Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q4 2015 Earnings Presentation
20 slides from Kongsberg Gruppen Asa's earnings presentation, Feb 11, 2016
Slide 1: Investor Presentation – 4th Quarter / Preliminary Annual Results
INVESTOR PRESENTATION 4TH QUARTER / PRELIMINARY ANNUAL RESULTS 11 FEBRUARY 2016
Slide 2: Highlights
HIGHLIGHTS High overall activity, mixed EBITDA picture • 2.5 % growth in revenues in 2015, full year EBITDA margin 10.5 % • Protector MCRWS selected for Stryker in Q4 • Launching Kongsberg Digital – focusing our digital expertise • Oil and gas related activities being restructured and consolidated •
Slide 3: Financial Status
FINANCIAL STATUS © KONGSBERG - All rights reserved
Slide 4: Revenues Q4
REVENUES Q4 4 745 4 567 4 263 4 418 4 234 4 222 4 033 4 097 3 941 3 991 4 009 3 448 Q4 revenues up 3.4 % from 2014 • KM with record high revenues in Q4 – up 9.1 % compared to 2014 • Good activity level in KDS, revenues on par with Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 previous quarters 2013 2014 2015
Slide 5: EBITDA Q4
EBITDA Q4 611 614 545 500 513 518 486 493 Q4 EBITDA MNOK 493 446 455 386 419 Margin • Influenced by net positive non-recurring items 10.8 % – MNOK 168 positive EBITDA effect from changes to pension scheme Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 – MNOK 88 restructuring costs in KOGT and KM 2013 2014 2015
Slide 6: Non-recurring items Q4
NON-RECURRING ITEMS Q4 KM KDS KPS KOGT OTHER GROUP Released provisions +12 +12 Changes to pension scheme +76 +59 +15 +13 +5 +168 Restructuring costs −41 −47 −88 Total1 +35 +59 +27 −34 +5 +92 1) List is not exhaustive © KONGSBERG - All rights reserved 11.02.2016 WORLD CLASS - through people, technolo
Slide 7: Orders Q4
ORDERS Q4 8 565 NEW KM 1 870 ORDERS 5 714 4 541 4 970 KDS 542 3 885 3 773 3 688 3 697 3 993 3 277 3 388 New orders: 2 887 KPS 381 2 887 KOGT 82 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Other 12 2013 2014 2015 21 096 20 580 21 020 22 033 21 439 21 059 19 344 19 597 16 733 16 398 16 711 15 687 Life-cycle b
Slide 8: Cash Flow
CASH FLOW 2015: Q4: 1 784 2 871 499 4 424 1 031 493 734 159 26 1 807 2 181 1 807 Cash IB EBITDA Change in other Investments Net changes in Cash UB Cash IB EBITDA Change in other Investments Net changes in Cash UB operating related financing activities operating related financing activities items and
Slide 9: Key Figures 2015
KEY FIGURES 2015 Revenues EBITDA 16 323 16 613 17 032 2 142 2 060 1 784 2013 2014 2015 2013 2014 2015 New Backlog orders 22 097 21 020 19 597 15 043 15 238 15 687 2013 2014 2015 2013 2014 2015 © KONGSBERG - All rights reserved 11.02.2016 WORLD CLASS - through people, technology and dedication Page 9
Slide 10: Non-recurring items 2015
NON-RECURRING ITEMS 2015 KM KDS KPS KOGT OTHER GROUP Released provisions +206 +206 Changes to pension scheme +76 +59 +15 +13 +5 +168 Restructuring costs −41 −98 −139 RRM damages1 −95 −95 Total2 −60 +59 +221 −85 +5 +140 1) Not including legal fees and expenses 2) List is not exhaustive © KONGSBERG -
Slide 11: Dividend
DIVIDEND “ Dividends shall over time constitute between 40 and 50 per cent of the company’s ordinary net profit after tax, future capital requirements taken into account The Board proposes a dividend of NOK 4.25 per share TOTAL PAYOUT EXCL. DIVIDEND RATIO IMPAIRMENT MNOK 510 50.0 % 68.2 % © KONGSBER
Slide 12: Business Update
BUSINESS UPDATE © KONGSBERG - All rights reserved
Slide 13: Protector MCRWS selected for US Army's Stryker vehicles
KONGSBERG MARITIME Q4 2015 Operating revenues 2 777 10 438 • High activity level both in the quarter and 2015, weaker margins EBITDA 235 1 116 • Increased activity within EPC/EIT, merchant, robotics and fisheries New orders 1 870 9 756 • Increasingly influenced by the challenging oil- and gas market
Slide 14: Several important contracts signed in 2015
SEVERAL IMPORTANT CONTRACTS SIGNED IN 2015 • F-35 orders with a total value of MNOK 700, including expanded scope • Contract with Avinor for Remote ATC towers • Contract for extensive delivery of KM equipment to Johan Sverdrup • Several orders within EPC/EIT-segment, including FPSO’s • Protector RWS
Slide 15: Launching Kongsberg Digital
LAUNCHING KONGSBERG DIGITAL Industrial internet and big data are significant opportunities and change drivers for KONGSBERG • Essentially, KONGSBERG is a data, electronics and software corporation • Kongsberg Digital: – A leading industrial software environment with about 450 employees – Building on
Slide 16: Restructuring and consolidating the Group's oil & gas activities
RESTRUCTURING AND CONSOLIDATING THE GROUP’S OIL & GAS ACTIVITIES • KONGSBERG restructures and consolidates its offshore, oil and gas activities – KOGT’s Software & Services will be incorporated as an important part of Kongsberg Digital – The Group’s oil- and gas related engineering services will be
Slide 17: Geir Håøy new CEO from June 2016
GEIR HÅØY NEW CEO FROM JUNE 2016 Geir Håøy has been with KONGSBERG since 1993. President of Kongsberg Maritime and part of the corporate management team since 2010. Extensive international experience. Will take on the position as CEO in June 2016. © KONGSBERG - All rights reserved 11.02.2016 WORLD C
Slide 18: 2016 Outlook
2016 OUTLOOK KONGSBERG MARITIME • Slower contracting of new vessels in the offshore market, good outlook for more advanced merchant and subsea • Capacity adjustments will lead to restructuring costs in 2016, currently estimated to MNOK 50-100 • Strong market positions, good order backlog and an inst
Slide 19: 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 20: World Class
WORLD CLASS - THROUGH PEOPLE, TECHNOLOGY AND DEDICATION © KONGSBERG - All rights reserved