Kongsberg Automotive reports Q3 2016 results
Third quarter 2016 highlights include:
- Revenues were MEUR 228.0 in the third quarter, MEUR 1.4 below the third quarter last year excluding negative translation currency effects of MEUR 4.0.
- EBIT was MEUR -5.0 (-2.2%) in the third quarter, versus an EBIT of MEUR 10.4 (4.5%) in the third quarter last year.
- The third quarter EBIT was impacted by one-off items of MEUR 10.8. In addition, we incurred MEUR 0.8 of restructuring costs.
- Reclassification of commercial currency loss from financial items to operations, negatively impacted prior periods Revenue and EBIT but had no effect on Net Income/Profit.
- The financial gearing ratio was at 2.9 times at the end of third quarter 2016. A waiver for the bank covenant of 2.75 has been agreed with the banks.
- Annualized business wins in the quarter amounted to MEUR 69 bringing business wins for the last twelve month to MEUR 291.
Presentations & webcasts for Q3 and Capital Markets Day
- The company will present the Q3 results on November 8, 2016 at 13.00 CET at Felix konferansesenter (Bryggetorget 3, 0125 Oslo). The presentation will also be webcasted starting at 13:00 CET via the company's website.
- The company will hold its Capital Markets Day (CMD) presentation on Nov. 8 at 14:30 CET at the same location. The CMD presentation, which will be webcasted via the company’s website, follows attached.