Bouvet Asa · OSL:BOUV
Bouvet Asa — Q3 2023 Earnings Presentation
31 slides from Bouvet Asa's earnings presentation, Nov 9, 2023
Slide 1: Interim Presentation Third Quarter 2023
INTERIM PRESENTATION THIRD QUARTER 2023 09 NOVEMBER 2023 Per Gunnar Tronsli, CEO Trude Hole, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue and EBIT Revenue MNOK 1000 • Operating revenues increased by 12.1 per cent 800 to NOK 777.9 million (y-o-y) 600 400 • EBIT increased by 9 per cent to NOK 80 million 200 (y-o-y) 0 Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 2 269 employees Number of employees • Up 110 from Q2’23 2
Slide 3: Operational Review
OPERATIONAL REVIEW a».
Slide 4: Public and private sector
Public and private sector Q3’23 Q3’22 39.6 % 40.5 % 60.4 % 59.5 % Public sector Private sector INTERIM PRESENTATION 4
Slide 5: Business sectors
Business sectors Other Health Retail Industry Info and Transportation communication 2.8 % 1.1 % Service industry 3.9 % 1.6 % 3.7 % 5.1 % 4.5 % 16.7 % Power supply 16.2 % Oil & gas* 44.4 % Public admin *Includes renewables INTERIM PRESENTATION 5
Slide 6: Expanding our business by acquiring Headit
Expanding our business by acquiring Headit • We announced during the quarter that we were expanding our business by acquiring Headit • Headit numbers and employees will be part of Q4 reporting • Headit has a long and solid history, and can point to 20 years of profitable development • A community an
Slide 7: Bouvet evolution!
Bouvet evolution! 2025 2020 2015 OFFICES DISCIPLINES 2005 • Oslo • System development • Grenland • Consultancy 2000 • Stavanger • Courses • Arendal • Web and user quality • Kristiansand • ERP, applications 1995 • Trondheim management • Bergen • Design • Haugesund • IT infrastructure • Stockholm • Se
Slide 8: Using data to optimise public transport provision in Rogaland
Using data to optimise public transport provision in Rogaland • Kolumbus has been one of our clients since 2014 • Automated traffic manager will be the key to optimised bus traffic in Rogaland county in coming years • A data warehouse and a cloud-based analysis solution have provided greater insight
Slide 9: We contribute together with the Norwegian Coastal Administration
We contribute together with the Norwegian Coastal Administration to secure and efficient traffic along the coast • SafeSeaNet – a national reporting portal • Team Platform – cloud voyage and data platform • Power Platform • Data model for emissions from ships • More secure traffic with Ohoi • Tool f
Slide 10: New frame agreement with the UDI
New frame agreement with the UDI • Implements the government’s immigration and refugee policy • Handles applications pursuant to the Immigration and Nationality Acts • The responsible agency in the immigration field The UDI has three principal aims 1. Deliver user-friendly and efficient services 2.
Slide 11: The four largest sectors
The four largest sectors Oil & gas * • Increased by 27.6 per cent (y-o-y) • Represents 44.4 per cent of total revenues in Q3’23 Power supply • Increased by 25.6 per cent (y-o-y) • Represents 16.7 per cent of total revenues in Q3’23 Public admin • Increased by 4.3 per cent (y-o-y) • Represents 16.2 p
Slide 12: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues per centage • The 10 largest customers represent 67 per 70% cent of total revenues – up from 59.1 per cent 60% in Q3’22 50% 40% • The 20 largest customers represent 75.6 per 30% cent of total revenues – up from 66.9 per cent 20%
Slide 13: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 97.3 per cent of revenues in Q3’23 900 Existing customers* New customers (LTM)** 800 New customers** 700 • Customers won over the past year generated 600 revenues of NOK 21.3 million in Q3’23 500 400 300 200 100 0 Q
Slide 14: Local presence
Local presence 208 Bouvet Nord 721 Bouvet Øst 184 Bouvet Bergen 35 Sesam 878 Bouvet Rogaland 37 Group services 122 Bouvet Sør 84 Bouvet Sverige INTERIM PRESENTATION 14
Slide 15: Big demand for courses and expertise
Big demand for courses and expertise • Introduction to generative AI The objective is that participants know what generative AI is, what considerations must be taken into account with regard to security and ethics in using generative AI tools, and how to improve use of the text- and image-generating
Slide 16: Celebrating the fellowship
Celebrating the fellowship • Celebrating our own independence is perhaps the strongest tradition we have in Bouvet • Every year, we devote the last weekend in August to assembling around experiences centred on cultivating our fellowship • A big thank-you to all Bouveteers for the culture we have joi
Slide 17: Among the top six most attractive employers in Norway
Among the top six most attractive employers in Norway • Young Professional Attraction Index (YPAI) from Academic Work • Sixth most attractive workplace among students or those who have worked for less than five years in technology, finance or IT • Reflects the Bouvet culture and the work done by our
Slide 18: Enthusiastic and highly competent employees
Enthusiastic and highly competent employees Number of employees end of quarter 2500 2 269 employees at the end of the quarter 2000 1500 • Up 110 from Q2’23 1000 • 257 more employees in the past 12 months 500 0 Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 • Average number of employees in the quarter up 12.1 per cen
Slide 19: Financial Review
FINANCIAL REVIEW |
Slide 20: Key figures
Key figures Three months ending Nine months ending Twelve months ending MNOK 30.09.2023 30.09.2022 Change 30.09.2023 30.09.2022 Change 30.09.2023 30.09.2022 Change Operating revenue 777.9 693.7 12.1 % 2 556.1 2 233.8 14.4 % 3 407.8 2 973.4 14.6 % Operating profit (EBIT) 80.0 73.4 9.0 % 300.7 285.4 5
Slide 21: Revenue
Revenue Revenues increased by 12.1 per cent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants • Revenues from own consultants increased by 1000 Other 800 15.3 per cent to NOK 693.1 million 600 400 200 • Revenues from sub-contracted consultants 0 decreased by 6.3
Slide 22: Revenues from own consultants
Revenues from own consultants Increased 15.3 per cent y-o-y Revenue per employee (quarterly figures) TNOK 500 • Positive impact from 12.1 per cent increase in 400 average number of employees 300 200 100 • Positive impact from 5.1 per cent increase in 0 Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 price for group h
Slide 23: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 80 75.7 70 60 50 40 32.0 30 20 10 0 -0.7 -2.9 -10 -4.9 -5.4 -9.5 -20 No. of employees Hourly rate Other effects Other income Sub-contractors Billing ratio No. of workdays INTERIM PRESENTATION 23
Slide 24: Earnings
Earnings • Operating profit (EBIT) increased by 9 per cent to EBIT and EBIT margin MNOK and per cent NOK 80 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 10.3 per cent compared to 10.6 per 100 10% 8% cent in Q3’22 50 6% 4% 2% • Operating expenses increased by 12.5 per cent y-o-y 0 Q3'19
Slide 25: Other operating expenses
Other operating expenses Other OpEx split (quarterly figures) MNOK Travel, courses, recruitments and social events Other Increased 1.5 per cent y-o-y 100 80 • Travel, courses, recruitments and social events 60 40 decreased by 10.1 per cent to NOK 37.5 million 20 0 • Other costs increased by 15.4 per
Slide 26: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 30 Effect on EBIT 25.9 25 21.0 20 15 10 5 0 -0.2 -0.7 -0.5 -5 -4.4 -10 -7.7 No. of employees Hourly rate Other effects Other income Sub-contractors Billing ratio No. of workdays INTERIM PRESENTATION 26
Slide 27: Cash flow
Cash flow Cash flow from operations Cash flow from operations (per quarter) MNOK • Negative NOK 117.4 million in Q3’23 compared to 300 NOK 16.2 million in Q3’22 200 100 • Final day of the quarter was a Saturday, payments trade accounts receivables delayed (NOK 271.2 million was received the followin
Slide 28: Outlook
OUTLOOK A
Slide 29: Outlook summary
Outlook summary • Solid foundation in contracts awarded • Strong demand in sectors where Bouvet is present • Clients seeking strategic partnerships • Attention concentrated on commercial value • Good access to talented people • Increased competition INTERIM PRESENTATION 29
Slide 30: Appendix
APPENDIX Interim presentation Third quarter 2023
Slide 31: Shareholders as of 09.11.2023
Shareholders as of 09.11.2023 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 138 993 7,84 % VARNER KAPITAL AS 6 051 000 5,83 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % The Bank of New York Mellon (nominee acc.) 4 574 063 4,41 % SVERRE FINN HURUM