Præsentation af. Investor relation i NKT-koncernen

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Philippa Frandsen
6 år siden
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1 Præsentation af Investor relation i NKT-koncernen 1

2 Agenda Introduktion til konglomeratet NKT Holding A/S Udgangspunktet for en aktiv IR indsats Konkrete IR-tiltag 2

116 års historie From growth oriented industrial conglomerate to 1891 focused global industrial group 80 s Diversification 1990 2007 >30 businesses 75%

3 116 års historie From growth oriented industrial conglomerate to 1891 focused global industrial group 80 s Diversification >30 businesses 75% employed in DK 70% of revenue in DK ,7 mia. DKK in revenue ~7.000 employees Market value 11 bdkk 3 businesses + ½ 17% employed in DK 9% of revenue in DK 3

Organization March 2007 NKT Group 2007 NKT

America Oceania Asia Crystal Fibre KOHERAS LIOS

4 Organization March 2007 NKT Group 2007 NKT Holding A/S NKT Cables Group Nilfisk-Advance Group NKT Photonics Group Northern Europe Central Europe Eastern Europe China Europe North America Oceania Asia Crystal Fibre KOHERAS LIOS Technology NKT Research & Innovation Nanon NKT Flexibles (51%) 4

5 The NKT-share DKK Share price up 74% in 2006 NKT Holding OMX C20 rebased mdkk Daily turnover in the NKT share 20 days trailing average 60 days trailing average 65,0 60,0 55,0 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 5, mdkk Monthly turnover in the NKT share registered shareholders Non registered shareholders - 23% ATP - 11% 600 Danish institutional investors 22% jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 jan-07 feb-07 Other registered shareholders- 29% Foreign institutional investors 12% BoD / Management 3% 5

6 Pay-out to shareholders mdkk Ordinary dividend Extraordinary dividend Buy-back own shares Dividend per share Share price Yield (yearly avg) 4,2% 36,0% 4,4% 4,3% 5,8% 3,5% 3,0% 6,7 bndkk distributed to shareholders in the last 7 years... 6

7 Information 7

8 Products NKT Cables NKT Holding A/S Annual Report

9 NKT Cables SALES BY PRODUCTS SALES BY CUSTOMERS SALES BY MARKETS 9

10 Power grid infrastructure OPGW- /OPPC- Installation OPGW- /OPPC- Accessories OPGW /OPPC OPPC- Termination Units 110 kv kv 30 kv 500 kv 30 kv 500 kv Generation The way of energy across nkt cables products from Generation/Transmission/Distribution to consumer 110 kv kv 10 kv 30 kv 1 kv HV Accessories up to 500 kv HV Cables up to 500 kv MV Cables 10 kv 30 kv 1 kv Cables Cabinets Cable Accessories and Boxes 10 kv - 36 kv 10

11 Products Nilfisk-Advance 11

12 Nilfisk-Advance SALES BY PRODUCTS SALES BY CUSTOMERS SALES BY MARKETS 12

13 Nilfisk-Advance ESTIMATED GLOBAL MARKET (8,2 bnusd) Standard of living (Income per capita in purchasing power parity) 13

14 Products NKT Photonics 14

15 Focused R&D efforts Ultra Precise Lasers KOHERAS High Power Fiber Lasers Crystal Fibre Super Continuum (White Light) KOHERAS & Crystal Fibre Distributed Temperature Sensing LIOS Technology Security (Perimeter) Wind measurements Oil exploration Large displays Cutting and welding Antimissile defence Marking Printing Biotech/microscopy Measurement equipm. Semicond. inspection Surface topography Fire detection Power cable monitor. Oil exploration High temp. ovens Market growing from low base New functionality drives application market Global market size: ~ 1,1 bndkk 7% of total laser market 40% annual growth rate Substitution from conventional lasers Market growing from low base New functionality drives application market Potential to substitute conventional laser market of estimated 1 bndkk Global market size: ~ 0,5 bndkk Market for power cable monitoring and oil exploration expects to show strong growth 15

16 Products NKT Flexibles 16

17 Products NKT Flexibles NKT Holding Acergy 51% 49% NKT Flexibles ~400 employees Risers Jumpers Flow Lines 17

18 NKT Flexibles OIL PRICE DEVELOPMENT PRODUCTION CAPACITY INVESTMENT REQUIREMENT (SURF) 18

19 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 19 Headlines Q4-06 Q3-06 Q2-06 Q1-06 Q4-05 Q3-05 Q2-05 Q1-05 Q4-04 Q3-04 Q2-04 Q1-04 Q4-03 Q3-03 Q2-03 Q1-03 Q4-02 Q3-02 Q2-02 Q1-02 EBIT% EBITDA (LTM) excl. non-recurring items

20 Strategy Upgrade to Next Level REVENUE EARNINGS RETURN ON INVESTMENT GEARING 20

21 Operating profit (mdkk) Growth IFRS IFRS IFRS Nilfisk-Advance % NKT Cables % NKT Photonics Group Others Comparable EBITDA % Non-recurring items Reported EBITDA Depreciation / Amortization Write down Reported EBIT

22 EBITDA-margin in Nilfisk-Advance Organic growth (Y/Y) - Quarterly % 3% 5% 7% 8% 10% 8% 6% 2% 9% 8% 7% 10% 3% 5% 9% - Annually 5% 7% 7% 7% Q1-04 Q2-04 Q3-04 Q4-04 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 EBITDA (mdkk) 11,0% 10,0% 9,0% 8,0% EBITDA% Peer realized 9,1% in 2006 and 8,7% in 2005 we went from 9,2% to 9,7% Nilfisk-Advance reports non-recurring net income of 108 mdkk in 2006 relating to real estate transactions and small restructuring measures Significant raw material pressure in 2006 has restricted margin expansion 22

23 EBITDA-margin in NKT Cables Organic growth (Y/Y) - Quarterly % 3% 3% 0% 10% 4% 4% 7% 3% 12% 7% 12% 32% 12% 13% 19% - Annually 3% 7% 9% 18% 140 8,0% Q1-04 Q2-04 Q3-04 Q4-04 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 EBITDA (mdkk) 7,0% 6,0% EBITDA% 5,0% Peer realized 4,7% in 2006 and 5,2% in 2005 We maintained 6,9% level in both years thus withstanding dilution from rising metal prices Rising metal prices increased revenue by approximately 900 mdkk in 2006 Unchanged metal prices in 2006 would have expanded EBITDA-margin to 8,3% 23

24 EBITDA-margin in NKT Flexibles mdkk 50% % % % % 200 0% -10% -20% jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec Revenue (LTM) EBITDA (LTM) EBITDA% (LTM) WC% (LTM) 24

25 Working Capital (mdkk) NKT Cables ,0% 17,0% 16,0% 25 jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 Working Capital (mdkk) % (LTM) Nilfisk-Advance ,0% 22,5% 22,0% 21,5% 21,0% 20,5% 20,0% 19,5% jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 Working Capital (mdkk) % (LTM)

26 EVA / RoCE / Capital Employed NKT Cables ,0% ,0% ,0% 80 23,0% 60 21,0% 40 19,0% 20 17,0% 0 15,0% 26 jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 EVA (mdkk - LTM) RoCE% (LTM) jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 Working Capital Other

27 EVA / RoCE / Capital Employed Nilfisk-Advance ,0% 17,0% 16,0% 15,0% 14,0% 13,0% 12,0% 27 jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 EVA (mdkk - LTM) RoCE% (LTM) jan-04 feb-04 mar-04 apr-04 maj-04 jun-04 jul-04 aug-04 sep-04 okt-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 maj-05 jun-05 jul-05 aug-05 sep-05 okt-05 nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 maj-06 jun-06 jul-06 aug-06 sep-06 okt-06 nov-06 dec-06 Working Capital Other

28 Agenda Introduktion til konglomeratet NKT Holding A/S Udgangspunktet for en aktiv IR indsats Konkrete IR-tiltag 28

29 Værdibaseret ledelse vedrørende ejerskab...vi har de ejere vi fortjener......vi driver NKT ud fra en bedste ejer filosofi......vi har eksisteret i 108 år, og skal være her i endnu 100 år... 29

30 Overtagelseskandidat Fokus strategi Vision 2005 Upgrade 8,5x 16,0x 14,0x 12,0x 10,0x 8,0x 6,0x 4,0x 2,0x EV/EBITDA Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 30

31 Investorpræsentationer

32 Hvad har vi gjort? Synliggør potentiale Klar strategi / Fokus Kommunikation / IR Transparens (økonomi/ledelse) It s all about people Ændre ledelse Organisationsstruktur Udvikle talenterne Del værdiskabelse Cash is king Sælg overskydende aktiver Optimer arbejdskapital Optimer skat / Udnyt aktiv Ejerskab Ren aktie/aktionær struktur 100% free float En aktie en stemme ingen værn Kapitalstruktur Øge gearing Dividendepolitik Aktietilbagekøb Vækst i EBITDA Organisk vækst Akkvisitioner / konsolidering Restrukturering Sælg dogs Stabilitet Rentabilitet - Vækst 32

33 Agenda Introduktion til konglomeratet NKT Holding A/S Udgangspunktet for en aktiv IR indsats Konkrete IR-tiltag 33

34 Konkrete IR-tiltag Tilgængelighed Koncernledelsen varetager IR Åbenhed Ærlighed Hold hvad du lover og lidt til Synliggør potentiale Skab tillid Trend-kurver på LTM-basis Viser månedstal i grafer Keep it simple stupid! Informative årsrapporter Kend din business Forecast-kurve for NIBD-udvikling Informationsservice til mailing liste Excel ark med Q-tal mange år tilbage Kapitalmarkedsdage Klar holdning til kapitalstruktur Konsensus indsamling og distribution Web-casts på Q-basis Uformel og uhøjtidelig stil Humor Altid parat til one-on-one s Selektiv roadshow aktivitet i udlandet Intromøde med nye analytikere Fokus på værdiskabelse Sæt agendaen 34

35 Konkrete IR-tiltag Q-tal Microsoft Excel Worksheet Konsensus Microsoft Excel Worksheet IR i verdensklasse Fokuser på trend-udviklingen!! Windows Media Audio/Video file 35

36 Q&A 36

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Præsentation af Kapitalstruktur i NKT-koncernen 1 Agenda Introduktion til konglomeratet Værdiskabelse Fastlæggelse af rigtig kapitalstruktur 2 116 års historie From growth oriented industrial conglomerate