Quarterly Report • Apr 23, 2020
Quarterly Report
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| Highlights first quarter 2020 3 | |
|---|---|
| Group financials 4 | |
| Segment reporting 7 | |
| Interior7 | |
| Powertrain and Chassis8 | |
| Specialty Products 9 | |
| Condensed consolidated financial statements 10 | |
| Notes to the consolidated financial statements14 | |
| Alternative performance measures (APM) 19 | |
| Other company information 22 |
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Revenues | 262.1 | 306.5 | 262.1 | 306.5 | 1,160.9 |
| EBITDA | 19.4 | 32.1 | 19.4 | 32.1 | 110.4 |
| in % revenues | 7.4% | 10.5% | 7.4% | 10.5% | 9.5% |
| Adjusted EBIT1 | 7.8 | 21.5 | 7.8 | 21.5 | 70.9 |
| in % revenues | 3.0% | 7.0% | 3.0% | 7.0% | 6.1% |
| Operating profit / EBIT | 7.4 | 20.3 | 7.4 | 20.3 | 62.4 |
| in % revenues | 2.8% | 6.6% | 2.8% | 6.6% | 5.4% |
| Net Profit / (Loss) | (12.1) | 13.8 | (12.1) | 13.8 | 28.8 |
| NIBD / Adjusted EBITDA (LTM) | 3.5 | 3.0 | 3.5 | 3.0 | 3.1 |
| excluding IFRS 16 | 3.0 | 2.2 | 3.0 | 2.2 | 2.5 |
| Equity ratio | 28.7% | 29.0% | 28.7% | 29.0% | 30.6% |
| excluding IFRS 16 | 32.2% | 32.6% | 32.2% | 32.6% | 34.5% |
1 Adjusted for restructuring costs (see section APM)
Adjusted EBIT MEUR and in % revenues
Operating Cash Flow MEUR
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
SELECTED FINANCIAL INFORMATION – PROFIT AND LOSS
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Revenues | 262.1 | 306.5 | 262.1 | 306.5 | 1,160.9 |
| OPEX | (242.7) | (274.4) | (242.7) | (274.4) | (1,050.4) |
| EBITDA | 19.4 | 32.1 | 19.4 | 32.1 | 110.4 |
| in % revenues | 7.4% | 10.5% | 7.4% | 10.5% | 9.5% |
| Depreciation, amortization and impairment |
(12.0) | (11.9) | (12.0) | (11.9) | (48.0) |
| Operating profit / EBIT | 7.4 | 20.3 | 7.4 | 20.3 | 62.4 |
| in % revenues | 2.8% | 6.6% | 2.8% | 6.6% | 5.4% |
| Adjusted EBIT1 | 7.8 | 21.5 | 7.8 | 21.5 | 70.9 |
| in % revenues | 3.0% | 7.0% | 3.0% | 7.0% | 6.1% |
| Net financial items | (17.4) | (1.2) | (17.4) | (1.2) | (18.9) |
| Profit / (loss) before taxes | (10.0) | 19.1 | (10.0) | 19.1 | 43.5 |
| Income taxes | (2.1) | (5.2) | (2.1) | (5.2) | (14.8) |
| Net profit / (loss) | (12.1) | 13.8 | (12.1) | 13.8 | 28.8 |
1 See section APM for the reconciliation
Revenues for the Group amounted to MEUR 262.1 in the first quarter of 2020, MEUR 44.4 (-14.5%) below Q1 2019, including negative currency translation effects of MEUR 0.3. The decline in revenue in the current quarter has impacted all operating segments: Interior, Powertrain & Chassis and Specialty Products.
In the Interior segment, which serves the passenger car end markets, revenues decreased by MEUR 5.0 (-6.5%) compared to the first quarter of 2019, despite positive currency translation effects of MEUR 0.4. In nominal values, Interior Comfort System products suffered from the bigger decline in revenues than Light Duty Cables.
In the Powertrain & Chassis segment, which serves the passenger car and commercial vehicle end markets, revenues decreased by MEUR 24.5 (-20.6%) compared to the same quarter in 2019, including negative currency translation effects of MEUR 0.7. The revenues in the heavy duty market declined by MEUR 11.6 in total, of which MEUR 7.7 was related to the revenues decline in the United States.
In the Specialty Products segment, which serves the passenger car, commercial vehicle end markets and general industrial customers, revenues decreased by MEUR 14.8 (-13.5%) compared to the same quarter in 2019 with no net currency translation effects.
Adjusted EBIT for the Group was MEUR 7.8 in the first quarter 2020, a decrease of MEUR 13.7 compared to last year. This was mainly driven by the lower revenue levels due to the outbreak of COVID-19 in March 2019.
Including restructuring cost of MEUR 0.4, operating profit in Q1 2020 amounted to MEUR 7.4, compared to MEUR 20.3 in Q1 2019.
Net financial items came to an expense of MEUR 17.4 in the first quarter of 2020, compared to an expense of MEUR 1.2 in the same period in 2019 (see Note 5).
The main driver for the significant negative changes in net financial items was the unfavorable development of the foreign currency gains/losses. The net currency loss of MEUR 12.2 contributed mainly to the increase in the financial expensesin the current quarter, compared to the net currency gain of MEUR 3.9 in Q1 2019. Any other financial items in Q1 2020 remained on the level comparable with Q1 2019.
Loss before tax amounted to MEUR 10.0 in the first quarter of 2020, a decrease of MEUR 29.1 compared to the profit in the same quarter of 2019. Net loss amounted to MEUR 12.1 as per Q1 2020, being a decline of MEUR 25.9 compared to the net profit of MEUR 13.8 in Q1 2019. Income tax expenses in Q1 2020 amounting to MEUR 2.0 are impacted by the valuation allowances on deferred tax assets at MEUR 6.3.
SELECTED FINANCIAL INFORMATION – CASH FLOW
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Cash flow - Operating activities |
18.8 | (4.4) | 18.8 | (4.4) | 51.4 |
| Cash flow - Investing activities |
(13.0) | (13.5) | (13.0) | (13.5) | (63.3) |
| Cash flow - Financing activities |
(1.7) | (11.2) | (1.7) | (11.2) | (22.9) |
| Currency effects on cash | (1.9) | 2.5 | (1.9) | 2.5 | 0.7 |
| Change in cash | 2.2 | (26.6) | 2.2 | (26.6) | (34.0) |
| Cash as of beginning of period | 25.2 | 59.2 | 25.2 | 59.2 | 59.2 |
| Cash as of end of period | 27.4 | 32.6 | 27.4 | 32.6 | 25.2 |
| Of this, restricted cash | 0.9 | 0.2 | 0.9 | 0.2 | 0.8 |
Cash from operating activities increased by MEUR 23.2 in comparison with the first quarter last year. The change in net working capital amounted to MEUR 3.0 compared to a change of MEUR (26.9) in Q1 2019.
Restructuring had a negative cash effect of MEUR 0.4 in first the quarter of 2020.
Cash used by investing activities amounted to MEUR 13.0 in the first quarter of 2020. In addition, buildings were sold at MEUR 1.9. Investments continued to be made in capacity expansions to accommodate current and future business growth, along with some maintenance investments.
Cash flow used by financing activities was MEUR 1.7 in the first quarter, compared to MEUR 11.2 used in the same quarter last year. With the interest for the bond, revolving facility and other financial items being at comparable level, the main change compared to Q1 2019 is the net draw of revolving facility at MEUR 10.0.
Payments related to interests on bond in the first quarter of 2020 amounted to MEUR 6.9. Moreover, the total payments for interest on lease liabilities were equal to MEUR 1.3. In Q1 2020 the repayment of lease liabilities amounted to MEUR 3.1.
Cash increased by MEUR 2.2 during the first quarter, resulting in a cash position of MEUR 27.4 at the end of the quarter, compared to the balance at the end of last year of MEUR 25.2.
The liquidity reserve was MEUR 56.6 at the end of the first quarter, compared to MEUR 64.4 at year-end 2019 (excluding restricted cash MEUR 0.9). The unutilized RCF as at March 31, 2020 amounted to MEUR 30.0.
On April 2, 2020, the RCF facility was increased by MEUR 20.0.
SELECTED FINANCIAL INFORMATION – FINANCIAL POSITION
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| Non-current assets | 516.5 | 504.0 | 531.5 |
| Cash and cash equivalents | 27.4 | 32.6 | 25.2 |
| Other current assets | 367.1 | 398.8 | 370.2 |
| Total assets | 911.0 | 935.4 | 927.0 |
| Equity | 261.4 | 271.5 | 282.9 |
| Interest-bearing liabilities | 390.7 | 373.8 | 386.5 |
| Other liabilities | 258.9 | 290.1 | 257.5 |
| Total equity and liabilities | 911.0 | 935.4 | 927.0 |
| NIBD | 363.3 | 341.2 | 361.3 |
| Equity ratio | 28.7% | 29.0% | 30.5% |
Total assets were MEUR 911.0 at the end of the first quarter, a decrease of MEUR 15.9 from year-end 2019. The decrease of the value of total assets as of March 31, 2020 resulted mainly from the negative currency translation effects in the amount of MEUR 31.1.
Equity as of March 31, 2020 decreased by MEUR 21.6 (-7.6%) to MEUR 267.9 in comparison with December 31, 2019.
The net loss for the year of MEUR 12.1 contributed to the equity decrease. The other comprehensive income contributed another negative MEUR 9.9 to that decrease, the share-based compensation led to positive MEUR 0.4 equity increase.
The equity ratio decreased by 1.8 percentage points to 28.7%.
Interest-bearing liabilities amounted to MEUR 390.7 comprising the issued bond of MEUR 275.0, netted by the capitalized fees of MEUR 5.6, IFRS 16 lease interest-bearing liabilities of MEUR 100.1 and MEUR 20.0 drawn under the revolving facility.
As at March 31, 2020, long-term interest-bearing debt amounted to MEUR 358.2 after netting of MEUR 5.6 capitalized arrangements fees.
At the end of the first quarter 2020, net interest-bearing debt amounted to MEUR 363.3, an increase of MEUR 2.0 compared to year-end 2019, mainly driven by the translation adjustments of the lease liabilities as of March 31, 2020.
Interior is a global leader in the development, design and manufacture of seat comfort systems and mechanical and electro-mechanical light-duty motion controls to Tier 1 and OEM customers. The product range includes seat adjuster cables and other cabling systems, lumbar support and side bolsters, seat heating, ventilation and massage systems and head restraints.
Interior addresses the passenger car market, with particularly strong positions on premium car platforms in Europe and North America. The product penetration for products such as seat heating, seat ventilation and massage systems are especially high in medium to higher end cars, while headrests and light duty cables are found in all ranges of cars. Customers include all major European and North American car and seat manufacturers and most premium OEMs such as Adient, Magna, Faurecia, Lear, Jaguar, Land Rover, Audi, Volvo Cars, Daimler, BMW and Tesla.
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Revenues | 72.3 | 77.3 | 72.3 | 77.3 | 304.0 |
| Adjusted EBITDA | 3.0 | 5.6 | 3.0 | 5.6 | 23.8 |
| in % revenues | 4.1% | 7.2% | 4.1% | 7.2% | 7.8% |
| Adjusted EBIT | (0.8) | 2.1 | (0.8) | 2.1 | 10.3 |
| in % revenues | -1.1% | 2.7% | -1.1% | 2.7% | 3.4% |
| Restructuring | (0.0) | (0.0) | (0.0) | (0.0) | (0.5) |
| Operating profit / EBIT | (0.8) | 2.1 | (0.8) | 2.1 | 9.8 |
| in % revenues | -1.1% | 2.7% | -1.1% | 2.7% | 3.2% |
| Investments | (7.9) | (5.8) | (7.9) | (5.8) | (25.3) |
| Capital employed1 | 225.4 | 214.2 | 225.4 | 214.2 | 222.8 |
1 Includes PP&E, intangible assets, inventories, trade receivables and trade payables
Revenues in interior decreased by MEUR 5.0 (-6.5%) compared to the first quarter 2019, despite positive currency translation effects of MEUR 0.4. Interior Comfort System suffered from the bigger decline in revenues than Light Duty Cables. With a significant share of the business in Europe, customer shutdowns in this region contributed the most to the unfavorable revenue development.
Adjusted EBIT was MEUR (0.8) in the first quarter, a decrease of MEUR 2.9 compared to the positive adjusted EBIT in Q1 last year. Beyond the fall through from lower revenues, ICS was impacted by extraordinary ramp-up costs for the new plant in China and higher fixed cost from increased depreciation.
It should also be noted that Chinese legislation led to full payment of salaries and wages in China during the corona virus related shutdown period.
The business wins for the first quarter amounted to MEUR 128.0 in lifetime revenue for the Interior segment (MEUR 21.0 in annualized revenue).
Within the quarter, Interior was awarded a contract to supply seat support systems to a major premium European car maker. The program totals MEUR 4.0 in expected annualized revenues and MEUR 34.0 in expected lifetime revenues with start of production in 2022.
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Powertrain & Chassis is a global Tier 1 supplier of driver control and driveline products into the passenger and commercial vehicle automotive markets. The portfolio includes custom-engineered cable controls and complete shift systems, clutch actuation systems, vehicle dynamics, shift cables and shift towers for transmissions.
Powertrain & Chassis serves the passenger car and the commercial vehicle markets, with particularly strong positions in Europe and the Americas. With a global footprint, Powertrain & Chassis is able to support customers worldwide. Key customers include Ford, General Motors, FCA, Volvo, Scania, DAF, John Deere, PSA, Renault-Nissan and Geely.
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Revenues | 94.4 | 119.0 | 94.4 | 119.0 | 461.1 |
| Adjusted EBITDA | 3.4 | 7.9 | 3.4 | 7.9 | 38.1 |
| in % revenues | 3.6% | 6.6% | 3.6% | 6.6% | 8.3% |
| Adjusted EBIT | (1.4) | 2.9 | (1.4) | 2.9 | 19.0 |
| in % revenues | -1.4% | 2.4% | -1.4% | 2.4% | 4.1% |
| Restructuring | (0.1) | 0.1 | (0.1) | 0.1 | (0.2) |
| Operating profit / EBIT | (1.4) | 2.9 | (1.4) | 2.9 | 18.7 |
| in % revenues | -1.5% | 2.5% | -1.5% | 2.5% | 4.1% |
| Investments | (4.2) | (6.8) | (4.2) | (6.8) | (22.8) |
| Capital employed1 | 214.2 | 226.6 | 214.2 | 226.6 | 221.1 |
1 Includes PP&E, intangible assets, inventories, trade receivables and trade payables
Revenues in Powertrain & Chassis decreased by MEUR 24.5 (-20.6%) to 94.4 MEUR in the first quarter 2020 compared to the same quarter in 2019, including negative currency translation effects of MEUR 0.7. The revenues in the heavy-duty market declined by MEUR 11.6 in total, of which MEUR 7.7 was related to the revenues decline in the United States. Similar to Interior, P&C saw the largest revenue decline in Europe due to plant shutdowns at our major customers.
Adjusted EBIT was (1.4) MEUR in the first quarter 2020, a decrease of 4.2 MEUR compared to the positive adjusted EBIT in Q1 of last year.
The adj. EBIT fall through was moderate due to a combination of better operational performance and stronger revenue declines or the lower margin products. Q1 2019 was negatively impacted by launch issues which did not occur this year.
It should also be noted that Chinese legislation led to full payment of salaries and wages in China during the corona virus related shutdown period.
Business wins amounted to MEUR 275.0 lifetime revenue (MEUR 55.0 in annualized revenue) in the first quarter 2020.
New Business Wins included a heavy-duty truck Gear Shift System project to a North American tier 1 supplier with expected annualized revenues of MEUR 35.0 or MEUR 175.0 in expected lifetime revenues.
Specialty Products designs and manufactures fluid handling systems for both the automotive and commercial vehicle markets, couplings systems for compressed-air circuits in heavyduty vehicles, operator control systems for power sports construction, agriculture, outdoor power equipment and power electronics-based products.
Key customers include Volvo Trucks/Group, Scania, Navistar, Paccar/DAF, Ford, Jaguar Land Rover, Club Car, John Deere, CAT, Husqvarna, CNH and BRP and several Tier 1 customers in addition to an industrial customer base.
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Revenues | 95.4 | 110.2 | 95.4 | 110.2 | 395.7 |
| Adjusted EBITDA | 17.8 | 22.2 | 17.8 | 22.2 | 70.5 |
| in % revenues | 18.7% | 20.1% | 18.7% | 20.1% | 17.8% |
| Adjusted EBIT | 15.1 | 19.4 | 15.1 | 19.4 | 58.8 |
| in % revenues | 15.8% | 17.6% | 15.8% | 17.6% | 14.9% |
| Restructuring | 0.1 | 0.2 | 0.1 | 0.2 | (2.1) |
| Operating profit / EBIT | 15.1 | 19.6 | 15.1 | 19.6 | 56.8 |
| in % revenues | 15.8% | 17.8% | 15.8% | 17.8% | 14.3% |
| Investments | (3.5) | (1.8) | (3.5) | (1.8) | (16.7) |
| Capital employed1 | 243.1 | 217.3 | 243.1 | 217.3 | 228.8 |
1 Includes PP&E, intangible assets, inventories, trade receivables and trade payables
Revenues in Specialty Products decreased by MEUR 14.8 (13.4%) compared to the first quarter of 2019, with no net currency translation effects. Couplings had the most significant revenue declines in this segment driven by corona virus related OEM declines combined with a very good revenue quarter in Q1 2019.
Adjusted EBIT was 15.1 MEUR in the first quarter, a decrease of 4.4 MEUR compared to last year. The YoY decline in Adj. EBIT was in line with the expected fall through caused by the overall revenue decline.
During the first quarter 2020, total business wins amounted to MEUR 88.0 in lifetime revenue (MEUR 25.0 in annualized revenue).
The wins include fluid transfer systems to a premium European OEM. This program accounts for approximately MEUR 3.0 in annualized revenues, or MEUR 32.0 in expected lifetime revenues as the program length is approximately ten years.
Adjusted EBIT MEUR and in % rev enues
STATEMENT OF COMPREHENSIVE INCOME
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Revenues | 262.1 | 306.5 | 262.1 | 306.5 | 1,160.9 |
| OPEX | (242.7) | (274.4) | (242.7) | (274.4) | (1,050.4) |
| EBITDA | 19.4 | 32.1 | 19.4 | 32.1 | 110.4 |
| in % revenues | 7.4% | 10.5% | 7.4% | 10.5% | 9.5% |
| Depreciation, amortization and impairment | (12.0) | (11.9) | (12.0) | (11.9) | (48.0) |
| Operating profit / EBIT | 7.4 | 20.3 | 7.4 | 20.3 | 62.4 |
| in % revenues | 2.8% | 6.6% | 2.8% | 6.6% | 5.4% |
| Adjusted EBIT1 | 7.8 | 21.5 | 7.8 | 21.5 | 70.9 |
| in % revenues | 3.0% | 7.0% | 3.0% | 7.0% | 6.1% |
| Net financial items | (17.4) | (1.2) | (17.4) | (1.2) | (18.9) |
| Profit / (loss) before taxes | (10.0) | 19.1 | (10.0) | 19.1 | 43.5 |
| Income taxes | (2.1) | (5.2) | (2.1) | (5.2) | (14.8) |
| Net profit / (loss) | (12.1) | 13.8 | (12.1) | 13.8 | 28.8 |
| Other comprehensive income (items that may be reclassified to profit or loss in subsequent periods): |
- | - | - | - | - |
| Translation differences on foreign operations |
69.9 | (9.8) | 69.9 | (9.8) | (0.8) |
| Tax on translation differences | (9.2) | 0.6 | (9.2) | 0.6 | (0.6) |
| Other comprehensive income (items that will not be reclassified to profit or loss in subsequent periods): |
|||||
| Translation differences on non-foreign operations |
(70.6) | 13.1 | (70.6) | 13.1 | 3.7 |
| Remeasurement of net pension benefit obligation |
0.0 | 0.0 | 0.0 | 0.0 | (3.3) |
| Tax on net pension benefit obligation remeasurement |
0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Other comprehensive income | (9.9) | 3.9 | (9.9) | 3.9 | (0.8) |
| Total comprehensive income | (22.0) | 17.7 | (22.0) | 17.7 | 28.0 |
| Net profit attributable to: | |||||
| Equity holders (parent company) | (12.1) | 13.8 | (12.1) | 13.8 | 28.6 |
| Non-controlling interests | 0.0 | (0.0) | 0.0 | (0.0) | 0.2 |
| Total | (12.1) | 13.8 | (12.1) | 13.8 | 28.9 |
| Total comprehensive income attributable to: | |||||
| Equity holders (parent company) | (22.0) | 17.6 | (22.0) | 17.6 | 27.8 |
| Non-controlling interests | 0.0 | 0.2 | 0.1 | 0.2 | 0.2 |
| Total2 | (22.0) | 17.7 | (22.0) | 17.7 | 28.0 |
| Earnings per share (EUR): | |||||
| Basic earnings per share | (0.03) | 0.03 | (0.03) | 0.03 | 0.06 |
| Diluted earnings per share | (0.03) | 0.03 | (0.03) | 0.03 | 0.06 |
1 Adjusted for restructuring costs, see section APM for the reconciliation
STATEMENT OF FINANCIAL POSITION
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| Intangible assets | 158.3 | 163.4 | 160.3 |
| Property, plant and equipment | 226.5 | 205.1 | 232.1 |
| Right-of-use assets | 97.6 | 103.4 | 103.8 |
| Deferred tax assets | 19.5 | 21.5 | 19.9 |
| Other non-current assets | 14.6 | 10.6 | 15.3 |
| Non-current assets | 516.5 | 504.0 | 531.5 |
| Inventories | 106.7 | 124.9 | 102.9 |
| Accounts receivable | 214.4 | 225.6 | 216.8 |
| Other short-term receivables | 46.0 | 48.3 | 50.6 |
| Cash and cash equivalents | 27.4 | 32.6 | 25.2 |
| Current assets | 394.5 | 431.4 | 395.4 |
| Total assets | 911.0 | 935.4 | 927.0 |
| Share capital | 19.6 | 23.2 | 22.8 |
| Share premium reserve | 177.7 | 212.0 | 207.6 |
| Other equity | 60.2 | 32.5 | 48.8 |
| Non-controlling interests3 | 3.8 | 3.8 | 3.8 |
| Total equity | 261.4 | 271.5 | 282.9 |
| Long-term interest-bearing liabilities | 358.2 | 363.6 | 362.7 |
| Deferred tax liabilities | 26.8 | 26.3 | 21.8 |
| Other long-term liabilities | 20.1 | 21.2 | 21.6 |
| Non-current liabilities | 405.1 | 411.0 | 406.1 |
| Short-term interest-bearing liabilities | 32.5 | 10.2 | 23.8 |
| Accounts payable | 135.1 | 152.1 | 130.5 |
| Other short-term liabilities | 76.9 | 90.6 | 83.5 |
| Current liabilities | 244.5 | 252.9 | 237.9 |
| Total liabilities | 649.7 | 663.9 | 644.0 |
| Total equity and liabilities | 911.0 | 935.4 | 927.0 |
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| Equity as of start of period | 282.9 | 253.5 | 253.5 |
| Net profit / (loss) for the period | (12.1) | 13.8 | 28.8 |
| Translation differences | (0.7) | 3.4 | 2.9 |
| Tax on translation differences | (9.2) | 0.6 | (0.6) |
| Remeasurement of the net pension benefit obligation | 0.0 | 0.0 | (3.3) |
| Tax on remeasurement of the net pension benefit obligation | 0.0 | 0.0 | 0.2 |
| Total comprehensive income | (22.0) | 17.7 | 28.0 |
| Stock based compensation | 0.4 | 0.2 | 1.4 |
| Net result of treasury shares sale/purchase and other changes in equity | 0.0 | 0.0 | 0.0 |
| Equity as of end of period | 261.4 | 271.5 | 282.9 |
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Operating activities | |||||
| Profit / (loss) before taxes | (10.0) | 19.1 | (10.0) | 19.1 | 43.5 |
| Depreciation | 10.9 | 10.7 | 10.9 | 10.7 | 42.9 |
| Amortization | 1.0 | 1.1 | 0.9 | 1.1 | 5.1 |
| Interest income | (0.0) | (0.2) | (0.0) | (0.2) | (0.6) |
| Interest and other financial expenses1 | 5.3 | 2.2 | 5.3 | 2.2 | 22.5 |
| Taxes paid | (2.0) | (0.5) | (2.0) | (0.5) | (14.4) |
| (Gain) / loss on sale of non-current assets | (0.3) | 0.1 | (0.3) | 0.1 | (0.3) |
| Changes in receivables | 2.4 | (14.9) | 2.4 | (14.9) | (6.0) |
| Changes in inventory | (3.9) | (4.5) | (3.9) | (4.5) | 17.6 |
| Changes in payables | 4.5 | (7.6) | 4.5 | (7.6) | (29.1) |
| Currency (gain) / loss | 12.2 | (3.9) | 12.1 | (3.9) | (3.0) |
| Changes in other items | (1.3) | (6.0) | (1.3) | (6.0) | (26.9) |
| Cash flow - Operating activities | 18.8 | (4.4) | 18.8 | (4.4) | 51.4 |
| Investing activities | |||||
| Investments1 | (14.9) | (14.3) | (14.9) | (14.3) | (65.0) |
| Sale of fixed assets | 1.9 | 0.4 | 1.9 | 0.4 | 1.2 |
| Interest received | 0.0 | 0.2 | 0.0 | 0.2 | 0.6 |
| Proceeds from sale of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net payments for other long-term investments |
(0.0) | 0.1 | (0.0) | 0.1 | (0.0) |
| Cash flow - Investing activities | (13.0) | (13.5) | (13.0) | (13.5) | (63.3) |
| Financing activities | |||||
| Proceeds from increases in equity | 0.0 | 0.2 | 0.0 | 0.2 | (0.0) |
| Net draw dow n of debt |
10.0 | 0.3 | 10.0 | 0.3 | 10.3 |
| Interest paid and other financial items | (8.6) | (8.2) | (8.6) | (8.2) | (21.3) |
| Repayment of lease liabilities and other | (3.1) | (3.5) | (3.1) | (3.5) | (11.9) |
| Cash flow - Financing activities | (1.7) | (11.2) | (1.7) | (11.2) | (22.9) |
| Currency effects on cash | (1.9) | 2.5 | (1.9) | 2.5 | 0.7 |
| Change in cash | 2.2 | (26.6) | 2.2 | (26.6) | (34.0) |
| Cash as of beginning of period | 25.2 | 59.2 | 25.2 | 59.2 | 59.2 |
| Cash as of end of period | 27.4 | 32.6 | 27.4 | 32.6 | 25.2 |
| Of this, restricted cash | 0.9 | 0.2 | 0.9 | 0.2 | 0.8 |
1 Includes Other financial items and the repayment of lease liabilities – See Note 5
NOTE 1 – DISCLOSURES
Kongsberg Automotive ASA and its subsidiaries develop, manufacture and sell products to the automotive and commercial vehicle industry globally. Kongsberg Automotive ASA is a limited liability company, which is listed on the Oslo Stock Exchange. The consolidated interim financial statements are not audited.
This condensed consolidated interim financial information, for the three months ended March 31, 2020, has been prepared in accordance with IAS 34 "Interim financial reporting". The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year-ended December 31, 2019, which have been prepared in accordance with IFRS.
The accounting policies are consistent with those of the annual financial statements for the year-ended December 31, 2019, as described in those annual financial statements. Taxes on income in the interim periods are accrued using the estimated effective tax rate.
Kongsberg Automotive continuously monitors its risk factors. Our activities are exposed to different types of risk.
The single most important risk that Kongsberg Automotive is exposed to is the development of demand in the end markets for light duty and commercial vehicles worldwide. Some of the most important additional risk factors are foreign-exchange rates, raw material prices, credit risks, and an increasing tariffs risk. As we operate in many countries, we are vulnerable to currency risk. The most significant currency exposure for Kongsberg Automotive is associated with EUR, NOK and USD exchange rate. The greatest raw material exposures are for copper, zinc, aluminum and steel. As most of our revenues are earned from automotive OEMs and automotive Tier 1 and Tier 2 customers, the financial health of these automotive companies is critical to our credit risk.
All concerned risk factors that Kongsberg Automotive must face in its normal business operations are additionally impacted by the COVID-19 pandemic since its outbreak in Q1 2020. These risks and uncertainties include, but are not limited to: the severity and duration of the COVID-19 pandemic, related economic effects and the resulting negative impact on demand for the Company's products; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and wellbeing of employees, remote work arrangements, performance of contracts and supply chain disruptions etc.
As we expect the COVID-19 pandemic to have significant negative impact on Kongsberg Automotive's income and liquidity, we have initiated actions to strengthen our liquidity. Such actions are spelled out in the invitation for an extraordinary general meeting (EGM) of April 7th as well as in our company presentation published April 15th. Both these documents have been published on Oslo Stock Exchange. With the proposed measures, Kongsberg Automotive believes it will be properly funded through the expected duration of the effects of the Covid-19 pandemic.
The Group quarterly results are to some extent influenced by seasonality. The seasonality is mainly driven by the vacation period in the third quarter and December each year having lower sales. Also, year-over-year seasonality differences may occur as a result of varying number of working days in each quarter.
NOTE 2 – SEGMENT REPORTING (FIRST QUARTER 2020)
| Q1 2020 | Powertrain | Speciality | Total | ||
|---|---|---|---|---|---|
| (MEUR) | Interior | & Chassis | Products | Other1 | Group |
| Revenues2 | 72.3 | 94.4 | 95.4 | (0.0) | 262.1 |
| Adjusted EBITDA | 3.0 | 3.4 | 17.8 | (4.5) | 19.7 |
| Depreciation3 | (3.7) | (4.1) | (2.7) | (0.4) | (10.9) |
| Amortization3 | (0.1) | (0.7) | (0.1) | (0.2) | (1.0) |
| Adjusted EBIT | (0.8) | (1.4) | 15.1 | (5.1) | 7.8 |
| - | - | - | - | ||
| Timing of revenue recognition | |||||
| Ownership transferred at a point in time |
72.3 | 94.4 | 95.4 | (0.0) | 262.1 |
| Assets and liabilities | |||||
| Goodw ill |
56.2 | 23.0 | 68.9 | 0.0 | 148.1 |
| Other intangible assets | 0.5 | 8.2 | 1.0 | 0.5 | 10.2 |
| Property, plant and equipment | 91.3 | 77.2 | 56.9 | 1.1 | 226.5 |
| Right-of-use assets | 28.8 | 31.3 | 24.9 | 12.6 | 97.6 |
| Inventories | 22.5 | 41.0 | 44.5 | (1.3) | 106.7 |
| Trade receivables | 60.4 | 82.9 | 78.9 | (7.8) | 214.4 |
| Other assets | 12.7 | 10.1 | 3.9 | 1.8 | 28.5 |
| Segment assets | 272.5 | 273.7 | 279.0 | 7.0 | 832.1 |
| Unallocated assets | 78.9 | 78.9 | |||
| Total assets | 272.5 | 273.7 | 279.0 | 85.9 | 911.0 |
| Trade payables | 43.9 | 54.4 | 33.6 | 3.1 | 135.1 |
| Non-current lease interest-bearing liabilities | 25.6 | 26.6 | 24.3 | 11.0 | 87.6 |
| Current lease interest-bearing liabilities | 3.2 | 5.0 | 2.2 | 2.0 | 12.5 |
| Segment liabilities | 72.7 | 86.1 | 60.2 | 16.2 | 235.2 |
| Unallocated liabilities | 414.5 | 414.5 | |||
| Total liabilities | 72.7 | 86.1 | 60.2 | 430.7 | 649.7 |
| Total equity | 261.4 | 261.4 | |||
| Total equity and liabilities | 72.7 | 86.1 | 60.2 | 692.0 | 911.0 |
| Capital expenditure | (7.9) | (4.2) | (3.5) | (0.0) | (14.9) |
1 The column Other includes corporate costs, transactions and balance sheet items related to tax, pension and financing.
2 For segment reporting purposes the revenues are only external revenues, the related expenses are adjusted accordingly. The adjusted EBIT is thus excluding IC profit.
3 Excluding restructuring costs.
NOTE 2 – SEGMENT REPORTING (FIRST QUARTER 2019)
| Q1 2019 | Powertrain | Speciality | Total | ||
|---|---|---|---|---|---|
| (MEUR) | Interior | & Chassis | Products | Other1 | Group |
| Revenues2 | 77.3 | 119.0 | 110.2 | 0.0 | 306.5 |
| Adjusted EBITDA | 5.6 | 7.9 | 22.2 | (2.3) | 33.4 |
| Depreciation3 | (3.3) | (4.4) | (2.5) | (0.5) | (10.7) |
| Amortization3 | (0.1) | (0.6) | (0.2) | (0.1) | (1.1) |
| Adjusted EBIT | 2.1 | 2.9 | 19.4 | (2.9) | 21.5 |
| - | - | - | - | ||
| Timing of revenue recognition | |||||
| Ownership transferred at a point in time |
77.3 | 119.0 | 110.2 | 0.0 | 306.5 |
| Assets and liabilities | |||||
| Goodw ill |
57.5 | 23.2 | 68.7 | 0.0 | 149.4 |
| Other intangible assets | 0.6 | 11.2 | 1.2 | 1.0 | 14.0 |
| Property, plant and equipment | 78.3 | 72.2 | 53.2 | 1.5 | 205.1 |
| Right-of-use assets | 21.0 | 39.5 | 29.6 | 13.2 | 103.4 |
| Inventories | 26.2 | 45.4 | 54.6 | (1.3) | 124.9 |
| Trade receivables | 64.8 | 87.8 | 72.6 | 0.4 | 225.6 |
| Segment assets | 248.4 | 279.3 | 279.9 | 14.8 | 822.4 |
| Unallocated assets | 112.9 | 112.9 | |||
| Total assets | 248.4 | 279.3 | 279.9 | 127.8 | 935.4 |
| Trade payables | 36.3 | 63.8 | 63.7 | (11.7) | 152.1 |
| Non-current lease interest-bearing liabilities | 18.3 | 35.5 | 28.1 | 11.9 | 93.7 |
| Current lease interest-bearing liabilities | 2.8 | 4.2 | 1.7 | 1.4 | 10.1 |
| Segment liabilities | 57.4 | 103.4 | 93.5 | 1.6 | 255.9 |
| Unallocated liabilities | 408.1 | 408.1 | |||
| Total liabilities | 57.4 | 103.4 | 93.5 | 409.7 | 664.0 |
| Total equity | 271.5 | 271.5 | |||
| Total equity and liabilities | 57.4 | 103.4 | 93.5 | 681.2 | 935.4 |
| Capital expenditure | (5.7) | (6.5) | (1.8) | 0.1 | (13.9) |
1 The column Other includes corporate costs, transactions and balance sheet items related to tax, pension and financing.
2 For segment reporting purposes the revenues are only external revenues, the related expenses are adjusted accordingly. The adjusted EBIT is thus excluding IC profit.
3 Excluding restructuring costs.
NOTE 3 – SALES AND NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
| 2020 | 2019 | |||
|---|---|---|---|---|
| (MEUR) | YTD March | % | YTD March | % |
| Europe - Sales | 124.9 | 47.7% | 156.1 | 50.9% |
| Northern America - Sales | 102.1 | 39.0% | 111.2 | 36.3% |
| Southern America - Sales | 4.5 | 1.7% | 5.2 | 1.7% |
| Asia - Sales | 29.2 | 11.1% | 31.6 | 10.3% |
| Other - Sales | 1.3 | 0.5% | 2.4 | 0.8% |
| Total operating revenues | 262.1 | 306.5 |
| (MEUR) | 31.03.20 | % | 31.03.19 | % |
|---|---|---|---|---|
| Europe | 287.7 | 59.6% | 283.5 | 60.1% |
| Northern America | 148.9 | 30.9% | 146.3 | 31.0% |
| Southern America | 2.9 | 0.6% | 6.4 | 1.4% |
| Asia | 43.0 | 8.9% | 35.8 | 7.6% |
| Total Intangible assets, PPE and RoU | 482.5 | 471.9 |
NOTE 4 – INTEREST-BEARING LOANS AND BORROWINGS
| 4.1 INTEREST-BEARING LIABILITIES AS PRESENTED IN STATEMENT OF FINANCIAL POSITION | |||||
|---|---|---|---|---|---|
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 | ||
| Long-term interest-bearing loan and borrow ing |
276.2 | 276.4 | 276.4 | ||
| IFRS 16 long-term lease liabilities | 87.6 | 93.7 | 92.2 | ||
| Capitalized arrangement fees1 | (5.6) | (6.5) | (5.8) | ||
| Current interest-bearing liabilities | 32.5 | 10.2 | 23.8 | ||
| Total interest-bearing liabilities | 390.7 | 373.8 | 386.5 |
1 As at March 31, 2020 and December 31, 2019, the fees relate to the bond emission and are amortized over the 7-years period of the bond
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| EUR | 273.1 | 275.0 | 297.1 |
| USD | 8.1 | 0.0 | 8.1 |
| Other currencies | 115.2 | 1.4 | 87.2 |
| Capitalized arrangement fees | (5.6) | (6.5) | (5.8) |
| Total long-term interest-bearing loan and borrowing | 390.7 | 269.9 | 386.5 |
The liquidity reserve of KA Group consists of cash equivalents in addition to undrawn credit facilities
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| Cash reserve | 27.4 | 32.6 | 25.2 |
| Restricted cash | (0.9) | (0.2) | (0.8) |
| Undraw n facility |
30.0 | 50.0 | 40.0 |
| Liquidity reserve | 56.6 | 82.4 | 64.4 |
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Interest income | 0.1 | 0.2 | (0.1) | 0.2 | 0.6 |
| Interest expenses | (4.9) | (5.1) | (4.9) | (5.1) | (21.1) |
| Foreign currency gains (losses)1 | (12.2) | 3.9 | (12.2) | 3.9 | 2.9 |
| Other financial items - Note 5 | (0.4) | (0.2) | (0.2) | (0.2) | (1.3) |
| Net financial items - Note 5 | (17.4) | (1.2) | (17.4) | (1.2) | (18.9) |
1 Is made up of an unrealized currency loss of MEUR 12.9 and of a realized currency gain of MEUR 0.7 (Q1 2019: unrealized gain MEUR 4.1 and realized loss MEUR 0.2)
On 2 April 2020, the RCF facility was increased by the amount of MEUR 20.0.
On April 3, 2020, the Company announced its intention to raise around €100 million through a capital increase and that the Board of Directors of the Company summons for an extraordinary general meeting in the Company to be held on April 30, 2020.
This section describes the non-GAAP financial measures that are used in this report and in the quarterly presentation.
The following measures are neither defined nor specified in the applicable financial reporting framework of the IFRS GAAP. They may be considered as non-GAAP financial measures that may include or exclude amounts that are calculated and presented according to the IFRS GAAP.
Free cash flow
NIBD
EBIT, earnings before interest and tax, is defined as the earnings excluding the effects of how the operations were financed, taxed and excluding foreign exchange gains & losses Adjusted EBIT is defined as EBIT excluding restructuring items, which are defined as any incurred costs or sales reduction of an unusual or non-recurring nature in connection with the considered restructuring of the activities of the Group.
EBIT is used as a measure of operational profitability. In order to exclude restructuring one-time effects, the Group also reports the adjusted EBIT, which is the EBIT excluding restructuring items.
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Operating profit / EBIT1 | 7.4 | 20.3 | 7.4 | 20.3 | 62.4 |
| Restructuring items2 | 0.4 | 1.2 | 0.4 | 1.2 | 8.5 |
| Adjusted EBIT1+2 | 7.8 | 21.5 | 7.8 | 21.5 | 70.9 |
EBITDA is defined as EBIT (previously defined) before depreciation and amortization. Adjusted EBITDA is therefore EBITDA excluding restructuring items.
EBITDA is used as an additional measure of the Group's operational profitability, excluding the impact from depreciation and amortization.
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Operating profit / EBIT | 7.4 | 20.3 | 7.4 | 20.3 | 62.4 |
| Depreciation | 11.0 | 10.7 | 11.0 | 10.7 | 42.9 |
| Amortization | 0.9 | 1.1 | 0.9 | 1.1 | 5.1 |
| EBITDA1 | 19.4 | 32.1 | 19.4 | 32.1 | 110.4 |
| Restructuring items(*) 2 | 0.4 | 1.2 | 0.4 | 1.2 | 7.4 |
| Adjusted EBITDA1+2 | 19.7 | 33.4 | 19.7 | 33.4 | 117.9 |
(*) Excluding impairment, depreciation and amortization
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
|---|---|---|---|---|---|
| Interior | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 |
| Pow ertrain & Chassis |
0.1 | (0.1) | 0.1 | (0.1) | 0.2 |
| Specialty Products | (0.1) | (0.2) | (0.1) | (0.2) | 2.1 |
| Other | 0.4 | 1.5 | 0.4 | 1.5 | 5.6 |
| Group total | 0.4 | 1.2 | 0.4 | 1.2 | 8.5 |
The restructuring items in Q1 2020 mainly relate to corporate systems transition costs.
Free cash flow is measured based on cash flow from operations, investments and financing excluding debt drawn and paid.
Free Cash Flow is used to measure the Group's ability to generate cash. It allows the Group to view how much cash it generates from its operations after subtracting the cash flow from investing and financing activities excluding debt repayments. The Group considers that this measurement illustrates the amount of cash the Group has at its disposal to pursue additional investments or to repay debt.
| this measurement illustrates the amount of cash the Group has at its disposal to pursue additional investments or to repay debt. | |||||
|---|---|---|---|---|---|
| (MEUR) | Q1 2020 | Q1 2019 | YTD 2020 | YTD 2019 | FY 2019 |
| Cash flow - Operating activities |
18.8 | (4.4) | 18.8 | (4.4) | 51.4 |
| Cash flow - Investing activities |
(13.0) | (13.5) | (13.0) | (13.5) | (63.3) |
| Cash flow - Financing activities |
(1.7) | (11.2) | (1.7) | (11.2) | (22.9) |
| n) / repayment of debt1 Net (draw dow |
(6.9) | (0.3) | (6.9) | (0.3) | 1.6 |
| Free Cash Flow | (2.8) | (29.4) | (2.8) | (29.4) | (33.2) |
1 includes the repayments of lease liabilities
Net Interest-Bearing Debt (NIBD), consists of interest-bearing liabilities less cash and cash equivalents.
The Group risk of default and financial strength is measured by the net interest-bearing debt. It shows the Group's financial position and leverage. As cash and cash equivalents can be used to repay debt, this measurement shows the net overall financial position of the Group.
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| Long-term interest-bearing liabilities | 358.2 | 363.6 | 362.7 |
| Other short-term interest-bearing liabilities | 32.5 | 10.2 | 23.8 |
| Cash and cash equivalents | (27.4) | (32.6) | (25.2) |
| Net Interest Bearing Debt | 363.3 | 341.2 | 361.3 |
Capital Employed is equal to operating assets less operating liabilities. Operating assets and liabilities are items, which are involved in the process of producing and selling goods and services. Long-term financial assets and obligations are excluded, as those are involved in raising cash for operations and disbursing excess cash from operations.
Capital Employed is measured in order to assess how much capital is needed for the operations/business to function and evaluate if the capital employed can be utilized more efficiently and/or if operations should be discontinued.
| (MEUR) | 31.03.20 | 31.03.19 | 31.12.19 |
|---|---|---|---|
| Total assets | 911.0 | 935.4 | 927.0 |
| Deferred tax liabilities | (26.8) | (26.3) | (21.8) |
| Other long-term liabilities | (20.1) | (21.2) | (21.6) |
| Current liabilities | (244.5) | (252.9) | (237.9) |
| Capital employed | 619.6 | 635.0 | 645.6 |
Return on Capital Employed (ROCE) is based on EBIT for the last twelve months divided by the average of capital employed at the beginning and end of the period.
Return on Capital Employed is used to measure the return on the capital employed without taking into consideration the way the operations and assets are financed during the period under review. The Group considers this ratio as appropriate to measure the return of the period.
| (MEUR) | Q1 2020 | Q1 2019 | FY 2019 | ||
|---|---|---|---|---|---|
| Capital employed beginning1 | 01.04.2019 | 635.0 | 01.04.2018 | 469.8 | 629.2 |
| Capital employed at end2 | 31.03 2020 | 619.6 | 31.03 2019 | 635.0 | 645.6 |
| elve months3 Adjusted EBIT last tw |
57.1 | 76.1 | 70.9 | ||
| Adjusted ROCE 3 / (1+2) * 200% | 9.1% | 13.8% | 11.1% |
| Firas Abi-Nassif | Chairman |
|---|---|
| Emese Weissenbacher | Shareholder elected |
| Peter Schmitt | Shareholder elected |
| Ellen M. Hanetho | Shareholder elected |
| Gerard Cordonnier | Shareholder elected |
| Leif Harvard Stromhaug | Employee elected |
| Bjørn Ivan Ødegård | Employee elected |
| Tonje Sivesindtajet | Employee elected |
| Henning E. Jensen | President & CEO |
|---|---|
| Norbert Loers | Executive Vice President & CFO |
| Ralf Voss | Executive Vice President, Interior Systems |
| Bob Riedford | Executive Vice President, Powertrain & Chassis |
| Henning E. Jensen | Executive Vice President, Specialty Products (acting) |
| Dzeki Mackinovski | Executive Vice President, Purchasing |
| Virginia Grando | Executive Vice President, Quality |
| Marcus von Pock | Executive Vice President, Human Resources & Communications |
| Jon Munthe | General Counsel |
| Doug Tushar | Senior Vice President, IS&T |
| Marcus von Pock | Communications | +41 43 508 94 93 |
|---|---|---|
| Hallstein Kvam Oma | Investor Relations | +41 43 508 89 63 |
The quarterly reports and financial statements will be published on the following days:
| 2 nd quarter 2020 and Half-yearly Report |
August 06, 2020 |
|---|---|
| rd quarter 2020 3 |
November 11, 2020 |
Kongsberg Automotive ASA KA Group AG Dyrmyrgata 48 Europaallee 39 3601 Kongsberg, Norway 8004 Zürich, Switzerland Phone +47 32 77 05 00 Phone +41 43 508 65 60
www.kongsbergautomotive.com
Operational Headquarters
Enhancing the driving experience
Kongsberg Automotive ASA, Dyrmyrgata 48, 3601 Kongsberg, Norway, Phone +47 32 77 05 00
www.kongsbergautomotive.com
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