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
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 2016 were as follows (amounts in NOK 1000):
|Total borrowings||350 264|
|Cash and cash equivalents||(134 413)|
|Net debt||215 851|
|Total equity||584 799|
|Total capital||800 650|
As of 31 December 2016 the total outstanding debt was NOK 350.3 million and split as follows (amounts in NOK 1000):
|Long term loans|
|Leasing debt||18 466|
|Bank loans||42 996|
|Debt to credit institutions||57 040|
|Factoring debt||207 336|
|Leasing debt||9 954|
Outstanding debt split per currency (amounts in NOK 1000):
Effective interest rates at 31 December 2016 in NOK” 0.9% – 6.0%.
Debt secured by mortgages at 31 December 2015: 350 264.
Carrying amount of assets provided as security (amounts in NOK 1000):
|Buildings and land||57 093|
|Machinery and equipment||52 707|
The company’s financing agreements include covenants relating to such factors as the company’s equity, earnings and borrowing base.
No prospectuses or information documents have been prepared in the last three years.