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Kongsberg Automotive Holding ASA (OSL:KOA) * Sales outperforming the general market
* Revenues Q3 2008 MEUR 208,3
* Adjusted for negative currency effects of MEUR 7,6 revenues are down MEUR 13,3 (6%) compared to Q3 2007
* EBITDA Q3 2008 MEUR 7,3 (margin 3,5 %)
* Adjusted for restructuring costs (MEUR 4,3) the margin is 5,6 %.
* A positive dialog with the banks regarding covenants and amortization schedule - conclusion expected in due time before end of 2008
* Weak market outlook
* Aggressive actions introduced to improve margins
* Ahead of synergy targets * New cost cuts initiated * Will reduce NWC and Capex * Improve operations
* Our strategic direction remains the same
For more details see enclosed quarterly report. Press conference will be held 28th of October at 0830 CET at Høyres Hus, Stortingsgt 20, Oslo. The presentation can be viewed via webcast on the companies web pages www.kongsbergautomotive.com where the presentation material will be published.
Kongsberg 27.10.2008 Board of Directors of Kongsberg Automotive Holding ASA
For further information CEO Olav Volldal, tlf +47 982 14 014 CFO Trond Stabekk, tlf +47 982 14 054
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