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Bouvet

Investor Presentation • Feb 26, 2019

3563_rns_2019-02-26_c9a9e416-7afe-40a8-ae44-e41721d40e3b.pdf

Investor Presentation

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Interim presentation Fourth quarter 2018

Sverre Hurum, CEO Erik Stubø, CFO 26 February 2019

Highlights in the quarter

oRevenue and EBIT

  • • Operating revenues increased by 16.8 percent to NOK 535.4 million (y‐o‐y)
  • • EBIT increased by 32.7 percent to NOK 65.2 million (y‐o‐y)
  • o 1 369 employees
  • •Up 27 from Q3'18
  • •An increase of 154 in the past 12 months
  • oStill strong market

Revenue and number of employees MNOK and number

Operational Review

Public and private sector

Business sectors Q4 2018

Sectors with high increase in revenue

oOil & gas

  • •Increased by 27.2 percent (y‐o‐y)
  • •Represents 25.1 percent of total revenues in Q4'18

oPower supply

  • •Increased by 34.9 percent (y‐o‐y)
  • •Represents 9.9 percent of total revenues in Q4'18

oRetail

  • •Increased by 21.8 percent (y‐o‐y)
  • •Represents 5.6 percent of total revenues in Q4'18

oBank & finance

  • •Increased by 34.1 percent (y‐o‐y)
  • •Represents 4.8 percent of total revenues in Q4'18

Norske Skog is homeshoring IT‐ services

  • o Norske Skog is taking their Application Management Services (AMS) for the SAP business applications home from Malaysia
  • o SAP AMS is a competence‐based service where local presence strengthens the quality of the delivery.
  • o Bouvet has signed an agreement for 3 +1 + N year

Kilde https://www.ntbinfo.no/

«Det er forskere fra Nofima og Sintef Ocean som står bak portalen, som er utviklet i tett samarbeid med BarentsWatchog Bouvet.»

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Customer and project mix

  • o Project mix
  • • Variable contracts account for 98.2 percent of total revenues
  • o Customer portfolio
  • • The 10 largest customers represent 36.3 percent of total revenues – equal to Q4'17
  • • The 20 largest customers represent 49.3 percent of total revenues – equal to Q4'17

Variably priced contracts share of revenues Percentage

10 largest customers share of revenues Percentage

Customer development

oExisting customers*

  • •Accounted for 94.3 percent of revenues in Q4'18
  • o New customers**
  • • Customers won over the past year generated revenues of NOK 30.6 million in Q4'18

* Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of corresponding quarter last year

Q4'17 Q4'18

0

Enthusiastic and competent employees

  • o 1 369 employees at the end of the quarter
  • •Up 27 from Q3'18
  • •154 more employees in the past 12 months
  • • Average number of employees in the quarter up 11.5 percent from Q4'17

Annual growth in number of employees

https://tv.nrk.no/serie/viten‐og‐vilje/2018/DMTV23003118/avspiller

Financial Review

Key figures

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Revenue

  • o Revenues increased by 16.8 percent y‐o‐y
  • • Revenues from own consultants increased by 19.2 percent to NOK 440.2 million
  • • Revenues from sub‐contracted consultants increased by 4.7 percent to NOK 70.6 million
  • • Other revenues increased by 13.4 percent to NOK 24.5 million

Revenue split (quarterly figures) MNOK

Revenues from own consultants

  • o Increased 19.2 percent y‐o‐y
  • • Positive impact from increase in billing ratio by 0.9 percentage points
  • • Positive impact from 11.5 percent increase in average number of employees
  • • Positive impact from 3.1 percent increase in prices for group hourly services
  • •62 workdays in Q4'18 – one less than Q4'17

Revenue per employee (quarterly figures) TNOK

Revenue per employee (LTM)

TNOK

Analysis of change in revenues y‐o‐y

22

Earnings

  • o Operating profit (EBIT) increased by 32.7 percent to NOK 65.2 million
  • o EBIT margin of 12.2 percent compared to 10.7 percent in Q4'17
  • oOperating expenses increased by 14.9 percent y‐o‐y
  • oGeneral growth in pay rate 1.2 percent y‐o‐y
  • o Other operating expenses increased 23.7 percent y‐o‐y

EBIT and EBIT margin MNOK and Percent

EBIT and EBIT margin (LTM)

MNOK and Percent

Change in revenues – effect on EBIT

Revenue MNOK

Cash flow

oCash flow from operations

  • • NOK 215.9 million in Q4'18 compared to NOK 158.6 million in Q4'17
  • o Last 12 months
  • • Operational cash flow over the last 12 months was NOK 219.0 million
  • o Cash flow from investing activities
  • • Negative NOK 9.9 million compared to negative NOK 4.3 million in Q4'17

Cash flow from operations (LTM) MNOK

Outlook

  • oHigh demand
  • oDecreased demand for large projects
  • o Increased demand for cross‐functional teams working with digital strategy, digital operations improvement, digital employee experience, digital customer experience, digital product and service enablement and digital business model transformation
  • o Increased demand for platform, IoT, security and cloud competence

Shareholders as of 26.02.2019

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