Slide 1: Interim Presentation Fourth Quarter 2021
INTERIM PRESENTATION FOURTH QUARTER 2021 17 February 2022 Per Gunnar Tronsli, CEO Trude Hole, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue MNOK 800 Revenue and EBIT 700 600 • Operating revenues increased by 14.6 percent 500 400 to NOK 739.6 million (y-o-y) 300 200 100 • EBIT increased by 13.5 percent to NOK 103.9 0 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 million (y-o-y) 1 841 employees Number of employees 2000 •
Slide 3: Our vision
OUR VISION We lead the way and build tomorrow’s society. INTERIM PRESENTATION
Slide 4: Bouvet development kit (BDK)
Bouvet development kit (BDK) A new HoloLens framework by Bouvet • We are a leading VR/AR agency in Norway • BDK simplifies and reduces the build time for app development for HoloLens 2 • Also increases control over the code • Open source and available on Github for all to use INTERIM PRESENTATION 4
Slide 5: Our ambition
OUR AMBITION We will be the most credible consultancy with the most satisfied employees and clients. INTERIM PRESENTATION 5
Slide 6: Operational review
OPERATIONAL REVIEW INTERIM PRESENTATION
Slide 7: Public and private sector
Public and private sector Q4'21 Q4'20 47.1 % 45.6 % 54.4 % 52.9 % Public sector Private sector INTERIM PRESENTATION 7
Slide 8: Business sectors
Business sectors Retail Other Health Industry Info and Transportation communication 3.6 % 3.7 % 3.8 % Service industry 2.9 % 5.5 % 4.8 % 5.6 % 16.0 % Power supply Oil & gas 32.6 % 21.5 % Public admin INTERIM PRESENTATION 8
Slide 9: UNICEF
UNICEF • Bouvet contributed to increase the sale of charitable gifts from UNICEF's website in connection with their Christmas campaign • Bouvet improved the user experience, enhanced the visual design and strengthened the security of the solution. • The Christmas campaign was UNICEF's third best Chr
Slide 10: Securing systems of critical importance
Securing systems of critical importance • Bouvet is the sole supplier of penetration testing to Helse Vest IKT • Bouvet helps secure IT-applications and IT-systems of critical importance in treatment of patients • Our security testing team provides valuable insight to the internal security team, and
Slide 11: Läkemedelsverket
Läkemedelsverket Swedish medical products agency • Digital solution for the management of adverse reactions for human medicine and veterinary medicine • The user base includes the Medical Products Agency's internal users, integration with existing e-forms for external data entry from the public, and
Slide 12: National Resource Database – Norwegian Armed Forces
National Resource Database – Norwegian Armed Forces • Ensures that the Armed Forces in a conflict situation has access to necessary resources • Bouvet has developed a new requisition system that makes this process significantly easier • The solution is a web-based application that integrates with a
Slide 13: The four largest sectors
The four largest sectors Oil & gas • Increased by 48.5 percent (y-o-y) • Represents 32.6 percent of total revenues in Q4’21 Public admin • Decreased by 8.5 percent (y-o-y) • Represents 21.5 percent of total revenues in Q4’21 Power supply • Increased by 7.7 percent (y-o-y) • Represents 16 percent of
Slide 14: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues Percentage • The 10 largest customers represent 52.4 percent 60% 50% of total revenues – up from 46.5 percent in Q4’20 40% • The 20 largest customers represent 60.5 percent 30% of total revenues – up from 55.8 percent in Q4’20 20
Slide 15: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 95.9 percent of revenues in Q4’21 800 Existing customers* New customers (LTM)** 700 New customers** 600 • Customers won over the past year generated 500 revenues of NOK 30.2 million in Q4’21 400 300 200 100 * Existi
Slide 16: Strong and continuing client satisfaction
Strong and continuing client satisfaction The score for customer relations is described as remarkable and customers are experiencing a significant increase in industry knowledge from Bouvet employees. 85 85 84 83 82 81 80 2015 2016 2017 2018 2019 2020 2021 INTERIM PRESENTATION 16
Slide 17: Local presence
Local presence Trondheim 170 Bouvet Nord 647 Bouvet Øst 34 Sesam 146 Bouvet Bergen Bergen Borlänge Oslo Ørebro Stockholm Drammen Sandvika Haugesund Bouvet Sandefjord 631 Rogaland Stavanger Porsgrunn Arendal Kristiansand 81 Bouvet Sverige 32 Group services 100 Bouvet Sør INTERIM PRESENTATION 17
Slide 18: Enthusiastic and competent employees
Enthusiastic and competent employees 1 841 employees at the end of the quarter Number of employees end of quarter 2000 • Up 8 from Q3’21 1500 • 185 more employees in the past 12 months 1000 500 • Average number of employees in the quarter up 0 11.4 percent from Q4’20 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 An
Slide 19: High job satisfaction
High job satisfaction 91 90 86 77 80 77 Bouvet Nor Bouvet Nor Bouvet Nor GEL x GEL x GEL x Security in employment Collaboration Reputation relationship * Nor GEL x = Norwegian average INTERIM PRESENTATION 19
Slide 20: Employee's annual report
EMPLOYEE'S ANNUAL REPORT A different annual report: Stories from 2021 told by the employees themselves Building culture across offices and disciplines Read the report at bouvet.no INTERIM PRESENTATION 20
Slide 21: Financial review
FINANCIAL REVIEW INTERIM PRESENTATION
Slide 22: Key figures
Key figures Three months ending Twelve months ending MNOK 31.12.2021 31.12.2020 Change 31.12.2021 31.12.2020 Change Operating revenue 739.6 645.6 14.6 % 2 695.1 2 401.8 12.2 % Operating profit (EBIT) 103.9 91.6 13.5 % 340.1 314.6 8.1 % EBIT margin 14.0 % 14.2 % 12.6 % 13.1 % Ordinary profit before t
Slide 23: Revenue
Revenue Revenues increased by 14.6 percent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants • Revenues from own consultants increased by 800 Other 600 16.5 percent to NOK 635.3 million 400 • Revenues from sub-contracted consultants 200 0 increased by 7.3 percen
Slide 24: Revenues from own consultants
Revenues from own consultants Increased 16.5 percent y-o-y Revenue per employee (quarterly figures) TNOK 400 • Positive impact from 11.4 percent increase 300 in average number of employees 200 100 • Positive impact from 2 percent increase in 0 price for group hourly services Q4'17 Q4'18 Q4'19 Q4'20
Slide 25: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 70 63.7 60 50 40 30 21.6 20 11.2 8.8 10 5.5 0 -1.1 -1.7 -10 -6.7 -7.3 -20 No. of employees Billing ratio Hourly rate No. of work days Sub-contractors Other effects Other income Vacation & Sick leave maternity leave INTERIM PRESENTATION 25
Slide 26: Earnings
Earnings • Operating profit (EBIT) increased by 13.5 percent to EBIT and EBIT margin MNOK and Percent NOK 103.9 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 14 percent compared to 14.2 percent 100 10% 8% in Q4’20 50 6% 4% 2% • Operating expenses increased by 14.7 percent y-o-y 0 Q4'17 Q
Slide 27: Other operating expenses
Other operating expenses Other OpEx split (quarterly figures) MNOK Travel, courses, recruitments and social events Other Increased 41 percent y-o-y 60 50 • Travel, courses, recruitments and social events 40 30 increased by 71 percent to NOK 21.3 million 20 10 • Other costs increased by 26.6 percent
Slide 28: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 25 Effect on EBIT 20 19.0 15.1 15 10 7.8 6.2 5 0.3 0 -0.7 -0.5 -1.4 -5 -3.7 No. of employees Billing ratio Hourly rate No. of work days Sub-contractors Other effects Other income Vacation & Sick leave maternity leave INTERIM PRESENTATION 28
Slide 29: Cash flow
Cash flow Cash flow from operations (per quarter) Cash flow from operations MNOK • NOK 201.6 million in Q4’21 compared to NOK 250 200 198.7 million in Q4’20 150 100 Cash flow last 12 months 50 0 • Operational cash flow over the last 12 months was Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 -50 Cash flow from oper
Slide 30: Outlook
OUTLOOK
Slide 31: Outlook summary
Outlook summary • Energy transformation drives digitalisation • High demand for local deliveries • High demand for cross-functional teams • Increased demand for services as: • Advisory • Design • Low-code/no-code • Security • Increased competition for talents • New office in Tromsø 1th of January 20
Slide 32: Appendix
APPENDIX Interim presentation Fourth quarter 2021 INTERIM PRESENTATION
Slide 33: Shareholders as of 17.02.2022
Shareholders as of 17.02.2022 Shareholders Number of shares % of total The Bank of New York Mellon (nominee acc.) 7 812 825 7,53 % FOLKETRYGDFONDET 7 556 886 7,28 % VARNER KAPITAL AS 6 591 000 6,35 % STENSHAGEN INVEST AS 5 366 990 5,17 % VERDIPAPIRFOND ODIN NORDEN 4 512 150 4,35 % SVERRE FINN HURUM