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Bouvet

Investor Presentation • Nov 7, 2019

3563_rns_2019-11-07_2aad8ea7-223c-47ed-876c-90c288dd4ac4.pdf

Investor Presentation

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Interim presentation Thirdquarter 2019

Sverre Hurum, CEO Erik Stubø, CFO 7November 2019

Bouvet'sambition

We will be the most credible consultancy with the most satisfied employees and clients

Long‐term goals

Best

Client‐oriented and long‐term relationsworkplace Successful business

Highlights in the quarter

oRevenue and EBIT

  • • Operating revenues increased by 16.6 percent toNOK 460.9 million (y‐o‐y)
  • • EBIT increased by 61.9 percent to NOK 32.6 million(y‐o‐y)
  • o 1 545 employees
  • •Up 90 from Q2'19
  • • Anincrease of 203 in the past 12 months

Revenue and number of employees MNOK andnumber

Operational Review

Security has an implication on all our services

Public andprivate sector

Businesssectors Q3 2019

Sectors with high increase in revenue

o Oil &gas

  • Increasedby 34.4 percent (y‐o‐y)
  • •Represents 30 percent of total revenues in Q3'19

oPublic admin

  • Increasedby 14.5 percent (y‐o‐y)
  • Represents 26.7 percent of total revenues in Q3'19

oIndustry

  • Increasedby 28 percent (y‐o‐y)
  • Represents 5 percent of total revenues in Q3'19

o Bank &finance

  • • Increasedby 19.4 percent (y‐o‐y)
  • Represents 4.3 percent of total revenues in Q3'19

Innovationat Statsbygg

  • o Using service design to conduct an innovationcompetition
  • o Delivering and implementing an innovationframework

The City of Bergen is going forward tobecome a Smart City

  • o The City of Bergen uses data from sensors and cross disciplinary systems to makeBergen a Smart City
  • o Use of data will be more important to realise the municipality's strategy in the future
  • o Bouvet´s deliveries:
  • •Consulting
  • •Developing data lake
  • oOngoing project

Enabling the Digital Field Worker for NewEnergy Solutions

  • o Equinor is transforming their field workers tobe digital
  • o Bouvet contribute to:
  • • Applying the Digital Field worker apps to New Energy Solutions
  • • Enabling Work Orders and Notifications apps forDudgeon, Hywind and Sheringham Shoal

Full‐service agency

  • o Bouvet has a strong presence in:
  • • E‐commerceshops
  • •Omnichannel solutions
  • o Customers:
  • • Vinmonopolet, Servicegrossistene, Avinor Tax‐ free and Cappelen Damm
  • o Bouvet´s deliveries as a full‐service agency are:
  • • Businessconsulting
  • •Setup
  • •Programming
  • •UX

Customer andproject mix

  • o Project mix
  • • Variable contracts account for 98.2 percent of totalrevenues
  • o Customer portfolio
  • • The 10 largest customers represent 41.6 percent of total revenues – up from 38.8 percent in Q3'18
  • • The 20 largest customers represent 52.4 percent of total revenues – up from 51.6 percent in Q3'18

Variably priced contracts share of revenues Percentage

Customerdevelopment

oExisting customers*

  • • Accountedfor 95.7 percent of revenues in Q3'19
  • o New customers**
  • • Customers won over the past year generated revenues of NOK 19.8 millionin Q3'19
*
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Revenue customer split 400450500MNOK

Enthusiastic andcompetent employees

  • o 1 545 employees at the end of the quarter
  • •Up 90 from Q2'19
  • • 203more employees in the past 12 months
  • • Average number of employees in the quarter up 14percent from Q3'18

Annualgrowth in number of employees

Ratedas 10th most attractive employer in Norway

Selskap YPAI Rykte Fremgang Vil jobbe der
1. Google 65,1 63,6 67,4 64,4
2. Tesla 61,4 50,8 70,8 62,5
3. Microsoft 60,8 57,3 59,3 65,7
4. Finn.no 60,4 53,8 67,1 60,4
5. Yara 59,4 55,7 57 65,6
6. SINTEF 58,3 58,9 54,4 61,7
7. Apple 57,8 53,3 60,2 59,8
8. DNB 57,5 55,4 58,8 58,3
9. PwC 57,5 55,4 55,8 61,3
10. Bouvet 57,2 58,8 54,6 58,3

"Furthermore, I must boast a bit about our onboarding program, both professionally and socially. You receive everything you need in professional terms, at the same time as you get to know both our other new recruits and the rest of the company really well through a number of different events," says Sharukh Khan.

Financial Review

Key figures

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Revenue

  • o Revenues increased by 16.6 percent y‐o‐y
  • • Revenues from own consultants increased by 18.5 percent to NOK 392.6 million
  • • Revenues from sub‐contracted consultants increased by 10.1percent to NOK 55.9 million
  • • Other revenues decreased by 7.1 percent to NOK 12.3 million

Revenue split (quarterly figures) MNOK

Revenues fromown consultants

  • o Increased 18.5 percent y‐o‐y
  • • Positive impact from 14 percent increase in average numberof employees
  • • Positive impact from 4.6 percent increase in prices for group hourly services
  • • Negative impact from decrease in billing ratio by 2.3 percentage points
  • • 66workdays in Q3'19 – one more than Q3'18

Revenue per employee (quarterly figures) 0100200300400Q3'15 Q3'16 Q3'17 Q3'18 Q3'19 TNOK

TNOK

Analysis of change in revenues y‐o‐y

26

Earnings

  • o Operating profit (EBIT) increased by 61.9 percent to NOK32.6 million
  • o EBIT margin of 7.1 percent compared to 5.1 percent inQ3'18
  • oOperating expenses increased by 14.1 percent y‐o‐y
  • oGeneral growth in pay rate 2.5 percent y‐o‐y

EBIT and EBIT margin MNOK andPercent

EBIT andEBIT margin (LTM)

MNOK andPercent

Change in revenues – effect on EBIT

RevenueMNOK

Cashflow

o Cash flow fromoperations

  • • NOK 10.8 million in Q3'19 compared to NOK ‐14.1 million inQ3'18
  • o Last 12 months
  • • Operational cash flow over the last 12 months was NOK 263.2million
  • o Cash flow from investing activities
  • • Negative NOK 6.6 million compared to negative NOK 10.1 millionin Q3'18

MNOKCash flow fromoperations (per quarter)

Cash flow fromoperations (LTM)

Outlook

  • oStill good market
  • oGlobal uncertainty
  • o Increased demand for cross‐ functional teams
  • o Increased demand for service design, platform, security and cloudcompetence
  • o Many new graduates onboarded inQ3

Shareholdersas of 07.11.2019

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