Results Q1: A good start to 2011
KONGSBERG reports a good Q1, posting an EBITA of MNOK 518 (MNOK 443). Operating revenues totalled MNOK 3 744, on level with Q1 2010. This gives an EBITA margin of 13.8 per cent (11.8 per cent).
New orders added up to MNOK 4 106 (MNOK 2 629). At 31 March, the Group had a backlog of orders valued at MNOK 18 085. Earnings per share (EPS) came to NOK 2.94 (NOK 2.44)
"KONGSBERG embarks on 2011 with high level of activity and backlog of orders. Combined with a favourable product mix, continual productivity improvements ensured that margins remained strong," says Walter Qvam, President and CEO of KONGSBERG.
During the quarter, the Group further consolidated its strong positions in the offshore, merchant marine and defence markets. The Group's maritime business had a strong influx of new orders, i.e. nearly double the figure for Q1 in 2010. The orders included several contracts for deliveries to drilling vessels and LNG carriers. In the market for remotely operated weapon control systems, KONGSBERG's leading position was further acknowledged in February when the US Army announced that it has selected KONGSBERG's design for the next phase of the CROWS programme. Kongsberg Defence Systems' large-scale delivery programmes are on schedule. Right after the close of the quarter, the Norwegian government announced that it would be presenting the programme for development and financing of phase two of the Joint Strike Missile (JSM) to the Norwegian parliament.
At the end of Q1 2011, the Group had net cash reserves of MNOK 1 956, up MNOK 143 since year-end. The equity ratio was 36.2 per cent, compared with 34.9 per cent at year end.
For further information, please contact:
- Jan Erik Hoff VP Investor Relations Tel: +47 322 88 330 Mob: +47 991 11 916