RenoNorden ASA Q May 2015

Transcription

1 RenoNorden ASA May 2015

2 AGENDA.2015 Business highlights STAFFAN EBENFELT Chief Executive Officer Q & A Financials JON FLESVIK Chief Financial Officer Slide 2

3 .2015 HIGHLIGHTS Operating revenues of NOK million (NOK million in 2014), reflecting an increase of 14.1%, of which 11.3% was organic. EBITDA excluding special items was NOK 62.5 million (NOK 59.9 million in 2014), an increase of 4.3%. Full effect of the refinancing in Q4 from and onwards resulting in a reduction of financial costs of NOK 3.4 million reflecting a decrease of 38.7% compared to Acquisition of two contracts in Denmark and NTS Miljø AS in Norway.

4 KEY FIGURES - GROUP Revenue in NOK millions EBITDA excl. special items in NOK millions % EBITDA margin excl. special items Slide 4

5 ORDER BACKLOG Order reserve per 31 March BNOK Firm contracts Options Firm order reserve of NOK 3.8 billion with strong counterparties. NOK 2.2 billion in prolonging options. New contracts in Skanderborg & Odder and Mariagerfjord in addition to the two acquired contracts in Denmark. New contracts in Nes and Libir in Norway. Options in Finland exercised. Slide 5

6 NORWAY STRONG PERFORMANCE WITH INCREASED MARGINS Revenue NOK million +6% EBITDA excluding special items NOK million % +14% % Revenue growth with new contracts and increased activity on existing contracts. Strong margin development driven by scale advantages and strong operational focus. Continuous efforts of lowering costs through better planning and fleet optimization % Margin Slide 6

7 SWEDEN STRONG OPERATIONS & ADD-ON SALES 88.6 Revenue NOK million +16% EBITDA excluding special items NOK million % +52% % Strong revenue growth driven by increased activity on existing contracts. Strong margin development driven by scale advantages and strong operational focus. Continuous efforts of lowering costs through better planning and fleet optimization % Margin Slide 7

8 DENMARK UNDERLYING RESULT OK, ISSUES ON TWO CONTRACTS Revenue NOK million +24% EBITDA excluding special items NOK million % -17% % Strong revenue growth driven by new contracts and increased activity on existing contracts. Decreased margins driven by start up costs and issues on two contracts. Actions are identified and are being implemented. Continuous efforts of lowering costs through better planning and fleet optimization % Margin Slide 8

9 FINLAND GOOD RESULTS AND ACCORDING TO EXPECTATIONS 59.4 Revenue NOK million +16% 5.7 EBITDA excluding special items NOK million +10% Strong revenue growth driven by new contracts and increased activity on existing contracts % Decreased margins due to higher start up costs 10.2% Continuous efforts of lowering costs through better planning and fleet optimization % Margin Slide 9

10 FINANCIALS Slide 10

11 PROFIT & LOSS NOK millions Total operating revenue ,579.3 Cost of sales Employee benefit expense Depreciation and amortization Other operating expenses Total operating expenses ,446.2 Operating profit Net Financial items Profit before tax Income tax expense Profit for the year Profit NOK million Slide 11

12 CAPEX CAPEX (NOK million) High CAPEX during due to acquisitions and new contracts in Denmark, Norway and Finland 44.0 Two contracts acquired in Denmark NOK 11.7 million NTS Miljø AS acquired in Norway NOK 4.6 million RenoNorden has leasing facilities with favorable margins for truck financing Slide 12

13 CASH FLOW Cash and cash equivalents at the end of the year NOK million Cash return from operations impacted by payment of IPO related costs from Q Cash reduction mainly due to repayment of short term bank-loans related to a new cash-pool system Solid cash reserve. Cash and cash equivalents at the beginning of the period Net cash generated from operating activities Net cash used in investing activities Net cash used in financing activities Currency Cash and cash equivalents at the end of the year Slide 13

14 SUMMARY & OUTLOOK Strong results from operations in Norway and Sweden. Denmark is growing and corrective actions are identified and will be implemented. Finland is progressing according to plan. The Group improvement program and sourcing initiatives are making good progress. This will further strenghten our position in an expected maturing market. There is room for consolidation in the market and we are carefully evaluating our possibilities to add to our organic growth. RenoNorden has a strong position as the only full Nordic household specialist. Slide 14

15 Upcoming events: 13 May 2015: AGM 12 August 2015: 2Q report 12 November 2015: 3Q report Investor contact: Lars Sandodden Johansen Mail: Tlf:

16 DISCLAIMER This presentation contains forward-looking statements that reflect RenoNorden s current views with respect to future developments and performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms anticipates, assumes, believes, can, could, estimates, expects, forecasts, intends, may, might, plans, projects, should, will, would or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management s examination of historical operating trends, data contained in RenoNorden s records and data available from third parties. Although RenoNorden believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control, and many factors can therefore lead to actual developments and performance deviating substantially from what has been expressed or implied in such statements. Accordingly, no assurance can be given with respect to such developments and performance. RenoNorden disclaims any obligation to update or revise any forward-looking statements, unless required to do so by applicable law or listing rules. Slide 16