Kitron Asa · OSL:KIT
Kitron Asa — Q1 2017 Earnings Presentation
15 slides from Kitron Asa's earnings presentation, Apr 26, 2017
Slide 1: Q1 results 2017
Q1 results 2017 Peter Nilsson, CEO Cathrin Nylander, CFO 26 April, 2017
Slide 2: Strong revenue growth and improved profitability
Financial highlights Q1: Strong revenue growth and improved profitability Strong revenue growth NOK mill. Q1 2017 vs Q1 2016 Underlying growth 23.1% Revenue 585.1 17.7 % Strong profitability EBIT margin 5.3% (4.1%) EBIT 30.8 50.5 % Solid order backlog Order backlog 1058.7 17.4 % Un
Slide 3: Important agreements in the first quarter
Major new orders: Important agreements in the first quarter Kitron received communications order from KONGSBERG Kitron received a NOK 120 million order from Kongsberg Defence Systems (KONGSBERG) for military communications equipment. Kitron will supply various communications products, material
Slide 4: Important agreements in the first quarter
Major new orders: Important agreements in the first quarter Kitron signs contract with Rheinmetall Kitron signed an agreement with Rheinmetall MAN Military Vehicles The potential contract value is NOK 250 million over a five-year period. The agreement covers manufacturing of electronics, mea
Slide 5: Financial statements Q1 2017
Financial statements Q1 2017 5
Slide 6: Revenue Q1: Strong growth in several sectors
Revenue Q1: Strong growth in several sectors 585 Q1 2017 vs Q1 2016 Share of total revenue 563 570 497 463 Offshore/Marine -50.5 % 1.1 % Medical devices -11.4 % 17.3 % Defence/Aerospace 46.2 % 28.1 % 17.7 % Energy/Telecoms 23.3 % 14.1 % NOK million Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Ind
Slide 7: Revenue by country Q1: Continued strong growth in Lithuania and Sweden
Revenue by country Q1*: Continued strong growth in Lithuania and Sweden 213 Q1 2017 vs Q1 2016 Share of total revenue Q1/2016 184 184 Q1/2017 Norway -0.1 % 28.4 % 173 162 130 Sweden 24.8 % 25.0 % 89 76 Lithuania 22.6 % 32.8 % NOK million Others 16.2 % 13.7 % Norway Sweden Lithuania Others 7
Slide 8: Quarterly EBIT: Profitability level stabilised at a higher level
Quarterly EBIT: Profitability level stabilised at a higher level Cost reductions take effect 33.6 33.1 34.1 30.1 30.8 Inefficiencies due to 26.3 relocations in Q1 and 22.1 20.8 20.5 Q4 2016 and Q1 2017 Profitability in Q1 2016 NOK million includes one-offs of 48 % MNOK 5 Q1 2015 Q2 2015 Q3 201
Slide 9: EBIT by country Q1: Lithuania and Norway drives profitability
EBIT by country Q1: Lithuania and Norway drives profitability EBIT* Norway Cost reductions drives margin improvement. Relocation Q1 2016. 19,9 Sweden 15,4 Efficiency challenges and relocation Lithuania 10,3 EBIT improvement driven by strong 8,1 7,2 revenue growth Other 3,4 1,6 Revenu
Slide 10: Balance sheet: Operating cash flow and net working capital
Balance sheet: Operating cash flow Cash flow NOK million Cash flow 61.0 Q1 Cash flow MNOK -15.5 (-25.3) 36.4 36.4 -15.5 38.7 % -25.3 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Working capital Net working capital Working capital up 6% from last years level NOK million 553 NOWC (R3*) at 22% a r
Slide 11: Market development
Market development www.kitron.com
Slide 12: Order backlog: Solid order backlog
Order backlog: Solid order backlog Order backlog Order Backlog MNOK NOK million 1059 vs. 902 last year. Increase of 17.4% with 19.9% underlying growth. 1 059 Defence: 466 +16% (401) 1 019 Medical: 143 -4% (149) 989 Industry: 295 +22% (243) 980 Energy/Telecom: 140 +60% (88) Offshore: 14 -
Slide 13: Outlook
Outlook www.kitron.com
Slide 14: Outlook
Outlook For 2017, Kitron expects revenue to grow to between NOK 2 150 and 2 350 million. EBIT margin is expected to be between 5.6 and 6.4 per cent. The growth is primarily driven by customers in the Industry sector. The profitability increase is driven by cost reduction activities and improve
Slide 15: Thank you!
4 Kitron Your ambition. Our passion. Thank you!