Quarterly Report • Aug 25, 2016
Quarterly Report
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Bouvet delivers services related to information technology, digital communication and enterprise management. At 30 June, it had 1 033 employees at 14 offices in Norway and Sweden.
The company is a strategic partner for a number of enterprises, and helps them to design digital solutions which create new business opportunities. Clients value Bouvet's good understanding of their business and the fact that its broad range of services allows it to act as a turnkey provider. The company aims to maintain long-term client relationships.
Bouvet's regional model with local offices provides clear benefits for marketing and competitiveness. Many enterprises regard it as important that their provider of business-critical systems has local entrenchment and expertise. In addition, this model makes it easier to establish long-term relationships and thereby learn the client's business and systems.
As a result of the clear attention it pays to principles for managing the business, Bouvet comes across as a solid, 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 | APR-JUN 2016 | APR-JUN 2015 | CHANGE % | JAN-JUN 2016 | JAN-JUN 2015 | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|
| Revenue | 345,3 | 315,7 | 9,4 % | 668,2 | 642,7 | 4,0 % | 1 232,5 |
| Operating profit (EBIT) | 41,0 | 34,6 | 18,4 % | 61,3 | 66,6 | -8,0 % | 99,4 |
| Ordinary profit before tax | 41,0 | 35,4 | 15,6 % | 61,4 | 67,7 | -9,2 % | 101,8 |
| Profit for the period | 30,9 | 25,4 | 21,5 % | 45,4 | 49,8 | -8,9 % | 74,7 |
| Net cash flow operations | 24,8 | 28,6 | -13,2 % | 7,9 | 28,9 | -72,8 % | 127,9 |
| Cash and cash equivalents | 106,1 | 89,7 | 18,3 % | 106,1 | 89,7 | 18,3 % | 174,3 |
| Number of employees (end of period) | 1 033 | 1 018 | 1,5 % | 1 033 | 1 018,0 | 1,5 % | 1 036 |
| Number of employees (average) | 1 037 | 1 010 | 2,7 % | 1 036 | 1 007,0 | 2,8 % | 1 016 |
| Earnings per share | 2,98 | 2,44 | 22,0 % | 4,38 | 4,80 | -8,6 % | 7,21 |
| Diluted earnings per share | 2,94 | 2,41 | 22,0 % | 4,33 | 4,74 | -8,6 % | 7,12 |
| EBIT margin | 11,9 % | 11,0 % | 9,2 % | 10,4 % | 8,1 % | ||
| Equity ratio | 34,4 % | 35,8 % | 34,4 % | 35,8 % | 35,9 % |
Bouvet had operating revenues of NOK 345.3 million in the second quarter, compared with NOK 315.7 million in the same period of 2015. That represented a rise of 9.4 per cent. Fee income generated by the group's own consultants increased by NOK 18.2 million or 6.8 per cent from the second quarter of last year. Revenues generated by sub-contractors rose by NOK 12.6 million or 41.4 per cent over the same period. Other revenue declined by NOK 1.2 million from the second quarter of 2015 to NOK 15.5 million.
Operating revenues from Bouvet's own employees were negatively affected by a reduction of 1.8 percentage points in the billing ratio for the group's consultants compared with the second quarter of 2015. Other negative effects were some increase in parental leave and rather slower progress with fixed-price projects. These factors collectively reduced operating revenues by NOK 8.5 million.
At the same time, operating revenues were positively affected by three additional working days in the quarter compared with the same period of last year. Positive effects were also provided by a 2.7 per cent increase in the average number of employees and a rise of 0.4 per cent in rates for the group's hourly based services from the second quarter of 2015. In addition, a reduction in the number of days off for holidays and sickness had a positive impact. These factors collectively boosted operating revenues by NOK 26.7 million.
Viewed overall, sales to existing clients made good progress during the quarter. Clients who also used the group in the second quarter of 2015 accounted for 89.4 per cent of operating revenues. In addition, clients acquired since 30 June 2015 contributed a total of NOK 36.6 million to secondquarter 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 12.4 per cent in the second quarter, compared with 9.6 per cent in the same period of 2015.
Operating revenues for the first half of 2016 totalled NOK 668.2 million, compared with NOK 642.7 million in the same period of 2015. That represented an increase of four per cent.
Bouvet's operating costs, including depreciation and amortisation, were NOK 304.3 million for the second quarter, up from NOK 281.1 million in the same period of 2015. That represents an increase of 8.2 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 1.4 per cent over the past 12 months. The cost of sales was NOK 47.2 million, compared with NOK 40.2 million for the second quarter of 2015, and primarily comprised procurement of sub-contractor services and software as well as the hire of course instructors. Other operating expenses rose by 2.4 per cent from the same period of last year to NOK 29.4 million.
Operating profit (EBIT) for the second quarter came to NOK 41 million, compared with NOK 34.6 million in the same period of 2015. The EBIT margin was thereby 11.9 per cent, compared with 11 per cent in the second quarter of the year before. Net profit came to NOK 30.9 million, up from NOK 25.4 million in the same period of 2015. Diluted earnings per share were NOK 2.94, compared with NOK 2.41 in the second quarter of 2015.
Cumulative operating profit for the first half was NOK 61.3 million, compared with NOK 66.6 million in the same period of 2015. That represents a decline of eight per cent. The EBIT margin was thereby 9.2 per cent, compared with 10.4 per cent in the first half of last year. Net profit for the first six months was NOK 45.4 million, down from NOK 49.8 million in
50 NOK MILLION
January-June 2015. Diluted earnings per share were NOK 4.33, compared with NOK 4.78 in the first half of last year.
Consolidated cash flow from operations was NOK 24.8 million for the second quarter, compared with NOK 28.6 million in the same period of 2015. Cash flow for the quarter was affected negatively by an increase of NOK 2.7 million in working capital related to client receivables, work in progress and other current receivables from the first quarter of 2016. Furthermore, cash flow was negatively affected by a reduction of NOK 8.3 million in current liabilities from the first quarter of this year. For the first half, consolidated cash flow from operations came to NOK 7.9 million. That compares with NOK 28.9 million in the same period of 2015. Consolidated cash flow from operations for the past 12 months was NOK 106.8 million, while net profit for the same period was NOK 69.7 million.
The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered over the year, and the group has good oversight and control of its receivables.
Bouvet experienced good demand for its services during the second quarter. Digitalisation of the public and private sectors is continuing at high speed. Turnover from government bodies rose by 40.8 per cent from the same period of last year, while demand for Bouvet's services also increased in the transport, banking/finance and health sectors.
The company is involved in everything from analyses and strategy to design and technical development. Its way of working, in-depth expertise in a number of specialist disciplines and insight into technological trends underpin innovative force and ability to deliver. In addition, Bouvet is involved in a number of core business projects aimed at
The group has no interest-bearing debt. Bank deposits at 30 June totalled NOK 106.1 million, compared with NOK 89.7 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 30 June. Bouvet held 31 317 of its own shares at 30 June. A dividend of NOK 67 million was paid in the second quarter. Equity at 30 June totalled NOK 156.6 million, representing an equity ratio of 34.4 per cent. The corresponding figures for 30 June 2015 were an equity of NOK 155.6 million and an equity ratio of 35.8 per cent. Bouvet's long-term target is to maintain an equity ratio in excess of 30 per cent.
The group does not report internally by business areas or segments in an accounting sense. Its business is homogenous and pursued within the Nordic market for IT consultancy services. Risk and return are followed up at departmental level within homogenous consultancy departments with shared markets, on a project basis and per consultant. This does not provide a basis for segment reporting, which is accordingly not presented. Should changes be made to the group's business, the possibility that these changes might provide a basis for segment reporting will be assessed.
helping its clients to take advantage of technological opportunities in their digitalisation and restructuring work.
Good solutions are produced with aid of the company's unique knowledge of creating positive user experiences.
Demand for developing business-critical solutions has been high, and Bouvet's system developers had plenty to do during the quarter.
Inquiries relating to data protection and security increased during the quarter as a result of the EU's general data protection regulation.
ARENDAL SANDEFJORD KRISTIANSAND SKIEN The breadth of the region's services and the attention it pays to long-term client relationships led to the renewal of contracts with and increased call-offs from a number of its clients. Bouvet's expertise supports clients in various
parts of their digitalisation processes, and the region is involved in business, system and organisational development.
TRONDHEIM ÖREBRO STOCKHOLM MALMÖ The Norwegian National Rail Administration is one of several clients who made use of Bouvet during the quarter for project management, organisational development, architecture, integration and system development. Similar assignments have been won from the ICT arm of the Norwegian Defence Materiel Agency (NDMA), Flytoget, DNV GL and Sporveien. The police force also purchased leading-edge expertise on mobile telephony in addition to an existing project.
Bouvet is increasingly becoming a partner in digitalisation work by its clients, and thereby a preferred supplier who helps the client to reap benefits. Examples of such assignments include strategy development at the Student Welfare Service (SIO) in Oslo, development the launch programme at Sparebank 1 Forsikring and brand development at DNV GL.
During the quarter, Bouvet won frame agreements from such bodies as the Arts Council Norway, Nato, the Norwegian Tax Administration, the Norwegian armed forces, the Norwegian Water Resources and Energy Directorate (NVE) and the Agency for Public Management and eGovernment (Difi). At the last of these, the region is taking a step further in positioning itself in the field of service design, change management and realising benefits.
The launch of the new website and app for the Norwegian State Wine and Spirit Monopoly in June is an example of the way the region has worked closely with the client to improve the customer experience across channels. Mobile solutions have been a criterion for achieving this.
In June, the region entered into an agreement where Statnett and Svenska Kraftnätt intend to pursue the joint development of Fifty, their Nordic marketing system. HAUGESUND
The course department did well during the quarter, providing both open and specially tailored programmes. FORUS
BERGEN The region's contribution to digitalisation processes at strategic and operative levels created opportunities during the quarter. A number of clients extended and expanded their collaboration with Bouvet. The region is now
OSLO SANDVIKA ARENDAL SANDEFJORD SKIEN winning more assignments in sectors other than oil and gas, thanks to the breadth of the services it provides. The commitment to mobility, for example, resulted in increased demand and a growing number of assignments from such clients as Statoil and the Norwegian Government Agency for Financial Management.
ÖREBRO Altibox, Statoil and Den Norske increased their call-outs during the quarter. Other clients who have awarded contracts to the region or shown it renewed confidence include the Central Norway Regional Health Authority, Aibel, Rogaland county council, Teknograd, TV2, IKT Agder, Flytoget and DNB Markets. FORUS
TRONDHEIM MALMÖ Bouvet's Olavstoppen subsidiary provides services related to digital communication. It secured a number of interesting new assignments during the period and delivered good results. Collaboration with the Montaag industrial design company has opened new market opportunities. OSLO SANDVIKA ARENDAL SANDEFJORD KRISTIANSAND SKIEN
ÖREBRO STOCKHOLM MALMÖ The region had a very good quarter in a market with substantial activity. Demand for system development was particularly high. A steady increase is being seen in assignments concerning service design. Work with the City of
Trondheim on "digital first" provides an example of this.
Existing clients for the region are extending their contracts. This includes major clients such as Statoil, Det Norske, the Central Norway Regional Health Authority, the Norwegian Patient Registry and the Norwegian University of Science and Technology (NTNU). Demand relates to such areas as project and test management in addition to development.
The level of activity in the region was particularly high in the public sector and bank and finance. A number of existing clients extended their contracts and assignments during the quarter. Clients include TV 2, the City
of Bergen and Skandiabanken. In addition, the Norwegian Gaming and Foundation Authority entered into an exclusive frame agreement for Sharepoint governance.
During the quarter, the region delivered a new website for Bybanen Utgygging and initiated work on a new information portal for Altinn/the Brønnøysund Register Centre. Other projects include the development of a new website for the Nordic Patent Institute and a new website/intranet in connection with the merger of the Bergen, Sogn og Fjordane and Stord/Haugesund university colleges. BERGEN
The volume of assignments for the southern region from existing clients remained stable. Clients who extended contracts and assignments include Agder Energi Nett and the development of its AMS programme, and Statoil in
connection with the development of the ProCoSys solution.
ÖREBRO STOCKHOLM A substantial frame agreement was secured by the region during the period from the Directorate for Civil Protection and Emergency Planning and the Norwegian Directorate of Elections, which will now share premises in Tønsberg. SANDEFJORD SKIEN
Growing demand is being experienced for data capture and analysis. KRISTIANSAND
Demand for the region was good, with frame agreements and assignments won across its whole service range during the quarter. Existing clients with extended or increased call-offs included the Swedish Public
Employment Service, the Swedish Meteorological and Hydrological Institute (SMHI), the Swedish Museum of Natural History, the Swedish Economic Crime Authority and the Swedish Transport Agency. The last of these is now one of the region's largest clients.
During the quarter, the region signed a new frame agreement with the Swedish National Agency for Education. This involves serving as the agency's strategic adviser for developing new and existing digital channels.
The frame agreement with the Legal, Financial and Administrative Services Agency continued to generate a high level of activity. In addition to its own consultants, the region uses a number of sub-consultants in order to be able to deliver in the individual assignments.
New clients include the Swedish Higher Education Authority (UKÄ) and Swedish Foundation for Nature and Culture.
New intranets for Järfälla and Jönköping local authorities were launched during the quarter. These solutions support employees of these clients in their everyday work and are delivered on SiteVision. Leading-edge expertise with the latter is important for the region. A major commitment was initiated during the quarter to position Bouvet as the leading supplier.
Sesam is a business unit in Bouvet which 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. Sesam also supports data analysis and enterprise searching.
The unique properties of the Sesam platform were recognised by Gartner during the quarter in its annual trend analysis for application infrastructure. A data hub-based integration platform is regarded as very valuable in an IT landscape experiencing ever faster change. Integration between cloud-based and traditional IT services is becoming more and more important.
Sesam is experiencing steady growth. The Norwegian National Rail Administration opted during the quarter to use the solution as the preferred platform for exchanging administrative data across its many IT systems.
Bouvet works continuously to create job satisfaction, professional development, social cohesion and team spirit among its personnel, who are drawn from 45 different nationalities. The diversity of nationalities, personalities and expertise enriches the company. That emerges from the annual employee survey
conducted under the auspices of the Great Place to Work Institute.
The company had 1 033 employees at 30 June, down by three from 31 March and up by 15 from the same date in 2015.
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
Prospects
Technology is a highly important instrument for our clients in all parts of their organisation in order to enhance their efficiency and to differentiate them in their market. Understanding the opportunities offered by technology is essential in order to be relevant and competitive. All Bouvet's clients face continuous demands to change and develop.
Long-term relationships mean that the company knows its clients well. Its strategy and regional model make it adaptable 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.
and flexible in meeting client requirements for expertise and services. Bouvet is perceived to a greater extent as a partner and a company able to handle large, complex projects and solutions.
Bouvet is well positioned to grow within its service areas and in the sectors where its commitment is concentrated.
Sverre Hurum President and CEO Tel: +47 23 40 60 00 | +47 913 50 047 Erik Stubø
CFO Tel: +47 23 40 60 00 | +47 950 36 011
We hereby confirm to the best of our knowledge that the interim financial statements for the first half and second quarter of 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 25 August 2016 The board of directors of Bouvet ASA
Åge Danielsen Chair of the board Tove Raanes Deputy chair
Grethe Høiland Director
Ingebrigt Steen Jensen Director
Egil Christen Dahl Director
Sverre Hurum President and CEO
| NOK 1 000 | UNAUDITED APR-JUN 2016 |
UNAUDITED APR-JUN 2015 |
CHANGE | CHANGE % | UNAUDITED JAN-JUN 2016 |
UNAUDITED JAN-JUN 2015 |
CHANGE | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|---|---|
| REVENUE | 345 259 | 315 695 | 29 564 | 9,4 % | 668 175 | 642 696 | 25 479 | 4,0 % | 1 232 486 |
| OPERATING EXPENSES | |||||||||
| Cost of sales | 47 188 | 40 220 | 6 968 | 17,3 % | 87 657 | 76 520 | 11 137 | 14,6 % | 148 200 |
| Personell expenses | 224 252 | 209 088 | 15 164 | 7,3 % | 455 345 | 436 453 | 18 892 | 4,3 % | 848 200 |
| Depreciation fixed assets | 2 497 | 2 522 | -25 | -1,0 % | 4 968 | 5 124 | -156 | -3,0 % | 10 032 |
| Amortisation intangible assets | 1 002 | 610 | 392 | 64,3 % | 1 979 | 1 601 | 378 | 23,6 % | 3 505 |
| Other operating expenses | 29 370 | 28 681 | 689 | 2,4 % | 56 941 | 56 403 | 538 | 1,0 % | 123 195 |
| Total operating expenses | 304 309 | 281 121 | 23 188 | 8,2 % | 606 890 | 576 101 | 30 789 | 5,3 % | 1 133 132 |
| Operating profit | 40 950 | 34 574 | 6 376 | 18,4 % | 61 285 | 66 595 | -5 310 | -8,0 % | 99 354 |
| FINANCIAL ITEMS | |||||||||
| Other interest income | 403 | 722 | -319 | -44,2 % | 826 | 1 152 | -326 | -28,3 % | 2 074 |
| Other financial income | 84 | 317 | -233 | -73,5 % | 183 | 371 | -188 | -50,7 % | 1 166 |
| Other interest expense | -16 | -168 | 152 | -90,5 % | -104 | -260 | 156 | -60,0 % | -272 |
| Other finance expense | -448 | -5 | -443 | N/A | -753 | -170 | -583 | N/A | -552 |
| Net financial items | 23 | 866 | -843 | -97,3 % | 152 | 1 093 | -941 | -86,1 % | 2 416 |
| Ordinary profit before tax | 40 973 | 35 440 | 5 533 | 15,6 % | 61 437 | 67 688 | -6 251 | -9,2 % | 101 770 |
| Income tax expense | |||||||||
| Tax expense on ordinary profit | 10 116 | 10 036 | 80 | 0,8 % | 16 071 | 17 907 | -1 836 | -10,3 % | 27 032 |
| Total tax expense | 10 116 | 10 036 | 80 | 0,8 % | 16 071 | 17 907 | -1 836 | -10,3 % | 27 032 |
| Profit for the period | 30 857 | 25 404 | 5 453 | 21,5 % | 45 366 | 49 781 | -4 415 | -8,9 % | 74 738 |
| Assigned to: | |||||||||
| Shareholders in parent company | 30 475 | 25 000 | 44 807 | 49 075 | 73 639 | ||||
| Non-controlling interests | 382 | 404 | 559 | 706 | 1 099 |
| NOK 1 000 | UNAUDITED APR-JUN 2016 |
UNAUDITED APR-JUN 2015 |
CHANGE | CHANGE % | UNAUDITED JAN-JUN 2016 |
UNAUDITED JAN-JUN 2015 |
CHANGE | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods |
|||||||||
| Currency translation differences | -150 | 68 | -217 | -322,1 % | -310 | -77 | -233 | N/A | 41 |
| Sum other income and costs | -150 | 68 | -217 | -322,1 % | -310 | -77 | -233 | N/A | 41 |
| Profit for the period | 30 857 | 25 404 | 5 453 | 21,5 % | 45 366 | 49 781 | -4 415 | -8,9 % | 74 738 |
| Total profit | 30 707 | 25 472 | 5 236 | 20,6 % | 45 056 | 49 704 | -4 648 | -9,4 % | 74 779 |
| Assigned to: | |||||||||
| Shareholders in parent company | 30 325 | 25 068 | 44 497 | 48 998 | 73 679 | ||||
| Non-controlling interests | 382 | 404 | 559 | 706 | 1 099 | ||||
| Diluted earnings per share | 2,94 | 2,41 | 0,53 | 22,0 % | 4,33 | 4,74 | -0,41 | -8,6 % | 7,12 |
| Earnings per share | 2,98 | 2,44 | 0,54 | 22,0 % | 4,38 | 4,80 | -0,41 | -8,6 % | 7,21 |
| NOK 1 000 | UNAUDITED 30.6.2016 |
UNAUDITED 30.6.2015 |
CHANGE | CHANGE % | 31.12.2012 |
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| INTANGIBLE ASSETS | |||||
| Deferred tax asset | 831 | 1 066 | (235) | -22,0 % | 368 |
| Goodwill | 27 719 | 31 213 | -3 494 | -11,2 % | 27 909 |
| Other intangible assets | 20 300 | 16 302 | 3 998 | 24,5 % | 17 414 |
| Total intangible assets | 48 850 | 48 581 | 269 | 0,6 % | 45 691 |
| FIXED ASSETS | |||||
| Office equipment | 7 799 | 9 227 | -1 428 | -15,5 % | 8 685 |
| Office machines and vehicles | 2 577 | 2 642 | -65 | -2,5 % | 2 417 |
| IT equipment | 10 642 | 11 231 | -589 | -5,2 % | 10 526 |
| Total fixed assets | 21 018 | 23 100 | -2 082 | -9,0 % | 21 628 |
| FINANCIAL NON-CURRENT ASSETS | |||||
| Other long-term receivables | 11 | 11 | 0 | 0,0 % | 11 |
| Total financial non-current assets | 11 | 11 | 0 | 0,0 % | 11 |
| Total non-current assets | 69 879 | 71 692 | -1 813 | -2,5 % | 67 330 |
| CURRENT ASSETS | |||||
| Work in progress | 114 351 | 113 933 | 418 | 0,4 % | 80 193 |
| Trade accounts receivable | 143 397 | 133 314 | 10 083 | 7,6 % | 144 463 |
| Other short-term receivables | 21 635 | 25 367 | -3 732 | -14,7 % | 19 928 |
| Cash and cash equivalents | 106 094 | 89 716 | 16 378 | 18,3 % | 174 300 |
| Total current assets | 385 477 | 362 330 | 23 147 | 6,4 % | 418 884 |
| TOTAL ASSETS | 455 356 | 434 022 | 21 334 | 4,9 % | 486 214 |
| NOK 1 000 | UNAUDITED 30.6.2016 |
UNAUDITED 30.6.2015 |
CHANGE | CHANGE % | 31.12.2012 |
|---|---|---|---|---|---|
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| PAID-IN CAPITAL | |||||
| Share capital | 10 250 | 10 250 | 0 | 0,0 % | 10 250 |
| Own shares - nominal value | -31 | -20 | -11 | 55,0 % | -31 |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % | 10 000 |
| Total paid-in capital | 20 219 | 20 230 | -11 | -0,1 % | 20 219 |
| EARNED EQUITY | |||||
| Other equity | 132 804 | 131 475 | 1 329 | 1,0 % | 150 998 |
| Total earned equity | 132 804 | 131 475 | 1 329 | 1,0 % | 150 998 |
| Non-controlling interests | 3 575 | 3 880 | -305 | -7,9 % | 3 401 |
| Total equity | 156 598 | 155 585 | 1 013 | 0,7 % | 174 618 |
| DEBT | |||||
| LONG-TERM DEBT | |||||
| Other provisions for obligations | 171 | 399 | -228 | -57,1 % | 285 |
| Total long-term debt | 171 | 399 | -228 | -57,1 % | 285 |
| SHORT-TERM DEBT | |||||
| Trade accounts payable | 34 931 | 31 427 | 3 504 | 11,1 % | 34 643 |
| Income tax payable | 18 630 | 14 383 | 4 247 | 29,5 % | 27 109 |
| Public duties payable | 103 564 | 94 960 | 8 604 | 9,1 % | 118 539 |
| Other short-term debt | 141 462 | 137 268 | 4 194 | 3,1 % | 131 020 |
| Total short-term debt | 298 587 | 278 038 | 20 549 | 7,4 % | 311 311 |
| Total liabilities | 298 758 | 278 437 | 20 321 | 7,3 % | 311 596 |
| TOTAL EQUITY AND LIABILITIES | 455 356 | 434 022 | 21 334 | 4,9 % | 486 214 |
| NOK 1 000 | UNAUDITED APR-JUN 2016 |
UNAUDITED APR-JUN 2015 |
UNAUDITED JAN-JUN 2016 |
UNAUDITED JAN-JUN 2015 |
YEAR 2015 |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||||
| Ordinary profit before tax | 40 973 | 35 440 | 61 437 | 67 688 | 101 770 |
| Paid tax | -12 083 | -13 988 | -24 248 | -27 888 | -23 247 |
| (Gain)/loss on sale of fixed assets | 1 | -105 | -2 | -105 | -106 |
| Ordinary depreciation | 2 497 | 2 522 | 4 968 | 5 124 | 10 032 |
| Amortisation intangible assets | 1 002 | 610 | 1 979 | 1 601 | 3 505 |
| Share based payments | 1 451 | 1 338 | 2 903 | 2 677 | 5 430 |
| Changes in work in progress, accounts receivable and accounts payable | -10 076 | 21 028 | -32 804 | -14 799 | 11 008 |
| Changes in other accruals | 1 066 | -18 244 | -6 365 | -5 394 | 19 483 |
| Net cash flow from operating activities | 24 831 | 28 602 | 7 869 | 28 905 | 127 874 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Sale of fixed assets | 49 | 130 | 122 | 130 | 175 |
| Purchase of fixed assets | -1 778 | -2 345 | -4 479 | -3 904 | -7 383 |
| Purchase of intangible assets | -2 450 | -1 188 | -4 708 | -2 733 | -5 635 |
| Net cash flow from investing activities | -4 178 | -3 403 | -9 065 | -6 507 | -12 842 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Purchase of own shares | 0 | 0 | 0 | 0 | -14 880 |
| Sales of own shares | 0 | 0 | 0 | 0 | 7 702 |
| Dividend payments | -67 010 | -51 250 | -67 010 | -51 250 | -52 122 |
| Net cash flow from financing activities | -67 010 | -51 250 | -67 010 | -51 250 | -59 300 |
| Net changes in cash and cash equivalents | -46 357 | -26 052 | -68 206 | -28 852 | 55 732 |
| Cash and cash equivalents at the beginning of the period | 152 451 | 115 768 | 174 300 | 118 568 | 118 568 |
| Cash and cash equivalents at the end of the period | 106 094 | 89 716 | 106 094 | 89 716 | 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 | 0 | 0 | 0 | 48 998 | 706 | 49 704 |
| Employee share scheme | 0 | 0 | 0 | 0 | 3 501 | 0 | 3 501 |
| Dividend | 0 | 0 | 0 | 0 | -51 152 | 0 | -51 152 |
| Equity at 30.06.2015 (Unaudited) | 10 250 | -20 | 10 000 | 20 230 | 131 475 | 3 880 | 155 585 |
| Equity at 01.01.2016 | 10 250 | -31 | 10 000 | 20 219 | 150 998 | 3 401 | 174 618 |
| Total comprehensive income | 0 | 0 | 0 | 0 | 44 497 | 559 | 45 056 |
| Employee share scheme | 0 | 0 | 0 | 0 | 3 935 | 0 | 3 935 |
| Dividend | 0 | 0 | 0 | 0 | -66 625 | -385 | -67 010 |
| Equity at 30.06.2016 (Unaudited) | 10 250 | -31 | 10 000 | 20 219 | 132 804 | 3 575 | 156 598 |
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 | APR-JUN 2016 | APR-JUN 2015 | CHANGE % | JAN-JUN 2016 | JAN-JUN 2015 | CHANGE % | YEAR 2015 |
|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | |||||||
| Operating revenue | 345 259 | 315 695 | 9,4 % | 668 175 | 642 696 | 4,0 % | 1 232 486 |
| EBITDA | 44 449 | 37 706 | 17,9 % | 68 232 | 73 320 | -6,9 % | 112 891 |
| Operating profit (EBIT) | 40 950 | 34 574 | 18,4 % | 61 285 | 66 595 | -8,0 % | 99 354 |
| Ordinary profit before tax | 40 973 | 35 440 | 15,6 % | 61 437 | 67 688 | -9,2 % | 101 770 |
| Profit for the period | 30 857 | 25 404 | 21,5 % | 45 366 | 49 781 | -8,9 % | 74 738 |
| EBITDA-margin | 12,9 % | 11,9 % | 7,8 % | 10,2 % | 11,4 % | -10,5 % | 9,2 % |
| EBIT-margin | 11,9 % | 11,0 % | 8,3 % | 9,2 % | 10,4 % | -11,5 % | 8,1 % |
| BALANCE SHEET | |||||||
| Non-current assets | 69 879 | 71 692 | -2,5 % | 69 879 | 71 692 | -2,5 % | 67 330 |
| Current assets | 385 477 | 362 330 | 6,4 % | 385 477 | 362 330 | 6,4 % | 418 884 |
| Total assets | 455 356 | 434 022 | 4,9 % | 455 356 | 434 022 | 4,9 % | 486 214 |
| Equity | 156 598 | 155 585 | 0,7 % | 156 598 | 155 585 | 0,7 % | 174 618 |
| Long-term debt | 171 | 399 | -57,1 % | 171 | 399 | -57,1 % | 285 |
| Short-term debt | 298 587 | 278 038 | 7,4 % | 298 587 | 278 038 | 7,4 % | 311 311 |
| Equity ratio | 34,4 % | 35,8 % | -4,1 % | 34,4 % | 35,8 % | -4,1 % | 35,9 % |
| Liquidity ratio | 1,29 | 1,30 | -0,9 % | 1,29 | 1,30 | -0,9 % | 1,35 |
| CASH FLOW | |||||||
| Net cash flow operations | 24 831 | 28 602 | -13,2 % | 7 869 | 28 905 | -72,8 % | 127 874 |
| Net free cash flow | 20 653 | 25 198 | -18,0 % | -1 196 | 22 398 | -105,3 % | 115 032 |
| Net cash flow | -46 357 | -26 052 | N/A | -68 206 | -28 852 | N/A | 55 732 |
| Cash flow margin | 7,2 % | 9,1 % | -20,6 % | 1,2 % | 4,5 % | -73,8 % | 10,4 % |
| SHARE INFORMATION | |||||||
| Number of shares | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 |
| Weighted average basic shares outstanding | 10 218 683 | 10 230 312 | -0,1 % | 10 218 683 | 10 230 312 | -0,1 % | 10 208 354 |
| Weighted average diluted shares outstanding | 10 353 807 | 10 362 120 | -0,1 % | 10 353 807 | 10 362 120 | -0,1 % | 10 340 661 |
| EBIT per share | 3,96 | 3,33 | 19,0 % | 5,92 | 6,41 | -7,6 % | 9,59 |
| Diluted EBIT per share | 3,91 | 3,28 | 19,0 % | 5,85 | 6,33 | -7,7 % | 9,47 |
| Earnings per share | 2,98 | 2,44 | 22,0 % | 4,38 | 4,80 | -8,6 % | 7,21 |
| Diluted earnings per share | 2,94 | 2,41 | 22,0 % | 4,33 | 4,74 | -8,6 % | 7,12 |
| Equity per share | 15,28 | 15,18 | 0,7 % | 15,28 | 15,18 | 0,7 % | 17,04 |
| Dividend per share | 6,50 | 5,00 | 30,0 % | 6,50 | 5,00 | 30,0 % | 5,00 |
| EMPLOYEES | |||||||
| Number of employees (year end) | 1 033 | 1 018 | 1,5 % | 1 033 | 1 018 | 1,5 % | 1 036 |
| Average number of employees | 1 037 | 1 010 | 2,7 % | 1 036 | 1 007 | 2,8 % | 1 016 |
| Operating revenue per employee | 333 | 313 | 6,5 % | 645 | 638 | 1,1 % | 1 213 |
| Operating cost per employee | 293 | 278 | 5,4 % | 586 | 572 | 2,5 % | 1 115 |
| EBIT per employee | 39 | 34 | 15,4 % | 59 | 66 | -10,5 % | 98 |
| Cash flow margin | Net cash flow operations / Operating revenue |
|---|---|
| Diluted earnings per share | Profit for the period assigned to shareholders in parent company / weighted average diluted shares outstanding |
| Diluted EBIT per share | EBIT assigned to shareholders in parent company / weighted average diluted shares outstanding |
| Dividend per share | Paid dividend per share througout the year |
| Earnings per share | Profit for the period assigned to shareholders in parent company / weighted average basic shares outstanding |
| EBIT | Operating profit |
| EBIT per employee | EBIT / average number of employees |
| EBIT per share | EBIT assigned to shareholders in parent company / weighted average basic shares outstanding |
| EBIT-margin | EBIT / operating revenue |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITDA-margin | EBITDA / operating revenue |
| Equity per share | Equity / number of shares |
| Equity ratio | Equity / total assets |
| Liquidity ratio | Current assets / Short-term debt |
| Net free cash flow | Net cash flow operations - Net cash flow investments |
| Number of shares | Number of issued shares at the end of the year |
| Operating cost per employee | Operating cost / average number of employees |
| Operating revenue per employee | Operating revenue / average number of employees |
| Weighted average basic shares outstanding | Issued shares adjusted for own shares on average for the year |
| Weighted average diluted shares outstanding | Issued shares adjusted for own shares and share scheme on average for the year |
The Group has offices in Oslo, Trondheim, Bergen, Haugesund, Stavanger, Kristiansand, Arendal, Skien, Sandvika, Sandefjord, Malmö, Örebro and Stockholm. Our philosophy is that competence should be utilized across the company, while projects are attached locally. This means that our customers will have a local account manager and project manager, but access to competence independent of its location.
Sandakerveien 24c, bygg D11 Box 4430 Nydalen 0403 Oslo Tel: (+47) 23 40 60 00
Frolandsveien 6 4847 Arendal Tel: (+47) 23 40 60 00
Solheimsgaten 15 5058 Bergen Tel: (+47) 55 20 09 17
Klostergata 33 Klosterøya 3732 Skien Tel: (+47) 23 40 60 00
Kjøita 25 4630 Kristiansand Tel: (+47) 23 40 60 00
Strandkaien 36 4005 Stavanger Tel: (+47) 52 82 10 17
Tel: (+47) 51 20 00 20
TRONDHEIM Kjøpmannsgata 35 7011 Trondheim Tel: (+47) 23 40 60 00
SANDEFJORD Klinestadmoen 9 3241 Sandefjord Tel: (+47) 23 40 60 00 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
WWW.BOUVET.NET
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