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Bouvet
Quarterly Report • May 21, 2025
3563_rns_2025-05-21_a3c61e99-ad94-4dfa-971d-aedfd5b71d5a.pdf
Quarterly Report
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QUARTERLY REPORT Q1
WE LEAD THE WAY AND BUILDTOMORROW'S SOCIETY
BOUVET ASA
Highlights and key figures for the first quarter of 2025
- → Operating revenues increased by NOK 59.0 million, to NOK 1 074.7 million, corresponding to an increase of 5.8 per cent compared to Q1 2024.
- → Operating profit (EBIT) grew by NOK 20.2 million year-on-year, to NOK 155.2 million, equating to a 15.0 per cent increase.
- → The number of employees fell by 13 persons compared to the preceding quarter, but has grown by 31 persons over the past 12 months.
- → Won a new framework agreement with the Norwegian Public Roads Administration.
| NOK million | Jan-Mar 2025 |
Jan-Mar | 2024 Change % | Apr 2024- Mar 2025 |
Apr 2023- | Mar 2024 Change % Year 2024 | |
|---|---|---|---|---|---|---|---|
| Revenue | 1 074.7 | 1 015.7 | 5.8% | 3 980.4 | 3 596.4 | 10.7% | 3 921.4 |
| Operating profit (EBIT) | 155.2 | 135.0 | 15.0% | 510.6 | 410.3 | 24.4% | 490.4 |
| Ordinary profit before tax | 157.0 | 134.9 | 16.4% | 513.4 | 419.6 | 22.4% | 491.2 |
| Profit for the period | 121.0 | 105.2 | 15.1% | 399.3 | 325.8 | 22.6% | 383.4 |
| Net cash flow operations | -34.6 | 63.8 | -154.2% | 760.4 | 451.6 | 68.4% | 841.1 |
| Liquid assets | 741.2 | 499.3 | 48.5% | 741.2 | 499.3 | 48.5% | 834.3 |
| Number of employees (end of period) | 2 347 | 2 316 | 1.3% | 2 347 | 2 316 | 1.3% | 2 360 |
| Number of employees (average) | 2 352 | 2 317 | 1.5% | 2 354 | 2 248 | 4.7% | 2 345 |
| Earnings per share | 1.17 | 1.02 | 15.0% | 3.87 | 3.16 | 22.8% | 3.72 |
| Diluted earnings per share | 1.16 | 1.01 | 14.9% | 3.84 | 3.13 | 22.7% | 3.69 |
| EBIT-margin | 14.4% | 13.3% | 12.8% | 11.4% | 12.5% | ||
| Equity ratio | 27.1% | 28.0% | 27.2% | 28.0% | 25.8% |
Bouvet in brief
In today's society, digitalisation is a crucial factor with respect to companies' delivery capability and competitiveness. As a leading consultancy firm focused on IT and digital communications and with extensive experience, closeness to clients and broad expertise, Bouvet is a very attractive digitalisation partner for organisations in both the private and public sectors.
Digitalisation is about utilising technology to deliver products and services which match user expectations, overcoming challenges and seizing opportunities. This is a broad and ongoing task, since companies can never say that they are "fully digitalised". Put simply, digitalisation involves preparing for the future every single day.
As a company, we have developed an ability to understand our clients' businesses and to collaborate on the creation and development of effective longterm digital solutions. This approach has resulted in very close client relationships and a steadily increasing assignment inflow, from both new and existing clients. We are a strategic partner for many enterprises, and our broad range of IT, design, communications and advisory services often results in our selection as a full-solution supplier.
Our close relationship with our clients is only possible because we execute all our assignments in accordance with strict security and accountability requirements. Our regional model reduces bureaucracy and ensures short decision-making lines, giving us the adaptability we need to respond to individual client challenges in an ever-changing landscape.
Close ties are a competitive advantage, but also a prerequisite for the development of ever-better solutions in line with our vision. By executing assignments for and in collaboration with important societal stakeholders, we are helping society to progress.
As at 31 March 2025, we had 2 347 employees across 14 offices in Norway and two in Sweden.
A WORD FROM THE GROUP CEO
Robust performance despite somewhat tougher market conditions
We can look back on a quarter in which Bouvet delivered a robust performance in a market that was characterised by continued strong demand in key sectors but also stronger competition and reduced demand in some segments.
Against this backdrop, we are proud of the results we can present this quarter. We have demonstrated our ability to adapt and continue to deliver strong results. We are cooperating on major, societally critical deliveries, pursuing skills development, using new and innovative technologies, building a community culture and productive teams, and advising and assisting clients every day. A big thank you must go to all Bouvet employees.
Demand remains strong in sectors in which Bouvet has a significant presence. This is particularly true of the energy, power supply, defence and security industries, as well as in parts of the public sector.
In the energy sector, we continued to experience high activity levels among our largest customers. In a situation of falling energy prices, many of our assignments are focused on increasing efficiency and creating business value through digital strategies and development. At the same time, solutions must be developed with certainty that they will support the energy transformation which the sector faces. For
Bouvet, the energy sector is a source of ongoing high assignment inflow.
In the power supply sector, we are seeing significant demand for modernisation and major improvements. Expansion, modernisation and automation of the power grid is a particular priority for both current and planned investment. In Q1 2025, we were able to announce the launch of automatic balancing of the Nordic grid. The implemented solutions are ones which Bouvet has helped to develop over the past few years. Such technologies, automations, artificial intelligence and data are set to play an increasing role in improving the efficiency of the power system. The electrification of society is a strong underlying driver of high longterm activity in the power supply sector, and Bouvet will maintain a clear focus on what it can contribute: digitalisation, automation and the deployment of new technologies.
Defence and security comprise one of our three largest sectors. Although activity levels are already high in the sector, we expect activity to increase further going
forward, driven by military rearmament and force build-ups across Europe. Thanks to our long-standing involvement in defence projects and our experience in developing solutions for air, marine and land forces, we are well-positioned to meet the sector's needs. There is also an increasing focus among sector stakeholders on collaboration and management systems. In this regard, Bouvet can build on the expertise and experience it has gained from its long-term engagement with NATO and the Norwegian Armed Forces, including the development of command and control solutions and management systems crucial for effective coordination of marine, air and land forces. Given our experience and the prospect of expanded budgets and investment, this sector is likely to provide the greatest growth and development going forward.
At the same time as activity levels are high in certain sectors, we are also seeing reduced activity in other market segments, partly due to increasing competition. We are therefore adapting our recruitment activities to reflect market demand for expertise and capacity. We are maintaining our strong recruitment and growth
focus in selected areas of expertise and experience, but are holding back in other areas. This has always been Bouvet's strength: adapting our growth to opportunities in the market.
I would like to thank all of my Bouvet colleagues for their individual contributions to our quarterly result. These are all equally important to our ongoing development.
I would also like to thank our clients for the opportunities they give us to help build the society of the future. Developing, improving and innovating is both our mission and our promise.
Thank you very much.
Per Gunnar Tronsli President and CEO
We can look back on a quarter in which Bouvet delivered a robust performance in a market that was characterised by continued strong demand in key sectors.
Financial results
Operating revenues
Bouvet's operating revenues totalled NOK 1 074.7 million in the first quarter of 2025, compared to NOK 1 015.7 million in the corresponding quarter of last year. This equates to a 5.8 per cent increase. Fee income from group employees totalled NOK 972.6 million in the quarter, up from NOK 911.1 million in Q1 2024. This corresponds to an increase of 6.7 per cent. Revenues generated by hired sub-consultants totalled NOK 87.1 million in the quarter, down 4.6 per cent on the first quarter of 2024. Other revenue in the quarter amounted to NOK 15.0 million, up 13.0 per cent compared to Q1 of last year.
Fee income from group employees increased by NOK 13.9 million as the average number of employees rose by 1.5 per cent year-on-year. The billing ratio was 1.6 percentage points lower than in Q1 2024, and this had a negative impact of NOK 19.7 million on fee income. The hourly rates charged by the group for time-based services were 4.0 per cent higher than in the first quarter of last year. This had a positive impact of NOK 36.7 million on fee income from group employees. There was one more working day in Q1
2025 than in Q1 2024, and this increased fee income from group employees by NOK 14.7 million. In addition, due to the scheduling of Easter employees took less holiday and other time off during the quarter, boosting fee income from group employees by NOK 9.9 million. Other effects such as sick leave, parental leave and project progress had a positive cumulative impact of NOK 6.0 million on fee income. All in all, fee income from group employees was NOK 61.5 million higher in the quarter than in the same quarter last year.
Overall, revenue from existing customers developed positively during the quarter. Clients who were also customers in Q1 2024 accounted for 97.6 per cent of operating revenues. In addition, new clients secured after the first quarter of 2024 contributed total operating revenues of NOK 26.5 million in Q1 2025.
Bouvet's strategy is to utilise its own employees in its service deliveries. In the event of capacity shortages, sub-consultants are used as permitted by applicable regulations. In Q1 2025, sub-consultants accounted for 8.1 per cent of total revenue, compared to 9.0 per cent in the first quarter of 2024.
Operating costs
Bouvet's total operating costs including depreciation and amortisation came to NOK 919.5 million in the first quarter of 2025, up from NOK 880.7 million in the first quarter of 2024. This represents an increase of 4.4 per cent. Personnel costs increased by 6.3 per cent, to NOK 740.6 million. The rise in personnel costs is attributable to an increase in the average number of employees, as well as general pay inflation, which in the group's case has amounted to 4.5 per cent over the past 12 months. Sub-consultant and re-invoiced costs totalled NOK 87.3 million in the first quarter of the year, compared to NOK 88.1 million in the first quarter of last year, and consisted mainly of purchases of sub-consulting services and the hiring of course instructors. Other operating costs amounted to NOK 67.1 million, compared to NOK 65.8 million in Q1 2024. Depreciation and amortisation totalled NOK 24.4 million, compared to NOK 30.3 million in the first quarter of 2024.
Operating profit
Operating profit (EBIT) totalled NOK 155.2 million Q1 2025, compared to NOK 135.0 million in the corresponding quarter of last year. The EBIT margin was thus 14.4 per cent, compared to 13.3 per cent in the same period in 2024. The quarterly post-tax profit amounted to NOK 121.0 million, up from NOK 105.2 million in Q1 2024. Diluted earnings per share for the quarter were NOK 1.16, compared to NOK 1.01 in the first quarter of last year.
Cash flow, liquidity and solvency
The group's cash flow from operations was NOK -34.6 million in the first quarter, compared to cash flow from operations of NOK 63.8 million in the first quarter of 2024. Quarterly cash flow was positively affected by a NOK 144.3 million increase in current liabilities, but negatively impacted by a NOK 323.8 million increase in current receivables. The group's cash flow from operations over the past 12 months amounts to NOK 760.7 million, while the post-tax profit for the same period is NOK 399.3 million.
The group's cash flow from investment activities during the quarter totalled NOK 4.0 million, comprising NOK -3.3 million invested in property, plant and equipment and NOK 7.3 million in received interest on bank deposits. In Q1 2024, the group's cash flow from investment activities amounted to NOK -5.3 million: NOK -9.4 million invested in property, plant and equipment, NOK -2 million invested in intangible assets and NOK 6.1 million in received interest on bank deposits.
The group's client portfolio consists mainly of large, solvent listed companies and public-sector organisations. The group did not register any material losses on receivables in the first quarter, and has good control over and insight into its receivables.
The group has no interest-bearing debt, and bank deposits totalled NOK 741.2 million at quarter-end, compared to NOK 499.3 million at the end of Q1 2024. The account containing employee tax deductions totalled NOK 56.4 million at the end of the quarter, meaning that available bank deposits amounted to NOK 684.8 million, compared to NOK 445.7 million at the end of the first quarter of 2024. The group had an unutilised overdraft facility of NOK 100.0 million at quarter-end. Bouvet held 922 017 treasury shares as at 31 March 2025. Equity totalled NOK 548.4 million at quarter-end, equating to an equity ratio of 27.1 per cent. The corresponding figure for Q1 2024 was NOK 547.6 million, equating to an equity ratio of 28.0 per cent.
Segment reporting
The group does not report separately on different business areas in internal reports. The group's operations are uniform and concentrated in the Scandinavian market for IT consulting services. Risks and return are monitored for the business as a whole, with reports being prepared for common markets, on a project basis and for individual consultants. Accordingly, the group operates with a single reportable operating segment.
Operating profit (EBIT)
Operating revenue NOK MILLION DRIFTSINNTEKTER
Continued strong demand from the oil, gas and renewables industry
The oil, gas and renewables industry is an important sector for Bouvet, accounting for 39.4 per cent of total revenue. Sales rose by 3.6 per cent compared to the same period in 2024. Client assignments involve the group's full range of services.
During the quarter, the group secured several new assignments for Aker BP. Aker BP aims to become the oil and gas company of the future, and believes that new digital technologies are important tools and a cornerstone of its strategy for achieving this objective. The assignments include developing a management model, making data and data products available, and developing tools for efficient management and planning of personnel and capacity. Other contract extensions and expansions were secured with Equinor and Offshore Norway.
Extensions and new contracts in the power sector
Digitalisation and innovation are important drivers in the power sector, which is known for both its longterm approach and effective digitalisation programmes. The sector demanded Bouvet's full range of services in the first quarter of 2025, in the form of both contract extensions and new assignments. Bouvet's sales in this sector accounted for 20.8 per cent of total quarterly revenue. This represents an increase of 8.3 per cent compared to Q1 2024.
During the quarter, Bouvet won assignments for Å Energi related to data engineering, user experience and testing. The pace of digitalisation in the sector is also illustrated by the extension of several assignments for Skagerak Energi. These assignments range from development of and technical architecture for a data platform to project management and consulting services.
Further examples of new assignments, new agreements and extensions signed during the quarter include ones with Statnett, Glitre Nett and Statkraft.
Increase in public-sector assignments
The public sector is digitalising at a rapid pace, and continued to demand the group's full range of services in the first quarter of the year. Clients in the public administration and defence sectors accounted for 18.7 per cent of total revenue in the quarter.
The extension of a contract with the Norwegian Ministry of Foreign affairs illustrates the high pace of digitalisation in the public sector. The agreement is with the Ministry of Foreign Affairs' digitalisation department, and encompasses low-code services and implementation of Microsoft 365. Another new assignment for the Norwegian Association of Local and Regional Authorities (KS) focuses on citizen services. In this project, Bouvet will deliver services in the area of system development.
Other new and extended contracts include agreements with the Norwegian Coastal Administration, the Norwegian Environment Agency, the Norwegian Ministry of Foreign Affairs, the Norwegian Labour Inspection Authority and the Norwegian Communications Authority.
Ongoing digitalisation outside Bouvet's largest sectors
Bouvet also registered a steady inflow of assignments from outside the group's primary sectors in Q1 2025. This is reflected in, for example, a framework agreement with the Norwegian Institute of Marine Research under which the group will provide system development, user experience, testing, project management, enterprise architecture, machine learning and artificial intelligence services. Digitalisation demand is also illustrated by assignments for Glencore Nikkelverk, including system development, data platform and consulting services.
Other new and extended agreements outside Bouvet's main sectors includes ones with Viking, Bane NOR, Vaktmesterkompaniet and Locus.
Progress and market
Despite a competitive market environment, both public- and private-sector clients showed robust demand for a broad range of Bouvet's services in the first quarter of the year, with technical expertise being a particular priority. While such demand primarily took the form of contract extensions and expansions due to the group's long-term, strategic partnerships with key industry stakeholders, several new agreements were also signed during the quarter.
Sectors
While global turmoil is impacting all of Bouvet's operational segments, the sectors in which the group's client base is most concentrated are among the sectors which are best-equipped to handle changes and resulting uncertainty. A common feature of clients in these sectors is that digitalisation is playing a crucial role in their development, security and value creation. In the first quarter, Bouvet secured extended and renewed agreements with clients including the Norwegian Armed Forces, the Norwegian National Courts Administration, Equinor, Statnett, Boliden and Innovation Norway.
- Revenue from customer 100% public owned: 47.4%
- Revenue from customer wholly or partially private owned: 52.6%
Health 1.3% Industry 3.4% Info and communication 2.1% Power supply 20.8% Public admin and defence 18.7% Oil, gas and renewable 39.4% Service industry 6.0% Transportation 4.4% Retail 2.6% Other 1.3%
Services
Interdisciplinary team deliveries accounted for the majority of assignments executed by Bouvet during the quarter, reflecting strong ongoing demand for many of Bouvet's services. Expectations regarding quality, security and direct business value remain high for all assignments and deliverables. Clients continue to request artificial intelligence-related services, requiring Bouvet to engage closely with the technology both in-house and during project execution.
A broad range of services tailored to complex market needs
Organisations in various sectors are having to adapt to a rapidly changing world. Such changes include technological advances, shifting framework conditions, security requirements and clients with high expectations as to user experience and quality. Problem-solving and the development of new services and products therefore require expertise in a wide range of disciplines.
To meet market demand, Bouvet provides a comprehensive range of services spanning from strategy, management and quality to platforms, insights and analysis. This includes services focused on artificial intelligence, data and architecture, modern system development, cloud and platform services, and services directly aimed at optimising the digital workplace. Design services are often an integral component of deliveries, and the group also provides management services which ensure quality, stability and security over time. The composition of such service offerings is tailored to individual client needs and challenges.
Several new assignments and agreements across Bouvet's service range
One new agreement which reflects the interdisciplinary needs of the market is a framework agreement entered into with the Norwegian Public Roads Administration for general IT support. Under the agreement, Bouvet will deliver services focused on system development and programming, project management and other project support functions, team and product management, IT architecture, testing, user experience and design.
A further framework agreement signed in the first quarter of the year is with Boliden Odda. This company has recently completed a significant facilities upgrade with the aim of boosting production and becoming the world's most environmentally friendly processing plant. Bouvet has been involved in the project since 2021. The agreement covers deliverables related to digitalisation and organisational development.
In Q1, Bouvet also won two new framework agreements with the Norwegian Water Resources and Energy Directorate. One agreement relates to model construction, while the other concerns ICT consulting services in the areas of development and management.
Highlights in the modern system development segment include a new framework agreement with Elvia and contract extensions with the Norwegian National Courts Administration. In the platform, insight and analysis segment, an agreement was signed with ENRX for the creation of a data platform. Contract extensions were also secured with Glitre Nett, concerning data platform services.
A new assignment centred on user experience was won during the quarter. In this project for the Norwegian Directorate for Higher Education and Skills, Bouvet will undertake the design and technical implementation of the Fagskolevelgeren tool. Bouvet has also developed a service for the same client which leverages generative AI to help young people choose their educational pathway. This service was the only one of 13 entries to receive an honourable mention at the User Experience Awards in Q1 2025.
There is also growing market demand for skillsdevelopment measures. The group's course business has registered particularly strong interest in artificial intelligence, product management, modern system architecture and design-driven innovation. Several courses on these topics were held during the quarter.
Employees
At quarter-end, Bouvet had 2 347 employees, down 13 from Q4 2024 and up 31 compared to Q1 2024.
Reflecting market demand, the group has adjusted its recruitment rate slightly in recent quarters. Recruitment in the first quarter therefore focused primarily on technical expertise in high-demand segments and more experienced candidates. Staff turnover remained low.
The general pace of digitalisation and market activity levels remain high. As a result, Bouvet can offer its staff societally beneficial and technically challenging projects which boost employee motivation and engagement. Assignments of this type also benefit the group's reputation in connection with recruitment.
The collective expertise of its employees is Bouvet's most important resource, and the company therefore invests in continuous skills development and expansion to ensure that it can meet the full range of its clients' needs at all times. Extensive resources are devoted to systematic skills development through in-house training programmes, technical courses and participation in external seminars and conferences.
Nevertheless, day-to-day assignment execution remains the group's most important arena for staff learning and development through the sharing of expertise. By fostering collaboration across projects, disciplines, teams and individual backgrounds, Bouvet ensures the dynamic and sustainable development of expertise which is firmly rooted in real client challenges.
The spring edition of Bouvet One, the group's internal professional development evening, was arranged in Q1, and was a great success from both a business and social perspective. Such initiatives reinforce a culture founded on generosity, curiosity and knowledge-sharing, which in turn facilitates professional cooperation, effective inter-disciplinary collaboration and a higher pace of innovation in line with client needs.
Skills-sharing in general played a key role during the quarter, both in-house and in dealings with clients and other stakeholders. In Q1, Bouvet organised 10 breakfast meetings and seminars for a total of 1 273 attendees. The seminars covered topics as diverse as succeeding with AI to how to respond to the Norwegian Police Security Service's threat assessment for 2025.
Number of employees (end of quarter)
Outlook
An unpredictable global situation means that organisations have to deal with unpredictable and shifting framework conditions, particularly with respect to financial budgets and security risks. The ability of organisations to innovate, digitalise and adapt is therefore becoming an increasingly important success factor. As a result, Bouvet's clients are communicating higher expectations, particularly regarding clear business value, security at all levels and delivery quality. To secure optimal expectation fulfilment, traditional supplier relationships are increasingly being transformed into more highly integrated partnerships. Demand for inter-disciplinary teams is increasing across all sectors.
Bouvet is a trusted supplier to the oil, gas, renewables and power supply sectors, having developed longstanding client relationships and executed numerous strategically important assignments over the years. These sectors are undergoing constant development, with digitalisation being seen as a key instrument for securing efficiency gains and increasing business value. Companies are particularly focused on securing cost-effective solutions through standardisation and reuse. They are also seeking to develop flexible solutions which can quickly be adapted to new business needs. Bouvet's deliveries help simplify complex processes and realise gains through the use of modern technology.
The public sector is successfully pursuing clear digitalisation objectives, driven by both regulatory requirements and societal needs. Bouvet is a natural partner in this respect thanks to its interdisciplinary expertise, in-depth domain knowledge and extensive experience of complex digitalisation projects. In this partner role, it is vital both that Bouvet focuses on the role of technology and that it understands and supports the societal mandates of individual organisations.
While activity levels declined slightly in other sectors in the first quarter of the year, due not least to increasing competition, Bouvet successfully secured contract renewals from several existing clients representing a range of sectors. This applies particularly to the total defence segment, in which Bouvet is helping organisations from various sectors to develop societally critical solutions requiring the full breadth of Bouvet's services.
Clients remain focused on safe implementation of artificial intelligence and generative AI to create value, with security and delivery quality being particular priorities. Bouvet has worked with these technologies for many years and is continually investing in skills development and proprietary systems and initiatives. The company is working with various clients to generate value using AI-based technologies. As technological developments accelerate, cloud platforms are becoming an increasingly important component of the digital infrastructure landscape.
Bouvet attaches high importance to the development and nurturing of its employees. Targeted investment in skills development and the promotion of a corporate culture which encourages collaboration and knowledgesharing enhance Bouvet's attractiveness as an employer and help the company secure and retain staff with the expertise demanded by the market. Combined with the group's client portfolio and other market conditions, this leaves Bouvet well-positioned and equipped for future recruitment and further growth in its operational sectors.
Statement of the board of directors and CEO
We declare that, to the best of our knowledge, the interim financial statements for the first quarter of 2025 have been prepared in accordance with IAS 34, and that the information in the financial statements provides a true and fair view of Bouvet ASA's overall assets, liabilities, financial position and results. We also declare that, to the best of our knowledge, the interim report provides a true and fair overview of important events during the accounting period and their impact on the interim financial statements, the most important risks and uncertainty factors facing the company in the next accounting period, and material transactions with related parties.
Oslo, 20 May 2025 The board of directors of Bouvet ASA
Sign.
| Sign. | Sign. |
|---|---|
| Pål Egil Rønn | Tove Raanes |
| Chair of the board | Deputy chair |
| Sign. | Sign. |
| Lill Hege Hals | Egil Christen Dahl |
| Director | Director |
Sverre Hurum Director
Sign.
Per Gunnar Tronsli President and CEO
Financial statements
| Consolidated income statement | 16 |
|---|---|
| Consolidated statement of other income and costs |
17 |
| Consolidated balance sheet | 18 |
| Consolidated statement of cash flows |
20 |
| Consolidated statement of changes in equity |
21 |
| Notes | 22 |
| Note 01 Accounting principles | 22 |
| Note 02 Revenue from contracts with customers | 23 |
| Note 03 Intangible assets | 24 |
| Note 04 Leases | 25 |
| Note 05 Share capital and dividend | 26 |
| Note 06 Transactions with related parties | 27 |
| Note 07 Events after the balance sheet date | 27 |
Consolidated income statement
| NOK 1 000 | Note | Unaudited Jan-Mar 2025 |
Unaudited Jan-Mar 2024 |
Change | Change % | Year 2024 |
|---|---|---|---|---|---|---|
| Revenue | 2 | 1 074 727 | 1 015 699 | 59 028 | 5.8% | 3 921 399 |
| Operating expenses | ||||||
| Cost of subcontractors and re-invoiced cost | 87 338 | 88 133 | -795 | -0.9% | 324 955 | |
| Personell expenses | 740 625 | 696 494 | 44 131 | 6.3% | 2 671 115 | |
| Depreciation fixed assets | 4 | 22 225 | 23 210 | -985 | -4.2% | 92 594 |
| Amortisation intangible assets | 3 | 2 194 | 7 055 | -4 861 | -68.9% | 27 837 |
| Other operating expenses | 67 111 | 65 842 | 1 269 | 1.9% | 314 537 | |
| Total operating expenses | 919 493 | 880 734 | 38 759 | 4.4% | 3 431 038 | |
| Operating profit | 155 234 | 134 965 | 20 269 | 15.0% | 490 361 | |
| Financial items | ||||||
| Interest income | 7 261 | 6 073 | 1 188 | 19.6% | 25 259 | |
| Financial income | 549 | 76 | 473 | 622.4% | 825 | |
| Interest expense | -5 780 | -6 005 | 225 | -3.7% | -23 664 | |
| Finance expense | -246 | -235 | -11 | 4.7% | -1 594 | |
| Net financial items | 1 784 | -91 | 1 875 | -2060.4% | 826 | |
| Ordinary profit before tax | 157 018 | 134 874 | 22 144 | 16.4% | 491 187 | |
| Income tax expense | ||||||
| Tax expense on ordinary profit | 36 024 | 29 723 | 6 301 | 21.2% | 107 745 | |
| Total tax expense | 36 024 | 29 723 | 6 301 | 21.2% | 107 745 | |
| Profit for the period | 120 994 | 105 151 | 15 843 | 15.1% | 383 442 | |
| Assigned to: | ||||||
| Shareholders in parent company | 120 994 | 105 418 | 383 442 | |||
| Non-controlling interests | 0 | -267 | 0 | |||
| Diluted earnings per share | 1.16 | 1.01 | 0.15 | 14.9% | 3.69 | |
| Earnings per share | 1.17 | 1.02 | 0.15 | 15.0% | 3.72 |
Consolidated statement of other income and costs
| Note | Unaudited Jan-Mar 2025 |
Unaudited Jan-Mar 2024 |
Change | Change % | Year 2024 |
|---|---|---|---|---|---|
| 120 994 | 105 151 | 15 843 | 15.1% | 383 442 | |
| 245 | -18 | 263 | -1452.0% | 64 | |
| 245 | -18 | 263 | -1452.0% | 64 | |
| 121 239 | 105 133 | 16 106 | 15.3% | 383 506 | |
| 121 239 | 105 400 | 383 506 | |||
| 0 | -267 | 0 | |||
Consolidated balance sheet
| Note | Unaudited 31.03.2025 |
Unaudited 31.03.2024 |
Change | Change % | 31.12.2024 |
|---|---|---|---|---|---|
| 15 577 | 9 724 | 5 853 | 60.2% | 13 052 | |
| 3 | 54 205 | 53 890 | 315 | 0.6% | 54 010 |
| 3 | 23 884 | 42 074 | -18 190 | -43.2% | 26 071 |
| 93 666 | 105 688 | -12 022 | -11.4% | 93 133 | |
| 38 660 | 35 490 | 3 170 | 8.9% | 39 788 | |
| 5 153 | 4 674 | 479 | 10.2% | 5 451 | |
| 22 009 | 26 062 | -4 053 | -15.6% | 22 929 | |
| 4 | 293 542 | 339 484 | -45 942 | -13.5% | 298 558 |
| 359 364 | 405 710 | -46 346 | -11.4% | 366 726 | |
| 2 038 | 2 235 | -197 | -8.8% | 2 013 | |
| 2 038 | 2 235 | -197 | -8.8% | 2 013 | |
| 455 068 | 513 633 | -58 565 | -11.4% | 461 872 | |
| 2 | 44 868 | 64 413 | -19 545 | -30.3% | 30 069 |
| 669 610 | 755 279 | -85 669 | -11.3% | 411 213 | |
| 113 988 | 123 542 | -9 554 | -7.7% | 63 336 | |
| 741 185 | 499 252 | 241 933 | 48.5% | 834 341 | |
| 1 569 651 | 1 442 486 | 127 165 | 8.8% | 1 338 959 | |
| NOK 1 000 | Note | Unaudited 31.03.2025 |
Unaudited 31.03.2024 |
Change | Change % | 31.12.2024 |
|---|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||||
| Equity | ||||||
| Paid-in capital | ||||||
| Share capital | 5 | 10 380 | 10 380 | 0 | 0.0% | 10 380 |
| Own shares - nominal value | 5 | -92 | -54 | -38 | 70.4% | -32 |
| Share premium | 179 | 179 | 0 | 0.0% | 179 | |
| Total paid-in capital | 10 467 | 10 505 | -38 | -0.4% | 10 527 | |
| Earned equity | ||||||
| Other equity | 537 932 | 532 262 | 5 670 | 1.1% | 454 317 | |
| Total earned equity | 537 932 | 532 262 | 5 670 | 1.1% | 454 317 | |
| Non-controlling interests | 0 | 4 807 | -4 807 | -100.0% | 0 | |
| Total equity | 548 399 | 547 574 | 825 | 0.2% | 464 844 | |
| Debt | ||||||
| Long-term debt | ||||||
| Lease liabilities | 238 852 | 275 108 | -36 256 | -13.2% | 242 839 | |
| Other provisions for obligations | 5 545 | 5 545 | 0 | 0.0% | 5 545 | |
| Total long-term debt | 244 397 | 280 653 | -36 256 | -12.9% | 248 384 | |
| Short-term debt Current lease liabilities |
75 225 | 72 509 | 2 716 | 3.7% | 72 921 | |
| Trade accounts payable | 97 913 | 114 085 | -16 172 | -14.2% | 80 760 | |
| Income tax payable | 103 117 | 80 391 | 22 726 | 28.3% | 115 405 | |
| Public duties payable | 349 352 | 325 328 | 24 024 | 7.4% | 332 084 | |
| Deferred revenue | 2 | 5 883 | 6 876 | -993 | -14.4% | 6 177 |
| Other short-term debt | 600 433 | 528 703 | 71 730 | 13.6% | 480 256 | |
| Total short-term debt | 1 231 923 | 1 127 892 | 104 031 | 9.2% | 1 087 603 | |
| Total liabilities | 1 476 320 | 1 408 546 | 67 774 | 4.8% | 1 335 987 | |
| TOTAL EQUITY AND LIABILITIES | 2 024 719 | 1 956 119 | 68 600 | 3.5% | 1 800 831 | |
Consolidated statement of cash flows
| NOK 1 000 | Note | Unaudited Jan-Mar 2025 |
Unaudited Jan-Mar 2024 |
Year 2024 |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Ordinary profit before tax | 157 021 | 134 874 | 491 186 | |
| Paid tax | -49 382 | -41 799 | -93 159 | |
| (Gain)/loss on sale of fixed assets | -68 | -30 | -98 | |
| Ordinary depreciation | 22 225 | 23 210 | 92 415 | |
| Amortisation intangible assets | 3 | 2 194 | 7 055 | 27 837 |
| Share based payments1 | 4 792 | 4 611 | 17 775 | |
| Changes in work in progress, accounts receivable and accounts payable | -256 043 | -143 926 | 201 159 | |
| Interest income and interest expenses | -7 089 | -5 905 | -24 245 | |
| Changes in other accruals1 | 91 756 | 85 754 | 128 242 | |
| Net cash flow from operating activities | -34 592 | 63 843 | 841 112 | |
| Cash flows from investing activities | ||||
| Sale of fixed assets | 78 | 34 | 185 | |
| Purchase of fixed assets | -3 334 | -9 460 | -29 751 | |
| Purchase of intangible assets | 3 | 0 | -1 977 | -6 750 |
| Received interest | 7 261 | 6 073 | 25 259 | |
| Net cash flow from investing activities | 4 005 | -5 330 | -11 057 | |
| Cash flows from financing activities | ||||
| Purchase of own shares | -43 679 | -21 634 | -50 185 | |
| Sales of own shares | 0 | 0 | 31 200 | |
| Payments interests on lease liabilities | -5 608 | -5 837 | -22 650 | |
| Payments on lease liabilities | 4 | -13 110 | -13 671 | -56 513 |
| Purchase from non-controlling interests | 0 | 0 | -4 917 | |
| Interest payments | -172 | -168 | -1 014 | |
| Dividend payments | 0 | 0 | -373 682 | |
| Net cash flow from financing activities | -62 569 | -41 310 | -477 761 | |
| Net changes in liquid assets | -93 156 | 17 204 | 352 293 | |
| Liquid assets at the beginning of the period | 834 341 | 482 048 | 482 048 | |
| Liquid assets at the end of the period | 741 185 | 499 252 | 834 341 | |
| Unused credit facilities | 100 000 | 100 000 | 100 000 |
1 The comparative figures for the first quarter of last year have been changed by TNOK 1 089 due to incorrect classification between share based payments and changes in other accruals.
Consolidated statement of changes in equity
| NOK 1 000 | Share capital |
Own shares |
Share premium |
Total paid-in equity |
Other equity |
Translation differences |
Total other equity |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 01.01.2024 | 10 380 | -19 | 179 10 540 442 362 | 398 442 760 | 5 074 458 374 | ||||
| Profit for the period | 0 105 418 | 105 418 | -267 105 151 | ||||||
| Other income and costs | 0 | -18 | -18 | -18 | |||||
| Purchase/sale of own shares (net) | -35 | -35 -21 599 | -21 599 | -21 634 | |||||
| Employee share scheme | 0 | 5 700 | 5 700 | 5 700 | |||||
| Equity at 31.03.2024 (Unaudited) | 10 380 | -54 | 179 10 505 531 881 | 380 532 262 | 4 807 547 574 | ||||
| Equity at 01.01.2025 | 10 380 | -32 | 179 10 527 453 856 | 462 454 317 | 0 464 844 | ||||
| Profit for the period | 0 120 994 | 120 994 | 120 994 | ||||||
| Other income and costs | 0 | 245 | 245 | 245 | |||||
| Purchase/sale of own shares (net) | -60 | -60 -43 618 | -43 618 | -43 678 | |||||
| Employee share scheme | 0 | 5 995 | 5 995 | 5 995 | |||||
| Equity at 31.03.2025 (Unaudited) | 10 380 | -92 | 179 10 467 537 227 | 707 537 932 | 0 548 399 |
Notes
Note 01 Accounting principles
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 2024.
The accounting policies applied are consistent with those applied in previous financial year.
Note 02 Revenue from contracts with customers
The Group is primarily delivering its services based on time and material used and has in most cases legal rights for payment for services delivered at date. In cases where the Group has income from projects with predefined results at a fixed price or which has elements causing the income per hour to be unknown before completion of the project, the income is recorded in correlation with the degree of completion. Progress is measured as incurred hours in relation to totally estimated hours. For these projects the customer controles the asset being made or improved.
Specification revenue
NOK 1 000 Jan-Mar 2025 Jan-Mar 2024 Contract category Fixed- and target price 877 772 Variable contracts 1 073 850 1 014 927 Total revenue 1 074 727 1 015 699 Business sector Health 13 798 12 564 Industry 35 992 40 320 Info and communication 22 818 36 829 Power supply 224 009 207 117 Public admin and defence 200 686 166 985 Oil, gas and renewable 423 642 409 619 Service industry 64 656 51 108 Transportation 47 167 43 512 Retail 28 160 26 290 Other 13 800 21 355 Total revenue 1 074 727 1 015 699 Public/privat sector Public sector (100% owned) 509 272 442 543 Privat sector 565 455 573 156 Total revenue 1 074 727 1 015 699
| NOK 1 000 | Jan-Mar 2025 | Jan-Mar 2024 | |
|---|---|---|---|
| Contract category | |||
| Fixed- and target price | 877 | 772 | |
| Variable contracts | 1 073 850 | 1 014 927 | |
| Total revenue | 1 074 727 | 1 015 699 | |
| Business sector | |||
| Health | 13 798 | 12 564 | |
| Industry | 35 992 | 40 320 | |
| Info and communication | 22 818 | 36 829 | |
| Power supply | 224 009 | 207 117 | |
| Public admin and defence | 200 686 | 166 985 | |
| Oil, gas and renewable | 423 642 | 409 619 | |
| Service industry | 64 656 | 51 108 | |
| Transportation | 47 167 | 43 512 | |
| Retail | 28 160 | 26 290 | |
| Other | 13 800 | 21 355 | |
| Total revenue | 1 074 727 | 1 015 699 | |
| Public/privat sector | |||
| Public sector (100% owned) | 509 272 | 442 543 | |
| Privat sector | 565 455 | 573 156 | |
| Total revenue | 1 074 727 | 1 015 699 | |
| Work in progress | 44 868 | 64 413 | |
| Deferred revenue | 5 883 | 6 876 |
At the balance sheet date, processed but not billed services amounted to NOK 45.00 million (2024.03.31: NOK 64.41 million). This is mainly services delivered on running account, invoiced to customers at the beginning of the next month.
Note 03 Intangible assets
Intangible assets and goodwill are related to added value from the acquisitions of subsidiaries, businesses, and costs related to development of software and internally developed internet homepage.
| NOK 1 000 | Software | Other intangible assets |
Goodwill | Jan-Mar | 2025 Software | Other intangible assets |
Goodwill | Jan-Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Book value 1 January | 25 711 | 358 | 54 011 80 081 | 48 257 | 1 864 | 53 871 103 993 | ||
| Tax refund (government grants) 2023 | 0 | -2 971 | -2 971 | |||||
| Self-developed software | 0 | 1 977 | 1 977 | |||||
| Amortisation | -2 143 | -52 | -2 194 | -5 813 | -1 243 | -7 055 | ||
| Exchange rate variances | 0 | 7 | 194 | 202 | 1 | 19 | 20 | |
| Book value end of period | 23 568 | 313 | 54 205 78 089 | 41 450 | 623 | 53 890 95 964 | ||
| not | not | |||||||
| Economic life | 3 years 5-10 years | decided | 2-5 years 5-10 years | decided | ||||
| Amortisation method | linear | linear | N/A | linear | linear | N/A |
The group has developed Sesam, a software as a service (SaaS). This software provides a stand-alone, generic data platform component – a master data hub which continuously exchanges data with the business' core systems. Sesam delivers a unique platform component which continually ensures optimal data quality and makes it simpler and faster to build cost-effective, value-enhancing solutions on the basis of the platform. It has been invested NOK 108 332 thousand, which is capitalised and amortised in modules. These modules have an expected service life of three years.
Note 04 Leases
Right-of-use-assets
| Lease of premises | ||
|---|---|---|
| NOK 1 000 | Jan-Mar 2025 | Jan-Mar 2024 |
| Book value 1 January | 298 558 | 316 468 |
| Additions/adjustments of the period | 11 427 | 40 167 |
| Depreciation | -16 555 | -17 166 |
| Exchange rate variances | 112 | 15 |
| Book value end of period | 293 542 | 339 484 |
| Economic life | 1-10 years | 1-10 years |
| Depreciation method | linear | linear |
Lease liabilities
| Future lease payments per year | |||||||
|---|---|---|---|---|---|---|---|
| NOK 1 000 | Future lease payments |
< 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years | |||||
| Undiscounted lease liabilities 31.03.2025 | 399 647 | 75 952 | 68 078 | 44 747 | 40 972 | 40 699 129 198 | |
| Future lease payments per year |
| NOK 1 000 | Future lease payments |
< 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years | |||||
|---|---|---|---|---|---|---|---|
| Undiscounted lease liabilities 31.03.2024 | 460 806 | 74 583 | 71 438 | 64 964 | 43 531 | 40 093 166 197 |
Note 05 Share capital and dividend
| Shares in thousands | 31.03.2025 | 31.03.2024 |
|---|---|---|
| Ordinary shares, nominal value NOK 0.10 | 103 801 | 103 801 |
| Total number of shares | 103 801 | 103 801 |
The nominal value of the share is NOK 0.10. All shares in the company have equal voting rights and are equally entitled to dividend.
Changes in share capital and premium
| No. of shares | Share capital | ||||
|---|---|---|---|---|---|
| NOK 1 000 | 31.03.2025 | 31.03.2024 | 31.03.2025 | 31.03.2024 | |
| Ordinary shares issued and fully paid at 31.12 | 103 801 | 103 801 | 10 380 | 10 380 | |
| Own shares at nominal value | -922 | -537 | -92 | -54 |
The group has a share scheme that includes all employees. In the period, Bouvet ASA, has acquired 603 385 own shares at an average price of NOK 72.39 per share. At the end of the period the holding of own shares is 922 017 shares.
Note 06 Transactions with related parties
Shares in the company directly or indirectly owned by the board and management
| No. of shares | |||||
|---|---|---|---|---|---|
| Name | Role | 31.12.2024 | Buy | Sale | 31.03.2025 |
| Pål Egil Rønn | Chairman of the Board | 60 000 | 60 000 | ||
| Tove Raanes | Vice-chairman of the Board | 16 950 | 16 950 | ||
| Egil Christen Dahl | Board member | 1 853 020 | 1 853 020 | ||
| Lill Hege Hals | Board member | 0 | 0 | ||
| Sverre Hurum | Board member | 3 115 610 | 3 115 610 | ||
| Per Gunnar Tronsli | CEO | 76 623 | 76 623 | ||
| Steffen Garder | CFO | 515 | 515 | ||
| Total | 5 122 718 | 0 | 0 | 5 122 718 |
Note 07 Events after the balance sheet date
There have been no other events after the balance sheet date significantly effecting the Group's financial position.
Key figures Group
| NOK 1 000 | Jan-Mar 2025 | Jan-Mar 2024 | Change % | Year 2024 |
|---|---|---|---|---|
| Income statement | ||||
| Operating revenue | 1 074 727 | 1 015 699 | 5.8% | 3 921 399 |
| EBITDA | 179 653 | 165 230 | 8.7% | 610 792 |
| Operating profit (EBIT) | 155 234 | 134 965 | 15.0% | 490 361 |
| Ordinary profit before tax | 157 018 | 134 874 | 16.4% | 491 187 |
| Profit for the period | 120 994 | 105 151 | 15.1% | 383 442 |
| EBITDA-margin | 16.7% | 16.3% | 2.8% | 15.6% |
| EBIT-margin | 14.4% | 13.3% | 8.7% | 12.5% |
| Balance sheet | ||||
| Non-current assets | 455 068 | 513 633 | -11.4% | 461 872 |
| Current assets | 1 569 651 | 1 442 486 | 8.8% | 1 338 959 |
| Total assets | 2 024 719 | 1 956 119 | 3.5% | 1 800 831 |
| Equity | 548 399 | 547 574 | 0.2% | 464 844 |
| Long-term debt | 244 397 | 280 653 | -12.9% | 248 384 |
| Short-term debt | 1 231 923 | 1 127 892 | 9.2% | 1 087 603 |
| Equity ratio | 27.1% | 28.0% | -3.2% | 25.8% |
| Liquidity ratio | 1.27 | 1.28 | -0.4% | 1.23 |
| Cash flow | ||||
| Net cash flow operations | -34 592 | 63 843 | -154.2% | 841 112 |
| Net free cash flow | -30 587 | 58 514 | -152.3% | 830 055 |
| Net cash flow | -93 156 | 17 204 | -641.5% | 352 293 |
| Cash flow margin | -3.2% | 6.3% | -151.2% | 21.4% |
| Share information | ||||
| Number of shares | 103 800 637 | 103 800 637 | 0.0% | 103 800 637 |
| Weighted average basic shares outstanding | 103 362 737 | 103 540 305 | -0.2% | 103 126 447 |
| Weighted average diluted shares outstanding | 104 294 190 | 104 415 377 | -0.1% | 104 007 681 |
| EBIT per share | 1.50 | 1.31 | 14.9% | 4.75 |
| Diluted EBIT per share | 1.49 | 1.30 | 14.9% | 4.71 |
| Earnings per share | 1.17 | 1.02 | 15.0% | 3.72 |
| Diluted earnings per share | 1.16 | 1.01 | 14.9% | 3.69 |
| Equity per share | 5.28 | 5.28 | 0.2% | 4.48 |
| Dividend per share | 0.00 | 0.00 | N/A | 3.60 |
| Employees | ||||
| Number of employees (year end) | 2 347 | 2 316 | 1.3% | 2 360 |
| Average number of employees | 2 352 | 2 317 | 1.5% | 2 345 |
| Operating revenue per employee | 457 | 438 | 4.2% | 1 672 |
| Operating cost per employee | 391 | 380 | 2.8% | 1 463 |
| EBIT per employee | 66 | 58 | 13.3% | 209 |
Alternative Performance Measures
The European Securities and Markets Authority ("ESMA") issued guidelines on Alternative Performance Measures ("APMs") that came into force on July 3, 2016. Bouvet discloses APMs that are frequently used by investors, analysts, and other interested parties. The management believes that the disclosed APMs provide improved insight into the operations, financing, and prospects of Bouvet. Bouvet has defined the following APMs:
EBITDA is short for earnings before interest, taxes, depreciation, and amortization. EBITDA is calculated as profit for the period before tax expense, financial items, depreciation, and amortization.
EBIT is short for earnings before interest and taxes. EBIT corresponds to operating profit in the consolidated income statement.
Net free cash flow is calculated as net cash flow from operations plus net cash flow from investing activities.
EBITDA-margin is calculated as EBITDA divided by revenue.
EBIT-margin is calculated as EBIT divided by revenue.
Cash flow margin is calculated as Net cash flow from operations divided by revenue.
Equity ratio is calculated as total equity divided by total assets.
Liquidity ratio is calculated as current assets divided by short-term debt.
Definitions
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
|---|---|
| EBIT | Operating profit |
| EBITDA-margin | EBITDA / operating revenue |
| EBIT-margin | EBIT / operating revenue |
| Equity ratio | Equity / total assets |
| Liquidity ratio | Current assets / Short-term debt |
| Net free cash flow | Net cash flow operations - Net cash flow investments |
| Cash flow margin | Net cash flow operations / Operating revenue |
| Number of shares | Number of issued shares at the end of the year |
| 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 |
| EBIT per share | EBIT assigned to shareholders in parent company / weighted average basic shares outstanding |
| Diluted EBIT per share | EBIT assigned to shareholders in parent company / weighted average diluted shares outstanding |
| Earnings per share | Profit for the period assigned to shareholders in parent company / weighted average basic shares outstanding |
| Diluted earnings per share | Profit for the period assigned to shareholders in parent company / weighted average diluted shares outstanding |
| Equity per share | Equity / number of shares |
| Dividend per share | Paid dividend per share througout the year |
| Operating revenue per employee | Operating revenue / average number of employees |
| Operating cost per employee | Operating cost / average number of employees |
| EBIT per employee | EBIT / average number of employees |
Our regions and offices
The group has 16 offices in Norway and Sweden. Our philosophy is that competence should be utilised across the group, while projects are entrenched locally.
| Regions | Employees |
|---|---|
| Akershus, Buskerud and Innlandet |
109 |
| Bergen | 180 |
| North | 216 |
| Rogaland | 919 |
| Sweden | 54 |
| South | 130 |
| East | 693 |
| Group services | 46 |
Our offices
Oslo
Sørkedalsveien 8 NO-0369 Oslo P.O. Box 5327 Majorstuen NO-0304 Oslo Tel: (+47) 23 40 60 00
Arendal
Frolandsveien 6 NO-4847 Arendal Tel: (+47) 23 40 60 00
Bergen
Solheimsgaten 15 NO-5058 Bergen Tel: (+47) 55 20 09 17
Drammen
Doktor Hansteins gate 13 NO-3044 Drammen Tel: (+47) 23 40 60 00
Førde
Elvevegen 13 NO-6800 Førde Tel: (+47) 55 20 09 17
Grenland
Hydrovegen 55 NO-3936 Porsgrunn Tel: (+47) 23 40 60 00
Haugesund
Diktervegen 8 NO-5538 Haugesund Tel: (+47) 52 82 10 17
Innlandet
Løvstadvegen 7 NO-2312 Ottestad Tel: (+47) 23 40 60 00
Kristiansand
Kjøita 6 NO-4630 Kristiansand Tel: (+47) 23 40 60 00 Sandefjord
Fokserødveien 12 NO-3241 Sandefjord Tel: (+47) 23 40 60 00
Sandvika
Malmskriverveien 18 NO-1337 Sandvika Tel: (+47) 23 40 60 00
Stavanger
Laberget 28 NO-4020 Stavanger P.O. Box 130 NO-4065 Stavanger Tel: (+47) 51 20 00 20
Trondheim
Professor Brochs gate 14 NO-7030 Trondheim Tel: (+47) 23 40 60 00
Tromsø
Kirkegata 1 NO-9008 Tromsø Tel: (+47) 73 53 70 00
Stockholm
Mäster Samuelsgatan 42 SE-111 57 Stockholm Tel: (+ 46) 0 771 611 100
Örebro
Kungsgatan 1 SE-702 11 Örebro Tel: (+46) 0 709 431 411 Intro Quarterly report Financials