Half Year 2024 Kongsberg Gruppen ASA Earnings Call Transcript
Key Points
- Kongsberg Gruppen ASA (NSKFF) reported a 23% increase in revenues for the first half of 2024, reaching NOK 23 billion.
- Operating profits for the first half of the year came in at NOK 2.9 billion, with a margin of 12.6%, up from NOK 2.1 billion and an 11% margin in the first half of 2023.
- The company secured significant new orders, accumulating to NOK 30 billion in the first half of the year, resulting in a book-to-bill ratio of 1.3.
- Kongsberg Maritime delivered a 20% growth in Q2 2024, driven by high activity in both new builds and aftermarket sales.
- Kongsberg Defence & Aerospace saw a 28% increase in revenues in Q2 2024, with strong growth in air defence and missile systems.
- Kongsberg Digital reported a negative EBIT of NOK 125 million in Q2 2024, attributed to continued investment in product development and sales and marketing activities.
- The EBIT margin for Kongsberg Discovery decreased from 15.1% to 14.2% due to project mix and increased development activity.
- Despite strong order intake, the company faces challenges in maintaining stable working capital, particularly in Kongsberg Defence & Aerospace.
- The shipyard capacity is currently running at high utilization, which may limit the number of vessels delivered in the short term.
- The move to a new missile production facility is expected to slow down growth for the missile division in the next one to two quarters.
Good morning, everyone, and welcome to Kongsberg second quarter and first half 2024 presentation. Today's numbers will be presented to you by our President and CEO, Geir Haoy, as well as our Executive Vice President; and Chief Financial Officer, Mette Toft Bjorgen. This is a webcast only presentation, but you are able to ask questions directly through the webcast and with that I'll leave the floor to Geir Haoy.
Thank you, Jan Erik. So good morning, everyone. Welcome to our second quarter and first half year presentation. I would like to start by taking this opportunity to say thank you for your interest and participation at the Capital Market Day in Kongsberg in June. Nearly 200 analysts, investors and other stakeholders visited us in Kongsberg, with even more joining in via live webcast.
I hope we left the impression that Kongsberg is stronger than ever. I think I have some technical problem there. So our
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