Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q1 2015 Earnings Presentation
19 slides from Kongsberg Gruppen Asa's earnings presentation, Apr 30, 2015
Slide 1: Investor presentation 1st Quarter 2015
Investor presentation 1st Quarter | 30 April 2015
Slide 2: A good start to 2015
A good start to 2015 • Strong order intake and continued growth – BNOK 5.0 order intake, book/bill 1.17 – Record high order backlog of BNOK 22 – BNOK 4.2 revenues, 7.4 % growth YoY – Increased net working capital, negative cash flow • KM builds backlog and achieves all time high quarterly revenues •
Slide 3: Financial status Q1 - 2015: Operating revenues
Financial status Q1 - 2015 Operating revenues 5 000 4 500 • Revenues up 7.4 % from Q1-14 4 000 3 500 3 000 • KM with a solid 10.4 % revenue 2 500 2 000 growth compared with Q1-14 1 500 1 000 500 • KDS revenues up 17.8 % YoY 0 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 4 500 4 000 369 30 •
Slide 4: Financial status Q1 - 2015: EBITDA
Financial status Q1 - 2015 EBITDA 700 • Solid MNOK 486 EBITDA, up 600 9.0 % from Q1-14 500 – EBITDA-margin 11.5 % (11.3 %) 400 300 • KM delivers MNOK 352 EBITDA in 200 Q1 (MNOK 341) 100 0 • Strong MNOK 128 EBITDA in KDS Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 550 500 14 • Positive EBIT
Slide 5: Financial status 2015: Order backlog
Financial status 2015 Order backlog Backlog of orders 27% 25 000 33% 20 000 40% 15 000 10 000 2015 2016 2017=> Life-cycle business and framework agreements not 5 000 converted into delivery contracts are not included in the backlog 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 New orders per
Slide 6: Financial status Q1 2015: Cash Flow
Financial status Q1 2015 5500 Cash Flow 5000 4500 486 1 010 4000 16 3500 155 3000 2500 3 761 4 424 2000 1500 1000 500 0 Cash IB EBITDA Q1 Change in other Investments Net changes in financing Cash UB operating related items activities and exchange rates Q1-15 Q4-14 Q1-14 Cash and short-term deposits
Slide 7: Net cash flow from operating activities - development
Financial status Q1 2015 Net Cash flow from operating activities - development 2 000 1 500 1 000 500 - -500 -1 000 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Net Cash flow from operating activities © KONGSBERG – All rights reserved. 30.04.2015 WORLD CLASS - through
Slide 8: Business Area Status
Business Area Status 30.04.2015 WORLD CLASS - through people, technology and dedication Page 8
Slide 9: Kongsberg Maritime
Kongsberg Maritime Solid start of the year - All-time-high quarterly revenues, 10.4 % revenue growth YoY - Record high revenues both within offshore and subsea, solid 35 % YoY growth within merchant marine (MNOK) Q1-15 Strong and diversified order MNOK 2.975 order intake in Q1 2015 Operating revenue
Slide 10: Technology for Sustainable Fisheries
Technology for Sustainable Fisheries • Main technologies are echosounder and sonar • 2014 sales was approx. MNOK 350 – Majority of sales to the retrofit market (85%), the rest are New Builds • 80% of products sold to commercial fisheries and 20% to government – Within commercial: 80% pelagic fishery
Slide 11: Fishery fleet becoming more advanced
Fishery fleet becoming more advanced • Fishery quota’s stable since 1980, approx. 85 mill tons world wide – Increased resource scarcity entails need for catch optimization – more advanced technology needed – “Sustainable fisheries” increasingly important for research, fishery and government • More o
Slide 12: Kongsberg Defence Systems
Kongsberg Defence Systems Solid Q1 and strong order Solid 2015 start backlog - Delivery programs executed on plan - Strong 12.3 % EBITDA-margin - Improved and growing activity related to F-35 BNOK 9.4 in order backlog ensures good visibility (MNOK) Q1-15 Strong position within Market leading positio
Slide 13: Aerostructures – F-35 ramping up
Aerostructures – F-35 ramping up • Factory opened in 2008 • Recognized for high quality and extreme precision • Solid operational improvements and strong order intake – MNOK 560 to LRIP 9-10 in Q1 15 – Close to BNOK 1.5 order backlog (F-35 and other) © KONGSBERG – All rights reserved. 30.04.2015 WOR
Slide 14: Kongsberg Protech Systems
Kongsberg Protech Systems Solid order intake, low Revenues driven by life-cycle business, i.e. EBITDA reset-activities - Expected to be a dominating portion of revenues in 2015 2.12 book/bill in Q1, above 1.0 for 4th consecutive quarter (MNOK) Q1-15 Operating revenues 369 Important win in the UK Con
Slide 15: Defence
Defence Several mid- and long term opportunities © KONGSBERG – All rights reserved. 30.04.2015 WORLD CLASS - through people, technology and dedication Page 15
Slide 16: Kongsberg Oil & Gas Technologies
Kongsberg Oil & Gas Technologies Low revenues and EBITDA MNOK 243 Q1 revenues, down 10.3% YoY but positive effects from measures implemented in The initiatives implemented in 2014 results in a 2014 positive MNOK 5 EBITDA - Cost base more adapted to the current market situation - Additional adjustmen
Slide 17: 2015 Outlook
2015 Outlook • Kongsberg Maritime – Good start to 2015 – Slower contracting of new vessels in the offshore market, good outlook for advanced merchant and subsea • Kongsberg Defence Systems – Strong position in selected niches and several important opportunities – Strong backlog provides a robust bus
Slide 18: 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 19: kongsberg.com
kongsberg.com