Kongsberg Automotive ASA reports first quarter 2016 results

• First quarter sales in line with guiding
• Operational improvements partly offset increased R&D spend
• Investments for the future continue in line with the strategy communicated at the capital markets day in December 2015

First quarter 2016 highlights include:

• Revenues were EUR 258.7 million in the first quarter, EUR 11.3 million below the first quarter 2015, including negative currency effects of EUR 5.9 million
• EBIT was EUR 14.1 million (5.4%) in the first quarter, versus 16.7 million (6.2%) the first quarter 2015
• Financial gearing ratio at 2.2x NIBD/EBITDA vs. 2.4 in the first quarter 2015.
• Annualized business amounted to EUR 35 million bringing the last twelve-month run rate to EUR 301 million
• Revenues for the next quarter 2016 are expected to be in line with Q1 16

Presentation & webcast

The company will present the results on April 15, 2016 at 08.30 am at Felix konferansesenter (Bryggetorget 3, 0125 Oslo). The presentation will also be broadcast live starting at 08.30 am via the company's website (http://www.kongsbergautomotive.com/investor-relations/webcasts/ )