Slide 1: Interim Presentation Fourth Quarter 2022
INTERIM PRESENTATION FOURTH QUARTER 2022 17 February 2023 Per Gunnar Tronsli, CEO Lisbeth Sneve Viker, CAO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue MNOK Revenue and EBIT 800 700 600 • Operating revenues increased by 12.9 percent 500 400 to NOK 834.7 million (y-o-y) 300 200 • EBIT increased by 12 percent to NOK 116.3 million 100 0 (y-o-y) Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 2 041 employees Number of employees 2500 • U
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 Q4’22 Q4’21 43.0 % 47.1 % 57.0 % 52.9 % Public sector Private sector INTERIM PRESENTATION 5
Slide 6: Business sectors
Business sectors Retail Other Health Industry Info and Transportation 3.6 % communication 4.0 % 3.5 % 4.5 % Service industry 4.5 % 4.6 % 4.7 % 15.2 % Power supply Oil & gas 17.3 % 38.1 % Public admin INTERIM PRESENTATION 6
Slide 7: Norwegian Environment Agency
Norwegian Environment Agency • The Norwegian Environment Agency (NEA) is working for a clean and diverse environment. • Rovbase is a tool providing important information for the management of bears, wolverines, wolves, lynxes and golden eagles • The Deer Game Register provides an overview of cervids
Slide 8: The Norwegian Communications Authority (Nkom)
The Norwegian Communications Authority (Nkom) • Nkom is the supervisory and administrative agency for services related to postal and electronic communication in Norway • We have been selected as its strategic cloud partner: • implement new services based on cloud technology • Nkom to be data-driven,
Slide 9: Vinmonopolet – the Norwegian Wine and Spirits Monopoly
Vinmonopolet – the Norwegian Wine and Spirits Monopoly • Vinmonopolet has a social mission in the field of alcohol policy which requires a correct and well-thought-out approach to e-commerce • A high-performing e-commerce solution keeps the company at the top of Norwegian brand ratings • Long-standi
Slide 10: Office of the Auditor General of Norway (Riksrevisjonen)
Office of the Auditor General of Norway (Riksrevisjonen) • The OAG checks whether government accounts are correct and whether the state is working efficiently and in accordance with decisions and regulations • Collects large amounts of data from government agencies • We are helping to design a new d
Slide 11: Glencore Nikkelverk
Glencore Nikkelverk • Glencore is one of the largest nickel producers in the western world • We are delivering several services to move the company’s operations forward, with ambitious targets for: • digitalisation and organisation development • enterprise architecture • change management • cloud im
Slide 12: The four largest sectors
The four largest sectors Oil & gas • Increased by 38.8 percent (y-o-y) • Represents 38.1 percent of total revenues in Q4’22 Public admin • Decreased by 4.4 percent (y-o-y) • Represents 17.3 percent of total revenues in Q4’22 Power supply • Increased by 12.9 percent (y-o-y) • Represents 15.2 percent
Slide 13: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues Percentage • The 10 largest customers represent 59.6 60% percent of total revenues – up from 52.4 50% percent in Q4’21 40% • The 20 largest customers represent 69.3 30% percent of total revenues – up from 60.5 20% percent in Q4’2
Slide 14: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 96.3 percent of revenues in Q4’22 900 Existing customers* New customers (LTM)** 800 New customers** 700 • Customers won over the past year generated 600 revenues of NOK 31 million in Q4’22 500 400 300 200 100 * Exis
Slide 15: Strong and continuing customer satisfaction
Strong and continuing customer satisfaction 84 81 82 LONG-TERM PARTNER DELIVERABILITY RELEVANT EXPERTISE INTERIM PRESENTATION 15
Slide 16: Local presence
Local presence 201 Bouvet Nord 674 Bouvet Øst 168 Bouvet Bergen 33 Sesam 742 Bouvet Rogaland 36 Group services 112 Bouvet Sør 75 Bouvet Sverige INTERIM PRESENTATION 16
Slide 17: New record for our training business
New record for our training business • 90% of courses take place in our facilities • Our employees develop experience-based courses • Expertise-sharing at breakfast meetings together with our customers INTERIM PRESENTATION 17
Slide 18: Employee's annual report
Employee’s annual report • Each Bouveteer once again received this slightly different annual report at home for Christmas, with stories from 2022 told by our employees themselves • The report is also provided to students and potential new employees to give them an insight into our culture • It is av
Slide 19: Enthusiastic and highly competent employees
Enthusiastic and highly competent employees 2 041 employees at the end of the quarter Number of employees end of quarter 2500 • Up 29 from Q3’22 2000 1500 • 200 more employees in the past 12 months 1000 500 • Average number of employees in the quarter up 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 10.7 percent
Slide 20: High level of employee satisfaction
High level of employee satisfaction 78 85 JOB SATISFACTION LOYALTY INTERIM PRESENTATION 20
Slide 21: Financial review
FINANCIAL REVIEW |
Slide 22: Key figures
Key figures Three months ending Twelve months ending MNOK 31.12.2022 31.12.2021 Change 31.12.2022 31.12.2021 Change Operating revenue 834.7 739.6 12.9 % 3 085.5 2 695.1 14.5 % Operating profit (EBIT) 116.3 103.9 12.0 % 401.7 340.1 18.1 % EBIT margin 13.9 % 14.0 % 13.0 % 12.6 % Ordinary profit before
Slide 23: Revenue
Revenue Revenues increased by 12.9 percent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants • Revenues from own consultants increased by 1000 Other 800 16.9 percent to NOK 742.7 million 600 400 200 • Revenues from sub-contracted consultants 0 increased by 8.9 p
Slide 24: Revenues from own consultants
Revenues from own consultants Increased 16.9 percent y-o-y Revenue per employee (quarterly figures) TNOK 400 • Positive impact from 10.7 percent increase in 300 average number of employees 200 100 • Positive impact from 6.4 percent increase in 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 price for group hourly s
Slide 25: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 80 71.6 60 42.8 40 20 7.2 0 -1.3 -5.7 -20 -19.6 -40 No. of employees Hourly rate Sub-contractors Other effects Billing ratio Other income INTERIM PRESENTATION 25
Slide 26: Earnings
Earnings • Operating profit (EBIT) increased by 12 percent to EBIT and EBIT margin MNOK and Percent NOK 116.3 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 13.9 percent compared to 14 percent 100 10% 8% in Q4’21 50 6% 4% 2% • Operating expenses increased by 13 percent y-o-y 0 Q4'18 Q4'19
Slide 27: Other operating expenses
Other operating expenses Other OpEx split (quarterly figures) MNOK Travel, courses, recruitments and social events Other Increased 45.1 percent y-o-y 100 80 • Travel, courses, recruitments and social events 60 40 increased by 57.6 percent to NOK 33.5 million 20 0 • Other costs increased by 37.1 perc
Slide 28: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 35 Effect on EBIT 31.7 30 25 21.3 20 15 10 5 0.7 0 -5 -2.5 -4.2 -10 -8.6 -15 No. of employees Hourly rate Sub-contractors Other effects Billing ratio Other income INTERIM PRESENTATION 28
Slide 29: Cash flow
Cash flow Cash flow from operations (per quarter) Cash flow from operations MNOK • NOK 178.4 million in Q4’22 compared to NOK 250 200 201.6 million in Q4’21 150 100 Cash flow last 12 months 50 0 • Operational cash flow over the last 12 months was Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Cash flow from operatio
Slide 30: Outlook
OUTLOOK A
Slide 31: Outlook summary
Outlook summary • Main drivers for digitalisation • Energy transformation • Security situation • Data-driven transformation • Demographic change • Increased demand for services in: • Security • Low-code • Change management • Uncertainty over the economic situation • Social tax INTERIM PRESENTATION 3
Slide 32: Appendix
APPENDIX Interim presentation Fourth quarter 2022
Slide 33: Shareholders as of 17.02.2023
Shareholders as of 17.02.2023 Shareholders Number of shares % of total FOLKETRYGDFONDET 7 063 678 6.81 % VARNER KAPITAL AS 6 051 000 5.83 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5.59 % STENSHAGEN INVEST AS 5 366 990 5.17 % The Bank of New York Mellon (nominee acc.) 4 574 063 4.41 % SVERRE FINN HURUM