Quarterly Report • Aug 28, 2014
Quarterly Report
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Bouvet provides services in the fields of information technology, digital communication and enterprise management. At 30 June, it had 945 employees divided between 14 offices in Norway and Sweden.
The company is a strategic partner for a number of enterprises, helping them to shape digital solutions which create new business opportunities. Clients appreciate Bouvet's good grasp of their operations, and a broad range of services allows it to act as a turnkey supplier. Bouvet is committed to maintaining long-term client relationships.
Bouvet's regional model with local offices confers clear benefits in marketing work and competitiveness. Many enterprises consider it important that the supplier of business-critical systems has a local presence and expertise. This also makes it easier to establish a long-term relationship and thereby acquire knowledge of the client's business and systems.
As a result of its clear concentration on the principles for managing the business, Bouvet comes across as a solid, well-run and reputable company. In addition to its standards for delivering good solutions, the company sets strict requirements for ethics, conflicts of interest, security, openness and accountability. Bouvet's close relations with clients are possible because the company and its employees execute their assignments with a high degree of integrity.
| MILLIONS NOK | APR-JUN 2014 | APR-JUN 2013 | CHANGE % | JAN-JUN 2014 | JAN-JUN 2013 | CHANGE % | YEAR 2013 |
|---|---|---|---|---|---|---|---|
| Revenue | 276,2 | 284,3 | -2,8 % | 577,1 | 565,4 | 2,1 % | 1 112,8 |
| Operating profit (EBIT) | 23,6 | 28,5 | -16,9 % | 50,6 | 50,7 | -0,2 % | 95,1 |
| Ordinary profit before tax | 24,2 | 28,7 | -15,8 % | 51,7 | 51,7 | 0,1 % | 97,1 |
| Profit for the period | 17,5 | 20,8 | -15,7 % | 36,7 | 37,4 | -1,7 % | 69,8 |
| Net cash flow operations | 18,0 | -2,2 | N/A | 4,7 | -14,0 | N/A | 99,4 |
| Cash and cash equivalents | 98,0 | 55,6 | 76,1 % | 98,0 | 55,6 | 76,1 % | 169,2 |
| Number of employees (end of period) | 945 | 894 | 5,7 % | 945 | 894 | 5,7 % | 931 |
| Number of employees (average) | 946 | 893 | 6,0 % | 939 | 891 | 5,3 % | 908 |
| Earnings per share | 1,67 | 2,00 | -16,4 % | 3,53 | 3,59 | -1,9 % | 6,75 |
| Diluted earnings per share | 1,65 | 1,97 | -16,5 % | 3,48 | 3,55 | -1,9 % | 6,67 |
| EBIT margin | 8,6 % | 10,0 % | 8,8 % | 9,0 % | 8,5 % | ||
| Equity ratio | 34,5 % | 32,8 % | 34,5 % | 32,8 % | 35,9 % |
Bouvet had operating revenues of NOK 276.2 million in the second quarter, compared with NOK 284.3 million in the same period of 2013. That represented a decrease of 2.8 per cent. The quarter had one less working day compared with the same period of last year, which reduced operating revenues by 1.7 per cent. Rates for the group's hourly based services rose by 2.8 per cent from the second quarter of 2013. The billing ratio for the group's consultants was down by three percentage points from the same period of last year. Operating revenues from the sale of services by sub-contractors totalled NOK 34.5 million, down by NOK 5.7 million from the second quarter of 2013. The average number of employees increased by six per cent over the same period. Taken together, these factors contributed to a small decline in operating revenues from the second quarter of 2013.
Operating revenues for the first half came to NOK 577.1 million, compared with NOK 565.4 million in the same period of 2013. That represented an increase of 2.1 per cent. Sales to existing clients made good progress during the quarter. Clients who also used the group in the second quarter of 2013 accounted for 90.9 per cent of operating revenues. In addition, clients acquired since 30 June 2013 contributed a total of NOK 25 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 12.5 per cent, compared with 14.1 per cent in the second quarter of 2013. The group's long-term target is that this share should be about 15 per cent of total operating revenues.
Bouvet's operating costs, including depreciation and amortisation, were NOK 252.6 million for the second quarter, down from NOK 255.8 million in the same period of 2013. That represents a reduction of 1.3 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 2.7 per cent over the past 12 months. The cost of sales was NOK 34.7 million, compared with NOK 45.6 million in the second quarter of 2013, and primarily comprised procurement of sub-contractor services and the hire of course instructors. Other operating costs rose by 1.7 per cent from the second quarter of 2013 to NOK 28.6 million.
Operating profit (EBIT) for the second quarter came to NOK 23.6 million, compared with NOK 28.5 million in the same period of 2013. The EBIT margin thereby came to 8.6 per cent, compared with 10 per cent in the second quarter of last year. Net profit came to NOK 17.5 million, down from NOK 20.8 million in the same period of 2013. Diluted earnings per share were NOK 1.65 for the quarter, compared with NOK 1.97 in the same period of 2013.
For the first half, the cumulative EBIT came to NOK 50.6 million as against NOK 50.7 million in the same period of 2013. That represented a decline of 0.2 per cent. The EBIT margin thereby came to 8.8 per cent, compared with nine per cent in the first half of last year. Net profit came to NOK 36.7 million, down from NOK 37.4 million in the same period of 2013. Diluted earnings per share were NOK 3.48 for the first half, compared with NOK 3.55 in the same period of 2013.
Consolidated cash flow from operations was NOK 18 million in the second quarter, compared with a negative NOK 2.2 million in the same period of 2013. Cash flow was affected positively by a reduction in working capital related to clients, work in progress and other current receivables of NOK 19 million from the first quarter of 2014. Cash flow was also negatively affected by a reduction of NOK 22.5 million in current liabilities from the first quarter. The decline in current liabilities reflected a NOK 7.1 million fall in accounts payable, a rise of NOK 5.7 million in direct and indirect taxes payable, and a drop of NOK 21.1 million in other current liabilities. Consolidated cash flow from operations for the first half came
to NOK 4.7 million, compared with a negative NOK 14 million in the same period of 2013. Consolidated cash flow from operations for the past 12 months was NOK 118.1 million, while net profit for the same period was NOK 69.2 million.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered the second quarter, and the group has good oversight and control of its receivables.
Bouvet has no interest-bearing debt. Bank deposits at 30 June totalled NOK 98 million, compared with NOK 55.6 million a year earlier. It held 19 356 of its own shares at 30 June. A dividend of NOK 61.5 million was paid by Bouvet during the second quarter. Equity at 30 June totalled NOK 138.1 million, representing an equity ratio of 34.5 per cent.
Developments and market
Bouvet offers the full range of expertise required to develop its clients in a digital direction. The first half of 2014 demonstrated that this is appreciated by the market. Bouvet combines deep technological knowledge and the ability to create effective digital communication with a good commercial understanding within the individual sectors.
The oil and gas industry is Bouvet's biggest sector. The industry is currently characterized by cost cutting. Through its long experience of this business, the company knows what is required in terms of systems, organisations and processes for conducting exploration and production. It is accordingly well positioned to support the many new players who are now expanding on the Norwegian continental shelf (NCS). Det Norske Oljeselskap is an example of a company currently expanding its operations, and it acquired Marathon Oil Norge during the second quarter. Bouvet is now supporting Det Norske Oljeselskap in both Trondheim and Stavanger. Its activities with Statoil were again reduced during the second quarter.
The public sector is digitising rapidly. Bouvet has increased its sales to the central and local government sectors in both Norway The corresponding figures for 30 June 2013 were an equity of NOK 119 million and an equity ratio of 32.8 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.
and Sweden. Enhanced efficiency, improved digital services for citizens, greater data availability, universal design and improved information security are among the drivers in this sector. Seventeen per cent of Bouvet's sales derived during the second quarter from public administration and the armed forces, with 37 per cent made to enterprises wholly owned by the public sector.
Power supply is a sector which faces big investment requirements, and Bouvet has many clients here. It is involved, for example, in a number of projects related to the establishment of advanced metering systems (AMS).
Retailing is characterised by the trend towards e-commerce. An integrated cross-channel customer experience is becoming steadily more important, and Bouvet occupies a strong position here. Coop is an example of a sharply expanding client which now receives support from Bouvet in a number of specialist areas.
Service provision has become more important than the production of goods in Scandinavia, and this trend is reflected in Bouvet's client base. Customer experience is important in everything from media to transport and technical services, and digital solutions are contributing to effective provision of services.
Health is a sector where Bouvet has enjoyed strong growth in recent years, and the company supports health enterprises in both Norway and Sweden. A common denominator for much of this activity is systems which focus on the patient rather than the therapist.
BERGEN Bouvet is increasing its share of a Rogaland market characterised by cost cutting in the Oil and Gas sector. A high level of activity and many opportunities relate to new players on the NCS. Bouvet has the technical
OSLO SANDVIKA ARENDAL SANDEFJORD KRISTIANSAND SKIEN expertise and structural capital required to help exploration companies through the process of becoming operators on the continental shelf. This involves an integrated concept which takes account of systems, process and organisation. One company which purchased this concept during the period is Det Norske Oljeselskap. Others are in the process of becoming operators and, with its broad range of services, Bouvet is well positioned to meet their needs.
TRONDHEIM ÖREBRO STOCKHOLM During the quarter, the Rogaland region continued to develop its service concepts in order to respond better to market demand. An important aspect here is to offer clients more integrated solutions at a predictable cost. A steadily growing share of sales in Rogaland is being made through models where Bouvet accepts greater delivery responsibility. An example of a product which the company now sells at a fixed price is "integration as a service".
It can furthermore be mentioned that Bouvet is to develop a new solution for information management and document handling at Eni Norge, introduce Lean in Hydro, undertake security analyses at Petoro and provide project management for Svenska Petroleum.
Major clients in the region include Eni Norge, Statoil, GDF Suez, Nortura, Total, Lyse, Wintershall and ConocoPhillips. HAUGESUND STAVANGER BERGEN
The Olavstoppen subsidiary, which provides services in Rogaland within digital communication, has a good reputation and delivered positive results during the quarter.
SANDEFJORD SKIEN A good quarter was experienced by the eastern region, with assignments for both new and existing clients.
KRISTIANSAND The armed forces are the biggest client in the region, and it became clear
ÖREBRO STOCKHOLM during the second quarter that the frame agreement with them would be extended by a further year. Bouvet is supporting digitisation of the armed forces in a number of areas. Another major public-sector client is the State Agency for the Recovery of Fines, Damages and Costs, which signed a
contract with Bouvet before the summer on management and continued development of its recovery system. Worth more than NOK 100 million, this assignment runs for five years with an option for a further two.
Demand is growing for business systems which can also be used with mobile units. Bouvet is to implement an enterprise resource planning (ERP) system for a new client in the transport sector, which includes development a mobile application for its drivers. And Viking Redningstjeneste has ordered new mobile solutions for its employees from Bouvet. Maintenance personnel at Statkraft also took a mobile application developed by the company into use during the quarter.
Bouvet won an assignment during the period to design and develop a new website for Hafslund Nett, while Viasat awarded a contract on support for mass communication and brand-building. Both these companies are new clients in the communication and customer experience field. Activity in this area is also good at existing clients. STAVANGER FORUS BERGEN
Coop is making a commitment to e-commerce, and get support here under its frame agreement with Bouvet. Statnett, the Norwegian National Rail Administration and Sykehuspartner (the South-Eastern Norway Regional Health Authority) are other clients who awarded new assignments to Bouvet during the quarter. OSLO SANDVIKA
Activity in Bouvet's course business was satisfactory during the period.
ÖREBRO STOCKHOLM Demand for Bouvet's services in the northern region is good, and new assignments have been secured in the oil/gas industry, the health sector and public administration.
Det Norske Oljeselskap, with its head office in Trondheim, entered into a frame agreement with Bouvet in the first quarter, and support under this contract has now got well under way. Overall activity for Statoil in the northern region has declined somewhat, but Bouvet is also securing new assignments from this client.
Bouvet's Trondheim office has one of Norway's strongest teams for digital map solutions. The company delivers in this field to Barents Watch/the Norwegian Coastal Administration, for example, and these rank now among the northern region's largest clients. The City of Trondheim has also become an important client, and commissioned a solution for managing support payments.
Activity in the health sector is increasing in the northern region as well. Contracts were secured during the quarter with Mid-Norway Regional Health Authority in such areas as medical registration systems. SANDVIKA
Bouvet's level of activity in the Bergen region is good, and many important contracts were secured during the quarter. The largest of these is a frame agreement with Hordaland county council on the design and develop-TRONDHEIM
SANDEFJORD SKIEN ment of web solutions. Running for two years with options for a further two, this contract embraces a number of different websites. A new mobile-friendly website developed by Bouvet for Bergen University College was launched before the summer.
KRISTIANSAND The Western Norway Regional Health Authority has become an important client in Bergen. Bouvet is designing and developing a new website for the authority which focuses on the patient and where information is tailored to the needs of the individual user.
ÖREBRO STOCKHOLM MALMÖ A number of Bouvet's clients in the banking/finance sector have extended their assignments. These include BankID, which is receiving support from Bouvet in developing this service without Java.
Security is becoming increasingly important for clients, and Bouvet has landed a frame agreement on information security from the City of Bergen. Statoil remains an important client for the company in Bergen.
Bouvet is experiencing growing demand in the Agder counties for consultancy and project manager services. Demand for system development services is steady in Vestfold and Telemark.
ÖREBRO The company has supported Statoil for a number of years with Procosys, and secured an important management agreement for this project execution tool during the second quarter.
Agder Energi Nett awarded Bouvet a substantial assignment within its programme for establishing AMS. The company also won a contract for ICT security from this client.
Bouvet has been a significant contributor over many years to the myDrilling™ service from Aker Solutions. A new version has now been delivered and adopted by the client on schedule. Bouvet has also developed an environmental reporting solution for the Eco-Lighthouse Foundation. ARENDAL SANDEFJORD KRISTIANSAND SKIEN
Bouvet's Swedish sales and workforce have grown. However, hourly rates are under heavy pressure in the Swedish market.
Digital communication is a priority area for Bouvet in Sweden. This led during the quarter to several new assignments involving the development of web-based solutions for the local government sector. Nobina, a large Nordic bus company, has ordered an intranet with social functions from Bouvet.
The company has developed a concept for solutions related to administrative procedures. On that basis, a contract has been secured to develop a European quality register for cancer treatment.
Other major Swedish clients include SAS, ICA, the Swedish Transport Administration/Swedish Road Administration and Vattenfall.
Sesam is a solution for integration, search and data analysis, based on semantic technology. Established as a separate business unit earlier this year, it sells data integration as a service.
Hafslund has used Sesam for search and data integration over a number of years. The solution has now been adopted for the work of establishing AMS. Statnett has also linked a number of systems to its Sesam-based integration.
The Norwegian National Rail Administration and the Directorate for Cultural Heritage need to handle large volumes of data, and a proof of concept based on Sesam was delivered to both clients during the second quarter.
Bouvet's ambition is to be the consultancy with the most satisfied workforce. That helps to ensure delivery quality, satisfied clients and low employee turnover. Bouvet works continuously to create job satisfaction among its workforce by making provision for professional development, social
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
interaction and a positive culture where team spirit occupies a central place.
The company had 945 employees at 30 June, up by 13 from 31 March and 51 from the same date of 2013.
corporate governance in the annual report for 2013 (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.
Digital solutions have created big social changes. These will continue in the years to come as innovative technology and new applications become available. Bouvet contributes to this development by making everyday life simpler for people and by securing a bigger return on digitisation for enterprises.
Bouvet has displayed great ability to adapt to the market and offer new services. Its expertise and experience in technology, user behaviour and experiences, and business processes
Sverre Hurum President and CEO Tel: +47 23 40 60 00 | +47 91 35 00 47 mean the company is well placed to remain an important player in coming years.
The need to adapt to changes in sectors and local markets will mean that Bouvet experiences some pressure on margins in the short term. However, the company has previously displayed great adaptability and everything required to sustain profitable growth in the longer term is accordingly in place.
Erik Stubø CFO Tel: +47 23 40 60 00 | +47 95 03 60 11
We hereby confirm to the best of our knowledge that the interim financial statements for the first half and the second quarter of 2014 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, 28 August 2014 The board of directors of Bouvet ASA
Åge Danielsen Chair of the board
Randi Helene Røed Deputy chair
Grethe Høiland Director
Ingebrigt Steen Jensen Director
Egil Christen Dahl Director
Sverre Hurum President and CEO
| NOK 1 000 | UNAUDITED APR-JUN 2014 |
UNAUDITED APR-JUN 2013 |
CHANGE | CHANGE % | UNAUDITED JAN-JUN 2014 |
UNAUDITED JAN-JUN 2013 |
CHANGE | CHANGE % | YEAR 2013 |
|---|---|---|---|---|---|---|---|---|---|
| REVENUE | 276 197 | 284 264 | -8 067 | -2,8 % | 577 122 | 565 423 | 11 699 | 2,1 % | 1 112 774 |
| OPERATING EXPENSES | |||||||||
| Cost of sales | 34 720 | 45 644 | -10 924 | -23,9 % | 71 051 | 86 877 | -15 826 | -18,2 % | 151 996 |
| Personell expenses | 186 129 | 179 500 | 6 629 | 3,7 % | 393 632 | 370 892 | 22 740 | 6,1 % | 743 334 |
| Depreciation fixed assets | 2 523 | 2 231 | 292 | 13,1 % | 4 941 | 4 808 | 133 | 2,8 % | 9 404 |
| Amortisation intangible assets | 559 | 302 | 257 | 85,1 % | 972 | 602 | 370 | 61,5 % | 1 303 |
| Other operating expenses | 28 623 | 28 136 | 487 | 1,7 % | 55 888 | 51 497 | 4 391 | 8,5 % | 111 644 |
| Total operating expenses | 252 554 | 255 813 | -3 259 | -1,3 % | 526 484 | 514 676 | 11 808 | 2,3 % | 1 017 681 |
| Operating profit | 23 643 | 28 451 | -4 808 | -16,9 % | 50 638 | 50 747 | -109 | -0,2 % | 95 093 |
| FINANCIAL ITEMS | |||||||||
| Other interest income | 721 | 575 | 146 | 25,4 % | 1 451 | 1 329 | 122 | 9,2 % | 2 599 |
| Other financial income | 52 | 24 | 28 | 116,7 % | 102 | 95 | 7 | 7,4 % | 310 |
| Other interest expense | -82 | -93 | 11 | -11,8 % | -185 | -137 | -48 | 35,0 % | -328 |
| Other finance expense | -146 | -231 | 85 | -36,8 % | -277 | -336 | 59 | -17,6 % | -536 |
| Net financial items | 545 | 275 | 270 | 98,2 % | 1 091 | 951 | 140 | 14,7 % | 2 045 |
| Ordinary profit before tax | 24 188 | 28 726 | -4 538 | -15,8 % | 51 729 | 51 698 | 31 | 0,1 % | 97 138 |
| Income tax expense | |||||||||
| Tax expense on ordinary profit | 6 682 | 7 970 | -1 288 | -16,2 % | 15 015 | 14 332 | 683 | 4,8 % | 27 297 |
| Total tax expense | 6 682 | 7 970 | -1 288 | -16,2 % | 15 015 | 14 332 | 683 | 4,8 % | 27 297 |
| Profit for the period | 17 506 | 20 756 | -3 250 | -15,7 % | 36 714 | 37 366 | -652 | -1,7 % | 69 841 |
| Assigned to: | |||||||||
| Shareholders in parent company | 17 077 | 20 374 | 36 089 | 36 747 | 68 677 | ||||
| Non-controlling interests | 429 | 382 | 625 | 619 | 1 164 |
| NOK 1 000 | UNAUDITED APR-JUN 2014 |
UNAUDITED APR-JUN 2013 |
CHANGE | CHANGE % | UNAUDITED JAN-JUN 2014 |
UNAUDITED JAN-JUN 2013 |
CHANGE | CHANGE % | YEAR 2013 |
|---|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods |
|||||||||
| Currency translation differences | -61 | 4 | -65 | N/A | -117 | 184 | -301 | N/A | 336 |
| Sum other income and costs | -61 | 4 | -65 | N/A | -117 | 184 | -301 | N/A | 336 |
| Profit for the period | 17 506 | 20 756 | -3 250 | -15,7 % | 36 714 | 37 366 | -652 | -1,7 % | 69 841 |
| Total profit | 17 445 | 20 760 | -3 315 | -16,0 % | 36 597 | 37 550 | -953 | -2,5 % | 70 177 |
| Assigned to: | |||||||||
| Shareholders in parent company | 17 016 | 20 378 | 35 972 | 36 931 | 69 013 | ||||
| Non-controlling interests | 429 | 382 | 625 | 619 | 1 164 | ||||
| Diluted earnings per share | 1,65 | 1,97 | -0,32 | -16,3 % | 3,48 | 3,55 | -0,07 | -1,8 % | 6,67 |
| Earnings per share | 1,67 | 2,00 | -0,33 | -16,5 % | 3,53 | 3,59 | -0,06 | -1,6 % | 6,75 |
| NOK 1 000 | UNAUDITED 30.06.2014 |
UNAUDITED 30.06.2013 |
CHANGE | CHANGE % | 31.12.2013 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| INTANGIBLE ASSETS | |||||
| Deferred tax asset | 104 | 0 | 104 | N/A | 155 |
| Goodwill | 22 183 | 18 592 | 3 591 | 19,3 % | 18 745 |
| Other intangible assets | 11 074 | 6 572 | 4 502 | 68,5 % | 6 001 |
| Total intangible assets | 33 361 | 25 164 | 8 197 | 32,6 % | 24 901 |
| FIXED ASSETS | |||||
| Office equipment | 10 414 | 8 234 | 2 180 | 26,5 % | 9 733 |
| Office machines and vehicles | 2 302 | 1 863 | 439 | 23,6 % | 1 941 |
| IT equipment | 10 947 | 10 794 | 153 | 1,4 % | 11 044 |
| Total fixed assets | 23 663 | 20 891 | 2 772 | 13,3 % | 22 718 |
| 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 | 57 035 | 46 066 | 10 969 | 23,8 % | 47 630 |
| CURRENT ASSETS | |||||
| Work in progress | 108 381 | 107 990 | 391 | 0,4 % | 84 476 |
| Trade accounts receivable | 112 562 | 131 103 | -18 541 | -14,1 % | 125 451 |
| Other short-term receivables | 24 787 | 21 866 | 2 921 | 13,4 % | 18 658 |
| Cash and cash equivalents | 97 992 | 55 644 | 42 348 | 76,1 % | 169 222 |
| Total current assets | 343 722 | 316 603 | 27 119 | 8,6 % | 397 807 |
| TOTAL ASSETS | 400 757 | 362 669 | 38 088 | 10,5 % | 445 437 |
| NOK 1 000 | UNAUDITED 30.06.2014 |
UNAUDITED 30.06.2013 |
CHANGE | CHANGE % | 31.12.2013 |
|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| PAID-IN CAPITAL | |||||
| Share capital | 10 250 | 10 250 | 0 | 0,0 % | 10 250 |
| Own shares - nominal value | -19 | -155 | 136 | -87,7 % | -19 |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % | 10 000 |
| Total paid-in capital | 20 231 | 20 095 | 136 | 0,7 % | 20 231 |
| EARNED EQUITY | |||||
| Other equity | 114 547 | 96 686 | 17 861 | 18,5 % | 136 869 |
| Total earned equity | 114 547 | 96 686 | 17 861 | 18,5 % | 136 869 |
| Non-controlling interests | 3 354 | 2 183 | 1 171 | 53,6 % | 2 729 |
| Total equity | 138 132 | 118 964 | 19 168 | 16,1 % | 159 829 |
| DEBT | |||||
| LONG-TERM DEBT | |||||
| Deferred tax | 0 | 653 | -653 | -100,0 % | 0 |
| Total long-term debt | 0 | 653 | -653 | -100,0 % | 0 |
| SHORT-TERM DEBT | |||||
| Trade accounts payable | 24 368 | 33 325 | -8 957 | -26,9 % | 31 863 |
| Income tax payable | 24 161 | 6 934 | 17 227 | 248,4 % | 28 557 |
| Public duties payable | 93 712 | 85 879 | 7 833 | 9,1 % | 106 347 |
| Other short-term debt | 120 384 | 116 914 | 3 470 | 3,0 % | 118 841 |
| Total short-term debt | 262 625 | 243 052 | 19 573 | 8,1 % | 285 608 |
| Total liabilities | 262 625 | 243 705 | 18 920 | 7,8 % | 285 608 |
| TOTAL EQUITY AND LIABILITIES | 400 757 | 362 669 | 38 088 | 10,5 % | 445 437 |
| NOK 1 000 | UNAUDITED APR-JUN 2014 |
UNAUDITED APR-JUN 2013 |
UNAUDITED JAN-JUN 2014 |
UNAUDITED JAN-JUN 2013 |
YEAR 2013 |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||||
| Ordinary profit before tax | 24 188 | 28 726 | 51 729 | 51 698 | 97 138 |
| Paid tax | -897 | -13 610 | -19 865 | -27 221 | -19 847 |
| (Gain)/loss on sale of fixed assets | -77 | 0 | -148 | 0 | -41 |
| Ordinary depreciation | 2 523 | 2 231 | 4 941 | 4 808 | 9 404 |
| Amortisation intangible assets | 559 | 302 | 972 | 602 | 1 303 |
| Share based payments | 1 181 | 999 | 2 362 | 1 998 | 3 980 |
| Changes in work in progress, accounts receivable and accounts payable | 9 386 | -20 354 | -18 511 | -39 730 | -12 026 |
| Changes in other accruals | -18 857 | -512 | -16 755 | -6 137 | 19 469 |
| Net cash flow from operating activities | 18 006 | -2 218 | 4 725 | -13 982 | 99 381 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Sale of fixed assets | 81 | 0 | 165 | 0 | 1 293 |
| Purchase of fixed assets | -2 544 | -1 068 | -5 900 | -3 071 | -10 746 |
| Purchase of intangible assets | -860 | -325 | -1 267 | -1 587 | -1 660 |
| Investment in subsidiaries - net cash | 0 | 0 | -5 909 | 0 | 0 |
| Net cash flow from investing activities | -3 324 | -1 392 | -12 912 | -4 658 | -11 114 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Purchase of own shares | 0 | -11 539 | 0 | -11 539 | -11 539 |
| Sales of own shares | 0 | 0 | 0 | 0 | 6 671 |
| Dividend payments | -61 500 | -52 022 | -61 500 | -52 022 | -52 022 |
| Net cash flow from financing activities | -61 500 | -63 561 | -61 500 | -63 561 | -56 891 |
| Net changes in cash and cash equivalents | -46 817 | -67 171 | -69 687 | -82 201 | 31 377 |
| Cash and cash equivalents at the beginning of the period* | 144 809 | 122 815 | 167 679 | 137 845 | 137 845 |
| Cash and cash equivalents at the end of the period | 97 992 | 55 644 | 97 992 | 55 644 | 169 222 |
* Cash and cash equivalents of period Jan-Jun 2014 is adjusted with cash flow NOK 1 543 thousand from aquicition of subsidiary during the period.
| NOK 1 000 | SHARE CAPITAL |
OWN SHARES |
SHARE PREMIUM |
TOTAL PAID IN EQUITY |
OTHER EQUITY |
NON-CON TROLLING INTERESTS |
TOTAL EQUITY |
|---|---|---|---|---|---|---|---|
| Equity at 01.01.2013 | 10 250 | -1 | 10 000 | 20 249 | 119 757 | 2 336 | 142 341 |
| Total comprehensive income | 0 | 36 931 | 619 | 37 550 | |||
| Purchase/sale of own shares (net) | -154 | -154 | -11 386 | -11 540 | |||
| Employee share scheme | 0 | 2 635 | 2 635 | ||||
| Dividend | 0 | -51 250 | -772 | -52 022 | |||
| Equity at 30.06.2013 (Unaudited) | 10 250 | -155 | 10 000 | 20 095 | 96 687 | 2 183 | 118 964 |
| Equity at 01.01.2014 | 10 250 | -19 | 10 000 | 20 231 | 136 869 | 2 729 | 159 829 |
| Total comprehensive income | 0 | 35 972 | 625 | 36 597 | |||
| Employee share scheme | 0 | 3 089 | 3 089 | ||||
| Dividend | 0 | -61 384 | -61 384 | ||||
| Equity at 30.06.2014 (Unaudited) | 10 250 | -19 | 10 000 | 20 231 | 114 546 | 3 354 | 138 132 |
The group made no changes to the accounting principles applied in 2014. 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 2013.
| NOK 1 000 | APR-JUN 2014 | APR-JUN 2013 | CHANGE % | JAN-JUN 2014 | JAN-JUN 2013 | CHANGE % | YEAR 2013 |
|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | |||||||
| Operating revenue | 276 197 | 284 264 | -2,8 % | 577 122 | 565 423 | 2,1 % | 1 112 774 |
| EBITDA | 26 725 | 30 984 | -13,7 % | 56 551 | 56 157 | 0,7 % | 105 800 |
| Operating profit (EBIT) | 23 643 | 28 451 | -16,9 % | 50 638 | 50 747 | -0,2 % | 95 093 |
| Ordinary profit before tax | 24 188 | 28 726 | -15,8 % | 51 729 | 51 698 | 0,1 % | 97 138 |
| Profit for the period | 17 506 | 20 756 | -15,7 % | 36 714 | 37 366 | -1,7 % | 69 841 |
| EBITDA-margin | 9,7 % | 10,9 % | -11,2 % | 9,8 % | 9,9 % | -1,3 % | 9,5 % |
| EBIT-margin | 8,6 % | 10,0 % | -14,5 % | 8,8 % | 9,0 % | -2,2 % | 8,5 % |
| BALANCE SHEET | |||||||
| Non-current assets | 57 035 | 46 066 | 23,8 % | 57 035 | 46 066 | 23,8 % | 47 630 |
| Current assets | 343 722 | 316 603 | 8,6 % | 343 722 | 316 603 | 8,6 % | 397 807 |
| Total assets | 400 757 | 362 669 | 10,5 % | 400 757 | 362 669 | 10,5 % | 445 437 |
| Equity | 138 132 | 118 964 | 16,1 % | 138 132 | 118 964 | 16,1 % | 159 829 |
| Long-term debt | 0 | 653 | -100,0 % | 0 | 653 | -100,0 % | 0 |
| Short-term debt | 262 625 | 243 052 | 8,1 % | 262 625 | 243 052 | 8,1 % | 285 608 |
| Equity ratio | 34,5 % | 32,8 % | 5,1 % | 34,5 % | 32,8 % | 5,1 % | 35,9 % |
| Liquidity ratio | 1,31 | 1,30 | 0,5 % | 1,31 | 1,30 | 0,5 % | 1,39 |
| CASH FLOW | |||||||
| Net cash flow operations | 18 006 | -2 218 | N/A | 4 725 | -13 982 | N/A | 99 381 |
| Net free cash flow | 14 683 | -3 610 | N/A | -8 187 | -18 640 | N/A | 88 267 |
| Net cash flow | -46 817 | -67 171 | N/A | -69 687 | -82 201 | N/A | 31 377 |
| Cash flow margin | 6,5 % | -0,8 % | N/A | 0,8 % | -2,5 % | N/A | 8,9 % |
| SHARE INFORMATION | |||||||
| Number of shares | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 |
| Weighted average basic shares outstanding | 10 230 644 | 10 198 320 | 0,3 % | 10 230 644 | 10 223 551 | 0,1 % | 10 174 317 |
| Weighted average diluted shares outstanding | 10 355 542 | 10 316 214 | 0,4 % | 10 355 542 | 10 341 445 | 0,1 % | 10 292 902 |
| EBIT per share | 2,25 | 2,75 | -17,9 % | 4,87 | 4,88 | -0,3 % | 9,20 |
| Diluted EBIT per share | 2,23 | 2,71 | -18,0 % | 4,81 | 4,82 | -0,4 % | 9,09 |
| Earnings per share | 1,67 | 2,00 | -16,4 % | 3,53 | 3,59 | -1,9 % | 6,75 |
| Diluted earnings per share | 1,65 | 1,97 | -16,5 % | 3,48 | 3,55 | -1,9 % | 6,67 |
| Equity per share | 13,48 | 11,61 | 16,1 % | 13,48 | 11,61 | 16,1 % | 15,59 |
| Dividend per share | 6,00 | 5,00 | 20,0 % | 6,00 | 5,00 | 20,0 % | 5,00 |
| EMPLOYEES | |||||||
| Number of employees (year end) | 945 | 894 | 5,7 % | 945 | 894 | 5,7 % | 931 |
| Average number of employees | 946 | 893 | 6,0 % | 939 | 891 | 5,3 % | 908 |
| Operating revenue per employee | 292 | 318 | -8,3 % | 615 | 635 | -3,1 % | 1 225 |
| Operating cost per employee | 267 | 286 | -6,8 % | 561 | 578 | -2,9 % | 1 121 |
| EBIT per employee | 25 | 32 | -21,6 % | 54 | 57 | -5,3 % | 105 |
| 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 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
Vikaveien 29 4817 His 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 KRISTIANSAND Kjøita 25 4630 Kristiansand Tel: (+47) 23 40 60 00
STAVANGER Fabrikkveien 10 4033 Stavanger Tel: (+47) 51 20 00 20
Nedre Strandgata 33 Box 344 Sentrum 4022 Stavanger Tel: (+47) 52 82 10 17
HAUGESUND Diktervegen 8 5538 Haugesund Tel: (+47) 52 82 10 17 TRONDHEIM Kjøpmannsgata 35 7011 Trondheim Tel: (+47) 23 40 60 00
SANDVIKA Leif Tronstadsplass 6 1337 Sandvika Tel: (+47) 23 40 60 00
SANDEFJORD Klinestadmoen 9 3241 Sandefjord Tel: (+47) 23 40 60 00
STOCKHOLM Arenavägen 45, 16 tr 121 77 Johanneshov Tel: (+46) 8 578 771 00 MALMÖ Södergatan 3 211 34 Malmö Tel: (+46) 40 636 60 00
ÖREBRO Klostergatan 3 70361 Örebro Tel: (+46) 0 709 431 411
www.bouvet.net
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