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Bouvet

Investor Presentation • May 20, 2014

3563_rns_2014-05-20_0989b3aa-a070-49f2-b0ce-484f2f0b0b42.pdf

Investor Presentation

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Interim presentation First quarter 2014

Sverre Hurum. CEOErik Stubø. CFO20 May 2014

Highlights in the first quarter gg q

  • • A solid quarter – financially and operationally
  • • New assignments and clients within our core sectors; power ;p supply, retail and public services
  • • A reduction in the demand fromthe O&G sector
  • • Bouvet was voted as one of N dS d ' b t Norway and Sweden's bestplaces to work

Revenues and number of employees MNOK and number

Operational Review

A holistic approach the customer's business

  • • Digital customer dialogue must work in unison with back-end solutions
  • •Example: Lyse
  • • Up to now Bouvet has has delivered:
  • IT services
  • Web design and development
  • • Now also
  • Customer orientation
  • Customer Experience Journey

CRM as new service area

  • Acquired Blinc AS in March 2014
  • A consultancy within CRM-systems and mobility
  • Blinc's competence on client relationships and e commerce complements Bouvet's service -commerceBouvet soffering within customer experience solutions

LONG TERM FOCUS

Long standing clients order more g

  • • EREX - makes it possible to bill accurately the energy consumed by trains
  • Used in Norway, Sweden, Denmark, Finland and Belgium
  • Will be adapted to Switzerland
  • A Bouvet client for 9 years Image: SBB CFF FFS
  • • GDF Suez
  • Have ordered a business critical portal project
  • A Bouvet client for 8 years

Assignments close to customer business

  • • From developing business systems to assist in the development of services and organisations
  • • Examples:
  • Modeling and documentation of business processes for Jernbaneverket
  • Implementation of Lean in Helse Vest
  • • Customers appreciate local presence

SATISFIED EMPLOYEES

Great Place to Work

Employees p y

  • • 932 employees at the end of the first quarter
  • One new employee in Q1'14
  • 39 new employees in the past 12 months
  • Average number of employees in the quarter up 4.9 percent from Q1'13
  • • Lower growth in number of employees

Number of employees end of quarter

Annual growth in number of employees Percentage

Financial Review

Key figures y g

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Top g linerowth

  • • Revenues up by 7.0 percent YOY
  • Revenues from own consultants up 350 12.0 percent to NOK 252.6 million
  • Revenues from sub-contracted consultants declined 14.3 percent to NOK 38.0 million
  • Sub-contracted consultants' share declined to 12.6 percent from 15.7 percent in Q1'13
  • • Billing rate decreased 0.2 Own consultants Sub-contracted consultantspercentage points from Q1'13
  • • Prices for group hourly services increased 2.7 percent from Q1'13

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Increasedearnings

  • • Continued y-o-y increase in EBIT and EBIT margin MNOK and Percent Operating profit in Q1'14
  • EBIT margin of 9.0 percent compared to 7.9 percent in Q1'13
  • • Operating expenses increased by 5.8 percent from Q1'13
  • • Other operating expenses increased 16.7 percent
  • • 63 workdays in Q1'14 – two more than in Q1'13

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

Solid cash flow

  • •
  • Negative NOK 13.3 million in Q1'14, slightly down from NOK negative 11.8 million in Q1'13
  • Negatively affected by working capital changes, including work in progress -40
  • • Rolling 12 months
  • Operational cash flow over the last 12 months was NOK 97.9 million

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

Cash flow from operations (LTM)

Outlook

Continued development towards digitization

  • •Retail: Towards e-commerce
  • •Power: Digital meter reading
  • • Public: A change of pace in the use of digital solutions
  • • O&G: Si gnals of reduced investments

Summary

  • •Another solid quarter
  • • Loyal and long long-term clients continue to support Bouvet
  • • Bouvet is one of the best places to work in Norway and Sweden

Shareholders as at 195 4 .0.2014

Inv
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Appendix

Client development

  • •
  • Revenues from existing clients decreased 2.9 percent from Q1'13
  • Accounted for 90.7 percent of p revenues in Q1'14
  • • New customers**
  • C t th t 200 Customer won over the past year generated revenues of NOK 28.0 million in Q1'14

* 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

Existing clients* Revenues customer split MNOK

Customer and project mix p j

  • • Project mix
  • Variable contracts account for 96.2 100%percent of total revenues
  • • Client portfolio
  • The 10 largest customers represent 48.8 percent of total revenues – down from 53.3 percent in Q1'13
  • The 20 largest customers represent 63.6 percent of total revenues – down from 66.9 percent in Q1'13

Variably priced contracts share of revenues Percentage

10 largest customers share of revenues Percentage

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