Compared to Q4 2015 KONGSBERG has a 13.5 per cent reduction in revenues. This reduction is primarily due to the Group's offshore related activities, where revenues are down by 35 per cent. The quarterly EBITDA margin is 8.5 per cent, compared to 10.8 per cent in Q4 2015.
"We experienced a negative development within offshore. But at the same time, our defence, aerospace and non-offshore maritime operations have developed positively. Important strategic moves have been made this year that will contribute to growth, including the acquisition of 49.9 per cent of the Finnish defence company Patria, capacity and organisational adjustments in Kongsberg Maritime and the establishment of Kongsberg Digital. 2016 was an eventful year for KONGSBERG, and we are well positioned for future opportunities thanks to the measures we have taken", says Geir Håøy, President & Chief Executive Officer of KONGSBERG.
Good results and prospects for the defence segments
In Q4, Kongsberg Defence Systems had revenues of MNOK 1,194 and an EBITDA of MNOK 273. EBITDA includes a MNOK 63 share of net income from Patria. The business area's full year revenues were MNOK 4,336, which is up 4.5 per cent from 2015. EBITDA is MNOK 801, including a MNOK 143 share of net income from Patria.
"Kongsberg Defence Systems had a good year, with deliveries on schedule and increased revenues and results. We are also very pleased to see that Patria delivered a strong 2016", says Håøy.
Kongsberg Protech Systems had revenues of MNOK 559 in Q4 and an EBITDA of MNOK 23. Revenues for 2016 are MNOK 2,096, which is up 18 per cent from 2015.
"In 2016, Kongsberg Protech Systems saw revenues increase and a contract was signed for MCT-30 Medium Calibre with the first deliveries underway. Over 800 new weapon stations were delivered in 2016, which is almost twice as many as in 2015. Going forward, the delivery rate for MCT-30 to the US Army will go up, and there are significant opportunities for us in this segment", says Håøy.
Offshore related activities have a negative impact on Kongsberg Maritime
Kongsberg Maritime's Q4 revenues were MNOK 2,059, which is down compared to Q4 in 2015, but up from Q3 in 2016. The quarterly EBITDA is MNOK 69, including MNOK 44 in restructuring costs.
2016 revenues are MNOK 8,597, which is down 15.7 per cent compared to 2015. The EBITDA margin is 3.4 per cent. The negative impact of write-downs and restructuring costs is MNOK 481.
"2016 has been a challenging year for those areas of Kongsberg Maritime that is exposed to the offshore market. In addition, the merchant marine segment has experienced a somewhat weaker market. We have taken measures to adapt to the market, such as capacity adjustments and organisational changes, but we have also invested heavily in developing new prioritised products and solutions. It has been a good year for segments not directly affected by the downturn in the oil and offshore sector, and prospects are promising within e.g. our new integrated concepts", says Håøy.
MNOK 450 in dividend
The Board proposes for the Annual General Meeting on 26 April 2017 a dividend of NOK 3.75 per share for the fiscal year 2016. The dividend represents 50.2 percent of net income before write-downs, and 68.9 per cent of net income.
For further information, please contact:
- Ronny Lie , Chief Communication Officer Mob: +47 916 10 798
- Jan Erik Hoff , Vice President, Investor Relations & Reporting Mob: +47 991 11 916