Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q1 2024 Earnings Presentation
32 slides from Kongsberg Gruppen Asa's earnings presentation, Apr 30, 2024
Slide 1: Quarterly report 1st quarter 2024
Quarterly report 1st quarter 2024 #protectingpeopleandplanet 1 1. kvartal 2024 KONGSBERG
Slide 2: CEO letter
KONGSBERG “2024 carries on from where we left off last year, with high activity and efficient project execution. The global landscape remains tumultuous and uncertain, with security and sustainability taking center stage on the international agenda. Our customers acknowledge KONGSBERG as a key contr
Slide 3: Highlights in the quarter
Highlights in the quarter Financial • MNOK 11,450 in operating revenues corresponding to 26 per cent growth from first quarter 2023. • All business areas contributed to the growth. • Robust growth in both EBIT and EBIT margin. The absolute growth was driven by the two largest business areas, while t
Slide 4: Key figures
Key figures 1.1 - 31.3 1.1-31.12 MNOK 2024 2023 2023 Order backlog Operating revenues 11 450 9 090 40 617 2024 EBITDA 1 820 1 357 6 037 2025 EBITDA (%) 15,9 14,9 14,9 2026+ 90 204 EBIT 1 463 1 019 4 600 Order backlog 66 927 EBIT (%) 12,8 11,2 11,3 49 903 50 % Share of net income from associated comp
Slide 5: Group financial review and balance sheet
KONGSBERG operating revenues increased as a result of the roll-out of systems and an increase in the number of users for the solutions. Balance sheet 31.3 31.12 EBIT in the first quarter was MNOK 1,463, corresponding to an EBIT margin of 12.8 per cent, compared to MNOK 1,019 (11.2 per cent) in MNOK
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 662 in the quarter, of which MNOK 85 was capitalised. Capitalised development in the quarter was mai
Slide 7: Kongsberg Maritime
Kongsberg Maritime Key figures Operating revenues EBIT Operating revenues YTD per division 753 1.1 - 31.3 1.1-31.12 5 402 4 624 508 Integration & Energy 9% MNOK 2024 2023 2023 3 737 19% Global Customer Support 185 Propulsion & Handling Operating revenues 5 402 4 624 20 180 18% Automation & Control E
Slide 8: Kongsberg Maritime results, market and orders
Results Operating revenues was to MNOK 5,402 in the first quarter, an The average age of the world fleet has increased significantly increase of 17 per cent compared to the same quarter last year. over the past ten years. At the same time, the world's shipping All divisions increased operating reven
Slide 9: Kongsberg Defence & Aerospace
Kongsberg Defence & Aerospace Key figures Operating revenues EBIT Operating revenues YTD per division 700 1.1 - 31.3 1.1-31.12 4 917 541 MNOK 2024 2023 2023 3 523 2 472 Missile Systems 20% 24% 316 Aerostructures & MRO Operating revenues 4 917 3 523 15 949 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Integrated Def
Slide 10: Defence & Aerospace results, market and orders
Results Operating revenues was to MNOK 4,917 in the first quarter, up 40 Regarding the NASAMS contract mentioned earlier, Norway's per cent from the same quarter last year. All five divisions of Minister of Defence stated: "These are investments that safeguard Kongsberg Defence & Aerospace experienc
Slide 11: Kongsberg Discovery
Kongsberg Discovery Key Figures Operating revenues EBIT Operating revenues YTD per division 1.1 - 31.3 1.1-31.12 1 052 117 114 911 MNOK 2024 2023 2023 739 88 Ocean Technologies 17% Marine Life Technologies Operating revenues 1 052 911 3 913 Uncrewed platforms 20% 50% EBITDA 139 144 646 Q1 Q2 Q3 Q4 Q
Slide 12: Discovery results, market and orders
Results Operating revenues in the first quarter was MNOK 1,052, an The business area is experiencing high demand for the autonomous increase of 16 per cent compared to the same quarter last year. The underwater vehicles of the HUGIN family. There is great demand from main drivers for the increased t
Slide 13: Kongsberg Digital
Kongsberg Digital Key Figures Operating revenues Recurring revenues 393 1.1 - 31.3 1.1-31.12 293 MNOK 2024 2023 2023 221 199 145 102 Operating revenues 393 293 1 433 of this Recurring 199 145 735 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 revenues* 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBITDA (30) (83) (252) 20
Slide 14: Digital results, market and order intake
Results Operating revenues was MNOK 393 in the first quarter, up 34 per twins in surgery has more than doubled in the last year. Demand for cent from the same period in 2023. Recurring operating revenues the Vessel Insight solution has also picked up over the past 2 years was MNOK 199 in the quarter
Slide 15: Outlook
Outlook In recent years, KONGSBERG has experienced composition of projects is therefore an important driver for profitability in the business area. The business area's long-term positive development, showcased adaptability, target for EBITDA margin is 17 per cent in 2025, but this will vary achieved
Slide 16: Numbers & Notes
Numbers & Notes 16 1st quarter 2024 KONGSBERG
Slide 17: Key figures by quarter
Key figures by quarter KONGSBERG 2024 2023 2022 MNOK 2024 Q1 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 Operating revenues 11 450 11 450 40 617 11 936 9 978 9 614 9 090 31 803 9 444 7 745 7 567 7 046 EBITDA 1 820 1 820 6 037 1 672 1 626 1 381 1 357 4 602 1 401 1 360 1 012 829 EBITDA (%) 15,9 15,9 14,9 14,0 1
Slide 18: Key figures by quarter continued
Key figures by quarter continued KONGSBERG DISCOVERY 2024 2023 2022 MNOK 2024 Q1 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 Operating revenues 1 052 1 052 3 913 1 145 924 934 911 2 998 827 685 747 739 EBITDA 139 139 646 174 160 168 144 565 131 173 147 113 EBITDA (%) 13,2 13,2 16,5 15,2 17,3 18,0 15,8 18,8 15
Slide 19: Condensed income statement and comprehensive income
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 2024 2023 2023 MNOK Note 2024 2023 2023 Operating revenues 4 11 450 9 090 40 617 Earnings after tax 1 123 771 3 715 Operating expenses 8 (9 630) (7 733) (34 581) EBITDA 4 1 82
Slide 20: Condensed statement of financial position
Condensed statement of financial position 31.3 31.12 31.3 31.12 MNOK Note 2024 2023 MNOK Note 2024 2023 Assets Equity, liabilities and provisions Property, plant and equipment 5 955 5 588 Issued capital 5 928 5 928 Leasing assets 6 1 879 1 668 Retained earnings 9 964 8 855 Intangible assets 8 5 936
Slide 21: Condensed statement of changes in equity
Condensed statement of changes in equity 31.3 31.12 MNOK Note 2024 2023 Equity opening balance 16 465 13 744 Total comprehensive income 1 337 4 173 Dividends paid - (2 115) Share buy-back related to share buy-back programme (10) (265) 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 2024 2023 2023 MNOK Note 2024 2023 2023 Earnings after tax 1 123 771 3 715 Net change interest-bearing loans - (3) 537 Depreciation/impairment of property, plant and equipment 130 118 483 Payment of principal porti
Slide 23: General information and principles, new standards, estimates
comply with on or before the reporting date regardless of whether the 1 General information and principles 2 New standards as from 1.1.2024 lender tests for compliance at that date or a later date. An entity must provide disclosure when a liability arising from a loan agreement is classified as non-
Slide 24: Segment information
4 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 2024 2023 2023 2024 2023 2023 2024 2023 2023 Kongsberg Maritime 5 402 4 624 20 180 888 640 2 601 753 508 2 053 Kongsberg Defence & Aerospace2) 4 917 3 523 15 949 846 689 3 005 700
Slide 25: Shares in joint arrangements and associated companies
5 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 comprehensi Carrying income 1.1 MNOK Owner
Slide 26: Leasing
6 Leasing KONGSBERG has leases that are primarily related to land and buildings, as well Leasing assets and leasing liabilities recognised in the financial position: as leases for machinery, vehicles and equipment. 31.3.2024 31.12.2023 IFRS 16 effects on condensed statement of financial position: Le
Slide 27: Financial instruments
7 Financial instruments Loans and credit facilities Interest-bearing loans: The group has four bond loans amounting to a total of MNOK 3 000. 31.3.2024 31.12.2023 The loans are classified as long-term loans except KOG13 which is Nominal due 6th of June 2024. The maturity dates of the long-term bond
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 127 before tax during the period 1 January – 31 March 2024. The fair value of unrealized forward exchange contracts decreased by MNOK 112 d
Slide 29: Derivatives and product development
Specification of derivatives: 31.3 31.12 MNOK 2024 2023 Forward exchange contracts, cash flow hedges (a) 431 238 Forward exchange contracts, fair value hedges (b) 882 1 617 Cross-currency swaps 23 32 Total derivatives, current assets 1 336 1 887 Forward exchange contracts, cash flow hedges ( c) 828
Slide 30: Related parties, risk and uncertainty factors, tax
9 Related parties The Board is not aware of any changes or transactions in the 1nd quarter associated with related parties that in any significant way have an impact on the Group’s financial position and profit for the period. 10 Important risk and uncertainty factors KONGSBERG’s risk management is
Slide 31: Alternative performance measures and definitions
Alternative performance measures and definitions KONGSBERG uses terms in the consolidated financial statements that Working capital is calculated as follow: are not anchored in the IFRS accounting standards. Our definitions and explanations of these terms follow below. KONGSBERG considers EBITDA and
Slide 32: Disclaimer
Disclaimer: In the event of any discrepancy between the Norwegian and English versions of KONGSBERG’s quarterly reports, the Norwegian version is the authoritative one. 32 1st quarter 2024 KONGSBERG