Norbit Asa · OSL:NORBT
Norbit Asa — Q3 2022 Earnings Presentation
26 slides from Norbit Asa's earnings presentation, Nov 11, 2022
Slide 1: Third quarter 2022 presentation
Third quarter 2022 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 11 November 2022
Slide 2: Disclaimer
Disclaimer These materials, prepared by NORBIT ASA (the "Company"), may contain statements about future events and expectations that are forward- looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company
Slide 3: Profitable revenue growth continued
Profitable revenue growth continued Revenues and EBITDA Third quarter 2022 NOK million ▪ Revenue increased by 35 per cent from the third quarter of 2021. 315 ▪ EBITDA ended at NOK 47 million, resulting in a margin 270 of 17 per cent 249 235 ▪ All segments contributed to the growth 187 190 200 170 27
Slide 4: Oceans
LS “© OCEANS
Slide 5: Oceans - Increased sonar sales driving year-over-year growth
Oceans - Increased sonar sales driving year-over-year growth Revenues and EBITDA Third quarter 2022 NOK million ▪ Revenues of NOK 104 million, an increase of 13 per cent from Q3-21 131 ▪ Revenue growth mainly attributed to increased sonar 117 sales 102 104 ▪ EBITDA margin of 26 per cent, compared to
Slide 6: Oceans delivering tailored technology solutions to the global maritime markets
Oceans delivering tailored technology solutions to the global maritime markets Environmental Sonars Security Aqua Connect monitoring Diversified product offering with organic growth potential PAGE 6
Slide 7: GuardPoint - Underwater Surveillance – Product range
GuardPoint - Underwater Surveillance – Product range GuardPoint 70 GuardPoint 100 Unmanned vehicles: >1000m Unmanned vehicles: >800m Open Circuit divers: 800m Open Circuit divers: 600m Close Circuit divers: 400m Close Circuit divers: 300m GuardPoint 200 GuardPoint 400 Unmanned vehicles: >600m Unmann
Slide 8: Connectivity
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Slide 9: Connectivity - Continued strong demand for DSRC products
Connectivity - Continued strong demand for DSRC products Revenues and EBITDA Third quarter 2022 NOK million ▪ Revenues of NOK 81 million, representing an increase of 76 per cent from Q3-21, driven by: 83 81 ▪ Continued strong demand for DSRC products delivered by sub-segment ITS 65 64 ▪ NOK 17 milli
Slide 10: Connectivity provides tailored connected solutions
Connectivity provides tailored connected solutions ITS Smart data ▪ Delivering customer value in selected niche applications where there is a need for tailored monitoring of physical parameters ▪ Delivering relevant technology, tailored sensors and connectivity, in addition to value added components
Slide 11: Slide 11
Slide 12: Product Innovation & Realization - Continued strong profitability
Product Innovation & Realization - Continued strong profitability Revenues and EBITDA Third quarter 2022 NOK million ▪ Revenues of NOK 96 million, up 40 per cent year over year. The increase was driven by: 112 ▪ Higher activity within contract manufacturing 99 96 ▪ Higher sales of R&D products and s
Slide 13: Group financials
Group financials
Slide 14: Financials – P&L
Financials – P&L Q3 2022 Q3 2021 YTD 2022 YTD 2021 Third quarter of 2022 Amounts in NOK million ▪ Revenues of NOK 269.7 million, up 35 per cent from Q3-21 Revenues 269.7 200.3 820.2 538.9 Other gains and losses - - - 1.2 o All segments delivered revenue growth compared to Q3 2021 Raw materials and c
Slide 15: Increased profitability mainly driven Connectivity and PIR
Increased profitability mainly driven Connectivity and PIR Segment EBITDA development Q3 2022 vs. Q3 2021 NOK million Oceans Connectivity PIR 9.1 (13.0) (8.4) 31.2 27.3 15.6 19.7 (2.5) 11.8 12.5 14.7 EBITDA Gross profit Expense EBITDA EBITDA Gross profit Expense EBITDA -0.4 Q3 2021 effect effect Q3
Slide 16: Financials – Balance sheet
Financials – Balance sheet Amounts in NOK million 30.09.22 30.06.22 31.12.21 Fixed and intangible assets ASSETS ▪ Land and PPE: NOK 162.4 million, limited changes from end of prior quarter Property, plant and equipment 162.4 162.0 164.9 ▪ Intangible assets: Increase of NOK 3.5 million driven by R&D
Slide 17: Leverage ratio continues to decline
Leverage ratio continues to decline NIBD/EBITDA EBITDA 12 month rolling 4.5 ▪ Maintaining a strong balance sheet and Covenant loan facilities liquidity position are first priorities for 4.0 capital allocation 3.5 o Provide for financial flexibility 3.0 o Prudent risk management o Operating well with
Slide 18: A strong liquidity position with new financing package
A strong liquidity position with new financing package Available credit lines Credit approval for refinancing NOK million ▪ Refinancing of the overdraft facility to NOK 350 220 471 million, strengthening liquidity by NOK 100 million 120 120 o 140bps p.a. margin o Rolling one year facility o Covenant
Slide 19: Financials – Cash Flow
Financials – Cash Flow Cash flow development third quarter 2022 Third quarter of 2022 NOK million ▪ Operating cash flow of positive NOK 14.4 million o Net increase in working capital of NOK 21.6 million, mainly related to purchase of components to inventory, (21.6) partly offset by an increase in tr
Slide 20: Outlook
Outlook
Slide 21: Increases revenue target for 2022. On track to deliver on the 2024 ambition
Increases revenue target for 2022. On track to deliver on the 2024 ambition Organic revenue and EBITDA target NOK million 1 500 • For 2022, revenues are expected to surpass NOK 1.1 billion, thus delivering above the target (approximately NOK 1.0 > 1,100 billion) set out in November last year 1 069 •
Slide 22: Short-term outlook
Short-term outlook • Fourth quarter historically the seasonally strongest quarter for Oceans • Oceans is expected to deliver growth compared to the fourth quarter of last year • Connectivity is benefiting from strong demand for DSRC products • Connectivity is expected to deliver revenues of NOK 70 –
Slide 23: Technology is part of the solution
TECHNOLOGY IS PART OF THE SOLUTION: - expla re
Slide 24: NORBIT is to be recognised as world class, enabling people to explore more
NORBIT is to be recognised as world class, enabling people to explore more EXPLORING SINCE 1995 ~430 EMPLOYEES ~ 18 COUNTRIES Victory awaits him who has everything in order. Luck people call it... Defeat is certain for him who has neglected to take necessary precaution in time. This is called bad lu
Slide 25: Technology is part of the solution
Technology is part of the solution Diversified and robust business model Connectivity encompasses NORBIT’s Product Innovation & Realization (PIR) is Oceans is offering tailored technology technology within low power connected offering R&D services and contract solutions to global maritime markets so
Slide 26: Shareholder overview, updated November 2022
Shareholder overview, updated 7 November 2022 # Investor # of shares % 1 VHF INVEST AS – founder Steffen Kirknes 7 686 495 13,05 2 PETORS AS – CEO Per Jørgen Weisethaunet 7 000 000 11,88 3 REITAN KAPITAL AS 5 829 083 9,90 4 DRAUPNIR INVEST AS – family of founder Steffen Kirknes 5 102 949 8,66 5 J.P.