Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q2 2024 Earnings Presentation
33 slides from Kongsberg Gruppen Asa's earnings presentation, Jul 10, 2024
Slide 1: Quarterly report 2nd quarter / 1st half 2024
Quarterly report 2nd quarter / 1st half 2024 #protectingpeopleandplanet 1 2. kvartal / 1. halvår 2024 KONGSBERG
Slide 2: CEO comments
KONGSBERG “In the second quarter, we continued to build momentum by securing significant orders that position us for further growth. The demand related to sustainability and security is stronger than ever. However, it’s crucial to remember that the overall context remains serious. Amidst ongoing con
Slide 3: Highlights in the quarter
Highlights in the quarter Financial • MNOK 11 589 in operating revenues, corresponding to 21 per cent growth from Q2 2023 • All business areas contributed to the growth • Positive growth in both EBIT and EBIT margin. The substantial growth was driven by the two largest business areas, while margin i
Slide 4: Key figures
Key figures 1.4 - 30.6 1.1 - 30.6 1.1-31.12 MNOK 2024 2023 2024 2023 2023 Order backlog Operating revenues 11 589 9 614 23 039 18 703 40 617 2024 EBITDA 1 815 1 381 3 635 2 738 6 037 2025 EBITDA (%) 15,7 14,4 15,8 14,6 14,9 2026+ 95 561 EBIT 1 448 1 038 2 910 2 057 4 600 EBIT (%) 12,5 10,8 12,6 11,0
Slide 5: KONGSBERG group results
number of users of the solutions. Accumulated operating revenues in KONGSBERG H1 2024 was MNOK 23 039, up 23 per cent from MNOK 18 704 in H1 Balance sheet last year. 30.6 31.3 31.12 EBIT in Q2 was MNOK 1 448, corresponding to an EBIT margin of MNOK 2024 2024 2023 12.5 per cent compared to MNOK 1 038
Slide 6: Product development and employees
Product developement KONGSBERG invests continuously in product development, through self- and customer-financed programmes. Total self-financed product development and maintenance amounted to MNOK 663 in the quarter and MNOK 1 324 in the first half of the year, of which MNOK 79 and MNOK 163 were act
Slide 7: Kongsberg Maritime
Kongsberg Maritime Key figures Operating revenues EBIT Operating revenues YTD per division 729 1.4 - 30.6 1.1 - 30.6 1.1-31.12 5 980 4 978 9% 4 005 Integration & Energy 18% MNOK 2024 2023 2024 2023 2023 392 Global Customer Support 211 Propulsion & Handling Operating revenues 5 980 4 978 11 383 9 602
Slide 8: Kongsberg Maritime results, market and orders
Results Operating revenues was MNOK 5 980 in Q2, an increase of 20 The focus on decarbonization extends across market segments per cent compared to the same quarter last year. All divisions and imposes higher requirements on technological solutions. The increased operating revenues, and there was si
Slide 9: Kongsberg Defence & Aerospace
Kongsberg Defence & Aerospace Key figures Operating revenues EBIT Operating revenues YTD per division 703 1.4 - 30.6 1.1 - 30.6 1.1-31.12 4 425 MNOK 2024 2023 2024 2023 2023 3 468 514 16% 2 692 Defence Systems 424 Missile & Space 53% Operating revenues 4 425 3 468 9 342 6 992 15 949 31% Q1 Q2 Q3 Q4
Slide 10: Defence & Aerospace results, market and orders
Results Operating revenues was MNOK 4 425 in Q2, up 28 per cent from the • Through the new long-term plan for the Armed Forces, the same quarter last year. There was positive revenue growth in all Norwegian Government has been clear about the need for more divisions. There was a high level of activi
Slide 11: Kongsberg Discovery
Kongsberg Discovery Key Figures Operating revenues EBIT Operating revenues YTD per division 141 143 1.4 - 30.6 1.1 - 30.6 1.1-31.12 123 1 012 MNOK 2024 2023 2024 2023 2023 747 934 Ocean Technologies 17% Marine Life Technologies Operating revenues 1 012 934 2 064 1 844 3 913 Uncrewed platforms 18% 51
Slide 12: Kongsberg Discovery results, market and orders
Results Operating revenues in was MNOK 1 012 in Q2, an increase of 8 per Sensor technology monitors and maps areas that are often difficult to cent compared to the same quarter last year. The most important access, such as along the seabed and in the water column. Protecting drivers for the increase
Slide 13: Kongsberg Digital
Kongsberg Digital Key Figures Operating revenues Recurring revenues 406 341 1.4 - 30.6 1.1 - 30.6 1.1-31.12 219 MNOK 2024 2023 2024 2023 2023 220 190 112 Operating revenues 406 341 799 634 1 433 of this Recurring 219 190 418 336 735 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 revenues* 2022 2023 2024 Q1 Q2 Q3 Q4
Slide 14: Kongsberg Digital results, market and order intake
Results Operating revenues was MNOK 406 in Q2, up 19 per cent from the (SaaS) solutions are the key drivers of growth. In recent years, same period in 2023. Recurring operating revenues were MNOK 219 positioning in the market has been in focus, and Kongsberg Digital in the quarter, up from MNOK 199
Slide 15: Outlook
Outlook Over the past few years, KONGSBERG has shown positive development, adaptability, and delivered substantial growth and results. At the end of H1 2024, the Group had an order backlog of NOK 95.6 Kongsberg Digital has increased operating revenues and recurring billion, of which NOK 18.8 billion
Slide 16: Numbers & Notes
Numbers & Notes 16 2nd quarter/ 1st half 2024 KONGSBERG
Slide 17: Key figures by quarter
Key figures by quarter KONGSBERG 2024 2023 2022 MNOK 2024 Q2 Q1 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 Operating revenues 23 039 11 589 11 450 40 617 11 936 9 978 9 614 9 090 31 803 9 444 7 745 7 567 7 046 EBITDA 3 635 1 815 1 820 6 037 1 672 1 626 1 381 1 357 4 602 1 401 1 360 1 012 829 EBITDA (%) 15,8
Slide 18: Key figures by quarter continued
Key figures by quarter continued KONGSBERG DISCOVERY 2024 2023 2022 MNOK 2024 Q2 Q1 2023 Q4 Q3 Q2 Q1 2022 Q4 Q3 Q2 Q1 Operating revenues 2 064 1 012 1 052 3 913 1 145 924 934 911 2 998 827 685 747 739 EBITDA 308 169 139 646 174 160 168 144 565 131 173 147 113 EBITDA (%) 14,9 16,7 13,2 16,5 15,2 17,3
Slide 19: Condensed income statement
Condensed income statement Condensed statement of comprehensive income 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 1.1 - 31.3 1.1 - 31.3 1.1-31.12 MNOK Note 2024 2023 2024 2023 2023 MNOK Note 2024 2023 2024 2023 2023 Operating revenues 4 11 589 9 614 23 039 18 703 40 617 Earnings after tax 1 179 777 2 302 1 5
Slide 20: Condensed statement of financial position
Condensed statement of financial position 30.6 31.3 31.12 30.6 31.3 31.12 MNOK Note 2024 2024 2023 MNOK Note 2024 2024 2023 Assets Equity, liabilities and provisions Property, plant and equipment 6 261 5 955 5 588 Issued capital 5 928 5 928 5 928 Leasing assets 6 1 889 1 879 1 668 Retained earnings
Slide 21: Condensed statement of changes in equity
Condensed statement of changes in equity 30.6 31.3 31.12 MNOK Note 2024 2024 2023 Equity opening balance 16 465 16 465 13 744 Total comprehensive income 2 308 1 337 4 173 Dividends (2 463) - (2 115) Share buy-back related to share buy-back programme (13) (10) (265) Transactions with treasury shares
Slide 22: Condensed cash flow statement
Condensed cash flow statement 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 MNOK Note 2024 2023 2024 2023 2023 MNOK Note 2024 2023 2024 2023 2023 Earnings after tax 1 179 777 2 302 1 547 3 715 Net change interest-bearing loans (500) 1 000 (500) 997 537 Depreciation/impairment o
Slide 23: General information and principles
The amendments to IFRS 16 specifiy the requirements that a seller- 1 General information and principles lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of
Slide 24: Segment information
4 Segment information Operating revenues EBITDA EBIT 1.4 - 30.6 1.1 - 30.6 1.1-31.12 1.4 - 30.6 1.1 - 30.6 1.1-31.12 1.4 - 30.6 1.1 - 30.6 1.1-31.12 MNOK 2024 2023 2024 2023 2023 2024 2023 2024 2023 2023 2024 2023 2024 2023 2023 Kongsberg Maritime 5 980 4 978 11 383 9 602 20 180 861 529 1 749 1 169
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 30 June Other items and Share of net Carrying Additions/ Dividends Share of net comprehensi Carrying income 1.4 MNOK Owners
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. 30.6.2024 31.3.2024 31.12.2023 IFRS 16 effects on condensed statement of financial po
Slide 27: Financial instruments
7 Financial instruments Loans and credit facilities Interest-bearing loans: The group has three bond loans amounting to a total of MNOK 2 500. 30.6.2024 31.12.2023 The loans are classified as long-term loans. The maturity dates of the Nominal long-term bond loans range from the 26th of February 2026
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 167 before tax during the period 1 January – 30 June 2024. The fair value of unrealized forward exchange contracts increased by MNOK 126 du
Slide 29: Derivatives and product development
Specification of derivatives: 30.6 31.3 31.12 MNOK 2024 2024 2023 Forward exchange contracts, cash flow hedges (a) 247 431 238 Forward exchange contracts, fair value hedges (b) 1 144 882 1 617 Cross-currency swaps - 23 32 Total derivatives, current assets 1 391 1 336 1 887 Forward exchange contracts
Slide 30: Related parties, risk and uncertainty factors, tax
9 Related parties The Board is not aware of any changes or transactions in the 2nd 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: Statement from the Board of Directors and CEO
Statement from the Board of Directors and CEO We hereby confirm that, to the best of our conviction, the H1 accounts for 1 January to 30 June 2024 have been prepared in compliance with IAS 34 – Interim Reporting, and that the information disclosed in the H1 accounts gives an accurate picture of the
Slide 33: 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. 33 2nd quarter/ 1st half 2024 KONGSBERG