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Shareholder information

Share capital and stock market listing

Kitron ASA is a publicly listed company on the Oslo Stock Exchange (ticker code: KIT) in the OB Standard segment. The company is governed by Norwegian law.

KIT ListedDuring 2017 the share price moved from NOK 6.03 to NOK 6.99, an increase of 15.9 per cent. In addition, the company paid a dividend of NOK 0.25 in 2017. The Oslo Børs Main Index increased by 19.1 per cent during the same period. The share price has varied between NOK 5.99 and NOK 8.87. At the end of 2017, the company’s market capitalisation was NOK 1 231.6 million. A total of 102.2 million shares were traded during the year, corresponding to a turnover rate of 58.0 per cent.

Kitron ASA has one single class of shares. Each share carries one vote at the company’s general meeting. The shares are freely negotiable. No restrictions on negotiability are included in the Articles of Association.

  • Share capital as at 31 December 2017: NOK 17 619 261.10
  • Number of shares: 176 192 611
  • Nominal value: NOK 0.10 each.

In 2015 the Board introduced a new share option program for executive management comprising up to 5 500 000 shares running for three years from the start of the second calendar quarter 2016.

The share option program entails that executive management, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years.

The number of options that are vested is inter alia linked linearly to the development of the share quote of the Kitron shares at the Oslo Stock Exchange. Per 31 December 2017, 5 337 500 options have been granted to the executive management and 162 500 options remain un-allocated.

Mandatory notifications of trade and flagging announcements

Shareholder structure

At the end of 2017, Kitron had 4 708 shareholders, compared with 5 030 shareholders at the end of 2016. At the end of the year, the foreign shareholding amounted to 45.4 per cent. At the end of 2017, Taiga Fund per cent was the largest shareholder holding 7.66 per cent of the Kitron shares, followed by MP Pensjon with 6.57 per cent and Athanase Industrial Partners Ltd with 5.00 per cent. Liquidity of the share was 100 per cent. The 20 largest shareholders held a total of 55.06 per cent of the company’s shares at the end of the year.

20 largest shareholders

Information and investor relations

Kitron wishes to maintain open communications with its shareholders and other stakeholders. 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 under Investor Relations page.

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 or other board members.

IR CONTACT INFORMATION

Mandates

INCREASING THE SHARE CAPITAL

The Annual General Meeting on 25 April 2017 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 25 April 2017. Under the authorisation the company shall pay minimum NOK 1.00 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the amount does not exceed NOK 25.00 per share. The authority is valid until the Annual General Meeting in 2017 but no longer than 30 June 2018.

OWN SHARES

The Annual General Meeting on 25 April 2017 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 25 April 2017. Under the authorisation the company shall pay minimum NOK 1.00 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the amount does not exceed NOK 25.00 per share. The authority is valid until the Annual General Meeting in 2017 but no longer than 30 June 2018.

Dividend

DIVIDEND POLICY

Kitron’s dividend policy is to pay out an annual dividend between 30 and 60 per cent of the company’s ordinary net profit after tax. When deciding on the annual pay-out ratio, the company will take into consideration the cash requirements and financial flexibility required on the company.

DIVIDEND LAST SIX YEARS

YEAR AMOUNT PROPOSAL RESOLUTION PAYMENT
2016 NOK 0.25 per share 21 March 2016 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
2013 - - - -
2012 NOK 0.10 per share 20 March 2013 22 April 2013 3 May 2013
2011 NOK 0.05 per share 20 March 2012 22 April 2012 9 May 2012

External capital

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 amount 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 largely short-term and related to factored accounts receivable (DnB Finans). The group has overdraft facilities with its main banking partner DnB that cover expected liquidity fluctuations during the year. A small share of the external capital is long-term.

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 2017 were as follows (amounts in NOK 1000):

Total borrowings 351 915
Cash and cash equivalents (176 725)
Net debt 175 190
Total equity 663 565
Total capital 838 755
Gearing ratio 21%

As of 31 December 2017 the total outstanding debt was NOK 351 915 million and split as follows (amounts in NOK 1000):

Long term loans  
Leasing debt 39 419
Bank loans 37 015
Current loans  
Debt to credit institutions
57 960
Factoring debt 187 156
Leasing debt 19 862
Other 19 862

Outstanding debt split per currency (amounts in NOK 1000):

NOK 124 710
SEK 70 208
EUR 63 830
USD 32 428
CNY 60 738
Total 351 915
  • Effective interest rates at 31 December 2017 1.5% – 5.9%.
  • Effective interest rates at 31 December 2017 1.5% – 5.9%. 

Carrying amount of assets provided as security (amounts in NOK 1000):

Buildings and land 53 949
Machinery and equipment 51 710
Cash 10 027
Receivables 381 824
Inventory 321 757
Total 819 267

The company’s financing agreements include covenants relating to such factors as the company’s equity, earnings and borrowing base.

Prospectuses

No prospectuses or information documents have been prepared in the last three years.

Account manager for Kitron

  • DnB Bank ASA
  • Verdipapirservice
  • P O Box 1600 Sentrum
  • NO-0021, OSLO
  • Norway
  • Phone: +47 23 26 80 21
  • Fax: +47 22 48 11 71
  • E-mail: kua@dnb.no

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