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Kitron publishes its annual financial statements for 2022. Compared to the fourth quarter 2022 report, there are changes to cash flow classifications. Operating cash flow is increased from NOK 116.3 million to NOK 160.3 million. Cash flow from investing is less negative than in the fourth quarter report, and the positive cash flow from financing is reduced. Please see the annual report for details.
The changes have no net effect on total cash flow or the cash position and are primarily related to the acquisition of BB Electronics.
Kitron’s revenue for the year was NOK 6486.7 million (NOK 3711.4 million), which represented a 75 percent increase compared with 2021. The revenue growth reflects underlying growth for all business units and the acquisition of Danish EMS provider BB Electronics AS. EBIT for the group was NOK 459.6 million compared to NOK 240.8 million in 2021. Net profit for the year amounted to NOK 287.1 million (NOK 152.8 million), corresponding to NOK 1.46 per share (NOK 0.85).
According to Kitron dividend policy, 20 to 60% of net profit should be paid back to the shareholders as dividend. Taking the company’s current financial position and investment plans into consideration, the Board of Directors will, propose to the Annual General Meeting a dividend of NOK 0.50 per share for the financial year 2022, equal to 34% of EPS and up from NOK 0.25 last year.
In the Annual Report 2021, Kitron indicated an expected revenue range of between NOK 5 200 and 5 800 million and an operating profit (EBIT) between NOK 330 and 430 million.
Both figures ended significantly higher than the indicated ranges, reflecting increasing demand and easing of supply constraints.
