Quarterly Report • Nov 10, 2016
Quarterly Report
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QUARTERLY REPORT
Q316
Bouvet delivers services related to information technology, digital communication and enterprise management. At 30 September, it had 1 045 employees at 14 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. 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 aims 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 learn 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.
| MILLIONS NOK | JUL-SEP 2016 | JUL-SEP 2015 | CHANGE % | JAN-SEP 2016 | JAN-SEP 2015 | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|
| Revenue | 280,4 | 256,8 | 9,2 % | 948,6 | 899,5 | 5,5 % | 1 232,5 |
| Operating profit (EBIT) | 12,1 | 6,6 | 82,5 % | 73,4 | 73,2 | 0,2 % | 99,4 |
| Ordinary profit before tax | 11,4 | 7,0 | 62,4 % | 72,8 | 74,7 | -2,5 % | 101,8 |
| Profit for the period | 8,2 | 4,3 | 91,2 % | 53,6 | 54,1 | -0,9 % | 74,7 |
| Net cash flow operations | -12,8 | -0,8 | N/A | -5,0 | 28,1 | -117,7 % | 127,9 |
| Cash and cash equivalents | 63,0 | 70,2 | -10,2 % | 63,0 | 70,2 | -10,2 % | 174,3 |
| Number of employees (end of period) | 1 045 | 1 032 | 1,3 % | 1 045 | 1 032 | 1,3 % | 1 036 |
| Number of employees (average) | 1 038 | 1 020 | 1,8 % | 1 036 | 1 012 | 2,4 % | 1 016 |
| Earnings per share | 0,80 | 0,41 | 97,1 % | 5,19 | 5,21 | -0,2 % | 7,21 |
| Diluted earnings per share | 0,79 | 0,40 | 97,1 % | 5,12 | 5,14 | -0,3 % | 7,12 |
| EBIT-margin | 4,3 % | 2,6 % | 7,7 % | 8,1 % | 8,1 % | ||
| Equity ratio | 34,0 % | 36,8 % | 34,0 % | 36,8 % | 35,9 % |
Bouvet had operating revenues of NOK 280.4 million for the third quarter, compared with NOK 256.8 million in the same period of 2015. That represented a rise of 9.2 per cent. Fee income generated by the group's own consultants increased by NOK 15.5 million or 7.1 per cent from the third quarter of last year to NOK 234.7 million. Revenues generated by sub-contractors rose by NOK 8.0 million or 29.5 per cent over the same period to reach NOK 35.2 million. Other revenue were unchanged from the third quarter of 2015 at NOK 10.5 million.
Operating revenues were boosted by an increase of 2.6 percentage points in the billing ratio for the group's consultants compared with the third quarter of 2015. They also grew because the average number of employees rose by 1.8 per cent and rates for the group's hourly based services increased by 0.7 per cent from the third quarter of 2015.
Operating revenues for the first nine months came to NOK 948.6 million, compared with NOK 899.5 million in the same period of 2015. That represented an increase of 5.5 per cent.
Viewed overall, sales to existing clients made good progress during the quarter. Clients who also used the group in the third quarter of 2015 accounted for 91.3 per cent of operating revenues. In addition, clients acquired since 30 September 2015 contributed a total of NOK 24.3 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 12.6 per cent in the third quarter, compared with 10.6 per cent in the same period of 2015.
Bouvet's operating costs, including depreciation and amortisation, were NOK 268.3 million for the third quarter, up from NOK 250.1 million in the same period of 2015. That represents an increase of 7.2 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 1.9 per cent over the past 12 months. The cost of sales was NOK 36 million, compared with NOK 29 million for the third quarter of 2015, and primarily comprised procurement of sub-contractor services and software as well as the hire of course instructors. Other operating expenses rose by NOK 2.4 million or 7.6 per cent from the same period of last year to NOK 33.5 million. This increase primarily reflected higher costs for IT, external services, recruitment, premises and marketing.
Operating profit (EBIT) for the third quarter came to NOK 12.1 million, compared with NOK 6.6 million in the same period of 2015. The EBIT margin was thereby 4.3 per cent, compared with 2.6 per cent in the third quarter of the year before. The main cause for improved EBIT margin is an increased billing ratio. Net profit came to NOK 8.2 million, up from NOK 4.3 million in the same period of 2015. Diluted earnings per share were NOK 0.79, compared with NOK 0.40 in the third quarter of 2015.
Cumulative operating profit for the first nine months was NOK 73.4 million, compared with NOK 73.2 million in the same period of 2015. That represents an increase of 0.2 per cent. The EBIT margin was thereby 7.7 per cent, compared with 8.1 per cent in the first nine months of last year. Net profit was NOK 53.6 million, down from NOK 54.1 million in January-September 2015. Diluted earnings per share were NOK 5.12, compared with NOK 5.14 in the first nine months of last year.
NOK MILLION
Consolidated cash flow from operations was negative at NOK 12.8 million for the third quarter, compared with a negative NOK 0.8 million in the same period of 2015. Cash flow for the quarter was affected negatively by an increase of NOK 0.9 million in working capital related to client receivables, work in progress and other current receivables from the second quarter of 2016. Furthermore, cash flow was negatively affected by a reduction of NOK 25 million in current liabilities from the second quarter of this year. For the first nine months, consolidated cash flow from operations was negative at NOK 5 million. That compares with a positive NOK 28.1 million in the same period of 2015. Consolidated cash flow from operations for the past 12 months was NOK 94.8 million, while net profit for the same period was NOK 73.6 million.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered in the third 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 63 million, compared with NOK 70.2 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 30 September. Bouvet held 241 317 of its own shares at 30 September. Equity at 30 September totalled NOK 141.1 million, representing an equity ratio of 34 per cent. The corresponding figures for 30 September 2015 were an equity of NOK 145.9 million and an equity ratio of 36.8 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.
Bouvet continues to contribute to long-term digitalisation work at its clients in the sectors where it has a presence. That resulted in a quarter with a high level of activity in all service areas.
The company's solutions provide good user experiences and the basis for efficiency enhancements and digital business development. An example of this is mobility, where Bouvet's involvement includes close collaboration with Statoil on developing better services for employees and creating more efficient work processes.
The quarter demonstrated that clients have a growing need for advisory services. Bouvet's broad-based expertise and
experience with delivery models, technology and trends make it an adviser on realising business-critical projects. This development shows that the company is regarded as a digitalisation partner. It was chosen during the quarter by Statnett, for example, to support further development of the Fifty market system for up to six years.
Demand for system development is particularly strong. Great attention is being paid to recruiting this type of expertise.
In order to strengthen its delivery capacity, Bouvet Stockholm AB agreed to take over Ciber Sweden AB's business in the Swedish capital with effect from 1 October 2016.
ARENDAL SANDEFJORD KRISTIANSAND SKIEN The region's broad range of services and leading-edge expertise led during the quarter to the renewal of contracts and increased call-offs from a number of clients. Assignments varied from a communication project at Visat to
continuation of major digitalisation projects at Sporveien.
TRONDHEIM ÖREBRO STOCKHOLM MALMÖ Advisers in the region contribute to the realisation of IT solutions through strategic consultancy, project management, test leadership and architecture as part of digitalisation work at clients. Demand for services of this type is growing. Projects included architecture support for the armed forces, further development of the City of Oslo's social welfare system, service design for the police and Sparebank 1, and multichannel prediction-based communication at Gjensidige.
The region won consultancy assignments from Skedsmo local authority and Multiconsult for intranet development. Bouvet is developing and implementing large and complex intranets for Bufdir, the armed forces and Statnett.
Statnett has grown over time to become an important client for the region. During the quarter, Bouvet secured a contract to develop and administer the Nordic Fifty market system. HAUGESUND STAVANGER FORUS
The region is devoting attention to recruitment in order to meet market demand for system development. Bouvet has been present at a number of educational establishments in that connection.
Participation has been good in the course department's programmes for the best-known frameworks and certifications, and demand has increased for specially tailored internal company courses. OSLO SANDVIKA
BERGEN The region is experiencing a growing volume of assignments in a number of sectors as a result of successful deliveries. Bouvet won contracts in the public sector from such clients as the Norwegian Petroleum Directorate, TRONDHEIM HAUGESUND STAVANGER FORUS
OSLO SANDVIKA SKIEN Rogaland and Sør-Trøndelag county councils, Stavanger and Trondheim city councils, the Norwegian Mapping Authority, the Brønnøysund Register Centre (Altinn) and the Norwegian Government Agency for Financial Management.
ARENDAL KRISTIANSAND Market share is being taken by the region in the oil sector. The level of activity in Statoil's enterprise contracts is high, with Bouvet contributing, for example, to further development of mobility solutions. In the wake of this type of delivery, safety plus access and identity management have become a more central service.
TRONDHEIM STOCKHOLM MALMÖ The progress being made at Lyse and Altibox is continuing. Bouvet's contribution includes the development of core systems for customers and partners.
A new documentation service was delivered to Eni Norge during the quarter. The solution reduces production costs and boosts safety for people and the environment on the Goliat field.
Bouvet's Olavstoppen subsidiary delivers services related to digital communication. It secured a number of new and highly interesting contracts during the quarter, and is delivering good results. SANDVIKA ARENDAL SANDEFJORD KRISTIANSAND
ÖREBRO STOCKHOLM MALMÖ A rapid pace of digitalisation contributed to a very good quarter for the northern region. Public institutions, local authorities and county councils are expanding contracts and placing new orders. Demand is high for the
region's services – system development, service design, architecture, consultancy and project management.
New clients include Norsk Helseinformatikk, the Norwegian Directorate of eHealth's Trondheim department, the Norwegian Courts Administration and Kongsberg Satellite Services in Tromsø.
The region is contributing to major digitalisation processes in a number of sectors. Examples include the realisation of the City of Bergen's "digital first choice" vision, the development of digital bank services for Sparebanken
Vest and Skandiabanken, management and development of solutions for Statoil, and further development of TV 2 Sumo.
ARENDAL SANDEFJORD KRISTIANSAND SKIEN The NLA University College, the West Norway University College, and the Norwegian Digital Learning Arena (NDLA) have chosen Bouvet to develop their new websites. Deliveries during the quarter include a new website for the Norwegian Industrial Property Office.
Attention is being devoted to Lean in the region, and it was involved during the period in a mapping project at Statoil. A course covering this discipline is also being developed. BERGEN
STOCKHOLM MALMÖ A successful delivery of software robots to the City of Bergen has increased interest in this service area.
Activity grew at existing clients for the southern region during the quarter. Its consultants contribute to the long-term job of digitalising client operations. One example is Agder Energi Nett, where Bouvet's contribution includes
the development of its automated metering system programme through project management, enterprise architecture, a service-oriented architecture platform and integration.
ÖREBRO STOCKHOLM Other major clients with ongoing assignments include Statoil Procosys, Yara, Bilfinger and Telenor.
The region is experiencing a high level of activity, not least under the contract with the Legal, Financial and Administrative Services Agency. During the quarter, important clients such as
Swedish Public Employment Service, the Swedish National Agency for Education, the Swedish Transport Administration and the Swedish Transport Agency extended contracts and awarded new assignments.
Other contracts secured include the development of new websites on SiteVision for the Älmhults, Burlövs and Lomma local authorities.
In order to match delivery capacity to market demand, Bouvet Stockholm AB agreed to take over Ciber Sweden's business in the Swedish capital with effect from 1 October 2016. This complements and strengthens the company in Stockholm with 27 new employees. In addition, the acquisition has brought new clients and management agreements, including with the paratransit service and the City of Stockholm.
Sesam is a business unit in Bouvet which develops and sells an integration platform. This is delivered in an "integration platform as a service" (iPaaS) model, either in the cloud or locally at the client. It acquires data in an easy way from different sources and integrates them in a hub which serves as a common data source for other systems. Sesam also supports data analysis and enterprise searching.
New clients during the period include Unibuss and DNV GL, which have both chosen to run Sesam as a pure cloud service. This means that they accept Sesam as a data processor for internal information in the cloud. Unibuss will utilise Sesam's integration platform to tie internal and cloud-based enterprise management efficiently together. DNV GL will use it as a search platform for delivering an overall picture of its customer engagements to employees worldwide. Sesam is collaborating with Microsoft to deliver these cloud services in Microsoft Azure.
Bouvet works continuously to create job satisfaction, professional development, social cohesion and team spirit among a workforce from 45 different nationalities at 14 offices in Norway and Sweden. The diversity of nationalities,
personalities and expertise enriches the company. That emerges from the annual employee survey conducted under the auspices of the Great Place to Work Institute.
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
Prospects
All sectors are experiencing new frame conditions as a consequence of technological developments. Digitalisation is high on the agenda and this work is continuing in both private and public sectors. Given its current speed, further acceleration is expected. This accords with users rapid adoption of digital services in a world where the physical and the virtual are becoming increasingly interconnected.
corporate governance in the annual report for 2015 (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.
The combination of such technology trends as artificial intelligence, machine learning, software robots, cloud services and the internet of things (IoT) will give the company's clients undreamt-of opportunities for digitalisation in their encounter with changed market conditions. Bouvet's broad range of service and delivery models are well adapted to the expertise requirements demanded by this development.
Bouvet is well positioned to grow within its service areas and in the sectors where its commitment is concentrated.
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
We hereby confirm to the best of our knowledge that the interim financial statements for the third quarter of 2016 and the preliminary financial statements for the period from 1 January to 30 September 2016 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 10 November 2016 The board of directors of Bouvet ASA
Åge Danielsen Chair of the board Tove Raanes Deputy chair
Grethe Høiland Director
Ingebrigt Steen Jensen Director
Egil Christen Dahl Director
Sverre Hurum President and CEO
| NOK 1 000 | UNAUDITED JUL-SEP 2016 |
UNAUDITED JUL-SEP 2015 |
CHANGE | CHANGE % | UNAUDITED JAN-SEP 2016 |
UNAUDITED JAN-SEP 2015 |
CHANGE | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|---|---|
| REVENUE | 280 375 | 256 770 | 23 605 | 9,2 % | 948 550 | 899 466 | 49 084 | 5,5 % | 1 232 486 |
| OPERATING EXPENSES | |||||||||
| Cost of sales | 35 970 | 29 030 | 6 940 | 23,9 % | 123 627 | 105 550 | 18 077 | 17,1 % | 148 200 |
| Personell expenses | 195 338 | 186 595 | 8 743 | 4,7 % | 650 683 | 623 048 | 27 635 | 4,4 % | 848 200 |
| Depreciation fixed assets | 2 523 | 2 479 | 44 | 1,8 % | 7 491 | 7 603 | -112 | -1,5 % | 10 032 |
| Amortisation intangible assets | 992 | 946 | 46 | 4,9 % | 2 971 | 2 547 | 424 | 16,6 % | 3 505 |
| Other operating expenses | 33 450 | 31 089 | 2 361 | 7,6 % | 90 391 | 87 492 | 2 899 | 3,3 % | 123 195 |
| Total operating expenses | 268 273 | 250 139 | 18 134 | 7,2 % | 875 163 | 826 240 | 48 923 | 5,9 % | 1 133 132 |
| Operating profit | 12 102 | 6 631 | 5 471 | 82,5 % | 73 387 | 73 226 | 161 | 0,2 % | 99 354 |
| FINANCIAL ITEMS | |||||||||
| Other interest income | 321 | 351 | -30 | -8,5 % | 1 147 | 1 503 | -356 | -23,7 % | 2 074 |
| Other financial income | 98 | 234 | -136 | -58,1 % | 281 | 605 | -324 | -53,6 % | 1 166 |
| Other interest expense | -79 | -8 | -71 | 887,5 % | -183 | -268 | 85 | -31,7 % | -272 |
| Other finance expense | -1 030 | -179 | -851 | 475,4 % | -1 783 | -349 | -1 434 | 410,9 % | -552 |
| Net financial items | -690 | 398 | -1 088 | -273,4 % | -538 | 1 491 | -2 029 | -136,1 % | 2 416 |
| Ordinary profit before tax | 11 412 | 7 029 | 4 383 | 62,4 % | 72 849 | 74 717 | -1 868 | -2,5 % | 101 770 |
| Income tax expense | |||||||||
| Tax expense on ordinary profit | 3 207 | 2 737 | 470 | 17,2 % | 19 278 | 20 644 | -1 366 | -6,6 % | 27 032 |
| Total tax expense | 3 207 | 2 737 | 470 | 17,2 % | 19 278 | 20 644 | -1 366 | -6,6 % | 27 032 |
| Profit for the period | 8 205 | 4 292 | 3 913 | 91,2 % | 53 571 | 54 073 | -502 | -0,9 % | 74 738 |
| Assigned to: | |||||||||
| Shareholders in parent company | 8 155 | 4 161 | 52 961 | 53 236 | 73 639 | ||||
| Non-controlling interests | 50 | 131 | 610 | 837 | 1 099 |
| NOK 1 000 | UNAUDITED JUL-SEP 2016 |
UNAUDITED JUL-SEP 2015 |
CHANGE | CHANGE % | UNAUDITED JAN-SEP 2016 |
UNAUDITED JAN-SEP 2015 |
CHANGE | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods |
|||||||||
| Currency translation differences | -136 | 61 | -196 | -324,0 % | -446 | -16 | -430 | N/A | 41 |
| Sum other income and costs | -136 | 61 | -196 | -324,0 % | -446 | -16 | -430 | N/A | 41 |
| Profit for the period | 8 205 | 4 292 | 3 913 | 91,2 % | 53 571 | 54 073 | -502 | -0,9 % | 74 738 |
| Total profit | 8 069 | 4 353 | 3 717 | 85,4 % | 53 125 | 54 057 | -932 | -1,7 % | 74 779 |
| Assigned to: | |||||||||
| Shareholders in parent company | 8 019 | 4 221 | 52 516 | 53 219 | 73 679 | ||||
| Non-controlling interests | 50 | 131 | 610 | 837 | 1 099 | ||||
| Diluted earnings per share | 0,80 | 0,40 | 0,39 | 97,8 % | 5,12 | 5,14 | -0,01 | -0,3 % | 7,12 |
| Earnings per share | 0,81 | 0,41 | 0,40 | 97,8 % | 5,19 | 5,21 | -0,01 | -0,2 % | 7,21 |
| NOK 1 000 | UNAUDITED 30.09.2016 |
UNAUDITED 30.09.2015 |
CHANGE | CHANGE % | 31.12.2015 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| INTANGIBLE ASSETS | |||||
| Deferred tax asset | 1 332 | 1 557 | -225 | -14,5 % | 368 |
| Goodwill | 27 554 | 31 395 | -3 841 | -12,2 % | 27 909 |
| Other intangible assets | 21 937 | 16 740 | 5 197 | 31,0 % | 17 414 |
| Total intangible assets | 50 823 | 49 692 | 1 131 | 2,3 % | 45 691 |
| FIXED ASSETS | |||||
| Office equipment | 8 050 | 8 911 | -861 | -9,7 % | 8 685 |
| Office machines and vehicles | 2 491 | 2 584 | -93 | -3,6 % | 2 417 |
| IT equipment | 10 171 | 10 797 | -626 | -5,8 % | 10 526 |
| Total fixed assets | 20 712 | 22 292 | -1 580 | -7,1 % | 21 628 |
| FINANCIAL NON-CURRENT ASSETS | |||||
| Other long-term receivables | 11 | 11 | 0 | 0,0 % | 11 |
| Total financial non-current assets | 11 | 11 | 0 | 0,0 % | 11 |
| Total non-current assets | 71 546 | 71 995 | -449 | -0,6 % | 67 330 |
| CURRENT ASSETS | |||||
| Work in progress | 123 328 | 114 631 | 8 697 | 7,6 % | 80 193 |
| Trade accounts receivable | 137 380 | 123 288 | 14 092 | 11,4 % | 144 463 |
| Other short-term receivables | 19 535 | 16 772 | 2 763 | 16,5 % | 19 928 |
| Cash and cash equivalents | 62 998 | 70 163 | -7 165 | -10,2 % | 174 300 |
| Total current assets | 343 241 | 324 854 | 18 387 | 5,7 % | 418 884 |
| TOTAL ASSETS | 414 787 | 396 849 | 17 938 | 4,5 % | 486 214 |
| NOK 1 000 | UNAUDITED 30.09.2016 |
UNAUDITED 30.09.2015 |
CHANGE | CHANGE % | 31.12.2015 |
|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| PAID-IN CAPITAL | |||||
| Share capital | 10 250 | 10 250 | 0 | 0,0 % | 10 250 |
| Own shares - nominal value | -241 | -180 | -61 | 33,9 % | -31 |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % | 10 000 |
| Total paid-in capital | 20 009 | 20 070 | -61 | -0,3 % | 20 219 |
| EARNED EQUITY | |||||
| Other equity | 117 805 | 122 727 | -4 922 | -4,0 % | 150 998 |
| Total earned equity | 117 805 | 122 727 | -4 922 | -4,0 % | 150 998 |
| Non-controlling interests | 3 241 | 3 139 | 102 | 3,2 % | 3 401 |
| Total equity | 141 055 | 145 936 | -4 881 | -3,3 % | 174 618 |
| DEBT | |||||
| LONG-TERM DEBT | |||||
| Other provisions for obligations | 114 | 342 | -228 | -66,7 % | 285 |
| Total long-term debt | 114 | 342 | -228 | -66,7 % | 285 |
| SHORT-TERM DEBT | |||||
| Trade accounts payable | 35 149 | 28 355 | 6 794 | 24,0 % | 34 643 |
| Income tax payable | 21 938 | 17 217 | 4 721 | 27,4 % | 27 109 |
| Public duties payable | 94 068 | 92 694 | 1 374 | 1,5 % | 118 539 |
| Other short-term debt | 122 463 | 112 305 | 10 158 | 9,0 % | 131 020 |
| Total short-term debt | 273 618 | 250 571 | 23 047 | 9,2 % | 311 311 |
| Total liabilities | 273 732 | 250 913 | 22 819 | 9,1 % | 311 596 |
| TOTAL EQUITY AND LIABILITIES | 414 787 | 396 849 | 17 938 | 4,5 % | 486 214 |
| NOK 1 000 | UNAUDITED JUL-SEP 2016 |
UNAUDITED JUL-SEP 2015 |
UNAUDITED JAN-SEP 2016 |
UNAUDITED JAN-SEP 2015 |
YEAR 2015 |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||||
| Ordinary profit before tax | 11 412 | 7 029 | 72 849 | 74 717 | 101 770 |
| Paid tax | -2 | 2 | -24 250 | -27 886 | -23 247 |
| (Gain)/loss on sale of fixed assets | -2 | -3 | -4 | -108 | -106 |
| Ordinary depreciation | 2 523 | 2 479 | 7 491 | 7 603 | 10 032 |
| Amortisation intangible assets | 992 | 946 | 2 971 | 2 547 | 3 505 |
| Share based payments | 1 452 | 1 338 | 4 355 | 4 015 | 5 430 |
| Changes in work in progress, accounts receivable and accounts payable | -2 742 | 6 256 | -35 546 | -8 543 | 11 008 |
| Changes in other accruals | -26 467 | -18 855 | -32 831 | -24 249 | 19 483 |
| Net cash flow from operating activities | -12 834 | -807 | -4 965 | 28 098 | 127 874 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Sale of fixed assets | 7 | 16 | 129 | 146 | 175 |
| Purchase of fixed assets | -2 222 | -1 683 | -6 700 | -5 587 | -7 383 |
| Purchase of intangible assets | -2 568 | -1 326 | -7 276 | -4 060 | -5 635 |
| Net cash flow from investing activities | -4 782 | -2 993 | -13 847 | -9 501 | -12 842 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Purchase of own shares | -25 095 | -14 880 | -25 095 | -14 880 | -14 880 |
| Sales of own shares | 0 | 0 | 0 | 0 | 7 702 |
| Dividend payments | -385 | -872 | -67 395 | -52 122 | -52 122 |
| Net cash flow from financing activities | -25 480 | -15 752 | -92 490 | -67 002 | -59 300 |
| Net changes in cash and cash equivalents | -43 096 | -19 553 | -111 302 | -48 405 | 55 732 |
| Cash and cash equivalents at the beginning of the period | 106 094 | 89 716 | 174 300 | 118 568 | 118 568 |
| Cash and cash equivalents at the end of the period | 62 998 | 70 163 | 62 998 | 70 163 | 174 300 |
| NOK 1 000 | SHARE CAPITAL |
OWN SHARES |
SHARE PREMIUM |
TOTAL PAID-IN EQUITY |
OTHER EQUITY |
NON-CON TROLLING INTERESTS |
TOTAL EQUITY |
|---|---|---|---|---|---|---|---|
| Equity at 01.01.2015 | 10 250 | -20 | 10 000 | 20 230 | 130 128 | 3 174 | 153 532 |
| Total comprehensive income | 0 | 53 219 | 837 | 54 057 | |||
| Purchase/sale of own shares (net) | -160 | -160 | -14 720 | -14 880 | |||
| Employee share scheme | 0 | 5 252 | 5 252 | ||||
| Dividend | 0 | -51 152 | -872 | -52 024 | |||
| Equity at 30.09.2015 (Unaudited) | 10 250 | -180 | 10 000 | 20 070 | 122 727 | 3 139 | 145 936 |
| Equity at 01.01.2016 | 10 250 | -31 | 10 000 | 20 219 | 150 998 | 3 401 | 174 618 |
| Total comprehensive income | 52 516 | 610 | 53 125 | ||||
| Purchase/sale of own shares (net) | -210 | -210 | -24 885 | -25 095 | |||
| Employee share scheme | 5 801 | 5 801 | |||||
| Dividend | -66 625 | -770 | -67 395 | ||||
| Equity at 30.09.2016 (Unaudited) | 10 250 | -241 | 10 000 | 20 009 | 117 805 | 3 241 | 141 055 |
The group made no changes to the accounting principles applied in 2016. 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 2015.
| NOK 1 000 | JUL-SEP 2016 | JUL-SEP 2015 | CHANGE % | JAN-SEP 2016 | JAN-SEP 2015 | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | |||||||
| Operating revenue | 280 375 | 256 770 | 9,2 % | 948 550 | 899 466 | 5,5 % | 1 232 486 |
| EBITDA | 15 617 | 10 056 | 55,3 % | 83 849 | 83 376 | 0,6 % | 112 891 |
| Operating profit (EBIT) | 12 102 | 6 631 | 82,5 % | 73 387 | 73 226 | 0,2 % | 99 354 |
| Ordinary profit before tax | 11 412 | 7 029 | 62,4 % | 72 849 | 74 717 | -2,5 % | 101 770 |
| Profit for the period | 8 205 | 4 292 | 91,2 % | 53 571 | 54 073 | -0,9 % | 74 738 |
| EBITDA-margin | 5,6 % | 3,9 % | 42,2 % | 8,8 % | 9,3 % | -4,6 % | 9,2 % |
| EBIT-margin | 4,3 % | 2,6 % | 67,1 % | 7,7 % | 8,1 % | -5,0 % | 8,1 % |
| BALANCE SHEET | |||||||
| Non-current assets | 71 546 | 71 995 | -0,6 % | 71 546 | 71 995 | -0,6 % | 67 330 |
| Current assets | 343 241 | 324 854 | 5,7 % | 343 241 | 324 854 | 5,7 % | 418 884 |
| Total assets | 414 787 | 396 849 | 4,5 % | 414 787 | 396 849 | 4,5 % | 486 214 |
| Equity | 141 055 | 145 936 | -3,3 % | 141 055 | 145 936 | -3,3 % | 174 618 |
| Long-term debt | 114 | 342 | -66,7 % | 114 | 342 | -66,7 % | 285 |
| Short-term debt | 273 618 | 250 571 | 9,2 % | 273 618 | 250 571 | 9,2 % | 311 311 |
| Equity ratio | 34,0 % | 36,8 % | -7,5 % | 34,0 % | 36,8 % | -7,5 % | 35,9 % |
| Liquidity ratio | 1,25 | 1,30 | -3,2 % | 1,25 | 1,30 | -3,2 % | 1,35 |
| CASH FLOW | |||||||
| Net cash flow operations | -12 834 | -807 | N/A | -4 965 | 28 098 | -117,7 % | 127 874 |
| Net free cash flow | -17 616 | -3 801 | N/A | -18 812 | 18 597 | -201,2 % | 115 032 |
| Net cash flow | -43 096 | -19 553 | N/A | -111 302 | -48 405 | N/A | 55 732 |
| Cash flow margin | -4,6 % | -0,3 % | N/A | -0,5 % | 3,1 % | -116,8 % | 10,4 % |
| 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 | 10 162 922 | 10 221 728 | -0,6 % | 10 199 960 | 10 227 419 | -0,3 % | 10 208 354 |
| Weighted average diluted shares outstanding | 10 298 046 | 10 353 536 | -0,5 % | 10 335 084 | 10 359 227 | -0,2 % | 10 340 661 |
| EBIT per share | 1,18 | 0,63 | 87,5 % | 7,11 | 7,05 | 1,0 % | 9,59 |
| Diluted EBIT per share | 1,17 | 0,62 | 87,5 % | 7,02 | 6,96 | 0,9 % | 9,47 |
| Earnings per share | 0,80 | 0,41 | 97,1 % | 5,19 | 5,21 | -0,2 % | 7,21 |
| Diluted earnings per share | 0,79 | 0,40 | 97,1 % | 5,12 | 5,14 | -0,3 % | 7,12 |
| Equity per share | 13,76 | 14,24 | -3,3 % | 13,76 | 14,24 | -3,3 % | 17,04 |
| Dividend per share | 0,00 | 0,00 | 0,0 % | 6,50 | 5,00 | 30,0 % | 5,00 |
| EMPLOYEES | |||||||
| Number of employees (year end) | 1 045 | 1 032 | 1,3 % | 1 045 | 1 032 | 1,3 % | 1 036 |
| Average number of employees | 1 038 | 1 020 | 1,8 % | 1 036 | 1 012 | 2,4 % | 1 016 |
| Operating revenue per employee | 270 | 252 | 7,3 % | 915 | 889 | 3,0 % | 1 213 |
| Operating cost per employee | 258 | 245 | 5,4 % | 844 | 817 | 3,3 % | 1 115 |
| EBIT per employee | 12 | 6 | 111,9 % | 71 | 72 | -2,1 % | 98 |
| 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 offices in Oslo, Trondheim, Bergen, Haugesund, Stavanger, Kristiansand, Arendal, Skien, Sandvika, Sandefjord, Malmö, Örebro and Stockholm. Our philosophy is that competence should be utilized across the company, while projects are attached locally. This means that our customers will have a local account manager and project manager, but access to competence independent of its location.
Sandakerveien 24c, bygg D11 Box 4430 Nydalen 0403 Oslo Tel: (+47) 23 40 60 00
Frolandsveien 6 4847 Arendal Tel: (+47) 23 40 60 00
Solheimsgaten 15 5058 Bergen Tel: (+47) 55 20 09 17
Klostergata 33 Klosterøya 3732 Skien Tel: (+47) 23 40 60 00
Kjøita 25 4630 Kristiansand Tel: (+47) 23 40 60 00
Strandkaien 36 4005 Stavanger Tel: (+47) 52 82 10 17
Tel: (+47) 51 20 00 20
TRONDHEIM Kjøpmannsgata 35 7011 Trondheim Tel: (+47) 23 40 60 00
SANDEFJORD Klinestadmoen 9 3241 Sandefjord Tel: (+47) 23 40 60 00
MALMÖ Södergatan 3 211 34 Malmö Tel: (+46) 40 636 60 00
Storgatan 3 70361 Örebro Tel: (+46) 0 709 431 411
WWW.BOUVET.NET
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