Kongsberg Automotive Asa · OSL:KOA
Kongsberg Automotive Asa — Q3 2011 Earnings Presentation
23 slides from Kongsberg Automotive Asa's earnings presentation, 2011
Slide 1: Kongsberg Automotive Q3 2011 Presentation
Kongsberg Automotive Q3 - 2011 Presentation
Slide 2: Agenda
Agenda ITEMS Q3 highlights (Hans Peter Havdal, CEO) Financials (Trond Stabekk, CFO) Market status & outlook (Philippe Toth, IR) Q&A session Q3 2011 2
Slide 3: Executive summary
Executive summary FINANCIALS Revenues: Q3 revenues ended at MEUR 229.6 up 9% YoY EBITDA: MEUR 15.4 vs. MEUR 12.8 for Q3 2010 EBIT: MEUR 5.0 vs. MEUR 1.0 for Q3 2010 KEY HIGHLIGHTS Net profit YTD more than doubled MEUR 10.5 vs. MEUR 4.5 last year Revenue expectation for the year MEUR 1000 and EBITDA
Slide 4: New business wins
New business wins Annual average sales Highlights MEUR Q3 2011 60 Strategic important awards 50 • Confirm our Shift by Wire capabilities for passenger cars 40 34 34,7 • Increase market share in Off- highway segment for steering 30 column 20 • Increase market share within Seat Heat market 10 0 Q3 10
Slide 5: Driveline contract worth 34 MEUR
DRIVELINE CONTRACT WORTH 34 MEUR Product description Program brief • New technology, Shift by Wire gear shift system • Will be used in a range of environmentally friendly small city cars, marketed under two different global brands • Will run over 7 years, and production will start in Q2 2014 from KA
Slide 6: 20 MEUR contract for steering columns
20 MEUR CONTRACT FOR STEERING COLUMNS Product description Program brief • Supply of steering columns to a leading global manufacturer of agricultural machinery for the European and North American markets • Will run over 6 years, and production will take place in Ljungsarp, Sweden • A clear demonstra
Slide 7: Global seat heat contract worth 13 MEUR
GLOBAL SEAT HEAT CONTRACT WORTH 13 MEUR Product description Program brief • Seat heat systems to one of the world’s premier car brands, located in Germany • The contract is global and the first seat heat business awarded to KA from this OEM • A major step forward in increasing our market share with
Slide 8: Agenda
Agenda ITEMS Q3 highlights (Hans Peter Havdal, CEO) Financials (Trond Stabekk, CFO) Market status & outlook (Philippe Toth, IR) Q&A session Q3 2011 8
Slide 9: Consolidated income statement
Consolidated income statement Revenues up 9%, adj for negative currency effects (7.4 MEUR) revenues up 12.4% Q3 2011 include restructuring cost of MEUR 1.3 EBITDA growth for first 9 months of 38 % Net profit YTD more than doubling compared to same period 2010 Q3 2011 9
Slide 10: Development in revenues and EBITDA
Development in revenues and EBITDA Revenues EBITDA MEUR MEUR 32 EDITDA 300 29,8 EDITDA% 227.8 267.4 28 250 227,8 230 211 24 22,6 200 20 15,4 150 16 12,8 12 11,1 100 8,2 8,8 8 6,1 6,7 50 4 3,6 0 0 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 10 10 11 11 11 10 10 11 11 11 Q3 2011 10
Slide 11: Revenues per Segment
Revenues per Segment Revenues 75 73,3 67,1 58,8 50 54,7 MEUR 41,1 38,5 25 29,2 32,9 32,2 28,3 0 Interior Driveline A&C Fluid Power Product Q3 2010 Q3 2011 Comments: Continue to see strong revenue growth Positive customer mix continue to be an important factor Q3 2011 11
Slide 12: EBITDA per Segment
EBITDA per Segment EBITDA EBITDA - Margin 8 22 % 7 19 % 6 16 % 5 13 % 4 MEUR 11 % % 3 8% 2 5% 1 0 3% -1 Interior Driveline A&C Fluid PP 0% -2 -3 % Interior Driveline A&C Fluid PP Q3 2010 Q3 2011 Q3 2010 Q3 2011 Comments: Interior: Product mix Product launch cost related to two programs Driveline: Re
Slide 13: Cash flow third quarter 2011
Cash flow second quarter 2011 160 150 140 130 120 110 100 15.4 90 MEUR 80 70 2.9 10.3 60 4.7 14 50 40 76.2 0.6 73.1 30 20 45,7 10 0 Cash 30.06 EBITDA Working Capex Interest Other incl FX Cash 30.09 capital Positive effect Negative effect Q3 2011 13
Slide 14: Available funds and maturity profile
Available funds and maturity profile Available funds Debt Maturity MEUR MEUR 200 Un-utilized facilities 200 Cash reserve 160 160 58 57 120 120 65 79 MEUR MEUR 70 80 80 107 91 40 69 76 73 40 40 0 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 10 10 10 10 11 11 11 The current loan agreement expires in 2013
Slide 15: Key Financial Ratios
Key Financial Ratios Kongsberg Automotive Group NIBD EQUITY 320 200 314 315 195 310 190 305 185 182 300 180 295 175 290 170 285 165 280 160 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 NIBD/EBITDA EQUITY RATIO 30 % 24,0 25 % 23.0 20,0 20 % 16,0 15 % 12,0 8,0 10 % 4.1 4,0 5% 0,0 0% Q3
Slide 16: Agenda
Agenda ITEMS Q3 highlights (Hans Peter Havdal, CEO) Financials (Trond Stabekk, CFO) Market status & outlook (Philippe Toth, IR) Q&A session Q3 2011 16
Slide 17: Geographic Mix Q3-2011
Geographic Mix Q3-2011 Motor vehicles production (YoY change) CV LV production KA revenue production growth ** growth*** growth * Europe 28,1% 3,7% 6,0% North America 55,9% 6,7% 18,3% Asia -14,1% 2,2% 13,4% Worldwide 2,3% 4,0% 12,2% KA revenue weighted % 40% 60% Kongsberg continues to grow faster th
Slide 18: Volatile automotive market conditions
Volatile automotive market conditions - but sector is better prepared and in better shape than in 2008 Automotive sector Kongsberg Automotive Automotive sector is operating with lower Managed Net Working Capital level from inventory levels today than in 2008. 60 days 16% down to 13% (Inventory level
Slide 19: Light Vehicle Production Forecast (GVW<6t)
Light Vehicle Production Forecast (GVW<6t) 6,0 % 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % 0,0 % Q4-11 vs Q4-10 Old FY 11 vs FY 10 New FY 11 vs FY 10 J.D.POWERS estimates The global production of light vehicles is expected to reach 77 million vehicles in 2011 vs. 74 millions in 2010 LV production is expected to
Slide 20: Commercial Vehicle Production Forecast (GVW>6t)
Commercial Vehicle Production Forecast (GVW>6t) 12,0 % 10,0 % 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % Q4-11 vs Q4-10 Old FY11 vs FY10 New FY11 vs FY10 J.D.POWERS estimates The commercial vehicle production is expected to reach 3,0 million trucks by 2011 vs. 2,8 million in 2010 The growth in commercial vehicle
Slide 21: KA revenue estimate
KA revenue estimate Revenues MEUR 300 Approx. 246 250 228 Outlook based on: 200 Current market outlook and customer schedules Q4 Outlook represents approx. a 7,9% YoY growth 150 and is above expected growth for automotive and commercial vehicles 100 50 0 Q4 10 Q4 11 *Based on current volume and exch
Slide 22: Agenda
Agenda ITEMS Q3 highlights (Hans Peter Havdal, CEO) Financials (Trond Stabekk, CFO) Market status & outlook (Philippe Toth, IR) Q&A session Q3 2011 22
Slide 23: Q&A
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