Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q2 2022 Earnings Presentation
23 slides from Kongsberg Gruppen Asa's earnings presentation, 2022
Slide 1: Investor presentation Q2 2022
Investor presentation Q2 2022 Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed w
Slide 2: 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 3: Highlights second quarter 2022
Highlights second quarter 2022 • Continued solid order intake with book/bill of 1.45 • All-time high order intake in maritime • Revenue growth in all business areas • Joint venture agreement to develop offshore substation and hydrogen factory • Acquisition of smallsat manufacturer NanoAvionics to st
Slide 4: Business update Kongsberg Maritime
Business update Kongsberg Maritime Highlights Order intake new sales by shipping segment YTD 2022 • Solid- and diversified all-time high order intake Other Seaborne & Pax • Significant offshore wind contracts 13% 23% • Several Hugin contracts OPU 7% • Continued strong aftermarket Offshore 8% • Upgra
Slide 5: Business update Kongsberg Defence & Aerospace
Business update Kongsberg Defence & Aerospace Highlights • Additional contract for composite parts to the F-35 Joint Strike Fighter Program secured • Naval Strike Missile to US Navy and Australia • KAMS conclude additional contract for batch of F-16 aircraft for overhaul and make ready for sale • Up
Slide 6: Acquisition of smallsat manufacturer NanoAvionics
Acquisition of smallsat manufacturer NanoAvionics - Game changer for Norwegian space industry and KONGSBERG Highlights • Leading smallsat mission integrator and bus manufacturer based in Lithuania • ~150 employees across 4 countries contributed to more than 120 missions • Highly complementary techno
Slide 7: Business update Kongsberg Digital
Business update Kongsberg Digital Highlights Vessel Insight and Kognitwin • Mediterranean Shipping Company to digitalize their fleet of ~1,900 ~500 vessels with Vessel Insight Vessel Insight ~1,300 ⁓3,000 • Five additional digital twins in operation in Q2 Vessels Q1’22 Q2’22 • Acquisition of softwar
Slide 8: Financial status
Financial status Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised
Slide 9: Financial highlights
Financial highlights • Q2 order intake +97% compared to last year • Backlog of ~NOK 54bn • Double digit revenue growth • ROACE 31.2% • Acquisition of ICB and NanoAvionics WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information 9
Slide 10: Solid order intake and double digit revenue growth
Solid order intake and double digit revenue growth Order intake Revenue EBITDA (NOKbn) Order backlog (BNOK) (NOKbn) Rolling 12m revenue (NOKbn, %) EBITDA % 53.8 28.9 26.1 14.7% 13.4% 35.8 10.9 6.8 7.6 1.0 1.0 5.5 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q2 21 Q3 21 Q4 21 Q1 22 Q2
Slide 11: Working capital development
Working capital development Net Working Capital 2017 – Q2 2022 Highlights NOKbn • Kongsberg Maritime Increased trade receivable due to high 2.5 13% 2.0 9% 12% activity 9% 9% 1.5 6% 5% • Increase in net projects 1.0 2.1 0.5 0.9 0.7 0.9 1.5 0.9 1.6 • Expect working capital to trend towards 0.0 2017 20
Slide 12: Cashflow development 1.4 – 30.6
Cashflow development 1.4 – 30.6 Operating activities Investing activities Financing activities Inventory 200m Accounts Payables 25m Accounts Receivables 764m Received dividend 192m Dividend paid 2 750m Net Projects 701m PP&E 135m Share buyback 12m Capitalized R&D 71m 7.4 1.0 (1.9) (0.1) (2.9) 3.5 0.
Slide 13: Secured several major contracts for HUGIN AUVs
Secured several major contracts for HUGIN AUVs Order intake and revenue Sensors & Robotics (NOKm) Order intake 1 367 1 080 802 889 697 701 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Revenue 806 817 723 664 709 640 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 WORLD CLASS – Through people, technology and dedication K
Slide 14: Kongsberg Maritime
KONGSBERG MARITIME KONGSBERG MARITIME KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in who
Slide 15: Strong order intake and NOK 17bn backlog in KM
Strong order intake and NOK 17bn backlog in KM Order intake Order backlog (NOKbn) Last 12 months order intake (NOKbn 22.2 7.2 15.6 1.4 5.3 6.6 4.5 1.1 4.2 2.6 5.7 4.1 1.9 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 2022 2023 2024 → H1’22; 12.6bn Growth Last year • Order intake in Q2’22 up 57% compared to Q2’21 •
Slide 16: 14% revenue growth in KM
14% revenue growth in KM Revenue EBITDA (NOKbn) Rolling 12-months revenue (NOKbn, %) 17.6 15.9 11.1% 10.9% 4.1 4.7 0.45 0.51 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 H1 2022; 9.0bn H1 2022; 0.9bn (10.4%) • ~14% and 11% growth in revenue in Q-Q and rolling 12 months respectively •
Slide 17: Kongsberg Defence & Aerospace
KONGSBERG DEFENCE & AEROSPACE KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in
Slide 18: Long backlog in KDA continues to increase
Long backlog in KDA continues to increase Order intake and major orders Order backlog (NOKbn) (NOKbn) 19.8 9.4 9.9 4.1 6.2 2.2 1.2 10.4 1.1 7.7 5.0 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 2022 2023 2024 → H1 2022; 5.4bn Growth Last year • NSM • F-35 parts • Backlog coverage for delivery in 2022 secures revenu
Slide 19: Revenue growth and solid EBITDA in KDA
Revenue growth and solid EBITDA in KDA Revenue EBITDA (NOKbn) Rolling 12-months revenue (NOKbn, %) 10.4 9.4 20.9% 21.1% 2.5 2.7 0.51 0.57 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 H1 2022; 5.2bn H1 2022; 1.0bn (19.9%) • Revenue increased 10 % in Q2’22 compared to Q2’21 • Solid EBIT
Slide 20: Kongsberg Digital
KONGSBERG DIGITAL KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must
Slide 21: Growth in all areas in KDI
Growth in all areas in KDI Key figures Highlights (NOKm) Rolling 12-months revenue ▪ Recurring revenue increased with 35% 890 from Q2 2021 to Q2 2022 800 Revenues 204 220 ▪ Share of recurring revenue ~50% ▪ Five new active assets on Kognitwin Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 compared to last quarter 40
Slide 22: Outlook
Outlook KONGSBERG DEFENCE KONGSBERG KONGSBERG & AEROSPACE MARITIME DIGITAL Current backlog secures growth in 2022 Positive sentiment in “high value” Continued roll-out of KOGNITWIN® and segments Vessel Insight Some fluctuations in revenue expected due to components situation High activity in afterma
Slide 23: Q&A
INVESTOR PRESENTATION Q&A KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa