Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q1 2022 Earnings Presentation
22 slides from Kongsberg Gruppen Asa's earnings presentation, 2022
Slide 1: Investor presentation Q1 2022
Investor presentation Q1 2022 Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed w
Slide 2: Disclaimer
DISCLAIMER This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of the Company or assumptions based on information currently available to the Company. Such forward-looking in
Slide 3: Highlights first quarter 2022
Highlights first quarter 2022 • Solid order intake in maritime • Revenue growth in all business areas • Particularly in maritime aftermarket • Solid operational performance • Logistics and component shortage affect all business areas • Complies with sanctioning against Russia Order intake Revenue EB
Slide 4: Important contracts awarded in first quarter
Important contracts awarded in first quarter Maintenance service to the search & Innovative propulsion technology for Air-to-air pylons for the F-35 program rescue service in Norway two new CSOVs to be built by Vard Propulsion and control system for new Several Vessel Insight contracts Innovative el
Slide 5: Business update Kongsberg Maritime
Business update Kongsberg Maritime Comments Order intake new sales by shipping segment Q1 2022 • Solid and diversified order intake in all divisions Other Offshore Wind including aftermarket 5% Seaborne & Pax 7% • Tug orders drove order intake in Seaborn & Pax and LNG 25% 9% Naval • Challenging situ
Slide 6: Business update Kongsberg Defence & Aerospace
Business update Kongsberg Defence & Aerospace • KAMS fully operational ready for repair and overhaul of F135 engines • MoU signed with Navantia for support and modernization of Norway’s F-310 frigates • Australia approves purchase of Naval Strike Missiles for their destroyers and frigates • New sate
Slide 7: Business update Kongsberg Digital
Business update Kongsberg Digital Comments Vessel Insight and Kognitwin • New strategic partnerships related to offshore wind ~1,300 signed in the quarter Vessel Insight 1,077 ⁓3,000 Vessels • Continued roll-out of digital twins and onboarding of new users on existing solutions Q4’21 Q1’22 # of sold
Slide 8: Financial status
Financial status Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised
Slide 9: Financial highlights
Financial highlights • Double-digit revenue growth • Strong maritime order intake • All-time-high maritime aftermarket • 10 digital twins in operation • ROACE 32.6% • Dividend ex. date 12 May WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary
Slide 10: Strong backlog of ~NOK 50bn and double-digit revenue growth of 11% YoY
Strong backlog of ~NOK 50bn and double-digit revenue growth of 11% YoY Order intake Revenue EBITDA (BNOK) Order backlog (BNOK) (BNOK) Rolling 12m revenue (BNOK, %) EBITDA % 49.9 28.1 *14.3% 13.9% 36.9 25.3 11.8% 6.4 7.0 0.9 7.6 7.5 0.8 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 2
Slide 11: EBIT & investments
EBIT & investments EBIT Comments (BNOK) Rolling 12m revenue • Investing for growth and capacity; • NOK 152m in PPE investments 2.8 • NOK 71m in capitalized R&D 2.2 • Expecting increased investment in capacity going forward 0.57 0.52 • Updated targets will be presented on CMD 2 June Q1 21 Q2 21 Q3 21
Slide 12: Kongsberg Maritime
KONGSBERG MARITIME KONGSBERG MARITIME KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in who
Slide 13: Strong order intake and increased backlog in KM
Strong order intake and increased backlog in KM Order intake Order backlog (BNOK) Rolling 12m order intake (BNOK, %) +26% 19.8 14.5 15.2 11.5 2.4 2024 → 1.5 3.9 2023 5.9 3.0 4.1 7.0 8.2 2022 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q1 22 • Increased order intake in all product divisions and aftermarket •
Slide 14: High activity in aftermarket driver for revenue increase in KM
High activity in aftermarket driver for revenue increase in KM Revenue EBITDA (BNOK) Rolling 12m revenue (BNOK, %) 17.0 13.0% 15.6 11.2% 9.8% 3.8 4.3 0.43 0.43 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 • EBITDA impacted by; • Aftermarket revenue increased with ~35% compared to Q1 2
Slide 15: Kongsberg Defence & Aerospace
KONGSBERG DEFENCE & AEROSPACE KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in
Slide 16: KDA backlog supports growth
KDA backlog supports growth Order intake and major orders Order backlog (BNOK) (BNOK) 34.5 24.5 17.9 2024 → 10.1 3.3 8.0 2023 7.3 1.3 7.1 8.7 2022 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q1 22 • F-35 parts • NSM Germany • Backlog coverage for delivery in 2022 secures revenue • JSM Norway growth • NASAMS
Slide 17: Continued revenue growth in KDA
Continued revenue growth in KDA Revenue EBITDA (BNOK) Rolling 12m revenue (BNOK, %) 10.2 23.5% 8.9 20.0% 20.9% 20.4% 20.0% 2.3 2.5 18.6% 0.47 0.46 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 • Revenue increased 5 % compared to Q1 2021 • EBITDA impacted by; • Rolling 12 month revenue
Slide 18: Kongsberg Digital
KONGSBERG DIGITAL KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must
Slide 19: 15% growth in revenue and 33% growth in recurring revenue in Q1
15% growth in revenue and 33% growth in recurring revenue in Q1 Key figures Highlights (MNOK) Rolling 12m ▪ Revenue growth in all divisions 874 806 ▪ Recurring revenue increased 33% from Q1 Revenues 192 221 2021 to Q1 2022 ▪ Energy major signed up four additional Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 assets
Slide 20: Outlook
Outlook KONGSBERG DEFENCE KONGSBERG KONGSBERG & AEROSPACE MARITIME DIGITAL Current backlog secures growth in 2022 Positive sentiment in new-building, high Continued roll-out of KOGNITWIN® and activity in aftermarket expected to Vessel Insight to existing and new Fluctuations in revenue expected due
Slide 21: Capital Markets Day 2022
Capital Markets Day 2022 2 June at Grand Hotel, Oslo WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information 21
Slide 22: Q&A
INVESTOR PRESENTATION Q&A KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa