Interim presentation Fourth quarter 2020

19 February 2021

Per Gunnar Tronsli, CEO Erik Stubø, CFO

Highlights in the quarter

o Revenue and EBIT

Operating revenues increased by 9.7 percent to NOK 645.6 million (y-o-y)
EBIT increased by 28.3 percent to NOK 91.6 million (y-o-y)
o 1 656 employees
Up 6 from Q3'20
An increase of 99 in the past 12 months
o Proposed dividend NOK 22.00 per share

Revenue and number of employees MNOK and number

In times of Covid-19

Bouvet's vision

We lead the way and build tomorrow's society

Long-term goals

Client-oriented and long-term relations Best workplace Successful business

Operational Review

Public and private sector

Business sectors Q4 2020

Bouvet training 2020

o 41 % of the revenue was in Q4
o 40 % of revenue in 2020 was customer specific training
o 26 breakfast seminars with over 8 800 participants in total
o More than 15 000 participants on all events (5 700 last year)

Technology for a healthy and productive ocean

o The consortium SFI Smart Ocean´s main goal is to enable digitalisation for ocean based industries
o The prime objective is to develop an "Internet of Things" data platform
o Bouvet´s deliveries:
Software technology and big-data middleware
Establish a foundation for the digital ecosystem in collaboration with the consortium

Modernisation of Medical Training

Developed in collaboration with Stavanger Universitetssykehus (SUS)
The system assists doctors to diagnose using scenario based learning
Bouvet deliveries:
Implementation of AR/VR solution
Technical project management

Renewal of brand experience and customer journey

o Sleipner develops world-leading products and solutions for yachts and professional boats
o Bouvet was chosen as the sole supplier and partner to assist Sleipner
o Bouvet´s deliveries:
Brand strategy
Communication concept
Logo and visual profile
Websites and e-commerce
HoloLens
User experience
Technical services

The four largest sectors

o Public admin

Increased by 11.8 percent (y-o-y)
Represents 26.9 percent of total revenues in Q4'20

o Oil & gas

Decreased by 2 percent (y-o-y)
Represents 25.1 percent of total revenues in Q4'20

o Power supply

Increased by 81.3 percent (y-o-y)
Represents 16.9 percent of total revenues in Q4'20

o Info and communication

Increased by 25.3 percent (y-o-y)
Represents 5.7 percent of total revenues in Q4'20

Further improvements in client satisfaction

" "Bouvet is undoubtedly a long-term, sound and serious player, with good and broad expertise."

Observation from the client satisfaction survey 2020.

Customer and project mix

o Project mix
Variable contracts account for 98.9 percent of total revenues
o Customer portfolio
The 10 largest customers represent 46.5 percent of total revenues – up from 41.5 percent in Q4'19
The 20 largest customers represent 55.8 percent of total revenues – up from 51.7 percent in Q4'19

Variably priced contracts share of revenues Percentage

10 largest customers share of revenues Percentage

Customer development

o Existing customers*

Accounted for 94.9 percent of revenues in Q4'20
o New customers**
Customers won over the past year generated revenues of NOK 32.9 million in Q4'20

Q4'19 Q4'20

Enthusiastic and competent employees

o 1 656 employees at the end of the quarter
Up 6 from Q3'20
99 more employees in the past 12 months
Average number of employees in the quarter up 6.7 percent from Q4'19

Annual growth in number of employees

Sesam - a Bouvet subsidiary

Master Data Hub for Data Platforms

o Customers:
Elvia
Statnett
Agder Energi
Fortum
Aker Solutions / Aize / Cognite
MHWirth
Bayer
Elektroskandia
Bergaard Amundsen
Norwegian Medicin Agency
Swedish Medicin Agency
Bane Nor
Avinor

Financial Review

Key figures

		Three months ending		Twelve	months ending
MNOK	31.12.2020	31.12.2019	Change	31.12.2020	31.12.2019	Change
Operating revenue	645.6	588.5	9.7 %	2 401.8	2 132.1	12.7 %
Operating profit (EBIT)	91.6	71.4	28.3 %	314.6	232.1	35.6 %
EBIT margin	14.2 %	12.1 %		13.1 %	10.9 %
Ordinary profit before tax	90.5	67.3	34.3 %	311.7	228.2	36.6 %
Profit for the period	69.1	54.6	26.6 %	241.2	180.1	33.9 %

EPS (fully diluted)	6.66	5.29	26.0 %	23.29	17.44	33.6 %
Net cash flow operations	198.7	229.8	-13.5 %	450.9	277.1	62.7 %

Equity ratio	32.5 %	29.4 %		32.5 %	29.4 %
Liquid assets	576.8	344.7	67.3 %	576.8	344.7	67.3 %

Number of employees (end of period)	1 656	1 557	6.4 %	1 656	1 557	6.4 %
Number of employees (average)	1 653	1 549	6.7 %	1 609	1 474	9.2 %

Revenue

o Revenues increased by 9.7 percent y-o-y
Revenues from own consultants increased by 10.9 percent to NOK 545.1 million
Revenues from sub-contracted consultants decreased by 1.5 percent to NOK 75.8 million
Other revenues increased by 22.4 percent to NOK 24.7 million

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Revenues from own consultants

o Increased 10.9 percent y-o-y
Positive impact from 6.7 percent increase in average number of employees
Positive impact from 0.4 percent increase in prices for group hourly services
Positive impact from increase in billing ratio by 0.7 percentage points
63 workdays in Q4'20 one more than Q4'19

Revenue per employee (quarterly figures) 0 100 200 300 400 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 TNOK

Analysis of change in revenues y-o-y

Earnings

o Operating profit (EBIT) increased by 28.3 percent to NOK 91.6 million
o EBIT margin of 14.2 percent compared to 12.1 percent in Q4'19
o Operating expenses increased by 7.1 percent y-o-y
o General growth in pay rate 4.7 percent y-o-y
o Covid-19 effects
Positiv impact from reduced costs related to travel, courses, conferences, social events and recruitment - NOK 6.1 million

EBIT and EBIT margin MNOK and Percent

EBIT and EBIT margin (LTM)

MNOK and Percent

Change in revenues – effect on EBIT

MNOK

Cash flow

o Cash flow from operations

NOK 198.7 million in Q4'20 compared to NOK 229.8 million in Q4'19
o Cash flow last 12 months
Operational cash flow over the last 12 months was NOK 450.9 million
o Cash flow from investing activities
Negative NOK 3.8 million compared to negative NOK 4.9 million in Q4'19
o Proposed dividend NOK 22.00 per share

Outlook summary

o Focus on digital transformation:
Public sector
Energy sector
Oil and gas sector
o High demand for:
System development
Cloud and platform services
Security
o Increased demand for crossfunctional teams
o Challenging market for recruitment

Shareholders as of 19.02.2021

Shareholders	Number of shares	% of total
FOLKETRYGDFONDET	754 930	7,34 %
The Bank of New York Mellon	750 682	7,30 %
VARNER KAPITAL AS	716 633	6,97 %
STENSHAGEN INVEST AS	536 699	5,22 %
VERDIPAPIRFOND ODIN NORDEN	451 215	4,39 %
SVERRE HURUM	387 125	3,76 %
VERDIPAPIRFONDET NORDEA AVKASTNING	288 370	2,80 %
MP PENSJON PK	265 082	2,58 %
ERIK STUBØ	205 292	2,00 %
VERDIPAPIRFONDET NORDEA KAPITAL	199 729	1,94 %
UBS Switzerland AG	179 148	1,74 %
VEVLEN GÅRD AS	162 802	1,58 %
VERDIPAPIRFONDET FIRST VERITAS	155 740	1,51 %
VERDIPAPIRFOND ODIN NORGE	127 057	1,24 %
VERDIPAPIRFONDET NORDEA NORGE PLUS	111 007	1,08 %
State Street Bank and Trust Comp	110 555	1,07 %
ANDERS ERIKSEN-VOLLE	99 830	0,97 %
VERDIPAPIRFONDET KLP AKSJENORGE INDEKS	94 991	0,92 %
State Street Bank and Trust Comp	94 055	0,91 %
TELENOR PENSJONSKASSE	90 000	0,87 %
Number of shares held by the 20 largest shareholders	5 780 942	56,20 %