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16 February 2012 Fourth Quarter 2011 CEO Sverre Hurum CFO Erik Stubø

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(1)

F

Foou

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h Q

Qu

uaarrtteerr

220

01111

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CE

EO

O SSvveerrrree H

Hu

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Erriikk SSttu

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(2)

D

Diissccllaaiim

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The information contained in the Presentation is for your use only. Recipients may not reproduce, redistribute or pass on, in whole or in part, the Presentation to any other person. The contents of the Presentation are not to be construed as legal, business, investment or tax advice or similar, and each recipient should consult with its own professional advisors with respects to such matters.

The Presentation does not give a complete account of the Company, its affairs, financial position or otherwise. There may have been changes in matters that affect the Company subsequent to the date of the Presentation. Neither the issue nor delivery of the Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed. The Company does not intend, and does not assume any obligation, to update or correct any information included herein.

The Presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in the Presentation, including, inter alia, risks or uncertainties associated with the Company’s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general market

conditions, changes in laws and regulations, taxes, changes in competition and pricing environments and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described therein.

The Company is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither the Company, nor any of their affiliates, directors, officers or employees, will have any liability to you or any other person resulting from your use. No part of this Presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities.

The Presentation is subject to Norwegian law, and any dispute arising in respect of the Presentation is subject to the exclusive jurisdiction of Norwegian courts.

(3)

H

Hiiggh

hlliiggh

httss iin

n tth

hee ffoou

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h qqu

uaarrtteerr

!

Revenues and EBIT

! Revenues increased 22.1 percent

YoY to NOK 258.1 million

! EBIT up 6.7 percent to NOK 25.3

million YoY

!

Continued growth in the workforce

! 34 new colleagues in Q4 and 137

over the last 12 months

!

Bouvet’s regional model

! Focused regional entities with local

specialities

! Customer closeness increases

business understanding

Revenues and number of employees

211 219 210 211 258 0 50 100 150 200 250 300 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 NOK million 642 672 702 745 779 100 200 300 400 500 600 700 800 900 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

3

(4)

SSttrraatteeggyy –

– aacch

hiieevviin

ngg oou

urr vviissiioon

n

Focus on lloon

ngg tteerrm

m relationships with llaarrggee ccu

ussttoom

meerrss

Offer a range of services in which d

deem

maan

nd

d iiss iin

nccrreeaassiin

ngg

Utilize ssttrroon

ngg p

poossiittiioon

n when attracting employees

Combine oorrggaan

niicc ggrroow

wtth

h with selected ssttrraatteeggiicc

aaccqqu

uiissiittiioon

nss

L

Leeaad

diin

ngg SSccaan

nd

diin

naavviiaan

n

ccoon

nssu

ullttaan

nccyy in selected

(5)

55 yyeeaarrss ooff ffiin

naan

ncciiaall ggrroow

wtth

h

Annual revenues

Annual EBIT

5

448 565 589 711 897 0 100 200 300 400 500 600 700 800 900 1000 2007 2008 2009 2010 2011 NOK million 47 70 57 65 88 0 10 20 30 40 50 60 70 80 90 100 2007 2008 2009 2010 2011 NOK million

(6)

55 yyeeaarrss ooff ssh

haarreeh

hoolld

deerr rreettu

urrn

n

Investment Calculator

0 20 40 60 80 100 120 140 160 180 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 15.05.07 15.11.07 15.05.08 15.11.08 15.05.09 15.11.09 15.05.10 15.11.10 15.05.11 15.11.11 Number of shares NOK Value Number of shares N NOOKK 33..7700 N NOOKK 44..0000 N NOOKK 44..0000 NNOOKK 22..5500 N NOOKK 33..7755 N NOOKK 44..1100

100 shares

159 shares

Investment of NOK 4,000

Value of NOK 12,271

108 shares

120 shares

136 shares

141 shares

151 shares

(7)

Fourth Quarter 2011

O

(8)

G

Geeooggrraap

ph

hiicc p

prreesseen

nccee

B

Boouuvveett SSwweeddeenn ((3311))

! Stockholm

! Malmø

! Ørebro B

Boouuvveett NNoorrtthh ((3399))

! Trondheim

B

Boouuvveett RRooggaallaanndd ((331155))

! Stavanger

! Haugesund B

Boouuvveett SSoouutthh ((4433))

! Sandefjord

! Skien

! Arendal

! Kristiansand

B

Boouuvveett EEaasstt ((330033))

! Oslo

! Sandvika B

(9)

E

Exxiissttiin

ngg ccu

ussttoom

meerrss –

– oou

urr m

maaiin

n ffooccu

uss

!

Keeping customers

!

The existing customers* increased

9.0 percent from Q4’10

!

Existing customers* represent 89.2

percent of revenues in Q4’11

!

Expanding the customer base

!

Revenues increased by

NOK 27.8 million from retaining

new customers **

!

A continued strong market

!

Still strong demand from customer

segments not affected by the

financial turmoil

Revenues customer split

- 50 100 150 200 250 300 Q4'10 Q4'11 NOK million

Existing customers* New customers (LTM)**

* EExxiissttiinngg ccuussttoommeerrss defined as customers that were invoiced in the corresponding quarter last year

** NNeeww ccuussttoommeerrss defined as customers won since end of corresponding quarter last year

(10)

L

Looccaall ccoon

nttaacctt –

– n

naattiioon

naall oou

uttrreeaacch

h

SSttaavvaannggeerr Trondheim Bergen Oslo Skien Haugesund B Beerrggeenn Oslo Trondheim K Krriissttiiaannssaanndd Oslo Stavanger Arendal SSttoocckkhhoollmm Arendal SSttoocckkhhoollmm Oslo

BBeerrggeenn OOsslloo OOsslloo Bergen

SSttaavvaannggeerr OOsslloo Sandvika

(11)

N

Noo cch

haan

nggee ttoo ccu

ussttoom

meerr aan

nd

d p

prroojjeecctt m

miixx

!

A stable project mix

!

Variable priced contracts share of

total contracts ended 89.1 percent

in Q4’11

!

A solid customer mix

!

Revenues from the three largest

customers represent

NOK 98.6 million

!

The 10 largest customers represent

52.2

percent of total revenues

!

The 20 largest customers represent

65 percent of total revenues in

Q4’11

Variably priced contracts share of revenues

91,6 % 91,9 % 92,7 % 91,4 % 89,1 % 50 % 60 % 70 % 80 % 90 % 100 % Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

10 largest customers share of revenues

50 % 52 % 56 % 54 % 52 % 0 % 25 % 50 % 75 % 100 % Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

11

(12)

A

Attttrraaccttiin

ngg ttaalleen

ntt iin

n aallll rreeggiioon

nss

!

The individual is at the core of

Bouvet

!

Knowledge and enthusiasm

!

Empowered entities and

empowered employees

!

Challenging tasks

!

779 employees as of

31 December 2011

!

Net 34 new hires in the Q4’11

!

Net 137 new hires in the last twelve

months

!

Specific skills are in demand

Changes in total number of employees

0 10 20 30 40 50 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

Number of employees

0 200 400 600 800 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Sweden North Bergen Rogaland South Oslo

(13)

Fourth Quarter 2011

F

(14)

K

Keeyy F

Fiiggu

urreess

T

Thhrreeee mmoonntthhss eennddiinngg TTwweellvvee mmoonntthhss eennddiinngg

NOK millions 3311..1122..22001111 31.12.2010 Change 3311..1122..22001111 31.12.2010 Change

Operating revenue 225588..11 211.3 +22.1% 889977..22 710.6 +26.3%

Operating profit (EBIT) 2255..33 23.7 +6.7% 8888..00 64.7 +36.0%

EBIT margin 99..88 %% 11.2 % - 99..88 %% 9.1 % -

Ordinary profit before tax 2255..88 24.1 +6.8% 8899..99 67.0 +34.1%

Profit for the period 1188..11 18.7 -3.3% 6633..99 49.0 +30.5%

EPS (fully diluted) 11..7722 1.80 -4.6% 66..0066 4.74 +27.8%

Net cash flow operations 6611..00 67.5 - 9.6% 5577..88 36.4 +58.9%

Equity ratio 3355..00%% 37.3 % - 3355..00 %% 37.3 % -

Cash and cash equivalents 111144..44 112.3 +1.8% 111144..44 112.3 +1.8%

Number of employees (end of period) 777799 642 +21.3% 777799 642 +21.3%

(15)

C

Coon

nttiin

nu

ueed

d ttoop

p--lliin

nee ggrroow

wtth

h

!

Revenues increased by

22.1 percent compared to Q4’10

–!

Revenues from own consultants

increased YOY by 19.5 percent to

NOK 196.8 million

!

Sub-contracted consultants share of

revenues increased from 17.6 percent

to 19.0 percent

–!

Other revenues increased YOY by 29.0

percent to NOK 12.3 million

!

Strategic initiatives with customers

affected the top-line negative with

NOK 6.0 million

!

Utilization rate of 79.6 percent in

Q4’11 vs. 79.4 percent in Q4’10

!

Hourly based services rates increased

by 1.5 per cent from Q4’10

Revenue split (12 months rolling average)

0 200 400 600 800 1000 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 NOK Million

Other Sub-contracted consultants Own consultants

Revenue split (quarterly figures)

0 50 100 150 200 250 300 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 NOK Million

Other Sub-contracted consultants Own consultants

(16)

F

Fllaatt E

EB

BIIT

T d

deevveelloop

pm

meen

ntt

!

EBIT increase YOY*

!

The EBIT-margin in Q4’11 ended at

9.8 percent compared to 11.2 in

Q4’10

!

OPEX up 24.1 percent

!

Average salary increased 4.4

percent in the last twelve months

!

Average number of employees up

21.4 percent

!

Other OPEX up 22.1

percent

!

Primarily a result of higher

headcount related spending, e.g.

training, software licenses and

telecommunications

EBIT and EBIT margin (12 months rolling)

64,7 73,7 80,8 86,4 88,0 0,0 20,0 40,0 60,0 80,0 100,0 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 NOK million 9,10 % 9,74 % 10,10 % 10,16 % 9,80 % 0 % 2 % 4 % 6 % 8 % 10 % 12 % Q4'10 Q1'11 Q2'11 Q3'11 Q4'11

(17)

C

Caassh

h fflloow

w ffrroom

m oop

peerraattiioon

nss

!

Quarterly cash flow from operations

!

Positive NOK 61.0 million in Q4’11

compared with NOK 67.5 million in

Q4’10

!

12 months rolling average

!

For the last twelve months, cash

flow from operations ended at NOK

57.8 million, up from NOK 36.4

million in Q4’10

Cash flow from operations

Cash flow from operations (12 months rolling)

17

36 69 55 64 58 0 20 40 60 80 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 NOK million 68 4 -17 10 61 -40 -20 0 20 40 60 80 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 NOK million

(18)

A

A ssoolliid

d ccaap

piittaall ssttrru

uccttu

urree

Assets

0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 400,0 450,0 31.12.2010 31.12.2011 NOK million

Cash and Cash Equivalents Other Current Assets Non Current Assets

Equity and liabilities

0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 400,0 450,0 31.12.2010 31.12.2011 NOK million Equity Short-term debt Long-term debt 35 % 37 % 29% 36%

(19)

F

Foou

urrtth

h Q

Qu

uaarrtteerr 220

01111

O

(20)

M

Maarrkkeett d

deevveelloop

pm

meen

ntt aan

nd

d oou

uttllooookk

!

IT market still strong

! Strong market development in regions and customer segments

!

Strong market position

! Strengthened market share in 2011

! Well positioned to further strengthen the market share

!

Success with regional profile

! The regional focus will continue – leading position in local markets

!

Competent and motivated colleagues

! Our employees is Bouvet’s core value driver

(21)

SSu

um

mm

maarryy

!

Financials in line with expectations

! Revenues at NOK 258.1 million

! EBIT at NOK 25.3 million

!

Continued growth in employees

! 34 new colleagues in Q4 and 137 over the last 12 months

! Demand for manpower and knowledge in all regions

!

No sign of financial uncertainty

! It is still a strong market for IT services

! Bouvet’s regional profile gives the company a unique flexibility

(22)

SSh

haarreeh

hoolld

deerrss aass ooff 1133 F

Feebbrru

uaarryy 220

01122

SShhaarreehhoollddeerr % of total shares Number of shares

NORDEA NORDIC SMALL CAP FUND 9,86% 1 011 061

MP PENSJON PK 5,99% 613 719

HURUM SVERRE FINN 5,31% 544 000

VERDIPAPIRFONDET DNB NORDIC TECHNO 5,14% 526 642

KLP AKSJE NORGE VPF 4,39% 450 030

MORGAN STANLEY & CO INTERNAT. PLC 4,31% 442 039

KOMMUNAL LANDSPENSJONSKASSE 3,71% 380 000

STENSHAGEN INVEST AS 2,90% 297 535

STUBØ ERIK 2,57% 263 500

SKANDINAVISKA ENSKILDA BANKEN 2,29% 234 338

SHB STOCKHOLM CLIENTS ACCOUNT 2,10% 215 000

TELENOR PENSJONSKASSE 1,82% 186 800

DNB NOR SMB VPF 1,58% 161 954

NERGAARD NILS OLAV 1,50% 153 473

VERDIPAPIRF.STOREB.NORGE INSTITUS. 1,41% 145 001

STOREBRAND VEKST 1,37% 140 433

VERDIPAPIRFONDET WARRENWICKLUND NO 1,28% 131 050

MIDELFART INVEST AS 1,25% 128 000

References

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