Transcript Comrod Communication ASA
Comrod Communication ASA Q3 Presentation
Oslo, 26th. October 2007
Eirik S. Larsen, CEO Kari Duestad, CFO
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Highlights Q3
Strong growth in revenues
Good financial results driven by revenue growth and strong operating performance
Improved results in the Antennas area as expected
Important new contracts secured:
New contract with US based radio producer on antennas in July Important new contract in September for delivery of masts and antennas to a major French Army communication program Contract with the Norwegian Army on vehicle antennas to be delivered early next year
Integration process running well
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Agenda
I.
II.
III.
IV.
Introduction Q3 Financials Business Areas Highlights Summary
Comrod Communicaton Group – Company profile
Comrod Communication Group is an international specialist on antennas, masts and power supplies for defense communication applications
Four business areas:
Antennas Masts Power Supply Industrial Products
Leading global market positions within antennas and masts for the defence market
Headquarter and main factory at Tau, Norway. Factory in France; Power division located in Asker.
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Four Business Areas
Antennas Masts Power Supply Industrial products
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Defense tactical antennas for handheld radios, man-pack radios and vehicles HF, VHF, UHF, GPS, WLAN, dual band, multi-band Advanced antenna systems for special defense applications Telescopic masts, sleeve, manual and motorized versions Masts for LOS and Battlefield Surveillance Advanced Telescopic masts integrated in vehicles, systems for advanced control and unmanned use Battery chargers and power supplies for defence radio applications AC/DC converters DC/DC converters Special application power supplies Insulators and insulating poles Offshore products Custom designed structural components
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Tailor-made for niche market applications
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Agenda
I.
II.
III.
IV.
Introduction Q3 Financials Business Areas Highlights Summary
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Highlights of the Financial performance in Q3
Substantial growth in turnover
65 % in Q3 44 % as of Q3
Growth in EBIT
31 % in Q3 76 % as of Q3
Antennas Business Area improvement as expected
High order intake
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Q3 Main financial results
Total Sales EBITDA EBIT EBIT % Q3 2007
65 932 8 599 5 939 9,0%
Q3 2006
34 716 5 872 4 088 11,8%
D 06 -07
89,9 % 46,4 % 45,3 %
Q3 2006 Proforma
39 858 7 151 4 531 11,4%
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Q3 Main financial results YTD
Total Sales EBITDA EBIT EBIT % Q3 2007 YTD
186 550 24 659 15 997
Q3 2006 YTD
83 677 12 320 8 464 8,6% 10,1%
D 06 -07
122,9 % 100,2 % 8,9 %
Q3 2006 Proforma YTD
129 927 17 018 9 066 7,0%
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Segment information: Turnover per Business Area
Antennas
Turnover EBIT EBIT %
Masts
Turnover EBIT
Industrial Products
EBIT % Turnover EBIT EBIT %
Power Supply
Turnover EBIT EBIT %
Q3 2007
38 352 4 324 11 %
Q3 2006 Proforma
27 139 4 343 16 %
Q3 2007 YTD
101 657 8 834 9 %
Q3 2006 YTD Proforma
89 080 9 453 11 % 13 834 1 031 7 % 3 743 84 2 % 37 167 3 050 8 % 12 521 192 2 % 6 589 555 8 % 5 605 (113) -2 % 22 882 1 603 7 % 19 479 2 297 12 % 7 242 1 199 17 % 3 371 217 6 % 24 972 6 154 25 % 8 847 1 573 18 %
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Cash Flow Statement
Profit before tax Depreciation and write-downs Change in net working capital Net cash flow from operations Net cash flow from investment activities Net cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at start of period Cash and cash equivalents at end of period Available unused credit facility 30.09.2007
7 402 8 662 -11 980 4 083 20 752 -23 656 1 180 4 184 5 364
31.12.2006
11 732 5 686 -9 059 8 360 -122 587 116 733 2 506 1 678 4 184 10 000 5 000
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Balance Sheet
(All figures in 1000 NOK)
Total Capital Equity Net interest-bearing liabilities Property, Plant and Equipment Intangible assets Available unused credit facility 30.09.2007
31.12.2006
260 831 271 627 88 489 18 726 90 571 183 581 58 973 57 878 65 151 67 386 10 000 5 000
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Agenda
I.
II.
III.
IV.
Introduction Q3 Financials Business Areas Highlights Summary
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Business Area Antennas - Highlights
USD 10 million contract with Harris Corporation in the US in July
The dominant position of Harris place Comrod in unique position for further growth
High activity in manufacturing to build capacity and ensure deliveries
Production capacity increased at Comrod AS
production manning increased substantially from June Increased use of external suppliers
Operational performance improving during the quarter
Outlooks are promising for the next coming quarters
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Business Area Masts - Highlights
Important French contract secured in September for delivery of masts to French Army LOS systems (3,2m €)
Improvement program running on production in Lerc has established a basis for profitability within the Masts area
Systems related to Battle Field Surveillance emerging as new driver for growth in the market for masts
Outlooks are good for the rest of the year
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Business Area Industrial Products - Highlights
Revenue growth related to the offshore application business
Structuring of the production to be finalized within this year
Production capacity is substantially increased for capturing on the high demand within offshore application products
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Business Area Power Supply - Highlights
Excellent financial results for the quarter; revenues and profit high above Q3 2006
New “Compact Power” generation of power supplies are being developed according to plan
High number of tenders being prepared after successfully attending the DSEi exhibition in London
Outlook medium term is good; short term reduction in turnover growth in a transition period between contracts may be seen next quarters
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UMS Norway – Unmanned Systems
Development and sales of UAVs (Unmanned Aerial Vehicles)
Targeting the rapidly increasing demand for tactical UAVs in the defense and civil markets
Full scale prototype on schedule to be airborne within this year
UMS Norway has become Norwegian representative for the US based UAV company AeroVironmet Inc.
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Agenda
I.
II.
III.
IV.
Introduction Q3 Financials Business Areas Highlights Summary
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Summary and Outlook
New contracts and increased production capacity secure a basis for further growth into 2008
Growth in total market expected and market outlook for all business areas is positive.
Integration process in good progress – positive and dedicated efforts from all organizational units
Continued growth expected in the rest of 2007 and beyond
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