Slide 1: Interim Presentation Second Quarter 2024
INTERIM PRESENTATION SECOND QUARTER 2024 27 August 2024 Per Gunnar Tronsli, CEO Trude Hole, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue MNOK Revenue and EBIT 1000 800 • Operating revenues increased by 20.2 per 600 cent to NOK 1 001.2 million (y-o-y) 400 • EBIT NOK 135.6 million compared to NOK 200 89 million (y-o-y) 0 Q2'20 Q2'21 Q2'22 Q2'23 Q2'24 2 331 employees Number of employees • Up 15 from Q1’
Slide 3: Our Ambition
OUR AMBITION We will be the most credible consultancy with the most satisfied employees and clients. INTERIM PRESENTATION 3
Slide 4: Operational Review
OPERATIONAL REVIEW a».
Slide 5: Public and private sector
Public and private sector Q2’24 Q2’23 42.2 % 44.8 % 55.2 % 57.8 % Public sector Private sector INTERIM PRESENTATION 5
Slide 6: Business sectors
Business sectors Other Health Retail Industry Info and communication Transportation 2.5 % 1.7 % Service industry 3.9 % 1.2 % 4.3 % 3.7 % 6.3 % 20.4 % Power supply Oil, gas and renewables 39.5 % 16.5 % Public admin and defence INTERIM PRESENTATION 6
Slide 7: Swedish Association of Local Authorities and Regions
Swedish Association of Local Authorities and Regions • A cooperative organisation representing all local authorities and regions in Sweden – a sector which employs 1.2 million persons • Helping to develop Sweden’s health and care services and ensure that the best available diagnosis, examination and
Slide 8: Norwegian Coastal Administration
Norwegian Coastal Administration • The Norwegian Coastal Administration facilitates safe, environmentally friendly and efficient shipping in Norwegian waterways and marine areas • The organisation prevents and limits environmental harm through severe pollution or the threat of severe pollution • Bou
Slide 9: Glommen Mjøsen Skog and AT skog
Glommen Mjøsen Skog and AT skog • Digitalisation of Norwegian forestry cooperatives • Bouvet is supporting the development of digital solutions to effectivize and simplify work processes and coordination between forestry cooperatives, forest owners, contractors and the authorities • Digital tools fo
Slide 10: Universum Talent Survey
Universum Talent Survey • Bouvet ranked among the Top 10 most attractive employers by IT students • On a par with customers and partners • Up one place since 2023 • Reflects Bouvet’s work on its corporate culture, and the group’s broad portfolio of exciting and societally valuable assignments Foto:
Slide 11: The four largest sectors
The four largest sectors Oil, gas and renewables • Increased by 17.9 per cent (y-o-y) • Represents 39.5 per cent of total revenues in Q2’24 Power supply • Increased by 49.2 per cent (y-o-y) • Represents 20.4 per cent of total revenues in Q2’24 Public admin and defence • Increased by 16.3 per cent (y
Slide 12: Customer mix
Customer mix 10 largest customers share of revenues Customer portfolio per centage • The 10 largest customers represent 66.1 70% per cent of total revenues – up from 63.2 60% 50% per cent in Q2’23 40% • The 20 largest customers represent 75.5 30% per cent of total revenues – up from 72.1 20% per cen
Slide 13: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 95.9 per cent of revenues in 1200 Existing customers* New customers (LTM)** Q2’24 1000 New customers** 800 • Customers won over the past year generated revenues of NOK 41.2 million in 600 Q2’24 400 200 0 Q2'23 Q2'24
Slide 14: Local presence
Local presence 30 Sesam 42 Group services 206 Bouvet Nord 672 Bouvet Øst Bouvet Akershus, 180 Bouvet Bergen 96 Buskerud and Innlandet 911 Bouvet Rogaland 123 Bouvet Sør 71 Bouvet Sverige INTERIM PRESENTATION 14
Slide 15: Enthusiastic and highly competent employees
Enthusiastic and highly competent employees 2 331 employees at the end of the quarter Number of employees end of quarter • Up 15 from Q1’24 2500 2000 • 172 more employees in the past 12 months 1500 1000 • Average number of employees in the quarter 500 up 8.7 per cent from Q2’23 0 Q2'20 Q2'21 Q2'22 Q
Slide 16: Financial Review
FINANCIAL REVIEW |
Slide 17: Key figures
Key figures Three months ending Six months ending Twelve months ending MNOK 30.06.2024 30.06.2023 Change 30.06.2024 30.06.2023 Change 30.06.2024 30.06.2023 Change Operating revenue 1 001.2 833.0 20.2 % 2 016.9 1 778.1 13.4 % 3 764.5 3 323.5 13.3 % Operating profit (EBIT) 135.6 89.0 52.3 % 270.5 220.
Slide 18: Revenue
Revenue Revenues increased by 20.2 per cent y-o-y Revenue split (quarterly figures) MNOK Own consultants • Revenues from own consultants increased 1200 Sub-contracted consultants Other by 23.5 per cent to NOK 898.5 million 1000 800 600 • Revenues from sub-contracted consultants 400 decreased by 5.7
Slide 19: Revenues from own consultants
Revenues from own consultants Increased 23.5 per cent y-o-y Revenue per employee (quarterly figures) TNOK • Positive impact from 8.7 per cent increase in 500 average number of employees 400 300 • Positive impact from 5.4 per cent increase in 200 100 price for group hourly services 0 Q2'20 Q2'21 Q2'2
Slide 20: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 80 68.1 70 60 50 42.0 40 30 27.1 23.9 20 17.3 10 2.5 0 -10 -5.2 -7.5 -20 No. of employees Hourly rate No. of workdays Billing ratio Vacation, extra work- Other income Sub-contractors Other effects hours INTERIM PRESENTATION 20
Slide 21: Earnings
Earnings • Operating profit (EBIT) increased by EBIT and EBIT margin MNOK and per cent 52.3 per cent to NOK 135.6 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 13.5 per cent compared to 100 10% 8% 10.7 per cent in Q2’23 50 6% 4% 2% • Operating expenses increased by 16.4 per 0 Q2'20 Q2'21
Slide 22: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 35 Effect on EBIT 30 28.5 25 20.7 20 18.4 16.2 15 10 5 3.9 0.8 0 -0.5 -5 -2.6 No. of employees Hourly rate No. of workdays Billing ratio Vacation, extra work- Other income Sub-contractors Other effects hours INTERIM PRESENTATION 22
Slide 23: Cash flow
Cash flow Cash flow from operations Cash flow from operations (per quarter) MNOK • NOK 108.3 million in Q2’24 compared to 500 NOK 123.9 million in Q2’23 400 300 200 Cash flow last 12 months 100 0 • Operational cash flow over the last 12 -100 Q2'20 Q2'21 Q2'22 Q2'23 Q2'24 -200 months was NOK 449.7 mi
Slide 24: Outlook
OUTLOOK
Slide 25: Outlook summary
Outlook summary • Strong demand in sectors where we are present • Clients seeking strategic partnerships • Information security • Strongly positioned for work on AI • Reduced turnover INTERIM PRESENTATION 25
Slide 26: Appendix
APPENDIX Interim presentation Second quarter 2024
Slide 27: Shareholders as of 27.08.2024
Shareholders as of 27.08.2024 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 157 144 7,86 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % VARNER KAPITAL AS 5 000 000 4,82 % The Bank of New York Mellon (nominee acc.) 4 574 063 4,41 % SVERRE FINN HURUM