Norbit Asa · OSL:NORBT
Norbit Asa — Q1 2020 Earnings Presentation
21 slides from Norbit Asa's earnings presentation, May 6, 2020
Slide 1: Presentation of the first quarter 2020 results
Presentation of the first quarter 2020 results CEO Per Jørgen Weisethaunet and CFO Stian Lønvik 6 May 2020, Trondheim, Norway
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: 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 • Founded 1995 • HQ in Trondheim, Norway • Manufacturing facilities in Selbu and Røros, Norway • Offices and Subsidiaries in 12 countries • Dedicated workforce of ~260 • Listed on Oslo Børs, ticker NORBIT 3
Slide 4: A global provider of tailored technology to carefully selected niches
A global provider of tailored technology to carefully selected niches Diversified and robust business model Product, Innovation and Realization (PIR) Tailored technology and solutions to the Independent supplier of tailored short- includes multi-disciplinary R&D and world global maritime markets ran
Slide 5: First quarter results
First quarter results Long-term financial targets First quarter of 2020 • 3Y revenue CAGR > 25% starting 2017 § Revenues of NOK 152 million, 4% down from Q119 • EBITDA margin > 20% • Invest ~5% of revenue in R&D § EBITDA of NOK 16 million, margin of 11% § Covid-19 impacts financial results o Revenue
Slide 6: Precautionary steps to safeguard against covid-19
Precautionary steps to safeguard against covid-19 § Safety and well-being of employees and customers highest concern o Comprehensive measures taken to prevent infection o Operative crisis management team § Focusing on safeguarding operations and financial position o Global sales and marketing activi
Slide 7: Oceans
peep EF Oceans
Slide 8: Oceans impacted by reduced activity
Oceans impacted by reduced activity Revenue and EBITDA First quarter of 2020 NOK million § Revenues of NOK 51.8 million, 12% down from Q119 o Reduced activity due to covid-19 o Revenue from sale of sonars lower, award announced in January had a positive effect o Impact from seasonality, as revenues
Slide 9: Intelligent Traffic Systems (ITS)
DSRC solutions for satellite based truck tolling Connectivity devices for smart tachograph Intelligent Traffic Systems (ITS)
Slide 10: Intelligent Traffic Systems (ITS) delivering y-o-y growth
Intelligent Traffic Systems (ITS) delivering y-o-y growth Revenue and EBITDA First quarter of 2020 NOK million § Revenues of NOK 45.2 million, 25% growth Y-o-Y o Managed to maintain deliveries as requested from customers without significant deviations o Volume fluctuations between quarters expected
Slide 11: Product Innovation & Realization (PIR)
Product Innovation & Realization (PIR)
Slide 12: Profitability in PIR affected by higher costs and change in product mix
Profitability in PIR affected by higher costs and change in product mix Revenue and EBITDA First quarter of 2020 NOK million § Revenues of NOK 63 million, down 8% since Q119 o Reduction explained by lower sales of R&D services o Some increase in revenues from contract manufacturing § EBITDA of NOK -
Slide 13: Group financials
Group financials
Slide 14: Financials – P&L
Financials – P&L Revenue and EBITDA by quarter NOK million First quarter 2020 187 § Revenues of NOK 151.6 million, 4% down from Q119 170 o All segments negatively influenced by covid-19, Oceans most 158 impacted due to global exposure and low visibility 154 152 o Seasonality effects in Oceans 128 §
Slide 15: Financials – Balance sheet: Assets
Financials – Balance sheet: Assets Amounts in NOK 000's 31.03.2020 31.12.2019 § Intangible assets NOK 147.9 million o Increase of NOK 12.6 million from Q419 explained by ASSETS investments in R&D Land and property, plant and equipment 91 309 78 653 § Inventories NOK 159.7 million Intangible assets 1
Slide 16: Financials – Balance sheet: Equity and Liabilities
Financials – Balance sheet: Equity and Liabilities Amounts in NOK 000's 31.03.2020 31.12.2019 § Drawn NOK 32.7 million of long-term facility o Undrawn short-term facilities of NOK 130 million LIABILITIES o Undrawn long-term facilities of NOK 117.3 million Borrowings 47 591 15 843 Lease liabilities 3
Slide 17: Financials – Cash Flow
Financials – Cash Flow Amounts in NOK 000's Q1 2020 Q1 2019 First quarter of 2020 Profit for the period 4 869 34 024 § Operating cash flow of NOK 9.8 million Adjustments for: o Net increase in working capital of NOK 6.8 million Income tax expense recognised in profit or loss 1 034 6 975 Share of pro
Slide 18: Outlook
Outlook
Slide 19: Summary and Outlook
Summary and Outlook § Covid-19 situation impacts financial results and market outlook o All segments impacted in Q1 o Difficult to predict longer term consequences, uncertainty significantly increased for the medium term § Segment Oceans’ global exposure and low revenue visibility makes the segment
Slide 20: Exploring is finding opportunities where others find limits
EXPLORING IS FINDING OPPORTUNITIES WHERE OTHERS FIND LIMITS
Slide 21: Shareholder overview, updated 5 May 2020
Shareholder overview, updated 5 May 2020 # Investor #shares % 1 VHF INVEST AS – founder Steffen Kirknes 8 686 495 15.30 2 PETORS AS – CEO Per Jørgen Weisethaunet 6 880 695 12.12 3 DRAUPNIR INVEST AS – family of founder Steffen Kirknes 5 702 949 10.04 4 EIDCO A/S 3 832 286 6.75 5 Handelsbanken Nordis