Slide 1: Interim Presentation First Quarter 2024
INTERIM PRESENTATION FIRST QUARTER 2024 22 May 2024 Per Gunnar Tronsli, CEO Trude Hole, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue and EBIT Revenue MNOK • Operating revenues increased by 7.5 per 1000 800 cent to NOK 1 015.7 million (y-o-y) 600 • EBIT NOK 135 million compared to NOK 400 131.6 million (y-o-y) 200 0 2 316 employees Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 • Up 5 from Q4’23 Number of employee
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 Q1’24 Q1’23 41.3 % 43.6 % 56.4 % 58.7 % Public sector Private sector INTERIM PRESENTATION 5
Slide 6: Business sectors
Business sectors Other Health Retail Industry Info and communication Transportation 2.6 % 1.2 % Service industry 4.0 % 2.1 % 4.3 % 3.6 % 5.0 % 20.4 % Power supply Oil, gas and renewables 40.3 % 16.5 % Public admin and defence INTERIM PRESENTATION 6
Slide 7: Leading the way with Microsoft Fabric
Leading the way with Microsoft Fabric • Microsoft launched its analysis platform, Fabric, just before Christmas • Fabric gathers the best analysis products from Azure and Power BI, and adds AI • Strong interest in several industries • Already being implemented in Microsoft organisations including Eq
Slide 8: DIGI Rogaland
DIGI Rogaland • Bouvet has been helping DIGI Rogaland to develop a climate platform for several years • The climate platform sends out flood warnings and monitors traffic • In Q1, Bouvet migrated the solution from Azure to Fabric and added new functionality • The solution is attracting strong intern
Slide 9: Norwegian Armed Forces
Norwegian Armed Forces • The Norwegian Armed Forces keep Norway safe in a complex and turbulent world • Bouvet has been working closely with the Norwegian defence sector for more than 20 years • Bouvet is engaged in projects for various branches of the Armed Forces: • Supply solutions • Administrati
Slide 10: Ministry of Foreign Affairs
Ministry of Foreign Affairs • The Norwegian Ministry of Foreign Affairs and the Norwegian Foreign Service work to promote Norway’s interests internationally • Bouvet has partnered with the Ministry under various agreements and on a range of projects since the early 2010s • In 2024, Bouvet is assisti
Slide 11: Our own Rebekka included on list of Norway's leading women in tech
Our own Rebekka included on a list of Norway’s 50 leading women in tech • Rebekka Olsson Omslandseter features in this year’s list prepared by Abelia and the ODA network • Rebekka is one of Norway’s leading AI experts • She recently completed a doctorate in artificial intelligence • One of several i
Slide 12: Sharing knowledge
Sharing knowledge • Sharing is a core value for Bouvet • A record quarter in terms of external sharing • Arranged 16 free breakfast seminars which attracted 1,874 attendees • Topics included generative AI, Microsoft 365 Copilot, Microsoft Fabric, digital transformation and IT security • Exclusive cu
Slide 13: The four largest sectors
The four largest sectors Oil, gas and renewables • Increased by 11.7 per cent (y-o-y) • Represents 40.3 per cent of total revenues in Q1’24 Power supply • Increased by 37.5 per cent (y-o-y) • Represents 20.4 per cent of total revenues in Q1’24 Public admin and defence • Decreased by 1 per cent (y-o-
Slide 14: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues per centage • The 10 largest customers represent 66 per 70% cent of total revenues – up from 61.3 per 60% cent in Q1’23 50% • The 20 largest customers represent 74.8 40% per cent of total revenues – up from 70.9 30% per cent in Q
Slide 15: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 96.5 per cent of revenues in 1200 Existing customers* New customers (LTM)** Q1’24 1000 New customers** 800 • Customers won over the past year generated revenues of NOK 35.9 million in 600 Q1’24 400 200 0 Q1'23 Q1'24
Slide 16: Local presence
Local presence 31 Sesam 41 Group services 206 Bouvet Nord 666 Bouvet Øst Bouvet Akershus, 180 Bouvet Bergen 99 Buskerud and Innlandet 896 Bouvet Rogaland 123 Bouvet Sør 74 Bouvet Sverige INTERIM PRESENTATION 16
Slide 17: Enthusiastic and highly competent employees
Enthusiastic and highly competent employees 2 316 employees at the end of the quarter Number of employees end of quarter • Up 5 from Q4’23 2500 2000 • 205 more employees in the past 12 months 1500 1000 • Average number of employees in the quarter 500 up 12.8 per cent from Q1’23 0 Q1'20 Q1'21 Q1'22 Q
Slide 18: Financial review
FINANCIAL REVIEW |
Slide 19: Key figures
Key figures Three months ending Twelve months ending MNOK 31.03.2024 31.03.2023 Change 31.03.2024 31.03.2023 Change Operating revenue 1 015.7 945.1 7.5 % 3 596.4 3 219.4 11.7 % Operating profit (EBIT) 135.0 131.6 2.5 % 410.3 410.5 -0.1 % EBIT margin 13.3 % 13.9 % 11.4 % 12.8 % Ordinary profit before
Slide 20: Revenue
Revenue Revenues increased by 7.5 per cent y-o-y Revenue split (quarterly figures) MNOK Own consultants • Revenues from own consultants increased 1200 Sub-contracted consultants Other by 10.2 per cent to NOK 911.1 million 1000 800 600 • Revenues from sub-contracted consultants 400 200 decreased by 1
Slide 21: Revenues from own consultants
Revenues from own consultants Increased 10.2 per cent y-o-y Revenue per employee (quarterly figures) TNOK • Positive impact from 12.8 per cent increase 500 400 in average number of employees 300 200 • Positive impact from 5.1 per cent increase in 100 price for group hourly services 0 Q1'20 Q1'21 Q1'
Slide 22: Analysis of change in revenues y-o-y
Analysis of change in revenues y-o-y Revenue MNOK 120 98.0 100 80 60 39.5 40 20 9.8 0 -1.7 -3.1 -20 -10.5 -25.9 -40 -35.5 -60 No. of employees Hourly rate Billing ratio Other effects Other income Sub-contractors Vacation, time off in No. of workdays lieu INTERIM PRESENTATION 22
Slide 23: Earnings
Earnings • Operating profit (EBIT) increased by EBIT and EBIT margin 2.5 per cent to NOK 135 million MNOK and per cent 150 EBIT EBIT margin 16% 14% • EBIT margin of 13.3 per cent compared to 100 12% 10% 13.9 per cent in Q1’23 8% 6% 50 4% • Operating expenses increased by 8.3 per 0 2% 0% cent y-o-y Q
Slide 24: Change in revenues – effect on EBIT
Change in revenues – effect on EBIT MNOK 40 Effect on EBIT 30.1 30 25.9 20 10 6.4 0 -0.7 -1.1 -0.7 -10 -5.9 -20 -23.3 -30 No. of employees Hourly rate Billing ratio Other effects Other income Sub-contractors Vacation, time off in No. of workdays lieu INTERIM PRESENTATION 24
Slide 25: Cash flow
Cash flow Cash flow from operations Cash flow from operations (per quarter) MNOK • NOK 69.7 million in Q1’24 compared to NOK 500 133.2 million in Q1’23 400 300 200 Cash flow last 12 months 100 0 • Operational cash flow over the last 12 -100 Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 -200 months was NOK 459.7 mil
Slide 26: Outlook
OUTLOOK
Slide 27: Outlook summary
Outlook summary • Strong demand in sectors where we are present • Security and quality • Clients seeking strategic partnerships • Strongly positioned for work on AI • Diversified competition situation INTERIM PRESENTATION 27
Slide 28: Appendix
APPENDIX Interim presentation First quarter 2024
Slide 29: Shareholders as of 22.05.2024
Shareholders as of 22.05.2024 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 157 144 7,86 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % VARNER KAPITAL AS 5 551 000 5,35 % STENSHAGEN INVEST AS 5 366 990 5,17 % The Bank of New York Mellon (nominee acc.) 4 574 063 4,41 % SVERRE FINN HURUM