Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q3 2022 Earnings Presentation
24 slides from Kongsberg Gruppen Asa's earnings presentation, 2022
Slide 1: Investor presentation Q3 2022
Investor presentation Q3 2022 Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed w
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of the Company or assumptions based on information currently available to the Company. Such forward-looking in
Slide 3: Highlights third quarter 2022
Highlights third quarter 2022 • Record high EBITDA • Continued strong maritime order intake • Increased market activities • Management changes in KM and KDI • Established Kongsberg Renewables Technologies • Successful closing of NanoAvionics acquisition Order intake Revenue EBITDA NOK 7.5 NOK 7.7bn
Slide 4: Business update Kongsberg Maritime
Business update Kongsberg Maritime Highlights Order intake new sales by shipping segment YTD 2022 • 1.20 book/bill in Q3 Other 12% Seaborne & Pax • LNG-carrier and Naval segment most significant contributors OPU 24% to new build order intake in Q3 6% Offshore 8% • All-time high after market order in
Slide 5: Business update Kongsberg Defence & Aerospace
Business update Kongsberg Defence & Aerospace Highlights • High interest and demand for Naval Strike Missiles (NSM) • Call-off from the US Navy Over-The-Horizon program • NSM selected by Spain for their existing and future frigates • High activity and solid progress on NASAMS-deliveries • Continued
Slide 6: Business update Kongsberg Digital
Business update Kongsberg Digital Highlights Vessel Insight and Kognitwin • Launched digital twin for maritime with Höegh Autoliners as ~1,900 ~1,900 first customer Vessel Insight ⁓3,000 • Signed agreement with Gaslog LNG to connect entire fleet to Vessels Vessel Insight Q2’22 Q3’22 ⁓60 Vessel Insig
Slide 7: Kongsberg Renewables Technologies
Kongsberg Renewables Technologies Supporting growth and coordinated actions within renewables for KONGSBERG Kongsberg Renewables Technologies ▪ Kongsberg Renewables Technologies (KRT) will strengthen the presence and visibility in the renewables market for KONGSBERG ▪ Primary focus on offshore wind
Slide 8: Financial status
Financial status Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised
Slide 9: 25% revenue growth and NOK54bn in backlog
25% revenue growth and NOK54bn in backlog • 25% increased revenues compared to Q3 21 • Record high EBITDA of NOK1.36bn with 17.6% margin • Backlog of NOK 54bn • ROACE of 32.8% WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information 9
Slide 10: Double digit revenue growth and strong margins
Double digit revenue growth and strong margins Order intake Revenue EBITDA (NOKbn) Order backlog (BNOK) (NOKbn) Rolling 12m revenue (NOKbn, %) EBITDA % 54.1 30.5 44.9 17.0% 17.6% 26.5 15.3 1.4 7.7 1.1 6.2 7.5 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Y
Slide 11: Working capital development KM
Working capital development KM Net Working Capital development Highlights NWC % of LTM revenue NWC Kongsberg Maritime NOKbn 9% 12% 12% 3.0 9% 2.5 6% 5% • Double digit growth last three consecutive 2.0 quarters drives growth in; 1.5 • trade receivables 1.0 2.1 2.3 1.5 1.6 • inventory 0.5 0.9 0.9 0.0
Slide 12: Working capital development KDA
Working capital development KDA Net Working Capital development Highlights NWC % of LTM revenue NWC Kongsberg Defence & Aerospace 0.0 (0.1) • Increased inventory to meet future growth (1.1) (1.1) (1.0) (2.0) (1%) within Missile division (2.8) (2.4) (2.0) (10%) • Component shortages in Land division
Slide 13: Cashflow development
Cashflow development 1.7 – 30.9 Operating activities Investing activities Financing activities Accounts Receivables 462m Acquisition 526m Share buyback 298m Inventory 259m PP&E 214m Other current liabilities 449m Capitalized R&D 60m Other 322m 1.4 (1.5) 3.5 (0.8) 2.2 (0.4) 0.1 Cash 1.7 EBITDA Change
Slide 14: Kongsberg Maritime
KONGSBERG MARITIME KONGSBERG MARITIME KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in who
Slide 15: Strong order intake and book/bill 1.20 in KM
Strong order intake and book/bill 1.20 in KM Order intake Order backlog (NOKbn) Last 12 months order intake (NOKbn 23.0 18.1 5.6 Two years → 12.9 17.0 2.9 5.6 4.9 8.1 Next year 7.2 2.7 4.4 Current year Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 2021 Q3 2022 YTD; 18.2bn • Q3 22 order intake up 16% compared to
Slide 16: 26% revenue growth in KM
26% revenue growth in KM Revenue EBITDA (NOKbn) Rolling 12-months revenue (NOKbn, %) 18.6 15.0% 17.0% 11.0% 9.8% 10.9% 16.0 0.80 4.7 0.56 3.7 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 YTD 2022; 13.7bn YTD 2022; 1.7bn (12.6%) • Record high aftermarket revenues • Q3 2022 EBITDA 42% h
Slide 17: Kongsberg Defence & Aerospace
KONGSBERG DEFENCE & AEROSPACE KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in
Slide 18: Order backlog supports continued growth in KDA
Order backlog supports continued growth in KDA Order intake and major orders Order backlog (NOKbn) (NOKbn) 35.0 31.2 10.3 19.8 Two years → 18.8 11.5 Next year 1.6 9.3 3.1 3.8 Current year Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 2021 Q3 2022 YTD 2022; 7.0bn • F-35 parts • NSM Germany • NSM US Navy • Solid b
Slide 19: 24% growth in revenue in KDA
24% growth in revenue in KDA Revenue EBITDA (NOKbn) Rolling 12-months revenue (NOKbn, %) 11.0 23.5% 9.7 20.4% 21.1% 21.5% 18.6% 2.8 2.3 0.60 0.46 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 YTD 2022; 8.0bn YTD 2022; 1.6bn (20.5%) • Q3 22 revenue increased 24% compared to Q3 21 • High
Slide 20: Acquisition of NanoAvionics closed
Acquisition of NanoAvionics closed Proforma revenue from combined company and KSAT1 Highlights (NOKm) • NanoAvionics acquisition closed 6 843 665 664 151 646 September 631 78 140 • Acquired 77% of the company at an 586 692 506 enterprise value of EUR 65 million • NanoAvionics delivers positive resul
Slide 21: Kongsberg Digital
KONGSBERG DIGITAL KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must
Slide 22: Growth in all areas in KDI
Growth in all areas in KDI Key figures Highlights (NOKm) Rolling 12-months revenue ▪ Q3 22 recurring revenue increased with 932 34% from Q3 21 836 Revenues 221 262 ▪ Share of recurring revenue ~47% in Q3 22 ▪ ~30% increase in number of users on Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Kognitwin compared to pre
Slide 23: Outlook
Outlook KONGSBERG DEFENCE KONGSBERG KONGSBERG & AEROSPACE MARITIME DIGITAL Current backlog secures growth in 2022 Positive sentiment in “high value” Continued increase in recurring segments revenues from next-gen solutions1 Some fluctuations in revenue expected due to components situation High activ
Slide 24: Q&A
INVESTOR PRESENTATION Q&A KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa