Bouvet Asa · OSL:BOUV

Bouvet Asa — Q1 2023 Earnings Presentation

31 slides from Bouvet Asa's earnings presentation, May 23, 2023

  1. Slide 1: Interim Presentation First Quarter 2023

    INTERIM PRESENTATION FIRST QUARTER 2023 23 MAY 2023 Per Gunnar Tronsli, CEO Trude Hole, CFO

  2. Slide 2: Highlights in the quarter

    Highlights in the quarter Revenue MNOK Revenue and EBIT 1000 800 • Operating revenues increased by 16.5 percent 600 to NOK 945.1 million (y-o-y) 400 200 • EBIT increased by 7.2 percent to NOK 131.6 0 million (y-o-y) Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 2 111 employees Number of employees 2500 • Up 70 from

  3. Slide 3: Our vision

    Our vision We lead the way and build tomorrow’s society. INTERIM PRESENTATION 3

  4. Slide 4: Sharing culture

    Sharing culture • Knowledge and competence has never been more important • BouvetOne – our internal conference for knowledge sharing • Awards and recognition • Learning experiences from customer assignments INTERIM PRESENTATION 4

  5. Slide 5: New record for our training business

    New record for our training business • All time high in Q1 • Offers a wide range of courses and breakfast meetings: • Technical courses • Artificial intelligence • Low-code • Security • Innovation and sustainability • Agile development INTERIM PRESENTATION 5

  6. Slide 6: Corporate Digital Responsibility (CDR)

    Corporate Digital Responsibility (CDR) Principles: 1. Purpose and trust 2. Fair and equitable access for all 3. Promote social wellbeing 4. Consider economic and societal impact 5. Accellerate progress with impact economy 6. Creating a sustainable planet 7. Reduce tech impact on climate and environm

  7. Slide 7: Operational Review

    OPERATIONAL REVIEW a».

  8. Slide 8: Public and private sector

    Public and private sector Q1’23 Q1’22 41,3 % 45,6 % 54,4 % 58,7 % Public sector Private sector INTERIM PRESENTATION 8

  9. Slide 9: Business sectors

    Business sectors Retail Other Health Industry Info and Transportation 2,1 % communication 3,3 % 4,7 % 2,1 % Service industry 5,2 % 5,0 % 5,6 % 16,0 % Power supply Oil & gas* 17,2 % 38,8 % Public admin *Includes renewables INTERIM PRESENTATION 9

  10. Slide 10: Norwegian Defence Materiel Agency

    Norwegian Defence Materiel Agency • Renewed trust • Building on many years of collaboration • Bouvet will provide application and integration services to the Norwegian Armed Forces and Norwegian Defence Materiel Agency • Development and customization of new and existing applications and integration

  11. Slide 11: Stortinget

    Stortinget • Bouvet strategic digitalisation partner • Interdisciplinary teams • Develop new sourcing strategy • Identity management • Concept development for technical solutions • Establishing a solid information architecture Foto: Stortinget INTERIM PRESENTATION 11

  12. Slide 12: Bybanen

    Bybanen • Long term relationship • Developed services to derive value from data • Integrating sensor data to monitor conditions of tram cars • Enabling advanced analytics and predictive maintenance Foto: Bybanen INTERIM PRESENTATION 12

  13. Slide 13: Bane NOR

    Bane NOR • Responsible for driving-related applications for train operation • Provides traffic information from Bane NOR to trainoperators and travelers • Energy accounting solution implemented in 9 European countries • Bane NOR is to renew all signal systems covering 4000 kilometers of railway and

  14. Slide 14: The four largest sectors

    The four largest sectors Oil & gas * • Increased by 31.8 percent (y-o-y) • Represents 38.8 percent of total revenues in Q1’23 Public admin • Increased by 1.4 percent (y-o-y) • Represents 17.2 percent of total revenues in Q1’23 Power supply • Increased by 16.1 percent (y-o-y) • Represents 16 percent

  15. Slide 15: Customer mix

    Customer mix Customer portfolio 10 largest customers share of revenues Percentage • The 10 largest customers represent 61.3 70% percent of total revenues – up from 55.2 60% percent in Q1’22 50% 40% • The 20 largest customers represent 70.9 30% percent of total revenues – up from 63.5 20% percent in

  16. Slide 16: Customer development

    Customer development Existing customers* Revenue customer split MNOK • Accounted for 97 percent of revenues in Q1’23 1000 Existing customers* New customers (LTM)** 900 New customers** 800 700 • Customers won over the past year generated 600 revenues of NOK 28.1 million in Q1’23 500 400 300 200 100 0

  17. Slide 17: Local presence

    Local presence 198 Bouvet Nord 677 Bouvet Øst 177 Bouvet Bergen 33 Sesam 789 Bouvet Rogaland 38 Group services 117 Bouvet Sør 82 Bouvet Sverige INTERIM PRESENTATION 17

  18. Slide 18: Enthusiastic and highly competent employees

    Enthusiastic and highly competent employees 2 111 employees at the end of the quarter Number of employees end of quarter 2500 • Up 70 from Q4’22 2000 1500 • 232 more employees in the past 12 months 1000 500 • Average number of employees in the quarter up 0 9.8 percent from Q1’22 Q1'19 Q1'20 Q1'21 Q1

  19. Slide 19: Financial Review

    FINANCIAL REVIEW |

  20. Slide 20: Key figures

    Key figures Three months ending Twelve months ending MNOK 31.03.2023 31.03.2022 Change 31.03.2023 31.03.2022 Change Operating revenue 945.1 811.1 16.5 % 3 219.4 2 810.4 14.6 % Operating profit (EBIT) 131.6 122.8 7.2 % 410.5 372.0 10.4 % EBIT margin 13.9 % 15.1 % 12.8 % 13.2 % Ordinary profit before

  21. Slide 21: Revenue

    Revenue Revenues increased by 16.5 percent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants • Revenues from own consultants increased by 1000 Other 800 18.4 percent to NOK 826.9 million 600 400 200 • Revenues from sub-contracted consultants 0 increased by 11.5

  22. Slide 22: Revenues from own consultants

    Revenues from own consultants Increased 18.4 percent y-o-y Revenue per employee (quarterly figures) TNOK 500 • Positive impact from 9.8 percent increase in 400 average number of employees 300 200 100 • Positive impact from 7.8 percent increase in 0 Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 price for group hourl

  23. Slide 23: Analysis of change in revenues y-o-y

    Analysis of change in revenues y-o-y Revenue MNOK 80 74,6 59,3 60 40 20 11,9 10,5 5,6 3,9 0 -4,9 -20 -26,9 -40 No. of employees Hourly rate No. of workdays Sub-contractors Other effects Sick leave Other income Billing ratio INTERIM PRESENTATION 23

  24. Slide 24: Earnings

    Earnings • Operating profit (EBIT) increased by 7.2 percent to EBIT and EBIT margin MNOK and Percent NOK 131.6 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 13.9 percent compared to 15.1 100 10% 8% percent in Q1’22 50 6% 4% 2% • Operating expenses increased by 18.2 percent y-o-y 0 Q1'19

  25. Slide 25: Other operating expenses

    Other operating expenses Other OpEx split (quarterly figures) MNOK Travel, courses, recruitments and social events Other Increased 55.7 percent y-o-y 100 80 • Travel, courses, recruitments and social events 60 40 increased by 99.8 percent to NOK 29 million 20 0 • Other costs increased by 34.2 percen

  26. Slide 26: Change in revenues – effect on EBIT

    Change in revenues – effect on EBIT MNOK 50 Effect on EBIT 40 38,8 30 23,0 20 7,7 10 0,8 1,8 1,9 0 -1,4 -10 -20 -17,6 -30 No. of employees Hourly rate No. of workdays Sub-contractors Other effects Sick leave Other income Billing ratio INTERIM PRESENTATION 26

  27. Slide 27: Cash flow

    Cash flow Cash flow from operations (per quarter) Cash flow from operations MNOK • NOK 138.8 million in Q1’23 compared to NOK 90 250 200 million in Q1’22 150 100 Cash flow last 12 months 50 0 • Operational cash flow over the last 12 months was Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 Cash flow from operations

  28. Slide 28: Outlook

    OUTLOOK A

  29. Slide 29: Outlook summary

    Outlook summary • Main drivers for digitalisation • Energy transformation • Security situation • Data-driven transformation • Demographic change • Rapid technological development • Demand for services in: • Application development • Security • Low-code • Change management • Uncertainty over the econ

  30. Slide 30: Appendix

    APPENDIX Interim presentation First quarter 2023

  31. Slide 31: Shareholders as of 23.05.2023

    Shareholders as of 23.05.2023 Shareholders Number of shares % of total FOLKETRYGDFONDET 7 263 678 7,00 % 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 % HURUM SVERRE FINN

Bouvet — Q1 2023 Earnings Presentation on 6ix