Earnings Release • Feb 17, 2017
Earnings Release
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Bouvet is a consultancy delivering digital services. At 31 December, it had 1 090 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 become acquainted with the client's business and systems.
As a result of the clear attention it pays to principles for managing the business, Bouvet comes across as a solid, wellrun 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 | OKT-DES 2016 | OKT-DES 2015 | CHANGE % | JAN-DES 2016 | JAN-DES 2015 | CHANGE % |
|---|---|---|---|---|---|---|
| Revenue | 382,3 | 333,0 | 14,8 % | 1 330,8 | 1 232,5 | 8,0 % |
| Operating profit (EBIT) | 32,9 | 26,1 | 26,0 % | 106,3 | 99,4 | 7,0 % |
| Ordinary profit before tax | 33,2 | 27,1 | 22,7 % | 106,0 | 101,8 | 4,2 % |
| Profit for the period | 26,3 | 20,7 | 27,3 % | 79,9 | 74,7 | 6,9 % |
| Net cash flow operations | 118,4 | 99,8 | 18,7 % | 113,5 | 127,9 | -11,3 % |
| Cash and cash equivalents | 165,9 | 174,3 | -4,8 % | 165,9 | 174,3 | -4,8 % |
| Number of employees (end of period) | 1 090 | 1 036 | 5,2 % | 1 090 | 1 036 | 5,2 % |
| Number of employees (average) | 1 087 | 1 033 | 5,2 % | 1 050 | 1 016 | 3,3 % |
| Earnings per share | 2,57 | 2,01 | 27,9 % | 7,76 | 7,21 | 7,5 % |
| Diluted earnings per share | 2,54 | 1,98 | 28,0 % | 7,66 | 7,12 | 7,5 % |
| EBIT-margin | 8,6 % | 7,8 % | 8,0 % | 8,1 % | ||
| Equity ratio | 32,9 % | 35,9 % | 32,9 % | 35,9 % |
Bouvet had operating revenues of NOK 382.3 million for the fourth quarter, compared with NOK 333 million in the same period of 2015. That represented a rise of 14.8 per cent. Fee income generated by the group's own consultants increased by NOK 31.3 million or 11.2 per cent from the fourth quarter of last year. Revenues generated by sub-contractors rose by NOK 22.4 million or 67.7 per cent over the same period. This growth relates primarily to Bouvet Sweden's agreement with the Swedish Legal, Financial and Administrative Services Agency. Other revenues were NOK 15,8 million, compared with NOK 20.3 million in the fourth quarter of 2015.
Operating revenues were boosted by an increase of 1.9 percentage points in the billing ratio for the group's consultants compared with the fourth quarter of 2015. They also grew because the average number of employees rose by 5.2 per cent and rates for the group's hourly based services were up by 0.8 per cent from the fourth quarter of 2015. Furthermore, the quarter contained an additional working day compared with the same period of 2015.
Operating revenues for the full year came to NOK 1 330.8 million, up by eight per cent from NOK 232.5 million in 2015. Fee income generated by the group's own consultants during fiscal 2016 increased by NOK 57.5 million or 5.5 per cent from the year before. Revenues generated by sub-contractors rose by NOK 46.2 million or 38.2 per cent over the same period. The full-year increase for sub-contractors again relates to Bouvet Sweden's agreement with the Swedish Legal, Financial and Administrative Services Agency. Other revenue were NOK 56.6 million, compared with NOK 62 million in 2015.
Rates for the group's hourly based services increased by 0.6 per cent over the full year compared with 2015. The billing ratio for the group's consultants was unchanged from the year before. Operating revenues from sales of services provided by sub-contractors came to NOK 167.1 million, up by NOK 46.2 million or 38.2 per cent from 2015. A 3.3 per
cent increase in the average number of employees from 2015 contributed to an overall rise of eight per cent in operating revenues.
Viewed overall, sales to existing clients made good progress during the quarter. Clients who also used the group in the fourth quarter of 2015 accounted for 87.8 per cent of operating revenues. In addition, clients acquired since 31 December 2015 contributed a total of NOK 46.3 million to fourth-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 14.5 per cent in the fourth quarter, compared with 10 per cent in the same period of 2015. For the full year, these proportions were 12.6 per cent and 9.8 per cent respectively
Bouvet's operating costs, including depreciation and amortisation, were NOK 349.4 million for the fourth quarter, up from NOK 306.9 million in the same period of 2015. That represented an increase of 13.8 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 59.4 million, compared with NOK 42.7 million for the fourth quarter of 2015, and primarily comprised procurement of sub-contractor services and software as well as the hire of course instructors. The rise in such costs related primarily to the purchase of sub-contractor services. Other operating expenses grew by 9.7 per cent from the same period of 2015 to NOK 39.2 million. This increase from the fourth quarter of 2015 primarily reflected costs related to moving to new premises and totalled NOK 3.3 million. The group also experienced some increase in recruitment-related costs.
NOK MILLION
Operating costs for the full year rose by 8.1 per cent from 2015.
Personnel costs also increased for 2016 as a whole, primarily because of the growth in the number of employees. They were up by NOK 49.2 million or 5.8 per cent from 2015, while the average number of employees rose by 3.3 per cent. The cost of sales rose by NOK 34.8 million or 23.5 per cent over the year, again as a result of increased purchases of sub-contractor services. Other operating expenses rose by NOK 6.4 million or 5.2 per cent to reach NOK 129.6 million for the full year. For the full year, the increase again primarily reflected costs related to moving to new premises. In addition, the group experienced some rise in costs related to cloud services.
Operating profit (EBIT) for the fourth quarter came to NOK 32.9 million, up by 26 per cent from NOK 26.1 million in the same period of 2015. The EBIT margin thereby rose from 7.8 per cent in the fourth quarter of the year before to 8.6 per cent. Net profit came to NOK 26.3 million, compared with NOK 20,7 million in the same period of 2015. Diluted earnings per share were NOK 2.54, compared with NOK 1.98 in the fourth quarter of 2015.
Cumulative operating profit for the full year was NOK 106.3 million, compared with NOK 99.4 million in 2015. That represents an increase of seven per cent. The EBIT margin was eight per cent, compared with 8.1 per cent the year before. Net profit came to NOK 79.9 million for the full year, giving diluted earnings per share of NOK 7.66 as against NOK 74.7 million and NOK 7.12 respectively in 2015.
Consolidated cash flow from operations was NOK 118.4 million for the fourth quarter, compared with NOK 99.8 million in the same period of 2015. Cash flow for the quarter was affected positively by a reduction of NOK 0.3 million in current receivables from the third quarter of 2016. Current liabilities rose by NOK 84.6 million from the third quarter, which also had a positive effect on cash flow.
For the full year, consolidated cash flow from operations was NOK 113.5 million, compared with NOK 127.9 million in 2015. An increase of NOK 46.9 million in current liabilities from the year before had a positive effect on cash flow, while a rise of NOK 32.2 million in working capital related to client receivables and work in progress had a negative impact.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No significant bad debts were suffered in the fourth quarter, and the group has good oversight and control of its receivables.
The group has no interest-bearing debt. Bank deposits at 31 December totalled NOK 165.9 million, compared with NOK 174.3 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 31 December. Bouvet held 98 682 of its own shares at 31 December. Equity at 31 December totalled NOK 176.2 million, representing an equity ratio of 32.9 per cent. The corresponding figures for 31 December 2015 were an equity of NOK 174,6 million and an equity ratio of 35.9 per cent. Bouvet's long-term target is to maintain an equity ratio in excess of 30 per cent.
The board proposes that a dividend of NOK 71.8 million, corresponding to NOK 7.00 per share, be paid for 2016.
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 market is good, with digitalisation in the spotlight. Bouvet has good long-term customer relationships and is closely integrated in the digital transformation of its clients. New and existing clients have shown increased confidence in the company during the quarter. Client and company jointly develop services which provide an optimum customer experience and adopt technology to achieve efficiency gains.
Bouvet keeps abreast of the trends. In that context, it has launched a commitment to AI and machine learning which has generated a number of new enquiries. HAUGESUND STAVANGER
The EU's general data protection regulation (GDPR) comes into force on 25 May 2018. During the quarter, Bouvet developed services in collaboration with the Føyen Torkildsen law firm in order to advise its clients about the way their business will be affected by the regulation. HAUGESUND STAVANGER FORUS BERGEN
Demand in the market is good, and all the regions are devoting attention to recruitment.
ARENDAL SANDEFJORD KRISTIANSAND SKIEN The region experienced strong demand during the quarter. Bouvet is implementing a number of digitalisation projects and development assignments for many clients. Devoting attention to self-service and efficiency improvements has
increased the supply of projects at the same time as growth is seen in e-commerce.
TRONDHEIM ÖREBRO STOCKHOLM In addition to traditional services, a marked change was noted during the quarter with interest in and the need for expertise on machine learning and AI.
Big clients during the quarter included the armed forces, the State Agency for the Recovery of Fines, Damages and Costs, the City of Oslo, the police and the Norwegian Directorate for Children, Youth and Family Affairs (Bufdir). HAUGESUND
In addition to open programmes, the course department saw an increase in demand for and implemented a number of internal company courses specially tailored to the individual business.
BERGEN The region experienced a growing volume of assignments involving digitalisation from many clients during the quarter. Its size and reputation have meant increased market share for the region in the oil and gas sector as well OSLO SANDVIKA STAVANGER FORUS
as a number of assignments in other sectors.
OSLO SANDVIKA Among important clients during the quarter were Altibox, Eni Norge, Statoil, VNG and Nortura.
ARENDAL KRISTIANSAND Bouvet's Olavstoppen subsidiary delivers services related to digital communication and collaborates closely with the rest of the organisation in the region. A number of new and highly interesting contracts were secured during the quarter.
ÖREBRO STOCKHOLM A high level of activity was enjoyed by the region during the quarter. Both new and existing clients extended contracts and placed orders for new assignments.
Where clients are concerned, mention can be made of the Norwegian University of Science and Technology (NTNU), the Directorate of Mining, the Norwegian Environment Agency, the Norwegian Courts Administration, the Brønnøysund Register Centre, the Northern and Central Norway Regional Health Authorities, Danske Bank, Statoil, Aker BP and Stamina Group.
This region maintains long-term client relationships and delivers digitalisation services to large private- and publicsector enterprises.
Clients include the city of Bergen,
Statoil, Sparebanken Vest, Skandiabanken, the Western Norway Regional Health Authority ICT, Skyss, the Western Norway University of Applied Sciences and TV2.
ARENDAL SANDEFJORD KRISTIANSAND Bouvet's delivery of software robots to the city of Bergen attracted great attention nationally during the quarter and was presented at the Norwegian conference for ICT in the public sector (Nokios) in Trondheim.
Bouvet's good deliveries led to an increased number of assignments from new and existing clients. The region's leading-edge expertise in IT security has been in demand from clients throughout Norway.
Important clients in the region include Agder Energi, Statoil Procosys, DSB, Yara and Telenor.
Bouvet took over the Ciber Sweden AB business on 1 October, and thereby doubled its delivery capacity in Stockholm. This acquisition also brought the region new clients and management agreements.
A high level of activity was experienced during the quarter under the frame agreement with the Legal, Financial and Administrative Services Agency. Among clients who extended or expanded their contracts were the Swedish Social Insurance Agency and the armed forces.
Other important clients include Stockholm county council (SLL), Tunstall, Verisure and Ikea.
Sesam develops and sells an integration platform. This is delivered in an "integration platform as a service" (iPaaS) model, either in the cloud or locally at the client. It acquires data in an easy way from different sources and integrates them in a hub which serves as a common data source for other systems.
Clients during the quarter included Dolphin Drilling, Bane NOR, Statnett and Hafslund.
Bouvet had 1 090 employees at 31 December, an increase of 45 from 30 September and 54 from the same date in 2015. The company works continuously to create job satisfaction, professional development, social cohesion and team spirit among a workforce covering 45 different nationalities at 14 offices in Norway and Sweden. Bouvet's ambition is to be the consultancy with the most satisfied employees. That in turn will contribute to the quality of deliveries, satisfied clients and lower staff turnover.
Risk
The group is exposed at any given time to various forms of operational, market and financial risk. The board and executive management work continuously on risk management and control. This is described in more detail under
Conducted during the fourth quarter under the auspices of the Great Place to Work Institute, the annual employee survey yielded very positive results. Ninety per cent of those polled described Bouvet, all things considered, as a great place to work.
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.
Digital change, innovation and efficiency improvement are extremely relevant and central to Bouvet's everyday work. A market characterised by constant change makes demands for value creation and efficient organisation. Technology trends provide enterprises with opportunities to think anew. Sectors have varying degrees of technological maturity and target attainment, and their approach to digitalisation is a combination of market- and technology-driven trends.
Bouvet's regional model, diversified client portfolio, broad range of services, knowledge of technology trends and users, and experience means that it can be a partner in this development. That creates trust and long-term client relations.
Bouvet is therefore well positioned for further 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 fourth quarter of 2016 and the preliminary financial statements for the period from 1 January to 31 December 2016 have been prepared in accordance with IAS 34, and that the information in the financial statements provides a true and fair picture of the overall assets, liabilities, financial position and financial results of the Bouvet ASA group. We also confirm to the best of our knowledge that the interim report provides a true and fair view of important events in the accounting period and their influence on the interim financial statements, the most important risk and uncertainty factors facing the business in the next accounting period, and significant transactions with close associates.
Oslo 17 February 2017 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 OKT-DES 2016 |
UNAUDITED OKT-DES 2015 |
CHANGE | CHANGE % | UNAUDITED JAN-DES 2016 |
JAN-DES 2015 |
CHANGE | CHANGE % |
|---|---|---|---|---|---|---|---|---|
| REVENUE | 382 261 | 333 020 | 49 241 | 14,8 % | 1 330 811 | 1 232 486 | 98 325 | 8,0 % |
| OPERATING EXPENSES | ||||||||
| Cost of sales | 59 375 | 42 650 | 16 725 | 39,2 % | 183 002 | 148 200 | 34 802 | 23,5 % |
| Personell expenses | 246 672 | 225 152 | 21 520 | 9,6 % | 897 355 | 848 200 | 49 155 | 5,8 % |
| Depreciation fixed assets | 2 510 | 2 429 | 81 | 3,3 % | 10 001 | 10 032 | -31 | -0,3 % |
| Amortisation intangible assets | 1 617 | 958 | 659 | 68,8 % | 4 588 | 3 505 | 1 083 | 30,9 % |
| Other operating expenses | 39 176 | 35 703 | 3 473 | 9,7 % | 129 567 | 123 195 | 6 372 | 5,2 % |
| Total operating expenses | 349 350 | 306 892 | 42 458 | 13,8 % | 1 224 513 | 1 133 132 | 91 381 | 8,1 % |
| Operating profit | 32 911 | 26 128 | 6 783 | 26,0 % | 106 298 | 99 354 | 6 944 | 7,0 % |
| FINANCIAL ITEMS | ||||||||
| Other interest income | 168 | 571 | -403 | -70,6 % | 1 315 | 2 074 | -759 | -36,6 % |
| Other financial income | 272 | 561 | -289 | -51,5 % | 553 | 1 166 | -613 | -52,6 % |
| Other interest expense | -82 | -4 | -78 | N/A | -265 | -272 | 7 | -2,6 % |
| Other finance expense | -69 | -203 | 134 | -66,0 % | -1 852 | -552 | -1 300 | 235,5 % |
| Net financial items | 289 | 925 | -636 | -68,8 % | -249 | 2 416 | -2 665 | -110,3 % |
| Ordinary profit before tax | 33 200 | 27 053 | 6 147 | 22,7 % | 106 049 | 101 770 | 4 279 | 4,2 % |
| Income tax expense | ||||||||
| Tax expense on ordinary profit | 6 886 | 6 388 | 498 | 7,8 % | 26 164 | 27 032 | -868 | -3,2 % |
| Total tax expense | 6 886 | 6 388 | 498 | 7,8 % | 26 164 | 27 032 | -868 | -3,2 % |
| Profit for the period | 26 314 | 20 665 | 5 649 | 27,3 % | 79 885 | 74 738 | 5 147 | 6,9 % |
| Assigned to: | ||||||||
| Shareholders in parent company | 25 926 | 20 403 | 78 887 | 73 639 | ||||
| Non-controlling interests | 388 | 262 | 998 | 1 099 |
| NOK 1 000 | UNAUDITED OKT-DES 2016 |
UNAUDITED OKT-DES 2015 |
CHANGE | CHANGE % | UNAUDITED JAN-DES 2016 |
JAN-DES 2015 |
CHANGE | CHANGE % |
|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods |
||||||||
| Currency translation differences | 100 | 57 | 43 | 75,8 % | -346 | 41 | -387 | -946,0 % |
| Sum other income and costs | 100 | 57 | 43 | 75,8 % | -346 | 41 | -387 | -946,0 % |
| Profit for the period | 26 314 | 20 665 | 5 649 | 27,3 % | 79 885 | 74 738 | 5 147 | 6,9 % |
| Total profit | 26 414 | 20 722 | 5 692 | 27,5 % | 79 539 | 74 779 | 4 760 | 6,4 % |
| Assigned to: | ||||||||
| Shareholders in parent company | 26 026 | 20 460 | 78 542 | 73 679 | ||||
| Non-controlling interests | 388 | 262 | 998 | 1 099 | ||||
| Diluted earnings per share | 2,54 | 1,98 | 0,56 | 28,0 % | 7,66 | 7,12 | 0,53 | 7,5 % |
| Earnings per share | 2,57 | 2,01 | 0,56 | 27,9 % | 7,76 | 7,21 | 0,54 | 7,5 % |
| NOK 1 000 | UNAUDITED 31.12.2016 |
31.12.2015 | CHANGE | CHANGE % |
|---|---|---|---|---|
| ASSETS | ||||
| NON-CURRENT ASSETS | ||||
| INTANGIBLE ASSETS | ||||
| Deferred tax asset | 0 | 368 | -368 | -100,0 % |
| Goodwill | 32 782 | 27 909 | 4 873 | 17,5 % |
| Other intangible assets | 25 032 | 17 414 | 7 618 | 43,7 % |
| Total intangible assets | 57 814 | 45 691 | 12 123 | 26,5 % |
| FIXED ASSETS | ||||
| Office equipment | 13 430 | 8 685 | 4 745 | 54,6 % |
| Office machines and vehicles | 3 283 | 2 417 | 866 | 35,8 % |
| IT equipment | 14 949 | 10 526 | 4 423 | 42,0 % |
| Total fixed assets | 31 662 | 21 628 | 10 034 | 46,4 % |
| FINANCIAL NON-CURRENT ASSETS | ||||
| Other long-term receivables | 11 | 11 | 0 | 0,0 % |
| Total financial non-current assets | 11 | 11 | 0 | 0,0 % |
| Total non-current assets | 89 487 | 67 330 | 22 157 | 32,9 % |
| CURRENT ASSETS | ||||
| Work in progress | 97 728 | 80 193 | 17 535 | 21,9 % |
| Trade accounts receivable | 159 133 | 144 463 | 14 670 | 10,2 % |
| Other short-term receivables | 23 684 | 19 928 | 3 756 | 18,8 % |
| Cash and cash equivalents | 165 884 | 174 300 | -8 416 | -4,8 % |
| Total current assets | 446 429 | 418 884 | 27 545 | 6,6 % |
| TOTAL ASSETS | 535 916 | 486 214 | 49 702 | 10,2 % |
| NOK 1 000 | UNAUDITED 31.12.2016 |
31.12.2015 | CHANGE | CHANGE % |
|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
| PAID-IN CAPITAL | ||||
| Share capital | 10 250 | 10 250 | 0 | 0,0 % |
| Own shares - nominal value | -99 | -31 | -68 | 219,4 % |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % |
| Total paid-in capital | 20 151 | 20 219 | -68 | -0,3 % |
| EARNED EQUITY | ||||
| Other equity | 152 378 | 150 998 | 1 380 | 0,9 % |
| Total earned equity | 152 378 | 150 998 | 1 380 | 0,9 % |
| Non-controlling interests | 3 629 | 3 401 | 228 | 6,7 % |
| Total equity | 176 158 | 174 618 | 1 540 | 0,9 % |
| DEBT | ||||
| LONG-TERM DEBT | ||||
| Deferred tax | 1 521 | 0 | 1 521 | N/A |
| Other provisions for obligations | 57 | 285 | -228 | -80,0 % |
| Total long-term debt | 1 578 | 285 | 1 293 | 453,7 % |
| SHORT-TERM DEBT | ||||
| Trade accounts payable | 61 128 | 34 643 | 26 485 | 76,5 % |
| Income tax payable | 21 944 | 27 109 | -5 165 | -19,1 % |
| Public duties payable | 126 258 | 118 539 | 7 719 | 6,5 % |
| Other short-term debt | 148 850 | 131 020 | 17 830 | 13,6 % |
| Total short-term debt | 358 180 | 311 311 | 46 869 | 15,1 % |
| Total liabilities | 359 758 | 311 596 | 48 162 | 15,5 % |
| TOTAL EQUITY AND LIABILITIES | 535 916 | 486 214 | 49 702 | 10,2 % |
| NOK 1 000 | UNAUDITED OKT-DES 2016 |
UNAUDITED OKT-DES 2015 |
UNAUDITED JAN-DES 2016 |
JAN-DES 2015 |
|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Ordinary profit before tax | 33 200 | 27 053 | 106 049 | 101 770 |
| Paid tax | -2 766 | 4 639 | -27 016 | -23 247 |
| (Gain)/loss on sale of fixed assets | 1 261 | 1 | 1 257 | -106 |
| Ordinary depreciation | 2 510 | 2 429 | 10 001 | 10 032 |
| Amortisation intangible assets | 1 617 | 958 | 4 588 | 3 505 |
| Share based payments | 1 472 | 1 415 | 5 826 | 5 430 |
| Changes in work in progress, accounts receivable and accounts payable | 29 826 | 19 551 | -5 720 | 11 008 |
| Changes in other accruals | 51 310 | 43 731 | 18 479 | 19 483 |
| Net cash flow from operating activities | 118 430 | 99 776 | 113 465 | 127 874 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Sale of fixed assets | 275 | 30 | 405 | 175 |
| Purchase of fixed assets | -14 996 | -1 796 | -21 696 | -7 383 |
| Purchase of intangible assets | -1 915 | -1 575 | -9 191 | -5 635 |
| Purchase of business | -7 343 | 0 | -7 343 | 0 |
| Net cash flow from investing activities | -23 980 | -3 342 | -37 826 | -12 842 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Purchase of own shares | 0 | 0 | -25 095 | -14 880 |
| Sales of own shares | 8 436 | 7 702 | 8 436 | 7 702 |
| Dividend payments | 0 | 0 | -67 395 | -52 122 |
| Net cash flow from financing activities | 8 436 | 7 702 | -84 054 | -59 300 |
| Net changes in cash and cash equivalents | 102 886 | 104 137 | -8 416 | 55 732 |
| Cash and cash equivalents at the beginning of the period | 62 998 | 70 163 | 174 300 | 118 568 |
| Cash and cash equivalents at the end of the period | 165 884 | 174 300 | 165 884 | 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 | 73 679 | 1 099 | 74 779 | |||
| Purchase/sale of own shares (net) | -11 | -11 | -7 099 | -7 111 | |||
| Employee share scheme | 0 | 5 541 | 5 541 | ||||
| Dividend | 0 | -51 250 | -872 | -52 122 | |||
| Equity at 31.12.2015 | 10 250 | -31 | 10 000 | 20 219 | 150 998 | 3 401 | 174 618 |
| Equity at 01.01.2016 | 10 250 | -31 | 10 000 | 20 219 | 150 998 | 3 401 | 174 618 |
| Total comprehensive income | 0 | 78 542 | 998 | 79 539 | |||
| Purchase/sale of own shares (net) | -68 | -68 | -16 592 | -16 660 | |||
| Employee share scheme | 0 | 6 055 | 6 055 | ||||
| Dividend | 0 | -66 625 | -770 | -67 395 | |||
| Equity at 31.12.2016 (Unaudited) | 10 250 | -99 | 10 000 | 20 151 | 152 378 | 3 629 | 176 158 |
The group made no changes to the accounting principles applied in 2016. This interim report is presented in accordance with the International Financial Reporting Standards (IFRS) and interpretations determined by the European Union, and have been prepared in accordance with IAS 34. The interim financial statements have not been audited, do not include all the information required in annual financial statements and should be viewed in conjunction with the group's annual report for 2015.
| NOK 1 000 | OKT-DES 2016 | OKT-DES 2015 | CHANGE % | JAN-DES 2016 | JAN-DES 2015 | CHANGE % |
|---|---|---|---|---|---|---|
| INCOME STATEMENT | ||||||
| Operating revenue | 382 261 | 333 020 | 14,8 % | 1 330 811 | 1 232 486 | 8,0 % |
| EBITDA | 37 038 | 29 515 | 25,5 % | 120 887 | 112 891 | 7,1 % |
| Operating profit (EBIT) | 32 911 | 26 128 | 26,0 % | 106 298 | 99 354 | 7,0 % |
| Ordinary profit before tax | 33 200 | 27 053 | 22,7 % | 106 049 | 101 770 | 4,2 % |
| Profit for the period | 26 314 | 20 665 | 27,3 % | 79 885 | 74 738 | 6,9 % |
| EBITDA-margin | 9,7 % | 8,9 % | 9,3 % | 9,1 % | 9,2 % | -0,8 % |
| EBIT-margin | 8,6 % | 7,8 % | 9,7 % | 8,0 % | 8,1 % | -0,9 % |
| BALANCE SHEET | ||||||
| Non-current assets | 89 487 | 67 330 | 32,9 % | 89 487 | 67 330 | 32,9 % |
| Current assets | 446 429 | 418 884 | 6,6 % | 446 429 | 418 884 | 6,6 % |
| Total assets | 535 916 | 486 214 | 10,2 % | 535 916 | 486 214 | 10,2 % |
| Equity | 176 158 | 174 618 | 0,9 % | 176 158 | 174 618 | 0,9 % |
| Long-term debt | 1 578 | 285 | 453,7 % | 1 578 | 285 | 453,7 % |
| Short-term debt | 358 180 | 311 311 | 15,1 % | 358 180 | 311 311 | 15,1 % |
| Equity ratio | 32,9 % | 35,9 % | -8,5 % | 32,9 % | 35,9 % | -8,5 % |
| Liquidity ratio | 1,25 | 1,35 | -7,4 % | 1,25 | 1,35 | -7,4 % |
| CASH FLOW | ||||||
| Net cash flow operations | 118 430 | 99 776 | 18,7 % | 113 465 | 127 874 | -11,3 % |
| Net free cash flow | 94 450 | 96 435 | -2,1 % | 75 638 | 115 032 | -34,2 % |
| Net cash flow | 102 886 | 104 137 | -1,2 % | -8 416 | 55 732 | -115,1 % |
| Cash flow margin | 31,0 % | 30,0 % | 3,4 % | 8,5 % | 10,4 % | -17,8 % |
| SHARE INFORMATION | ||||||
| Number of shares | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 | 10 250 000 | 0,0 % |
| Weighted average basic shares outstanding | 10 086 202 | 10 151 778 | -0,6 % | 10 171 365 | 10 208 354 | -0,4 % |
| Weighted average diluted shares outstanding | 10 211 599 | 10 285 568 | -0,7 % | 10 304 044 | 10 340 661 | -0,4 % |
| EBIT per share | 3,22 | 2,54 | 26,4 % | 10,32 | 9,59 | 7,7 % |
| Diluted EBIT per share | 3,18 | 2,51 | 26,5 % | 10,19 | 9,47 | 7,6 % |
| Earnings per share | 2,57 | 2,01 | 27,9 % | 7,76 | 7,21 | 7,5 % |
| Diluted earnings per share | 2,54 | 1,98 | 28,0 % | 7,66 | 7,12 | 7,5 % |
| Equity per share | 17,19 | 17,04 | 0,9 % | 17,19 | 17,04 | 0,9 % |
| Dividend per share | 0,00 | 0,00 | N/A | 6,50 | 5,00 | 30,0 % |
| EMPLOYEES | ||||||
| Number of employees (year end) | 1 090 | 1 036 | 5,2 % | 1 090 | 1 036 | 5,2 % |
| Average number of employees | 1 087 | 1 033 | 5,2 % | 1 050 | 1 016 | 3,3 % |
| Operating revenue per employee | 352 | 322 | 9,1 % | 1 267 | 1 213 | 4,5 % |
| Operating cost per employee | 321 | 297 | 8,2 % | 1 166 | 1 116 | 4,5 % |
| EBIT per employee | 30 | 24 | 24,6 % | 101 | 98 | 3,5 % |
| 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.
Sørkedalsveien 8 0369 Oslo Postboks 5327 Majorstuen, 0304 Oslo
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
STAVANGER Fabrikkveien 10 4033 Stavanger Tel: (+47) 51 20 00 20
Strandkaien 36 4005 Stavanger Tel: (+47) 52 82 10 17
TRONDHEIM Kjøpmannsgata 35 7011 Trondheim 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
Södergatan 3 211 34 Malmö Tel: (+46) 40 636 60 00
Storgatan 3 70361 Örebro Tel: (+46) 0 709 431 411
* Number of employees per region.
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