Kitron Asa · OSL:KIT
Kitron Asa — Q1 2022 Earnings Presentation
13 slides from Kitron Asa's earnings presentation, Apr 27, 2022
Slide 1: 2022 Q1 Presentation
2022 Q1 Presentation Kitron Group | 2022-04-27
Slide 2: Highlights
Highlights ▪ Revenue of 1.429 BNOK1 (0.931 BNOK 1Q 2021) • Growth of 52.5%, Growth L-F-L 20%, Organic 4% • Demand R12 increased to 6.6 BNOK from 3.3 BNOK • Growth of 100% Growth L-F-L 50%, Organic 33% • EBIT 78.5 MNOK ( 65.6 MNOK in 1Q 2021) • EBIT Margin at 5.5% (7.0%) ▪ Cash flow – 128 MNOK ( 78 M
Slide 3: Market and operations R12 Demand (MNOK)
Market and operations R12 Demand (MNOK) 2 000 ▪ Demand continues to grow to 1 800 new all-time high levels. 1 600 ▪ Availability of material is a key 1 400 bottleneck to higher growth: 1 200 MNOK 1 000 ▪ Balancing of plans towards 800 component availability and 600 customer expectations 400 ▪ Secure
Slide 4: Revenues
Revenues Connectivity Electrification Industry Medical devices Defence/Aerospace 400 400 400 400 400 350 350 350 350 350 300 300 300 179 300 300 20 250 237 250 250 250 250 200 200 200 200 200 150 150 297 282 150 150 19 150 273 254 217 219 214 214 100 100 200 221 197 100 100 196 100 186 167 188 147 1
Slide 5: Demand and Order backlog
Demand and Order backlog • Demand R12 increased to 6.6 Demand R12 BNOK from 3.3 BNOK 2 200 • Growth of 100% • Growth L-F-L 50% 4 108 4 340 4 435 3 950 • Organic 33% 3 341 Q1' 21 Q2' 21 Q3' 21 Q4' 21 Q1' 22 Organic BB • Order backlog increased to 4.2 BNOK from 2.1 BNOK BB Order backlog 31.03.2022 31.
Slide 6: Business sectors
Business sectors ▪ Nordics; Norway, Sweden and Revenue Business Sectors Q1 2022 Q1 2021 Change Q-Q growth Full year 2021 BB Q1 2022 Denmark Nordics 572.0 423.8 148.2 35.0 % 1 819.0 115.3 CEE 438.4 366.6 71.8 19.6 % 1 297.8 91.2 ▪ CEE: Lithuania Poland and Czech Rest of the world Group and eliminatio
Slide 7: Cash flow and working capital
Cash flow and working capital ▪ Acquisition of BB Electronics closed Cash Flow Q1 2021 Q1 2020 Change 31.03.2021 in beginning of January Profit before tax 54.4 52.3 2.1 204.2 Depreciations 38.2 24.8 13.3 101.0 o Net MNOK 872 paid, financed Change in inventory, accounts receivable, contract assets an
Slide 8: Ratios
Ratios ▪ Capital efficiency continues to be Ratios 31.03.2022 31.03.2021 Change 31.12.2021 challenged by the material situation R3 NWC % sales 29.2 % 27.9 % 1.3 % 31.7 % ▪ Positive development on CCC and R3 ROOC % sales 11.1 % 16.6 % -5.5 % 12.3 % R3 Cash Cycle conversion 119 103 16 126 NWC % sales
Slide 9: Outlook
Outlook
Slide 10: Outlook
Outlook ▪ For 2022, Kitron expects revenue between NOK 5 200 and 5 800 million, including BB Electronics. The operating profit (EBIT) is expected to be between NOK 330 and 430 million. ▪ Growth is driven by the Electrification, Connectivity and Industry market sectors. ▪ Currently, the growth is con
Slide 11: Key take-ways
Key take-ways ▪ Growth in 2022 is propelled by acquisition of BB Electronics. ▪ Order backlog and 2022 demand outlook 2022 and 2023 supports strong continued growth. ▪ In addition, new programs are being introduced to sufficiently to follow our strategic trajectory. 11
Slide 12: Q&A
Q&A
Slide 13: Appendix: Definition of alternative performance measures
Appendix: Definition of alternative performance measures Order backlog Return on capital employed (ROCE) Cash conversion cycle (CCC) All firm orders and 4 months of committed customers forecast at EBIT/(Total assets - short term debt) Days of inventory outstanding + Days of receivables outstanding –