Kitron Asa · OSL:KIT
Kitron Asa — Q1 2012 Earnings Presentation
9 slides from Kitron Asa's earnings presentation, Apr 26, 2012
Slide 1: Q1 results 2012 – Higher profitability
Q1 results 2012 26 April 2012 Jørgen Bredesen, CEO Björn Wigström, CFO Higher profitability Financial highlights for Q1 (vs Q1 2011) • Stable demand - order intake increased by 9.2 per cent and order backlog decreased by 2.5 per cent. • Strong activity level - Revenue increased by 4.8 per cent to NO
Slide 2: Operational highlights and major new orders in Q1
Operational highlights • Close-down of the Karlskoga site • The process continues with negotiations with the employees and the customers. • Most customers have agreed to transfer operations to other Kitron sites • The close down cost was fully provided for in 2011 • Start up entities ramping up • In
Slide 3: Financial statements Q1 2012 – Stable revenue
Financial statements Q1 2012 Revenue Group Stable revenue 430 431 353 443 450 • Revenue at NOK 450.4 million, 4.8 per cent NOK million higher than Q1 2011. • Q1 change by market segment (Q1 2012 vs Q1 2011): Defence/Aerospace 13.5 % Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Energy/Telecoms -31.8 % Ind
Slide 4: Revenue by country and operating profit
Revenue by country * Revenue by country 286 239 NOK million • Norway 16.6% lower – Mainly due to drop 134 in Energy/Telecoms and short term lower 96 82 95 demand from Norwegian Defence 15 2 customers. Norway Sweden Lithuania Others Q1 2011 Q1 2012 • Sweden up by 39.6% - Strong increase in Swedish in
Slide 5: Positive development by country
Operating profit by country * Positive development by 10 9 11 8 country 7 4 NOK million • Norway – Positive change in revenue mix and growth in higher Q1 2011 margin segments Q1 2012 (6) (7) • Sweden – Strong top line Norway Sweden Lithuania Others development and positive effects of restructuring.
Slide 6: Steady equity improvement
Equity 424 427 432 436 445 Steady equity improvement NOK million • Equity of NOK 444.5 million (424.5 million) and equity ratio of 41.1% (40.6%) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 • Four quarters with a steady increase Equity ratio • Working capital focus to 40.6% 42.1% 42.6% 41.1% 41.1% increa
Slide 7: Market development
Market development • Energy/Telecoms • Competitive market segment with strong price pressure. • Kitron has a good portfolio of customers that continue to project growth • Defence/Aerospace • Lower demand in the short to medium term • Long term outlook remains promising with several major programs se
Slide 8: Outlook – Order backlog
Order backlog Group 817 821 799 Order backlog trend 781 797 NOK million • Order backlog relatively stable • Solid portfolio of contracts in Offshore/Marine and Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Defence/Aerospace (only partly booked to the backlog) Order backlog Segment • Optimistic about the o
Slide 9: Outlook / Thank you!
Outlook • Overall a stable market trend expected - no signs of a slow down due to the global economic development. • Kitron believe in a relatively stable turnover and improved profitability in 2012 compared with 2011: • Focus on manufacturing efficiency and global sourcing remains a priority area •