Quarterly Report • May 12, 2016
Quarterly Report
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Bouvet delivers services related to information technology, digital communication and enterprise management. At 31 March, it had 1 036 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 | JAN-MAR 2016 | JAN-MAR 2015 | CHANGE % | YEAR 2014 |
|---|---|---|---|---|
| Revenue | 322,9 | 327,0 | -1,2 % | 1 232,5 |
| Operating profit (EBIT) | 20,3 | 32,0 | -36,5 % | 99,4 |
| Ordinary profit before tax | 20,5 | 32,2 | -36,5 % | 101,8 |
| Profit for the period | 14,5 | 24,4 | -40,5 % | 74,7 |
| Net cash flow operations | -17,0 | 0,3 | N/A | 127,9 |
| Cash and cash equivalents | 152,5 | 115,8 | 31,7 % | 174,3 |
| Number of employees (end of period) | 1 036 | 1 000 | 3,6 % | 1 036 |
| Number of employees (average) | 1 033 | 1 003 | 3,0 % | 1 016 |
| Earnings per share | 1,40 | 2,35 | -40,4 % | 7,21 |
| Diluted earnings per share | 1,38 | 2,32 | -40,4 % | 7,12 |
| EBIT margin | 6,3 % | 9,8 % | 8,1 % | |
| Equity ratio | 38,3 % | 37,2 % | 35,9 % |
Bouvet had operating revenues of NOK 322.9 million in the first quarter, compared with NOK 327 million in the same period of 2015. That represented a decline of 1.2 per cent. Fee income generated by the group's own consultants fell by NOK 9.2 million or 3.3 per cent from the first quarter of last year. Revenues generated by sub-contractors rose by NOK 7.9 million or 26.2 per cent over the same period. Other revenue declined by NOK 2.8 million for the first quarter of 2015 to NOK 11.8 million.
Operating revenues from Bouvet's own employees were negatively affected by a reduction of two percentage points in the billing ratio for the group's consultants compared with the first quarter of 2015. Two fewer working days in the quarter compared with the same period of last year also reduced on operating revenues. Overall, the negative effect was NOK 15.4 million
At the same time, a three per cent increase in the average number of employees and a rise of 0.8 per cent in rates for the group's hourly based services from the first quarter of 2015 had a positive impact of NOK 10.3 million on operating revenues.
Viewed overall, sales to existing clients made good progress during the quarter. Clients who also used the group in the first quarter of 2015 accounted for 87.5 per cent of operating revenues. In addition, clients acquired since 31 March 2015 contributed a total of NOK 40.4 million to first-quarter operating revenues.
Bouvet's strategy is to use services from sub-contractors when it lacks the capacity to meet demand with its own personnel or when clients require leading-edge expertise outside the group's priority areas. The sub-contractor share of total revenues was 11.8 per cent in the first quarter, compared with 9.2 per cent in the same period of 2015.
Bouvet's operating costs, including depreciation and amortisation, were NOK 302.6 million for the first quarter, up from NOK 295 million in the same period of 2015. That represents an increase of 2.6 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 1.9 per cent over the past 12 months. The cost of sales was NOK 40.5 million, compared with NOK 36.3 million for the first quarter of 2015, and primarily comprised procurement of sub-contractor services and the hire of course instructors. Other operating expenses declined by 0.5 per cent from the same period of the year before to NOK 27.6 million.
Operating profit (EBIT) for the first quarter came to NOK 20.3 million, compared with NOK 32 million in the same period of 2015. This represents a decline of 36.5 per cent. The EBIT margin fell to 6.3 per cent, compared with 9.8 per cent in the first quarter of the year before. Net profit came to NOK 14.5 million, compared with NOK 24.4 million in the same period of 2015. Diluted earnings per share were NOK 1.38, compared with NOK 2.32 in the first quarter of 2015.
Consolidated cash flow from operations was negative at NOK 17 million for the first quarter, compared with a positive NOK 0.3 million in the same period of 2015. Cash flow for the quarter was affected negatively by an increase of NOK 32.1 million in working capital related to client receivables, work in progress and other current receivables from the fourth quarter of 2015. Furthermore, cash flow was negatively affected by a reduction of NOK 4.5 million in current liabilities from the fourth quarter of last year. Consolidated cash flow from operations for the past 12 months was NOK 110.6 million, while net profit for the same period was NOK 64.3 million.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered over the year, and the group has good oversight and control of its receivables.
Bouvet has no interest-bearing debt. Bank deposits at 31 March totalled NOK 152.5 million, compared with NOK 115.8 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 31 March. Bouvet held 31 317 of its own shares at 31 March. Equity at 31 March totalled NOK 190.8 million, representing an equity ratio of 38.3 per cent. The corresponding figures for 31 March 2015 were an equity of NOK 179.5 million and an equity ratio of 37.2 per cent. Adjusted for proposed dividend totalling NOK 66.6 million, which will be paid in the second quarter of 2016, the equity
Demand for Bouvet's services is generally good and strong growth is being experienced in the public sector. Where the oil and gas sector is concerned, the group has succeeded in maintained a stable level of assignments. Its long-term relationships ensure a regular call-off of services among established clients. The freedom accorded to the regions makes it possible to be close to the market.
ratio at 31 March was 28.8 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.
The contribution of technology to meeting the requirements of enterprises for good user-oriented services, increased delivery capacity and changes to resource use yields highly interesting projects. Bouvet's experience from various sectors, its close collaboration with clients and the creation of cross-disciplinary teams create scope for innovation and full utilisation of the potential offered by technology. The internet of things at Sporveien, the development of mobile apps for Engie and the use of software robots at the City of Bergen are examples of technology taking enterprises from wholly manual to digital processes. That creates client confidence.
ARENDAL SANDEFJORD KRISTIANSAND SKIEN The region's contribution to digitalisation processes at the strategic and operational level yields satisfied clients. Its leading-edge expertise, scope and quality are important factors when entering into new frame agreements
ÖREBRO and renewing existing ones. Assignments secured cover the development of internal and external business-critical solutions. These include delivering and winning several contracts for e-commerce solutions during the quarter.
TRONDHEIM MALMÖ An increase in demand for the integrated DevOps and Lean Startup services is being experienced by the region.
During the quarter, Bouvet became a member of Intelligent Transport Systems Norway (ITS Norge) since transport has become an important sector for the region. HAUGESUND
Examples of clients who have awarded or renewed contracts with the region include Vinmonopolet, Statnett, Sporveien, the Norwegian State Housing Bank, Tine, the Norwegian Public Service Pension Fund, the Norwegian Public Roads Administration, the Norwegian National Rail Administration, Sparebank 1, Flytoget, Hurtigruta, the Norwegian Directorate for Education and Training (Udir) and the City of Oslo. FORUS
The course business had a high level of activity with certification courses and good support for internal company programmes. Participants give very good feedback, and achieve high scores for certifications. SANDVIKA
BERGEN A number of clients have extended and expanded their collaboration. The region won a number of assignments from the ICT arm of the Western Norway Regional Health Authority, and increased its volume of work with the TRONDHEIM HAUGESUND STAVANGER FORUS
Brønnøysund Register Centre. The Lyse group has become the region's second largest client.
OSLO SANDVIKA ARENDAL SANDEFJORD KRISTIANSAND SKIEN Requirements for digitalisation in the public sector have prompted local authorities and county councils to join forces over procurement. To meet demand, the region has expanded its range of services and won such clients as the Sola, Finnøy and Ålesund local authorities. OSLO SANDVIKA
TRONDHEIM ÖREBRO STOCKHOLM In collaboration with idea and design company Montaag, Bouvet's Olavstoppen subsidiary supported development of the user interface for a new bridge solution on Vard's ships, and a screen solution for electric cars developed in the USA. Other projects include the development of new control solutions for mobile cranes.
ÖREBRO STOCKHOLM MALMÖ The region experienced good and stable demand from existing clients. Orders from Statoil increased during the quarter. Other clients which have shown renewed confidence in the region include the Norwegian Labour
Inspection Authority, the Brønnøysund Register Centre, the Norwegian Environment Agency, the City of Trondheim and Sør-Trøndelag county council. The last of these has become an important client, with the region making a long-term contribution to the council's digitalisation work.
A number of assignments were also secured in the health and education sectors.
Demand for the region's services is high in the banking, media and public sectors to support the digitalisation of their operations. Statoil remains an important client.
SKIEN New frame agreements signed by Bouvet include one with the Norwegian Digital Learning Arena (NDLA), a collaboration between country councils on digital learning resources for upper secondary schools.
ARENDAL KRISTIANSAND ÖREBRO During the quarter, the region developed a photo organisation app for FotoKnudsen to optimise the customer experience. User and customer experiences also occupied a key place in the new website launched by Hordaland county council during the period. Another important delivery for the region was a preliminary project for the City of Bergen on automation of administrative procedures with the aid of software robots. BERGEN
MALMÖ The region sees the value of close ties with the University of Bergen and Bergen University College, and has established the Nerdschool to prepare IT students for working life.
Devoting attention to long-term clients creates confidence, and existing clients are expanding and extending their contracts with Bouvet. Statoil/Procosys expanded their
service agreement during the quarter,
while Agder Energi Nett and Kamstrup have extended their involvement.
ÖREBRO The region won important assignments during the quarter in security testing, including for the Altinn portal.
Bouvet is experiencing good demand in Sweden, covering all its service areas in a market with a high level of activity. The region secured frame agreements and projects from both new and existing clients during the quarter,
including the Swedish police, the Swedish Public Employment Service, the Swedish National Agency for Education, ICA, TetraPak, the Swedish Transport Agency, the Swedish Transport Administration, the City of Malmö, Öresundskraft and Jönköping local authority.
The frame agreement with the Legal, Financial and Administrative Services Agency has generated many enquiries. New clients acquired via this deal include the Swedish National Financial Management Authority, the Riksdag (parliament) and the Swedish Fortifications Agency.
Sesam is a business unit in Bouvet which develops and sells an integration platform. This is delivered in a "software as a
Bouvet had 1 036 employees at 31 March, unchanged from 31 December and up by 36 from the same date in 2015. Its ambition is to be the consultancy with the most satisfied employees. Satisfied personnel contribute to delivery quality, satisfied clients and lower staff turnover.
The company works continuously to create job satisfaction, professional development, social cohesion and team spirit
The group is exposed at any 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
service" (SaaS) model, either in the cloud or locally at the client. It acquires data in an easy way from different sources, integrates them and shares them with other systems. Sesam also supports data analysis and enterprise searching. That makes the service unique in the market.
To ensure that digital archives are preserved for the future, Sesam collaborates with several key partners in the archival field in Norway. Loss of digital heritage is a major and growing problem in both public and private sectors, which the platform overcomes in an effective way.
The service is being developed continuously and in a stage-by-stage manner, with automatic updating at clients. A new version of the most important Sesam components was developed during the quarter. This will make more efficient use of resources during implementation and operation, while opening the way to more areas of application. Production is planned for the second quarter.
among its personnel. In connection with its employee survey, Bouvet took part in the survey of Norway's best places to work by the Great Place to Work Institute. The results announced in March showed that the company was among the top five in its category in Norway.
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.
Technology is the driver for a number of initiatives to boost value creation and productivity. A high pace of digitalisation and a more data-driven society create changes and a need for Bouvet's services in such areas as content marketing, service design, system development and integration solutions. The company collaborates with its clients in every area in order to avoid silo solutions, ensure an integrated approach and realise gains.
Long experience and its ability to deliver earn Bouvet renewed confidence from its clients and makes it a partner in their digital transformation. The company has experienced a particularly significant growth in demand from the transport and health sectors.
Bouvet is organised for continuous development of services and for sharing experience and expertise across sectors. That contributes to new thinking and innovation.
Data protection and security have become one of the company's new service areas in the wake of the EU's general data protection regulation. Bouvet sees the importance of being a clear and credible adviser in this area across all its regions.
Regional differences in the market mean that Bouvet expects moderate growth.
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 first quarter 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 12 May 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 JAN-MAR 2016 |
UNAUDITED JAN-MAR 2015 |
CHANGE | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|
| REVENUE | 322 916 | 327 001 | -4 085 | -1,2 % | 1 232 486 |
| OPERATING EXPENSES | |||||
| Cost of sales | 40 469 | 36 300 | 4 169 | 11,5 % | 148 200 |
| Personell expenses | 231 093 | 227 365 | 3 728 | 1,6 % | 848 200 |
| Depreciation fixed assets | 2 471 | 2 602 | -131 | -5,0 % | 10 032 |
| Amortisation intangible assets | 977 | 991 | -14 | -1,4 % | 3 505 |
| Other operating expenses | 27 571 | 27 722 | -151 | -0,5 % | 123 195 |
| Total operating expenses | 302 581 | 294 980 | 7 601 | 2,6 % | 1 133 132 |
| Operating profit | 20 335 | 32 021 | -11 686 | -36,5 % | 99 354 |
| FINANCIAL ITEMS | |||||
| Other interest income | 423 | 430 | -7 | -1,6 % | 2 074 |
| Other financial income | 99 | 54 | 45 | 83,3 % | 1 166 |
| Other interest expense | -88 | -92 | 4 | N/A | -272 |
| Other finance expense | -305 | -165 | -140 | 84,8 % | -552 |
| Net financial items | 129 | 227 | -98 | -43,2 % | 2 416 |
| Ordinary profit before tax | 20 464 | 32 248 | -11 784 | -36,5 % | 101 770 |
| Income tax expense | |||||
| Tax expense on ordinary profit | 5 955 | 7 871 | -1 916 | -24,3 % | 27 032 |
| Total tax expense | 5 955 | 7 871 | -1 916 | -24,3 % | 27 032 |
| Profit for the period | 14 509 | 24 377 | -9 868 | -40,5 % | 74 738 |
| Assigned to: | |||||
| Shareholders in parent company | 14 332 | 24 075 | 73 639 | ||
| Non-controlling interests | 177 | 302 | 1 099 |
| NOK 1 000 | UNAUDITED JAN-MAR 2016 |
UNAUDITED JAN-MAR 2015 |
CHANGE | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods |
|||||
| Currency translation differences | -160 | -144 | -16 | N/A | 41 |
| Sum other income and costs | -160 | -144 | -16 | N/A | 41 |
| Profit for the period | 14 509 | 24 377 | -9 868 | -40,5 % | 74 738 |
| Total profit | 14 349 | 24 233 | -9 884 | -40,8 % | 74 779 |
| Assigned to: | |||||
| Shareholders in parent company | 14 171 | 23 930 | 73 679 | ||
| Non-controlling interests | 177 | 302 | 1 099 | ||
| Diluted earnings per share | 1,38 | 2,32 | -0,94 | -40,4 % | 7,12 |
| Earnings per share | 1,40 | 2,35 | -0,95 | -40,4 % | 7,21 |
| NOK 1 000 | UNAUDITED 31.03.2016 |
UNAUDITED 31.03.2015 |
CHANGE | CHANGE % | 31.12.2015 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| INTANGIBLE ASSETS | |||||
| Deferred tax asset | 332 | 707 | -375 | -53,0 % | 368 |
| Goodwill | 27 824 | 31 159 | -3 335 | -10,7 % | 27 909 |
| Other intangible assets | 18 777 | 15 693 | 3 084 | 19,7 % | 17 414 |
| Total intangible assets | 46 933 | 47 559 | -626 | -1,3 % | 45 691 |
| FIXED ASSETS | |||||
| Office equipment | 8 325 | 9 724 | -1 399 | -14,4 % | 8 685 |
| Office machines and vehicles | 2 759 | 2 481 | 278 | 11,2 % | 2 417 |
| IT equipment | 10 704 | 11 097 | -393 | -3,5 % | 10 526 |
| Total fixed assets | 21 788 | 23 302 | -1 514 | -6,5 % | 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 | 68 732 | 70 872 | -2 140 | -3,0 % | 67 330 |
| CURRENT ASSETS | |||||
| Work in progress | 100 898 | 113 955 | -13 057 | -11,5 % | 80 193 |
| Trade accounts receivable | 142 985 | 153 648 | -10 663 | -6,9 % | 144 463 |
| Other short-term receivables | 32 840 | 28 567 | 4 273 | 15,0 % | 19 928 |
| Cash and cash equivalents | 152 451 | 115 768 | 36 683 | 31,7 % | 174 300 |
| Total current assets | 429 174 | 411 938 | 17 236 | 4,2 % | 418 884 |
| TOTAL ASSETS | 497 906 | 482 810 | 15 096 | 3,1 % | 486 214 |
| NOK 1 000 | UNAUDITED 31.03.2016 |
UNAUDITED 31.03.2015 |
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 | -31 | -20 | -11 | 55,0 % | -31 |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % | 10 000 |
| Total paid-in capital | 20 219 | 20 230 | -11 | -0,1 % | 20 219 |
| EARNED EQUITY | |||||
| Other equity | 167 036 | 155 811 | 11 225 | 7,2 % | 150 998 |
| Total earned equity | 167 036 | 155 811 | 11 225 | 7,2 % | 150 998 |
| Non-controlling interests | 3 578 | 3 476 | 102 | 2,9 % | 3 401 |
| Total equity | 190 833 | 179 517 | 11 316 | 6,3 % | 174 618 |
| DEBT | |||||
| LONG-TERM DEBT | |||||
| Other provisions for obligations | 228 | 456 | -228 | -50,0 % | 285 |
| Total long-term debt | 228 | 456 | -228 | -50,0 % | 285 |
| SHORT-TERM DEBT | |||||
| Trade accounts payable | 31 142 | 30 755 | 387 | 1,3 % | 34 643 |
| Income tax payable | 20 493 | 18 379 | 2 114 | 11,5 % | 27 109 |
| Public duties payable | 105 668 | 108 753 | -3 085 | -2,8 % | 118 539 |
| Other short-term debt | 149 542 | 144 950 | 4 592 | 3,2 % | 131 020 |
| Total short-term debt | 306 845 | 302 837 | 4 008 | 1,3 % | 311 311 |
| Total liabilities | 307 073 | 303 293 | 3 780 | 1,2 % | 311 596 |
| TOTAL EQUITY AND LIABILITIES | 497 906 | 482 810 | 15 096 | 3,1 % | 486 214 |
| NOK 1 000 | UNAUDITED JAN-MAR 2016 |
UNAUDITED JAN-MAR 2015 |
YEAR 2015 |
|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Ordinary profit before tax | 20 464 | 32 248 | 101 770 |
| Paid tax | -12 164 | -13 900 | -23 247 |
| (Gain)/loss on sale of fixed assets | -3 | 0 | -106 |
| Ordinary depreciation | 2 471 | 2 602 | 10 032 |
| Amortisation intangible assets | 977 | 991 | 3 505 |
| Share based payments | 1 452 | 1 338 | 5 430 |
| Changes in work in progress, accounts receivable and accounts payable | -22 728 | -35 827 | 11 008 |
| Changes in other accruals | -7 431 | 12 850 | 19 483 |
| Net cash flow from operating activities | -16 962 | 304 | 127 874 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Sale of fixed assets | 73 | 0 | 175 |
| Purchase of fixed assets | -2 701 | -1 559 | -7 383 |
| Purchase of intangible assets | -2 259 | -1 545 | -5 635 |
| Net cash flow from investing activities | -4 887 | -3 104 | -12 842 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Purchase of own shares | 0 | 0 | -14 880 |
| Sales of own shares | 0 | 0 | 7 702 |
| Dividend payments | 0 | 0 | -52 122 |
| Net cash flow from financing activities | 0 | 0 | -59 300 |
| Net changes in cash and cash equivalents | -21 849 | -2 800 | 55 732 |
| Cash and cash equivalents at the beginning of the period | 174 300 | 118 568 | 118 568 |
| Cash and cash equivalents at the end of the period | 152 451 | 115 768 | 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 | 23 930 | 302 | 24 233 | |||
| Employee share scheme | 0 | 1 753 | 0 | 1 753 | |||
| Equity at 31.03.2015 (Unaudited) | 10 250 | -20 | 10 000 | 20 230 | 155 811 | 3 476 | 179 517 |
| Equity at 01.01.2016 | 10 250 | -31 | 10 000 | 20 219 | 150 998 | 3 401 | 174 618 |
| Total comprehensive income | 14 171 | 177 | 14 349 | ||||
| Employee share scheme | 1 866 | 0 | 1 866 | ||||
| Equity at 31.03.2016 (Unaudited) | 10 250 | -31 | 10 000 | 20 219 | 167 036 | 3 578 | 190 833 |
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.
12 April 2016 the board of directors decided to propose a dividend of NOK 66.63 million, equivalent to NOK 6.50 per share. The Annual General Meeting will be held 12 May 2016.
| NOK 1 000 | JAN-MAR 2016 | JAN-MAR 2015 | CHANGE % | YEAR 2015 |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Operating revenue | 322 916 | 327 001 | -1,2 % | 1 232 486 |
| EBITDA | 23 783 | 35 614 | -33,2 % | 112 891 |
| Operating profit (EBIT) | 20 335 | 32 021 | -36,5 % | 99 354 |
| Ordinary profit before tax | 20 464 | 32 248 | -36,5 % | 101 770 |
| Profit for the period | 14 509 | 24 377 | -40,5 % | 74 738 |
| EBITDA-margin | 7,4 % | 10,9 % | -32,4 % | 9,2 % |
| EBIT-margin | 6,3 % | 9,8 % | -35,7 % | 8,1 % |
| BALANCE SHEET | ||||
| Non-current assets | 68 732 | 70 872 | -3,0 % | 67 330 |
| Current assets | 429 174 | 411 938 | 4,2 % | 418 884 |
| Total assets | 497 906 | 482 810 | 3,1 % | 486 214 |
| Equity Long-term debt |
190 833 | 179 517 456 |
6,3 % -50,0 % |
174 618 285 |
| Short-term debt | 228 306 845 |
302 837 | 1,3 % | 311 311 |
| Equity ratio | 38,3 % | 37,2 % | 3,1 % | 35,9 % |
| Liquidity ratio | 1,40 | 1,36 | 2,8 % | 1,35 |
| CASH FLOW | ||||
| Net cash flow operations | -16 962 | 304 | N/A | 127 874 |
| Net free cash flow | -21 849 | -2 800 | N/A | 115 032 |
| Net cash flow | -21 849 | -2 800 | N/A | 55 732 |
| Cash flow margin | -5,3 % | 0,1 % | N/A | 10,4 % |
| SHARE INFORMATION | ||||
| Number of shares | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 |
| Weighted average basic shares outstanding | 10 218 683 | 10 230 312 | -0,1 % | 10 208 354 |
| Weighted average diluted shares outstanding | 10 353 807 | 10 362 120 | -0,1 % | 10 340 661 |
| EBIT per share | 1,97 | 3,09 | -36,3 % | 9,59 |
| Diluted EBIT per share | 1,94 | 3,05 | -36,4 % | 9,47 |
| Earnings per share | 1,40 | 2,35 | -40,4 % | 7,21 |
| Diluted earnings per share | 1,38 | 2,32 | -40,4 % | 7,12 |
| Equity per share | 18,62 | 17,51 | 6,3 % | 17,04 |
| Dividend per share | 0,00 | 0,00 | N/A | 5,00 |
| EMPLOYEES | ||||
| Number of employees (year end) | 1 036 | 1 000 | 3,6 % | 1 036 |
| Average number of employees | 1 033 | 1 003 | 3,0 % | 1 016 |
| Operating revenue per employee | 313 | 326 | -4,1 % | 1 213 |
| Operating cost per employee | 293 | 294 | -0,4 % | 1 115 |
| EBIT per employee | 20 | 32 | -38,3 % | 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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