Bouvet

Investor Presentation • Feb 27, 2014

Interim presentation Fourth quarter 2013

Sverre Hurum. CEOErik Stubø. CFO27 February 2014

Highlights in the fourth quarter g g

• • Good demand in all Bouvet's service areas
• •Solid financial results
• • The organisation increased with 15 new colleagues in Q4'13
• • Strategy of delivering services l t th li t' b i ⁰ up close to the client's business has yielded results

Revenues and number of employees MNOK and number

Operational Review

Knowledge intensive services is all about people

Services close to customers' business

Bouvet Business Process Services team

Continuous develo pment ^o f conce pts p and services

6

Sesam for

•

• Search
• Integration
• Data analysis

Customer Exp y erience Journey

Increase in Oil & Gas

• • Increased revenues and more Development of O&G customers customers within oil and gas
• • Consultancy closer to customers' core business
• • Statoil recently extended one of five ongoing agreements with Bouvet

NOK million

Long term customers

C t usomers

Competence

10

Culture

Financial Review

Key figures y g

	T hr e e m o n	t hs d in e n g		Tw lv t hs d in e e m o n e n g
M N O K	3 1. 1 2. 2 0 1 3	3 1. 1 2. 2 0 1 2	C ha ng e	3 1. 1 2. 2 0 1 3	3 1. 1 2. 2 0 1 2	C ha ng e
O t in p e ra g re ve nu e	2 9 8. 2	2 8 0. 5	6. 3 %	1, 1 1 2. 7	1, 0 3 0. 3	8. 0 %
O f ( ) t in i t E B I T p e ra g p ro	2 7. 2	2 1. 2	2 8. 5 %	9 5. 1	7 8. 2	2 1. 5 %
E B I in T m a rg	9 1. %	6. % 7		8 % 5.	6. % 7
O d in f i t b fo ta r a ry p ro e re x	2 7. 9	2 1. 8	2 8. 2 %	9 7. 1	8 0. 2	2 1. 2 %
Pr f i t fo t he io d o r p e r	2 0. 0	1 4. 7	3 6. 8 %	6 9. 8	5 6. 6	2 3. 5 %
E P S ( ( fu f l l ly l d d i i lu l d d ) ) te t	1 2 . 9	1 9 . 3	3 % . 7 7	6 6 7 .	3 5 5 .	2 4 8. %
Ne t c h f low t io a s o p e ra ns	9 2. 8	9 4. 7	2. 0 % -	9 9. 4	9 7. 4	2. 0 %
Eq i ty t io u ra	3 5. 9 %	3 4. 7 %		3 5. 9 %	3 4. 7 %
C h d h iva le ts a s a n c a s e q n u	1 6 9. 2	1 3 7. 8	% 2 2. 8	1 6 9. 2	1 3 7. 8	% 2 2. 8
f e ( f p ) Nu b lo d io d m e r o m p y e e s e n o e r	9 3 1	8 8 1	% 5. 7	9 3 1	8 8 1	% 5. 7
Nu b f e lo ( ) m e r o m p y e e s av e ra g e	9 2 8	8 7 9	5. 6 %	9 0 8	8 4 8	7. 1 %

Top g linerowth

• • Revenues up by 6.4 percent YOY
• Revenues from own consultants up 350 12.9 percent to NOK 247.0 million
• Revenues from sub-contracted consultants declined 18.9 percent to NOK 39.2
• Sub-contracted consultants' share declined to 13.1 percent from 17.2 percent in Q4'12
• • Billing rate up 2.3 percentage Own consultants Sub-contracted consultantspoints from Q4'12
• • Prices for group hourly services increased 1.9 percent from Q4'12

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 Q4'13
• EBIT margin of 9.1 percent compared to 7.6 percent in Q4'12
• • Operating expenses increased by 4.5 percent from Q4'12
• • Other operating expenses

increased 4.7 percent EBIT and EBIT margin (12 months rolling) MNOK and Percent

Solid cash flow

• •
• NOK 92.8 million in Q4'13, slightly down from NOK 94.7 million in Q4'12
• Positively affected by working capital changes, including work in progress -40
• • Rolling 12 months
• Operational cash flow over the last 12 months was NOK 99.4 million

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

Cash flow from operations (LTM) MNOK

Outlook

Customer Experience

Mobile Enterprise

E-commerce

Data anal ysis

Security

Outlook and summary

• •Strong financial results
• • Solid demand for all services within major sectors
• • Strategy of delivering services up close to the client's business has yielded results

Shareholders as at 24 4 .02.201

Inv to es r	Nu be f s ha m r o re s	% f l to ta o
V A R N E R K A P I T A L A S	1 0 0 0 0 0 7	1 0, 4 4 %
S T E N S H A G E N I N V E S T A A S S	9 0 9 9 9 2	8 8 8 % ,
M P P E N S J O N P K	6 6 9 9 0 4	6, 5 4 %
H U R U M S V E R R E F I N N	5 0 5 7 5 1	4, 9 3 %
S O G K L P A K J E N R E V P F	3 4 0 6 2 8	% 3, 3 2
O G S & C O C M R A N T A N L E Y I N T E R N A T. P L	3 1 1 9 4 4	3, 0 6 %
V E R D I P A P I R F O N D E T D N B N O R D I C T E C H N O	3 1 3 8 1 7	3, 0 6 %
Å V E V L E N G R D A S	3 0 0 0 0 0	2, 9 3 %
K O M M U N A L L A N D S P E N S J O N S K A S S E	2 4 6 0 4 9	2, 4 0 %
Ø S T U B E R I K	2 3 5 2 5 1	2, 3 0 %
V E R D I P A P I R F O N D E T H A N D E L S B A N K E N	2 2 0 0 0 0	2, 1 5 %
O O G V E R D I P A P I R F N D E T E I K A N R E	1 9 4 6 2 6	% 1, 9 0
T E L E N O R P E N S J O N S K A S S E	1 8 6 8 0 0	1, 8 2 %
V E R D I P A P I R F O N D E T D N B N O R D E N ( I I I )	1 5 3 8 0 8	1, 5 0 %
S T O R E B R A N D V E K S T	1 5 0 9 1 9	1, 4 7 %
S T O R E B R A N D N O R G E I	1 5 0 5 7 4	1, 4 7 %
D Y V I I N V E S T A S	1 5 0 0 0 0	1, 4 6 %
O S V E R D I P A P I R F N D E T D N B M B	1 2 5 0 0 0	% 1, 2 2
R I I S N Æ S S T E I N K R I S T I A N	1 2 3 4 8 9	1, 2 0 %
V O L L E A N D E R S	1 1 8 0 7 5	1, 1 5 %
Nu be f s ha he l d by t he 2 0 lar t s ha ho l de m r o re s g es re rs	6 4 7 8 8 8 6	6 3, 2 1 %

Appendix

Client development

• •
• Revenues from existing clients decreased 2 % from Q4'12
• Accounted for 98 percent of p revenues in Q4'13
• • New customers**
• C t th t ²⁰⁰ Customer won over the past year generated revenues of NOK 23.4 million in Q4'13

* 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 93.8 100%percent of total revenues
• • Client portfolio
• The 10 largest customers represent 51 percent of total revenues
• Th 20 l t t The largest customers represent

Variably priced contracts share of revenues Percentage

64 percent of total revenues 10 largest customers share of revenues Percentage

Employees p y

• • 931 employees at the end of the fourth quarter
• 15 new employees in Q4' 13
• 50 new employees in the past 12 600 months
• Average number of employees end of quarter up 5.6 percent from Q4'12 Q4 12

Number of employees end of quarter

Annual growth in number of employees Percentage