Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q1 2023 Earnings Presentation
32 slides from Kongsberg Gruppen Asa's earnings presentation, Apr 26, 2023
Slide 1: Quarterly report 1st quarter 2023
Quarterly report 1st quarter 2023 KVARTAL/ 1 1. kvartal 2023 KONGSBERG
Slide 2: CEO comments
KONGSBERG "KONGSBERG started 2023 with good momentum and strong results, in spite of an unpredictable geopolitical situation where the brutal Russian war in Ukraine and persistent inflation are affecting individuals and nations. At the same time, there is a transition process towards improved energy
Slide 3: Highlights
Highlights KONGSBERG 29 per cent growth in operating revenues, NOK 1.4 billion EBITDA and more than NOK 1 billion EBIT. Book/bill above 1 in all business areas and activity throughout the Group provide a solid basis for continued growth going forward. The order backlog continued to grow and was NOK
Slide 4: Key figures
Key figures 1.1 - 31.3 1.1-31.12 MNOK 2023 2022 2022 Order backlog 2023 Operating revenues 9 090 7 046 31 803 EBITDA 1 357 829 4 602 2024 66 927 EBITDA (%) 14,9 11,8 14,5 2025+ EBIT 1 019 522 3 309 49 903 EBIT (%) 11,2 7,4 10,4 41 % Share of net income from associated 36 867 companies 12 23 387 27 %
Slide 5: Cash flow, performance and order intake, balance sheet
Operating revenues in the 1st quarter was MNOK 9,090, Cash flow from financing activities was MNOK -202, mainly compared with MNOK 7,046 in the same quarter last year, an related to instalments and interest on leasing obligations, and increase of 29 per cent. About half of the growth was driven by i
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 594 in the quarter, of which MNOK 97 was capitalised. Capitalised development in the quarter was ma
Slide 7: Kongsberg Maritime
Kongsberg Maritime Key figures Operating revenues EBIT Operating revenues 4 624 YTD per division 508 3 737 1.1 - 31.3 1.1-31.12 3 267 5% MNOK 2023 2022 2022 Integrated Solutions 13% 27% 156 185 Global Customer Support Operating revenues 4 624 3 737 16 486 Propulsion & Engines Deck Machinery EBITDA 6
Slide 8: Kongsberg Maritime: results, other factors, market and orders
With effect from January 1st, 2023, KONGSBERG has The positive trend in the aftermarket has continued into 2023 established Kongsberg Discovery as a new business area. The and orders were signed for just over MNOK 3,000. New area was formerly a division, Sensors & Robotics under requirements from th
Slide 9: Kongsberg Defence & Aerospace
Kongsberg Defence & Aerospace Key figures Operating revenues EBIT Operating revenues YTD per division 3 523 1.1 - 31.3 1.1-31.12 2 350 2 472 541 MNOK 2023 2022 2022 16% 344 Missile Systems 21% 316 Aerostructures & MRO 7% Operating revenues 3 523 2 472 11 860 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Integrated Def
Slide 10: Defence & Aerospace: results, market and orders
Results • Spain announced in the summer of 2022 that it planned to acquire the Naval Strike Missile • The United Kingdom announced in the fall of 2022 that Operating revenues was MNOK 3,523 in the 1st quarter, up 43 it planned to acquire the Naval Strike Missile. The per cent from the same quarter l
Slide 11: Kongsberg Discovery
Kongsberg Discovery Key Figures Operating revenues EBIT Operating revenues 911 YTD per division 739 1.1 - 31.3 1.1-31.12 667 117 98 88 MNOK 2023 2022 2022 Ocean Technologies 18% Marine Life Technologies 42% Operating revenues 911 739 2 998 Uncrewed Platforms 22% EBITDA 144 113 565 Q1 Q2 Q3 Q4 Q1 Q2
Slide 12: Kongsberg Discovery: results, market and orders
With effect from January 2023, KONGSBERG has established Kongsberg Discovery is exposed to major market drivers such as KONGSBERG Discovery as a new business area. Previously this ocean-based energy production, security and monitoring of was a separate division (Sensors & Robotics) under Kongsberg c
Slide 13: Kongsberg Digital
Kongsberg Digital Key Figures Operating revenues Recurring revenues 293 145 1.1 - 31.3 1.1-31.12 221 MNOK 192 102 2023 2022 2022 76 Operating revenues 293 221 989 of this Recurring 145 102 469 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 revenues* 2021 2022 2023 2021 2022 2023 EBITDA (83) (
Slide 14: Kongsberg Digital results and future
Results continue through 2023. There is good demand and market acceptance for both these solutions, and Kongsberg Digital has Operating revenue was NOK 293 million in the 1st quarter, up over the last 12 months signed significant agreements with major 33 per cent from the 1st quarter of 2022. Recurr
Slide 15: Outlook
Outlook In recent years, KONGSBERG has developed Kongsberg Discovery has a broad world-leading technology portfolio combined with deep domain knowledge and software positively and has demonstrated good adaptability that are important within fisheries, marine research, marine in the event of signific
Slide 16: Numbers & Notes
Numbers & Notes 16 1st quarter 2023 KONGSBERG
Slide 17: Key figures by quarter
Key figures by quarter KONGSBERG 2023 2022 2021 MNOK 2023 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 Operating revenues 9 090 9 090 31 803 9 444 7 745 7 567 7 046 27 449 8 107 6 216 6 762 6 364 EBITDA 1 357 1 357 4 602 1 401 1 360 1 012 829 4 086 1 156 1 054 993 883 EBITDA (%) 14,9 14,9 14,5 14,8 17,6 13,
Slide 18: Key figures by quarter continued
Key figures by quarter continued KONGSBERG DISCOVERY 2023 2022 2021 MNOK 2023 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 Operating revenues 911 911 2 998 827 685 747 739 2 537 656 594 620 667 EBITDA 144 144 565 131 173 147 113 436 108 105 102 120 EBITDA (%) 16 16 19 16 25 20 15 17 17 18 16 18 EBIT 117 117
Slide 19: Condensed income statement
Condensed income statement Condensed statement of comprehensive income 1.1 - 31.3 1.1 - 31.12 1.1 - 31.3 1.1-31.12 MNOK Note 2023 2022 2022 MNOK Note 2023 2022 2022 Operating revenues 5 9 090 7 046 31 803 Earnings after tax 771 399 2 809 Operating expenses 9 (7 733) (6 217) (27 201) EBITDA 5, 13 1 3
Slide 20: Condensed statement of financial position
Condensed statement of financial position 31.3 31.12 31.3 31.12 MNOK Note 2023 2022 MNOK Note 2023 2022 Assets Equity, liabilities and provisions Property, plant and equipment 4 417 4 107 Issued capital 4 5 999 6 132 Leasing assets 7 1 815 1 743 Retained earnings 7 972 6 999 Intangible assets 9 5 78
Slide 21: Condensed statement of changes in equity
Condensed statement of changes in equity 31.3 31.12 MNOK Note 2023 2022 Equity opening balance 13 744 13 618 Total comprehensive income 938 3 331 Dividends paid - (2 716) Share buy-back related to share buy-back programme 4 (17) (481) Transactions with treasury shares related to employee share progr
Slide 22: Condensed cash flow statement
Condensed cash flow statement 1.1 - 31.3 1.1 - 31.12 1.1 - 31.3 1.1 - 31.12 MNOK Note 2023 2022 2022 MNOK Note 2023 2022 2022 Earnings after tax 771 399 2 809 Net change interest-bearing loans (3) - - Depreciation/impairment of property, plant and equipment 118 115 487 Payment of principal portion o
Slide 23: General information and accounting principles
about the accounting principles. The amendments to IAS 8 In total, KONGSBERG holds at the end of first quarter 767 834 1 General information and principles introduce a new definition of accounting estimates and shall treasury shares. clarify the difference from accounting policies. Furthermore, the
Slide 24: Segment information
5 Segment informasjon OPERATING REVENUES EBITDA EBIT 1.1 - 31.3 1.1-31.12 1.1 - 31.3 1.1-31.12 1.1 - 31.3 1.1-31.12 MNOK 2023 2022 2022 2023 2022 2022 2023 2022 2022 Kongsberg Maritime 4 624 3 737 16 486 640 312 1 825 508 185 1 255 Kongsberg Defence & Aerospace 3 523 2 472 11 860 701 460 2 516 541 3
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 31 March Other items and Share of net Carrying Additions/ Dividends Share of net comprehen Carrying income MNOK Ownership a
Slide 26: Leasing
7 Leasing KONGSBERG has leases that are primarily related to land and buildings, as Leasing assets and leasing liabilities recognised in the financial position: well as leases for machinery, vehicles and equipment. 31.3.2023 31.12.2022 IFRS 16 effects on condensed statement of financial position: Le
Slide 27: Financial instruments
8 Financial instruments Loans and credit facilities Interest-bearing loans: The group has four bond loans amounting to a total of MNOK 31.3.2023 31.12.2022 2,450. The loans are classified as long-term loans except KOG11 Nominal which is due 5th of December 2023. The maturity dates of the MNOK Due da
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 327 before tax during the period 1 January – March 2023. The fair value of unrealized forward exchange contracts decreased by MNOK 136 duri
Slide 29: Product development
Specification of derivatives: 31.3 31.12 MNOK 2023 2022 Forward exchange contracts, cash flow hedges (a) 242 682 Forward exchange contracts, fair value hedges (b) 1 006 914 Total derivatives, current assets 1 247 1 596 Forward exchange contracts, cash flow hedges ( c) 469 774 Forward exchange contra
Slide 30: Related parties, risk and uncertainty factors, tax
10 Related parties The Board is not aware of any changes or transactions in the 1rd 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: Definitions and abbreviations
13 Definitions and abbreviations Definitions KONGSBERG uses terms in the consolidated financial statements that are 31.3 31.12 not anchored in the IFRS accounting standards. Our definitions and MNOK 2023 2022 explanations of these terms follow below. Current assets 27 525 26 905 KONGSBERG considers
Slide 32: kongsberg.com
kongsberg.com — et it Z tie t. are ee : spanc the Norwegian and Egglish versions of KONGSBERG’s quarterly reports)? ” 7 Foe =