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Bouvet

Quarterly Report May 12, 2016

3563_rns_2016-05-12_8ab4c75e-06ac-402d-9c02-f32d33c680ec.pdf

Quarterly Report

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QUARTERLY REPORT

About Bouvet

Bouvet delivers services related to information technology, digital communication and enterprise management. At 31 March, it had 1 036 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, well-run 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.

Highlights of the first quarter 2016

  • · The combination of user orientation and technology at clients continued.
  • · Increase in demand for the DevOps and Lean Startup services.
  • · Frame agreement signed with the ICT capacity division of the Norwegian Defence Materiel Agency.
  • · Operating revenues came to NOK 322.9 million, down by 1.2 per cent from the same period of 2015.
  • · Operating profit came to NOK 20.3 million, compared with NOK 32 million for the first quarter of last year. The EBIT margin was 6.3 per cent as against 9.8 per cent.
  • · Revenues for the quarter were reduced by NOK 10.6 million because there were two fewer working days than in the same period of 2015.
  • · Cash flow from operations was negative at NOK 17 million, compared with a positive NOK 0.3 million in the same period of 2015.
  • · At 1 036 people, the workforce was unchanged from the previous quarter and up by 36 people over the past 12 months.

Key figures

MILLIONS NOK JAN-MAR 2016 JAN-MAR 2015 CHANGE % YEAR 2014
Revenue 322,9 327,0 -1,2 % 1 232,5
Operating profit (EBIT) 20,3 32,0 -36,5 % 99,4
Ordinary profit before tax 20,5 32,2 -36,5 % 101,8
Profit for the period 14,5 24,4 -40,5 % 74,7
Net cash flow operations -17,0 0,3 N/A 127,9
Cash and cash equivalents 152,5 115,8 31,7 % 174,3
Number of employees (end of period) 1 036 1 000 3,6 % 1 036
Number of employees (average) 1 033 1 003 3,0 % 1 016
Earnings per share 1,40 2,35 -40,4 % 7,21
Diluted earnings per share 1,38 2,32 -40,4 % 7,12
EBIT margin 6,3 % 9,8 % 8,1 %
Equity ratio 38,3 % 37,2 % 35,9 %

Financial results

Operating revenues

Bouvet had operating revenues of NOK 322.9 million in the first quarter, compared with NOK 327 million in the same period of 2015. That represented a decline of 1.2 per cent. Fee income generated by the group's own consultants fell by NOK 9.2 million or 3.3 per cent from the first quarter of last year. Revenues generated by sub-contractors rose by NOK 7.9 million or 26.2 per cent over the same period. Other revenue declined by NOK 2.8 million for the first quarter of 2015 to NOK 11.8 million.

Operating revenues from Bouvet's own employees were negatively affected by a reduction of two percentage points in the billing ratio for the group's consultants compared with the first quarter of 2015. Two fewer working days in the quarter compared with the same period of last year also reduced on operating revenues. Overall, the negative effect was NOK 15.4 million

At the same time, a three per cent increase in the average number of employees and a rise of 0.8 per cent in rates for the group's hourly based services from the first quarter of 2015 had a positive impact of NOK 10.3 million on operating revenues.

Viewed overall, sales to existing clients made good progress during the quarter. Clients who also used the group in the first quarter of 2015 accounted for 87.5 per cent of operating revenues. In addition, clients acquired since 31 March 2015 contributed a total of NOK 40.4 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 11.8 per cent in the first quarter, compared with 9.2 per cent in the same period of 2015.

Operating costs

Bouvet's operating costs, including depreciation and amortisation, were NOK 302.6 million for the first quarter, up from NOK 295 million in the same period of 2015. That represents an increase of 2.6 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 40.5 million, compared with NOK 36.3 million for the first quarter of 2015, and primarily comprised procurement of sub-contractor services and the hire of course instructors. Other operating expenses declined by 0.5 per cent from the same period of the year before to NOK 27.6 million.

Profit

Operating profit (EBIT) for the first quarter came to NOK 20.3 million, compared with NOK 32 million in the same period of 2015. This represents a decline of 36.5 per cent. The EBIT margin fell to 6.3 per cent, compared with 9.8 per cent in the first quarter of the year before. Net profit came to NOK 14.5 million, compared with NOK 24.4 million in the same period of 2015. Diluted earnings per share were NOK 1.38, compared with NOK 2.32 in the first quarter of 2015.

Cash flow, liquidity and capital adequacy

Consolidated cash flow from operations was negative at NOK 17 million for the first quarter, compared with a positive NOK 0.3 million in the same period of 2015. Cash flow for the quarter was affected negatively by an increase of NOK 32.1 million in working capital related to client receivables, work in progress and other current receivables from the fourth quarter of 2015. Furthermore, cash flow was negatively affected by a reduction of NOK 4.5 million in current liabilities from the fourth quarter of last year. Consolidated cash flow from operations for the past 12 months was NOK 110.6 million, while net profit for the same period was NOK 64.3 million.

EMPLOYEES (END OF PERIOD)

OPERATING PROFIT (EBIT)

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 has no interest-bearing debt. Bank deposits at 31 March totalled NOK 152.5 million, compared with NOK 115.8 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 31 March. Bouvet held 31 317 of its own shares at 31 March. Equity at 31 March totalled NOK 190.8 million, representing an equity ratio of 38.3 per cent. The corresponding figures for 31 March 2015 were an equity of NOK 179.5 million and an equity ratio of 37.2 per cent. Adjusted for proposed dividend totalling NOK 66.6 million, which will be paid in the second quarter of 2016, the equity

Developments and market

Demand for Bouvet's services is generally good and strong growth is being experienced in the public sector. Where the oil and gas sector is concerned, the group has succeeded in maintained a stable level of assignments. Its long-term relationships ensure a regular call-off of services among established clients. The freedom accorded to the regions makes it possible to be close to the market.

  • · The eastern region has a high level of demand from new and existing clients. It receives many enquiries from the public sector.
  • · The Rogaland region is continuing to increase its share of a challenging market. Increased turnover in non-petroleum sectors has reduced the impact of the general recession affecting the oil and gas industry.
  • · The northern region has good demand for its services, and won many highly interesting assignments during the quarter.
  • · Long-term customer relations and a high level of activity in banking and finance, the public sector and the media meant the Bergen region had a good quarter.

ratio at 31 March was 28.8 per cent. Bouvet's long-term target is to maintain an equity ratio in excess of 30 per cent.

Segment reporting

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.

  • · Despite a generally difficult market, the southern region is maintaining a positive level of activity.
  • · The Swedish region is growing in a market showing good progress.

The contribution of technology to meeting the requirements of enterprises for good user-oriented services, increased delivery capacity and changes to resource use yields highly interesting projects. Bouvet's experience from various sectors, its close collaboration with clients and the creation of cross-disciplinary teams create scope for innovation and full utilisation of the potential offered by technology. The internet of things at Sporveien, the development of mobile apps for Engie and the use of software robots at the City of Bergen are examples of technology taking enterprises from wholly manual to digital processes. That creates client confidence.

Regional development

Eastern region

ARENDAL SANDEFJORD KRISTIANSAND SKIEN The region's contribution to digitalisation processes at the strategic and operational level yields satisfied clients. Its leading-edge expertise, scope and quality are important factors when entering into new frame agreements

ÖREBRO and renewing existing ones. Assignments secured cover the development of internal and external business-critical solutions. These include delivering and winning several contracts for e-commerce solutions during the quarter.

TRONDHEIM MALMÖ An increase in demand for the integrated DevOps and Lean Startup services is being experienced by the region.

During the quarter, Bouvet became a member of Intelligent Transport Systems Norway (ITS Norge) since transport has become an important sector for the region. HAUGESUND

Examples of clients who have awarded or renewed contracts with the region include Vinmonopolet, Statnett, Sporveien, the Norwegian State Housing Bank, Tine, the Norwegian Public Service Pension Fund, the Norwegian Public Roads Administration, the Norwegian National Rail Administration, Sparebank 1, Flytoget, Hurtigruta, the Norwegian Directorate for Education and Training (Udir) and the City of Oslo. FORUS

The course business had a high level of activity with certification courses and good support for internal company programmes. Participants give very good feedback, and achieve high scores for certifications. SANDVIKA

Rogaland region

BERGEN A number of clients have extended and expanded their collaboration. The region won a number of assignments from the ICT arm of the Western Norway Regional Health Authority, and increased its volume of work with the TRONDHEIM HAUGESUND STAVANGER FORUS

Brønnøysund Register Centre. The Lyse group has become the region's second largest client.

OSLO SANDVIKA ARENDAL SANDEFJORD KRISTIANSAND SKIEN Requirements for digitalisation in the public sector have prompted local authorities and county councils to join forces over procurement. To meet demand, the region has expanded its range of services and won such clients as the Sola, Finnøy and Ålesund local authorities. OSLO SANDVIKA

TRONDHEIM ÖREBRO STOCKHOLM In collaboration with idea and design company Montaag, Bouvet's Olavstoppen subsidiary supported development of the user interface for a new bridge solution on Vard's ships, and a screen solution for electric cars developed in the USA. Other projects include the development of new control solutions for mobile cranes.

Northern region

ÖREBRO STOCKHOLM MALMÖ The region experienced good and stable demand from existing clients. Orders from Statoil increased during the quarter. Other clients which have shown renewed confidence in the region include the Norwegian Labour

Inspection Authority, the Brønnøysund Register Centre, the Norwegian Environment Agency, the City of Trondheim and Sør-Trøndelag county council. The last of these has become an important client, with the region making a long-term contribution to the council's digitalisation work.

A number of assignments were also secured in the health and education sectors.

Bergen region

Demand for the region's services is high in the banking, media and public sectors to support the digitalisation of their operations. Statoil remains an important client.

SKIEN New frame agreements signed by Bouvet include one with the Norwegian Digital Learning Arena (NDLA), a collaboration between country councils on digital learning resources for upper secondary schools.

ARENDAL KRISTIANSAND ÖREBRO During the quarter, the region developed a photo organisation app for FotoKnudsen to optimise the customer experience. User and customer experiences also occupied a key place in the new website launched by Hordaland county council during the period. Another important delivery for the region was a preliminary project for the City of Bergen on automation of administrative procedures with the aid of software robots. BERGEN

MALMÖ The region sees the value of close ties with the University of Bergen and Bergen University College, and has established the Nerdschool to prepare IT students for working life.

Southern region

Devoting attention to long-term clients creates confidence, and existing clients are expanding and extending their contracts with Bouvet. Statoil/Procosys expanded their

service agreement during the quarter,

while Agder Energi Nett and Kamstrup have extended their involvement.

ÖREBRO The region won important assignments during the quarter in security testing, including for the Altinn portal.

Sweden region

Bouvet is experiencing good demand in Sweden, covering all its service areas in a market with a high level of activity. The region secured frame agreements and projects from both new and existing clients during the quarter,

including the Swedish police, the Swedish Public Employment Service, the Swedish National Agency for Education, ICA, TetraPak, the Swedish Transport Agency, the Swedish Transport Administration, the City of Malmö, Öresundskraft and Jönköping local authority.

The frame agreement with the Legal, Financial and Administrative Services Agency has generated many enquiries. New clients acquired via this deal include the Swedish National Financial Management Authority, the Riksdag (parliament) and the Swedish Fortifications Agency.

Sesam

Sesam is a business unit in Bouvet which develops and sells an integration platform. This is delivered in a "software as a

Employees

Bouvet had 1 036 employees at 31 March, unchanged from 31 December and up by 36 from the same date in 2015. Its ambition is to be the consultancy with the most satisfied employees. Satisfied personnel contribute to delivery quality, satisfied clients and lower staff turnover.

The company works continuously to create job satisfaction, professional development, social cohesion and team spirit

Risk

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

service" (SaaS) model, either in the cloud or locally at the client. It acquires data in an easy way from different sources, integrates them and shares them with other systems. Sesam also supports data analysis and enterprise searching. That makes the service unique in the market.

To ensure that digital archives are preserved for the future, Sesam collaborates with several key partners in the archival field in Norway. Loss of digital heritage is a major and growing problem in both public and private sectors, which the platform overcomes in an effective way.

The service is being developed continuously and in a stage-by-stage manner, with automatic updating at clients. A new version of the most important Sesam components was developed during the quarter. This will make more efficient use of resources during implementation and operation, while opening the way to more areas of application. Production is planned for the second quarter.

among its personnel. In connection with its employee survey, Bouvet took part in the survey of Norway's best places to work by the Great Place to Work Institute. The results announced in March showed that the company was among the top five in its category in Norway.

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.

Prospects

Technology is the driver for a number of initiatives to boost value creation and productivity. A high pace of digitalisation and a more data-driven society create changes and a need for Bouvet's services in such areas as content marketing, service design, system development and integration solutions. The company collaborates with its clients in every area in order to avoid silo solutions, ensure an integrated approach and realise gains.

Long experience and its ability to deliver earn Bouvet renewed confidence from its clients and makes it a partner in their digital transformation. The company has experienced a particularly significant growth in demand from the transport and health sectors.

Bouvet is organised for continuous development of services and for sharing experience and expertise across sectors. That contributes to new thinking and innovation.

Data protection and security have become one of the company's new service areas in the wake of the EU's general data protection regulation. Bouvet sees the importance of being a clear and credible adviser in this area across all its regions.

Regional differences in the market mean that Bouvet expects moderate growth.

Contacts

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

Declaration by the board and CEO

We hereby confirm to the best of our knowledge that the interim financial statements for the first quarter 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 12 May 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

Consolidated income statement

NOK 1 000 UNAUDITED
JAN-MAR 2016
UNAUDITED
JAN-MAR 2015
CHANGE CHANGE % YEAR 2015
REVENUE 322 916 327 001 -4 085 -1,2 % 1 232 486
OPERATING EXPENSES
Cost of sales 40 469 36 300 4 169 11,5 % 148 200
Personell expenses 231 093 227 365 3 728 1,6 % 848 200
Depreciation fixed assets 2 471 2 602 -131 -5,0 % 10 032
Amortisation intangible assets 977 991 -14 -1,4 % 3 505
Other operating expenses 27 571 27 722 -151 -0,5 % 123 195
Total operating expenses 302 581 294 980 7 601 2,6 % 1 133 132
Operating profit 20 335 32 021 -11 686 -36,5 % 99 354
FINANCIAL ITEMS
Other interest income 423 430 -7 -1,6 % 2 074
Other financial income 99 54 45 83,3 % 1 166
Other interest expense -88 -92 4 N/A -272
Other finance expense -305 -165 -140 84,8 % -552
Net financial items 129 227 -98 -43,2 % 2 416
Ordinary profit before tax 20 464 32 248 -11 784 -36,5 % 101 770
Income tax expense
Tax expense on ordinary profit 5 955 7 871 -1 916 -24,3 % 27 032
Total tax expense 5 955 7 871 -1 916 -24,3 % 27 032
Profit for the period 14 509 24 377 -9 868 -40,5 % 74 738
Assigned to:
Shareholders in parent company 14 332 24 075 73 639
Non-controlling interests 177 302 1 099

Statement of other income and costs

NOK 1 000 UNAUDITED
JAN-MAR 2016
UNAUDITED
JAN-MAR 2015
CHANGE CHANGE % YEAR 2015
Items that may be reclassified through profit or loss
in subsequent periods
Currency translation differences -160 -144 -16 N/A 41
Sum other income and costs -160 -144 -16 N/A 41
Profit for the period 14 509 24 377 -9 868 -40,5 % 74 738
Total profit 14 349 24 233 -9 884 -40,8 % 74 779
Assigned to:
Shareholders in parent company 14 171 23 930 73 679
Non-controlling interests 177 302 1 099
Diluted earnings per share 1,38 2,32 -0,94 -40,4 % 7,12
Earnings per share 1,40 2,35 -0,95 -40,4 % 7,21

Consolidated balance sheet

NOK 1 000 UNAUDITED
31.03.2016
UNAUDITED
31.03.2015
CHANGE CHANGE % 31.12.2015
ASSETS
NON-CURRENT ASSETS
INTANGIBLE ASSETS
Deferred tax asset 332 707 -375 -53,0 % 368
Goodwill 27 824 31 159 -3 335 -10,7 % 27 909
Other intangible assets 18 777 15 693 3 084 19,7 % 17 414
Total intangible assets 46 933 47 559 -626 -1,3 % 45 691
FIXED ASSETS
Office equipment 8 325 9 724 -1 399 -14,4 % 8 685
Office machines and vehicles 2 759 2 481 278 11,2 % 2 417
IT equipment 10 704 11 097 -393 -3,5 % 10 526
Total fixed assets 21 788 23 302 -1 514 -6,5 % 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 68 732 70 872 -2 140 -3,0 % 67 330
CURRENT ASSETS
Work in progress 100 898 113 955 -13 057 -11,5 % 80 193
Trade accounts receivable 142 985 153 648 -10 663 -6,9 % 144 463
Other short-term receivables 32 840 28 567 4 273 15,0 % 19 928
Cash and cash equivalents 152 451 115 768 36 683 31,7 % 174 300
Total current assets 429 174 411 938 17 236 4,2 % 418 884
TOTAL ASSETS 497 906 482 810 15 096 3,1 % 486 214

Consolidated balance sheet

NOK 1 000 UNAUDITED
31.03.2016
UNAUDITED
31.03.2015
CHANGE CHANGE % 31.12.2015
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 167 036 155 811 11 225 7,2 % 150 998
Total earned equity 167 036 155 811 11 225 7,2 % 150 998
Non-controlling interests 3 578 3 476 102 2,9 % 3 401
Total equity 190 833 179 517 11 316 6,3 % 174 618
DEBT
LONG-TERM DEBT
Other provisions for obligations 228 456 -228 -50,0 % 285
Total long-term debt 228 456 -228 -50,0 % 285
SHORT-TERM DEBT
Trade accounts payable 31 142 30 755 387 1,3 % 34 643
Income tax payable 20 493 18 379 2 114 11,5 % 27 109
Public duties payable 105 668 108 753 -3 085 -2,8 % 118 539
Other short-term debt 149 542 144 950 4 592 3,2 % 131 020
Total short-term debt 306 845 302 837 4 008 1,3 % 311 311
Total liabilities 307 073 303 293 3 780 1,2 % 311 596
TOTAL EQUITY AND LIABILITIES 497 906 482 810 15 096 3,1 % 486 214

Consolidated statement of cash flows

NOK 1 000 UNAUDITED
JAN-MAR 2016
UNAUDITED
JAN-MAR 2015
YEAR 2015
CASH FLOW FROM OPERATING ACTIVITIES
Ordinary profit before tax 20 464 32 248 101 770
Paid tax -12 164 -13 900 -23 247
(Gain)/loss on sale of fixed assets -3 0 -106
Ordinary depreciation 2 471 2 602 10 032
Amortisation intangible assets 977 991 3 505
Share based payments 1 452 1 338 5 430
Changes in work in progress, accounts receivable and accounts payable -22 728 -35 827 11 008
Changes in other accruals -7 431 12 850 19 483
Net cash flow from operating activities -16 962 304 127 874
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of fixed assets 73 0 175
Purchase of fixed assets -2 701 -1 559 -7 383
Purchase of intangible assets -2 259 -1 545 -5 635
Net cash flow from investing activities -4 887 -3 104 -12 842
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of own shares 0 0 -14 880
Sales of own shares 0 0 7 702
Dividend payments 0 0 -52 122
Net cash flow from financing activities 0 0 -59 300
Net changes in cash and cash equivalents -21 849 -2 800 55 732
Cash and cash equivalents at the beginning of the period 174 300 118 568 118 568
Cash and cash equivalents at the end of the period 152 451 115 768 174 300

Consolidated statement of changes in equity

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 23 930 302 24 233
Employee share scheme 0 1 753 0 1 753
Equity at 31.03.2015 (Unaudited) 10 250 -20 10 000 20 230 155 811 3 476 179 517
Equity at 01.01.2016 10 250 -31 10 000 20 219 150 998 3 401 174 618
Total comprehensive income 14 171 177 14 349
Employee share scheme 1 866 0 1 866
Equity at 31.03.2016 (Unaudited) 10 250 -31 10 000 20 219 167 036 3 578 190 833

Notes

Note 1: Accounting principles

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.

Note 2: Dividend

12 April 2016 the board of directors decided to propose a dividend of NOK 66.63 million, equivalent to NOK 6.50 per share. The Annual General Meeting will be held 12 May 2016.

Key figures Group

NOK 1 000 JAN-MAR 2016 JAN-MAR 2015 CHANGE % YEAR 2015
INCOME STATEMENT
Operating revenue 322 916 327 001 -1,2 % 1 232 486
EBITDA 23 783 35 614 -33,2 % 112 891
Operating profit (EBIT) 20 335 32 021 -36,5 % 99 354
Ordinary profit before tax 20 464 32 248 -36,5 % 101 770
Profit for the period 14 509 24 377 -40,5 % 74 738
EBITDA-margin 7,4 % 10,9 % -32,4 % 9,2 %
EBIT-margin 6,3 % 9,8 % -35,7 % 8,1 %
BALANCE SHEET
Non-current assets 68 732 70 872 -3,0 % 67 330
Current assets 429 174 411 938 4,2 % 418 884
Total assets 497 906 482 810 3,1 % 486 214
Equity
Long-term debt
190 833 179 517
456
6,3 %
-50,0 %
174 618
285
Short-term debt 228
306 845
302 837 1,3 % 311 311
Equity ratio 38,3 % 37,2 % 3,1 % 35,9 %
Liquidity ratio 1,40 1,36 2,8 % 1,35
CASH FLOW
Net cash flow operations -16 962 304 N/A 127 874
Net free cash flow -21 849 -2 800 N/A 115 032
Net cash flow -21 849 -2 800 N/A 55 732
Cash flow margin -5,3 % 0,1 % N/A 10,4 %
SHARE INFORMATION
Number of shares 10 250 000 10 250 000 0,0 % 10 250 000
Weighted average basic shares outstanding 10 218 683 10 230 312 -0,1 % 10 208 354
Weighted average diluted shares outstanding 10 353 807 10 362 120 -0,1 % 10 340 661
EBIT per share 1,97 3,09 -36,3 % 9,59
Diluted EBIT per share 1,94 3,05 -36,4 % 9,47
Earnings per share 1,40 2,35 -40,4 % 7,21
Diluted earnings per share 1,38 2,32 -40,4 % 7,12
Equity per share 18,62 17,51 6,3 % 17,04
Dividend per share 0,00 0,00 N/A 5,00
EMPLOYEES
Number of employees (year end) 1 036 1 000 3,6 % 1 036
Average number of employees 1 033 1 003 3,0 % 1 016
Operating revenue per employee 313 326 -4,1 % 1 213
Operating cost per employee 293 294 -0,4 % 1 115
EBIT per employee 20 32 -38,3 % 98

Definitions

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

Local presence gives closeness to our customers

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.

OSLO

Sandakerveien 24c, bygg D11 Box 4430 Nydalen 0403 Oslo Tel: (+47) 23 40 60 00

ARENDAL

Frolandsveien 6 4847 Arendal Tel: (+47) 23 40 60 00

BERGEN

Solheimsgaten 15 5058 Bergen Tel: (+47) 55 20 09 17

GRENLAND

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

Strandkaien 36 4005 Stavanger Tel: (+47) 52 82 10 17

Tel: (+47) 51 20 00 20

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

Storgatan 3 70361 Örebro Tel: (+46) 0 709 431 411

WWW.BOUVET.NET

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