RenoNorden ASA Q February 2016

Transcription

1 RenoNorden ASA February 2016

2 AGENDA.2015 Business highlights STAFFAN EBENFELT Chief Executive Officer Q & A Financials ØYSTEIN DISCH OLSRØD Chief Financial Officer Slide 2

3 .2015 HIGHLIGHTS Operating revenues of NOK million, reflecting an increase of 15.7% from NOK million. Full year revenues were NOK 1,808.4 million, compared to NOK 1,579.3 for last year (figures excl. special items). EBITDA of NOK 59.0 million, an increase of 7.3%. Full year EBITDA ended on NOK million, up from NOK million (figures excl. special items). EBITDA margin, excluding special items, decreased 1.0%-point from same quarter last year, and 1.1%-points for the full year. The decrease is due higher growth in lower margin geographies and cost of strengthened the organization. Operative margins stable on group level. Order backlog strengthened to all-time high of NOK 7.3 billion, including options due to new contract wins, prolongations and positive currency effects on existing contracts. Dividend proposal of NOK 1.84 per shares, representing NOK 50.1 million or 60% of net result. Slide 3

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 December BNOK Firm order reserve of NOK 5.0 billion. NOK 2.3 billion in prolonging options. Net effect of new and defend contracts wins. Stockholm options out Includes a lag of reported contracts from last quarter. Slide 5

6 NORWAY INCREASED MARGIN DUE TO OPERATIONAL IMPROVEMENTS Revenue NOK million -1% EBITDA excluding special items NOK million % +14% % Revenue stable with a combination of new and defend contracts wins expired contracts. Increased margins even though higher margin contracts expired, offset by operational improvements, savings on fuel and scale advantage. Focus on innovative tender solutions and cost efficiencies % Margin Slide 6

7 SWEDEN STILL GROWING TURNOVER AND RESULT 98.8 Revenue NOK million +7% EBITDA excluding special items NOK million % +5% % Revenue growth driven by contract wins in Säffle, Sundbyberg, Sigtuna, Östhammar and Uppsala in addition to add-on sales and new services Increased result through add-on sales and operational efficiency programs. Continued focus on strengthening of the organization and securing future start-up contracts % Margin Slide 7

8 DENMARK CONTINUED REVENUE GROWTH BUT REDUCED MARGIN Revenue NOK million +40% 12.6 EBITDA excluding special items NOK million +11% Revenue growth driven by several new contracts as well as acquired contracts. In addition, there has been increased activity and services in existing contracts % % Danish margins low due to operational challenges in certain contracts. The Danish organisation still focusing on implementing and follow up the local action plans. Adapting the organisation to handle the new size of the business % Margin Slide 8

9 FINLAND CONTINUED MARGIN IMPROVEMENTS 76.7 Revenue NOK million +23% EBITDA excluding special items NOK million % +39% % Continued growth driven by new contracts as well as increased production rate of the Company s own fleet and thereby reductions of usage of local subcontractors. Margins increase as a result of higher own production and less use of subcontractors. Continued focus on leveraging existing infrastructure by adding new contracts and by insourcing sub-contractors % Margin Slide 9

10 FINANCIALS Slide 10

11 PROFIT & LOSS NOK million Total operating revenue 470,1 406, , ,3 Cost of sales 50,3 42,3 178,8 158,6 Employee benefit expense 255,0 212,1 955,6 804,1 Depreciation and amortization 33,9 35,8 132,8 107,0 Other operating expenses 106,0 124,1 382,7 376,4 Total operating expenses 445,1 414, , ,2 Operating profit 25,1-7,8 158,4 133,1 Net Financial items -12,4-47,1-48,1-97,9 Profit before tax 12,7-54,9 110,4 35,2 Income tax expense -5,9 17,2-26,9 7,3 Profit for the period 6,8-37,7 83,4 42,5 Profit FY NOK million Profit NOK million Slide 11

12 CAPEX CAPEX (NOK million) Higher CAPEX due to more startups, specially in Denmark RenoNorden has leasing facilities with favorable margins for truck financing Slide 12

13 CASH FLOW Cash and cash equivalents at the end of the period NOK million Strong operating cashflow, even due to negative change in working capital 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 Continued growth and cash flow generation. Shift in market portions between geographies with different margins. Continued operational challenges in Denmark. Still focus on operation efficiencies and improvements to defend margins in Norway. Stockholm contracts under tendering. Reducing order back log, but with potential to larger scope. In Finland, contract wins and in-sourcing of sub-suppliers drives margins. Price pressure maintained, but not intensified. Further potential for efficiencies and improvements to maintain margins and win contracts. RenoNorden has a strong position as the only full Nordic household specialist. Slide 14

15 Upcoming events: Annual Report Q Annual General Meeting Q Q Investor contacts: Øystein Disch Olsrød - CFO o.olsrod@renonorden.com Tel: Lars Sandodden Johansen Group Business Controller Mail: L.Johansen@renonorden.com Tel:

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