Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q4 2023 Earnings Presentation
32 slides from Kongsberg Gruppen Asa's earnings presentation, Feb 8, 2024
Slide 1: Quarterly report 4th quarter / preliminary annual accounts 2023
kongsberg.com Quarterly report 4th quarter / preliminary annual accounts 2023 1 kvartal/ 4. kvartal / foreløpig årsresultat 2023 KONGSBERG
Slide 2: CEO statement
KONGSBERG “KONGSBERG achieved a milestone by surpassing NOK 40 billion in revenue in 2023. This accomplishment is a testament to our unwavering commitment to innovation and the tireless efforts of our dedicated team over the years. I extend my heartfelt gratitude to my colleagues at KONGSBERG, our c
Slide 3: Highlights
Highlights KONGSBERG 26 per cent growth in operating revenues, NOK 1.7 billion EBITDA and NOK 1.3 billion EBIT. Solid growth in all business areas. The order backlog of NOK 88.6 billion and robust activity across the Group establish a strong basis for ongoing growth in the future. The board proposes
Slide 4: Key figures
Key figures 1.10 - 31.12 1.1 - 31.12 MNOK 2023 2022 2023 2022 Order backlog Operating revenues 11 936 9 444 40 617 31 803 2024 Order backlog EBITDA 1 672 1 401 6 037 4 602 2025 EBITDA (%) 14,0 14,8 14,9 14,5 2026+ 88 550 EBIT 1 273 1 068 4 600 3 309 63 256 EBIT (%) 10,7 11,3 11,3 10,4 49 535 47 % Sh
Slide 5: KONGSBERG results and cash flow
KONGSBERG EBIT in the 4th quarter was MNOK 1,273, corresponding to an EBIT margin of 10.7 per cent, compared to MNOK 1,068 (11.3 per cent) in the same quarter last year. The combination of projects deliveries led In 2023, KONGSBERG had a net increase in cash and cash equivalents of MNOK 2,043. The m
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 679 in the quarter and MNOK 2,422 for the year, of which respectively MNOK 64 and MNOK 340 was capit
Slide 7: Kongsberg Maritime
Kongsberg Maritime Key figures Operating revenues EBIT Operating revenues YTD per division 1.10 - 31.12 1.1 - 31.12 5 589 538 4 608 8% 4 343 Integration & Energy 18% MNOK 2023 2022 2023 2022 374 286 Global Customer Support Propulsion & Handling Operating revenues 5 589 4 608 20 180 16 486 20% Automa
Slide 8: Kongsberg Maritime: organisational changes, results, market and orders
Organisational changes Kongsberg Maritime has significant exposure to foreign With effect from June 1 , 2023, Kongsberg Maritime’s divisional st currencies. Over the past two years, the Norwegian krone has structure has changed. The new divisions are: depreciated against major trading currencies. In
Slide 9: Kongsberg Defence & Aerospace
Kongsberg Defence & Aerospace Key figures Operating revenues EBIT Operating revenues 748 YTD per division 727 1.10 - 31.12 1.1 - 31.12 5 017 560 3 894 MNOK 2023 2022 2023 2022 3 011 Missile Systems 19% 23% Aerostructures & MRO Operating revenues 5 017 3 894 15 949 11 860 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 10: Kongsberg Defence & Aerospace: results, market and orders
Results ▪ Kongsberg Naval Systems, a company jointly owned by Kongsberg Maritime and Kongsberg Defence & Aerospace, signed a strategic framework agreement with the Norwegian Operating revenues was MNOK 5,017 in the 4th quarter, up 29 per Defence Materiel Agency for operational support, maintenance,
Slide 11: Kongsberg Discovery
Kongsberg Discovery Key Figures Operating revenues EBIT Operating revenues YTD per division 150 1.10 - 31.12 1.1 - 31.12 1 145 102 MNOK 2023 2022 2023 2022 827 86 Ocean Technologies 17% 656 Marine Life Technologies 43% Operating revenues 1 145 827 3 913 2 998 Uncrewed platforms 22% EBITDA 174 131 64
Slide 12: Kongsberg Discovery: new business area, results, market and orders
HUGIN Superior was launched in 2018 and is equipped with the most New business area advanced sensor package delivered by Kongsberg Discovery, which contributes to significantly higher efficiency in mapping the seabed. 2023 was Kongsberg Discovery's first year as a standalone business The typical cus
Slide 13: Kongsberg Digital
Kongsberg Digital Key Figures Operating revenues Recurring revenues 439 1.10 - 31.12 1.1 - 31.12 285 206 MNOK 2023 2022 2023 2022 229 132 96 Operating revenues 439 285 1 433 989 of this Recurring 206 132 735 469 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 revenues* 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 14: Kongsberg Digital results and future
several times and Kongsberg Digital now has a contract for delivery Results to almost 700 MSC vessels. Operating revenues was MNOK 439 in the 4th quarter, up 54 per In 2023, the Maritime Simulation (MSIM) product domain, along with cent from the same period in 2022. Recurring operating revenues the
Slide 15: Outlook
Outlook In recent years, KONGSBERG has exhibited Kongsberg Discovery boasts an extensive, world-leading technology portfolio complemented by profound domain expertise and critical positive development, showcasing remarkable software applications. Our solutions play a pivotal role in fisheries, adapt
Slide 16: Numbers & Notes
Numbers & Notes 16 4th quarter / preliminary annual accounts 2023 KONGSBERG
Slide 17: Key figures by quarter
Key figures by quarter KONGSBERG 2023 2022 2021 MNOK 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 Operating revenues 40 617 11 936 9 978 9 614 9 090 31 803 9 444 7 745 7 567 7 046 27 449 8 107 6 216 6 762 6 364 EBITDA 6 037 1 672 1 626 1 381 1 357 4 602 1 401 1 360 1 012 829 4 086 1 156 1 054
Slide 18: Key figures by quarter continued
Key figures by quarter continued KONGSBERG DISCOVERY 2023 2022 2021 MNOK 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 2021 Q4 Q3 Q2 Q1 Operating revenues 3 913 1 145 924 934 911 2 998 827 685 747 739 2 537 656 594 620 667 EBITDA 646 174 160 168 144 565 131 173 147 113 436 108 105 102 120 EBITDA (%) 16,5 15 17,
Slide 19: Condensed income statement
Condensed income statement Condensed statement of comprehensive income 1.10 - 31.12 1.1 - 31.12 1.1 - 31.3 1.1 - 31.3 MNOK Note 2023 2022 2023 2022 MNOK Note 2023 2022 2023 2022 Operating revenues 5 11 936 9 444 40 617 31 803 Earnings after tax 1 125 981 3 715 2 809 Operating expenses 9 (10 264) (8
Slide 20: Condensed statement of financial position
Condensed statement of financial position 31.12 30.9 31.12 31.12 30.9 31.12 MNOK Note 2023 2023 2022 MNOK Note 2023 2023 2022 Assets Equity, liabilities and provisions Property, plant and equipment 5 588 5 218 4 107 Issued capital 4 5 928 5 928 5 930 Leasing assets 7 1 668 1 776 1 743 Retained earni
Slide 21: Condensed statement of changes in equity
Condensed statement of changes in equity 31.12 30.9 31.12 MNOK Note 2023 2023 2022 Equity opening balance 13 744 13 744 13 618 Total comprehensive income 4 173 3 128 3 331 Dividends paid (2 115) (2 115) (2 716) Share buy-back related to share buy-back programme 4 (265) (265) (481) Transactions with
Slide 22: Condensed cash flow statement
Condensed cash flow statement 1.10 - 31.12 1.1 - 31.12 1.10 - 31.12 1.1 - 31.12 MNOK Note 2023 2022 2023 2022 MNOK Note 2023 2022 2023 2022 Earnings after tax 1 125 981 3 715 2 809 Net change interest-bearing loans (1 202) - 537 - Depreciation/impairment of property, plant and equipment 130 121 483
Slide 23: General information and principles
between changes in accounting estimates and changes in accounting 1 General information and principles policies and the correction of errors. The amendments to IAS 12 concern deferred tax related to assets and liabilities arising from a single transaction. The amendments limit the initial recognitio
Slide 24: Segment information
5 Segment informasjon Operating revenues EBITDA EBIT 1.10 - 31.12 1.1 - 31.12 1.10 - 31.12 1.1 - 31.12 1.10 - 31.12 1.1 - 31.12 MNOK 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Kongsberg Maritime 5 589 4 608 20 180 16 486 671 531 2 601 1 825 538 374 2 053 1 255 Kongsberg Defence & Ae
Slide 25: Shares in joint arrangements and associated companies
6 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 December Other items and Share of net Carrying Additions/ Dividends Share of net comprehensi Carrying income MNOK Owners
Slide 26: Leasing
7 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. 31.12.2023 30.9.2023 31.12.2022 IFRS 16 effects on condensed statement of financial p
Slide 27: Financial instruments
8 Financial instruments Loans and credit facilities Interest-bearing loans: The group has four bond loans amounting to a total of MNOK 3 000. 31.12.2023 31.12.2022 The loans are classified as long-term loans except KOG13 which is Nominal interest due 6th of June 2024. The maturity dates of the long-
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, increased by MNOK 92 before tax during the period 1st January – 31st December 2023. The fair value of unrealized forward exchange contracts decreased by MNOK
Slide 29: Derivatives and product development
Specification of derivatives: 31.12 30.9 31.12 MNOK 2023 2023 2022 Forward exchange contracts, cash flow hedges (a) 238 441 682 Forward exchange contracts, fair value hedges (b) 1 617 840 914 Cross-currency swaps 32 - - Total derivatives, current assets 1 887 1 282 1 596 Forward exchange contracts,
Slide 30: Related parties, risk factors, tax
10 Related parties The Board is not aware of any changes or transactions in the 4nd quarter associated with related parties that in any significant way have an impact on the Group’s financial position and profit for the period. 11 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: 4th quarter / preliminary annual accounts 2023 KONGSBERG
32 4th quarter / preliminary annual accounts 2023 KONGSBERG