Goodtech Asa Class A · OSL:GOD
Goodtech Asa Class A — Q2 2014 Earnings Presentation
30 slides from Goodtech Asa Class A's earnings presentation, Aug 21, 2014
Slide 1: Presentation second quarter 2014
Presentation second quarter 2014 Goodtech ASA, 21 August 2014
Slide 2: Agenda
Agenda Highlights Financial review Order book Goodtech – in brief Outlook 2
Slide 3: Highlights, second quarter 2014
Highlights, second quarter 2014 Lower activity in first half year in addition to significant loss in one project causes weaker turnover and negative EBITDA. Positive outlook in our main markets. Increasing order stock. Operations improvement program initiated Number of employees increased in the end
Slide 4: Highlights, second quarter 2014
Highlights, second quarter 2014 Operations improvement program includes activities as • Margins and efficiency improvement • Improved project management • Reduction of project cost • Cost reduction • Increase sales activities 4
Slide 5: Highlights, second quarter 2014, Market
Highlights, second quarter 2014, Market Order backlog continue on high level, MNOK 1.299. Some of the contracts in Q2: • MNOK 80 Contract for delivery of complete electrical and automation system delivery for LKAB shipping terminal in Narvik. • MSEK 100+ Contract for delivery of El, Signal and Telec
Slide 6: Highlights, second quarter 2014, Market
Highlights, second quarter 2014, Market • MNOK 40 Contract for delivery biogas treatment plant to Tønsberg - Vestfold Biogass • MNOK 16 Contract for delivery biogas treatment plant to IVAR • MNOK 8 Contract for delivery control systems to drilling Rig for Dolphin • Renewal of frame agreement for Int
Slide 7: Financial Review
Financial Review 7 QoodE=ch
Slide 8: Main figures
Main figures (NOK 1.000) Note Q2 14 Q2 13 YTD 14 YTD 13 2013 Revenues 8 579 769 646 945 1 138 170 1 222 517 2 433 776 Product expenses 268 678 321 832 514 591 602 221 1 197 535 Salary expenses 247 107 234 757 482 181 450 064 905 011 Other operating expenses 73 657 64 589 142 823 122 458 245 012 EBIT
Slide 9: Quarterly revenues and earnings - historical
Quarterly revenues and earnings - historical 660 30 Revenues EBITDA 640 25 620 20 MNOK MNOK 600 15 580 10 560 5 540 - 520 (5) 500 (10) (15) 9
Slide 10: Financial highlights – Balance sheet
Financial highlights – Balance sheet NOK m illion 30.06.14 30.06.13 31.12.13 Fixed tangible assets 77,7 48,3 67,5 Intangible assets 690,6 663,2 696,8 Total fixed assets 768,3 711,5 764,2 Cash 16,8 28,2 33,4 Other current assets 758,4 734,0 739,2 Total current assets 775,2 762,2 772,6 Total assets 1
Slide 11: Financial highlights – Cash flow
Financial highlights – Cash flow NOK 1.000 Q2 14 Q2 13 YTD 14 YTD 13 2013 Cash flow from operations -11 001 -27 208 -13 772 -22 182 -8 734 Cash flow from investments -7 448 -2 858 -27 325 -1 059 -39 187 Cash flow from financials 677 -55 579 -6 324 -126 687 -86 788 Net changes in cash from period -17
Slide 12: Cash flow from operations and EBITDA
Cash flow from operations and EBITDA Development in Cash flow from operations and EBITDA on 12 months rolling basis 12
Slide 13: Business areas – figures and facts
Business areas – figures and facts Projects & Services Infra Solutions Environment Products 13
Slide 14: Business unit: Projects & Services (P&S)
Business unit: Projects & Services (P&S) 420 NOK 1.000 Q2 14 Q2 13 YTD 14 YTD 13 2013 Revenues Omsetning 365 798 407 650 742 956 787 906 1 576 982 410 EBITDA -3 597 17 196 9 961 37 965 79 800 EBITDA margin % -1,0 % 4,2 % 1,3 % 4,8 % 5,1 % 400 MNOK Ordrereserve 772 659 811 198 772 659 811 198 813 476
Slide 15: Business unit: Infra
Business unit: Infra 100 Revenues NOK 1.000 Q2 14 Q2 13 YTD 14 YTD 13 2013 90 Revenue 77 464 91 532 122 005 150 946 294 412 80 EBITDA -4 955 5 825 -6 395 6 638 10 621 EBITDA margin % -6,4 % 6,4 % -5,2 % 4,4 % 3,6 % 70 MNOK Order backlog 329 254 381 897 329 254 381 897 285 736 60 No. of employees 74
Slide 16: Business unit: Solutions
Business unit: Solutions NOK 1.000 Q2 14 Q2 13 YTD 14 YTD 13 2013 70 Revenues Revenue 45 363 51 538 97 545 109 818 199 301 60 EBITDA 450 -1 114 519 -3 088 -10 282 EBITDA margin % 1,0 % -2,2 % 0,5 % -2,8 % -5,2 % 50 MNOK Order backlog 68 342 51 630 68 342 51 630 73 184 No. of employees 128 141 128 14
Slide 17: Business unit: Environment
Business unit: Environment NOK 1.000 Q2 14 Q2 13 YTD 14 YTD 13 2013 90 Revenues Revenue 79 861 78 028 153 664 137 421 296 566 80 EBITDA 2 400 4 261 3 732 5 817 8 016 70 EBITDA margin % 3,0 % 5,5 % 2,4 % 4,2 % 2,7 % MNOK Order backlog 122 115 132 349 122 115 132 349 129 835 60 No. of employees 79 80
Slide 18: Business unit: Products
Business unit: Products NOK 1.000 Q2 14 Q2 13 YTD 14 YTD 13 2013 30 Revenues Revenue 18 854 23 372 38 767 50 380 92 716 EBITDA -617 1 995 -1 408 4 973 7 092 25 EBITDA margin % -3,3 % 8,5 % -3,6 % 9,9 % 7,6 % Order backlog 7 187 8 068 7 187 8 068 4 235 MNOK 20 No. of employees 26 23 26 23 24 15 Highl
Slide 19: Goodtech – in brief
Goodtech – in brief ” Goodtech shall be the leading supplier of automation, electrical, process, industrial engineering, and environmental solutions in the Nordic region.” 19
Slide 20: Goodtech in brief
Goodtech in brief Approx 1.500 employees, with a revenue of NOK 2,4 billion Strong local presence with almost 40 offices in Sweden, Norway and Åland Headoffice in Oslo and listed on Oslo Stock Exchange Sweden Approx 1.150 employees 27 offices, from Kiruna in the north to Malmö in south Norway Approx
Slide 21: Market drivers
Market drivers Upgrade of infrastructure Increased efficiency Society’s need for more and energy systems and competitive ability environmental friendly within the industry solutions, products and projects 21
Slide 22: Solid service and product portfolio
Solid service and product portfolio Automation Power Installation Industry Environment technology technology technology • Innovative technologies and solutions • Turn-key projects • Broad specter of services and competence 22
Slide 23: Market segments
Market segments Energy and heating Water & sanitation and biogas Building and public sector Infrastructure Industry Oil and gas 23
Slide 24: Highlights – Technology development
Highlights – Technology development Energy recovery technology has been installed in Dubal aluminum plant • Full scale pilot was put in operation early Q2, and has been verified to give the expected energy recovery output so far. • Long term test scheme has been established. Shall be concluded end o
Slide 25: Commercial and financial risks for Goodtech
Commercial and financial risks for Goodtech Commercial and market risk • Market for Industry projects and solutions – some risk • Market for Infrastructure projects and solutions – some risk Financial risks • In general small currency exposure • In general small risk for contract cancellation • In g
Slide 26: Outlook 2014
Outlook 2014 PnP 28 goOo0dE=ch
Slide 27: Outlook - Market
Outlook - Market Expect continuous upgrade and large investments within infrastructure, energy and oil & gas In general, promising markets for Goodtechs services, solutions and products – basis for organic growth The uncertainty in some markets due to uncertainty in the global economy seems to decre
Slide 28: Summary / Outlook 2014
Summary / Outlook 2014 Main focus - Improve operations • Operations improvement program • Margins and efficiency improvement • Cost reduction • Increase sales activities Growth strategy postponed • Our business will continue to focus on growth in the strategic markets • Energy / Power • Oil & Gas •
Slide 29: Summary / Outlook 2014
Summary / Outlook 2014 Established improvement program shall bring Goodtech back on track Expect to deliver EBITDA on normalized level in second half 2014 Goodtech shall continue to build stronger positions Strategic alternatives will be considered as part of business development to increase company
Slide 30: The Goodtech way
The Goodtech way A better world through the integration of sustainable solutions