Kitron wishes to maintain open communications with its shareholders and other stakeholders. Shareholders and stakeholders are kept informed by announcements to the Oslo Børs and press releases. Kitron’s website www.kitron.com provides information on Kitron’s business and financial situation. Interim financial statements are presented at meetings open to the general public and are available as webcasts at www.kitron.com.
Kitron reports all manufacturing orders exceeding NOK 20 million. The group also reports smaller orders if these are of strategic importance or significant in any other way.
The corporate management is responsible for communication activities and investor relations and also facilitates direct contact with the chairman of the board and other board members.
The ordinary general meeting of 30 April 2019 authorised the board to execute one or more share capital increases by issuing a number of shares maximized to 10 per cent of Kitron’s registered share capital at 30 April 2019. The total amount by which the share capital may be increased is NOK 1 761 926.10. The authority applies until the ordinary general meeting in 2020 but no longer than 30 June 2020. The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to the strengthening of Kitron ASA’s equity, acquisition of other companies or businesses, joint ventures or joint business operations, incentive programs for employees and acquisition of property and business within Kitron ASA’s purpose. The authority was exercised in May 2019 in connection with a settlement of a share program. The share capital was increased with NOK 291 139.90, and the authorized share capital of the Company is, therefore, NOK 17 910 399 per June 2019.
The ordinary general meeting on 30 April 2019 authorised the board to acquire own shares for a total nominal value of up to NOK 1 761 926.10 which is equal to 10 per cent of Kitron’s registered share capital at 30 April 2019. Under this authorization, the company shall pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 25 per share. The authority is valid until the ordinary general meeting in 2020 but no longer than 30 June 2020. The authority was exercised in May 2019.
Kitron’s dividend policy is to pay out an annual dividend of at least 50 per cent of the company’s consolidated net profit before non-recurring items. When deciding on the annual dividend the company will take into account the company’s financial position, investment plans as well as the needed financial flexibility to provide for sustainable growth.
|2018||NOK 0.40 per share||28 March 2019||30 April 2019||10 May 2019|
|2017||NOK 0.55 per share||23 March 2018||20 April 2018||4 May 2018|
|2016||NOK 0.25 per share||21 March 2017||25 April 2017||11 May 2017|
|2015||NOK 0.21 per share||18 March 2016||22 April 2016||4 May 2016|
|2014||NOK 0.05 per share||27 March 2015||22 April 2015||22 April 2015|
*) The ordinary general meeting on 23 April 2020 authorised the board of directors to resolve the payments of dividend based on the company’s approved annual accounts for 2019, cf. the Norwegian Public Limited Liability Companies Act section 8-2, second paragraph. The board of directors shall, when using the authorization, make its decision in accordance with the company’s approved dividend policy. The board of directors shall before each decision to approve the payment of dividends consider if the company, after the payment of dividends, will have sufficient equity and liquidity. The authorization is limited to a total amount of NOK 90 million and shall be valid until the next annual general meeting, but not beyond 30 June 2021.
The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the number of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Kitron’s debt strategy is to support the overall financial flexibility of the group and ensuring competitive terms and conditions on the group’s debt.
Kitron’s debt is a combination of long-term debt and short-term debt related to factored accounts receivable. The latter means that fluctuations in revenue impact the company’s liquidity. The group has overdraft facilities that cover expected liquidity fluctuations during the year. Implementation of IFRS 16 increased the lease liabilities during 2019
The group’s interest-bearing debt attracts interest cost at the market-based rate. Kitron has no financial instruments related to interest rates. The group does not hold any significant interest-bearing assets.
The gearing ratios at 31 December 2019 were as follows (amounts in NOK 1000):
|Total borrowings||988 295|
|Cash and cash equivalents||203 976|
|Net debt||784 319|
|Total equity||739 213|
|Total capital||1 523 532|
As of 31 December 2019 the total outstanding debt was NOK 988 295 million and split as follows (amounts in NOK 1000):
|Long term loans|
|Leasing debt||184 498|
|Bank loans||145 531|
|Debt to credit institutions
|Factoring debt||248 583|
|Leasing debt||45 656|
Outstanding debt split per currency (amounts in NOK 1000):
Carrying amount of assets provided as security (amounts in NOK 1000):
|Buildings and land||45 601|
|Machinery and equipment||132 461|
|Total||1 067 302|
The company’s financing agreements include covenants relating to such factors as the company’s equity and earnings.
No prospectuses or information documents have been prepared in the last three years.
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