Bouvet

Earnings Release • May 19, 2017

Interim presentation Firstquarter 2017

Sverre Hurum.CEO

ErikStubø. CFO

19May 2017

Highlights in the quarter

oRevenue and EBIT

• • Operating revenues increased by 29.8 percent toNOK 419.1 million (y‐o‐y)
• • EBIT increased by 102.5 percent to NOK 41.2 million(y‐o‐y)
• o 1 131 employees
• •Up 41 from Q4'16
• • Anincrease of 95 in the past 12 months
• o Increased demand for robotic process automation (RPA), machine learning (ML) and artificial intelligence (AI)

Revenue and number of employees MNOK andnumber

Operational Review

Increase inpublic sector

Businesssectors Q1 2017

Sectors with high increase in revenue

oPublic admin

• • Increasedby 57.1 percent (y‐o‐y)
• •Represents 29.3 percent of total revenues in Q1'17

oPower supply

• • Increasedby 52.9 percent (y‐o‐y)
• •Represents 10.0 percent of total revenues in Q1'17

oRetail

• • Increasedby 61.5 percent (y‐o‐y)
• •Represents 7.3 percent of total revenues in Q1'17

oService Industry

• • Increasedby 71.7 percent (y‐o‐y)
• •Represents 6.7 percent of total revenues in Q1'17 Forsvaret

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Artificial intelligence (AI) and machine learning (ML)

Awards

Nominated as the one of five in the local authority website category among Sweden's top 100 websites by Internetworld

Winner of Max Marketing Mix 2017 in the internal marketing category with ^a solution developed for Viasat

Nominated as one of three finalist to the Digitalization Award 2017 by Difi

Newclients

Customer andproject mix

• o Project mix
• • Variable contracts account for 96.1 percent of totalrevenues
• o Client portfolio
• • The 10 largest customers represent 36.0 percent of total revenues – up from 35.2 percent in Q1'16
• • The 20 largest customers represent 48.4 percent of total revenues – up from 47.4 percent in Q1'16

Variably priced contracts share of revenues Percentage

Clientdevelopment

• o Existing clients*
• • Accountedfor 89.6 percent of revenues in Q1'17
• o New customers**
• • Customers won over the past year generated revenues of NOK 43.9 millionin Q1'17

* Ex is ing de f ine d a ha inv ice d in t he t tom tom t t w cu s ers s c us ers ere o
d ing ter las t y cor res p on q uar ear
** Ne de f ine d a inc d o f tom tom w c us ers s c us ers wo n s e e n
d ing ter las t y cor res p on q uar ear

Enthusiastic andcompetent employees

• o 1 131 employees at the end of the first quarter
• •Up 41 from Q4'16
• • 95more employees in the past 12 months
• • Average number of employees in the quarter up 8.1percent from Q1'16

Focus onemployee satisfaction and recruitment

Financial Review

Key figures

	T h r e e m o n	i t h d s e n n g		i Tw lv t h d e e m o n s e n n g
M N O K	3 1. 0 3. 2 0 1 7	3 1. 0 3. 2 0 1 6	C ha ng e	3 1. 0 3. 2 0 1 7	3 1. 0 3. 2 0 1 6	C h a n g e
Op ing t era rev en ue	9. 4 1 1	3 2 2. 9	2 9. 8 %	2 6. 9 1 4	2 2 8. 1 4	6. 2 % 1
f ( ) Op ing i E B I T t t era p ro	4 1. 2	2 0. 3	1 0 2. 5 %	1 2 7. 1	8 7. 7	4 5. 0 %
I in E B T m arg	% 9. 8	% 6. 3		% 8. 9	% 7. 1
d f be for Or ina i t tax ry p ro e	4 1. 5	2 0. 5	1 0 2. 9 %	1 2 7. 1	9 0. 0	4 1. 2 %
f i for he io d Pro t t p er	3 1. 5	1 4. 5	1 1 7. 1 %	9 6. 9	6 4. 9	4 9. 3 %
( fu l ly lu ) E P S d i d te	3. 0 4	1. 3 8	% 1 1 9. 4	9. 4 2	6. 2 7	% 5 0. 1
h f low Ne ion t t c as op era s	‐1 3. 3	‐2 1. 1	/ N A	1 1 7. 2	1 0 6. 4	1 0. 1 %
Eq i io ty t u ra	3 5. 9 %	3 8. 3 %		3 5. 9 %	3 8. 3 %
Ca h d c h e iva len ts s a n as q u	1 3 4. 4	1 4 8. 3	‐9. 3 %	1 3 4. 4	1 4 8. 3	‐9. 3 %
( ) be f e loy d o f p io d Nu m o r mp ee s en er	1 1 3 1	1 0 3 6	9. 2 %	1 1 3 1	1 0 3 6	9. 2 %
be f e loy ( ) Nu m o r mp ee s ave rag e	1 1 1 7	1 0 3 3	8. 1 %	1 0 0 7	1 0 2 4	4. % 5

Revenue

• o Revenues increased by 29.8 percent y‐o‐y
• • Revenues from own consultants increased by 25.5 percent to NOK 341.0 million
• • Revenues from sub‐contracted consultants increased by 61.4percent to NOK 61.5 million
• • Other revenues increased by 26.6 percent to NOK 16.5 million

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Revenues fromown consultants

• o Increased 25.5 percent y‐o‐y
• • Positive impact from increase in billing ratio by 2.4 percentage points
• • Positive impact from 8.1 percent increase in average numberof employees
• • Positive impact from 1.5 percent increase in prices for group hourly services
• • 65workdays in Q1'17 – four more than Q1'16

Revenue per employee (quarterly figures) TNOK

Revenueper employee (LTM)

TNOK

Analysis of change in revenues y‐o‐y

Change in revenues – effect on EBIT

RevenueMNOK

Earnings

• o Operating profit increased y‐o‐y in Q1'17
• • EBIT margin of 9.8 percent compared to 6.3 percent in Q1'16
• o Operating expenses increased by 24.9 percent compared to Q1'16
• oGeneral growth in pay rate 0.2 percent y‐o‐y
• oOther operating expenses increased 37.3 percent

MNOK andPercent

Cashflow

o Cash flow fromoperations

• • NOK ‐13.3 million in Q1'17 compared to NOK ‐21.1 millionin Q1'16
• o Last 12 months
• • Operational cash flow over the last 12 months was NOK 117.2million
• o Cash flow from investing activities
• • Negative NOK 12.0 million compared to negative NOK 5.0 millionin Q1'16

MNOKCash flow fromoperations (per quarter)

Cash flow fromoperations (LTM)

Outlook

oWe believe in the future

Freeing time by automatisation

the City of Bergen

Increased knowledge about predators Norwegian Environment Agency

Enhance customer experience Agder kollektiv trafikk

Increase efficiency Aibel

Strengthen culture WesternNorway University of Applied Sciences

Shareholders asof 18.05.2017

Inv est or	ber f s har Num o es	% f to l ta o
VA RNE R KAP ITA L AS	1 07 0 0 00	10, 44 %
STE NSH AG EN INV EST AS	925 402	9, 03 %
VPF NO RDE A AV KAS TN ING	778 120	7, 59 %
PRO TEC TO FOR SIK G ASA R RIN	700 000	6, 83 %
MP PEN SJO N PK	569 904	5, 56 %
SVE HU RUM RRE FIN N	507 873	95 % 4,
ÅRD VEV LEN G AS	420 000	4, 10 %
STO RAN VEK ST VER DIP API RFO REB D ND	262 834	2, 56 %
Ø STU B ERI K	237 373	2, 32 %
UBS SW ITZ ERL AN D AG	203 500	1, 99 %
SIX SIS AG	200 000	1, 95 %
VES AS DYV IN I T	200 000	1, 95 %
STO REB RAN D NO RGE I VE RDI PAP IRF ON D	197 789	1, 93 %
TEL ENO SJO NSK ASS R PEN E	186 800	1, 82 %
JPM ORG AN CHA SE BAN K	160 745	1, 57 %
VER DIP API RFO ND ET STO REB RAN D OPT IMA	125 041	1, 22 %
VO LLE AN DER S	121 697	1, 19 %
BOU VET ASA	98 682	0, 96 %
ÅKA RAD IG NIL S‐H N	79 754	0, 78 %
SVE SEN PAU L HA LLA ND N	74 368	0, 73 %
ber f s har he l d by he larg har ho l der Num 20 t est o es s e s	7.1 19. 882	69, 47 %