THIRD QUARTER 2015 RESULTS
Christian Nørgaard Madsen, CEO | Anne Harris, CFO
Disclaimer
This presentation includes forward-looking statements which are based on our current expectations and projections about future events. All statements other than statements of historical facts included in this presentation, including statements regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, including our plans for future costs savings and synergies may be deemed to be forward-looking statements. Words such as "believe," "expect," "anticipate," "may," "assume," "plan," "intend," "will," "should," "estimate," "risk" and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. In addition any forwardlooking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this presentation.
INTRODUCTION AND HIGHLIGHTS
Christian Nørgaard Madsen, CEO
Highlights
- Revenue growth supported by strong operations
- Improvement in the billing ratio year-on-year
- Order backlog remains solid
- Positive effect of the LINK arkitektur acquisition
Financial summary 3Q 2015
- Net operating revenue up 14% to NOK 487 million
- LINK arkitektur contributed 8 percentage points (pp) of total growth
- Regular seasonal effects of holiday period
- Transportation & Infrastructure and Buildings & Properties with strong contribution
- Industry with significant growth
- EBIT up 2% to NOK 47 million
- Billing ratio up by 2 pp to 68% y-o-y
- Strong project execution
Key ongoing projects 3Q 2015
•
Campus Ås |
|
•
Karmøy
project |
|
•
Fighter Air Base |
|
•
E 18 Tvedestrand
-
Arendal |
|
•
Nyhamna |
|
|
|
Order intake 3Q 2015
Highlights
- Order intake remains solid in a competitive market environment
- Awarded contracts within all business areas
- LINK arkitektur included as of 30 September 2015
- Majority related to extensions of existing contracts
Key order intake
- E39 Svegatjørn
- Lyse Støleheia
- Arena Nord
- Mt. Coffee
- Campus Ås
Full control of LINK arkitektur secured
- Among leading architecture firms in Scandinavia
- Architecture and design within
- Buildings, industry, transportation, city planning, sports, healthcare, education and research
- Highly competitive in
- Planning, landscape, interior, and maritime offshore
- Positive earnings effect related to transaction
- EBIT 2 million
- Result associated companies 15 million
LINK arkitektur 3Q 2015
• Key order intake
- Pet center UNN in Tromsø
- Skien high school
- Nordhordaland hospital
- Uppsala university hospital
• Key ongoing projects
- KV Kasernen 8 rehabilitee center, Stockholm
- Söder hospital, Stockholm
- Scandic hotel Flesland, Bergen
- Vestre Viken hospital, Drammen
Organisation
- New EVP for International business
- Torbjørn Blom-Hagen from October 2015
- New CEO LINK arkitektur
- Leif Øie from 1 January 2016
- Universum study 2015
- Engineering professionals: Ranked #7 in Norway and top mover
- Engineering students: Earlier in the year reconfirmed #1 spot among consultancies
FINANCIAL REVIEW
Anne Harris, CFO
12
multiconsult.no
Financial highlights 3Q 2015
- Up 14% to 487 million
- LINK arkitektur 32 million
- Seasonal effects
-
Solid contribution from Buildings & Properties
-
Up by 2 pp to 68.0%
-
Visible results from improvement initiatives
-
Up 2% to NOK 47 million
-
Strong project execution • Improved billing ratio
-
Up 23% to 2 112 employees
- Acquisition of LINK arkitektur
- Modest organic growth
Operating revenues by business area 3Q 2015
Segments 3Q 2015
Greater
Oslo Area |
3Q 2015 |
3Q 2014 |
Change |
| EBIT MNOK |
37.8 |
35.4 |
7% |
Billing
Ratio |
70.1% |
68.2% |
2 pp |
Number
of
employees |
803 |
781 |
3% |
- Higher activity except Oil & Gas
- Strong project execution
- Higher billing ratio
| Regions Norway |
3Q 2015 |
3Q 2014 |
Change |
| EBIT MNOK |
10.7 |
10.0 |
7% |
Billing
Ratio |
66.8% |
64.1% |
3
pp |
Number
of
employees |
743 |
733 |
1% |
- Higher activity within Buildings & Properties
- Improved billing ratio
| International |
3Q 2015 |
3Q
2014 |
Change |
| EBIT MNOK |
-2.3 |
0.4 |
>100% |
Billing
Ratio |
58.8% |
64.7% |
6
pp |
Number
of
employees |
117 |
98 |
19% |
- Multiconsult Polska full effect this year
- UK impacted by timing of projects
Other
Business |
3Q 2015 |
3Q 2014 |
Change |
| EBIT MNOK |
1.6 |
N/A |
N/A |
Billing
Ratio |
70.7% |
N/A |
N/A |
Number
of
employees |
339 |
N/A |
N/A |
- Comprises LINK arkitektur
- Only one month of consolidation
Cash flows year to date 2015
- Solid cash flow from operations
- Ordinary and extraordinary dividend payments in 2015
- Acquisition of LINK arkitektur
- Change in working capital
- Share repurchase for employee programme during 3Q 2015
Outlook
Christian Nørgaard Madsen, CEO
Market outlook
- Fairly robust overall market outlook
- Variations among business areas
- Continued strong outlook within Transportation & Infrastructure
- Stable demand expected within Buildings & Properties
- High activity in the market for Energy in Norway
- Continued weak demand expected within Oil & Gas
- Fierce competition and increased price pressure
- Continued focus on efficiency and billing ratio
- Solid order backlog foundation for continued growth
multiconsult.no
FINANCIAL CALENDAR
| 4Q 2015 results: |
26 Feb
2016 |
Annual
General Meeting: |
26 Apr
2016 |
1Q 2016
results: |
10 May 2016 |
| 2Q 2016 results: |
23 Aug
2016 |
| 3Q 2016 results: |
8 Nov 2016 |
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