Kongsberg Automotive

Earnings Release • Apr 23, 2020

Kongsberg Automotive reports Q1 2020 results

KongsbergAutomotive Q1 2020 Report and Presentation follow attached.

• Revenues declined by MEUR45 (-15 %) YoY to MEUR262. There were no significant FXeffects. The revenue shortfall to the guidance of MEUR278 for Q1 2020 was primarily driven by corona virus related NorthAmerican and European revenue declines.
• Revenues in China, South Korea, Off Highway, Industrial and the aftermarket were down by around 5% YoY
  • OEMAutomotive revenues outside of China and South Korea declined by around 18% YoY
• Despite greater uncertainty around future customer demand, we were awarded new business totaling MEUR102 on an annualized basis, corresponding to MEUR491 in expected lifetime revenues.
• Adj. EBITamounted to MEUR7.8 which was MEUR13.7 lower than in Q1 2019. There were no significant translational FXimpacts on EBIT.
• Total cash flow for the quarter was MEUR-6, an improvement vs. our previous guidance. The primary driver was working capital which benefitted from a reduction in overdue receivables and lower sales than expected.
• Our total liquidity reserve at the end of the quarter amounted to MEUR57.
• As expected, due to corona virus effects, our adjusted gearing ratio (NIBD/Adj. EBITDA) deteriorated; from 3.0Xin Q1-19 to 3.5X. Excluding IFRS 16 effects, our LTM adjusted gearing ratio was 3.0X; a YoY increase of 0.8X.

The earnings conference call including a review of the presentation can be followed through this link starting at CET09:00:

Q1 2020 Earnings Call

KA Investor Relations

ir@ka-group.com

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KongsbergAutomotive 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. EUR1.1 billion and approximately 11.000 employees in 19 countries, KongsbergAutomotive 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