Interim presentation Fourth quarter 2019 Sverre Hurum, CEO Erik Stubø, CFO 25 February 2020
#bouvetdeler 2
Breakfast seminars 3
BouvetOne 4
Universum Professional Survey and YPAI 2019 Source: https://universumglobal.com/rankings/norway/2019/ Source: Young Professional Attraction Index 2019, Academic work 5
Highlights in the quarter Revenue and number of employees MNOK and number o Revenue and EBIT 650 600 • Operating revenues increased by 9.9 percent 550 500 450 to NOK 588.5 million (y‐o‐y) 400 350 • EBIT increased by 9.5 percent to NOK 71.4 300 250 200 million (y‐o‐y) 150 100 50 o 1 557 employees 0 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 • Up 12 from Q3’19 1800 1600 • An increase of 188 in the past 12 months 1400 1200 1000 o Dividend NOK 16.50 per share 800 600 400 200 0 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 6
Bouvet’s vision We lead the way and build tomorrow’s society
Bouvet’s ambition We will be the most credible consultancy with the most satisfied employees and clients
Long‐term goals Client‐oriented and Best workplace Successful business long‐term relations
Operational Review 10
Our services Enterprise architecture Multi‐channel strategy Innovation Business intelligence IT architecture Product strategy DevOps Test management Security Project management Agile Information management Digital strategy Service design Lean Data science GDPR Big Data Change mangement Consulting Digital marketing Courses Digital customer experience Tailored solutions Design Web solutions Data Analysis System development Open courses Brand‐building Business intelligence Hybrid Cloud Internal company courses Content Collaboration Communication Technology SAP Cloud Services Integration Mobile solutions Application management Infrastructure SEO User testing IoT AI and machine learning Platforms Social media 11
Public and private sector Public sector Private sector 50,9 % 52,9 % in Q4’18 47,1 % in Q4’18 49,1 % 12
Business sectors Q4 2019 Bank & finance Other Retail 1,7 % 4,3 % Power supply 6,0 % Transportation 10,3 % 6,2 % Service industry Health 2,0 % 3,9 % Industry 4,5 % 4,0 % Info and communication 28,6 % Oil & gas 28,5 % Public admin 13
Sectors with high increase in revenue o Oil & gas • Increased by 24.9 percent (y‐o‐y) • Represents 28.6 percent of total revenues in Q4’19 o Retail • Increased by 17.3 percent (y‐o‐y) • Represents 6 percent of total revenues in Q4’19 o Industry • Increased by 26.6 percent (y‐o‐y) • Represents 4.5 percent of total revenues in Q4’19 o Info and communication • Increased by 23.1 percent (y‐o‐y) • Represents 4 percent of total revenues in Q4’19 14
New agreement with Svenska Kraftnät and Fifty o Svenska Kraftnät has trusted Bouvet to strengthen deliveries within: • Project management • Enterprise architecture (EA) • Solution architecture o The contract has a value of approximately 6,2 MNOK and extends throughout 2019 15
BKK has signed an analytics agreement with Bouvet o BKK have decided to build a company wide analytics platform to enable analytics to drive innovation in the entire BKK group o Bouvet is chosen to be their analytics partner o The duration of the agreement is up to 4 years o Bouvet provide resources to help: • Build an analytics platform in Azure Photo:pxhere.com • Build capabilities to enable the foundations of machine learning and artificial intelligence 16
Bouvet training 2019 o More than 5 500 participants attended 420 courses (1 ‐ 5 days each) o 40% of revenue was customer specific training o 15 breakfast seminars with over 1300 participants in total
Customer and project mix Variably priced contracts share of revenues Percentage Project mix o 100% • Variable contracts account for 98.3 percent of 98% total revenues 96% 94% Customer portfolio o 92% 90% • The 10 largest customers represent 41.5 percent Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 of total revenues – up from 36.3 percent in 10 largest customers share of revenues Q4’18 Percentage • The 20 largest customers represent 51.7 100% percent of total revenues – up from 49.3 75% percent in Q4’18 50% 25% 0% Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 18
Customer development Revenue customer split MNOK Existing customers* o Existing customers* New customers (LTM)** • Accounted for 94.3 percent of revenues in Q4’19 700 New customers** 600 o • Customers won over the past year generated 500 revenues of NOK 33.7 million in Q4’19 400 300 200 100 * Existing customers defined as customers that were invoiced in the corresponding quarter last year 0 ** New customers defined as customers won since end of Q4'18 Q4'19 corresponding quarter last year 19
Five largest clients per region Trondheim Forsvaret Bergen Borlänge Oslo Sandvika Ørebro Stockholm Haugesund Sandefjord Stavanger Skien Arendal Kristiansand 20
Regional organisation 132 Trondheim Bouvet Nord ansatte 562 Bouvet Øst ansatte 45 Sesam ansatte 110 Bouvet Bergen Bergen Borlänge ansatte Oslo Sandvika Ørebro Stockholm Haugesund 524 Bouvet Rogaland Sandefjord Stavanger ansatte Skien Arendal Kristiansand 76 Bouvet Sverige ansatte 26 82 Bouvet Sør Konsernstab ansatte ansatte 21
Enthusiastic and competent employees 1 557 employees at the end of the quarter Number of employees end of quarter o • Up 12 from Q3’19 2000 • 188 more employees in the past 12 months 1500 • Average number of employees in the quarter up 1000 13.7 percent from Q4’18 500 0 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Annual growth in number of employees 250 200 150 100 50 0 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 22
Financial Review 23
Key figures Three months ending Twelve months ending MNOK 31.12.2019 31.12.2018 Change 31.12.2019 31.12.2018 Change Operating revenue 588.5 535.4 9.9 % 2 132.1 1 846.7 15.5 % Operating profit (EBIT) 71.4 65.2 9.5 % 232.1 191.6 21.1 % EBIT margin 12.1 % 12.2 % 10.9 % 10.4 % Ordinary profit before tax 67.3 66.3 1.5 % 228.2 191.6 19.1 % Profit for the period 54.6 53.5 2.0 % 180.1 150.5 19.7 % EPS (fully diluted) 5.29 5.21 1.5 % 17.44 14.66 19.0 % Net cash flow operations 229.8 215.9 6.4 % 277.1 219.0 26.5 % Equity ratio 29.4 % 36.6 % 29.4 % 36.6 % Cash and cash equivalents 344.7 278.4 23.8 % 344.7 278.4 23.8 % Number of employees (end of period) 1 557 1 369 13.7 % 1 557 1 369 13.7 % Number of employees (average) 1 549 1 362 13.7 % 1 474 1 305 12.9 % 24
Revenue Revenue split (quarterly figures) MNOK Own consultants Revenues increased by 9.9 percent y‐o‐y 700 o Sub‐contracted consultants 600 Other • 500 Revenues from own consultants increased by 11.6 400 percent to NOK 491.4 million 300 200 • Revenues from sub‐contracted consultants increased by 9 100 percent to NOK 76.9 million 0 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 • Other revenues decreased by 17.7 percent to NOK 20.2 million Revenue split (12 months rolling average) MNOK Own consultants Sub‐contracted consultants 2500 Other 2000 1500 1000 500 0 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 25
Revenues from own consultants Revenue per employee (quarterly figures) Increased 11.6 percent y‐o‐y TNOK o 400 • Positive impact from 13.7 percent increase in average 300 number of employees 200 • Positive impact from 5.1 percent increase in prices for group hourly services 100 • 0 Negative impact from decrease in billing ratio by 3.5 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 percentage points Revenue per employee (LTM) • 62 workdays in Q4’19 – equal to Q4’18 TNOK 1200 1150 1100 1050 1000 950 900 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 26
Analysis of change in revenues y‐o‐y Revenue MNOK 70 60,1 60 50 40 30 24,7 20 10 6,3 0 ‐3,4 ‐4,3 ‐10 ‐9,3 ‐20 ‐21,0 ‐30 No. of employees Hourly rate Sub‐contractors Progress in projects Other revenue Vacation, leave etc. Billing ratio 27
Earnings EBIT and EBIT margin MNOK and Percent Operating profit (EBIT) increased by 9.5 percent to o 80 EBIT EBIT margin 14% NOK 71.4 million 12% 60 10% EBIT margin of 12.1 percent compared to 12.2 o 8% 40 percent in Q4’18 6% 4% 20 2% Operating expenses increased by 10 percent y‐o‐y o 0 0% Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 General growth in pay rate 1.8 percent y‐o‐y o EBIT and EBIT margin (LTM) MNOK and Percent 260 12% EBIT EBIT margin 240 220 10% 200 180 8% 160 140 6% 120 100 4% 80 60 2% 40 20 0 0% Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 28
Change in revenues – effect on EBIT Revenue MNOK Change in Revenue Effect on EBIT 70 60,1 60 50 40 30 24,7 18,0 20 14,7 10 6,3 0,5 0 ‐1,4 ‐2,4 ‐2,8 ‐3,4 ‐4,3 ‐10 ‐9,3 ‐15,3 ‐20 ‐21,0 ‐30 No. of employees Hourly rate Sub‐contractors Progress in projects Other revenue Vacation, leave etc. Billing ratio 29
Recommend
More recommend
