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Bouvet

Investor Presentation • Nov 14, 2018

3563_rns_2018-11-14_4c742412-0a6c-41c0-bc60-b075c2b174e9.pdf

Investor Presentation

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Interim presentation Third quarter 2018

Sverre Hurum, CEO Erik Stubø, CFO 14 November 2018

Highlights in the quarter

oRevenue and EBIT

  • • Operating revenues increased by 14.9 percent to NOK 395.4 million (y‐o‐y)
  • • EBIT increased by 17.9 percent to NOK 20.1 million (y‐o‐y)
  • o 1 342 employees
  • •Up 38 from Q2'18
  • •An increase of 131 in the past 12 months
  • oStill strong market

Revenue and number of employees MNOK and number

Operational Review

Public and private sector

Business sectors Q3 2018

Sectors with high increase in revenue

oPublic admin

  • •Increased by 17.2 percent (y‐o‐y)
  • •Represents 27.5 percent of total revenues in Q3'18

oOil & gas

  • •Increased by 35.5 percent (y‐o‐y)
  • •Represents 25.8 percent of total revenues in Q3'18

oPower supply

  • •Increased by 28.0 percent (y‐o‐y)
  • •Represents 10.0 percent of total revenues in Q3'18

oBank & finance

  • •Increased by 17.5 percent (y‐o‐y)
  • •Represents 4.2 percent of total revenues in Q3'18

Digital solutions to support offshore operations

  • o Equinor´s Integrated Operations Centre (IOC) has trusted Bouvet as a partner
  • o IOC supports offshore operations remote and the objective is to:
  • •Reduce emissions
  • • Increase the efficiency, safety and potential of production
  • oDuration at least one year, with

New digital solutions for the Swedish government

  • o Bouvet is one of six suppliers to develop the future digital solutions for public‐ service within health, social care and education
  • oDuration 4 years

Hydro Traffic Management System (HTMS)

o Delivered a pilot study for a traffic system with real‐time positioning to optimise use of manually and automated vehicles

Customer and project mix

  • o Project mix
  • • Variable contracts account for 97.5 percent of total revenues
  • o Customer portfolio
  • • The 10 largest customers represent 38.8 percent of total revenues – up from 36.4 percent in Q3'17
  • • The 20 largest customers represent 51.6 percent of total revenues – up from 49.4 percent in Q3'17

Variably priced contracts share of revenues Percentage

Customer development

oExisting customers*

  • •Accounted for 94.2 percent of revenues in Q3'18
  • o New customers**
  • • Customers won over the past year generated revenues of NOK 23.0 million in Q3'18

* 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

Q3'17 Q3'18

Enthusiastic and competent employees

  • o 1 342 employees at the end of the quarter
  • •Up 38 from Q2'18
  • •131 more employees in the past 12 months
  • • Average number of employees in the quarter up 11.3 percent from Q3'17

Annual growth in number of employees

Percentage

Financial Review

Key figures

T
hre
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Revenue

  • o Revenues increased by 14.9 percent y‐o‐y
  • • Revenues from own consultants increased by 16.2 percent to NOK 331.3 million
  • • Revenues from sub‐contracted consultants increased by 9.1 percent to NOK 50.8 million
  • • Other revenues increased by 6.3 percent to NOK 13.2 million

Revenue split (quarterly figures) MNOK

Revenues from own consultants

  • o Increased 16.2 percent y‐o‐y
  • • Positive impact from increase in billing ratio by 1.5 percentage points
  • • Positive impact from 11.3 percent increase in average number of employees
  • • Positive impact from 3.6 percent increase in prices for group hourly services
  • •65 workdays in Q3'18 – equal to Q3'17

Revenue per employee (quarterly figures)

Revenue per employee (LTM)

TNOK

Analysis of change in revenues y‐o‐y

Change in revenues – effect on EBIT

Revenue

MNOK

Earnings

  • o Operating profit (EBIT) up by 17.9 percent to NOK 20.1 million
  • o EBIT margin of 5.1 percent compared to 5.0 percent in Q3'17
  • o Operating expenses increased by 14.7 percent compared to Q3'17
  • oGeneral growth in pay rate 1.6 percent y‐o‐y
  • oOther operating expenses increased 24.6 percent

EBIT and EBIT margin MNOK and Percent

EBIT and EBIT margin (LTM)

MNOK and Percent

Cash flow

  • o Cash flow from operations
  • • Negative NOK 14.1 million in Q3'18 compared to negative NOK 2.5 million in Q3'17
  • o Last 12 months
  • • Operational cash flow over the last 12 months was NOK 161.6 million
  • o Cash flow from investing activities
  • • Negative NOK 10.1 million compared to negative NOK 7.1 million in Q3'17

Outlook

  • oHigh demand
  • oDecreased demand for large projects
  • o Increased demand for cross‐functional teams
  • o Increased demand for broad range of services
  • o Increased demand for platform, IoT, security and cloud competence
  • oClients will increase their digital skills
  • oToo low capacity in the IT sector

Shareholders as of 14.11.2018

S
ha
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