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Bouvet

Investor Presentation • Aug 28, 2014

3563_rns_2014-08-28_0d9d92dc-8ffa-4253-93ec-d83f7f4e36b9.pdf

Investor Presentation

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Interim presentation Second quarter 2014

Sverre Hurum. CEOErik Stubø. CFO28 August 2014

Highlights in the second quarter gg q

  • • Strong focus on digitalization and bilit moy
  • • Reduced demand from the Oil and Gas sector
  • R d EBIT• Revenues and
  • Operating revenues decreased 2.8 percent to NOK 276.2 million (y-o-y)
  • EBIT down by 16 9 percent to NOK 0 16.9 23.6 million (y-o-y)
  • • New assignments within Oil and Gas Power Supply Retail and Gas, Supply, Public Services
  • • 945 employees
  • 13 new in the quarter
  • 51 new in the past 12 months

Revenues and number of employees MNOK and number

Peer comparison

3 Interim presentation 2nd quarter 2014

Operational Review

Client development

  • •
  • Accounted for 90.9 percent of revenues in Q2'14
  • • New customers** customers
  • Customers won over the past year generated revenues of NOK 25.0 million in Q2'14

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

Existing clients* Revenues customer split MNOK

Client overview

  • • Decreased share of f Oil Percentage revenues from and Gas
  • • Growth in health, service industry and public administration
  • • Increased share of customers own by the government (nationally or locally)

Ownership distribution

Sector distribution

Changes in Oil and Gas

  • •Reduced activity in Statoil
  • • Many opportunities connected to new players on the shelf
  • Experience from Statoil proves valuable

Trust from public sector

•

•

Norwegian Armed Forces Forces

  • Second largest customer of Bouvet
  • Frame agreement extended by one year

The Norwegian National Collection Agency Agency

  • • Maintenance and further development (5+1+1 years)
  • •Total value approx. NOK 100 million

New orders within professional systems

  • •Municipality of Oslo
  • •Municipality of Trondheim

New frame agreements

  • •Municipality of Bergen: Information security
  • • H d l d t th it W bHordaland county authority: Web-sol ti u ons

Growth within Health Care

Business sy p stems on all platforms

New customer in the transport sector in

• Ordered a full ERP-system with mobile clients for all drivers

Viking Redningstjeneste

  • • Ordered a new mobile solution for their drivers
  • •Long-term customer

Statkraft

  • • Implemented a new mobile solution to support the maintenance of power plants
  • •Long-term customer term customer

Growth within Di gital Communication

Employees p y

  • • 945 employees at the end of the second quarter
  • 13 new employees in Q2'14
  • 51 new employees in the past 12 months
  • Average number of employees in the quarter up 6.0 percent from Q2'13

Number of employees end of quarter

Annual growth in number of employees Percentage

Financial Review

Key figures y g

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Top gy line slightly reduced

  • • Revenues decreased by 2.8 tpercent y-o-y
  • Revenues from own consultants down 0.9 percent to NOK 228.7 million
  • Revenues from sub-contracted consultants reduced by 14.1 percent to NOK 34.5 million
  • Sub-contracted consultants' share of revenues was 12.5 percent, down from 14.1 percent in Q2'13
  • Billi t d d 3 0•Billing rate decreased 3.0percentage points from Q2'13
  • • Prices for group hourly services increased 2 8 percent from Q2'13 2.8

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Reduced earnings

  • • Operating profit decreased y-o-y in EBIT and EBIT margin MNOK and Percent Q2'14
  • EBIT margin of 8.6 percent compared to 10.0 percent in Q2'13
  • • Operating expenses decreased by 1.3 percent compared to Q2'13
  • • Other operating expenses increased 1.7 percent
  • • 59 workdays in Q2'14 – one less than in Q2'13

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

Solid cash flow

  • •
  • Positive NOK 18.0 million in Q2'14, up from NOK negative 2.2 million in Q2'13
  • Positively affected by changes in accounts receivable and paid tax
  • • Rolling 12 months
  • Operational cash flow over the last 12 months was NOK 118.1million

Cash flow from operations Cash flow from operations (per quarter) MNOK

Cash flow from operations (LTM)

Creating shareholder value

Investment Calculator

NOKand number of shares

Compound Annual Growth Rate of 22 percent

Outlook

Outlook and summary

  • •Cost cut within Oil and Gas
  • • Continued strong focus on digitalization in all sectors
  • • Increased competition will challenge profitability
  • • Strong adaptability opens for f th th d i d further growth an improve profitability in the long term

Shareholders as of25 4.08.201

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Appendix

Customer and project mix p j

  • • Project mix
  • Variable contracts account for 95.5 100%percent of total revenues
  • • Client portfolio
  • The 10 largest customers represent 43.8 percent of total revenues – down from 51.4 percent in Q2'13
  • The 20 largest customers represent 57.3 percent of total revenues – down from 64.9 percent in Q2'13

Variably priced contracts share of revenues Percentage

10 largest customers share of revenues Percentage

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