Bouvet Asa · OSL:BOUV

Bouvet Asa — Q1 2018 Earnings Presentation

25 slides from Bouvet Asa's earnings presentation, May 16, 2018

  1. Slide 1: Interim presentation first quarter 2018

    Interim presentation first quarter 2018 Sverre Hurum, CEO Erik Stubø, CFO 16 May 2018

  2. Slide 2: Highlights in the quarter

    Highlights in the quarter Revenue and number of employees MNOK and number o Revenue and EBIT 500 450 • Operating revenues increased by 10.3 percent 400 350 to NOK 462.3 million (y-o-y) 300 250 • EBIT increased by 22.7 percent to NOK 50.5 200 150 million (y-o-y) 100 50 o 1 260 employees 0 Q1'13 Q1'14

  3. Slide 3: Operational Review

    ©) Operational Review

  4. Slide 4: Public and private sector

    Public and private sector Public sector Private sector 49.6 % 46,9 % in Q1’17 53,1 % in Q1’17 50.4… 4

  5. Slide 5: Business sectors Q1 2018

    Business sectors Q1 2018 Other Bank & finance Retail 2.5 % 3.8 % Power supply 6.3 % Transportation 9.0 % Health 10.4 % 2.6 % Industry Service industry 4.3 % 5.2 % Info and communication 6.5 % Oil & gas 22.5 % 26.9 % Public admin 5

  6. Slide 6: Sectors with high increase in revenue

    Sectors with high increase in revenue o Oil & gas • Increased by 27.0 percent (y-o-y) • Represents 22.5 percent of total revenues in Q1’18 o Transportation • Increased by 21.4 percent (y-o-y) • Represents 10.4 percent of total revenues in Q1’18 o Info and communication • Increased by 49.5 percent (y

  7. Slide 7: Avinor

    Avinor o As a strategic partner with Avinor Bouvet develops: • new models for capacity planning for security control at Avinor´s airports • e-commerce solution to be used at Avinor´s airports ▪ First version was launched during the quarter Foto: Avinor 7

  8. Slide 8: Prediction of wind power production

    Prediction of wind power production o Bouvet helps Kinect Energy Group using machine learning to better exploit its wind power portfolio in the European market 8

  9. Slide 9: Sesam GDPR platform wins competition

    bouvet Prosjekter Ting vikan Bouvet deler Bien avoss Kurs Investor Sesam GDPR Plattform vant solv i Datatilsynets konkurranse Duy Dinh-Steffensen 8. mars 2018 Med en komplett innsynsportal og en automatisert plattform for kontinuerlig 4 oppdatere personopplysninger hjelper Sesam virksomhetene med 4

  10. Slide 10: Customer and project mix

    Customer and project mix Variably priced contracts share of revenues Percentage o Project mix 100% • Variable contracts account for 96.9 percent of 90% total revenues 80% 70% o Customer portfolio 60% 50% • The 10 largest customers represent 36.9 percent Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 Q1'18 of total r

  11. Slide 11: Customer development

    Customer development Revenue customer split MNOK o Existing customers* Existing customers* New customers (LTM)** • Accounted for 94.7 percent of revenues in Q1’18 500 450 o New customers** 400 • Customers won over the past year generated 350 revenues of NOK 24.3 million in Q1’18 300 250 200 150 100

  12. Slide 12: Regional organisation

    Regional organisation Trondheim 104 Bouvet Nord ansatte 490 Bouvet Øst ansatte 29 Sesam ansatte 78 Bouvet Bergen Bergen Borlänge ansatte Sandvika Oslo Ørebro Stockholm Haugesund 403 Bouvet Rogaland Sandefjord ansatte Stavanger Skien Arendal Kristiansand 73 Bouvet Sverige ansatte 22 Konsernstab 61 Bo

  13. Slide 13: Enthusiastic and competent employees

    Enthusiastic and competent employees o 1 260 employees at the end of the quarter Number of employees end of quarter • Up 45 from Q4’17 1400 1200 • 129 more employees in the past 12 months 1000 800 • Average number of employees in the quarter up 600 11.6 percent from Q1’17 400 200 0 Q1'13 Q1'14 Q1'15

  14. Slide 14: e24.no 8. januar 2018 vg.no 8. januar 2018

    e24.no 8. januar 2018 vg.no 8. januar 2018 14

  15. Slide 15: Financial Review

    Financial Review 15

  16. Slide 16: Key figures

    Key figures Three months ending Twelve months ending MNOK 31.03.2018 31.03.2017 Change 31.03.2018 31.03.2017 Change Operating revenue 462.3 419.1 10.3 % 1 650.6 1 426.9 15.7 % Operating profit (EBIT) 50.5 41.2 22.7 % 153.5 127.2 20.7 % EBIT margin 10.9 % 9.8 % 9.3 % 8.9 % Ordinary profit before tax

  17. Slide 17: Revenue

    Revenue Revenue split (quarterly figures) MNOK o Revenues increased by 10.3 percent y-o-y 500 Own consultants Sub-contracted consultants 400 Other • Revenues from own consultants increased by 13.4 300 percent to NOK 388.0 million 200 • Revenues from sub-contracted consultants decreased by 100 3.9 pe

  18. Slide 18: Revenues from own consultants

    Revenues from own consultants Revenue per employee (quarterly figures) o Increased 13.4 percent y-o-y TNOK 350 • Positive impact from increase in billing ratio by 3.4 300 percentage points 250 200 • Positive impact from 11.6 percent increase in average 150 number of employees 100 50 • Positive impac

  19. Slide 19: Analysis of change in revenues y-o-y

    Analysis of change in revenues y-o-y Revenue MNOK 50 40 30 20 40.2 10 15.0 11.6 0 0.2 -5.8 -2.4 -10 -15.6 -20 No. of employees Billing ratio Hourly rate Other effects Sub-contractors Vacation No. of work days 19

  20. Slide 20: Change in revenues – effect on EBIT

    Change in revenues – effect on EBIT Revenue MNOK 50 Change in Revenue Effect on EBIT 40 30 20 40.2 10.6 10 15.0 11.6 7.4 8.2 1.4 0 -2.4 0.2 -0.2 -5.8 -0.8 -11.0 -10 -15.6 -20 No. of employees Billing ratio Hourly rate Other effects Sub-contractors Vacation No. of work days 20

  21. Slide 21: Earnings

    Earnings EBIT and EBIT margin MNOK and Percent o Operating profit (EBIT) up by 22.7 percent to NOK 60 EBIT EBIT margin 15% 50.5 million 50 o EBIT margin of 10.9 percent compared to 9.8 percent 40 10% 30 in Q1’17 20 5% 10 o Operating expenses increased by 9.0 percent 0 0% compared to Q1’17 Q1'13 Q1'1

  22. Slide 22: Cash flow

    Cash flow Cash flow from operations (per quarter) o Cash flow from operations MNOK 200 • Negative NOK 14.6 million in Q1’18 compared to negative 150 NOK 13.3 million in Q1’17 100 o Last 12 months 50 0 • Operational cash flow over the last 12 months was NOK Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 Q1'18 -50 147

  23. Slide 23: Outlook

    Outlook 23

  24. Slide 24: Outlook

    Outlook o High demand o Digitalisation change procurement processes o Increased demand for system integration o Too low delivery capacity in the IT consultancy sector

  25. Slide 25: Shareholders as of 16.05.2018

    Shareholders as of 16.05.2018 Shareholders Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44 % VPF NORDEA AVKASTNING 985 331 9,61 % STENSHAGEN INVEST AS 736 699 7,19 % PROTECTOR FORSIKRING ASA 619 023 6,04 % MP PENSJON PK 524 904 5,12 % HURUM SVERRE FINN 508 366 4,96 % VEVLEN GÅRD AS 453

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