Bouvet Asa · OSL:BOUV
Bouvet Asa — Q2 2022 Earnings Presentation
31 slides from Bouvet Asa's earnings presentation, 2022
Slide 1: Interim Presentation Second Quarter 2022
INTERIM PRESENTATION SECOND QUARTER 2022 Per Gunnar Tronsli, CEO Trude Hole, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue MNOK 800 700 600 500 400 Revenue and EBIT 300 200 100 • Operating revenues increased by 8.7 percent 0 Q2'18 Q2'19 Q2'20 Q2'21 Q2'22 to NOK 734.9 million (y-o-y) • EBIT increased by 6.5 percent to NOK 89.2 million Number of employees (y-o-y) 2500 2000 1 912 employees
Slide 3: Normalised working day
Normalised working day • We have long looked forward to a working day restored to normal • Blossoming of professional activities, events and social gatherings • Learning and development through fellowship and sharing 3 INTERIM PRESENTATION 3
Slide 4: Our vision
Our vision We lead the way and b uild tomorrow’s society. INTERIM PRESENTATION 4
Slide 5: Long-term goals
Long-term goals Client-oriented Best Successful and long-term workplace business relations INTERIM PRESENTATION 5
Slide 6: Operational Review
OPERATIONAL REVIEW a».
Slide 7: Public and private sector
Public and private sector Q2’22 Q2’21 44,2 % 51,2 % 48,8 % 55,8 % Public sector Private sector INTERIM PRESENTATION 7
Slide 8: Business sectors
Business sectors Retail Other Health Industry Info and Transportation 3,3 % communication 3,9 % 3,9 % 3,4 % Service industry 5,1 % 4,7 % 6,2 % 15,6 % Power supply Oil & gas 19,2 % 34,7 % Public admin INTERIM PRESENTATION 8
Slide 9: Sporveien New trams
Sporveien New trams • Sporveien delivers public transport in Oslo and Viken county • Goal of 100 million tram journeys a year by 2030 • Now phasing in 87 new trams • Bouvet is creating support and control systems for traffic flow and management • Bouvet client for more than a decade 9 Foto: Sporveie
Slide 10: Norwegian Coastal Administration
Norwegian Coastal Administration • The Coastal Administration’s societal task is to ensure safe and efficient travel along the Norwegian coast and into ports, as well as national emergency preparedness against pollution • Bouvet was awarded new contracts during the quarter: o management and further
Slide 11: Viking Assistance
Viking Assistance • Viking delivers vehicle-related services, 24-hour emergency and customer support, call-centre services and medical help for foreign tourists • Has a comprehensive and nation-wide network of stations in Norway, Sweden, Denmark and Finland • Bouvet is developing and administering V
Slide 12: City of Bergen
City of Bergen • Has won several awards for its digital solutions. Named “Norway’s leading e-local authority” by the Norwegian Association of Local and Regional Authorities (KS) • Bouvet supports the city in developing and administering solutions for digital services aimed at residents • Delivering
Slide 13: The four largest sectors
The four largest sectors Oil & gas • Increased by 29.9 percent (y-o-y) • Represents 34.7 percent of total revenues in Q2’22 Public admin • Decreased by 11.1 percent (y-o-y) • Represents 19.2 percent of total revenues in Q2’22 Power supply • Decreased by 2 percent (y-o-y) • Represents 15.6 percent of
Slide 14: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues Percentage • The 10 largest customers represent 55.4 60% percent of total revenues – up from 50.6 50% percent in Q2’21 40% • The 20 largest customers represent 64 30% percent of total revenues – up from 58.6 20% percent in Q2’21
Slide 15: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 96.6 percent of revenues in Q2’22 800 Existing customers* New customers (LTM)** 700 New customers** 600 • Customers won over the past year generated 500 revenues of NOK 24.7 million in Q2’22 400 300 200 100 * Existi
Slide 16: Recognized in Magnet Awards
RECOGNIZED IN MAGNET AWARDS INTERIM PRESENTATION 16
Slide 17: Local presence
Local presence 186 Bouvet Nord 642 Bouvet Øst 152 Bouvet Bergen 32 Sesam 685 Bouvet Rogaland 36 Fellesfunksjon 101 Bouvet Sør 78 Bouvet Sverige INTERIM PRESENTATION 17
Slide 18: Enthusiastic and competent employees
Enthusiastic and competent employees 1 912 employees at the end of the quarter Number of employees end of quarter 2500 • Up 33 from Q1’22 2000 1500 • 164 more employees in the past 12 months 1000 500 • Average number of employees in the quarter up 0 10.1 percent from Q2’21 Q2'18 Q2'19 Q2'20 Q2'21 Q2
Slide 19: Financial Review
FINANCIAL REVIEW |
Slide 20: Key figures
Key figures Three months ending Six months ending Twelve months ending MNOK 30.06.2022 30.06.2021 Change 30.06.2022 30.06.2021 Change 30.06.2022 30.06.2021 Change Operating revenue 734.9 676.0 8.7 % 1 551.4 1 371.9 13.1 % 2 874.7 2 536.4 13.3 % Operating profit (EBIT) 89.2 83.8 6.5 % 212.0 174.6 21.
Slide 21: Revenue
Revenue Revenues increased by 8.7 percent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants • Revenues from own consultants increased by 9.2 1000 Other 800 percent to NOK 627.6 million 600 400 • Revenues from sub-contracted consultants 200 0 increased by 0.7 per
Slide 22: Revenues from own consultants
Revenues from own consultants Increased 9.2 percent y-o-y Revenue per employee (quarterly figures) TNOK 400 • Positive impact from 10.1 percent increase in 300 average number of employees 200 100 • Positive impact from 3.5 percent increase in 0 price for group hourly services Q2'18 Q2'19 Q2'20 Q2'21
Slide 23: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 70 60,3 60 50 40 30 20,8 20 10 5,6 3,3 0 -10 -4,5 -6,3 -20 -20,3 -30 No. of employees Hourly rate Other income Billing ratio Other effects Sick leave Vacation INTERIM PRESENTATION 23
Slide 24: Earnings
Earnings • Operating profit (EBIT) increased by 6.5 percent to EBIT and EBIT margin MNOK and Percent NOK 89.2 million 150 EBIT EBIT margin 16% 14% 12% • EBIT margin of 12.1 percent compared to 12.4 100 10% 8% percent in Q2’21 50 6% 4% 2% • Operating expenses increased by 9 percent y-o-y 0 Q2'18 Q2'1
Slide 25: Other operating expenses
Other operating expenses Other OpEx split (quarterly figures) MNOK Travel, courses, recruitments and social events Other Increased 66.2 percent y-o-y 70 60 50 • Travel, courses, recruitments and social events 40 30 increased by 106.3 percent to NOK 24.6 million 20 10 • Other costs increased by 46 pe
Slide 26: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 25 Effect on EBIT 19,6 20 16,3 15 10 5 2,0 2,6 0 -5 -3,3 -3,6 -3,5 No. of employees Hourly rate Other income Billing ratio Other effects Sick leave Vacation INTERIM PRESENTATION 26
Slide 27: Cash flow
Cash flow Cash flow from operations (per quarter) Cash flow from operations MNOK • NOK 36.7 million in Q2’22 compared to NOK 42.1 250 200 million in Q2’21 150 100 Cash flow last 12 months 50 0 • Operational cash flow over the last 12 months was Q2'18 Q2'19 Q2'20 Q2'21 Q2'22 -50 Cash flow from operat
Slide 28: Outlook
OUTLOOK A
Slide 29: Outlook summary
Outlook summary • Energy transformation drives digitalisation • High demand for local deliveries • Uncertainty in the global economic situation • High demand for cross-functional teams • Increased demand for services as: • Advisory • Design • Low-code/no-code • Security • High competition for talent
Slide 30: Appendix
APPENDIX Interim presentation Second quarter 2022
Slide 31: Shareholders as of 25.08.2022
Shareholders as of 25.08.2022 Shareholders Number of shares % of total FOLKETRYGDFONDET 7 286 576 7,02 % The Bank of New York Mellon (nominee acc.) 6 607 786 6,37 % VARNER KAPITAL AS 6 051 000 5,83 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % SVERRE FINN HURUM