Kongsberg Automotive reports first quarter 2012
Oslo February 24, 2012: (OSE:KOA) Kongsberg Automotive ASA, the Norwegian provider of world-class products to the global vehicle industry, reported first quarter 2012 revenues of EUR 267 million, EBITDA of EUR 23.2 million and Net Profit of EUR 10.9 million.
Group EBITDA was reduced by EUR 6.6 million compared to first quarter 2011 due to operational issues in Driveline, and higher cost and negative sales mix in A&C. The group EBITDA margin declined 2.4 % points to 8.7%, however the margin has improved in Interior, Fluid Transfer and PPS due to the effects of improvement actions done throughout 2011. These business areas continue the positive trend seen over the last quarters. However, the positive effects were more than offset by operational issues, sales mix and material cost increase in Driveline, as well as higher cost and negative sales mix in Actuation & Chassis. The higher cost in A&C reflects a higher project base for future opportunities.
Group revenues amounted to EUR 267.8 million in the first quarter of 2012, including a positive currency effect of EUR 3.8 million. This was in line with the first quarter last year. Higher volumes and price increases generated higher revenue in Interior- and Fluid Transfer business areas compared to the first quarter last year. However these effects were offset by lower revenues in Driveline due to weak performance of the French OEMs and in Actuation & Chassis due to general weaker European truck market.
Profit before tax of EUR 14.7 million amounted to a reduction of EUR 4.1 million from the first quarter 2011.
The market outlook for the second quarter indicates a stable revenue level of approximately EUR 260 million
Kongsberg Automotive Holding ASA will on Wednesday the 25th of April at 08.30 presents the results for the first quarter 2012 at Felix Konferansesenter.
Light refreshments will be served.
The presentation will also be broadcasted live on the company’s website (www.kongsbergautomotive.com). The web cast will start 08.30.
The quarterly report will be distributed on the 24th of April, in the evening.
Investors, analysts and media are welcome to attend. Please register your interest to participate by e-mail to email@example.com.
For more information – please contact:
Philippe Toth, Director M&A and Investor Relations
Phone: 00 47 32 77 05 03 Mobile: 00 47 98 21 40 21
Kongsberg Automotive is headquartered in Kongsberg, Norway and has 48 facilities in 20 countries. Kongsberg Automotive, with more than 10.000 employees, provides system solutions to vehicle makers around the world. The product portfolio includes gearshift systems, cables for a wide variety of applications, fuel lines, tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters, seat ventilation, lumbar supports, head restrains, arm rests, steering columns, pedals, electronics and displays. Find more information at www.kongsbergautomotive.com.