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Bouvet

Earnings Release • Nov 9, 2017

3563_rns_2017-11-09_6ee49f71-83b7-4664-978e-fbc993ff2801.pdf

Earnings Release

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Interim presentation Thirdquarter 2017

Sverre Hurum, CEO Erik Stubø, CFO 9November 2017

6 November 2017 Finansavisen 7 November 2017

Finansavisen

Highlights in the quarter

oRevenue and EBIT

  • • Operating revenues increased by 22.8 percent toNOK 344.2 million (y‐o‐y)
  • • EBIT increased by 41.0 percent to NOK 17.1 million(y‐o‐y)
  • o 1 211 employees
  • •Up 45 from Q2'17
  • • Anincrease of 166 in the past 12 months
  • oStill strong market

Revenue and number of employees MNOK andnumber

Q3'12 Q3'13 Q3'14 Q3'15 Q3'16 Q3'17

Operational Review

Public andprivate sector

Businesssectors Q3 2017

Sectors with high increase in revenue

oPublic admin

  • • Increasedby 29.8 percent (y‐o‐y)
  • •Represents 26.2 percent of total revenues in Q3'17

o Oil &gas

  • • Increasedby 21.3 percent (y‐o‐y)
  • •Represents 22.1 percent of total revenues in Q3'17

oTransportation

  • • Increasedby 30.8 percent (y‐o‐y)
  • •Represents 10.2 percent of total revenues in Q3'17

oInfo and communication

  • • Increasedby 44.7 percent (y‐o‐y)
  • •Represents 5.7 percent of total revenues in Q3'17

Fifty ‐ a common platform forenergy management

  • o Fifty is a system for balancing the production and the reserves
  • o Developed for Svenska kraftnät and Statnett
  • oDeployed in operation during Q3
  • o Bouvet delivers three development teams
  • o4 +1 +1 year contract

TheNorwegian Armed Forces

o In cooperation with the Norwegian Armed Forces, Bouvet contributes to the exchange of information and integration between F‐35 ALIS and the Norwegian ArmedForces systems.

A platform for collaboration andknowledge sharing

  • o Finansinspektionen is going to develop a new information, communication and collaborationplatform
  • o The objective is to:
  • • Increasecompetence sharing
  • • Improve collaboration and project execution across theorganisation
  • • Increaseinternal efficiency
  • o Bouvet will deliver a pre‐project including visual concept

Connected health devices violateusers privacy

o On behalf of the Norwegian Consumer Council, Bouvet has carried out the technicalpart of the test

12

Customer andproject mix

  • o Project mix
  • • Variable contracts account for 96.8 percent of totalrevenues
  • o Customer portfolio
  • • The 10 largest customers represent 36.4 percent of total revenues – down from 36.5 percent in Q3'16
  • • The 20 largest customers represent 49.4 percent of total revenues – up from 48.4 percent in Q3'16

Variably priced contracts share of revenues Percentage

Customerdevelopment

oExisting customers*

  • • Accountedfor 92.0 percent of revenues in Q3'17
  • o New customers**
  • • Customers won over the past year generated revenues of NOK 27.9 millionin Q3'17
*
Ex
is
ing
de
f
ine
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Ne
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Enthusiastic andcompetent employees

  • o 1 211 employees at the end of the quarter
  • •Up 45 from Q2'17
  • • 166more employees in the past 12 months
  • • Average number of employees in the quarter up 15.0percent from Q3'16

Annualgrowth in number of employees

Financial Review

Key figures

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Revenue

  • o Revenues increased by 22.8 percent y‐o‐y
  • • Revenues from own consultants increased by 21.5 percent to NOK 285.2 million
  • • Revenues from sub‐contracted consultants increased by 32.2percent to NOK 46.6 million
  • • Other revenues increased by 18.7 percent to NOK 12.4 million

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Revenues fromown consultants

  • o Increased 21.5 percent y‐o‐y
  • • Positive impact from increase in billing ratio by 2.0 percentage points
  • • Positive impact from 15.0 percent increase in average numberof employees
  • • Positive impact from 2.1 percent increase in prices for group hourly services
  • • 65workdays in Q3'17– one less than Q3'16

Revenue per employee (quarterly figures) TNOK

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 Q3'17
  • • EBIT margin of 5.0 percent compared to 4.3 percent in Q3'16
  • o Operating expenses increased by 22.0 percent compared to Q3'16
  • oGeneral growth in pay rate 0.6 percent y‐o‐y
  • oOther operating expenses increased 27.3 percent

MNOK andPercent

Cashflow

  • o Cash flow from operations
  • • Negative NOK 2.5 million in Q3'17 compared to negative NOK 13.7 millionin Q3'16
  • o Last 12 months
  • • Operational cash flow over the last 12 months was NOK 108.9million
  • o Cash flow from investing activities
  • • Negative NOK 7.1 million compared to negative NOK 4.8 millionin Q3'16

Cash

Outlook

  • o Recruiting in a tough and challenging market
  • o Rapid adoption of artificial intelligence andmachine learning in every sector
  • oA good market

Shareholders asof 08.11.2017

Inv
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