Kongsberg Automotive New

Good morning, everyone, and welcome to Kongsberg Automotive's third quarter 2023 earnings call presentation. With me today, I have our interim president and CEO, Linda Nykvist-Evendru, and CFO, Frank Hefter. Due to some time delays, we appreciate if you will submit your questions to the web for the Q&A session as soon as possible during the presentation. Linda, the bird is yours.

Okay, thank you, Mats. And once again, welcome to this Q3 earnings call. I'm happy to take you through our Q3 results in today's call together with our CFO, Frank Hefte. So let's move to the executive summary. Let's start. So our revenues in Q3 ended at €220.6 million, which is equivalent to a 14.8% growth rate year over year at constant currency rates and excluding the BRP sales that we divested end of 2022. Our adjusted EBIT came in on €14.3 million, an increase by €1.4 million year over year, supported by a positive operational one-time effect of €5.7 million, partially related to retroactive price increases and one-time compensations. In terms of our free cash flow, that came in negative with minus 13.4 million euro. This was mainly related to a normalization of accounts payable. It was built up in previous quarters, as well as an increase in networking capital to support the future growth and to facilitate the footprint optimizations. The leverage rate and the net interest bearing debt has further improved, mainly as a result of the proceeds received from the divestiture to BRP completed in Q4 last year. In terms of new business wins, we managed to sign €207.1 million of lifetime revenue of new business wins in Q3, which is an improvement then year over year of €78.2 million.

Let's move into the next slide, please. So let's take a look into the segment starting with P&C.