000 | 20 219 | 133 414 | -607 | 132 804 | 3 575 | 156 598 |
| Equity at 01.01.2017 | 10 250 | -99 | 10 000 | 20 151 | 153 021 | -643 | 152 378 | 3 629 | 176 158 |
| Profit for the period | 0 | 59 025 | 59 025 | 792 | 59 817 | ||||
| Other income and costs | 0 | 125 | 125 | 125 | |||||
| Purchase/sale of own shares (net) | -40 | -40 | -6 260 | -6 260 | -6 300 | ||||
| Employee share scheme | 0 | 5 073 | 5 073 | 5 073 | |||||
| Dividend | 0 | -71 750 | -71 750 | -2 000 | -73 750 | ||||
| Equity at 30.06.2017 (Unaudited) | 10 250 | -139 | 10 000 | 20 111 | 139 109 | -518 | 138 592 | 2 420 | 161 123 |
The group made no changes to the accounting principles applied in 2017. 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 2016.
| NOK 1 000 | APR-JUN 2017 | APR-JUN 2016 | CHANGE % | JAN-JUN 2017 | JAN-JUN 2016 | CHANGE % | YEAR 2016 |
|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | |||||||
| Operating revenue | 385 662 | 345 259 | 11.7 % | 804 714 | 668 175 | 20.4 % | 1 330 811 |
| EBITDA | 41 996 | 44 449 | -5.5 % | 88 320 | 68 232 | 29.4 % | 120 887 |
| Operating profit (EBIT) | 36 772 | 40 950 | -10.2 % | 77 955 | 61 285 | 27.2 % | 106 298 |
| Ordinary profit before tax | 37 582 | 40 973 | -8.3 % | 79 098 | 61 437 | 28.7 % | 106 049 |
| Profit for the period | 28 320 | 30 857 | -8.2 % | 59 817 | 45 366 | 31.9 % | 79 885 |
| EBITDA-margin | 10.9 % | 12.9 % | -15.4 % | 11.0 % | 10.2 % | 7.5 % | 9.1 % |
| EBIT-margin | 9.5 % | 11.9 % | -19.6 % | 9.7 % | 9.2 % | 5.6 % | 8.0 % |
| BALANCE SHEET | |||||||
| Non-current assets | 100 703 | 74 041 | 36.0 % | 100 703 | 74 041 | 36.0 % | 90 346 |
| Current assets | 403 461 | 381 315 | 5.8 % | 403 461 | 381 315 | 5.8 % | 445 570 |
| Total assets | 504 164 | 455 356 | 10.7 % | 504 164 | 455 356 | 10.7 % | 535 916 |
| Equity | 161 123 | 156 598 | 2.9 % | 161 123 | 156 598 | 2.9 % | 176 158 |
| Long-term debt | 389 | 171 | 127.5 % | 389 | 171 | 127.5 % | 1 578 |
| Short-term debt | 342 652 | 298 587 | 14.8 % | 342 652 | 298 587 | 14.8 % | 358 180 |
| Equity ratio | 32.0 % | 34.4 % | -7.1 % | 32.0 % | 34.4 % | -7.1 % | 32.9 % |
| Liquidity ratio | 1.18 | 1.28 | -7.8 % | 1.18 | 1.28 | -7.8 % | 1.24 |
| CASH FLOW | |||||||
| Net cash flow operations | 6 198 | 20 669 | -70.0 % | -7 063 | 3 707 | -290.5 % | 113 465 |
| Net free cash flow | -342 | 16 491 | -102.1 % | -25 625 | -5 358 | N/A | 75 638 |
| Net cash flow | -78 392 | -50 519 | N/A | -105 675 | -72 368 | N/A | -8 416 |
| Cash flow margin | 1.6 % | 6.0 % | N/A | -0.9 % | 0.6 % | N/A | 8.5 % |
| 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 | 10 134 615 | 10 218 683 | -0.8 % | 10 142 920 | 10 218 683 | -0.7 % | 10 171 365 |
| Weighted average diluted shares outstanding | 10 251 841 | 10 353 807 | -1.0 % | 10 260 146 | 10 353 807 | -0.9 % | 10 304 661 |
| EBIT per share | 3.57 | 3.96 | -9.9 % | 7.58 | 5.92 | 28.0 % | 10.32 |
| Diluted EBIT per share | 3.53 | 3.91 | -9.7 % | 7.50 | 5.85 | 28.2 % | 10.19 |
| Earnings per share | 2.75 | 2.98 | -7.9 % | 5.82 | 4.38 | 32.7 % | 7.76 |
| Diluted earnings per share | 2.72 | 2.94 | -7.7 % | 5.75 | 4.33 | 32.9 % | 7.66 |
| Equity per share | 15.72 | 15.28 | 2.9 % | 15.72 | 15.28 | 2.9 % | 17.19 |
| Dividend per share | 7.00 | 6.50 | 7.7 % | 7.00 | 6.50 | 7.7 % | 6.50 |
| EMPLOYEES | |||||||
| Number of employees (year end) | 1 166 | 1 033 | 12.9 % | 1 166 | 1 033 | 12.9 % | 1 090 |
| Average number of employees | 1 158 | 1 037 | 11.7 % | 1 140 | 1 036 | 10.0 % | 1 050 |
| Operating revenue per employee | 333 | 333 | 0.0 % | 706 | 645 | 9.5 % | 1 267 |
| Operating cost per employee | 301 | 293 | 2.6 % | 638 | 586 | 8.9 % | 1 166 |
| EBIT per employee | 32 | 38 | -17.5 % | 68 | 59 | 15.6 % | 101 |
| 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 15 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 Postboks 5327 Majorstuen, NO-0304 Oslo
ARENDAL Frolandsveien 6 NO-4847 Arendal Telephone: +47 23 40 60 00
Solheimsgaten 15 NO-5058 Bergen Telephone: +47 55 20 09 17
Uniongata 18 Klosterøya NO-3732 Skien Telephone: +47 23 40 60 00 KRISTIANSAND Kjøita 25 NO-4630 Kristiansand
Telephone: +47 23 40 60 00
Strandkaien 36 NO-4005 Stavanger Telephone: +47 52 82 10 17
Diktervegen 8 NO-5538 Haugesund Telephone: +47 52 82 10 17 TRONDHEIM Kjøpmannsgata 35 NO-7011 Trondheim Telephone: +47 23 40 60 00
SANDEFJORD Klinestadmoen 9 NO-3241 Sandefjord Telephone: +47 23 40 60 00
Östermalmsgatan 87 A SE-114 59 Stockholm Telephone: +46 (0) 771 611 100
Forskargatan 3 SE-781 70 Borlänge Telephone: +46 (0) 771 611 100
Storgatan 3 SE-70361 Örebro Telephone: +46 (0) 709 431 411
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