Slide 1: First quarter 2022 presentation
First quarter 2022 presentation CEO Per Jørgen Weisethaunet CFO Per Kristian Reppe 13 May 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: 58 per cent revenue growth and improved profitability
58 per cent revenue growth and improved profitability Revenues and EBITDA First quarter 2022 NOK million ▪ Revenue increased by 58 per cent, driven by 249 235 solid growth in all segments 190 200 ▪ Improved profitability driven by higher 187 revenue base and operational leverage, 170 158 32% 154 152
Slide 4: Oceans
Slide 5: Continued strong sonar sales in Oceans
Continued strong sonar sales in Oceans Revenues and EBITDA First quarter 2022 NOK million ▪ Revenues of NOK 81 million, an increase of 18 per cent from Q1-21 117 ▪ Revenue growth was mainly attributed to increased 102 sonar sales and revenue recognition on Guardpoint 92 contract 81 83 81 ▪ EBITDA ma
Slide 6: Broadening product offering; Winghead i80s
Broadening product offering; Winghead i80s Photo credit: Saildrone
Slide 7: Connectivity
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Slide 8: Improved profitability from increased sales and value accretive acquisition
Improved profitability from increased sales and value accretive acquisition Revenues and EBITDA First quarter 2022 NOK million ▪ Strong revenue growth driven by increased sales from sub-segment ITS and NOK 21 million in revenues from 65 64 iData (acquisition completed July 31, 2021) 62 ▪ Strong grow
Slide 9: Partnering with insurance companies
Partnering with insurance companies ▪ One of Italy’s largest insurance ▪ Part of the insurance group Fremtind ▪ Part of the insurance group Gjensidige companies ▪ Norway’s largest OBU issuer with 1.2 ▪ Norway’s second largest OBU issuer ▪ Launched Unipolmove OBU market million AutoPASS clients with
Slide 10: PIR
Slide 11: Strong growth and improved profitability
Strong growth and improved profitability Revenues and EBITDA First quarter 2022 NOK million ▪ 47 per cent revenue growth year over year o Strong and increasing demand from new and existing 99 clients within contract manufacturing 78 o R&D product and services delivered 24 per cent 76 77 69 69 growth
Slide 12: Increasing demand for "Made in Norway"
Increasing demand for “Made in Norway” Trondheim, 23 February 2022: NORBIT today announces that segment Product, Innovation and Realization (PIR) has entered into a frame agreement with an undisclosed European industrial customer for delivery of electronic modules for electromobility charging produc
Slide 13: Group financials
Group financials
Slide 14: Financials – P&L
Financials – P&L Q1 2022 Q1 2021 First quarter of 2022 Amounts in NOK million ▪ Revenues of NOK 235.2 million, up 58 per cent from Q1 Revenues 235.2 148.7 2021 Other gains and losses - 1.2 o 44 per cent growth year over year adjusted for iData Raw materials and change in inventories 100.4 72.6 acqui
Slide 15: All segments contributing to increased profitability year over year
All segments contributing to increased profitability year over year Segment EBITDA development Q1 2022 vs. Q1 2021 NOK million Oceans Connectivity PIR (11.6) 16.4 25.7 (21.0) 20.9 35.4 11.4 13.7 (0.6) 8.5 3.4 EBITDA Gross profit Expense EBITDA -0.7 EBITDA Gross profit Expense EBITDA Q1 2021 effect e
Slide 16: Financials – Balance sheet
Financials – Balance sheet Amounts in NOK 000's 31.03.22 31.12.21 Fixed and intangible assets ASSETS ▪ Land and PPE: On par with prior quarter as depreciation offset investments Property, plant and equipment 164.9 164.9 Intangible assets 248.3 242.3 ▪ Intangible assets: Increase of NOK 6.0 million d
Slide 17: Liquidity further strengthened in the quarter
Liquidity further strengthened in the quarter Debt facilities and available credit lines Refinanced multicurrency overdraft facility NOK million ▪ Refinancing of the overdraft facility to NOK 250 301 288 million, strengthening liquidity by NOK 120 27 million 59 o 140bps p.a. margin o Rolling one yea
Slide 18: Maintaining a solid balance sheet
Maintaining a solid balance sheet 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 withi
Slide 19: Financials – Cash Flow
Financials – Cash Flow Cash flow development first quarter 2022 First quarter of 2022 NOK million ▪ Operating cash flow of positive NOK 18.2 million o Net increase in working capital of NOK 18.5 million, primarily driven by increase in inventories and (18.5) receivables ▪ Investing activities genera
Slide 20: Outlook
Outlook
Slide 21: Risk mitigating actions to manage the challenging component market
Risk mitigating actions to manage the challenging component market Security stock of R&D design Flexibility with components adaptations in-house production 21
Slide 22: Short-term outlook
Short-term outlook • Second quarter is seasonally strong due to the survey season • NORBIT expects revenues in the second quarter to increase compared with the same period of last year • Guidance is supported by a strong April, backlog and recent contracts won • NORBIT reiterates guidance to deliver
Slide 23: On the path to reach the target levels set
On the path to reach the target levels set Organic revenue growth target NOK million • Maintaining revenue target for 2022 is in excess of NOK 1.0 billion, supported by growth in all three >1 500 business segments • Quarterly seasonal fluctuations are expected, along >1 000 with the impact of curren
Slide 24: Technology is part of the solution
- eyptlore wowe - IS PART OF THE SOLUTION
Slide 25: NORBIT - is to be recognized as world class, enabling people to explore more
NORBIT - is to be recognized as world class, enabling people to explore more EXPLORING SINCE 1995 ~400 EMPLOYEES ~ 16 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
Slide 26: 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 wireless offering R&D services and contract solutions to global maritime markets sol
Slide 27: Shareholder overview, updated May 2022
Shareholder overview, updated 11 May 2022 # Investor # of shares % 1 VHF INVEST AS 7,686,495 13.15 2 PETORS AS 6,971,695 11.93 3 REITAN KAPITAL AS 5,829,083 9.97 4 DRAUPNIR INVEST AS 5,102,949 8.73 5 J.P. Morgan SE 3,179,708 5.44 6 ESMAR AS 3,162,286 5.41 7 EIDCO AS 3,062,286 5.24 8 CLEARSTREAM BANK