Slide 1: Interim Presentation Third Quarter 2022
INTERIM PRESENTATION THIRD QUARTER 2022 Per Gunnar Tronsli, CEO Trude Hole, CFO
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Slide 3: Highlights in the quarter
Highlights in the quarter Revenue MNOK Revenue and EBIT 800 700 600 • Operating revenues increased by 19.8 percent 500 400 to NOK 699.4 million (y-o-y) 300 200 • EBIT increased by 19.2 percent to NOK 73.4 100 0 million (y-o-y) Q3'18 Q3'19 Q3'20 Q3'21 Q3'22 2 012 employees Number of employees 2500 •
Slide 4: Our vision
Our vision We lead the way and b uild tomorrow’s society. INTERIM PRESENTATION 4
Slide 5: Operational Review
OPERATIONAL REVIEW a».
Slide 6: Public and private sector
Public and private sector Q3’22 Q3’21 40.5 % 47.6 % 52.4 % 59.5 % Public sector Private sector INTERIM PRESENTATION 6
Slide 7: Business sectors
Business sectors Retail Other Health Industry Info and Transportation 2.6 % communication 3.8 % 4.0 % 2.6 % Service industry 4.5 % 4.7 % 6.0 % 14.9 % Power supply 17.5 % Oil & gas 39.4 % Public admin INTERIM PRESENTATION 7
Slide 8: New Accident and Emergency center in Tromsø
New Accident and Emergency center in Tromsø • The City of Tromsø is implementing new accident and emergency centre • Patient journeys to be identified and defined through use of service design • Being delivered by a cross-regional team 8
Slide 9: Public Roads Administration
Public Roads Administration • An integrated and forward-looking transport system nationwide • The contract is covering collaboration and low code Foto: Bård Asle Nordbø/Statens vegvesen • The goal is to • develop tools which give flexibility in the workplace • increase efficiency and collaboration •
Slide 10: Stangeland Maskin
Stangeland Maskin • Stangeland Maskin AS works on infrastructure and groundworks • In partnership with this company, we have developed a data platform which acquires input from machinery and equipment • As a data-driven company, Stangeland has: • reduced its use of machinery • acquired a smaller cli
Slide 11: Strategic Partnership with Equinor
Strategic Partnership with Equinor • Collaboration over many years • We work with Equinor in many areas across oil, gas and renewables • The partnership gives us the opportunity to work with Equinor on a broad basis during its transformation into an energy company with a broad portfolio Foto: Equino
Slide 12: Microsoft Partner Awards 2022
Microsoft Partner Awards 2022 • Received two awards: • Power Platform Partner of the year • Manufacturing Industry Partner of the year • The awards celebrate outstanding success and innovation 12
Slide 13: Bouvet training
Bouvet training • High demand for courses and certifications • Agile principles • Change management • Design thinking and service design • Specialist courses on development, architecture and security • Majority of courses are held in Bouvet´s facilities 13
Slide 14: The four largest sectors
The four largest sectors Oil & gas • Increased by 43.9 percent (y-o-y) • Represents 39.4 percent of total revenues in Q3’22 Public admin • Decreased by 1.1 percent (y-o-y) • Represents 17.5 percent of total revenues in Q3’22 Power supply • Increased by 5.6 percent (y-o-y) • Represents 14.9 percent o
Slide 15: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues Percentage • The 10 largest customers represent 59.1 60% percent of total revenues – up from 53.8 50% percent in Q3’21 40% • The 20 largest customers represent 66.9 30% percent of total revenues – up from 61 percent 20% in Q3’21
Slide 16: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 96.1 percent of revenues in Q3’22 800 Existing customers* New customers (LTM)** 700 New customers** 600 • Customers won over the past year generated 500 revenues of NOK 27.3 million in Q3’22 400 300 200 100 * Existi
Slide 17: Local presence
Local presence 182 Bouvet Nord 677 Bouvet Øst 168 Bouvet Bergen 31 Sesam 731 Bouvet Rogaland 37 Group services 110 Bouvet Sør 76 Bouvet Sverige INTERIM PRESENTATION 17
Slide 18: Enthusiastic and competent employees
Enthusiastic and competent employees 2 012 employees at the end of the quarter Number of employees end of quarter 2500 • Up 100 from Q2’22 2000 1500 • 179 more employees in the past 12 months 1000 500 • Average number of employees in the quarter up 0 10 percent from Q3’21 Q3'18 Q3'19 Q3'20 Q3'21 Q3'
Slide 19: Financial Review
FINANCIAL REVIEW |
Slide 20: Key figures
Key figures Three months ending Nine months ending Twelve months ending MNOK 30.09.2022 30.09.2021 Change 30.09.2022 30.09.2021 Change 30.09.2022 30.09.2021 Change Operating revenue 699.4 583.6 19.8 % 2 250.8 1 955.5 15.1 % 2 990.4 2 601.1 15.0 % Operating profit (EBIT) 73.4 61.6 19.2 % 285.4 236.2
Slide 21: Revenue
Revenue Revenues increased by 19.8 percent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants • Revenues from own consultants increased by 20 1000 Other 800 percent to NOK 601 million 600 400 • Revenues from sub-contracted consultants 200 0 increased by 18.3 perc
Slide 22: Revenues from own consultants
Revenues from own consultants Increased 20 percent y-o-y Revenue per employee (quarterly figures) TNOK 400 • Positive impact from 10 percent increase in 300 average number of employees 200 100 • Positive impact from 6.6 percent increase in 0 price for group hourly services Q3'18 Q3'19 Q3'20 Q3'21 Q3
Slide 23: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 70 60 58.4 50 40 38.3 30 20 12.1 10 3.5 2.5 1.0 0 No. of employees Hourly rate Sub-contractors Other income Other effects Billing ratio INTERIM PRESENTATION 23
Slide 24: Earnings
Earnings • Operating profit (EBIT) increased by 19.2 percent to EBIT and EBIT margin MNOK and Percent NOK 73.4 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 10.5 percent compared to 10.6 100 10% 8% percent in Q3’21 50 6% 4% 2% • Operating expenses increased by 19.9 percent y-o-y 0 Q3'18
Slide 25: Other operating expenses
Other operating expenses Other OpEx split (quarterly figures) MNOK Travel, courses, recruitments and social events Other Increased 71 percent y-o-y 100 80 • Travel, courses, recruitments and social events 60 increased by 109.2 percent to NOK 41.7 million 40 20 • Other costs increased by 40.4 percent
Slide 26: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 35 Effect on EBIT 30.4 30 25 20 16.4 15 10 5 1.3 1.2 0.8 0 -2.3 -5 No. of employees Hourly rate Sub-contractors Other income Other effects Billing ratio INTERIM PRESENTATION 26
Slide 27: Cash flow
Cash flow Cash flow from operations (per quarter) Cash flow from operations MNOK • NOK 16.2 million in Q3’22 compared to NOK 28.9 250 200 million in Q3’21 150 100 Cash flow last 12 months 50 0 • Operational cash flow over the last 12 months was Q3'18 Q3'19 Q3'20 Q3'21 Q3'22 -50 Cash flow from operat
Slide 28: Outlook
OUTLOOK A
Slide 29: Outlook summary
Outlook summary • Main drivers in digitalisation • Energy transformation • Security • Data-driven • Increased demand for services as: • Security • Collaboration/Low-code • Change management • Agile coaching • Uncertainty in the global economic situation • High competition for talents INTERIM PRESENT
Slide 30: Appendix
APPENDIX Interim presentation Third quarter 2022
Slide 31: Shareholders as of 10.11.2022
Shareholders as of 10.11.2022 Shareholders Number of shares % of total FOLKETRYGDFONDET 7 061 924 6,80 % VARNER KAPITAL AS 6 051 000 5,83 % The Bank of New York Mellon (nominee acc.) 5 958 908 5,74 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % SVERRE FINN HURUM