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Third quarter 2014 Sverre Hurum. CEO Erik Stub. CFO 12 November - PowerPoint PPT Presentation

Interim presentation Third quarter 2014 Sverre Hurum. CEO Erik Stub. CFO 12 November 2014 Highlights in the third quarter Revenues and EBIT Revenues and number of employees MNOK and number Reduced revenues from Statoil 350 300


  1. Interim presentation Third quarter 2014 Sverre Hurum. CEO Erik Stubø. CFO 12 November 2014

  2. Highlights in the third quarter Revenues and EBIT • Revenues and number of employees MNOK and number – Reduced revenues from Statoil 350 300 – Operating revenues decreased 250 2.7 percent to NOK 242.3 million 200 (y-o-y) 150 100 – Loss of revenues replaced by 50 other sectors 0 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 – EBIT down by 46.3 percent to 1200 NOK 9.2 million (y-o-y) 1000 800 962 employees • 600 – Up 17 in the quarter 400 – An increase of 46 in the past 12 200 months 0 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 2 Interim presentation 3rd quarter 2014

  3. Changes in Oil and Gas Reduced revenues from Statoil • Sales to Statoil decreased • 41.2 percent from the same period of last year. Adjusted for Statoil the • revenues from Oil & Gas increased by 7 percent 3 Interim presentation 2nd quarter 2014

  4. 4 NOK million Change in revenues (sector split) Revenues 700 720 740 760 780 800 820 840 0 814 YTD 2013 -75 Statoil Interim presentation 3rd quarter 2014 Oil and gas excl. 8 Statoil Public admin 2 and defense Transportation 8 17 Power supply Retail 4 15 Services 12 Communication Industry 8 Other 6 819 YTD 2014

  5. Operational Review

  6. Client development Existing clients* • Revenue split Revenue split (adj. Statoil) MNOK MNOK Accounted for 88.8 percent – New customers (LTM)** New customers (LTM)** of revenues in Q3’14 300 300 Existing customers* Existing customers* New customers** • 250 250 Customers won over the – past year generated 200 200 revenues of NOK 27.2 million in Q3’14 150 150 100 100 50 50 * Existing customers defined as those customers invoiced in the corresponding quarter last year - - ** New customers defined as customers won since end of corresponding quarter last year Q3'13 Q3'14 Q3'13 Q3'14 6 Interim presentation 3rd quarter 2014

  7. Customer and project mix Project mix • Variably priced contracts share of revenues Percentage Variable contracts account for 94.7 – 100% percent of total revenues 90% 80% Client portfolio • 70% The 10 largest customers represent – 60% 42.0 percent of total revenues – 50% Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 down from 54.5 percent in Q3’13 10 largest customers share of revenues The 20 largest customers represent – Percentage 55.9 percent of total revenues – 100% down from 67.7 percent in Q3’13 75% The largest customer represents – 50% less than 14 percent 25% 0% Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 7 Interim presentation 3rd quarter 2014

  8. Range of Services Advisory Communication Technology 8 Interim presentation 3rd quarter 2014

  9. Growth within advisory Digital strategy Management / Customer Systems Experience Information Journey Management and Business Security Intelligence Enterprise architecture Collaboration 9 Interim presentation 3rd quarter 2014

  10. Security: An area of growth Ordered data breach with itself From the newspager Fædrelandsvennen, August 28,. 2014 10

  11. Bouvet acquires Capgemini-office in Trondheim • Expanding range of services and capacity • Complimentary strategy: – Capgemini aims for larger clients with offshoring component – The regional strategy of Bouvet emphasize client proximity Catching the wave: Former Capgemini employees together with new Bouvet colleagues

  12. Agreement with ‘The National Procurement Services’ in Sweden In Sweden, central framework • agreements are used for the purchase of consulting services throughout the public sector Northern Bouvet has won framework • region agreements in one of five Swedish regions and has been nominated in two other regions Stockholm and May provide a solid base for • Western Gotland South- region growth for Bouvet in Sweden eastern region Southern region 12 Interim presentation 3rd quarter 2014

  13. Regional organisation Additional 35 from Capgemini transaction 60 (+3) 60 (-2) 361 (+24) Trondheim Sesam 14 (+14) Bergen Ørebro Stockholm Sandvika Oslo Haugesund 348 (-2) Sandefjord Stavanger Skien 46 Kristiansand Arendal Group (+9) management and staff: 19 (-1) Malmø 54 (+1) Comparative numbers in parenthesis refer to the corresponding period 2013 13 Interim presentation 3rd quarter 2014

  14. Financial Review

  15. Key figures Three months ending Twelve months ending MNOK 30.09.2014 30.09.2013 30.09.2014 30.09.2013 Change % Change % 242.3 249.1 -2.7 % 1 117.7 1 095.0 2.1 % Operating revenue Operating profit (EBIT) 9.2 17.1 -46.3 % 87.1 89.1 -2.2 % EBIT margin 3.8 % 6.9 % 7.8% 8.1 % Ordinary profit before tax 9.4 17.5 -46.3 % 89.1 91.0 -2.1 % 6.6 12.4 -47.2 % 63.3 64.5 -1.8 % Profit for the period EPS (fully diluted) 0.61 1.21 -49.4 % 6.13 6.25 -1.9 % Net cash flow operations -14.0 20.5 N/A 83.5 101.3 -17.5 % Equity ratio 38.0 % 36.4 % 38.0 % 36.4 % Cash and cash equivalents 79.1 73.2 8.0 % 79.1 73.2 8.0 % Number of employees (end of period) 962 916 5.0 % 962 916 5.0 % Number of employees (average) 954 913 4.5 % 940 893 5.2 % 15 Interim presentation 3rd quarter 2014

  16. Statoil impacts revenues Revenues decreased by 2.7 • Revenue split (quarterly figures) MNOK percent y-o-y 350 Own consultants Revenues from own consultants – 300 Sub-contracted consultants increased by 0.4 percent to NOK 250 Other 200 210.5 million 150 Revenues from sub-contracted 100 – 50 consultants reduced by 26.4 0 percent to NOK 22.9 million Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 Sub- contracted consultants’ share – Revenue split (12 months rolling average) of revenues was 9.4 percent, down MNOK from 12.5 percent in Q3’13 1200 Own consultants Sub-contracted consultants 1000 Billing rate decreased -5.3 • Other 800 percentage points from Q3’13 600 400 Prices for group hourly services • 200 increased 2.6 percent from Q3’13 0 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 16 Interim presentation 3rd quarter 2014

  17. Earnings under pressure Operating profit decreased y-o-y in • EBIT and EBIT margin MNOK and Percent Q3’14 40 EBIT EBIT margin 15% EBIT margin of 3.8 percent – 30 compared to 6.9 percent in Q3’13 10% 20 Operating expenses increased by • 5% 10 0.5 percent compared to Q3’13 0 0% Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 Other operating expenses • increased 4.2 percent EBIT and EBIT margin (12 months rolling) MNOK and Percent 66 workdays in Q3’14 – equivalent • 120 EBIT EBIT margin 12% to in Q3’13 100 10% 80 8% 60 6% 40 4% 20 2% - 0% Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 17 Interim presentation 3rd quarter 2014

  18. Cash flow reduced Cash flow from operations • Cash flow from operations (per quarter) MNOK Negative NOK 14.0 million in – 120 100 Q3’14, down from NOK positive 80 20.5 million in Q3’13 60 40 Rolling 12 months • 20 0 -20 – Operational cash flow over the last -40 12 months was NOK 83.5 million Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 Cash flow from operations (LTM) MNOK 140 120 100 80 60 40 20 0 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 18 Interim presentation 3rd quarter 2014

  19. Outlook

  20. Outlook and summary Sales to Statoil fell by 41.2 • per cent Strengthened position within • prioritized areas Continued trend on • digitalization Increased competition will • challenge profitability Strong adaptability opens for • further growth and improved profitability in the long term 20 Interim presentation 3rd quarter 2014

  21. Appendix

  22. Employees 962 employees at the end of the • Number of employees end of quarter third quarter 1200 17 new employees in Q3’14 – 1000 46 new employees in the past 12 – 800 months 600 400 – Average number of employees in 200 the quarter up 4.5 percent from 0 Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 Q3’13 Annual growth in number of employees Percentage 25% 20% 15% 10% 5% 0% Q3'09 Q3'10 Q3'11 Q3'12 Q3'13 Q3'14 22 Interim presentation 3rd quarter 2014

  23. Shareholders as of 10.11.2014 Investor Number of shares % of total VARNER KAPITAL AS 1 070 000 10.44 % STENSHAGEN INVEST AS 824 992 8.05 % MP PENSJON PK 669 904 6.54 % HURUM SVERRE FINN 505 751 4.93 % KLP AKSJE NORGE VPF 422 032 4.12 % VEVLEN GÅRD AS 300 000 2.93 % VERDIPAPIRFONDET DNB NORDIC TECHNO 298 659 2.91 % KOMMUNAL LANDSPENSJONSKASSE 294 600 2.87 % STUBØ ERIK 235 251 2.30 % VERDIPAPIRFONDET HANDELSBANKEN 220 000 2.15 % VERDIPAPIRFONDET EIKA NORGE 213 952 2.09 % STOREBRAND NORGE I 192 341 1.88 % J.P. MORGAN CHASE BANK N.A. LONDON 191 945 1.87 % TELENOR PENSJONSKASSE 186 800 1.82 % BOUVET ASA 179 356 1.75 % DYVI INVEST AS 150 000 1.46 % STOREBRAND VEKST 143 629 1.40 % VERDIPAPIRFONDET DNB NORDEN (III) 125 406 1.22 % VERDIPAPIRFONDET DNB SMB 123 600 1.21 % VOLLE ANDERS 118 075 1.15 % 63.09 % 6 466 293 Number of shares held by the 20 largest shareholders 23 Interim presentation 3rd quarter 2014

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