Kongsberg Automotive reports Q2 2019 results
Kongsberg Automotive ASA Q2 2019 Report and Presentation follow attached.
Q2 2019 Highlights:
- Revenues grew by MEUR 6 (2.0%) YoY to MEUR 294 including positive FX effects of MEUR 4. This despite a declining market.
- Excluding FX effects, our growth rate was 1% compared to a passenger car market decline of 6%.
- We were awarded new business worth MEUR 110 in annual revenues which corresponds to MEUR 463 in expected lifetime revenues.
- Adj. EBIT amounted to MEUR 20.4 with no FX effects; MEUR 0.4 lower than Q2 2018.
- The mostly macro related unfavorable impacts continued from Q1 into Q2. (Raw material prices, Mexican labor, Tariffs)
- Due to smaller YoY topline growth than in Q1, this growth was, contrary to Q1, not sufficient to offset the macro effects above.
- EBIT improved YoY by 28% due to a significant reduction in restructuring costs.
- Free cash flow was negative MEUR 6.1 driven by capital investments and cash tax payments.
- Cash on hand at the end of the quarter was MEUR 35.6.
- On a non IFRS 16 adjusted basis, our LTM adjusted gearing ratio (NIBD/Adj. EBITDA) was 2.3X, which is 0.1X higher than in Q2 2018. After the IFRS 16 adjustments, our gearing ratio was 3.0X.
The earnings conference call including a review of the Q2 Presentation can be followed through this link starting at CET 09:00:
Norbert Loers, CFO
Phone: +41 43 508 6559
Hallstein Kvam Oma, Financial Analyst
Phone: +41 43 508 8963
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 revenues of approx. EUR 1.1 billion and approximately 11.500 employees in 19 countries, Kongsberg Automotive is truly a global supplier. The company is headquartered in Zürich, Switzerland and has more than 25 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