Bouvet Asa · OSL:BOUV
Bouvet Asa — Q1 2020 Earnings Presentation
35 slides from Bouvet Asa's earnings presentation, May 19, 2020
Slide 1: Interim presentation First quarter 2020
Interim presentation First quarter 2020 19. May 2020 Sverre Hurum, CEO Erik Stubø, CFO
Slide 2: Our services
Our services Enterprise architecture Multi-channel strategy Innovation Business intelligence IT architecture Product strategy DevOps Test management Security Project management Agile Information management Digital strategy Service design Lean Data science GDPR Big Data Change mangement Consulting Di
Slide 3: Remote work
~ CORS/ Authentication + cross origin requests: + Same Site Cookies: + CSRF: Cross , Str
Slide 4: Breakfast seminars and courses
Breakfast seminars and courses 4
Slide 5: BouvetOne
bouvet *** |} Power Platform for the enterprise 23.04.2020 18:00 Enetslder~Bowet Rogaland
Slide 6: Highlights in the quarter
Highlights in the quarter Revenue and number of employees MNOK and number o Revenue and EBIT 700 650 • Operating revenues increased by 13.6 percent 600 550 500 to NOK 641.2 million (y-o-y) 450 400 350 • EBIT increased by 20.0 percent to NOK 82.6 300 250 200 million (y-o-y) 150 100 50 o 1 575 employe
Slide 7: We lead the way and build tomorrow’s society
Bouvet’s vision We lead the way and build tomorrow’s society
Slide 8: We will be the most credible consultancy with the most satisfied employees and clients
Bouvet’s ambition We will be the most credible consultancy with the most satisfied employees and clients
Slide 9: Long-term goals
Long-term goals Best workplace Client-oriented and Successful business long-term relations
Slide 10: Operational Review
©) Operational Review 10
Slide 11: Public and private sector
Public and private sector Public sector Private sector 50,9 % 50,2 % in Q1’19 49,8 % in Q1’19 49,1 % 11
Slide 12: Business sectors Q1 2020
Business sectors Q1 2020 Other Bank & finance Retail Transportation 5,0 % 1,9 % 3,4 % Power supply 5,7 % 12,9 % Service industry Health 4,4 % 2,1 % Industry 4,5 % Info and communication 5,0 % 27,9 % Oil & gas 27,2 % Public admin 12
Slide 13: The four largest sectors
The four largest sectors o Oil & gas • Increased by 22.5 percent (y-o-y) Forsvaret • Represents 27.9 percent of total revenues in Q1’20 o Public admin • Increased by 12.8 percent (y-o-y) • Represents 27.2 percent of total revenues in Q1’20 o Power supply • Increased by 46.1 percent (y-o-y) • Represe
Slide 14: Bouvet’s contribution to the Covid-19 situation
Bouvet’s contribution to the Covid-19 situation o City of Bergen • New reports for the crisis management team o Norwegian Tax Administration • Application form for business compensation scheme o Norwegian Institute of Public Health • Safety assessment of the “Stop Infection” application • Self-repor
Slide 15: Unique digital collaboration
Unique digital collaboration o AltInn Digital supports user-friendly communication and collaboration between the public and private sectors and with individuals • Supports development of digital forms and Illustration: Sandra Blikås, Byhands mails • Offers APIs which make it possible to develop and
Slide 16: Enhanced information flow
Enhanced information flow o The City of Oslo is building a new emergency ward. Its IT challenges are: • Emergency care functions need better and more holistic IT support • The flow of information is often disrupted • Information is locked down in silo systems o Results • Information flow throughout
Slide 17: Customer and project mix
Customer and project mix Variably priced contracts share of revenues Percentage o Project mix 100% • Variable contracts account for 98.8 percent of 98% total revenues 96% 94% o Customer portfolio 92% 90% • The 10 largest customers represent 42.8 percent Q1'16 Q1'17 Q1'18 Q1'19 Q1'20 of total revenue
Slide 18: Customer development
Customer development Revenue customer split MNOK o Existing customers* Existing customers* New customers (LTM)** • Accounted for 95.7 percent of revenues in Q1’20 700 o New customers** 600 • Customers won over the past year generated 500 revenues of NOK 27.4 million in Q1’20 400 300 200 100 * Existi
Slide 19: Regional organisation
Regional organisation Trondheim 141 Bouvet Nord ansatte 560 Bouvet Øst ansatte 46 Sesam ansatte 106 Bouvet Bergen Bergen Borlänge ansatte Sandvika Oslo Ørebro Stockholm Haugesund 532 Bouvet Rogaland Sandefjord ansatte Stavanger Skien Arendal Kristiansand 77 Bouvet Sverige ansatte 27 Konsernstab 86 B
Slide 20: Enthusiastic and competent employees
Enthusiastic and competent employees o 1 575 employees at the end of the quarter Number of employees end of quarter • Up 18 from Q4’19 2000 • 170 more employees in the past 12 months 1500 • Average number of employees in the quarter up 1000 12.3 percent from Q1’19 500 0 Q1'16 Q1'17 Q1'18 Q1'19 Q1'20
Slide 21: Financial Review
©) Financial Review 21
Slide 22: Key figures
Key figures Three months ending Twelve months ending MNOK 31.03.2020 31.03.2019 Change 31.03.2020 31.03.2019 Change Operating revenue 641.2 564.3 13.6 % 2 209.0 1 948.8 13.4 % Operating profit (EBIT) 82.6 68.8 20.0 % 245.8 209.9 17.1 % EBIT margin 12.9 % 12.2 % 11.1 % 10.8 % Ordinary profit before t
Slide 23: Revenue
Revenue Revenue split (quarterly figures) MNOK Own consultants o Revenues increased by 13.6 percent y-o-y 700 Sub-contracted consultants 600 Other 500 • Revenues from own consultants increased by 16 percent 400 to NOK 544.6 million 300 200 • Revenues from sub-contracted consultants increased by 100
Slide 24: Revenues from own consultants
Revenues from own consultants Revenue per employee (quarterly figures) o Increased 16 percent y-o-y TNOK 400 • Positive impact from 12.3 percent increase in average 300 number of employees 200 • Positive impact from 3.8 percent increase in prices for group hourly services 100 • Negative impact from
Slide 25: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 70 60 57,7 50 40 30 21,9 20 10 7,5 5 0 -3,1 -5,1 -10 -7,0 -20 No. of employees Hourly rate Number of workdays Sub-contractors Other revenue Vacation, leave etc. Billing ratio 25
Slide 26: Earnings
Earnings EBIT and EBIT margin MNOK and Percent o Operating profit (EBIT) increased by 20 percent to 100 EBIT EBIT margin 14% NOK 82.6 million 12% 80 10% o EBIT margin of 12.9 percent compared to 12.2 60 8% percent in Q1’19 40 6% 4% 20 o Operating expenses increased by 12.7 percent y-o-y 0 2% 0% Q1'1
Slide 27: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT Revenue MNOK 70 Change in Revenue Effect on EBIT 60 57,7 50 40 30 21,9 20 14,5 11,2 10 7,5 5,0 5,0 0,5 0 -0,7 -3,1 -2,7 -5,1 -4,7 -10 -7,0 -20 No. of employees Hourly rate Number of workdays Sub-contractors Other revenue Vacation, leave etc. Billing ratio 27
Slide 28: Cash flow
Cash flow Cash flow from operations (per quarter) o Cash flow from operations MNOK 250 • NOK 47.1 million in Q1’20 compared to NOK 4.3 million in 200 Q1’19 150 o Last 12 months 100 50 • Operational cash flow over the last 12 months was NOK 0 319.9 million -50 Q1'16 Q1'17 Q1'18 Q1'19 Q1'20 o Cash flo
Slide 29: Outlook
Outlook 29
Slide 30: Industry impacts due to Covid-19 for Bouvet
Industry impacts due to Covid-19 for Bouvet 30
Slide 31: We have a good starting point
We have a good starting point Stronger together Covid-19 makes the We have clients who Our employees handle future uncertain, but we trust us, and we jointly change and know how are well positioned to find new ways of to work remotely build tomorrow’s working society 31
Slide 32: Outlook summary
Outlook summary o High global uncertainty due to Covid-19 o Rapid change in society, customer behaviour and business models o High demand for system development o Decreased demand for service design and advisory o Increased demand for knowledge sharing and collaboration Photo: CDC, Alissa Eckert o I
Slide 33: Appendix
Appendix 33
Slide 34: Shareholders as of 19.05.2020
Shareholders as of 19.05.2020 Shareholders Number of shares % of total VIRTUS KAR INTERNATIONAL SMALL-CAP 1 066 570 10,41 % VARNER KAPITAL AS 870 000 8,49 % STENSHAGEN INVEST AS 586 699 5,72 % SVERRE HURUM 462 068 4,51 % VEVLEN GÅRD AS 453 502 4,42 % VERDIPAPIRFOND ODIN NORDEN 451 192 4,40 % VERDIPA
Slide 35: Five largest clients per region
Five largest clients per region Trondheim Forsvaret Bergen Borlänge Sandvika Oslo Ørebro Stockholm Haugesund Sandefjord Stavanger Skien Arendal Kristiansand 35