INVESTOR PRESENTATION Q4 2018 14/02/2019 Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, CFO WORLD CLASS – Through people, technology and dedication WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information
CHALLENGES ADDRESSED IN 2018 2018 2018 ACQUISITION OF RRCM CONTINUED STRONG AND AIM NORWAY MARGIN IN DEFENCE GROWTH IN MARITIME AFTER UNDERLYING MARGIN IN GROWTH MARGINS THREE YEARS OF DECLINE MARITIME AT 9.3 % 2018 ORDER BACKLOG IMPROVED 11 % SECURED FRAMEWORK AGREEMENTS WITH I.E. OTH AND CROWS ORDERS MOU’S WITH QATAR WORLD CLASS – Through people, technology and dedication WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 INTRODUCTION - FEBRUARY 14, 2019
AN EXTREMELY EVENTFUL YEAR JOHAN SVERDRUP AWILCO YARA BIRKELAND FASE ONE & TWO SINGAPORE POLICE AWARDS MASSTERLY GRIMALDI DIGITAL TWIN KOG KDA KM KDI CAPITAL INCREASE RRCM CROWS FOLLOW ON OTH CONTRACT NSM JSM TEST AIM NORWAY MOST ATTRACTIVE QATAR NORSPACE GALILEO NSM TO MALAYSIA WORLD CLASS – Through people, technology and dedication WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 INTRODUCTION - FEBRUARY 14, 2019
HIGHLIGHTS Q4 DIGITAL: • DEFENCE: Strongest revenues • since Q1 2016 Acquisition of • Order backlog AIM Norway • improved by 38% from Secured MNOK 805 strong H2 order intake CROWS order GROUP: MARITIME: • • Solid quarter Strongest revenues throughout the since Q4 2016 • organization Preparations for • Secured RRCM RRCM integration financing through on plan rights issue and bond placement 4 148 3 859 520 12.5 % REVENUES NEW ORDERS EBITDA EBITDA MARGIN WORLD CLASS – Through people, technology and dedication WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 INTRODUCTION - FEBRUARY 14, 2019
FINANCIAL STATUS WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
REVENUES KM MNOK 7 545 (7 429) 14 381 MNOK (14 490) KDA MNOK 6 104 (6 333) EB EBITDA KM MNOK 594 (589) 1 394 MNOK (1 279) KDA MNOK 863 (612) 2018 EBITDA MARGIN EB KM 7.9 % (7.9 %) 9.7% (8.8%) KDA 14.1 % (9.7 %) ORD RDER INT NTAKE KM MNOK 8 884 (7 336) 16 574 MNOK (13 430) KDA MNOK 6 885 (5 376) WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
18 000 14% 16 000 12% 11,0 % 14 000 10% 12 000 9,7 % 8% 10 000 8 000 6% 6 000 4% 4 000 2% 2 000 - 0% ROLLING LTM KOG Adjustments include: =<2017: Released provisions, impairment and restructuring, >=2018: acquisition costs, integration costs UNDERLYING/REPORTED PERFORMANCE LTM Revenues LTM EBITDA % LTM Underlying EBITDA % 12 000 16% 12 000 16% 14,1 % 14% 14% 10 000 10 000 12% 12% 9,3 % 8 000 8 000 10% 10% 6 000 8% 6 000 8% 7,9 % 6% 6% 4 000 4 000 4% 4% 2 000 2 000 2% 2% - 0% - 0% KDA KM Adjustments: Released provisions & restructuring Adjustments: Impairment, restructuring & integration costs WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
4 148 3 952 3 757 UNANIMOUS SUPPORT ON RIG IGHTS IS ISSUE FROM NORWEGIAN PARLIAMENT REVENUES Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 / 15 845 2017 / 14 490 2018 / 14 381 REVENUES UP 10.4% YoY KM revenues up 8.7% YoY KDA revenues up 12.8% YoY OTHER / 209 KDA / 1 898 KM / 2 041 (197) (1 683) (1 877) WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
Q4 FINANCES - FEBRUARY 14, 2019 520 459 UNANIMOUS SUPPORT ON RIG IGHTS IS ISSUE 334 FROM NORWEGIAN PARLIAMENT EBITDA Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 / 1 217 2017 / 1 279 2018 / 1 394 12.5 % OVERALL MARGIN (12.2%) MNOK 85 integration costs included in Q4 2018 STRONG KDA QUARTER Project mix, project milestones, volume 11.0 % UNDERLYING EBITDA MARGIN IN KM OTHER / 9 KDA / 371 KM / 140 Project execution, high utilization, volume 19.5 % MARGIN 6.9 % MARGIN WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
5015 UNANIMOUS SUPPORT ON RIG IGHTS IS ISSUE 3859 3012 FROM NORWEGIAN PARLIAMENT NEW ORDERS Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 BOOK/BILL 1.15, 0.93 IN Q4 2016 / 14 319 2017 / 13 430 2018 / 16 574 MNOK 17 283 total order backlog KM BOOK/BILL 0.91 Order backlog grew 19.5 % in 2018 MNOK 700 more secured in backlog for delivery in 2019 compared to 2018 KDA / 1 770 KM / 1 853 KDA BOOK/BILL 0.93 (3 168) (1 693) Order backlog grew 7.9 % in 2018 MNOK 805 order for CROWS WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
19% 27% VESSEL SYSTEMS SOLUTIONS 2018 23% 31% GLOBAL CUSTOMER SUBSEA** SUPPORT* NEW ORDERS KONGSBERG 13% 22% SOLUTIONS MARITIME VESSEL SYSTEMS 2018: MNOK 8 884 37% Q4 2018 Q4: MNOK 1 853 SUBSEA** 28% GLOBAL CUSTOMER SUPPORT* *Global Customer Support does not include Subsea aftermarket ** Subsea also includes Subsea aftermarket WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
7% SPACE AND 35% SURVEILLANCE MISSILE SYSTEMS 8% 7% 2018 INTEGRATED DEFENCE DEFENCE SYSTEMS COMMUNICATION 29% PROTECH 14% SYSTEMS NEW ORDERS AEROSTRUCTURES KONGSBERG DEFENCE 12% 7% MISSILE AND AEROSPACE SYSTEMS SPACE AND SURVEILLANCE 0.5% 2018 MNOK 6 885 11% DEFENCE Q4 2018 COMMUNICATION INTEGRATED DEFENCE Q4 MNOK 1 770 SYSTEMS 56.5% 13% PROTECH AEROSTRUCTURES SYSTEMS WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
Investing activities Operating activities Financing/other activities MNOK -382 MNOK 2 189 MNOK 5 250 4.937 6 10.038 120 115 450 992 158 969 DEVELOPMENT IN 1.394 181 78 73 352 30 CASH AND SHORT 2.956 TERM DEPOSITS Share issue: amount is net received after capital costs Cash 1.1 EBITDA Change in working capital Dividend received Income from associates Tax paid abroad Other operating activities Investments R&D/PPE Other investing activities Net issue of new bond loans Share issue Net other financial items Acquisitions of minorities Dividend paid Other YTD Reduced investments in R&D/PPE in all areas, compared to 2017 (down MNOK 116) WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
Q4 Q4 2018 2018 Q3 Q3 2018 2018 2017 2017 Gross interest bearing debt 4 020 3 019 3 340 Cash and short-term deposits 10 038 2 990 2 956 STRONG BALANCE SHEET Net interest bearing debt -5 706 336 384 Equity ratio 45.7 % 35.5 % 35.6 % ROACE 12.5 % 10.7 % 9.0 % WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
1 500 BONDS - MATURITY PRO PROFILE 1 000 550 500 450 250 DEBT POSITION 2019 2020 2021 2022 2023 2024 2025 2026 HEALTHY MATURITY PROFILE NE NET INTE NTERE REST BEARING DEBT 2195 384 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 -5706 WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
2016 2016 2017 2017 201 2018* Total dividends MNOK 450 MNOK 450 MNOK 450 Payout ratio 68.9 % 81.2 % 64.2 % * Proposal for 2018 AGM DIVIDEND 127,1 % HI HIST STORICAL PAYOUTS S RATIOS THE BOARD PROPOSES FOR THE ANNUAL GENERAL MEETING ON 14 MAY 2019 A DIVIDEND OF NOK 81,2 % 2,50 PER SHARE FOR FY 2018 68,7 % 68,9 % Dividends shall over time constitute between 40 and 64,2 % 50 per cent of the company’s ordinary net profit after 51,3 % tax, future capital requirements taken into account 50% 50% 34,4 % 31,7 % 40% 40% 29,3 % 30,1 % 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 WORLD CLASS – Through people, technology and dedication KONGSBERG PROPRIETARY - See Statement of Proprietary information Q4 FINANCES - FEBRUARY 14, 2019
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