Kongsberg Gruppen Asa · OSL:KOG
Kongsberg Gruppen Asa — Q4 2022 Earnings Presentation
26 slides from Kongsberg Gruppen Asa's earnings presentation, Feb 10, 2023
Slide 1: Investor presentation Q4 2022 & preliminary annual accounts 2022
Investor presentation Q4 2022 & preliminary annual accounts 2022 10/02/2023 Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is p
Slide 2: 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 3: Protecting people and planet
Strong performance Protechting in 2022 people Uniquely and planet positioned in the new reality
Slide 4: 16% revenue growth, entering 2023 with NOK 63bn in order backlog
16% revenue growth, entering 2023 with NOK 63bn in order backlog Financial development Comments (NOKbn) Order backlog 63.3 • NOK 4.4bn growth, corresponding to 16 % from 21 49.5 32.3 35.9 • 97 % organic Order intake 41.0 45.1 31.4 28.8 • Record high EBITDA of NOK 4.6bn with 14.5% margin • NOK 516m i
Slide 5: Business update Kongsberg Maritime
Business update Kongsberg Maritime Highlights Order intake by segment • 1.16 book/bill in Q4 2022 2021 2022 • Offshore wind and Seaborne & PAX most significant contributors to new build order intake in Q4 2022 16% 13% • ~NOK 3bn after market order intake, 25 % up from Q4 21 7% • Solid progress both
Slide 6: Business update Kongsberg Defence & Aerospace
Business update Kongsberg Defence & Aerospace Highlights Order intake by segment • Close to NOK 9bn order intake on Naval Strike Missiles (NSM) 2021 2022 • High activity and solid progress on NASAMS- 3% 3% 7% deliveries 4% 3% 7% 5% • Slight increase in remote weapon stations deliveries, but still so
Slide 7: Business update Kongsberg Digital
Business update Kongsberg Digital Highlights Vessel Insight and Kognitwin • Recurring revenues continue to increase • New assets and users on Kognitwin ~1,900 ~2,000 Vessel Insight • New vessels operating with Vessel Insight ⁓3,000 Vessels • Existing customers transferred from traditional to SaaS-co
Slide 8: Financial status
Financial status Gyrid Skalleberg Ingerø, EVP & Group CFO KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised
Slide 9: 16% revenue growth and 14.8% EBITDA margin
16% revenue growth and 14.8% EBITDA margin Order intake Revenue EBITDA (NOKbn) Order backlog (BNOK) (NOKbn) Rolling 12m revenue (NOKbn, %) Rolling 12m EBITDA 63.3 31.8 4.6 49.5 19.2 27.4 +54% 9.4 4.1 12.5 8.1 +16% 1.4 1.2 +21% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 21 Q1 22 Q
Slide 10: Working capital development
Working capital development Net Working Capital development Highlights NWC % of LTM revenue NWC Kongsberg Maritime NOKbn 9% 12% 12% 12% Kongsberg 9% Maritime 3.0 6% 5% 2.0 1.0 2.1 2.3 2.3 • NWC decreased with NOK 1bn for the 1.5 1.6 0.9 0.9 group in q4, mainly driven by large 0.0 2019 2020 2021 Q1 2
Slide 11: Cashflow development 1.10 – 31.12
Cashflow development 1.10 – 31.12 (0.3) 1.0 (0.3) 3.9 (0.1) 1.4 2.2 Cash 1.10 EBITDA Change in working Investing activities Financing activities Other Cash 31.12 capital and other WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information
Slide 12: Solid balance sheet with Investment Grade approach
Solid balance sheet with Investment Grade approach Net debt/EBITDA development Debt maturity profile Net debt/EBITDA inc. IFRS16 Net debt/EBITDA ex. IFRS16 Target range inc. IFRS16 (NOKm) 2.5 2.5x (cap) 2.0 1 500 1.5x (range 1.5 mid point) 1.0 0.5x KOG09 0.5 0.1x 0.1x 0.0 450 500 0.3x 0.2x (0.4x) (0
Slide 13: Proposed dividends of NOK 12/share
Proposed dividends of NOK 12/share Proposed dividends FY2022 Details NOK per share Total NOKm • Last day including: 11 May 2023 • Ex. dividend date: 12 May 2023 8.40 12.00 • Record date: 15 May 2023 • Payment date: 30 (NOK 3.6) and 31 (NOK 8.4) May 2023 (“on or about”) 3.60 Dividend Additional divid
Slide 14: Kongsberg Maritime
KONGSBERG MARITIME KONGSBERG MARITIME KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in who
Slide 15: Solid development in Kongsberg Maritime
Solid development in Kongsberg Maritime Order backlog Revenue EBITDA (NOKbn) (NOKbn) (NOKbn) 19.0 18.6 16.3 16.5 15.2 13.0 11.3 11.4 2.4 2.0 7.5 1.5 5.7 1.0 0.6 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 WORLD CLASS – Through people, technology and dedication KONGSBER
Slide 16: All-time high order intake and backlog in KM
All-time high order intake and back log in KM Order intake Order backlog (NOKbn) Last 12 months order intake (NOKbn 24.4 18.6 3.4 Three years → 17.9 13.0 3.9 Two years 1.9 6.1 2.6 4.8 11.3 Next year 8.5 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 2021 Q4 2022 • More than NOK 3bn from newbuilding and close to N
Slide 17: 9% revenue growth in Q4
9% revenue growth in Q4 Revenue EBITDA (NOKbn) Rolling 12 months revenue (NOKbn) Rolling 12 months EBITDA EBITDA margin % 19.0 2.4 16.5 5.3 2.0 4.9 0.66 0.54 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 11.0% 12.5% • 9 % revenue growth from Q4 2021 to Q4 2022 • 23% increase in EBITDA
Slide 18: Kongsberg Defence & Aerospace
KONGSBERG DEFENCE & AEROSPACE KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in
Slide 19: Strong financial development in Kongsberg Defence and Aerospace
Strong financial development in Kongsberg Defence and Aerospace Order backlog Revenue EBITDA (NOKbn) (NOKbn) (NOKbn +305% +94% 43.5 11.9 35.6 10.1 +191% 8.5 2.5 23.5 7.2 2.2 20.1 6.1 1.7 10.7 1.1 0.9 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 WORLD CLASS – Through peo
Slide 20: All time high order backlog in KDA
All time high order backlog in KDA Order intake and major orders Order backlog (NOKbn) (NOKbn) 43.5 35.6 12.5 20.6 Three years → 17.2 7.5 9.8 Two years 7.6 10.9 13.1 Next year Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 2021 Q4 2022 • F-35 parts • NSM Australia • NSM US Navy • Solid backlog coverage going forw
Slide 21: 29% revenue growth in Q4 in KDA
29% revenue growth in Q4 in KDA Revenue EBITDA (NOKbn) Rolling 12-months revenue (NOKbn) Rolling 12 months EBITDA EBITDA margin % 11.9 2.5 10.1 3.9 3.0 2.2 0.89 0.71 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 23.5% 22.7% • Solid progress on significant contracts contributes to reven
Slide 22: Kongsberg Digital
KONGSBERG DIGITAL KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must
Slide 23: 38% growth in recurring revenue in KDI
38% growth in recurring revenue in KDI Key figures Highlights (NOKm) Rolling 12 months revenue ▪ 17% revenue growth in 2022 989 ▪ 38% growth in recurring revenue in Q4 22 845 compared to Q4 21 Revenues 285 229 ▪ Share of recurring revenue ~46% in Q4 22 ▪ Major increase in number of users on Kognitwi
Slide 24: Associated companies
Associated companies KSAT Patria EBITDA % Revenue (NOKm) EBITDA (NOKm) KOG’s share of net profit (NOKm) EBITDA % Revenue (EURm) EBITDA (EURm) KOG’s share of net profit (NOKm) 16.2% 41.7% 41.0% 13.1% 12.9% 38.6% 38.2% 6.7% 627 1 471 1 232 534 548 928 1 034 508 475 562 70 89 81 387 424 34 2019 2020 20
Slide 25: Outlook
Outlook KONGSBERG DEFENCE KONGSBERG KONGSBERG SENSOR & & AEROSPACE MARITIME DIGITAL ROBOTICS Current backlog secures Positive sentiment in “high Continued increase in To be reported in Q1 2023 growth in 2023 value” segments recurring revenues from next- gen solutions1 High market activity and High a
Slide 26: Q&A
INVESTOR PRESENTATION Q&A KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa