Kongsberg Automotive New

Good morning and welcome to this earnings call conference presentation for the third quarter 2021 by Kongsberg Automotive. I will now hand over to Jörg Buchheim, the CEO and President of Kongsberg Automotive.

Thank you very much, Jacob.

Welcome as well from my side to the Kongsberg Automotive Q3 2021 earnings call. So we're going to move to the next slide, please. Again, my name is Jörg Buchheim. I'm the CEO and President at Kongsberg Automotive. And I'm joined by my colleague, our CFO, Frank Hefter. And I would like to welcome you to our Q3 earnings call by providing you an insight on our Q3 highlights, the financial update, and followed by a year-end outlook and guidance. If we could go to the next slide, please. Yeah, this is our forward-looking statement, where our lawyers always proving our eyesight, so allow me not to read through, and I would like to move to the next slide, please. So that's the summary and highlights. Going then into the details on slide five, on the revenue slide, So we had a good third quarter. As you know, the seasonality of revenues means that the third quarter is lower than the others due to summer holidays. But taking that into account, it was with almost 5% increase compared to the third quarter 2020, still a good quarter. And its underlying growth close to a level of Q3 2019. Our adjusted EBIT was, of course, impacted by the supply chain situation, but we have seen some great business wins, which brought our book-to-bill ratio up to 1.5 and strong positive cash flow of 7.6 million euros. With this going to the next slide, as we mentioned after the previous quarter, we are currently undergoing a company-wide transformation program, which we have called ShiftGear. The first gear is improving the performance of our existing business. The second gear will ensure that we have the optimal product portfolio. And the third gear will ensure that the business is both financially and environmentally sustainable. The performance improvement has already helped us to offset the impacts of supply chain situation by improving our supply chain management or operational and commercial excellence. The team did here an excellent job and we set our targets as well for the next year continuously at a 20 million Euro potential saving level on a sustainable base. However, we want to make sure that our business is focused on areas where we are or can be second to none or better to say a top three industry leader and supplier. This will allow us to build highly valuable business on the strength of our engineering and our operational excellence and build on strong relationships we have with our customers. Therefore, we have launched the product portfolio transformation process as our second initiative within our shift gear transition program. And here I'm glad to refer to yesterday's announced strategic divestments within our interior business segment, where I would like to elaborate more in a minute in the outlook part. Looking then into this slide 7, please, before we are coming to this, I would like to look with you first at the three different segments, where the situation varied in Q3 as follows. The P&C segment showed good performance despite the supply chain situation, upholding revenues compared to the same quarter last year. Adjusted EBIT is down again due to the current situation, but we had some great business wins, which set us up well for the future. Interas had a more difficult quarter with a small decrease in revenue and a negative adjusted EBIT. Here we also saw strong business wins with analyzed revenues of more than 50% of our current revenue won this quarter. Special products grew strongly, with almost 20% revenue increase and some good business wins. This segment also saw some decreases in adjusted EBIT, but is still our most profitable business. It also showed excellent continuous business wins during the quarter. There are details about previous quarters in the appendix, so you can see there's a very positive trend here. Q3 is usually a weak quarter for business wins because of the holiday season, so this has been an outstanding quarter in this regard. Please go to slide eight. These are some of key contracts which make up the business wins I just mentioned. I won't go into detail here other than to point out that the contracts underscore the global and diversified nature of KA business, as well as our excellent book-to-bill ratio and the strong commitment of our customers to KA. So we are continuing to share this with you on actual events by our media and social media platforms proactively. Heading then to the next slide, I would like to hand over to Frank Hefter for details on financials, Frank.