Kitron: Status update and new dividend policy
February 16 2018 - 1:45AM
(2018-02-16) Kitron today publishes a capital
markets presentation, in which the company provides a status update
on its progress towards its 2020 targets and updates its dividend
policy.
The company reaffirms the goal of organic revenue
growth leading to revenue of NOK 3 billion in 2020 and sees some
upside potential to this target. The company is also on track for
the 7% EBIT margin target in 2020. Targets for capital efficiency
and return on capital are also maintained.
The board has also decided to update Kitron's
dividend policy. The new policy is as follows: "Kitron's dividend
policy is to pay out an annual dividend of at least 50 % of the
company's consolidated net profit before non-recurring items. When
deciding on the annual dividend the company will take into account
company's financial position, investment plans as well as the
needed financial flexibility to provide for sustainable
growth."
The previous policy was to pay a dividend of 30-60
per cent of net profit.
"We presented a new strategy and ambitious 2020
targets for Kitron in February 2016. It is with great pleasure that
I am able to report, two years later, that we are well on our way
towards these targets. The key is ongoing operational improvements,
leading to profitable growth and much more efficient use of
capital. This has allowed us to pay an attractive dividend while
also investing in automation and robotization in order to increase
our competitiveness further," said Peter Nilsson, CEO of
Kitron.
The video version of the presentation can be
viewed here: https://youtu.be/FPw8mUyBki4
Enclosed is a PDF version covering the highlights
of the presentation.
For further information, please
contact:
Peter Nilsson, CEO, tel: +47 948 40 850
Cathrin Nylander, CFO, tel: +47 900 43 284
E-mail: investorrelations@kitron.com
Kitron is one of
Scandinavia's leading electronics manufacturing services companies
for the Defence/Aerospace, Energy/Telecoms, Industry, Medical
devices and Offshore/Marine sectors. The company is located in
Norway, Sweden, Lithuania, Germany, China and the United States.
Kitron had revenues of about NOK 2.4 billion in 2017 and has about
1 450 employees. www.kitron.com
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
Kitron CMP 2018
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Kitron ASA via Globenewswire