Q2 2024 Kongsberg Automotive ASA Earnings Call Transcript
Key Points
- Kongsberg Automotive Holdings ASA (KGAUF) reported an improvement in EBIT to EUR6.4 million, a significant increase from a negative EUR12.5 million last year.
- The company achieved a record high book-to-bill ratio of 2.1, with new business wins totaling EUR1.1 billion in the first half of the year.
- Operational KPIs have improved compared to the previous year, attributed to cost reduction efforts and employee commitment.
- The company successfully refinanced its old Euro bonds with new Nordic bond notes, maintaining similar interest costs.
- Kongsberg Automotive Holdings ASA (KGAUF) achieved its best safety performance in the past ten years and improved its CDP Climate Change rating to a B- score.
- Revenues in Q2 were EUR209.3 million, a decrease of EUR15.2 million or 6.8% compared to the previous year, primarily due to a decline in the European commercial vehicle market.
- Free cash flow was negative EUR4.4 million in the quarter, impacted by accelerated interest payments on old bond notes.
- Net interest-bearing debt increased to EUR116.5 million, up by EUR16.3 million from the end of 2023.
- The company revised its full-year revenue guidance downwards to EUR790 million to EUR830 million due to volume reductions in customer production programs.
- The global commercial vehicle and passenger car markets are experiencing negative growth trends, particularly in Europe and North America.
Good morning, everyone, and thank you for joining us today, and welcome to the Kongsberg Automotive Q2 2024 for earnings call. My name is Therese Skurdal, Communication Director, and I will be the moderator for today's session.
(Event Instructions) Joining us today as presenters are President and CEO, Linda Nyquist-Evenrud; and CFO., Christian Johansson. On the right-hand side of the slide, you will see the topics that they will present today.
Now I will give the word over to our President and CEO, Linda Nyquist-Evenrud. So Linda, please begin when you are ready.
Thank you, Therese, and good morning, and once again, welcome to today's Q2 earnings call. Christian and I will take you through our Q2 results. So let's move to the next slide and executive summary.
I am happy to report improved results in the currently challenging automotive market. Even
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