Quarterly Report • Feb 19, 2016
Quarterly Report
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19 February 2016
Bouvet delivers services related to information technology, digital communication and enterprise management. At 31 December, 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, 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 | OCT-DEC 2015 | OCT-DEC 2014 | CHANGE % | JAN-DEC 2015 | JAN-DEC 2014 | CHANGE % |
|---|---|---|---|---|---|---|
| Revenue | 333,0 | 313,2 | 6,3 % | 1 232,5 | 1 132,6 | 8,8 % |
| Operating profit (EBIT) | 26,1 | 19,3 | 35,1 % | 99,4 | 79,2 | 25,5 % |
| Ordinary profit before tax | 27,1 | 20,4 | 32,3 % | 101,8 | 81,6 | 24,8 % |
| Profit for the period | 20,7 | 13,7 | 50,9 % | 74,7 | 57,0 | 31,2 % |
| Net cash flow operations | 99,8 | 61,6 | 61,9 % | 127,9 | 48,8 | 162,2 % |
| Cash and cash equivalents | 174,3 | 118,6 | 47,0 % | 174,3 | 118,6 | 47,0 % |
| Number of employees (end of period) | 1 036 | 1 008 | 2,8 % | 1 036 | 1 008 | 2,8 % |
| Number of employees (average) | 1 033 | 995 | 3,8 % | 1 016 | 958 | 6,1 % |
| Earnings per share | 2,01 | 1,31 | 54,0 % | 7,21 | 5,45 | 32,3 % |
| Diluted earnings per share | 1,98 | 1,29 | 53,9 % | 7,12 | 5,39 | 32,2 % |
| EBIT margin | 7,8 % | 6,2 % | 8,1 % | 7,0 % | ||
| Equity ratio | 35,9 % | 34,3 % | 35,9 % | 34,3 % |
Bouvet had operating revenues of NOK 330 million in the fourth quarter, compared with NOK 313.2 million in the same period of 2014. That represented an increase of 6.3 per cent. Fee income generated by the group's own consultants increased by NOK 16.1 million or 6.1 per cent from the fourth quarter of last year. Revenues generated by sub-contractors rose by NOK 4 million or 13.7 per cent over the same period. Operating revenues were positively affected by an increase of 0.6 percentage points in the billing ratio for the group's consultants compared with the fourth quarter of 2014. At the same time, a 3.8 per cent increase in the average number of employees and a rise of 0.7 per cent in rates for the group's hourly based services from the fourth quarter of 2014 had a positive impact on operating revenues. The quarter also had one working day more than the same period of 2014, which influenced revenues positively by 1.6 per cent.
Sales to existing clients made good progress during the quarter. Clients who also used the group in the fourth quarter of 2014 accounted for 89.5 per cent of operating revenues. In addition, clients acquired since 31 December 2014 contributed a total of NOK 35 million to fourth-quarter operating revenues.
Operating revenues for 2015 as a whole were NOK 1 232.5, up by 8.8 per cent from the year before. Rates for the group's hourly based services increased by 1.6 per cent compared with 2014. The billing ratio for the group's consultants in 2015 was unchanged from the year before. Operating revenues from the sale of services from sub-contractors totalled NOK 120.9 million for the full year, up by NOK 6 million or 5.2 per cent from 2014. A 6.1 per cent increase in the average number of employees from the year before contributed to an 8.8 per cent rise in overall 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 10 per cent in the fourth quarter, compared with
9.3 per cent in the same period of 2014. For 2015 as a whole, sub-contractors accounted for 9.8 per cent of total turnover compared with 10.1 per cent in 2014.
Bouvet's operating costs, including depreciation and amortisation, were NOK 306.9 million for the fourth quarter, up from NOK 293.9 million in the same period of 2014. That represents an increase of 4.4 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 1.8 per cent over the past 12 months. The cost of sales increased to NOK 42.7 million, compared with NOK 38.8 million for the fourth quarter of 2014, and primarily comprised procurement of sub-contractor services and the hire of course instructors. Other operating expenses grew by seven per cent from the same period of the year before to NOK 35.7 million. This rise primarily reflects increased costs related to ICT and office premises.
Operating costs rose by 7.6 per cent and revenues increased by 8.8 per cent for the full year compared with 2014.
Payroll costs for 2015 as a whole also increased, primarily because of workforce expansion. They grew by NOK 64.4 million or 8.2 per cent from the year before, while the average number of employees was up by 6.1 per cent. The cost of sales increased by NOK 11.6 million or 8.5 per cent. Other operating costs for the year were up by NOK 3.5 million or 2.9 per cent to NOK 123.2 million. This increase primarily reflected higher costs related to ICT and office premises.
Operating profit (EBIT) for the fourth quarter came to NOK 26.1 million, compared with NOK 19.3 million in the same period of 2014. This represents a rise of 35.1 per cent. The EBIT margin thereby increased to 7.8 per cent, compared with 6.2 per cent in the fourth quarter of the year before. Net profit came to NOK 20.7 million, compared with NOK 13.7 million in the same period of 2014. Diluted earnings per share were NOK 1.98, compared with NOK 1.29 in the fourth quarter of 2014.
NOK MILLION
For the full year, operating profit came to NOK 99.4 million, compared with NOK 79.2 million in 2014. That represented an increase of 25.5 per cent. The EBIT margin thereby rose from seven per cent in 2014 to 8.1 per cent. Net profit for 2015 came to NOK 74.7 million, giving diluted earnings per share of NOK 7.12. This represents an increase from the year before, when net profit was NOK 57 million and diluted earnings per share came to NOK 5.39.
Consolidated cash flow from operations was NOK 99.8 million for the fourth quarter, compared with NOK 61.6 million in the same period of 2014. Cash flow for the quarter was affected positively by a reduction of NOK 10.1 million in current receivables from the third quarter of 2015. Current liabilities rose by NOK 60.7 million from the third to the fourth quarters, which also had a positive effect on cash flow.
Consolidated cash flow from operations for the full year was NOK 127.9 million, compared with NOK 48.8 million in 2014. Cash flow was positively affected by an increase of NOK 18.5 million in current liabilities from 2014 and a decline of NOK 13.1 million in working capital related to client receivables and work in progress from the year before.
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 December totalled NOK 174.3 million, compared with NOK 118.6 million a year earlier. The group had an undrawn overdraft facility of NOK 50 million at 31 December. Bouvet held 31 317 of its own shares at 31 December. Equity at 31 December totalled NOK 174.6 million, representing an equity ratio of 35.9 per cent. The corresponding figures for 31 December 2014 were an equity of NOK 153.5 million and an equity ratio of 34.3 per cent. Bouvet's long-term target is to maintain an equity ratio in excess of 30 per cent.
The board proposes that a dividend of NOK 66.6 million, representing NOK 6.50 per share, be paid for 2015.
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.
Demand for Bouvet's services during the quarter was concentrated primarily on digitalisation in the public and private sectors. The group's range of services and its culture of sharing across disciplines and sectors creates a feeling of trust among clients in their efforts to change.
Bouvet helps clients to see the opportunities provided by technology from different perspectives through being involved in a number of areas of expertise. The client's issues are resolved and the consequences assessed jointly, so that the client secures value from its investment in technology.
The level of activity was high during the quarter. As a result of the downturn in the oil and gas sector, price trends in the market have had effects on profitability and regional differences. Bouvet's regional model allows it to adapt to local needs and implement change. Mobility between the regions accordingly increased during the quarter compared with the year before.
New clients (LTM) Excisting clients
ARENDAL SANDEFJORD KRISTIANSAND SKIEN This region is experiencing a very good market. A particularly strong expansion has been seen in the provision of key services for digitalisation of client businesses. Bouvet's consultants work close to core systems at both strategic
ÖREBRO and operational levels. Examples include planning tools for submarine cables for Statnett and solutions for efficient management of Vaktmesterkompaniet's snowploughs. Technology is the driver for innovation efforts in both deliveries.
MALMÖ The commitment to consultancy and project-related services increased during the quarter. This reflected growing demand for expertise in digital business development from both technical and market perspectives. At the same time, the need for local support is growing among clients who use offshoring.
The region renewed its frame agreement with Sporveien during the quarter and entered into new contracts with the Norwegian Public Service Pension Fund, the Financial Supervisory Authority of Norway and Yara. A number of long-term clients have extended their collaboration with Bouvet, including Sykehuspartner, the Norwegian Public Roads Administration, Coop, the Norwegian National Rail Administration and the State Agency for the Recovery of Fines, Damages and Costs.
Demand is growing in the banking and finance sector, and expansion continues in energy and transport. Bouvet delivers in a number of service and expertise areas, and is acting more frequently as a preferrd supplier.
The course business experienced a very good quarter, with strong demand for open courses. Certification courses are attractive as a result of an unsettled labour market and formal requirements for consultants. Bouvet's commitment to providing specially tailored courses when new solutions are introduced also increased during the quarter.
A high level of client satisfaction is one reason why the region is expanding its market share and delivering good results in a tough market. Many of its biggest clients, including the oil sector, have initiated projects and FORUS
increased the call-off of individual services. This has reduced the impact of the general decline in the oil and gas sector. OSLO
OSLO SANDVIKA ARENDAL SANDEFJORD SKIEN To meet demand for digital business development, the region has developed services which provide clients with valueenhancing deliveries in the form of reduced costs and increased earnings.
The region signed contracts with new clients from various sectors in Norway and Sweden, including Ikea, the Swedish public roads administration, the Swedish police, the Northern and Central Norway Regional Health Authorities, the City of Kristiansand, Sør-Trøndelag county council, DNB, Posc Caesar, VNG and HMS Data. A number of these assignments involve services where the Rogaland region has leading-edge expertise. STAVANGER FORUS
The Olavstoppen subsidiary secured a number of high-profile assignments, both nationally and internationally, and has the region's leading expertise in its fields. SANDEFJORD KRISTIANSAND
ÖREBRO STOCKHOLM MALMÖ The region experienced a good market with much activity during the quarter. System development is its largest service area, and it is wellestablished in this market. Demand for advertising services and the develop-
ment of mobile applications is growing in the region.
Health care has become a big sector which draws on the full range of the region's services. Particular mention can be made of expansions and extensions during the quarter by the Norwegian Patient Register (Directorate of Health), the Central Norway Regional Health Authority and the Norwegian Health Network as well as a new frame agreement from the Northern Norway Regional Health Authority ICT.
The region is working on long-term assignments for digitalisation and adaptation from the Sør and Nord Trøndelag county councils. Other clients who have extended and initiated new assignments include Statoil, the Directorate of Mining and the Norwegian Environment Agency.
A number of call-offs have already been secured by the region under the frame agreement signed with the NTNU in the third quarter.
The high level of activity in the region persisted during the fourth quarter. Important sectors such as banking and finance, the public sector, health care and the media awarded long-term assignments across Bouvet's full range
SANDEFJORD SKIEN of services during the period. These clients include the City of Bergen, KS, Skandiabanken, Sparebanken Vest, DNB, the Norwegian Institute of Public Health, the Western Norway Regional Health Authority ICT, Statoil, Vimond and Frende Forsikring.
KRISTIANSAND TV2 has become a substantial client, with continuous and long-term call-off of services such as project management, system development and consultancy. Other long-term
relationships include the Association of NGOs in Norway (NGO Portal) and the National Library.
Bouvet has leading-edge expertise with the Episerver content management system. That resulted during the quarter in cloud solutions for Hansaborg and new development assignments for the Norwegian Industrial Property Office and Bybanen Utbygging. BERGEN
A new service area with growth potential is consultancy on and implementation of software robots being developed by the region for the City of Bergen.
Bouvet secured a growing volume of assignments towards the end of the quarter in an unsettled and cautious market affected by substantial downsizing in the oil service sector. The client portfolio is stable and
dispersed across the energy and power generation sectors as well as traditional manufacturing. But the oil industry continues to account for a substantial proportion of the region's turnover.
STOCKHOLM MALMÖ Bouvet supports Agder Energi Nett with enterprise architecture in the AMS programme, an assignment which was extended during the period. BERGEN
The region has signed new frame agreements with Pasientreiser and the Brønnøysund Register Centre. Bouvet won the first mini competitive tender for security testing of the Altinn portal.
A national register of seafarers who sailed during wartime was delivered during the period to Stiftelsen Arkivet. This solution has been developed in cooperation with Samlerhuset Norge AS and the Lillesand Seamen's Association/ sjohistorie.no. ARENDAL SANDEFJORD KRISTIANSAND SKIEN
The level of activity in the region is high. Demand is good from new and existing clients in all disciplines – development, consultancy and user experience. The client base is solid and covers the public sector, local authorities, retailing,
banking and finance, and education.
Substantial demand is being generated through the frame agreement with the Kammarkollegiet. New clients include the Swedish police, the Swedish Public Employment Service, the Swedish Museum of Natural History, the Swedish Transport Administration and the Swedish Transport Agency as well as the extension of an assignment for the Swedish National Agency for Education.
Bouvet's expertise is in demand for digitalisation and change processes. The region has a strategic presence in Kunskapsskolan's international web commitment. The cities of Malmö and Västerås have signed new frame agreements which include deliveries within strategic development and the design of web and digital channels. Leading-edge expertise with the SiteVision product is relevant for a number of assignments of this kind.
Among other new clients, mention can be made of the development of airport weather forecasting services for the Swedish Meteorological and Hydrological Institute, deliveries in enterprise architecture and modelling to Apoteket, the role as web editor for the Swedish Economic Crime Authority and a management agreement with Aberdeen Asset Management. Existing and long-term clients such as ICA, SAS and Braathens Aviation extended assignments during the quarter.
The growing demand makes it important for the Swedish region to continuing recruitment.
Sesam is a business unit in Bouvet which develops and sells an integration platform of the same name. This permits data to be acquired easily from different sources, integrated and shared with other systems. Sesam also supports data analysis and enterprise searching.
All Norwegian electricity consumers will be equipped with smart meters from 1 January 2019. Hafslund Nett adopted Sesam in November in order to implement its advanced metering and management systems (AMS) project without replacing existing IT systems. Sesam integrates all necessary data so that the roll-out project can be implemented in parallel with existing infrastructure.
Among other activities, the Norwegian National Rail Administration has initiated the first of several integration projects based on Sesam. This involves integrating records and financial data, with production set to start in the first quarter of 2016.
Bouvet had 1 036 employees at 31 December, up by four from 30 September and 28 from the same date in 2014. 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 among its personnel. Results from its annual employee survey were very positive, even in the Rogaland region where restructuring efforts have been pursued to adapt to the market. Ninety per cent of respondents said that, all things considered, Bouvet was a great place to work.
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 2014 (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.
Technology will be crucial for the future progress of society, both for developing products and services and as a facilitator of new business models in technology-intensive industries. Bouvet expects ICT to grow as a sector in order to contribute to the changes affecting Norway's industrial and public sectors.
These changes call for insight into user behaviour, new technology and the opportunity spaces provided by
technology, as well as commercial understanding. Bouvet's ambitions and its values harmonise well with the resources required in the future. The company collaborates with its clients through sharing and involvement in innovative thinking and innovation, so that their success becomes Bouvet's.
Bouvet expects demand for its services to remain good.
Sverre Hurum President and CEO Tel: +47 23 40 60 00 | +47 913 50 047 Erik Stubø CFO Tel: +47 23 40 60 00 | +47 950 36 011
We hereby confirm to the best of our knowledge that the interim financial statements for the fourth quarter of 2015 and the preliminary financial statements for 1 January-31 December 2015 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 19 February 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 OCT-DEC 2015 |
UNAUDITED OCT-DEC 2014 |
CHANGE | CHANGE % | UNAUDITED JAN-DEC 2015 |
JAN-DEC 2014 |
CHANGE | CHANGE % |
|---|---|---|---|---|---|---|---|---|
| REVENUE | 333 020 | 313 196 | 19 824 | 6,3 % | 1 232 486 | 1 132 598 | 99 888 | 8,8 % |
| OPERATING EXPENSES | ||||||||
| Cost of sales | 42 650 | 38 811 | 3 839 | 9,9 % | 148 200 | 136 645 | 11 555 | 8,5 % |
| Personell expenses | 225 152 | 217 375 | 7 777 | 3,6 % | 848 200 | 783 760 | 64 440 | 8,2 % |
| Depreciation fixed assets | 2 429 | 2 700 | -271 | -10,0 % | 10 032 | 10 201 | -169 | -1,7 % |
| Amortisation intangible assets | 958 | 1 611 | -653 | -40,5 % | 3 505 | 3 138 | 367 | 11,7 % |
| Other operating expenses | 35 703 | 33 364 | 2 339 | 7,0 % | 123 195 | 119 692 | 3 503 | 2,9 % |
| Total operating expenses | 306 892 | 293 861 | 13 031 | 4,4 % | 1 133 132 | 1 053 436 | 79 696 | 7,6 % |
| Operating profit | 26 128 | 19 335 | 6 793 | 35,1 % | 99 354 | 79 162 | 20 192 | 25,5 % |
| FINANCIAL ITEMS | ||||||||
| Other interest income | 571 | 629 | -58 | -9,2 % | 2 074 | 2 616 | -542 | -20,7 % |
| Other financial income | 561 | 729 | -168 | -23,0 % | 1 166 | 860 | 306 | 35,6 % |
| Other interest expense | -4 | -85 | 81 | -95,3 % | -272 | -358 | 86 | -24,0 % |
| Other finance expense | -203 | -164 | -39 | 23,8 % | -552 | -703 | 151 | -21,5 % |
| Net financial items | 925 | 1 109 | -184 | -16,6 % | 2 416 | 2 415 | 1 | 0,0 % |
| Ordinary profit before tax | 27 053 | 20 444 | 6 609 | 32,3 % | 101 770 | 81 577 | 20 193 | 24,8 % |
| Income tax expense | ||||||||
| Tax expense on ordinary profit | 6 388 | 6 745 | -357 | -5,3 % | 27 032 | 24 596 | 2 436 | 9,9 % |
| Total tax expense | 6 388 | 6 745 | -357 | -5,3 % | 27 032 | 24 596 | 2 436 | 9,9 % |
| Profit for the period | 20 665 | 13 699 | 6 966 | 50,9 % | 74 738 | 56 981 | 17 757 | 31,2 % |
| Assigned to: | ||||||||
| Shareholders in parent company | 20 403 | 13 301 | 73 639 | 55 737 | ||||
| Non-controlling interests | 262 | 398 | 1 099 | 1 244 |
| NOK 1 000 | UNAUDITED OCT-DEC 2015 |
UNAUDITED OCT-DEC 2014 |
CHANGE | CHANGE % | UNAUDITED JAN-DEC 2015 |
JAN-DEC 2014 |
CHANGE | CHANGE % |
|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified through profit or loss in subsequent periods |
||||||||
| Currency translation differences | 57 | -201 | 258 | I/A | 41 | -339 | 379 | I/A |
| Sum other income and costs | 57 | -201 | 258 | I/A | 41 | -339 | 379 | I/A |
| Profit for the period | 20 665 | 13 699 | 6 966 | 50,9 % | 74 738 | 56 981 | 17 757 | 31,2 % |
| Total profit | 20 722 | 13 498 | 7 224 | 53,5 % | 74 779 | 56 642 | 18 136 | 32,0 % |
| Assigned to: | ||||||||
| Shareholders in parent company | 20 460 | 13 100 | 73 679 | 55 398 | ||||
| Non-controlling interests | 262 | 398 | 1 099 | 1 244 | ||||
| Diluted earnings per share | 1,98 | 1,29 | 0,69 | 53,7 % | 7,12 | 5,39 | 1,73 | 32,2 % |
| Earnings per share | 2,01 | 1,31 | 0,70 | 53,8 % | 7,21 | 5,45 | 1,76 | 32,3 % |
| (NOK 1000) | UNAUDITED 31/12/2015 |
31/12/2014 | CHANGE | CHANGE % |
|---|---|---|---|---|
| ASSETS | ||||
| NON-CURRENT ASSETS | ||||
| INTANGIBLE ASSETS | ||||
| Deferred tax asset | 368 | 0 | 368 | I/A |
| Goodwill | 27 909 | 31 230 | -3 321 | -10,6 % |
| Other intangible assets | 17 414 | 15 125 | 2 289 | 15,1 % |
| Total intangible assets | 45 691 | 46 355 | -664 | -1,4 % |
| FIXED ASSETS | ||||
| Office equipment | 8 685 | 10 088 | -1 403 | -13,9 % |
| Office machines and vehicles | 2 417 | 2 682 | -265 | -9,9 % |
| IT equipment | 10 526 | 11 576 | -1 050 | -9,1 % |
| Total fixed assets | 21 628 | 24 346 | -2 718 | -11,2 % |
| FINANCIAL NON-CURRENT ASSETS | ||||
| Other long-term receivables | 11 | 11 | 0 | 0,0 % |
| Total financial non-current assets | 11 | 11 | 0 | 0,0 % |
| Total non-current assets | 67 330 | 70 712 | -3 382 | -4,8 % |
| CURRENT ASSETS | ||||
| Work in progress | 80 193 | 106 625 | -26 432 | -24,8 % |
| Trade accounts receivable | 144 463 | 131 129 | 13 334 | 10,2 % |
| Other short-term receivables | 19 928 | 20 027 | -99 | -0,5 % |
| Cash and cash equivalents | 174 300 | 118 568 | 55 732 | 47,0 % |
| Total current assets | 418 884 | 376 349 | 42 535 | 11,3 % |
| TOTAL ASSETS | 486 214 | 447 061 | 39 153 | 8,8 % |
| NOK 1 000 | UREVIDERT 31.12.2015 |
31.12.2014 | CHANGE | CHANGE % |
|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
| PAID-IN CAPITAL | ||||
| Share capital | 10 250 | 10 250 | 0 | 0,0 % |
| Own shares - nominal value | -31 | -20 | -11 | 55,0 % |
| Share premium fund | 10 000 | 10 000 | 0 | 0,0 % |
| Total paid-in capital | 20 219 | 20 230 | -11 | -0,1 % |
| EARNED EQUITY | ||||
| Other equity | 150 998 | 130 128 | 20 870 | 16,0 % |
| Total earned equity | 150 998 | 130 128 | 20 870 | 16,0 % |
| Non-controlling interests | 3 401 | 3 174 | 227 | 7,2 % |
| Total equity | 174 618 | 153 532 | 21 086 | 13,7 % |
| DEBT | ||||
| LONG-TERM DEBT | ||||
| Deferred tax | 0 | 156 | -156 | -100,0 % |
| Other provisions for obligations | 285 | 513 | -228 | -44,4 % |
| Total long-term debt | 285 | 669 | -384 | -57,4 % |
| SHORT-TERM DEBT | ||||
| Trade accounts payable | 34 643 | 36 733 | -2 090 | -5,7 % |
| Income tax payable | 27 109 | 24 176 | 2 933 | 12,1 % |
| Public duties payable | 118 539 | 109 388 | 9 151 | 8,4 % |
| Other short-term debt | 131 020 | 122 563 | 8 457 | 6,9 % |
| Total short-term debt | 311 311 | 292 860 | 18 451 | 6,3 % |
| Total liabilities | 311 596 | 293 529 | 18 067 | 6,2 % |
| TOTAL EQUITY AND LIABILITIES | 486 214 | 447 061 | 39 153 | 8,8 % |
| NOK 1 000 | UNAUDITED OCT-DEC 2015 |
UNAUDITED OCT-DEC 2014 |
UNAUDITED JAN-DEC 2015 |
JAN-DEC 2014 |
|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Ordinary profit before tax | 27 053 | 20 444 | 101 770 | 81 577 |
| Paid tax | 4 639 | -8 326 | -23 247 | -28 284 |
| (Gain)/loss on sale of fixed assets | 1 | -13 | -106 | -215 |
| Ordinary depreciation | 2 429 | 2 700 | 10 032 | 10 201 |
| Amortisation intangible assets | 958 | 1 611 | 3 505 | 3 138 |
| Share based payments | 1 415 | 1 286 | 5 430 | 4 828 |
| Changes in work in progress, accounts receivable and accounts payable | 19 551 | 4 004 | 11 008 | -22 957 |
| Changes in other accruals | 43 731 | 39 930 | 19 483 | 475 |
| Net cash flow from operating activities | 99 776 | 61 636 | 127 874 | 48 762 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Sale of fixed assets | 30 | 152 | 175 | 452 |
| Purchase of fixed assets | -1 796 | -3 172 | -7 383 | -12 065 |
| Purchase of intangible assets | -1 575 | -1 554 | -5 635 | -4 021 |
| Purchase of business | 0 | -12 250 | 0 | -12 250 |
| Investment in subsidiaries - net cash | 0 | 392 | 0 | -1 957 |
| Net cash flow from investing activities | -3 342 | -16 431 | -12 842 | -29 842 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Purchase of own shares | 0 | -12 800 | -14 880 | -12 800 |
| Sales of own shares | 7 702 | 7 069 | 7 702 | 7 069 |
| Dividend payments | 0 | 0 | -52 122 | -62 300 |
| Net cash flow from financing activities | 7 702 | -5 731 | -59 300 | -68 031 |
| Net changes in cash and cash equivalents | 104 137 | 39 474 | 55 732 | -49 111 |
| Cash and cash equivalents at the beginning of the period | 70 163 | 79 094 | 118 568 | 167 679 |
| Cash and cash equivalents at the end of the period | 174 300 | 118 568 | 174 300 | 118 568 |
| NOK 1 000 | SHARE CAPITAL |
OWN SHARES | SHARE PRE MIUM |
TOTAL PAID IN EQUITY |
OTHER EQUITY |
NON-CON TROLLING INTERESTS |
TOTAL EQUITY |
|---|---|---|---|---|---|---|---|
| Equity at 01.01.2014 | 10 250 | -19 | 10 000 | 20 231 | 136 869 | 2 729 | 159 829 |
| Total comprehensive income | 0 | 55 398 | 1 244 | 56 642 | |||
| Purchase/sale of own shares (net) | -1 | -1 | -5 661 | -5 662 | |||
| Employee share scheme | 0 | 5 021 | 5 021 | ||||
| Dividend | 0 | -61 500 | -800 | -62 300 | |||
| Equity at 31.12.2014 | 10 250 | -20 | 10 000 | 20 230 | 130 128 | 3 174 | 153 532 |
| Equity at 01.01.2015 | 10 250 | -20 | 10 000 | 20 230 | 130 128 | 3 174 | 153 532 |
| Total comprehensive income | 73 679 | 1 099 | 74 779 | ||||
| Purchase/sale of own shares (net) | -11 | -11 | -7 099 | -7 111 | |||
| Employee share scheme | 5 541 | 5 541 | |||||
| Dividend | -51 250 | -872 | -52 122 | ||||
| Equity at 31.12.2015 (Unaudited) | 10 250 | -31 | 10 000 | 20 219 | 150 998 | 3 401 | 174 618 |
The group made no changes to the accounting principles applied in 2015. 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 2014.
| NOK 1 000 | OCT-DEC 2015 | OCT-DEC 2014 | CHANGE % | JAN-DEC 2015 | JAN-DEC 2014 | CHANGE % |
|---|---|---|---|---|---|---|
| INCOME STATEMENT | ||||||
| Operating revenue | 333 020 | 313 196 | 6,3 % | 1 232 486 | 1 132 598 | 8,8 % |
| EBITDA | 29 515 | 23 646 | 24,8 % | 112 891 | 92 501 | 22,0 % |
| Operating profit (EBIT) | 26 128 | 19 335 | 35,1 % | 99 354 | 79 162 | 25,5 % |
| Ordinary profit before tax | 27 053 | 20 444 | 32,3 % | 101 770 | 81 577 | 24,8 % |
| Profit for the period | 20 665 | 13 699 | 50,9 % | 74 738 | 56 981 | 31,2 % |
| EBITDA-margin | 8,9 % | 7,5 % | 17,4 % | 9,2 % | 8,2 % | 12,2 % |
| EBIT-margin | 7,8 % | 6,2 % | 27,1 % | 8,1 % | 7,0 % | 15,3 % |
| BALANCE SHEET | ||||||
| Non-current assets | 67 330 | 70 712 | -4,8 % | 67 330 | 70 712 | -4,8 % |
| Current assets | 418 884 | 376 349 | 11,3 % | 418 884 | 376 349 | 11,3 % |
| Total assets | 486 214 | 447 061 | 8,8 % | 486 214 | 447 061 | 8,8 % |
| Equity | 174 618 | 153 532 | 13,7 % | 174 618 | 153 532 | 13,7 % |
| Long-term debt | 285 | 669 | -57,4 % | 285 | 669 | -57,4 % |
| Short-term debt | 311 311 | 292 860 | 6,3 % | 311 311 | 292 860 | 6,3 % |
| Equity ratio | 35,9 % | 34,3 % | 4,6 % | 35,9 % | 34,3 % | 4,6 % |
| Liquidity ratio | 1,35 | 1,29 | 4,7 % | 1,35 | 1,29 | 4,7 % |
| CASH FLOW | ||||||
| Net cash flow operations | 99 776 | 61 636 | 61,9 % | 127 874 | 48 763 | 162,2 % |
| Net free cash flow | 96 435 | 45 206 | 113,3 % | 115 032 | 18 921 | 508,0 % |
| Net cash flow | 104 137 | 39 474 | 163,8 % | 55 732 | -49 111 | I/A |
| Cash flow margin | 30,0 % | 19,7 % | 52,2 % | 10,4 % | 4,3 % | 141,0 % |
| SHARE INFORMATION | ||||||
| Number of shares | 10 250 000 | 10 250 000 | 0,0 % | 10 250 000 | 10 250 000 | 0,0 % |
| Weighted average basic shares outstanding | 10 151 778 | 10 189 450 | -0,4 % | 10 208 354 | 10 220 261 | -0,1 % |
| Weighted average diluted shares outstanding | 10 285 568 | 10 317 878 | -0,3 % | 10 340 661 | 10 346 049 | -0,1 % |
| EBIT per share | 2,54 | 1,85 | 37,3 % | 9,59 | 7,59 | 26,4 % |
| Diluted EBIT per share | 2,51 | 1,83 | 37,2 % | 9,47 | 7,49 | 26,3 % |
| Earnings per share | 2,01 | 1,31 | 54,0 % | 7,21 | 5,45 | 32,3 % |
| Diluted earnings per share | 1,98 | 1,29 | 53,9 % | 7,12 | 5,39 | 32,2 % |
| Equity per share | 17,04 | 14,98 | 13,7 % | 17,04 | 14,98 | 13,7 % |
| Dividend per share | 0,00 | 0,00 | I/A | 5,00 | 6,00 | -16,7 % |
| EMPLOYEES | ||||||
| Number of employees (year end) | 1 036 | 1 008 | 2,8 % | 1 036 | 1 008 | 2,8 % |
| Average number of employees | 1 033 | 995 | 3,8 % | 1 016 | 958 | 6,1 % |
| Operating revenue per employee | 322 | 315 | 2,5 % | 1 213 | 1 182 | 2,6 % |
| Operating cost per employee | 297 | 295 | 0,6 % | 1 115 | 1 100 | 1,4 % |
| EBIT per employee | 25 | 19 | 30,2 % | 98 | 83 | 18,3 % |
| 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 |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITDA-margin | EBITDA / operating revenue |
| EBIT-margin | EBIT / 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
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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