Bouvet Asa · OSL:BOUV
Bouvet Asa — Q4 2020 Earnings Presentation
34 slides from Bouvet Asa's earnings presentation, Feb 19, 2021
Slide 1: Interim presentation Fourth quarter 2020
Interim presentation Fourth quarter 2020 19 February 2021 Per Gunnar Tronsli, CEO Erik Stubø, CFO
Slide 2: Bente Nordahl
Bente Nordahl Siri Benjaminsen = Nina Lilledahl Khan a fia
Slide 3: Highlights in the quarter
Highlights in the quarter Revenue and number of employees MNOK and number o Revenue and EBIT 700 650 • Operating revenues increased by 9.7 percent 600 550 500 to NOK 645.6 million (y-o-y) 450 400 350 • EBIT increased by 28.3 percent to NOK 91.6 300 250 200 million (y-o-y) 150 100 50 o 1 656 employee
Slide 4: In times of Covid-19
In times of Covid-19 4
Slide 5: Bouvet's vision
Bouvet’s vision We lead the way and build tomorrow’s society
Slide 6: Long-term goals
Long-term goals Best workplace Client-oriented and Successful business long-term relations
Slide 7: Operational Review
©) Operational Review
Slide 8: Public and private sector
Public and private sector Public sector Q4'20 Q4'19 Private sector 45,6 % 54,4 % 49,1 % 50,9 % 8
Slide 9: Business sectors Q4 2020
Business sectors Q4 2020 Other Bank & finance Retail Transportation 1,6 % 4,4 % 2,8 % Power supply 5,2 % Service industry 16,9 % 5,1 % Health 2,1 % 4,2 % Industry 25,1 % 5,7 % Oil & gas Info and communication 26,9 % Public admin 9
Slide 10: Service development
Service development Security Platform technology Change Cloud management Sustainability Customer experience
Slide 11: Bouvet training 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)
Slide 12: Technology for a healthy and productive ocean
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
Slide 13: Modernisation of Medical Training
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 13
Slide 14: Renewal of brand experience and customer journey
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 profil
Slide 15: The four largest sectors
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 Forsvaret 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
Slide 16: Further improvements in client satisfaction
Further improvements in client ” satisfaction 86 85 “Bouvet is undoubtedly a 84 long-term, sound and 83 82 serious player, with good 81 80 and broad expertise.” 79 Observation from the client satisfaction survey 2020. 2018 2019 2020
Slide 17: Customer and project mix
Customer and project mix Variably priced contracts share of revenues Percentage o Project mix 100% • Variable contracts account for 98.9 percent of 98% total revenues 96% 94% o Customer portfolio 92% 90% • The 10 largest customers represent 46.5 percent Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 of total revenue
Slide 18: Customer development
Customer development Revenue customer split MNOK o Existing customers* Existing customers* New customers (LTM)** • Accounted for 94.9 percent of revenues in Q4’20 700 o New customers** 600 • Customers won over the past year generated 500 revenues of NOK 32.9 million in Q4’20 400 300 200 100 * Existi
Slide 19: Regional organisation
Regional organisation Trondheim 146 Bouvet Nord ansatte 609 Bouvet Øst ansatte 37 Sesam ansatte 121 Bouvet Bergen Bergen Borlänge ansatte Oslo Ørebro Drammen Sandvika Stockholm Haugesund 549 Bouvet Rogaland Sandefjord ansatte Stavanger Skien Arendal Kristiansand 73 Bouvet Sverige ansatte 29 Konserns
Slide 20: Enthusiastic and competent employees
Enthusiastic and competent employees o 1 656 employees at the end of the quarter Number of employees end of quarter • Up 6 from Q3’20 2000 • 99 more employees in the past 12 months 1500 • Average number of employees in the quarter up 1000 6.7 percent from Q4’19 500 0 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 An
Slide 21: High job satisfaction
High job satisfaction Strong collaboration Exciting and trust tasks Sikkerhet among and good colleagues development opportunities Strong Inspiring Bid & internal management tilbud reputation 21
Slide 22: Sesam - a Bouvet subsidiary
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 22
Slide 23: Financial Review
Financial Review 23
Slide 24: Key figures
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 ta
Slide 25: Revenue
Revenue Revenue split (quarterly figures) MNOK Own consultants o Revenues increased by 9.7 percent y-o-y 700 Sub-contracted consultants 600 Other 500 • Revenues from own consultants increased by 10.9 400 percent to NOK 545.1 million 300 200 • Revenues from sub-contracted consultants decreased by 100
Slide 26: Revenues from own consultants
Revenues from own consultants Revenue per employee (quarterly figures) o Increased 10.9 percent y-o-y TNOK 400 • Positive impact from 6.7 percent increase in average 300 number of employees 200 • Positive impact from 0.4 percent increase in prices for group hourly services 100 • Positive impact from
Slide 27: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 40 37,9 35 30 25 20 15 10 9,1 5,4 4,5 5 3,3 2,4 0 -1,2 -1,6 -2,7 -5 No. of employees No. of work days Billing ratio Other revenue Sick leave Hourly rate Sub-contractors Other effects Maternity leave 27
Slide 28: Earnings
Earnings EBIT and EBIT margin MNOK and Percent o Operating profit (EBIT) increased by 28.3 percent to 100 EBIT EBIT margin 16% NOK 91.6 million 14% 80 12% o EBIT margin of 14.2 percent compared to 12.1 60 10% 8% percent in Q4’19 40 6% 4% 20 o Operating expenses increased by 7.1 percent y-o-y 0 2% 0%
Slide 29: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 10 Effect on EBIT 8,8 8 7,2 6 4,2 4 2 1,9 1,9 1,3 0 -0,1 -1,4 -1,3 -2 No. of employees No. of work days Billing ratio Other revenue Sick leave Hourly rate Sub-contractors Other effects Maternity leave 29
Slide 30: Cash flow
Cash flow Cash flow from operations (per quarter) o Cash flow from operations MNOK 250 • NOK 198.7 million in Q4’20 compared to NOK 229.8 200 million in Q4’19 150 o Cash flow last 12 months 100 50 • Operational cash flow over the last 12 months was NOK 0 450.9 million -50 Q4'16 Q4'17 Q4'18 Q4'19 Q4'
Slide 31: Outlook
Outlook 31
Slide 32: Outlook summary
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 cross- functional teams o Challenging market for recruitment 32
Slide 33: Appendix
Appendix 33
Slide 34: Shareholders as of 19.02.2021
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 % VERDIPAPIRFONDE