6 May WORLD CLASS through people, technology and dedication KONGSBERG All rights reserved.
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1 First quarter May 211 WORLD CLASS through people, technology and dedication
2 Highlights Q1 good start of 211 Continued good profitability: Revenues on level with Q1 21 EBITA up by 16.9% compared with Q1 21 Profit margin (EBITA) improved from 11.8% to 13.8% Net cash reserves of MNOK Equity ratio increased to 36.2% EPS NOK 2.94 compared with NOK 2.44 in Q1 21 Building order backlog again: Book/bill > 1 in both Kongsberg Maritime (KM) and Kongsberg Protech Systems KM s order intake almost doubled from Q1 21 Backlog of orders more than NOK 18 billion Active markets: High activity in offshore/oil service market Higher impact in still active merchant market US Army: KONGSBERG s design chosen for CROWS JSM development phase II put before the Parliament / 2 / WORLD CLASS through people, technology and dedication
3 AGENDA Financial status at Q1 211 Status business areas Updates Appendix / 3 / WORLD CLASS through people, technology and dedication
4 Financial status Q1 211 Operating revenues EBITA Backlog of orders New orders at Q / 4 / WORLD CLASS through people, technology and dedication
5 Financial status at Q1 211 Quarterly trends in operating revenues and EBITA Operating revenues Q1 Q2 Q2 Q4 Operating revenues Change in % Q % EBITA Q1 Q2 Q2 Q4 EBITA Change in % Q % EBITA margin Q1 11.8% 13.8% / 5 / WORLD CLASS through people, technology and dedication
6 Financial status at Q1 211 New orders and the backlog of orders 25 Backlog of orders Delivery of backlog 28% 21% % => 5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 After-sales is generally not part of backlog Backlog of orders Q Change in % Q % New orders Change in % Q % / 6 / WORLD CLASS through people, technology and dedication
7 Financial status at Q1 211 Cash flow, equity and liabilities Net cash flow (MNOK) Q1-11 Q1-1 Net cash reserves of MNOK at end Q1-11 compared with MNOK EBITDA at year-end 21 Change in other operating related items (3) * (6) Cash flow from operating activities MNOK 1 Average term to maturity on drawn loan facilities is 2.25 years Undrawn revolving credit facilities of MNOK 1 Acquisition of fixed assets (14) (19) Other investment activities (24) (18) KONGSBERG s equity ratio is 36.2%, up from 34.9% at year-end 21 Cash flow from investing activities (128) (127) Cash flow from financing activities 15 (7) Impact of currency fluctuations on bank deposits and cash equivalents (17) 8 Net change, bank deposits and cash equivalents * Tax paid is MNOK 256 in Q1 (MNOK 4) Maturity structure loan agreements Amount Due MNOK MNOK 1 ** 213 MNOK ** Credit facilities that are undrawn at 31 March 211 / 7 / WORLD CLASS through people, technology and dedication
8 Key figures Q1 211 Q Change, operating revenues.1% 12.3% 12.2% EBITDA EBITDA/employee * (in NOK 1 ) EBITA EBITA margin 13.8% 11.8% 14.3% EBT Equity % Book/bill EPS * Based on the average number of employees / 8 / WORLD CLASS through people, technology and dedication
9 Kongsberg Maritime Status / 9 / WORLD CLASS through people, technology and dedication
10 Kongsberg Maritime Q1 211 Operating revenues EBITA Backlog of orders New orders at Q / 1 / WORLD CLASS through people, technology and dedication
11 Kongsberg Maritime Quarterly trends in operating revenues and EBITA Operating revenues Operating revenues Change in % Q % Q1 Q2 Q3 Q EBITA EBITA Change in % Q % Q1 Q2 Q3 Q4 EBITA margin Q1 12.2% 16.3% Continued positive results from efficiency programmes / 11 / WORLD CLASS through people, technology and dedication
12 Kongsberg Maritime New orders and the backlog of 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 Delivery of backlog 8 % 27 % 65 % => After-sales is generally not part of backlog Backlog of orders Q4 21 Q1 211 Change in % % New orders Change in % Q % / 12 / WORLD CLASS through people, technology and dedication
13 Kongsberg Maritime in Q1 High level of activity and good influx of orders New orders almost doubled compared to Q1 21 Confirmed strong market positions both for drillships, LNG carriers and advanced offshore supply vessels More than 3 contracts for equipment to merchant vessels High win-rate within advanced offshore World WORLD Contracted Newbuilds Tanker 21-1 vsls WORLD Contracts Offshore Vessels World Contracted Offshore Vessels AHTS/ OSV s21-1 Support Drill Float 1 8 ships 8 6 Bulk Offshore Container 6 4 Heavy Other FPSO (new) FPSO (conv) Drill Float Drill Jack-up Heavy other AHTS/OSV Support PAX Ro-Ro Bulk Container Tankers Offshore Others Source: Company internal / 13 / WORLD CLASS through people, technology and dedication
14 Kongsberg Defence Systems Status / 14 / WORLD CLASS through people, technology and dedication
15 Kongsberg Defence Systems Q1 211 Operating revenues EBITA Backlog of orders New orders at Q / 15 / WORLD CLASS through people, technology and dedication
16 Kongsberg Defence Systems Quarterly trends in operating revenues and EBITA Operating revenues Operating revenues Change in % Q % 2 Q1 Q2 Q3 Q EBITA Q1 Q2 Q3 Q EBITA Change in % Q (11.6%) EBITA margin Q1 8.2% 6.5% / 16 / WORLD CLASS through people, technology and dedication
17 1 Kongsberg Defence Systems New orders and the backlog of orders Backlog of orders Delivery of backlog % % % => 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Frame contracts not converted into delivery contracts are not recognised in backlog Backlog of orders Q4 21 Q1 211 Change in % New orders Change in % (2.2)% Q % Backlog of orders equals to 2.3 times operating revenues (21 figures) Good platform for further positive revenue development already secured in backlog / 17 / WORLD CLASS through people, technology and dedication
18 Kongsberg Defence Systems in Q1 High level of activity in sales-, development- and production International marketing campaigns: Missiles Air defence Submarine modification Communication Surveillance Product development: Joint Strike Missile (JSM) Production: F-35 One complete ship-set every second week, doubling during 211 Large delivery programmes on schedule Naval Strike Missile (NSM) Norway NSM coastal artillery system Poland Air Defence Finland / 18 / WORLD CLASS through people, technology and dedication
19 Kongsberg Protech Systems Status / 19 / WORLD CLASS through people, technology and dedication
20 Kongsberg Protech Systems Q1 211 Operating revenues EBITA Backlog of orders New orders at Q / 2 / WORLD CLASS through people, technology and dedication
21 Kongsberg Protech Systems Quarterly trends in operating revenues and EBITA Operating revenues Q1 Q2 Q3 Q4 Operating revenues Change in % Q (13.7%) EBITA Q1 Q2 Q3 Q4 EBITA Change in % Q % EBITA margin Q1 14.8% 17.9% / 21 / WORLD CLASS through people, technology and dedication
22 8 7 Kongsberg Protech Systems New orders and the backlog of orders Backlog of orders Delivery of backlog 3% % => 2 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Frame contracts not converted into delivery contracts are not recognised in backlog Backlog of orders Q4 21 Q1 211 Change in % % New orders Change in % Q % / 22 / WORLD CLASS through people, technology and dedication
23 Kongsberg Protech Systems in Q1 Increasing impact for KONGSBERG s RWS-technology Two extensions of CROWS II framework agreement MNOK 451 increase for the procurement of spare parts in January Fully converted into delivery contracts Scope increased from to systems in February KONGSBERG s design chosen for next phase of the CROWS program Competition will be for the production of KONGSBERG s design Competing designs will not be accepted into the competition Confirms KONGSBERG s leading position Development of Medium Calibre Remote Weapon Station on schedule / 23 / WORLD CLASS through people, technology and dedication
24 Updates / 24 / WORLD CLASS through people, technology and dedication
25 Joint Strike Missile (JSM) The Norwegian Government decided in April to present the continued development of the Joint Strike Missile (JSM) for the Parliament JSM is a new missile designed to fill an identified operational capability gap on the F-35 KONGSBERG is invited to participate in a competition in the US Navy to fulfill their need for both ship (NSM)- and aircraft (JSM) based missiles / 29 / WORLD CLASS through people, technology and dedication
26 Outlook Excerpts read the quarterly report for the full text Kongsberg Maritime will maintain its good market positions Momentum gained in global after-sales and customer support is generating good results Continuously carries out different initiatives to adapt capacity and product portfolio Higher contracting activity for advanced offshore vessels now than in the past two years Merchant marine activity still characterised by uncertainty The workload will remain at a good level in 211 as well Kongsberg Defence Systems will experience increasing activity levels in 211 Several major, long-term delivery programmes are in the engineering and production phase Specific sales campaigns and further development of missiles, submarine systems and air defence The build-up of production for advanced composite components for the JSF programme continues The government has decided to present the development and financing of phase two of the Joint Strike Missile (JSM) programme to the Parliament, marking the continued development of this missile until 213. Kongsberg Protech Systems will continue to have a strong position in it s markets 211 promises to be another busy year, but the delivery volume to the US fluctuates and may end up somewhat lower in 211 than in 21 Specific opportunities with many new and existing customers are being pursued, including the next phase of the CROWS programme, where KONGSBERG s design has been chosen Major vehicle programmes have been launched or are in the pipeline in the US and Europe. These programmes offer significant potential for several of the Business Area's products KONGSBERG has strong positions in the shipping/offshore and defence markets, and a strong backlog of orders Provides a strong platform for operations and profitability also in 211 / 26 / WORLD CLASS through people, technology and dedication
27 World Class through people, technology and dedication Determined We are known for our drive and persistence. We always strive to meet our customers' expectations. We set ambitious goals for ourselves and we are driven towards them with a clear and constant focus. What we start, we finish. We do not give in. Innovative Always performing better is a vital part of who we are. We constantly innovate and implement improvements in all parts of our business from our products, through our processes, to our customers' experiences. We relentlessly pursue improvements, new ideas and new solutions. Collaborative Collaboration is fundamental to our business. We exchange ideas among ourselves, with our suppliers and partners, and with our customers. We work as teams, we share knowledge and we value team success to the benefit of our customers and our own competitiveness. We collaborate as individuals id and as an organization. Reliable Our customers and partners can trust KONGSBERG to deliver, always. Dealing with KONGSBERG means dealing with reliable people, a reliable corporation and reliable products. KONGSBERG is a responsible organization characterized by integrity and concern for health, safety and the environment. We are reliable people. We are responsible citizens. / 27 / WORLD CLASS through people, technology and dedication
28 Appendix / 28 / WORLD CLASS through people, technology and dedication
29 KONGSBERG Extreme performance for extreme conditions -Extreme performance for extreme conditions KONGSBERG creates advanced high-technological solutions for people and operations under extreme conditions on the oceans, in the deep subsea, in national defence, in space. KONGSBERG contributes to safety and performance in demanding and complex missions. We achieve this through an in-depth knowledge of the client s needs and objectives, and by meeting their challenges with systems and technological solutions at the highest possible level. KONGSBERG is an international company with Norwegian roots operating worldwide. Collaboration with our customers and a commitment to understand the context where our technology gy is applied pp are important driving forces behind the company s international development and growth. KONGSBERG is a worldwide knowledge environment and a well organised performance culture. We share a common knowledge base throughout our business areas adding value to every sector where we operate. operate KONGSBERG s products are in the international top league. We have obtained this position from more than 2 years of technological innovation, through our long term perspectives, and with proficiency and determination rendering research into operations. We take responsibility throughout the entire technological value chain. KONGSBERG s solutions increase performances and optimises results in areas that are strategically important in Norway and worldwide maritime industry, defence and security, exploration of natural resources,, such as oil,, natural gas, g, fish stocks,, as well as the exploration p of space p. / 29 / WORLD CLASS through people, technology and dedication
30 Financial status at 31 March 211 Income statement MNOK Q1 11 Q Operating revenues Operating expenses (3 162) (3 237) (13 12) (12 197) Earnings before interest, tax, depreciation and amortisation (EBITDA) Depreciation (64) (59) (269) (243) Earnings before interest, tax and amortisation (EBITA) Amortisation (23) (23) (13) (113) Earnings before interest and tax (EBIT) Write-downs on financial assets Net other financial items 4 - (16) (99) Earnings before tax Income tax (145) (126) (597) (341) Earnings after tax Non-controlling interests Equity holders of the parent Earnings per share (NOK) Earnings per share, diluted (NOK) New orders (MNOK) / 3 / WORLD CLASS through people, technology and dedication
31 Financial status at 31 March 211 Balance sheet MNOK 31 Mar Dec.1 3 Sept.1 Property, plant and equipment Intangible assets Other non-current assets Total non-current assets Short-term assets Cash and short-term deposits Total current assets TOTAL ASSETS Paid-in capital Retained earnings Fair value, financial instruments Non-controlling interests Total equity Long-term interest-bearing debt Other non-current liabilities Total non-current liabilities Prepayments from customers Other current liabilities Total current liabilities TOTAL EQUITY AND LIABILITIES / 31 / WORLD CLASS through people, technology and dedication
32 Shares and shareholders 2 largest shareholders (at 26 April 211) Share price performance Shareholders # shares Stake Δ State repr. by the Ministry of Trade and Industry % - 2 National Insurance Fund % %p 3 Arendals Fossekompani % - 4 MP Pensjon % - 5 Skagen Vekst %.4 %p Total for the 5 largest shareholders % 6 Orkla ASA % -.23 %p 7 Odin Norden % -.62 %p 8 JP Morgan Chase bank - nominee % 1.2 %p 9 Odin Norge % -.71 %p 1 Odin Offshore 93.78% -.2 %p 11 RBC Dexia Investor Services Trust %.55 %p 12 Montague Place Custody Service % New 13 VP Danske Invest Norske % -.3 %p 14 Statoil Pensjon % 21%p State Street Bank & Trust Co - nominee % -.6 %p 16 BNP Paribas - nominee % -.8 %p 17 Must Invest AS 4.33% 18 VPF Nordea Kapital %.9 %p 19 The Northern Trust - nominee %.32 %p 2 Verdipapirfondet Handelsbanken 39.33%.18 %p Total for the 2 largest shareholders % Total number of shares % Index 1) 21, 19, 17, 15, 13, 11, 9, 7, KOG compared with indices from 1 January 21 KOG Index OSEBX OSE Ind. 1) KOG's share price relative to the Oslo Stock Exchange Benchmark Index and the Industrials Index. Closing share price on 1 January 21 = 1 / 32 / WORLD CLASS through people, technology and dedication
33 Currency Hedging portfolio at 31 March 211 (values in NOK) ==> Hedging portfolio Orders: All orders signed in foreign currencies are hedged, eliminating currency risk Prognosis: Prior to signature, probable contracts are also hedged pursuant to the guidelines stipulated in the Group's Foreign Exchange Policy USD Prognosis USD Ordres EUR Prognosis EUR Ordres Foreign exchange policy Foreign currency position Hedging of all signed contracts t 7-75 per cent of sales influenced by exchange rates Partial hedging of anticipated revenues in foreign 3-35 per cent of costs in foreign currencies currencies two years ahead Goals: About 35 per cent net exposure, primarily in USD and EUR Create predictability and ensure profitability for the Our competitiveness is influenced by: existing product portfolio Allow time for operational and strategic initiatives in the Changes in NOK exchange rates, NOK/EUR, against all foreign event of lasting changes in exchange rates competitors Changes in the USD exchange rate, USD/EUR, against all competitors with their cost base in USD or currencies linked to the USD / 33 / WORLD CLASS through people, technology and dedication
34 The Board of Directors of Kongsberg Gruppen ASA Finn Jebsen (61) Chair of the Board Self-employedemployed CEO of Orkla from 21 to 25 Other directorships: Chair of the Board of Kavli Holding AS, deputy chair of KLP forsikring, director of Berner Gruppen AS, Anders Wilhelmsen & Co AS and Norsk Hydro ASA Benedicte Berg Schilbred (64) Deputy chair Executive Chair of the Board of the Odd Berg Group Other directorships: Chair of the Board Tos Lab AS, director in Norway Pelagic Group AS, Fiskeriforskning AS, Norsildmel AS and Nordsildmel Innovation AS Anne-Lise Aukner (54) Director Chief Executive Officer and Country Manager Nexans Norway AS Other directorships: EDB Business Partner ASA, Federation of Norwegian Industries, Europacable Norge AS, INTPOW, Nexans Norway AS, Aukner Holding AS and the Confederation of Norwegian Enterprise (NHO. Member of NHO's Ethics Committee and the Executive Management Forum at the Ministry of Petroleum and Energy Roar Marthiniussen (54) Director (employee representative) Sales and Marketing Manager, Kongsberg Maritime AS Engineer from the Horten College of Engineering Employee representative since 1999 Erik Must (68) Director Other directorships: Chair of the Board of Directors for Fondsfinans ASA, Fondsfinans Kapitalforvaltning lt i Holding AS, Arendals Fossekompani ASA, Gyldendal ASA and Erik Must AS. Director of the NSTC Media Group AS, Norwegian Museum of Cultural History, the Arenzt Legacy and the Biotechnology Centre, University of Oslo, among others John Giverholt (58) Director CFO, Ferd AS Experience from Orkla ASA, DnB ASA and Norsk Hydro ASA Other directorships: Director of Telenor ASA Helge Lintvedt (54) Director (employee representative) Senior Project Engineer at Kongsberg Defence Systems Graduate of the Kongsberg College of Engineering Employee representative since 29 Head of the Norwegian Society of Engineers and Technologists' corporate chapter at KDA, Director, KDA Kai Johansen (43) Director (employee representative) Shop Steward in the Norwegian United Federation of Trade Unions, Kongsberg Protech Systems Training from Kongsberg Vocational School Guild certificate as a CNC operator Employee representative since 27 / 34 / WORLD CLASS through people, technology and dedication
35 Financial Calendar and Investor Relations contacts Financial calendar 211 IR contacts Arne Solberg, Publication of quarterly figures CFO Q2: 12 August Telephone: Q3: 26 October Annual General Meeting 9 May Capital Markets Day 1 November Jan Erik Hoff, VP Investor Relations Telephone: / jan.erik.hoff@kongsberg.com Tor Egil Kili, IR Manager Telephone: tor.egil.kili@kongsberg.com Kongsberg Gruppen ASA Telephone: office@kongsberg.com For more information, see: / 35 / WORLD CLASS through people, technology and dedication
36 WORLD CLASS through people, technology and dedication
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