Bouvet

Earnings Release • Feb 24, 2015

Interim presentation Fourth quarter 2014

Sverre Hurum. CEO Erik Stubø. CFO 24 February 2015

Highlights in the fourth quarter

• Revenues and EBIT
• Operating revenues increased by 5.0 percent to NOK 313.2 million (yo-y)
• EBIT down by 29.0 percent to NOK 19.3 million (y-o-y)
• 1008 employees
• Up 46 in the quarter
• An increase of 77 in the past 12 months
• Adapting to the changing market within oil / gas
• Successful takeover of Capgemini's Trondheim office
• Important new contracts in both Norway and Sweden

Revenues and number of employees

MNOK and number

Operational Review

4

Important customers in all sectors

New mobile tool improves road safety

• Vadis: Tool for control of vehicles in use by Norwegian Public Roads Administration
• Enables 50% more controls
• Calculations prove that on average, two lives will be saved each year
• Bouvet as a supplier have contributed with analysis, design, mobility, systems development, testing and integration

Proximity to the business within oil and gas

February 24, 2015 Interim presentation 4th quarter 2014

Agreement with The National Procurement Services in Sweden

• In Sweden, central framework agreements are used for the purchase of consulting services throughout the public sector
• Bouvet has signed framework agreement in one region and is now also awarded framework agreements in the other four regions
• May provide a solid base for growth for Bouvet in Sweden

Enthusiastic and competent employees

• 1008 employees at the end of the fourth quarter
• 46 new employees in Q4'14
• 77 new employees in the past 12 months
• Average number of employees in the quarter up 7.2 percent from Q4'13
• Excellent results from employee satisfaction survey
• 91 % said that all things considered, Bouvet is a great place to work

Number of employees end of quarter

Annual growth in number of employees Percentage

Financial Review

Key figures

		Three months ending		Twelve months ending
MNOK	31.12.2014	31.12.2013	Change	31.12.2014	31.12.2013	Change
Operating revenue	313.2	298.3	5.0%	1,132.6	1,112.8	1.8 %
Operating profit (EBIT)	19.3	27.2	-29.0%	79.2	95.1	-16.8 %
EBIT margin	6.2 %	9.1 %		7.0 %	8.5 %
Ordinary profit before tax	20.4	27.9	-26.8 %	81.6	97.1	-16.0 %
Profit for the period	13.7	20.0	-31.6 %	57.0	69.8	-18.4 %
EPS (fully diluted)	1.29	1.92	-32.8 %	5.39	6.67	-19.3 %
Net cash flow operations	61.6	92.8	-33.6 %	52.3	99.4	-47.4 %
Equity ratio	34.3 %	35.9 %		34.3 %	35.9 %
Cash and cash equivalents	118.6	169.2	-29.9 %	118.6	169.2	-29.9 %
Number of employees (end of period)	1,008	931	8.3 %	1,008	931	8.3 %
Number of employees (average)	995	928	7.2 %	958	908	5.5 %

Top line growth

• Revenues increased by 5.0 percent y-o-y
• Revenues from own consultants increased by 4.9 percent to NOK 264.8 million
• Revenues from sub-contracted consultants reduced by 13.4 percent to NOK 29.2 million
• Other revenues increased by 58.2 percent to NOK 19.2 million
• Billing rate decreased 5.5 percentage points from Q4'13
• Prices for group hourly services increased 2.6 percent from Q4'13

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Reduced earnings

• Operating profit decreased y-o-y in Q4'14
• EBIT margin of 6.2 percent compared to 9.1 percent in Q4'13
• Operating expenses increased by 8.4 percent compared to Q4'13
• Other operating expenses increased 7.9 percent
• 62 workdays in Q4'14 equivalent to Q4'13

EBIT and EBIT margin

MNOK and Percent

EBIT and EBIT margin (12 months rolling) MNOK and Percent

Cash flow

• Cash flow from operations
• Positive NOK 61.6 million in Q4'14, down from NOK positive 92.8 million in Q4'13
• Rolling 12 months
• Operational cash flow over the last 12 months was NOK 52.3 million
• Cash flow from investing activities
• Negative NOK 16.4 million compared to negative NOK 3.5 million in Q4'13

Cash flow from operations (per quarter) MNOK

Cash flow from operations (LTM)

Outlook

Outlook

• Digitization will be vital in order to increase productivity in Scandinavia
• Bouvet's high competence and knowledge of customers' business will be requested

Shareholders as at 23.02.2014

Investor	Number of shares	% of total
VARNER KAPITAL AS	1 070 000	10,44 %
STENSHAGEN INVEST AS	824 992	8,05 %
MP PENSJON PK	669 904	6,54 %
HURUM SVERRE FINN	506 584	4,94 %
KLP AKSJE NORGE VPF	435 313	4,25 %
KOMMUNAL LANDSPENSJONSKASSE	302 569	2,95 %
VEVLEN GÅRD AS	300 000	2,93 %
VERDIPAPIRFONDET HANDELSBANKEN	298 915	2,92 %
VERDIPAPIRFONDET DNB NORDIC TECHNO	298 659	2,91 %
STUBØ ERIK	236 084	2,30 %
STOREBRAND NORGE I	230 948	2,25 %
J.P. MORGAN CHASE BANK N.A. LONDON	227 945	2,22 %
VERDIPAPIRFONDET EIKA NORGE	213 952	2,09 %
TELENOR PENSJONSKASSE	186 800	1,82 %
DYVI INVEST AS	150 000	1,46 %
STOREBRAND VEKST	142 749	1,39 %
VOLLE ANDERS	125 908	1,23 %
VERDIPAPIRFONDET DNB NORDEN (III)	125 406	1,22 %
VERDIPAPIRFONDET DNB SMB	103 903	1,01 %
SKANDINAVISKA ENSKILDA BANKEN AB	88 852	0,87 %
Number of shares held by the 20 largest shareholders	6 539 483	63,80 %

Appendix

Client development

• Existing clients*
• Revenues from existing clients decreased 9.7 % from Q4'13
• Accounted for 86.0 percent of revenues in Q4'14
• New customers**

corresponding quarter last year

– Customer won over the past year generated revenues of NOK 44.0 million in Q4'14

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

Revenues customer split MNOK

Customer and project mix

• Project mix
• Variable contracts account for 96.2 percent of total revenues
• Client portfolio
• The 10 largest customers represent 37.3 percent of total revenues – down from 50.7 percent in Q4'13
• The 20 largest customers represent 51.2 percent of total revenues – down from 64.3 percent in Q4'13
• The largest customer represents less than 15 percent

Variably priced contracts share of revenues Percentage

10 largest customers share of revenues Percentage