Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q3 2023 Earnings Presentation
32 slides from Kongsberg Gruppen Asa's earnings presentation, 2023
Slide 1: Quarterly report 3rd quarter 2023
Quarterly report 3rd quarter 2023 1 3. kvartal 2023 KONGSBERG
Slide 2: CEO comment
KONGSBERG "We live in a turbulent world with rapid changes, where there is a demand for a higher degree of security, increased stability and a shift towards a green industry restructuring. I am proud of the work we do in collaboration with customers, research communities and governments to make a di
Slide 3: Highlights
Highlights KONGSBERG 29 per cent growth in operating revenues, NOK 1.6 billion. EBITDA and NOK 1.3 billion. EBIT. Solid growth in all business areas. The order backlog of NOK 69.2 billion and high activity throughout the Group provide a solid basis for continued growth going forward. MNOK Q3 YTD Ope
Slide 4: Key figures
Key figures 1.7 - 30.9 1.1 - 30.9 1.1-31.12 MNOK 2023 2022 2023 2022 2022 Order backlog Operating revenues 9 978 7 745 28 681 22 358 31 803 2023 EBITDA 1 626 1 360 4 364 3 201 4 602 2024 EBITDA (%) 16,3 17,6 15,2 14,3 14,5 2025+ 69 233 EBIT 1 270 1 035 3 327 2 240 3 309 Order backlog 54 127 EBIT (%)
Slide 5: Group results, cash flow and balance sheet
KONGSBERG EBIT in the 3rd quarter was MNOK 1 270, corresponding to an EBIT payments and investment in property and production facilities. The margin of 12.7 per cent, compared to MNOK 1 035 (13.4 per cent) in largest single investment is in a new missile factory, where MNOK the same quarter last yea
Slide 6: Product development and employees
Product developement KONGSBERG continuously invests in product development, through self-financed and customer-financed programs. Self-financed product development and maintenance was a total of MNOK 573 in the quarter and MNOK 1,744 for the first nine months of the year, of which MNOK 96 and MNOK 2
Slide 7: Kongsberg Maritime
Kongsberg Maritime Key figures Operating revenues EBIT Operating revenues YTD per division 1.7 - 30.9 1.1 - 30.9 1.1-31.12 615 4 990 486 8% Integration & Energy 18% MNOK 2023 2022 2023 2022 2022 4 136 321 3 270 Global Customer Support Propulsion & Handling Operating revenues 4 990 4 136 14 592 11 87
Slide 8: Kongsberg Maritime organisational changes, results, market and orders
Organisational changes Kongsberg Maritime has significant exposure to foreign With effect from June 1 , 2023, Kongsberg Maritime’s divisional st currencies. Over the past two years, the Norwegian krone has structure has changed. The Global Customer Support division depreciated considerably against m
Slide 9: Kongsberg Defence & Aerospace
Kongsberg Defence & Aerospace Key figures Operating revenues EBIT Operating revenues YTD per division 3 940 594 1.7 - 30.9 1.1 - 30.9 1.1-31.12 2 802 2 261 MNOK 2023 2022 2023 2022 2022 452 330 Missile Systems 18% 25% Aerostructures & MRO Operating revenues 3 940 2 802 10 932 7 966 11 860 5% Q1 Q2 Q
Slide 10: Defence & Aerospace results, market and orders
Results Several other significant contracts were also signed during the quarter: Operating revenues was MNOK 3 940 in the 3rd quarter, up 41 per - NOK 1.2 billion contract with Lockheed Martin for delivery of parts cent from the same quarter last year. About half of the growth for the F-35 fighter j
Slide 11: Kongsberg Discovery
Kongsberg Discovery Key Figures Operating revenues EBIT Operating revenues 924 YTD per division 151 149 1.7 - 30.9 1.1 - 30.9 1.1-31.12 685 594 MNOK 2023 2022 2023 2022 2022 82 Ocean Technologies 18% Marine Life Technologies 42% Operating revenues 924 685 2 768 2 170 2 998 Uncrewed platforms 21% EBI
Slide 12: Kongsberg Discovery results, market and orders
KONGSBERG established Kongsberg Discovery as a new business Kongsberg Discovery is exposed to major market drivers such as area with effect from 1 January 2023. ocean-based energy production, commercial fishing, seabed Previously, the area was a separate division (Sensors & Robotics) mapping, securi
Slide 13: Kongsberg Digital
Kongsberg Digital Key Figures Operating revenues Recurring revenues 360 1.7 - 30.9 1.1 - 30.9 1.1-31.12 262 221 193 MNOK 2023 2022 2023 2022 2022 122 91 Operating revenues 360 262 994 703 989 of this Recurring 193 122 529 336 469 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 revenues* 2021 2022 2023 Q1 Q2 Q3 Q4
Slide 14: Kongsberg Digital results and future
Results investors will support and accelerate the future growth and development of Kongsberg Digital. Operating revenues was MNOK 360 in the 3rd quarter, up 37 per cent from the same period in 2022. Recurring operating revenues Since Kongsberg Digital was established in 2016, the business area incre
Slide 15: Outlook
Kongsberg Discovery has a broad world-leading technology portfolio Outlook combined with deep domain knowledge and software that are important within fisheries, marine research, marine operations, ocean-based energy production and monitoring of critical infrastructure. There is great demand for tech
Slide 16: Numbers & Notes
Numbers & Notes 16 3rd quarter 2023 KONGSBERG
Slide 17: Key figures by quarter
Key figures by quarter KONGSBERG 2023 2022 2021 MNOK 2023 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 Operating revenues 28 681 9 978 9 614 9 090 31 803 9 444 7 745 7 567 7 046 27 449 8 107 6 216 6 762 6 364 EBITDA 4 364 1 626 1 381 1 357 4 602 1 401 1 360 1 012 829 4 086 1 156 1 054 993 883 EBITDA (
Slide 18: Key figures by quarter continued
Key figures by quarter continued KONGSBERG DISCOVERY 2023 2022 2021 MNOK 2023 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 Operating revenues 2 768 924 934 911 2 998 827 685 747 739 2 537 656 594 620 667 EBITDA 472 160 168 144 565 131 173 147 113 436 108 105 102 120 EBITDA (%) 17,0 17,3 18,0 15,8 18,8
Slide 19: Condensed income statement
Condensed income statement Condensed statement of comprehensive income 1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 1.1 - 31.3 1.1 - 31.3 1.1-31.12 MNOK Note 2023 2022 2023 2022 2022 MNOK Note 2023 2022 2023 2022 2022 Operating revenues 5 9 978 7 745 28 681 22 358 31 803 Earnings after tax 1 043 893 2 590 1 82
Slide 20: Condensed statement of financial position
Condensed statement of financial position 30.9 30.6 31.12 30.9 30.6 31.12 MNOK Note 2023 2023 2022 MNOK Note 2023 2023 2022 Assets Equity, liabilities and provisions Property, plant and equipment 5 218 4 793 4 107 Issued capital 4 5 928 5 928 5 930 Leasing assets 7 1 776 1 899 1 743 Retained earning
Slide 21: Condensed statement of changes in equity
Condensed statement of changes in equity 30.9 30.6 31.12 MNOK Note 2023 2023 2022 Equity opening balance 13 744 13 744 13 618 Total comprehensive income 3 128 2 141 3 331 Dividends paid (2 115) (2 115) (2 716) Share buy-back related to share buy-back programme 4 (265) (265) (481) Transactions with t
Slide 22: Condensed cash flow statement
Condensed cash flow statement 1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 MNOK Note 2023 2022 2023 2022 2022 MNOK Note 2023 2022 2023 2022 2022 Earnings after tax 1 043 893 2 590 1 828 2 809 Net change interest-bearing loans 742 - 1 739 - - Depreciation/impairment of property
Slide 23: General information and principles
between changes in accounting estimates and changes in accounting 1 General information and principles policies and the correction of errors. The amendments to IAS 12 concern deferred tax related to assets and liabilities arising from a single transaction. The amendments limit the initial recognitio
Slide 24: Segment information
5 Segment informasjon Operating revenues EBITDA EBIT 1.7 - 30.9 1.1 - 30.9 1.1-31.12 1.7 - 30.9 1.1 - 30.9 1.1-31.12 1.7 - 30.9 1.1 - 30.9 1.1-31.12 MNOK 2023 2022 2023 2022 2022 2023 2022 2023 2022 2022 2023 2022 2023 2022 2022 Kongsberg Maritime 4 990 4 136 14 592 11 878 16 486 762 622 1 930 1 294
Slide 25: Shares in joint arrangements and associated companies
6 Shares in joint arrangements and associated companies Specification of movement in the balance sheet line “Shares in joint arrangements and associated companies” 1 January to 30 September Other items and Share of net Carrying Additions/ Dividends Share of net comprehensi Carrying income 1.7 MNOK O
Slide 26: Leasing
7 Leasing KONGSBERG has leases that are primarily related to land and buildings, as well Leasing assets and leasing liabilities recognised in the financial position: as leases for machinery, vehicles and equipment. 30.9.2023 30.6.2023 31.12.2022 IFRS 16 effects on condensed statement of financial po
Slide 27: Financial instruments
8 Financial instruments Loans and credit facilities Interest-bearing loans: The group has five bond loans amounting to a total of MNOK 3,450. 30.9.2023 31.12.2022 The loans are classified as long-term loans except KOG11 and KOG13 Nominal interest which are due 5th of December 2023 and 6th of June 20
Slide 28: Forward exchange contracts
Forward exchange contracts Fair value of balances classified as cash flow hedges, as shown in the condensed statement of comprehensive income, decreased by MNOK 6 before tax during the period 1 January – September 2023. The fair value of unrealized forward exchange contracts decreased by MNOK 192 du
Slide 29: Derivatives and product development
Specification of derivatives: 30.9 30.6 31.12 MNOK 2023 2023 2022 Forward exchange contracts, cash flow hedges (a) 441 570 682 Forward exchange contracts, fair value hedges (b) 840 1 115 914 Total derivatives, current assets 1 282 1 686 1 596 Forward exchange contracts, cash flow hedges ( c) 725 867
Slide 30: Related parties, risk and uncertainty factors, tax
10 Related parties The Board is not aware of any changes or transactions in the 3nd quarter associated with related parties that in any significant way have an impact on the Group’s financial position and profit for the period. 11 Important risk and uncertainty factors KONGSBERG’s risk management is
Slide 31: Alternative performance measures and definitions
Alternative performance measures and definitions KONGSBERG uses terms in the consolidated financial statements that Working capital is calculated as follow: are not anchored in the IFRS accounting standards. Our definitions and explanations of these terms follow below. KONGSBERG considers EBITDA and
Slide 32: 3rd quarter 2023 KONGSBERG
32 3rd quarter 2023 KONGSBERG