KONGSBERG reports Q2 profit of MNOK 272 – accompanied by an increase in the backlog of NOK 19.3 billion
KONGSBERG has continued its positive trend, posting an EBITA of MNOK 272 (MNOK 277) in Q2. Operating revenues came to MNOK 3 259 in Q2, up MNOK 2 752 year on year. The influx of new orders was strong, reaching nearly NOK 6 billion during the quarter, compared with NOK 3.8 billion in 2008. "The backlog got a substantial boost, reaching no less than NOK 19.3 billion at end quarter. That provides a good platform for continued growth", says CEO Walter Qvam.
"We have a satisfactory operating margin for the Group as a whole. We have taken some ramp-up and non-recurring expenses, and we have set aside provisions again in Q2", remarks CEO Qvam. "It is especially satisfactory to present such good results from the Group’s maritime activities. New orders are good and the EBITA remains the same in this segment. The level of cancellations in our maritime order backlog remains low", he says. "Otherwise we're launching new products and strengthening our international market positions in a number of areas in all three business areas, i.e. Kongsberg Maritime, Kongsberg Defence Systems and Kongsberg Protech Systems."
In the first-half, KONGSBERG posted consolidated operating revenues of MNOK 6 589, up from MNOK 5 105 during the same months of 2008. The EBITA came to MNOK 532 (MNOK 472), while new orders aggregated a formidable NOK 9.4 billion (NOK 7.8 billion). The Group's largest single contract to date was signed in June, an air defence contract with the Finnish Army worth approx. NOK 3 billion.
The Group's net interest-bearing debt came to MNOK 1 272 at 30 June 2009, marking a reduction of MNOK 167 since the beginning of the year. In Q2, the Group redeemed a bond loan for MNOK 400 and established a new bond loan for MNOK 500 that will mature in 2014. The average term to maturity for these bond loans is 4.0 years. The Group also has an undrawn credit facility of MNOK 800 that extends until December 2010. KONGSBERG's equity ratio was 23.2 per cent at 30 June. "Earlier this year, we initiated an efficiency improvement programme throughout the entire Group. To counter the uncertainty still prevailing in the world markets, we will continue to maintain a clear focus on operations. We will consider the need for adjustments continuously", adds CEO Qvam.
At 30 June 2009, KONGSBERG had 5 359 employees, an increase of 116 since New Year's.
- CEO Walter Qvam – telephone: +47 322 89510 – +47 905 25226
- CFO Arne Solberg – telephone: +47 322 89575 – +47 920 60011