Bouvet

Earnings Release • Aug 24, 2017

Interim presentation Second quarter 2017

Sverre Hurum, CEO Lisbeth Sneve Viker, Finance Manager 24 August 2017

Highlights in the quarter

o Revenue and EBIT

• Operating revenues increased by 11.7 percent to NOK 385.7 million (y-o-y)
• EBIT decreased by 10.2 percent to NOK 36.8 million (y-o-y)
• o 1 166 employees
• Up 35 from Q1'17
• An increase of 133 in the past 12 months
• o Still strong market

Revenue and number of employees MNOK and number

Operational Review

Public and private sector

Business sectors Q2 2017

Sectors with high increase in revenue

o Public admin

• Increased by 30.2 percent (y-o-y)
• Represents 27.8 percent of total revenues in Q2'17

o Retail

• Increased by 18.4 percent (y-o-y)
• Represents 7.2 percent of total revenues in Q2'17

o Industry

• Increased by 47.5 percent (y-o-y)
• Represents 5.6 percent of total revenues in Q2'17

o Info and communication

• Increased by 28.1 percent (y-o-y)
• Represents 5.1 percent of total revenues in Q2'17

Sensor to cloud projects gaining traction

• o We deliver real-life, end-to-end industrial IoT solutions to Statoil, Hydro, Dolphin and others
• o Use cases include:
• production optimisation
• performance benchmarking
• predictive maintenance
• reliability analysis

The future of local healthcare

• o Bouvet helps Oslo municipality to:
• use service design to map future health services
• develop services that enable the elderly to stay home longer, and a national infrastructure to support these services
• develop new work processes and ICT support for the second largest emergency ward in the world

Employees in media

ELISE RONNEVIG	inn sensitiv informasi
ANDERSEN	som brukernavn og passo Sender noen en link til d
Tar du disse forholds-	via e-post, og du blir be
regiene, ber du være	om å logge på et eller ann
rimelig trygg, mener	- ikke gjør det med mind
ekspertene.	siden er kryptert. For ekse
	pel taster du ikke inn ne
Alltid oppgrader til siste	bankpassordet hvis du ik
L versjon	er sikker på at det faktisk
-Hyppige sikkerhetsopp-	bankens riktige nettside
dateringer fra for eksem-	er inne på, sier Gravråk.
pel Apple, Microsoft eller
Windows kommer ofte for å fikse sikkerhetshull som	Bruk totrinnspåloggi Når du skal inn på ne
er oppdaget. Når en ny opp-	banken må du gjennom
datering dukker opp, bør du	trinn, ofte med kodebrik
benytte deg av den med en	inkludert, for å logge deg
gang, råder Martin Gravråk,	Det er et sikkert kort for
hackingekspert og system-	uvedkommende ikke k
utvikler i Bouvet.	komme seg inn.
	-Mange vet imidlert
Bruk et sterkt passord	ikke at dette er noe som k
- Du må ha et passord	aktiveres på de andre pre
som er langt nok, og for all	lene dine også - Facebook
del - ikke bruk «passord»	eksempel, sier Hans Mari
som passord. Det er utro-	Tessem, seniorrådgiver h
lig hvor mange som fort-	Norsk senter for inform

Aftenposten 14. mai 2017

Customer and project mix

• o Project mix
• Variable contracts account for 96.4 percent of total revenues
• o Client portfolio
• The 10 largest customers represent 34.8 percent of total revenues – up from 34.4 percent in Q2'16
• The 20 largest customers represent 47.4 percent of total revenues – up from 47.1 percent in Q2'16

Variably priced contracts share of revenues Percentage

Client development

• o Existing clients*
• Accounted for 88.4 percent of revenues in Q2'17
• o New customers**
• Customers won over the past year generated revenues of NOK 45.3 million in Q2'17

Enthusiastic and competent employees

• o 1 166 employees at the end of the second quarter
• Up 35 from Q1'17
• 133 more employees in the past 12 months
• Average number of employees in the quarter up 11.7 percent from Q2'16

Annual growth in number of employees Percentage

Financial Review

Key figures

Three months ending			Twelve months ending
30.06.2017	30.06.2016	Change	30.06.2017	30.06.2016	Change
385.7	345.3	11.7 %	1 467.4	1 258.0	16.6 %
36.8	41.0	-10.2 %	123.0	94.0	30.8 %
9.5 %	11.9 %		8.4 %	7.5 %
37.6	41.0	-8.3 %	123.7	95.5	29.5 %
28.3	30.9	-8.2 %	94.3	70.3	34.1 %
2.72	2.94	-7.7 %	9.20	6.80	35.2 %
6.2	20.7	-70.0 %	94.4	98.5	-4.2 %
32.0 %	34.4 %		32.0 %	34.4 %
56.0	101.9	-45.0 %	56.4	101.9	-45.0 %
1 166	1 033	12.9 %	1 166	1 033	12.9 %
1 158	1 037	11.7 %	1 100	1 031	6.7 %

Revenue

• o Revenues increased by 11.7 percent y-o-y
• Revenues from own consultants increased by 10.2 percent to NOK 314.2 million
• Revenues from sub-contracted consultants increased by 35.7 percent to NOK 58.3 million
• Other revenues decreased by 23.6 percent to NOK 13.2 million

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Revenues from own consultants

• o Increased 10.2 percent y-o-y
• Positive impact from increase in billing ratio by 3.4 percentage points
• Positive impact from 11.7 percent increase in average number of employees
• Positive impact from 1.8 percent increase in prices for group hourly services
• 58 workdays in Q2'17– four fewer than Q2'16

Revenue per employee (quarterly figures)

TNOK

Analysis of change in revenues y-o-y

Change in revenues – effect on EBIT

Revenue MNOK

Earnings

• o Operating profit decreased y-o-y in Q2'17
• EBIT margin of 9.5 percent compared to 11.9 percent in Q2'16
• o Operating expenses increased by 14.6 percent compared to Q2'16
• o General growth in pay rate 2.1 percent y-o-y
• o Other operating expenses increased 25.8 percent

MNOK and Percent

Cash flow

• o Cash flow from operations
• NOK 6.2 million in Q2'17 compared to NOK 20.7 million in Q2'16
• o Last 12 months
• Operational cash flow over the last 12 months was NOK 94.4 million
• o Cash flow from investing activities
• Negative NOK 6.5 million compared to negative NOK 4.2 million in Q2'16

Outlook

Outlook

• o Focus on digital leadership increase investment
• o Clients see benefits from digitalisation
• o Digital technologies are changing way of working

Addictive game Bouvet

Shareholders as of 23.08.2017

Investor	Number of shares	% of total
VARNER KAPITAL AS	1 070 000	10,44 %
VPF NORDEA AVKASTNING	919 020	8,97 %
STENSHAGEN INVEST AS	725 402	7,08 %
PROTECTOR FORSIKRING ASA	700 000	6,83 %
MP PENSJON PK	569 904	5,56 %
HURUM SVERRE FINN	507 873	4,95 %
VEVLEN GÅRD AS	420 000	4,10 %
STUBØ ERIK	237 373	2,32 %
JPMORGAN CHASE BANK	225 845	2,20 %
STOREBRAND VEKST VERDIPAPIRFOND	206 462	2,01 %
UBS SWITZERLAND AG	203 500	1,99 %
SIX SIS AG	200 000	1,95 %
DYVI INVEST AS	200 000	1,95 %
STOREBRAND NORGE I VERDIIPAPIRFOND	197 789	1,93 %
TELENOR PENSJONSKASSE	186 800	1,82 %
BOUVET ASA	138 682	1,35 %
VOLLE ANDERS	119 590	1,17 %
VERDIPAPIRFONDET STOREBRAND OPTIMA	110 041	1,07 %
RADIG NILS-HÅKAN	79 754	0,78 %
SVENDSEN PAUL HALLAN	74 368	0,73 %
Number of shares held by the 20 largest shareholders	7.092.403	69,20 %