Bouvet Asa · OSL:BOUV
Bouvet Asa — Q2 2017 Earnings Presentation
25 slides from Bouvet Asa's earnings presentation, Aug 24, 2017
Slide 1: Interim presentation Second quarter 2017
Interim presentation Second quarter 2017 Sverre Hurum, CEO Lisbeth Sneve Viker, Finance Manager 24 August 2017
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue and number of employees MNOK and number o Revenue and EBIT 450 400 • Operating revenues increased by 11.7 percent 350 to NOK 385.7 million (y-o-y) 300 250 • EBIT decreased by 10.2 percent to NOK 36.8 200 150 million (y-o-y) 100 50 o 1 166 employees 0 Q2'12 Q2'13 Q2'
Slide 3: Operational Review
Operational Review 3
Slide 4: Public and private sector
Public and private sector Public sector Private sector 48,7 % 49,5 % in Q2’16 50,5 % in Q2’16 51,3 % 4
Slide 5: Business sectors Q2 2017
Business sectors Q2 2017 Other Bank & finance Retail 2,2 % 3,9 % Power supply 7,2 % 9,2 % Transportation Health 9,0 % 3,2 % Industry 5,6 % Service industry 6,1 % 5,1 % Info and communication 20,7 % Oil & gas 27,8 % Public admin 5
Slide 6: Forsvaret
Forsvaret & de @) surricruten - . ATER Oto kommune oo Statoil _ % Direktoratet for mineralforvaltning @ @ Statistisk sentralbyra INS VISMA g : med Bergmesteren for Svalbard at oc ¢ srarens Telia OM Q SPK censionsxasse ; ; Hafslund® < 8 Capio S:t Gérans Sjukhus Gse ae = 7 Bronnoysundregistrene a a Ly
Slide 7: Sectors with high increase in revenue
Sectors with high increase in revenue o Public admin • Increased by 30.2 percent (y-o-y) • Represents 27.8 percent of total revenues in Q2’17 o Retail • Increased by 18.4 percent (y-o-y) • Represents 7.2 percent of total revenues in Q2’17 o Industry • Increased by 47.5 percent (y-o-y) • Represents 5
Slide 8: Sensor to cloud projects gaining traction
Sensor to cloud projects gaining traction o We deliver real-life, end-to-end industrial IoT solutions to Statoil, Hydro, Dolphin and others o Use cases include: • production optimisation • performance benchmarking • predictive maintenance • reliability analysis 8
Slide 9: The future of local healthcare
The future of local healthcare o Bouvet helps Oslo municipality to: • use service design to map future health services • develop services that enable the elderly to stay home longer, and a national infrastructure to support these services • develop new work processes and ICT support for the second l
Slide 10: Employees in media
Employees in media Aftenposten 14. mai 2017 10
Slide 11: Customer and project mix
Customer and project mix Variably priced contracts share of revenues Percentage o Project mix 100% • Variable contracts account for 96.4 percent of 90% total revenues 80% 70% o Client portfolio 60% 50% • The 10 largest customers represent 34.8 percent Q2'12 Q2'13 Q2'14 Q2'15 Q2'16 Q2'17 of total rev
Slide 12: Client development
Client development Revenue customer split MNOK o Existing clients* Existing customers* New customers (LTM)** • Accounted for 88.4 percent of revenues in Q2’17 450 400 o New customers** 350 • Customers won over the past year generated 300 revenues of NOK 45.3 million in Q2’17 250 200 150 100 50 * Exi
Slide 13: Regional organisation
Regional organisation Trondheim 99 Bouvet Nord ansatte 471 Bouvet Øst ansatte 24 Sesam ansatte 68 Bouvet Bergen Bergen Borlänge ansatte Sandvika Oslo Ørebro Stockholm Haugesund 337 Bouvet Rogaland Sandefjord ansatte Stavanger Skien Arendal Kristiansand 88 Bouvet Sverige ansatte 21 Konsernstab 58 Bou
Slide 14: Enthusiastic and competent employees
Enthusiastic and competent employees o 1 166 employees at the end of the second quarter Number of employees end of quarter • Up 35 from Q1’17 1400 1200 • 133 more employees in the past 12 months 1000 800 • Average number of employees in the quarter up 600 11.7 percent from Q2’16 400 200 0 Q2'12 Q2'1
Slide 15: Financial Review
Financial Review 15
Slide 16: Key figures
Key figures Three months ending Twelve months ending MNOK 30.06.2017 30.06.2016 Change 30.06.2017 30.06.2016 Change Operating revenue 385.7 345.3 11.7 % 1 467.4 1 258.0 16.6 % Operating profit (EBIT) 36.8 41.0 -10.2 % 123.0 94.0 30.8 % EBIT margin 9.5 % 11.9 % 8.4 % 7.5 % Ordinary profit before tax
Slide 17: Revenue
Revenue Revenue split (quarterly figures) MNOK Own consultants o Revenues increased by 11.7 percent y-o-y 500 Sub-contracted consultants 400 Other • Revenues from own consultants increased by 10.2 300 percent to NOK 314.2 million 200 • Revenues from sub-contracted consultants increased by 100 35.7 p
Slide 18: Revenues from own consultants
Revenues from own consultants Revenue per employee (quarterly figures) o Increased 10.2 percent y-o-y TNOK 350 • Positive impact from increase in billing ratio by 3.4 300 percentage points 250 200 • Positive impact from 11.7 percent increase in average 150 100 number of employees 50 • Positive impac
Slide 19: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 40 30 20 35,7 10 15,3 13,5 5,5 4,7 0 -3,1 -14,2 -17,0 -10 -20 No. of employees Sub-contractors Billing ratio Hourly rate Progress in projects Other effects Vacation No. of work days 19
Slide 20: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT Revenue MNOK 40 Change in Revenue Effect on EBIT 30 20 35,7 10 15,3 13,5 10,0 5,3 1,1 5,5 4,1 4,7 3,5 0 -3,1 -0,8 -4,0 -14,2 -12,6 -17,0 -10 -20 No. of employees Sub-contractors Billing ratio Hourly rate Progress in projects Other effects Vacation No. of work days
Slide 21: Earnings
Earnings EBIT and EBIT margin MNOK and Percent o Operating profit decreased y-o-y in Q2’17 50 EBIT EBIT margin 15% • EBIT margin of 9.5 percent compared to 11.9 percent in 40 Q2’16 30 10% 20 o Operating expenses increased by 14.6 percent 5% 10 compared to Q2’16 0 0% Q2'12 Q2'13 Q2'14 Q2'15 Q2'16 Q2'
Slide 22: Cash flow
Cash flow Cash flow from operations (per quarter) o Cash flow from operations MNOK 150 • NOK 6.2 million in Q2’17 compared to NOK 20.7 million in 100 Q2’16 50 o Last 12 months 0 • Operational cash flow over the last 12 months was NOK -50 94.4 million Q2'12 Q2'13 Q2'14 Q2'15 Q2'16 Q2'17 o Cash flow f
Slide 23: Outlook
Outlook 23
Slide 24: Outlook
Outlook Spy toys Increase digitalisation and collaboration Forbrukerrådet IKT-Agder and DDØ o Focus on digital leadership increase investment o Clients see benefits from digitalisation Outdoor equipment for rent o Digital technologies are changing way of Frilager.no working Making services available
Slide 25: Shareholders as of 23.08.2017
Shareholders as of 23.08.2017 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44 % VPF NORDEA AVKASTNING 919 020 8,97 % STENSHAGEN INVEST AS 725 402 7,08 % PROTECTOR FORSIKRING ASA 700 000 6,83 % MP PENSJON PK 569 904 5,56 % HURUM SVERRE FINN 507 873 4,95 % VEVLEN GÅRD AS 420 000