REVENUE FROM CONTINUING OPERATIONS WAS UP 0.6% VS. Q1 2021, WHILE ADJUSTED EBIT WAS REDUCED TO
- Revenue from continuing operations amounted to €218.8 million in the first quarter of 2022, 1.3 MEUR (+0.6%) more than in the first quarter of last year, including positive currency effects of 10.2 MEUR. This was driven equally by both segments, Specialty Products and Powertrain & Chassis.
- Adjusted EBIT amounted to 7.6 million eurosi.e. 13.8 MEUR less than in the first quarter of 2021. This significant drop in profitability is mainly due to the abnormally high costs of raw materials, electronic components and freight caused by supply chain bottlenecks semiconductors and higher inflation rates in most countries.
The KA groupbusinesses operate. Additionally, the lockdown restrictions in Chinaalso had a negative impact on revenue and adjusted EBIT in the first quarter of 2022.
- Revenue from lifetime contracts in the first quarter of 2022 was €239.1 million (75.1 MEUR of annualized turnover).
February 28, 2022, Kongsberg Automotivesuccessfully finalized the sale of its Interior Comfort Systems (ICS) business unit to Lear Companyfor an enterprise value of 175.0 MEUR. Net income from discontinued operations of EUR14.7m includes an initial net gain on sale of EUR21.5m.
After the balance sheet date, the company also successfully completed the sale of its
“First quarter operations were clearly impacted by challenging market conditions – we saw an interruption in the resumption of vehicle production, for passenger vehicles, but especially for commercial vehicles. The war in
With the Shift Gear program, we are set for an uncertain 2022, although we expect global vehicle production to increase again from 2023 in the future. Shift Gear performance improvements have reduced the impact of higher prices, while making us more efficient going forward. We finalized the disposals of our Interior Comfort Systems business unit and
The decision of the Board of Directors to approve the initiation of our share buyback, now that we have received the funds from the disposals and that we have more clarity on the global situation, shows that we are sincere in our commitment to restore shareholder value while maintaining strong risk management.”
Key figures and more details are available in the attached PDF press release.
Presentation of results – conference call
The Company will hold an earnings conference call at
Therese Sjoborg Skurdal
+47 982 14 059
+47 906 39 637
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