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Bouvet

Investor Presentation • Feb 16, 2018

3563_rns_2018-02-16_9cf6810d-9d6e-4025-8fc5-a170b41a97a1.pdf

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Interim presentation Fourthquarter 2017

Sverre Hurum, CEO Erik Stubø, CFO 16February 2018

Highlights in the quarter

oRevenue and EBIT

  • • Operating revenues increased by 19.9 percent toNOK 458.4 million (y‐o‐y)
  • • EBIT increased by 49.2 percent to NOK 49.1 million(y‐o‐y)
  • o 1 215 employees
  • •Up 4 from Q3'17
  • • Anincrease of 125 in the past 12 months
  • oStill strong market

Revenue and number of employees MNOK andnumber

Operational Review

Public andprivate sector

Businesssectors Q4 2017

Sectors with high increase in revenue

oPublic admin

  • • Increasedby 27.6 percent (y‐o‐y)
  • •Represents 28.7 percent of total revenues in Q4'17

o Oil &gas

  • • Increasedby 43.2 percent (y‐o‐y)
  • •Represents 22.9 percent of total revenues in Q4'17

oInfo and communication

  • • Increasedby 64.3 percent (y‐o‐y)
  • •Represents 6.0 percent of total revenues in Q4'17

oIndustry

  • • Increasedby 31.7 percent (y‐o‐y)
  • •Represents 4.5 percent of total revenues in Q4'17

Statoil renews two important long‐term contracts

  • o Statoil has renewed two agreements:
  • • IT system development, administration, consultancy and various support services
  • • Statoil's quality management system, where Bouvet delivers business process services, consultancy, technical IT support and various support services
  • o These agreements run for up to 10 and 6years respectively
Facebook 29
W Twitter		 Ledige IT-jobber $\boxed{m}$ JOBB
Med lanseringen av appen Entur vil Samferdselsdepartementet gjøre det mulig å finne Oslo Politiets IKT-Tjenester
Platform as a Service
rutetider og kjøpe billett for kollektivtransport over hele landet. Laerdal Medical AS

App development for Hafslund Nett

Newservices

Customer andproject mix

  • o Project mix
  • • Variable contracts account for 96.9 percent of totalrevenues
  • o Customer portfolio
  • • The 10 largest customers represent 36.3 percent of total revenues – up from 35.0 percent in Q4'16
  • • The 20 largest customers represent 49.3 percent of total revenues – up from 47.3 percent in Q4'16

Variably priced contracts share of revenues Percentage

Customerdevelopment

oExisting customers*

  • • Accountedfor 91.8 percent of revenues in Q4'17
  • o New customers**
  • • Customers won over the past year generated revenues of NOK 37.6 millionin Q4'17
*
Ex
is
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‐

Enthusiastic andcompetent employees

  • o 1 215 employees at the end of the quarter
  • •Up 4 from Q3'17
  • • 125more employees in the past 12 months
  • • Average number of employees in the quarter up 12.3percent from Q4'16

Annual growth in number of employees Percentage

Financial Review

Key figures

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Revenue

  • o Revenues increased by 19.9 percent y‐o‐y
  • • Revenues from own consultants increased by 18.8 percent to NOK 369.3 million
  • • Revenues from sub‐contracted consultants increased by 21.4percent to NOK 67.5 million
  • • Other revenues increased by 36.8 percent to NOK 21.6 million

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Revenues fromown consultants

  • o Increased 18.8 percent y‐o‐y
  • • Positive impact from increase in billing ratio by 3.2 percentage points
  • • Positive impact from 12.3 percent increase in average numberof employees
  • • Positive impact from 2.5 percent increase in prices for group hourly services
  • • 63workdays in Q4'17– one less than Q4'16

Revenue per employee (quarterly figures) TNOK

TNOK

Analysis of change in revenues y‐o‐y

Change in revenues – effect on EBIT

RevenueMNOK

22

15%

Earnings

  • o Operating profit (EBIT) up by 49.2 percent to NOK 49.1million
  • o EBIT margin of 10.7 percent compared to 8.6 percent inQ4'16
  • o Operating expenses increased by 17.2 percent compared to Q4'16
  • oGeneral growth in pay rate 1.1 percent y‐o‐y
  • oOther operating expenses increased 8.0 percent

MNOK andPercent

Cashflow

  • o Cash flow from operations
  • • NOK 158.6 million in Q4'17 compared to NOK 118.4 millionin Q4'16
  • o Last 12 months
  • • Operational cash flow over the last 12 months was NOK 149.0million
  • o Cash flow from investing activities
  • • Negative NOK 4.3 million compared to negative NOK 24.0 millionin Q4'16

Cash

flow

from

operations (LTM)

Outlook

  • oGood market and high demand
  • oExponential technology development
  • o To lowdelivery capacity in the IT sector
  • oRisk of increased turnover

Shareholders asof 15.02.2018

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