Kitron Asa · OSL:KIT
Kitron Asa — Q4 2022 Earnings Presentation
12 slides from Kitron Asa's earnings presentation, Feb 15, 2023
Slide 1: 2022 Q4 Presentation
2022 Q4 Presentation Kitron Group | 2023-02-15
Slide 2: Fourth quarter and full year 2022 Highlights
Fourth quarter and full year 2022 Highlights • Q4 Revenue: 1813 MNOK (an increase of 91% from 949 MNOK last year) • Full Year Revenue: 6487 MNOK (an increase of 75% from 3711 MNOK last year) • Q4 EBIT: 165 MNOK (an increase of 216% from 52 MNOK last year) • Full Year EBIT: 460 MNOK (an increase of 9
Slide 3: Order backlog
Order backlog ▪ Strong demand for the products Order backlog (BNOK) we build and the services we 2,00 deliver. 1,80 ▪ In the fourth quarter of 2022, we 1,60 reached new all-time-high levels 1,40 of demand, with an order 1,20 backlog of 6.1B, a significant 1,00 increase from 2.8B the previous 0,80 ye
Slide 4: Market and operations
Market and operations 12 month forward looking demand (BNOK) 3,00 ▪ Demand continues to be very 2,50 strong in all market sectors 2,00 ▪ Demand R121 increased to 8950 MNOK from 6200 MNOK. Close to 1,50 45% growth 1,00 ▪ Global megatrends electrification, 0,50 sustainable energy, connectivity, and de
Slide 5: Revenues
Revenues Connectivity Electrification Industry Medical devices Defence/Aerospace 550 550 550 550 500 450 450 450 450 24 400 269 214 350 350 350 217 350 300 305 265 22 179 283 20 20 250 237 250 250 250 415 200 25 21 15 150 150 297 150 300 19 150 282 269 256 243 246 217 214 214 100 221 197 167 159 178
Slide 6: Business sectors
Business sectors Revenue Business Sectors Q4 2022 Q4 2021 Change Q-Q growth Full year 2021 BB Q4 2022 Nordics 724,6 518,9 205,6 39,6 % 1 819,0 141,3 CEE 622,9 317,1 305,8 96,4 % 1 297,8 101,3 ▪ Growth and improved profits across Rest of the world 510,9 141,4 369,5 261,3 % 696,3 285,6 Group and elimi
Slide 7: Cash flow and working capital
Cash flow and working capital Cash Flow Q4 2022 Q4 2021 Change 31.12.2022 31.12.2021 Profit before tax 151,5 47,8 103,7 392,2 204,2 ▪ Q4 Cash flow from operating Depreciations 38,2 26,2 12,0 161,4 101,0 Change in inventory, accounts activities at 63 MNOK (9 MNOK) receivable, contract assets and acco
Slide 8: Ratios
Ratios Ratios 31.12.2022 31.12.2021 Change 31.12.2021 ▪ Positive development on NWC % sales, R3 NWC % sales 26,1 % 31,7 % -5,6 % 31,7 % ROOC%, CCC R3 ROOC % sales 27,0 % 12,3 % 14,7 % 12,3 % R3 Cash Cycle conversion 100 126 -26 126 ▪ Net gearing / NIBD at 2,6 and 2,56 excl. Net gearing 1,09 0,47 0,6
Slide 9: Outlook full-year 2023
Outlook full-year 2023 ▪ Demand continues to be strong, and EBIT margin and capital efficiency are improving. ▪ For 2023, Kitron expects revenues between NOK 6 700 and 7 300 million. ▪ Operating profit (EBIT) is expected to be between NOK 450 and 550 million. ▪ Revenue and EBIT are now expected to b
Slide 10: Key take-ways
Key take-ways ▪ Positive quarter-over-quarter growth in 2022 ▪ Easing of supply constraints enabled increased production and improved operational efficiency. ▪ Strong margins in Q4 due to growing demand from customers ▪ Robust demand across diverse market sectors, including defense sector ▪ High lev
Slide 11: Q&A
Q&A
Slide 12: Appendix: Definition of alternative performance measures
Appendix: Definition of alternative performance measures Order backlog Return on capital employed (ROCE) Cash conversion cycle (CCC) All firm orders and 4 months of committed customers forecast at EBIT/(Total assets - short term debt) Days of inventory outstanding + Days of receivables outstanding –