Interim presentation First quarter 2017 Sverre Hurum. CEO Erik Stub. - PowerPoint PPT Presentation

Interim presentation First quarter 2017 Sverre Hurum. CEO Erik Stubø. CFO 19 May 2017

Highlights in the quarter Revenue and number of employees MNOK and number o Revenue and EBIT 450 400 • Operating revenues increased by 29.8 percent 350 to NOK 419.1 million (y ‐ o ‐ y) 300 250 • EBIT increased by 102.5 percent to NOK 41.2 200 150 million (y ‐ o ‐ y) 100 50 o 1 131 employees 0 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 • Up 41 from Q4’16 1200 1000 • An increase of 95 in the past 12 months 800 o Increased demand for robotic process 600 400 automation (RPA), machine learning 200 (ML) and artificial intelligence (AI) 0 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 2

Operational Review 3

Increase in public sector Public sector Privat sector 52.7 % 47.3 … 48,9 % in Q1’16 51,1 % in Q1’16 4

Business sectors Q1 2017 Bank & finance Other Retail Power supply 2.9 % 3.5 % 7.3 % 10.0 % Transportation Health 2.9 % 9.5 % Industry 4.3 % 4.1 % Info and communication 6.7 % Service industry 19.4 % Oil & gas 29.3 % Public admin 5

Sectors with high increase in revenue o Public admin • Increased by 57.1 percent (y ‐ o ‐ y) • Represents 29.3 percent of total revenues in Q1’17 o Power supply • Increased by 52.9 percent (y ‐ o ‐ y) • Represents 10.0 percent of total revenues in Q1’17 o Retail Increased by 61.5 percent (y ‐ o ‐ y) • Represents 7.3 percent of total revenues in Q1’17 • o Service Industry • Increased by 71.7 percent (y ‐ o ‐ y) • Represents 6.7 percent of total revenues in Q1’17 Forsvaret 6

Spy toys 7

Artificial intelligence (AI) and machine learning (ML) 8

Awards Nominated as the one of five in the local authority website category among Sweden’s top 100 websites by Internetworld Winner of Max Marketing Mix 2017 in the internal marketing category with a solution Nominated as one of three finalist to the developed for Viasat Digitalization Award 2017 by Difi 9

New clients 10

Customer and project mix Variably priced contracts share of revenues Percentage Project mix o 100% • Variable contracts account for 96.1 percent of 90% total revenues 80% 70% Client portfolio o 60% 50% • The 10 largest customers represent 36.0 percent Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 of total revenues – up from 35.2 percent in 10 largest customers share of revenues Q1’16 Percentage • The 20 largest customers represent 48.4 100% percent of total revenues – up from 47.4 75% percent in Q1’16 50% 25% 0% Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 11

Client development Revenue customer split MNOK Existing clients* o Existing customers* New customers (LTM)** • Accounted for 89.6 percent of revenues in Q1’17 450 400 New customers** o 350 • Customers won over the past year generated 300 revenues of NOK 43.9 million in Q1’17 250 200 150 100 50 * Existing customers defined as customers that were invoiced in the corresponding quarter last year ‐ ** New customers defined as customers won since end of Q1'16 Q1'17 corresponding quarter last year 12

Regional organisation 95 Trondheim Bouvet Nord ansatte 457 Bouvet Øst ansatte 22 Sesam ansatte 67 Bergen Bouvet Bergen ansatte Oslo Sandvika Ørebro Stockholm Haugesund 320 Sandefjord Bouvet Rogaland ansatte Stavanger Skien Arendal Kristiansand 93 Bouvet Sverige ansatte 21 56 Bouvet Sør Konsernstab ansatte ansatte Malmø 13

Enthusiastic and competent employees 1 131 employees at the end of the first quarter o Number of employees end of quarter • Up 41 from Q4’16 1200 1000 • 95 more employees in the past 12 months 800 • Average number of employees in the quarter up 600 400 8.1 percent from Q1’16 200 0 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 Annual growth in number of employees Percentage 25% 20% 15% 10% 5% 0% Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 14

Focus on employee satisfaction and recruitment 15

Financial Review 16

Key figures Three months ending Twelve months ending MNOK 31.03.2017 31.03.2016 Change 31.03.2017 31.03.2016 Change Operating revenue 419.1 322.9 29.8 % 1 426.9 1 228.4 16.2 % Operating profit (EBIT) 41.2 20.3 102.5 % 127.1 87.7 45.0 % EBIT margin 9.8 % 6.3 % 8.9 % 7.1 % Ordinary profit before tax 41.5 20.5 102.9 % 127.1 90.0 41.2 % Profit for the period 31.5 14.5 117.1 % 96.9 64.9 49.3 % EPS (fully diluted) 3.04 1.38 119.4 % 9.42 6.27 50.1 % Net cash flow operations ‐ 13.3 ‐ 21.1 N/A 117.2 106.4 10.1 % Equity ratio 35.9 % 38.3 % 35.9 % 38.3 % Cash and cash equivalents 134.4 148.3 ‐ 9.3 % 134.4 148.3 ‐ 9.3 % Number of employees (end of period) 1 131 1 036 9.2 % 1 131 1 036 9.2 % Number of employees (average) 1 117 1 033 8.1 % 1 070 1 024 4.5 % 17

Revenue Revenue split (quarterly figures) MNOK 500 Own consultants Revenues increased by 29.8 percent y ‐ o ‐ y o Sub ‐ contracted consultants 400 Other Revenues from own consultants increased by 25.5 • 300 percent to NOK 341.0 million 200 • Revenues from sub ‐ contracted consultants increased by 100 61.4 percent to NOK 61.5 million 0 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 Other revenues increased by 26.6 percent to NOK 16.5 • million Revenue split (12 months rolling average) MNOK Own consultants Sub ‐ contracted consultants 1500 Other 1000 500 0 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 18

Revenues from own consultants Revenue per employee (quarterly figures) Increased 25.5 percent y ‐ o ‐ y TNOK o 350 Positive impact from increase in billing ratio by 2.4 • 300 percentage points 250 200 • Positive impact from 8.1 percent increase in average 150 100 number of employees 50 0 Positive impact from 1.5 percent increase in prices for • Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 group hourly services Revenue per employee (LTM) • 65 workdays in Q1’17 – four more than Q1’16 TNOK 1050 1000 950 900 850 800 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 19

Analysis of change in revenues y ‐ o ‐ y Revenue MNOK 25 20 15 23.4 23.0 10 18.8 5 9.2 6.4 4.7 4.1 3.5 3.0 0 Sub ‐ contractors No. of employees No. of work days Billing ratio Overtime/extra work ‐ Vacation Hourly rate Other Progress in projects hours 20

Change in revenues – effect on EBIT Revenue MNOK Change in Revenue Effect on EBIT 25 20 15 23.4 23.0 10 18.8 13.4 5 9.2 6.5 6.4 4.7 4.1 3.5 3.3 3.0 2.9 2.3 1.5 1.7 0.7 0 Sub ‐ contractors No. of employees No. of work days Billing ratio Overtime/extra Vacation Hourly rate Other Progress in projects work ‐ hours 21

Earnings EBIT and EBIT margin MNOK and Percent Operating profit increased y ‐ o ‐ y in Q1’17 o 50 15% EBIT EBIT margin EBIT margin of 9.8 percent compared to 6.3 percent in • 40 Q1’16 10% 30 20 Operating expenses increased by 24.9 percent 5% o 10 compared to Q1’16 0 0% Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 General growth in pay rate 0.2 percent y ‐ o ‐ y o EBIT and EBIT margin (LTM) Other operating expenses increased 37.3 percent o MNOK and Percent 140 EBIT EBIT margin 12% 120 10% 100 8% 80 6% 60 4% 40 2% 20 ‐ 0% Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 22

Cash flow Cash flow from operations (per quarter) MNOK Cash flow from operations o 150 NOK ‐ 13.3 million in Q1’17 compared to NOK ‐ 21.1 • 100 million in Q1’16 50 Last 12 months o 0 Operational cash flow over the last 12 months was NOK • ‐ 50 117.2 million Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 Cash flow from investing activities Cash flow from operations (LTM) o MNOK Negative NOK 12.0 million compared to negative NOK 5.0 • 140 million in Q1’16 120 100 80 60 40 20 0 Q1'12 Q1'13 Q1'14 Q1'15 Q1'16 Q1'17 23

Outlook 24

Outlook Freeing time by automatisation Increased knowledge about predators the City of Bergen Norwegian Environment Agency o We believe in the future Enhance customer experience Agder kollektiv trafikk Increase efficiency Strengthen culture Aibel Western Norway University of Applied Sciences Battle against salmon lice 25 BarentsWatch

Shareholders as of 18.05.2017 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10,44 % STENSHAGEN INVEST AS 925 402 9,03 % VPF NORDEA AVKASTNING 778 120 7,59 % PROTECTOR FORSIKRING ASA 700 000 6,83 % MP PENSJON PK 569 904 5,56 % HURUM SVERRE FINN 507 873 4,95 % VEVLEN GÅRD AS 420 000 4,10 % STOREBRAND VEKST VERDIPAPIRFOND 262 834 2,56 % STUBØ ERIK 237 373 2,32 % UBS SWITZERLAND AG 203 500 1,99 % SIX SIS AG 200 000 1,95 % DYVI INVEST AS 200 000 1,95 % STOREBRAND NORGE I VERDIPAPIRFOND 197 789 1,93 % TELENOR PENSJONSKASSE 186 800 1,82 % JPMORGAN CHASE BANK 160 745 1,57 % VERDIPAPIRFONDET STOREBRAND OPTIMA 125 041 1,22 % VOLLE ANDERS 121 697 1,19 % BOUVET ASA 98 682 0,96 % RADIG NILS ‐ HÅKAN 79 754 0,78 % SVENDSEN PAUL HALLAN 74 368 0,73 % Number of shares held by the 20 largest shareholders 7.119.882 69,47 % 26