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Revenue from customers in the Swedish market represented a 47.1% share of the total revenue during the second quarter (46.5%). The Norwegian market represented 32.9% of Kitron’s total revenue in the second quarter (36.1 percent).
Contribution margin
The contribution margin, defined as revenue minus cost of materials and direct payroll expenses, increased from the same period last year, both due to reductions in material costs and labour costs.
Profit
Kitron’s operating profit (EBIT) in the second quarter was NOK 33.1 million, which was an increase of 11.0 million compared with the same period last year (NOK 22.1 million).
Profit before tax in the second quarter of 2016 was NOK 29.1 million, which was an increase of NOK 11.0 million compared to the same period last year.
The company’s total payroll expenses in the second quarter were NOK 9.5 million higher than in the corresponding period in 2015. The relative payroll costs ended at 22.1%, down from 23.6% of revenue in the second quarter last year. Other operating costs were 5.7% of revenue in the second quarter of 2016 (6.2%).
During the quarter net financial items amounted to a net cost of NOK 4.0 million. This is at the same level as for the second quarter last year.
Balance sheet
Kitron’s gross balance as of 30 June 2016 amounted to NOK 1 288.0 million, compared to NOK 1 195.1 million at the same time in 2015. Equity was NOK 559.5 million (NOK 516.7 million), corresponding to an equity ratio of 43.4% (43.2%).
Inventory was NOK 401.6 million as of 30 June 2016 (NOK 408.5 million). Inventory turns was 4.1 in the second quarter 2016, which is an improvement compared to second quarter last year (3.6).
Accounts receivables amounted to NOK 424.3 million at the end of the second quarter of 2016. The corresponding amount at the same time in 2015 was NOK 389.0 million.
The group’s reported interest-bearing debt amounted to NOK 310.0 million as of 30 June 2016. Interest-bearing debt at the end of the second quarter 2015 was NOK 320.9 million. Net Interest Bearing Debt/EBITDA is 1.4 for the second quarter compared to 2.8 at the same time last year.
Cash flow from operational activities for the second quarter of 2016 was NOK 61.0 million (NOK 48.6 million).
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