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NKT A/S Q1 2019: Financial results in line with expectations and outlook unchanged

16 May 2019

Announcement no. 7

NKT A/S Q1 2019: Financial results in line with expectations and outlook unchanged  

Interim CEO and CFO Roland M. Andersen comments:

- Our financial results for Q1 2019 were in line with our expectations. The revenue in NKT decreased as a result of the low level of activity in our Solutions business line, which was as expected following the low level of high-voltage project awards in the market during 2017 and 2018. NKT Photonics maintained its growth momentum from 2018.

Q1 2019 financial highlights

EURm

NKT

NKT Photonics

Revenue205.4*14.5
Organic growth-16%17%
Operational EBITDA-2.4-0.4
Operational EBITDA margin-1.2%*-2.7%

* Std. metal prices

2019 financial outlook

The 2019 financial outlooks for NKT and NKT Photonics are unchanged from Company Announcement No. 2 of 28 February 2019.

For NKT, revenue (std. metal prices) is still expected to be approx. EUR 0.9–1.0bn. The operational EBITDA is still expected to be approx. EUR 10–30m.

For NKT Photonics, revenue is still expected to grow by approx. 15–20% organically. The EBITDA margin is still expected to increase to approx. 15–20%.

NKT:

Financial performance in Q1 2019 was in line with expectations, reflecting a low level of activity in Solutions

The revenue (std. metal prices) in Q1 2019 amounted to EUR 205.4m, compared to EUR 254.5m in Q1 2018. The decrease was primarily due to low level of activity in Solutions. The organic growth was -16%, driven by -29% in Solutions, whereas Applications increased revenue organically by 3%. As a result of the lower level of activity in Solutions, the operational EBITDA decreased to EUR -2.4m in Q1 2019 from EUR 20.4m in Q1 2018.

NKT was awarded a number of smaller high-voltage projects in Q1 2019. At end-Q1 2019, the high-voltage order backlog amounted to EUR 1.1bn (EUR 0.92m in std. metal prices), which was largely unchanged from end-2018. There has been continued progress on several tenders across geographies and market segments, and NKT still views the market outlook as attractive in the medium to long-term.

In March 2019, it was announced that Alexander Kara, a senior power industry executive, is appointed CEO of NKT A/S. Alexander Kara has held several key positions at ABB since 1987 and joins NKT A/S on 1 August 2019.

NKT Photonics:

The strong momentum from 2018 continued with organic growth of 17% in Q1 2019

NKT Photonics continued last year’s momentum, generating revenue of EUR 14.5m in Q1 2019, against EUR 12.4m in Q1 2018. This corresponded to organic growth of 17%. The positive development was mainly driven by strong growth in the Imaging & Metrology segment. The EBITDA was EUR -0.4m, compared to EUR -1.5m in Q1 2018 as operating leverage impacted the profitability positively.

NKT Photonics’ order intake increased by 7% compared to Q1 2018. The absolute order intake was firmly above revenue adding further to the order backlog that already includes several projects.

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 3272 8042

UK: +44 207 192 8000

US: +1 631 510 7495

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

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