Quarterly Report • May 20, 2014
Quarterly Report
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Bouvet provides services in the fields of information technology, digital communication and enterprise management. At 31 March, it had 932 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 | JAN-MAR 2014 | JAN-MAR 2013 | CHANGE % | YEAR 2013 |
|---|---|---|---|---|
| Revenue | 300,9 | 281,2 | 7,0 % | 1 112,8 |
| Operating profit (EBIT) | 27,0 | 22,3 | 21,1 % | 95,1 |
| Ordinary profit before tax | 27,5 | 23,0 | 19,9 % | 97,1 |
| Profit for the period | 19,2 | 16,6 | 15,6 % | 69,8 |
| Net cash flow operations | -13,3 | -11,8 | 12,9 % | 99,4 |
| Cash and cash equivalents | 144,8 | 122,8 | 17,9 % | 169,2 |
| Number of employees (end of period) | 932 | 893 | 4,4 % | 931 |
| Number of employees (average) | 931 | 888 | 4,9 % | 908 |
| Earnings per share | 1,86 | 1,60 | 16,3 % | 6,75 |
| Diluted earnings per share | 1,84 | 1,58 | 16,2 % | 6,67 |
| EBIT margin | 9,0 % | 7,9 % | 8,5 % | |
| Equity ratio | 38,7 % | 38,2 % | 35,9 % |
Bouvet had operating revenues of NOK 300.9 million in the first quarter, compared with NOK 281.2 million in the same period of 2013. That represented an increase of seven per cent. Since the first quarter had two additional working days compared with the same period of last year, operating revenues rose by just over three per cent. Rates for the group's hourly based services rose by 2.7 per cent from the first quarter of 2013. The billing ratio for the group's consultants was down by 0.2 percentage points from the same period of last year. Operating revenues from the sale of services by sub-contractors totalled NOK 37.9 million, down by NOK 6.4 million from the first quarter of 2013. The average number of employees increased by 4.9 per cent over the same period. Taken together, these factors contributed to the seven per cent rise in total operating revenues from the first quarter of 2013.
Sales to existing clients made good progress during the quarter. Clients who also used the group in the first quarter of 2013 accounted for 91 per cent of operating revenues. In addition, clients acquired since 31 March 2013 contributed a total of NOK 28 million to first-quarter operating revenues.
Bouvet's strategy is to use services from sub-contractors when it lacks the capacity to meet demand with its own personnel or when clients require leading-edge expertise outside the group's priority areas. The sub-contractor share of total revenues was 12.6 per cent, compared with 15.7 per cent in the first 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 in depreciation and amortisation, were NOK 273.9 million for the first quarter, up from NOK 258.9 million in the same period of 2013. That represents a rise of 5.8 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 3.9 per cent over the past 12 months. The cost of sales was NOK 36.3 million, compared with NOK 41.2 million in the first quarter of 2013, and primarily comprised procurement of sub-contractor services and the hire of course instructors. Lower cost of sales reflects reduced use of sub-contractors. Other operating costs rose by 16.7 per cent from the first quarter of 2013 to NOK 27.3 million. This increase of NOK 3.9 million from the same period of last year primarily reflected rises of NOK 0.9 million in local costs, NOK 0.8 million in travel expenses, NOK 0.7 million in sales and marketing expenditure and NOK 1.2 million for hardware and software.
Operating profit (EBIT) for the first quarter came to NOK 27 million, compared with NOK 22.3 million in the same period of 2013. That represents a 21.1 per cent increase. The EBIT margin rose from 7.9 per cent last year to nine per cent. Net profit came to NOK 19.2 million, compared with NOK 16.6 million in the same period of 2013. Diluted earnings per share were NOK x.xx for the quarter, compared with NOK 1.58 in the same period of 2013.
Consolidated cash flow from operations was negative at NOK 13.3 million in the first quarter, compared with a negative NOK 11.8 million in the same period of 2013. Cash flow was affected negatively by an increase of NOK 36.1 million for working capital related to clients, work in progress and other current receivables from the fourth quarter of 2013. Cash flow was also negatively affected by a reduction of NOK 0.5 million in current liabilities from the fourth quarter of 2013. Consolidated cash flow from operations for the past 12 months was NOK 97.9 million, while net profit for the same period was NOK 72.4 million.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered during 2014, and the group has good oversight and control of its receivables.
NOK MILLION
Bouvet has no interest-bearing debt. Bank deposits at 31 March totalled NOK 144.8 million, compared with NOK 122.8 million a year earlier. The company had an undrawn overdraft facility of NOK 50 million at 31 March. It held 19 356 of its own shares at 31 March. Equity at 31 March totalled NOK 180.5 million, representing an equity ratio of 38.7 per cent. The corresponding figures for 31 March 2013 were an equity of NOK 160.5 million and an equity ratio of 38.2 per cent. Adjusted for the proposed dividend totalling NOK 61.5 million, which will be paid in the second quarter of 2014, the equity ratio was 29.4 per cent at 31 March. Bouvet's long-term target is to maintain an equity ratio in excess of 30 per cent.
Bouvet continued to pursue its strategy during the first quarter in a market where demand remains good. This involves the following.
Continuous development of services: An important part of Bouvet's strategy is to be constantly in a position to seize opportunities which arise in the market as a result of demand and technical developments. During the first quarter, Bouvet acquired the Blinc consultancy, which provides advice and solutions in the field of customer relationship management (CRM). This is a new service area for Bouvet, which fits very well with its services for customer experiences and business systems. The Lean methodology is another new service area for the company, where it started providing courses during the quarter and secured a consultancy assignment from the Western Norway Regional Health Authority.
Sesam is a concept for data analysis, search and integration which Bouvet has delivered to a number of clients. It wants to make a further commitment to Sesam, and established it as a separate business area during the first quarter. The concept is now offered as a modular solution based on a licence fee.
Long-term customer relations: Bouvet gives emphasis to maintaining long-term relations with its clients, and has
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.
worked for many of the biggest ones for a decade. Examples include Eress, a consortium operated by the national rail administrations in Norway, Sweden, Denmark, Finland and Belgium. It offers a solution developed by Bouvet for settling electricity bills in the European rail network. The Swiss railways also resolved to adopt this solution during the first quarter, which means an expansion of Bouvet's assignment.
Broad range of services: Bouvet offers a broad range of services to its clients. This allows it to provide integrated support when clients seek to develop their business. Enterprises increasingly appreciate that digital customer dialogue must interact with their back-end solutions in order to create a good customer experience. Bouvet has the expertise needed to contribute to such integration.
Lyse is a group within energy and telecommunications which Bouvet provides with network solutions and IT services. Now Bouvet will assist Lyse in establishing a platform for holistic customer experiences. The methodology that will be used is called Customer Experience Journey.
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Hands-on with clients: Another important part of Bouvet's strategy is a local presence and good knowledge of the client's culture and business processes. Knowledge of business sectors is becoming increasingly important as clients digitise their core activities. This industry knowledge was crucial when Bouvet won frame agreements from Agder Energi and Det Norske Oljeselskap in the first quarter. A trend also being seen is that Bouvet not only designs, develops and administers digital solutions, but also contributes actively to developing the client's organisation and services.
Front-end technical expertise: Bouvet give emphasis to possessing leading-edge technical expertise in new areas being sought by the market. Examples include the cloudbased solutions being developed by the company for a number of clients in Norway and Sweden. Security is another important area where Bouvet provides consultancy support, including for BankID. Rapid developments are taking place with rich web-based applications, and Bouvet delivers services in this field to such players as the Norwegian Broadcasting Corporation and TV2.
Bouvet is winning many new assignments in Rogaland from both new and existing clients. Services are well adapted to market demand. Examples of major clients in the region include Statoil, GDF Suez,
Nortura, Total, Wintershall, ConocoPhillips and Lyse.
OSLO SANDVIKA ARENDAL SANDEFJORD KRISTIANSAND SKIEN ÖREBRO STOCKHOLM Bouvet secured a major Sharepoint-based portal project from GDF Suez during the quarter. This will draw on the breadth of services delivered from the company, and involves business-critical parts of GDF Suez's operations. Furthermore, Bouvet's Rogaland region is to assess enterprise architecture for Lyse, and has been hired to advise on the introduction of Lean to the ICT department of the Western Norway Regional Health Authority. A number of frame agreements with existing clients were extended. New clients include Sector Alarm, Kverneland Group, GKN Aerospace, Multi Phase Meter and BRI Offshore.
MALMÖ A steadily growing share of turnover in Rogaland occurs through delivery models where Bouvet takes greater delivery responsibility. HAUGESUND STAVANGER
The Olavstoppen subsidiary, which provides services in Rogaland within digital communication, has a good reputation and delivered positive results during the quarter
SANDEFJORD SKIEN Clients in the eastern region are buying more from Bouvet and across a broader range of services.
KRISTIANSAND Retailing faces major changes, and Coop has entered into a frame
agreement with Bouvet covering a number of areas. These include providing assistance to Coop with solutions which support electronic trading.
TRONDHEIM STOCKHOLM MALMÖ Great efforts are being devoted to digitisation in the public sector. Bouvet has noted this through increased activity at the Norwegian State Housing Bank, the State Agency for the Recovery of Fines, Damages and Costs, the Norwegian
Directorate for Education and Training, the Norwegian Public Roads Administration and the Directorate for Civil Protection and Emergency Planning. The armed forces have shown continued confidence in Bouvet, whose assignments include a project related to the new Air Force fighter jets.
Acquisition of CRM company Blinc during the first quarter complements Bouvet's services in customer experiences and business systems. The market for infrastructure services is good, with many enquiries in identity management and upgrading of Windows. Oil and gas and health are sectors where Bouvet occupies a strong position in the infrastructure field. HAUGESUND BERGEN
Modelling and documentation of work processes is a new service area, and Bouvet won a frame agreement in this field from the Norwegian National Rail Administration. The company has secured new assignments from existing customers in the enterprise resource planning (ERP) area. During the quarter, Bouvet delivered mobile applications to Statkraft and Vinmonopolet where interaction between user experiences and back-end business systems occupied a key place. FORUS OSLO SKIEN
New assignments were also awarded during the quarter by long-term clients such as DNV GL, Sykhuspartner and Statkraft. ARENDAL KRISTIANSAND
ÖREBRO STOCKHOLM The northern region continued to experience a good market and a high level of activity. Big clients such as BarentsWatch/the Norwegian Coastal Administration, the Norwegian
Environment Agency, the Mid-Norway Regional Health Authority and the Norwegian University of Science and Technology (NTNU) are buying more services and starting new assignments. While the overall level of activity for Statoil at Bouvet's Trondheim office has declined somewhat, this client is also awarding new jobs.
The oil and gas industry has always been an important sector for Bouvet. During the first quarter, the company secured a frame agreement from Det Norske Oljeselskap, which has its head office in Trondheim. This agreement covers project management, application specialists for oil/gas-specific systems, application management, solution architects, and
advice on integrated operations, portals, integration, data warehousing, strategy and processes.
Atmel represents a new client who awarded assignments to Bouvet during the quarter. It is a successful technology company which develops and manufactures microchips for the world market. HAUGESUND
Growth is expected to continue in the northern region, and work on recruitment is now under way. STAVANGER
Bouvet had a good quarter in Bergen. The level of activity is high for web solutions and user experiences. IT security represents another important service area, and several security-related assignments were secured during OSLO SANDVIKA
the quarter for banking/finance. These include support and advice related to the development of a new solution for BankID.
ARENDAL SANDEFJORD KRISTIANSAND Statoil is the largest single client in Bergen, and Bouvet delivers a number of services closely related to the oil company's core business. A tool for monitoring the condition of oil pipelines on the seabed was supplied during the quarter. BERGEN TRONDHEIM
TV2's coverage of the winter Olympics in Sochi was successful. The broadcaster received support from Bouvet in optimising the transmission of video clips from the games on the web.
Bouvet has many clients in the manufacturing, power supply and petroleum sectors in the southern region. The public sector is also important for the company there. Clients appreciate Bouvet's local
presence and industry understanding.
The most important development in the quarter was a frame
MALMÖ Employees
Bouvet's ambition is to be the consultancy firm with the most satisfied employees. Satisfied employees give more satisfied clients and a lower staff turnover. In connection with the company's employee survey, Bouvet participated in Great Place to Work Institute's measurement of the best workplaces in Norway and Sweden. The results published in March
agreement awarded by Agder Energi covering business consultancy, system development and project management. The first assignment under this agreement involves coordinating the work of establishing automated meter reading at Agder Energi's customers.
Bouvet secured a number of new assignments from manufacturing companies. Several of these have ordered its concept for collaboration solutions based on Microsoft's SharePoint technology. Hesnes Group, Cranemaster, Ineos and Glencore have placed further assignments with Bouvet, while Vinghøg and Flowtite are new clients secured during the quarter. BERGEN
Simplifying the public sector is on the political agenda, and Bouvet is well positioned in this area. The company has secured assignments to study how administrative support functions in the Arendal and Grimstad local authorities can be coordinated. This assignment was won in competition with several management consultancies. ARENDAL SANDEFJORD KRISTIANSAND SKIEN
The market for Bouvet's services in Sweden improved somewhat compared with 2013. Demand increased from clients who want to create good user experiences by integrating and adapting existing components. Fewer
clients are placing system development assignments where the solutions are to be built from scratch.
Bouvet has strengthened its foothold in the local government sector, where it delivers various web-based concepts. The company has been commissioned by Orkla Foods to develop a solution for dealing with risk related to food safety.
An important frame agreement was secured during the quarter from Värmland county council. Long-term clients such as the Swedish Transport Administration, the Swedish Road Administration, ICA, Sony and Ikano also placed additional assignments with Bouvet.
showed that Bouvet are amongst the top ten work places in its category in both countries.
The workforce totaled 932 people at 31 March, which represented an increase of 1 from 31 December and 39 from a year earlier.
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
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.
The level of activity related to digitisation of enterprises will stay high in coming years. But it remains uncertain how and at what pace the market will develop in the various sectors. Many major changes in the direction of e-trading are expected in retailing. The power sector faces extensive work in converting to electronic meter-reading. In the public sector, the government has notified a change of tempo for digitisation. The pace of investment is somewhat more uncertain in
the petroleum and oil supply industries. Bouvet has however got several new customers within this sector, which creates new opportunities.
Bouvet has a flexible organisation which allows it to adapt quickly to fluctuations in demands. A continued profitability and progress is therefore expected for Bouvet.
Sverre Hurum President and CEO Tel: +47 23 40 60 00 | +47 91 35 00 47
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 quarter and the preliminary financial statements for 1 January-31 March 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, 20 May 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 JAN-MAR 2014 |
UNAUDITED JAN-MAR 2013 |
CHANGE | CHANGE % | YEAR 2013 |
|---|---|---|---|---|---|
| REVENUE | 300 925 | 281 159 | 19 766 | 7,0 % | 1 112 774 |
| OPERATING EXPENSES | |||||
| Cost of sales | 36 331 | 41 233 | -4 902 | -11,9 % | 151 996 |
| Personell expenses | 207 503 | 191 392 | 16 111 | 8,4 % | 743 334 |
| Depreciation fixed assets | 2 418 | 2 577 | -159 | -6,2 % | 9 404 |
| Amortisation intangible assets | 413 | 300 | 113 | 37,7 % | 1 303 |
| Other operating expenses | 27 265 | 23 361 | 3 904 | 16,7 % | 111 644 |
| Total operating expenses | 273 930 | 258 863 | 15 067 | 5,8 % | 1 017 681 |
| Operating profit | 26 995 | 22 296 | 4 699 | 21,1 % | 95 093 |
| FINANCIAL ITEMS | |||||
| Other interest income | 730 | 754 | -24 | -3,2 % | 2 599 |
| Other financial income | 50 | 71 | -21 | -29,6 % | 310 |
| Other interest expense | -103 | -44 | -59 | 134,1 % | -328 |
| Other finance expense | -131 | -105 | -26 | 24,8 % | -536 |
| Net financial items | 546 | 676 | -130 | -19,2 % | 2 045 |
| Ordinary profit before tax | 27 541 | 22 972 | 4 569 | 19,9 % | 97 138 |
| Income tax expense | |||||
| Tax expense on ordinary profit | 8 333 | 6 362 | 1 971 | 31,0 % | 27 297 |
| Total tax expense | 8 333 | 6 362 | 1 971 | 31,0 % | 27 297 |
| Profit for the period | 19 208 | 16 610 | 2 598 | 15,6 % | 69 841 |
| Assigned to: | |||||
| Shareholders in parent company | 19 012 | 16 373 | 68 677 | ||
| Non-controlling interests | 196 | 237 | 1 164 |
| NOK 1 000 | UNAUDITED JAN-MAR 2014 |
UNAUDITED JAN-MAR 2013 |
CHANGE | CHANGE % | YEAR 2013 |
|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods | |||||
| Currency translation differences | -55 | 180 | -235 | -130,8 % | 336 |
| Sum other income and costs | -55 | 180 | -235 | -130,8 % | 336 |
| Profit for the period | 19 208 | 16 610 | 2 598 | 15,6 % | 69 841 |
| Total profit | 19 153 | 16 790 | 2 363 | 14,1 % | 70 177 |
| Assigned to: | |||||
| Shareholders in parent company | 18 956 | 16 553 | 69 013 | ||
| Non-controlling interests | 196 | 237 | 1 164 | ||
| Diluted earnings per share | 1,84 | 1,58 | 0,26 | 16,2 % | 6,67 |
| Earnings per share | 1,86 | 1,60 | 0,26 | 16,3 % | 6,75 |
| NOK 1 000 | UNAUDITED 31.03.2014 |
UNAUDITED 31.03.2013 |
CHANGE | CHANGE % | 31.12.2013 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| INTANGIBLE ASSETS | |||||
| Deferred tax asset | 0 | 0 | 0 | N/A | 155 |
| Goodwill | 22 204 | 18 588 | 3 616 | 19,5 % | 18 745 |
| Other intangible assets | 10 755 | 6 544 | 4 211 | 64,3 % | 6 001 |
| Total intangible assets | 32 959 | 25 132 | 7 827 | 31,1 % | 24 901 |
| FIXED ASSETS | |||||
| Office equipment | 9 966 | 7 962 | 2 004 | 25,2 % | 9 733 |
| Office machines and vehicles | 2 280 | 1 884 | 396 | 21,0 % | 1 941 |
| IT equipment | 11 400 | 12 208 | -808 | -6,6 % | 11 044 |
| Total fixed assets | 23 646 | 22 054 | 1 592 | 7,2 % | 22 718 |
| FINANCIAL NON-CURRENT ASSETS | |||||
| Other long-term receivables | 20 | 11 | 9 | 81,8 % | 11 |
| Total financial non-current assets | 20 | 11 | 9 | 81,8 % | 11 |
| Total non-current assets | 56 625 | 47 197 | 9 428 | 20,0 % | 47 630 |
| CURRENT ASSETS | |||||
| Work in progress | 113 764 | 106 744 | 7 020 | 6,6 % | 84 476 |
| Trade accounts receivable | 123 688 | 113 855 | 9 833 | 8,6 % | 125 451 |
| Other short-term receivables | 27 239 | 29 794 | -2 555 | -8,6 % | 18 658 |
| Cash and cash equivalents | 144 809 | 122 815 | 21 994 | 17,9 % | 169 222 |
| Total current assets | 409 500 | 373 208 | 36 292 | 9,7 % | 397 807 |
| TOTAL ASSETS | 466 125 | 420 405 | 45 720 | 10,9 % | 445 437 |
| NOK 1 000 | UNAUDITED 31.03.2014 |
UNAUDITED 31.03.2013 |
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 | -1 | -18 | N/A | -19 |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % | 10 000 |
| Total paid-in capital | 20 231 | 20 249 | -18 | -0,1 % | 20 231 |
| EARNED EQUITY | |||||
| Other equity | 157 371 | 137 627 | 19 744 | 14,3 % | 136 869 |
| Total earned equity | 157 371 | 137 627 | 19 744 | 14,3 % | 136 869 |
| Non-controlling interests | 2 925 | 2 573 | 352 | 13,7 % | 2 729 |
| Total equity | 180 527 | 160 449 | 20 078 | 12,5 % | 159 829 |
| DEBT | |||||
| LONG-TERM DEBT | |||||
| Deferred tax | 506 | 1 239 | -733 | -59,2 % | 0 |
| Total long-term debt | 506 | 1 239 | -733 | -59,2 % | 0 |
| SHORT-TERM DEBT | |||||
| Trade accounts payable | 31 491 | 35 185 | -3 694 | -10,5 % | 31 863 |
| Income tax payable | 18 058 | 12 308 | 5 750 | 46,7 % | 28 557 |
| Public duties payable | 94 018 | 86 224 | 7 794 | 9,0 % | 106 347 |
| Other short-term debt | 141 525 | 125 000 | 16 525 | 13,2 % | 118 841 |
| Total short-term debt | 285 092 | 258 717 | 26 375 | 10,2 % | 285 608 |
| Total liabilities | 285 598 | 259 956 | 25 642 | 9,9 % | 285 608 |
| TOTAL EQUITY AND LIABILITIES | 466 125 | 420 405 | 45 720 | 10,9 % | 445 437 |
| NOK 1 000 | UNAUDITED JAN-MAR 2014 |
UNAUDITED JAN-MAR 2013 |
YEAR 2013 |
|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Ordinary profit before tax | 27 541 | 22 972 | 97 138 |
| Paid tax | -18 968 | -13 611 | -19 847 |
| (Gain)/loss on sale of fixed assets | -72 | 0 | -41 |
| Ordinary depreciation | 2 418 | 2 577 | 9 404 |
| Amortisation intangible assets | 413 | 300 | 1 303 |
| Share based payments | 1 181 | 999 | 3 980 |
| Changes in work in progress, accounts receivable and accounts payable | -27 897 | -19 376 | -12 026 |
| Changes in other accruals | 2 102 | -5 626 | 19 469 |
| Net cash flow from operating activities | -13 282 | -11 765 | 99 381 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Sale of fixed assets | 84 | 0 | 1 293 |
| Purchase of fixed assets | -3 356 | -2 003 | -10 746 |
| Purchase of intangible assets | -407 | -1 263 | -1 660 |
| Investment in subsidiaries - net cash | -5 909 | 0 | 0 |
| Net cash flow from investing activities | -9 588 | -3 266 | -11 114 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Purchase of own shares | 0 | 0 | -11 539 |
| Sales of own shares | 0 | 0 | 6 671 |
| Dividend payments | 0 | 0 | -52 022 |
| Net cash flow from financing activities | 0 | 0 | -56 891 |
| Net changes in cash and cash equivalents | -22 870 | -15 030 | 31 377 |
| Cash and cash equivalents at the beginning of the period * | 167 679 | 137 845 | 137 845 |
| Cash and cash equivalents at the end of the period | 144 809 | 122 815 | 169 222 |
* Cash and cash equivalents at the beginning of period Jan-Mar 2014 is adjusted with cash flow NOK 1 543 thousand from aquicition of subsidiary during the period.
| NOK 1 000 | SHARE CAPITAL |
OWN S HARES |
SHARE PREMIUM |
TOTAL PAID-IN EQUITY |
OTHER EQUITY |
NON CONTROLLING 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 | 16 553 | 237 | 16 790 | |||
| Employee share scheme | 0 | 1 318 | 1 318 | ||||
| Equity at 31.03.2013 (Unaudited) | 10 250 | -1 | 10 000 | 20 249 | 137 628 | 2 573 | 160 449 |
| Equity at 01.01.2014 | 10 250 | -19 | 10 000 | 20 231 | 136 869 | 2 729 | 159 829 |
| Total comprehensive income | 0 | 18 956 | 196 | 19 153 | |||
| Employee share scheme | 0 | 1 545 | 0 | 1 545 | |||
| Equity at 31.03.2014 (Unaudited) | 10 250 | -19 | 10 000 | 20 231 | 157 370 | 2 925 | 180 527 |
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.
10 April 2014 the board of directors decided to propose a dividend of NOK 61.50 million, equivalent to NOK 6.00 per share. The Annual General Meeting will be held 20 May 2014.
| NOK 1 000 | JAN-MAR 2014 | JAN-MAR 2013 | CHANGE % | YEAR 2013 |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Operating revenue | 300 925 | 281 159 | 7,0 % | 1 112 774 |
| EBITDA | 29 826 | 25 173 | 18,5 % | 105 800 |
| Operating profit (EBIT) | 26 995 | 22 296 | 21,1 % | 95 093 |
| Ordinary profit before tax | 27 541 | 22 972 | 19,9 % | 97 138 |
| Profit for the period EBITDA-margin |
19 208 | 16 610 9,0 % |
15,6 % 10,7 % |
69 841 9,5 % |
| EBIT-margin | 9,9 % | 7,9 % | 13,1 % | 8,5 % |
| 9,0 % | ||||
| BALANCE SHEET | ||||
| Non-current assets | 56 624 | 47 197 | 20,0 % | 47 630 |
| Current assets | 409 500 | 373 208 | 9,7 % | 397 807 |
| Total assets | 466 124 | 420 405 | 10,9 % | 445 437 |
| Equity | 180 527 | 160 449 | 12,5 % | 159 829 |
| Long-term debt | 506 | 1 239 | -59,2 % | 0 |
| Short-term debt | 285 092 | 258 717 | 10,2 % | 285 608 |
| Equity ratio | 38,7 % | 38,2 % | 1,5 % | 35,9 % |
| Liquidity ratio | 1,44 | 1,44 | -0,4 % | 1,39 |
| CASH FLOW | ||||
| Net cash flow operations | -13 282 | -11 765 | N/A | 99 381 |
| Net free cash flow | -22 870 | -15 030 | N/A | 88 267 |
| Net cash flow | -22 870 | -15 030 | N/A | 31 377 |
| Cash flow margin | -4,4 % | -4,2 % | N/A | 8,9 % |
| SHARE INFORMATION | ||||
| Number of shares | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 |
| Weighted average basic shares outstanding | 10 230 644 | 10 249 061 | -0,2 % | 10 174 317 |
| Weighted average diluted shares outstanding | 10 355 542 | 10 366 955 | -0,1 % | 10 292 902 |
| EBIT per share | 2,61 | 2,14 | 21,9 % | 9,20 |
| Diluted EBIT per share Earnings per share |
2,58 | 2,12 1,60 |
21,8 % 16,3 % |
9,09 6,75 |
| Diluted earnings per share | 1,86 1,84 |
1,58 | 16,2 % | 6,67 |
| Equity per share | 17,61 | 15,65 | 12,5 % | 15,59 |
| Dividend per share | 0,00 | 0,00 | 0,0 % | 5,00 |
| EMPLOYEES | ||||
| Number of employees (year end) | 932 | 893 | 4,4 % | 931 |
| Average number of employees | 931 | 888 | 4,9 % | 908 |
| Operating revenue per employee | 323 | 315 | 2,1 % | 1 225 |
| Operating cost per employee | 294 | 290 | 0,9 % | 1 121 |
| EBIT per employee | 29 | 25 | 15,4 % | 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 |
| EBIT-margin | EBIT / operating revenue |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITDA-margin | EBITDA / operating revenue |
| Equity per share | Equity / number of shares |
| Equity ratio | Equity / total assets |
| Liquidity ratio | Current assets / Short-term debt |
| Net free cash flow | Net cash flow operations - Net cash flow investments |
| Number of shares | Number of issued shares at the end of the year |
| Operating cost per employee | Operating cost / average number of employees |
| Operating revenue per employee | Operating revenue / average number of employees |
| Weighted average basic shares outstanding | Issued shares adjusted for own shares on average for the year |
| Weighted average diluted shares outstanding | Issued shares adjusted for own shares and share scheme on average for the year |
The Group has offices in Oslo, Trondheim, Bergen, Haugesund, Stavanger, Kristiansand, Arendal, Skien, Sandvika, Sandefjord, Malmö, Örebro and Stockholm. Our philosophy is that competence should be utilized across the company, while projects are attached locally. This means that our customers will have a local account manager and project manager, but access to competence independent of its location.
Sandakerveien 24c, bygg D11 Box 4430 Nydalen 0403 Oslo Tel: (+47) 23 40 60 00
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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