Kongsberg Automotive Reports Q1 2018 Results
Kongsberg Automotive ASA Q1 2018 Report and Presentation follow attached.
Highlights from Q1 2018 Results:
- New Business Wins almost doubled (+84%) compared to Q1 2017.
- LTM New Business Wins reached new peak with MEUR 321.
- Revenues increased YoY by MEUR 7.9 (2.8%) to MEUR 288.3 including negative FX effects of MEUR 18.7.
- Excluding FX effects and the HRAR divestiture, the YoY growth is ~13%.
- Adj. EBIT increased YoY by 32.7% to MEUR 20.1 from MEUR 15.2 in Q1 2017.
- Free cash flow was MEUR -14.7 due to negative working capital effects linked to our growth in sales, cash outlays for previously accrued restructuring costs, and seasonality.
- The LTM adjusted gearing ratio (NIBD/EBITDA) was 2.4x.
- Plant closures are generally proceeding as announced in Q4 2017 presentation.
- Rollag (Norway) closed in Q1 bringing the total completed closures to 3.
- Easley (US) is slightly delayed but will close before year end.
The earnings conference call including a review of the Q1 Presentation can be followed through this link starting at CET 08:00: