Kitron Asa · OSL:KIT
Kitron Asa — Q3 2022 Earnings Presentation
12 slides from Kitron Asa's earnings presentation, Oct 26, 2022
Slide 1: 2022 Q3 Presentation
2022 Q3 Presentation Kitron Group | 2022-10-26
Slide 2: Third quarter 2022 Highlights
Third quarter 2022 Highlights • Revenue of 1 664 MNOK (831 MNOK Q3 2021) • Growth of 100%, Organic growth 28% • EBIT 116 MNOK (50 MNOK in Q3 2021) • EBIT Margin at 7.0% (6.0%) • Cash flow 139 MNOK (-70 MNOK in Q3 2021) • Order backlog 4 847 MNOK (2 568 MNOK in Q3 2021) • Growth of 89%, Organic growt
Slide 3: Market and operations
Market and operations 12 Month forward looking demand (MNOK) 2500 ▪ Demand continues to be very strong 2000 in all market sectors ▪ Demand R121 increased to 7.5 BNOK from 5.8 BNOK 1500 o Close to 30% growth 1000 500 0 Defence & Medical Connectivity Electrification Industry Aerospace Devices 1. Custo
Slide 4: Revenues
Revenues Connectivity Electrification Industry Medical devices Defence/Aerospace 500 500 500 500 500 450 450 450 450 450 400 400 400 269 400 400 350 350 350 217 350 350 300 305 300 22 300 179 300 300 283 20 20 250 237 250 250 250 250 200 200 200 200 200 25 21 150 150 282 297 150 150 19 150 256 269 2
Slide 5: Business sectors
Business sectors Revenue Business Sectors Q3 2022 Q3 2021 Change Q-Q growth Full year 2021 BB Q3 2022 Nordics 591,9 390,2 201,7 51,7 % 1 300,1 138,1 CEE 533,2 271,1 262,1 96,7 % 980,8 106,2 Rest of the world 582,4 195,1 387,3 198,5 % 549,5 358,7 ▪ Growth and improved profits across Group and elimina
Slide 6: Cash flow and working capital
Cash flow and working capital Cash Flow Q3 2022 Q3 2021 Change 30.09.2022 30.09.2021 Profit before tax 103,9 40,9 63,0 240,7 156,4 ▪ Q3 Cash flow from operating Depreciations 42,6 25,7 16,9 123,3 74,9 activities at 139 MNOK (-70 MNOK) Change in inventory, accounts receivable, contract assets and ▪ Y
Slide 7: Ratios
Ratios ▪ Positive development on NWC % sales, Ratios 30.09.2022 30.09.2021 Change 31.12.2021 R3 NWC % sales 25,8 % 31,8 % -6,0 % 31,7 % ROOC%, CCC R3 ROOC % sales 19,8 % 12,8 % 7,0 % 12,3 % R3 Cash Cycle conversion 102 124 -22 126 ▪ Net gearing / NIBD at 3.1, 2.99 excl. IFRS Net gearing 1,13 0,90 0,
Slide 8: Outlook
Outlook
Slide 9: Outlook full-year 2022
Outlook full-year 2022 ▪ As we entered the second half of 2022, we updated the revenue outlook to between NOK 5 700 and 6 100 million with an operating profit expected to be between NOK 330 million and NOK 400 million ▪ Fortunately, we continue to see strong demand from customers and continued ease
Slide 10: Key take-ways
Key take-ways ▪ Outlook for 2022 is increased to between NOK 6 200 and 6 400 million with an operating profit (EBIT) between NOK 390 million and 430 million ▪ Most customers communicate growth in 2023 and strong outlook for the following years ▪ Our order backlog supports strong continued growth ▪ L
Slide 11: Q&A
Q&A
Slide 12: 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 –