Kongsberg Automotive Reports Q2 2018 Results
Kongsberg Automotive ASA Q2 2018 Report and Presentation follow attached.
Q2 2018 Highlights:
- Revenues increased YoY by MEUR 19.5 (~7%) to MEUR 287.5 including negative FX effects of MEUR 11.6.
– Similar growth rate at constant currency as in the previous quarter.
- Adj. EBIT increased YoY by ~50% from MEUR 13.9 to MEUR 20.8 including negative FX effects of MEUR 1.3.
- Free cash flow was MEUR 22.8 mainly due to strong earnings and concurrent reduction in working capital.
- New Business Wins of MEUR 121, an increase of 70% vs Q2 2017.
– All time high in LTM New Business Wins with MEUR 372.
- The LTM adjusted gearing ratio (NIBD/Adj. EBITDA) was 2.2.
- Two further plant closures completed (Easley, US and Burton, UK)
– Brings the total completed closures to five.
– Transition of activities from Easley and Burton continues into Q3 and Q4.
- Although partly subsequent events;
– Following an initiative from a major shareholder, we completed a 10% capital increase at a premium to the market price.
– We refinanced our bank debt by placing a MEUR 275 bond in mid July.
The earnings conference call including a review of the Q2 Presentation can be followed through this link starting at CET 08:00: