Kongsberg Automotive reports Q1 2017 results

 The Q1 2017 Report follows attached.

First quarter 2017 highlights include:

•  Revenues were MEUR 270.7 in the first quarter, MEUR 26.9 (11.0%) above the first quarter last year, including positive currency translation effects of MEUR 5.4.

•  Adjusted EBIT was MEUR 13.5 in the first quarter, MEUR 1.7 above the first quarter last year.

•  During the first quarter we concluded the sale of the North American Headrest and Armrest business. As a result of this, the North American Headrest and Armrest business is reported as discontinued operations.

•  In March, we announced the closure of the Heiligenhaus facility in Germany. Restructuring costs of MEUR 6.6 were accrued.

•  Annualized business wins in the first quarter amounted to MEUR 35 bringing the total business wins for the last twelve months to MEUR 282.

•  The adjusted gearing ratio (NIBD/EBITDA) was 2.8X at the end of first quarter including discontinued operations. Excluding discontinued operations, the gearing ratio was 2.9X.