Kitron Asa · OSL:KIT
Kitron Asa — Q1 2006 Earnings Presentation
23 slides from Kitron Asa's earnings presentation, May 11, 2006
Slide 1: Quarterly presentation Q1 2006
Quarterly presentation Q1 2006 Kitron ASA 11 May 2006
Slide 2: A Good Quarter for Kitron
A Good Quarter for Kitron www.kitron.com Positive operations in all departments Increased turnover z Particularly in Kitron AS and Microelectronics Improved operation z Increased turnover z Reduced payroll and operational costs Strengthened order reserve through increased order inflow Sati
Slide 3: Operating income and operating costs
Operating income and operating costs www.kitron.com 440,0 160 Operating income: 420,0 150 +NOK 53.2 mill 400,0 140 Operating costs: 380,0 -6.4 mill Operating income 130 Other operating costs 360,0 120 340,0 110 320,0 300,0 100 Q1 05 Q1 06 3 - one step ahead
Slide 4: Financial information for Q1 2006
Financial information for Q1 2006
Slide 5: Main features Q1
Main features Q1 www.kitron.com Higher activity – operating revenues NOK 433.1 m (NOK 379.9 m) Satisfactory gross margin 39.8 % (41.6 %) EBITDA NOK 27.1 m (NOK 6.4 m) EBIT NOK 20.6 m (NOK 1.3 m) Strengthened order backlog: NOK 826 m (NOK 766 m) Net financial costs NOK 4.5 m (NOK 5.7 m)
Slide 6: Profit and Loss Account Q1 2006
Profit and Loss Account Q1 2006 www.kitron.com Profit & loss (NOK mill) Q1 2006 Q1 2005 31.12.2005 Operating income 433,1 379,9 1 576,3 Cost of material 260,8 221,9 945,3 Gross profit margin 39,8 % 41,6 % 40,0 % Payroll expences 117,7 122,0 475,3 Other operational expences 27,6 29,7 151,4 EBITDA 27,
Slide 7: Main points – balance sheet
Main points – balance sheet www.kitron.com Strengthened equity: NOK 167.1 mill (NOK 122.1 mill) z Equity ratio 25.8 per cent (20.2 per cent) Total balance sheet NOK 647.2 mill (NOK 603.5 mill) Capital tied up in inventory NOK 255.8 mill (NOK 254.7 mill) Accounts receivable and other receivab
Slide 8: Balance sheet – assets
Balance sheet – assets www.kitron.com Balance sheet (NOK mill) 31.03.2006 31.03.2005 31.12.2005 Tangible fixed assets 108,1 116,5 112,4 Goodwill 18,5 20,6 18,5 Investment i shares 0,2 0,2 0,2 Deferred tax assets 20,0 20,0 20,0 Other receivables 3,2 7,6 3,9 Total fixed assets 150,0 164,9 155,0 Invent
Slide 9: Balance sheet – equity and liabilities
Balance sheet – equity and liabilities www.kitron.com Liabilities and equity (NOK mill) 31.03.2006 31.03.2005 31.12.2005 Equity 167,1 109,2 151,1 Minority interests 0,0 12,9 0,0 Total equity 167,1 122,1 151,1 Loans 41,1 42,9 40,7 Pension commitments 15,3 31,7 14,9 Provision for liabilities and charg
Slide 10: Cash flow and changes in consolidated equity
Cash flow and changes in consolidated equity www.kitron.com Cash flow statement (NOK mill) (*) Q1 2006 Q1 2005 31.12.2005 Net cash flow from operational activities -73,9 -28,3 9,4 Net cash flow from investment activities -2,2 -3,6 -39,5 Net cash flow from financing activities -2,4 -4,9 92,0 Change i
Slide 11: Restructuring Norway (EMS)
Restructuring Norway (EMS)
Slide 12: Highlights of the restructuring work
Highlights of the restructuring work www.kitron.com The Oslo project is completed. No further activity. Focus on sub- letting Kilsund/Hisøy transfer is going according to plan, but resources and capacity are under pressure. Weeks 18 and 19 are critical weeks May and June are the most critical
Slide 13: Market developments
Market developments
Slide 14: The market in Q1
The market in Q1 www.kitron.com Growth in all market segments Increasing number of invitations to tender and new orders as well as increased production for existing customers Turning towards development and turnkey assignments The customer values geographic proximity to the manufacturer of c
Slide 15: Order intake in Q1 2006
Order intake in Q1 2006 www.kitron.com Date Customer Size and content January KDA General Purchase Agreement with KDA Development, industrialization, production and aftersale services January Tomra Expects increased deliveries and sales to Tomra (Germany) February Kapsch TrafficCom AB Production of
Slide 16: Defence/Marine
Defence/Marine www.kitron.com Higher activity than in Q1 2005 Reduced turnover in the Defence sector Expects lower turnover in Defence sector for the year as a whole than in 2005 Higher turnover in the Marine sector The Marine sector is expected to continue to grow – partly because of high
Slide 17: Data/Telecom
Data/Telecom www.kitron.com Growth in Microelectronics z Infrastructure for optical networks in the telecom industry z Surveillance cameras Increasing activity for Q-Free Considerable production for Swedish customer in the telecom segment 17 - one step ahead
Slide 18: Medical Equipment
Medical Equipment www.kitron.com Market in growth Increased activity with existing and new customers Production of complete products (High Level Assembly) UAB Kitron has FDA-listing 18 - one step ahead
Slide 19: Industry
Industry www.kitron.com Continuity characterises customer relation Increased production for existing customers Increased production for Tomra Increased bidding activity 19 - one step ahead
Slide 20: Outlook
Outlook
Slide 21: A brighter outlook
A brighter outlook www.kitron.com Determined sales efforts produce results z More production assignments and more invitations to tender z Strengthened order inflow and order backlog A greater part of the value chain z Winning new orders in HLA production More efficient production z Restructuri
Slide 22: Changes in Kitron’s management
Changes in Kitron’s management www.kitron.com Kitron’s CEO, Jan T. Jørgensen, will leave the company medio May in agreement with the board of directors. Kitron’s CFO, Morten Jurs, has resigned and will leave the company during third quarter 2006. 22 - one step ahead
Slide 23: Kitron - One step ahead
Kitron - One step ahead