Bouvet Asa · OSL:BOUV
Bouvet Asa — Q3 2024 Earnings Presentation
28 slides from Bouvet Asa's earnings presentation, Nov 12, 2024
Slide 1: Interim Presentation Third Quarter 2024
INTERIM PRESENTATION THIRD QUARTER 2024 12 November 2024 Per Gunnar Tronsli, CEO Steffen Garder, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue MNOK Revenue and EBIT 1000 800 • Operating revenues increased by 12.9 per 600 cent to NOK 878.5 million (y-o-y) 400 200 • EBIT NOK 101 million compared to NOK 80 0 million (y-o-y) Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 2 389 employees Number of employees • Up 58 from Q2’24 2
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
aX OPERATIONAL A a REVIEW
Slide 5: Public and private sector
Public and private sector Q3’24 Q3’23 44,8 % 39,6 % 55,2 % 60,4 % Public sector Private sector INTERIM PRESENTATION 5
Slide 6: Business sectors
Business sectors Other Health Retail Industry Transportation Info and communication Service industry 2,3 % 1,3 % 3,5 % 0,9 % 4,2 % 3,4 % 5,9 % 20,4 % Power supply Oil, gas and renewables 41,5 % 16,6 % Public admin and defence INTERIM PRESENTATION 6
Slide 7: Locus Solutions
Locus Solutions • Locus Solutions deliver critical IT solutions in the logistics, transportation and public safety segments. • Bouvet has assisted Locus with projects targeting the Norwegian fire (110) and health (113) emergency services. • In 2024, new systems were launched for Norwegian fire comma
Slide 8: Norwegian Environment Agency
Norwegian Environment Agency • The Norwegian Environment Agency promotes a clean and diverse environment under a societal mandate to reduce greenhouse gas emissions, manage Norwegian nature and combat pollution. • Client relationship with Bouvet since 2001. • Bouvet is supporting more than 20 differ
Slide 9: Hydro Aluminium
Hydro Aluminium • Hydro is a leading aluminium and energy company which is building businesses and partnerships for a more sustainable future. • A new agreement makes Bouvet the company’s preferred partner for system development and related services. • Bouvet’s deliverables include full stack system
Slide 10: NAV
NAV • New framework agreement signed. • NAV’s societal mandate is to foster social and economic security and promote the transition into work and activity, serving the objecting of creating an inclusive society, an inclusive working life and a well-functioning labour market. • Bouvet will deliver se
Slide 11: Universum Talent Survey
Universum Talent Survey • IT professionals have ranked Bouvet among the top 10 most attractive employers. • This year’s survey was completed by 10,000 persons in Norway with backgrounds in finance, law, engineering and IT. • The ranking reflects Bouvet’s investment in its corporate culture and the g
Slide 12: The four largest sectors
The four largest sectors Oil, gas and renewables • Increased by 6.5 per cent (y-o-y) • Represents 41.5 per cent of total revenues in Q3’24 Power supply • Increased by 38.2 per cent (y-o-y) • Represents 20.4 per cent of total revenues in Q3’24 Public admin and defence • Increased by 7.2 per cent (y-o
Slide 13: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues per centage • The 10 largest customers represent 68.8 70% per cent of total revenues – up from 67 per 60% cent in Q3’23 50% 40% • The 20 largest customers represent 77.4 30% per cent of total revenues – up from 75.6 20% per cent
Slide 14: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 96.3 per cent of revenues in 1000 Existing customers* New customers (LTM)** Q3’24 900 800 New customers** 700 • Customers won over the past year 600 generated revenues of NOK 32.8 million in 500 Q3’24 400 300 200 10
Slide 15: Local presence
Local presence 27 Sesam 43 Group services 210 Bouvet Nord 679 Bouvet Øst Bouvet Akershus, 193 Bouvet Bergen 100 Buskerud and Innlandet 943 Bouvet Rogaland 129 Bouvet Sør 65 Bouvet Sverige INTERIM PRESENTATION 15
Slide 16: Enthusiastic and highly competent employees
Enthusiastic and highly competent employees 2 389 employees at the end of the quarter Number of employees end of quarter 2500 • Up 58 from Q2’24 2000 • 120 more employees in the past 12 months 1500 1000 • Average number of employees in the quarter 500 0 up 6.6 per cent from Q3’23 Q3'20 Q3'21 Q3'22 Q
Slide 17: Financial Review
FINANCIAL ; REVIEW aN I<
Slide 18: Key figures
Key figures Three months ending Nine months ending Twelve months ending MNOK 30.09.2024 30.09.2023 Change 30.09.2024 30.09.2023 Change 30.09.2024 30.09.2023 Change Operating revenue 878.5 777.9 12.9 % 2 895.4 2 556.1 13.3 % 3 865.1 3 407.8 13.4 % Operating profit (EBIT) 101.0 80.0 26.2 % 371.5 300.7
Slide 19: Revenue
Revenue Revenues increased by 12.9 per cent y-o-y Revenue split (quarterly figures) MNOK Own consultants • Revenues from own consultants increased Sub-contracted consultants Other 1000 by 14.3 per cent to NOK 792.3 million 800 600 • Revenues from sub-contracted consultants 400 200 NOK 73.3 million c
Slide 20: Revenues from own consultants
Revenues from own consultants Increased 14.3 per cent y-o-y Revenue per employee (quarterly figures) TNOK • Positive impact from 6.6 per cent increase in 500 average number of employees 400 300 • Positive impact from 5 per cent increase in 200 100 price for hourly rates time-based services 0 Q3'20 Q
Slide 21: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 50 46,0 40 35,4 30 21,7 20 10,8 10 1,4 0 -0,1 -10 -14,6 -20 No. of employees Hourly rate Billing ratio No. of workdays Other income Sub-contractors Other effects INTERIM PRESENTATION 21
Slide 22: Earnings
Earnings • Operating profit (EBIT) increased by EBIT and EBIT margin (quarterly figures) 26.2 per cent to NOK 101 million MNOK and per cent 150 EBIT EBIT margin 16% 14% • EBIT margin of 11.5 per cent compared to 100 12% 10% 10.3 per cent in Q3’23 8% 6% 50 4% • Operating expenses increased by 11.4 pe
Slide 23: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 30 28,1 Effect on EBIT 25 20 17,3 15 13,6 10 8,6 5 0,6 0 0,0 -5 -6,1 -10 No. of employees Hourly rate Billing ratio No. of workdays Other income Sub-contractors Other effects INTERIM PRESENTATION 23
Slide 24: Cash flow
Cash flow Cash flow from operations Cash flow from operations (quarterly figures) MNOK • NOK 140.6 million compared to NOK 500 400 -117.4 million in Q3’23 300 200 Cash flow last 12 months 100 0 -100 Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 • Operational cash flow over the last 12 -200 months was NOK 707.7 mill
Slide 25: Outlook
JeAnoq OUTLOOK
Slide 26: Outlook summary
Outlook summary • Ongoing strong demand in operational sectors. • Clients seeking strategic partnerships. • Demand for Bouvet’s full range of services. • Strongly positioned for AI-related assignments. • Reduced turnover. INTERIM PRESENTATION 26
Slide 27: Appendix
ikl APPENDIX
Slide 28: Shareholders as of 12.11.2024
Shareholders as of 12.11.2024 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 142 744 7,84 % 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 % J.P. Morgan SE (no