Kongsberg Automotive revises FY 2021 targets
Zurich, September 24, 2021: In light of recent developments in the automotive sector, Kongsberg Automotive’s board of directors has approved new guidance for the company. The company expects a reduction in revenue, and consequently in adjusted EBIT, compared to the guidance given at the Q2 results presentation.
The new guidance for the full year 2021 is as follows:
- Revenues of EUR 1 100m (versus previous guidance of EUR 1 130m)
- Adjusted EBIT of EUR 50m (versus previous guidance of EUR 60m)
The revised targets reflect the company’s expectation that the shortages of semiconductors, together with higher prices for raw materials, will continue to cause reductions in output for OEMs, and that this will persist through the fourth quarter.
“We initiated a performance improvement program earlier this year to offset higher costs and the impact of lower capacity utilization following the Semiconductor crisis”, says Joerg Buchheim, President & CEO of Kongsberg Automotive, “however, recent OEM production stoppages will have a greater impact on revenue than previously expected.”
The cost reduction and performance improvement activities are part of the multi-level Shift Gear program, intended to position Kongsberg Automotive as well as possible for the future. The program was started shortly after the appointment of Joerg Buchheim as CEO in May 2021 and is initially focused on performance improvement. Other focus areas include portfolio optimization and sustainability.
The company will hold a conference call where management will answer questions about the revised guidance, at 0800 hrs on September 24th. Conference call registration is available below, and a link to the recording will subsequently be made available at www.kongsbergautomotive.com/investor-relations/.
Kongsberg Automotive will publish its report for the third quarter of 2021 on October 29, 2021.
Conference call details:
To listen to the Q&A session, please join the webcast. If you would like to ask questions, you will need to join the conference call. Please see details below.
To join the conference call, please use the below “Click to Join” link shortly before the start time. You will be asked to enter your phone number and registration details. The Event Conferencing system will call you on the phone number you provide and place you into the event. Please note that the “Click to Join” link becomes active 15 minutes prior to the scheduled start time.
As an alternative, use the dial-in numbers below for the conference call:
DK: +45 78768490
US: +1 646-787-0157
PIN Code for all countries: 353172
The information in this announcement is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant section 5-12 of the Norwegian Securities Trading Act. This announcement was published by Kongsberg Automotive's investor relations contact as set out above.
This announcement contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "should" and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, which in turn may be based on further assumptions. Although Kongsberg Automotive believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors that are difficult or impossible to predict and are beyond its control. Various factors could cause Kongsberg Automotive's actual results to differ materially from those projected in a forward-looking statement. No assurances can be given that the assumptions underlying the forward-looking statements prove to have been correct. Kongsberg Automotive disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
About Kongsberg Automotive ASA
Kongsberg Automotive provides world-class products to the global vehicle industry. Our products enhance the driving experience, making it safer, more comfortable, and sustainable. With approximately 11,000 employees in 19 countries, Kongsberg Automotive is truly a global supplier. The company has more than 27 production facilities worldwide. The product portfolio includes seat comfort systems, driver and motion control systems, fluid assemblies, and industrial driver interface products developed for global vehicle manufacturers. Find more information at www.kongsbergautomotive.com.
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