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NKT A/S 2017 Annual Report: Satisfactory increase in revenue and earnings

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27 February 2018

Company Announcement No. 1

NKT A/S 2017 Annual Report: Satisfactory increase in revenue and earnings

President & CEO Michael Hedegaard Lyng comments on the 2017 development:

- Following the demerger of Nilfisk in October 2017, our company now consists of NKT and NKT Photonics. Overall, the financial performance in 2017 was satisfactory and in line with the latest communicated financial outlook. With the acquisition of ABB HV Cables, NKT has created one of the world’s leading high-voltage power cable companies. The new organization is fully integrated and we are ready to capitalize further on our capabilities.  In NKT Photonics, we strengthened our position in the ultrafast laser segment with the acquisition of Onefive. 

Financial highlights

 

NKT

NKT Photonics

EURm

Q4 2017

2017

Q4 2017

2017

Revenue

281.5*

1,058.0*

21.0

50.9

Organic growth

-1%

7%

13%

7%

Operational EBITDA

33.8

138.3

5.7

3.5

Operational EBITDA margin

12.0%*

13.1%*

27.1%

6.9%

RoCE

7.5%

7.5%

neg.

neg.

 * Std. metal prices

2018 financial outlook

The company provides separate outlook for each business unit.

For NKT, revenue (std. metal prices) is expected to be approx. EUR 1.0-1.1bn and the operational EBITDA is expected to be approx. EUR 90-110m.

For NKT Photonics, revenue is expected to be approx. EUR 65-70m and EBITDA is expected to be approx. EUR 10m.

NKT: The operational EBITDA almost doubled in 2017 driven by the acquired activities. Projects awarded in the high-voltage market was at a relatively low level in 2017

Driven by the acquired activities, NKT increased operational EBITDA to EUR 138.3m in 2017 from EUR 72.5m in 2016. The operational EBITDA margin* was 13.1%, up by 3.4%-points on 2016. With the closing of the ABB HV Cables acquisition on 1 March 2017, NKT strengthened its presence in the high-voltage segment with the factory in Karlskrona, Sweden, and the cable-laying vessel NKT Victoria.

During 2017, projects awarded in the high-voltage market have been at a relatively low level and consequently the order intake for NKT in this segment has been lower than anticipated. This will expectedly lead to lower capacity utilization on the production site in Karlskrona during the second half of 2018 compared to 2017. However, NKT underlined its position as a leading player in the offshore wind market in 2017, receiving the order for the Borssele Beta project in the Netherlands, and by being selected as preferred supplier for two projects in the UK; Moray East and Triton Knoll.

NKT Photonics: EUR 50m revenue mark passed in 2017. Strategically important acquisition in ultrafast laser segment

In 2017, NKT Photonics increased revenue by 18% against 2016 driven by a combination of growth in the existing business and acquired growth. The organic growth was 7%. Primarily due to provisioning for a long-term incentive programme for senior management and investments in growth, the EBITDA level was lower than in 2016. With the acquisition of the Swiss-based company Onefive on 1 September 2017 the position of NKT Photonics in the rapidly growing ultrafast laser segment was significantly improved.

Teleconference

NKT A/S hosts a teleconference for investors and financial analysts at 10:00 am CET today, and it can be accessed at investors.nkt.com. The presentation for the call will be available shortly after this release. To attend, please dial in from: 

Denmark: +45 3515 8121

UK: +44 330 336 9411

US: +1 720 543 0214

Contacts

Investor Relations: Michael Nass Nielsen, Head of Investor Relations, tel: +45 2494 1654

Media Relations: Helle Gudiksen, Head of Group Communications, tel: +45 2349 9098

Vedhæftet fil 1: NKT Annual Report 2017.pdf
Vedhæftet fil 2: NKT COP CSR Report 2017.pdf

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