REVENUE MAINTAINED DESPITE MARKET DECLINE, WHILE EARNINGS REDUCED BY STRONG HEADWINDS FROM COST PRESSURES
- Revenue from continuing operations amounted to MEUR 218.8 in Q1 2022, MEUR 1.3 (+0.6%) higher than last year’s first quarter, including positive currency translation effects of MEUR 10.2. This was equally driven by both segments, Specialty Products and Powertrain & Chassis.
- Adjusted EBIT amounted to MEUR 7.6, which was MEUR 13.8 lower than in Q1 2021. This significant decline in profitability was mainly driven by the abnormally high costs of raw materials, electronic components and freight caused by the semiconductor supply-chain bottlenecks and by the higher inflation rates in most of countries KA’s Group companies operate. In addition, lockdown restrictions in China had a negative impact on both revenue and adjusted EBIT in Q1 2022 as well.
- Lifetime business wins revenues in the first quarter 2022 amounted to MEUR 239.1 (MEUR 75.1 in annualized revenue).
- On February 28, 2022, Kongsberg Automotive successfully completed the sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation for an enterprise value of MEUR 175.0. The net profit from discontinued operation of MEUR 14.7 contains an initial net gain on the sale of MEUR 21.5.
After the balance sheet date, the company has also successfully completed the sale of its Light Duty Cables division to Suprajit Engineering Limited, for an enterprise value of MEUR 37.7. The company will therefore initiate its share repurchase program, as it disclosed in a separate release today.
The company will hold an earnings conference call at 09:00 CEST on May 13 , 2022. Conference call registration is available at the company’s webpage or the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20220315_5/
- Download: wkr0006.pdf
- Download: KOA_Q1 2022 REPORT Final.pdf
- Download: 20220513 KA Q1 2022_Earnings presentation final.pdf