The Board of Kongsberg Gruppen ASA approved the financial statements for 2019 in the board meeting 19 March 2020. The financial statements were approved without changes from the preliminary annual accounts announced on 12 February 2020.
The Board of Directors (BoD) have decided to propose an ordinary dividend of MNOK 450, corresponding to NOK2.50 per share to the Annual General Meeting (AGM). The AGM will be held on 14 May 2020, and the share will be traded ex-dividend 15 May 2020.
KONGSBERG has a solid financial position, but due to the recent significant increased uncertainty in the global economy, and to secure room for actions considering future development, the proposal regarding additional dividends is adjusted:
- The BoD requests the AGM for an authorization to pay out additional dividends up to MNOK 1,800, corresponding to NOK10.00 per share. The authorization is valid until the next AGM.
The BoD will also as previously communicated, request authorization to purchase own shares for cancelation, for up to MNOK 500. The authorization is valid until the next AGM.
“KONGSBERG has a solid financial position and are initially well positioned to handle the extraordinary situation. The financial consequences of what we are now experiencing are highly uncertain, and it is important for KONGSBERG to maintain financial strength going forward. With regards to this, the Board has decided that it is not appropriate to propose the payment of the previously communicated additional dividend now, but rather ask for an authorization, so that the board can assess the economic development going forward and consider an additional dividend when the situation is more normalized” says Chairman of KONGSBERG Eivind Reiten.
It has also been decided that the Group’s Corporate Management Team and members of the management teams in the Group's three business areas will not obtain any salary increases in 2020. In addition, it has been decided that management bonuses related to the performance-related part of their salary will not be paid out for the members of the same management teams at this point in time.
The Annual Report for 2019 will be published on the company's website and notified to the Oslo Stock Exchange in April 2020.
For further information, please contact:
Ronny Lie, Group Vice President Communications, Kongsberg Gruppen ASA,
Tel.: (+47) 916 10 798.
KONGSBERG (OSE-ticker: KOG) is an international, knowledge-based group delivering high technology systems and solutions to clients within the oil and gas industry, merchant marine, defence and aerospace. KONGSBERG has close to 11,000 employees located in 40 countries. Follow us on Twitter: @kongsbergasa.
This information is subject to disclosure requirements pursuant to §5-12 of the Norwegian Securities Trading Act.