KONGSBERG GRUPPEN ASA

Transcription

1 KONGSBERG GRUPPEN ASA Capital Market Day 2012 Walter Qvam President and Chief Executive Officer Hans-Jørgen Wibstad Executive Vice President and Chief Financial Officer 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 information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected. Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except as required by the Oslo Stock Exchange rules or applicable law, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based. Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements. Page 2 1

2 Contents This is KONGSBERG Brief financial status Demand trends, current positions, plans Page 3 Industrial pioneer established in 1814 KONGSBERG has a unique history and a strong performance culture Page 4 2

3 Today a leading international technology group Group data 2011 Revenues NOK 15.1 billion From deep sea to outer space 2011 EBITA NOK 2.1 billion 2011 Earnings Before Tax NOK 2.0 billion Sales outside Norway (2011) 82 % Unofficial credit rating BBB/BBB+ Oslo Stock Exchange since 1993 Ticker: KOG.OL Market cap NOK 14.2 billion Main shareholder Norwegian State ( %) Other shareholders 7,570 Headquarter Kongsberg,Norway Employees approximately 7,000...with university degree 72 %...employed outside Norway 34 %...employed in 25 countries Page 5 Diversified Revenue Base Geographic revenue split (2011) South America 2 % Asia 20 % Other 1 % Norway 18 % EU 21 % North America 34 % Rest of Europe 4 % Revenues split by markets (2011) Merchant Shipping 10 % Other: Space, Fishery, Research, Public 8 % Offshore / Oil and Gas 32 % Defence (Norway and international) 50 % Page 6 3

4 Strong performance over many years Sale Domestic (NOKm) Sale Abroad (NOKm) EBITA % Technology leadership follow our customer performance culture Page 7 Solid global business system High-tech, market leading product portfolio Global Top 3 in several fields Offshore and merchant systems and applications Niche oil and gas and subsea/sonar technologies Air defence, missile, remote weapon systems Space, surveillance, communication technologies 4

5 Our Values drive performance and differentiation DETERMINED INNOVATIVE COLLABORATIVE RELIABLE What we start, we finish. We do not give in We relentlessly pursue improvements, new ideas and new solutions We collaborate as individuals and as an organization We are reliable people. We are responsible citizens Page 9 CSR and Compliance License to operate Page 10 5

6 Contents This is KONGSBERG Brief financial status Demand trends, current positions, plans Page 11 Financial status YTD Q YTD operating revenues Revenues YTD Q3-11 Other KPS KM KDS Revenues YTD Q3-12 Other KPS KM Page 12 YTD Q3-10 YTD Q3-11 YTD Q3-12 KDS

7 Financial status YTD Q YTD EBITA EBITA YTD Q KPS 633 KM KDS EBITA YTD Q KPS 500 KM YTD Q3-10 YTD Q3-11 YTD Q3-12 KDS 258 Page 13 Financial status Q Quarterly trends in orders Backlog of orders Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q New orders per quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q % 49% 29% => Backlog of orders at Q3-12 KPS KDS Other 440 KM Page 14 After sales and framework agreements not converted into delivery contracts are not included in the backlog 7

8 Financial status Q Cash Flow Page 15 Cash IB EBITDA Q2 Change in other operating related items ex. tax Cash and short-term deposits 01-November-12 Investments Q3-12 Q2-12 Q ,880 1,059 1,902 3,083 Working capital 3,549 2,187 2,270 1,928 Net interest bearing debt (567) (491) (1,334) (2,191) Equity ratio 38.4% 38.1% 39.9% 35.1% Net changes in financing activities and exchange rates* Cash UB KONGSBERG has unused credit lines of NOK 1 billion * Incl. issue of bonds of MNOK 750 Contents This is KONGSBERG Brief financial status Demand trends, current positions, plans Page 16 8

9 Demand trends and development scenarios incorporated in KONGSBERG s long term strategies Technology Economic Defence Political Climate Energy Trade / 17 / Opportunities and strong positions in a mixed defence market picture Mixed demand picture Strong KONGSBERG positions Planning for growth Defence cuts in the West Some regions grow Defence growth in the East US rebalance towards APAC/ME National industry protectionism More aggressive international competition More A2/AD (Anti- Access/Area Denial) and Air-Sea Battle More C4ISR*, cyber warfare More for less Strong home market base Well established in essential geographies Strong, flexible supplier network Flexible production facilities Long term international alliances Leading niche products Modern technology platform Leverage current product portfolio in selected international markets Launch new/extended products/capabilities Further develop international industry alliances Further develop selected key geographies * Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance Page 18 9

10 Growth in active oil and gas markets, consolidation in merchant business Strong oil and gas market Leading positions Planning for growth Global E&P spending incl. Opex grows 11% p.a. up to 2016 Offshore Capex spending increase 12% p.a. up to 2016 Americas, N.S., Asia Floating rig market expected to grow 10% p.a. up to 2016 Most growth deep waters Increased technology demand Mixed construction activity High offshore, low merchant China up, Japan, EU down Source: Kongsberg Maritime, IHS, Maritime Insight Market leader in offshore applications and specific oil and gas technologies Full Picture philosophy Real time drilling/production S/W solutions Strong Life Cycle support set-up Well established in all offshore/shipping geographies Local organizations Global value chain Simulation and training solutions Leverage current product portfolio in international offshore, oil & gas markets Extend scope of supply in offshore, merchant Expand solutions and exposure to IMR*, Subsea Further develop Life Cycle support set-up Launch, acquire, expand oil and gas solutions Further develop industry alliances * Inspection, Maintenance, Repair Page 19 KONGSBERG delivers solutions to people and companies operating under extreme conditions Extreme performance Summary Extreme conditions High activity level, strong backlog, financially solid Significant installed base Short term robust business platform in a more demanding market Modern products and systems in early life Well positioned to meet stated demands in key niche segments Strategic growth agenda Long term significant growth potential Page 20 10

11 kongsberg.com We hope you have had a good and interesting day! 11

12 Prepared for the future Extreme performance for extreme conditions Page 23 12