Kongsberg Automotive Reports Q2 2018 Results

Kongsberg Automotive ASA Q2 2018 Report and Presentation follow attached.

Q2 2018 Highlights:

• Revenues increased YoY by MEUR 19.5 (~7%) to MEUR 287.5 including negative FX effects of MEUR 11.6.

            –     Similar growth rate at constant currency as in the previous quarter.

• Adj. EBIT increased YoY by ~50% from MEUR 13.9 to MEUR 20.8 including negative FX effects of MEUR 1.3.

• Free cash flow was MEUR 22.8 mainly due to strong earnings and concurrent reduction in working capital.

• New Business Wins of MEUR 121, an increase of 70% vs Q2 2017.

           –      All time high in LTM New Business Wins with MEUR 372.

• The LTM adjusted gearing ratio (NIBD/Adj. EBITDA) was 2.2.

• Two further plant closures completed (Easley, US and Burton, UK)

           –      Brings the total completed closures to five.

           –      Transition of activities from Easley and Burton continues into Q3 and Q4.

• Although partly subsequent events;

            –      Following an initiative from a major shareholder, we completed a 10% capital increase at a premium to the market price.

            –      We refinanced our bank debt by placing a MEUR 275 bond in mid July.

The earnings conference call including a review of the Q2 Presentation can be followed through this link starting at CET 08:00:

https://pgi.webcasts.com/starthere.jsp?ei=1200085&tp_key=3784b320d7