Bouvet ASA

Then there is power supply. Within power supply, we have grown by almost 50% in this period. I will come back to that. But in that sector, we find close and dear customers such as Statnet, Havslund, BKK and Norges Energi, who have stood behind that development. One of the things we are most proud of is what we contribute to our customers with solutions. This time we have talked a little about the state, but I have also talked about the defense, BKK and the state's way of life. Forsvaret. Dette her er en tjeneste som heter I tjeneste for Norge. Det er en webside hvor veteraner som har stått i tjeneste for Norge går inn og legger inn sine historier. I encourage everyone to take a look here. The website is itjenstfornorge.no. It is a well of quite fantastic, exciting and moving stories. What we have been allowed to do here is to implement the solution on the defense's web platform. Moreover, a platform that Bovere has built over several years. We have assisted with project management, and we have assisted with security and penetration testing. I repeat the challenge. More should be able to take a look at this. Then we have BKK, and everyone who has followed the media lately has brought with them these conditions around that power agreements are a bit difficult to understand. Do you have a good agreement, or do you have a less good agreement? BKK has made a solution for the business market, where you can submit your agreement and get a quick analysis of what this agreement actually is. And you get a quick answer to this. Realisation was also quick. Bovere started with service design and delivered the whole solution. The whole solution was realized from a prototype to a production solution. It took about a month. Exciting solution, good solution. Then we have the state's road network. Everyone knows that our transport solutions are becoming more and more dependent on digitalization. Road networks and infrastructure around it are becoming smarter and smarter. Here, together with some others, we have won an agreement that is precisely about this. We are going to support the state road network with the digitalization in the further development of our road network. Another small digression related to the state road network is that many of you probably know that they have moved their main business on the IT side to Drammen. Sandvika and Drammen is an axis that we have a very strong foothold in, so we look forward to developing our organization together with the state's road force in exactly that region. Then we have Kurs. You, who attended our Q4 presentation, got the story of how our course business, which was almost physically closed, was shut down overnight a little over a year ago. We could also report that the course company delivered positive results, something we were quite proud of. In addition, 40% of the revenues actually came in the fourth quarter. That positive development has continued. But now there is another advantage. Now we deliver everything digitally. So it's a pretty fantastic turn of events. The courses that are most in demand are Agile Work Forms and Change Management. It's about workshop management, it's about service design, and not least, something that has hit us pretty hard this year, is digital collaboration with Office 365. So, a very positive perspective from our course business, and again, all digital. I was talking about our sectors earlier. If we look at the four largest sectors, I pointed out energy or power supply, which has been the largest development since the same period last year. But what is new here from the last quarter is that transport, which has historically been our fourth largest sector, is back. And that is about large engagements that have increased in scope. It was a sector that was hit hard by the pandemic, and still is hit hard. Now we see increased activity, not least in Banne Nord and also in Sporveien, plus a few others. Energy and power supply, I have talked about the biggest customers there. In the public sector, it is the police and the defense that are the big ones. But we also have the municipal sector, which is with Nordland Municipality and Sør-Trøndelag Municipality, together with Arbeidstilsynet. They stand for the biggest growth there. Then we have oil and gas, which is historically strong with us. And the cooperation we have with Equinor, it just strengthens itself, and it is sought after more. In addition, we have customers like Gasco and Conoco Phillips, who are also good customers in that sector. But as I said, the main trend here is the positive development we have had in terms of power supply. Customer and project mix. Here are two trends that we have seen over several years. Our variable contracts, running hours, are dominant. There are almost no fixed price contracts to talk about anymore. The next thing is that we grow with our customers, and together with our customers, and our most important customers become more and more important to us. And it's not just that they buy more of the same, it's about the whole range of service spectrum they live in. That's what we grow with within the customers we've worked with the longest. Here we see that we are over 50% of the 10 largest customers, which is a confirmation of how we develop together with our customers. Then we have the development of new and existing customers. As I said, we grow together with our customers. This means that the main growth we have is within existing customers. Then there are some customers that come. I would like to mention two customers there. One comes from Kefir Energy. They work in the construction and maintenance of offshore installations. And then there is Fagforbundet, where we have built a new membership solution for the members of the association. Then we have our regional organization. And this is a familiar sign with BoV. We have a strong local representation. We believe in being close to our customers. We believe in developing our services in relation to what the customers locally need. And therefore we build an organization that is and lives close to our customers. What is to be said about this is that we have a very positive development in all regions. If I were to draw one relationship in, if I compare with the same period last year, then it is that we deliver a lot more regionally. This means that we put together a team across our entire business, and delivers a multidisciplinary team to local customers. This is pleasant, it gives interesting tasks for people, and it makes us deliver even better to our customers. And then we have the introduction we talked about, which is the most important in BOV, and that is our employees. And we have had a positive development in terms of recruitment, which we are happy about. And if I go to the description here, it says enthusiastic and competent employees, and that is certainly something we have. It should perhaps be admitted that the enthusiasm is worn out by the pandemic. So if there is one thing we look forward to in the future, it is that we can meet even more physically and get even more of that enthusiasm out. But as I said, positive development in terms of recruitment and growth in the number of employees. Now we have reached the numbers, so I will give the floor to Erik, who will take us on a little tour with them. Thank you.

Thank you for that, Birgit. Let's take a look at the numbers. It's a good quarter for BOV. The turnover is record high, and the result is record high. Before we move on to the details, I'd like to mention a curiosity. 18 years ago, we presented the first year's result to BOV. And that was a turnover of 128 million, and a annual income of 400,000. That's a bit funny to think about, in my opinion. If we look at the revenues, they are up 8.5%. The most important part is the revenues from our own consultants. They are 85% of the turnover, and amount to 588.4 million, and that's an increase of 8%. Income from the sub-consultants is up 10.6%. They make up 12% of the turnover. And then we have other income that makes up 3% of the turnover, which increases a little more than the others, but it's not a big deal. So the most important income is from our own consultants, which increases by 8%. And we see that there is a positive effect of having more employees. We have become 6.8% more employees. That increases the income. So a little special thing this quarter is that our prices are not up since the first quarter of 2020. This is probably an effect of the pandemic. We noticed that there was a certain price pressure for a while, so the prices have gone up a bit, and that is up 1% in the quarter compared to the fourth quarter of 2020. We have a positive effect in the quarter of the factoring rate being 0.9% higher than the same quarter last year, and it is now at a very high level, I would say. We had one less working day in the quarter, which gives a little less income. If we look even more at the income, we see that the number of new employees actually gives an increase in the income of 33 million. The sub-consultants increase by 8 million. We also have a positive effect here, and that is that the health benefits are lower, and that actually leads to an increase in income of around 8 million. The factorization rate was, as I said, up 0.9 percent points, and that gives almost 6 million in increased income. And then we have this working day at the end, which is the negative part here. It makes us lose almost 8 million in income. The operating profit has increased by 10% to 90.8 million. The operating costs have increased by 8.3%. This means that the EBIT margin has also increased slightly, from 12.9% to 13.1%. Even though the price hasn't gone up, the operating costs have increased in the last year. The average operating cost is up by 3.2%. And finally, which also affects the result now in covid times, is that there are some costs that we do not have in the same way. There are trips and conferences and social events. And in this quarter, it has reduced costs by about 6.3 million. If we then look at The result effect of what we saw at ISTE is income changes. We see that what counts most here is that there have been more employees. This increases the result by over 6 million. Lower health care is also important. This increases the result by almost 4 million, and the same with 0.9 percent point increased rate of return, which almost gives 4 million in increased result. And then we have the working day, which was not here. It affects the result negatively, with about 5 million. Finally, we have the current flow from operations. It is somewhat lower this quarter than the same quarter last year. Then you have to say that the same quarter as last year, there was a very good flow of cash from the company. This is basically periodization between the quarters, so the flow of cash from the company in the last 12 months is at a total of 425 million, which is quite remarkable compared to the results after the tax. The exchange rate is suggested at 22 kroner per share. We have the right to pay for that, as you can see on the numbers here. Other than that, there are no questions here now, I see. So I'm going to hand it over to Per Gunnar to tell us a little bit about what's coming up next.

Thank you, Erik. I'm going to tell you a little bit about The future. The time is coming. I said that we have many employees who are looking forward to this pandemic to stop. We are looking forward to the new working day. First and foremost, so that it becomes more physical, so that we can meet each other. This new working day, we work with, and we work a lot with our customers. And that's what this is about. We are in important deliveries. The requirements for how we work within our different deliveries. They set requirements for different forms of communication. So what we are working on now is to shape this future workday together with our customers. We believe that it will be a workday that will be a lot based on the physical, and we have certainly learned a lot when it comes to flexibility in where you can sit. But as I said, this is what we are working on and we are looking forward to it. They work in an industry with a huge demand. And what I have previously talked about here is the growth and the needs that we see in the public sector, and in power supply, and also in oil and gas, and also in the other sectors that we are represented in. But there is an increasing digitalization that is taking place, and we see no sign that there should be any decline in that need. So we are very happy about that. Then we have a development that we have experienced over time. We call it from project to product. We provide a much more multidisciplinary team that sits together with the customer in the long run, and we scale up and down depending on what the needs are in the different product developments with the customer and together with the customer. We are just seeing that continue, so the diversity that we have built in Bove is being questioned. And then we have, fundamentally, a very large demand after a number of services. And there are some I bring up here, and they are sky and platform services. We also see, on that, we see a lot of our customers asking for ski trips and going in the sky, and in the best way possible taking advantage of the services that are there. We help them with that. Safety. We all know how important safety has become for the solutions we build. And then we have this with the trend that is in the market with our customers, that they want to approach more agile and smooth forms of work. I have mentioned how our course business experiences that need, and we also experience on the advisory side, There is a strong demand for it, and the customers support it. The last, fundamental trend is that the period we have been through has taught us the importance of digital collaboration. As we know, digital collaboration is not just technical collaboration. It is about organizational development and change management. We deliver on the complexity of changing the form of collaboration in a business, and we experience a strong demand for it. Last point. We have customers who ask for more from us, and we work every single day to cover that. That means that we work with recruitment and want to attract people within many categories of expertise, and not least many different levels of experience. Both those who have less experience, but not least also those who have more experience. They are important to us. It's about leading, building and running good teams. So we work a lot with recruitment. That was all we had to share. I hope this gave you an insight into what this first quarter has been like for us. We look forward to seeing you at the next quarter's presentation. With that, I would like to say thank you very much to all of you.