Page 30 - Bouvet årsrapport ENG 2010 ePub

Bouvet annual report 2010 30

Balance sheet and financial aspects Bouvet had a total balance sheet of NOK 313.5 million at 31 December 2010. Accounts receivable rose by NOK 24.8 million, which must be viewed in relation to a NOK 121.5 million increase in operating revenues. Te Group has conducted a review of its receivables, and regards them as sound.

Consolidated equity at 31 December came to NOK 116.8 million, compared with NOK 126.8 million in 2009. Bouvet paid a total of NOK 63.5 million in dividend to shareholders during the year. Te Group’s capital adequacy measured by book equity was 37.3 per cent at 31 December, compared with 42.1 per cent a year earlier. Bouvet’s aim is to maintain an equity ratio in excess of 30 per cent.

Te Group had long-term liabilities of NOK 5.2 million at 31 December, which consist of pension obligations.

Bouvet’s cash fow from operations was NOK 36.4 million, compared with NOK 61.9 million in 2009. Liquid assets of NOK 112.3 million take the form of bank deposits.

Pursuant to section 3, sub-section 3a of the Norwegian Accounting Act, the board confrms that the going concern assumption is realistic, and the accounts for 2010 have been prepared on that basis. Tis is based on the Group’s long-term forecasts as well as its equity and liquidity positions.

Financial risk

Te most important fnancial risks to which the Group is exposed relate to liquidity and credit. Te management keeps these risks under constant observation, and specifes guidelines for the way they are managed. Bouvet’s fnancial strategy is to maintain sufcient liquid assets or credit facilities at all times to fnance operations and invest-ments in line with the Group’s strategy. Surplus liquidity is held as bank deposits. Te Group’s client portfolio consists mainly

of large and fnancially sound enterprises and organisations with high credit ratings. New clients are assessed for their credit-worthiness before being given credit. See note 23 to the accounts and the section on corporate governance for further details of fnancial risk.

Share and shareholders Te Group aims to give its shareholders a return in the form of dividend and rising share value which is at least on a par with

alternative investments ofering a compara-ble level of risk. A dividend is proposed to the extent that the board feels this would not have a negative efect on the Group’s growth ambitions and capital structure.

Bouvet has a share capital of NOK 10 250 000, divided between 10 250 000 shares with a nominal value of NOK 1. Tis is unchanged from 2009. At 31 December, the Group owned 804 of its own shares compared with 86 401 a year earlier.

Te company had 778 shareholders at 31 December. Its 20 largest shareholders owned 6 360 186 shares, which corresponded to 62.1 per cent of the share capital.

Allocation of net profit Te board proposes that the net proft of NOK 42.3 million for Bouvet ASA in 2010 be transferred to other equity. It also propos-es that a dividend of NOK 42.0 million be paid, corresponding to NOK 4.10 per share.

Parent company equity at 31 December 2010 was NOK 113.2 million, of which NOK 82.3 million was distributable.

Organisation

Bouvet’s operations are well spread geo-graphically, with nine ofces in Norway and two in Sweden. Tese ofces are located in Arendal, Bergen, Grenland, Haugalandet, Kristiansand, Malmö, Oslo, Sandeford, Stavanger, Stockholm and Trondheim. Employees increased from 546 to 642 during 2010.

Te Group will continue to build on its re-gional strategy, and its ambition is to occupy a leading position in the regions in which it operates.

Business operations in Sweden are progress-ing as planned, and the Group opened a new ofce in Stockholm during 2010. Tis activity has developed positively, but remains in an early phase.

Working conditions, health and environmental issues

One of the most important reasons for the Group’s progress is the continuity and stability of a highly-qualifed organisation. In addition to ofering challenging jobs, Bouvet works actively to retain and strengthen a good social environment at a time when the organisation is expanding sharply. It has so far succeeded in these eforts, and its workforce turnover is well below the industry average.

An important contribution to ensuring stability in the organisation is to give em-ployees the opportunity to participate in the Group’s long-term value creation. Bouvet has therefore developed a share saving pro-gramme for the workforce. It is gratifying that 72 per cent of the employees took part in the 2010 programme.

Expertise development Development of the Group’s overall exper-tise is crucial for retaining and strengthening its competitiveness. As part of eforts to develop the expertise of employees while

“

Bouvet’s geographic spread through local ofces provides clear advantages for marketing work and competitiveness.