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Kongsberg Gruppen reports strong figures from operations

Kongsberg Gruppen posted operating revenues of MNOK 2 931 (MNOK 2 403) at 30 June 2001. The consolidated EBITA (earnings before interest, tax and amortisation) totalled MNOK 229 (MNOK 172), the best figure the Group has ever achieved, while the EBT (earnings before tax) added up to MNOK 101 (MNOK 160).

"We are still growing and improving our performance in both main business areas. The EBITA is 33 per cent higher this year than last year. As a whole, the Group saw a strong influx of new orders, NOK 1.6 billion in Q2, and the backlog of orders was valued at MNOK 6 558 at mid-year. In terms of operations, Q2 2001 was our best quarter ever", remarks CEO Jan Erik Korssjøen.

"Naturally, these figures are encouraging, and we are very pleased with the progress being achieved in the the Group's operations. As previously announced, we have decided to wind up the projector company Davis. The estimated loss of MNOK 125 related to the winding up has been booked in its entirety now in the second quarter. This will make the Q2 result negative, viewed in isolation, but it will put Davis behind us insofar as accounting is concerned.

- We have made strong progress in the maritime market for all types of purpose-built offshore vessels, gas tankers, merchant ships and fishing vessels, as well as for all types of subsea products. The market for yacht instrumentation has been satisfactory in Europe, but the US market has softened since last year owing to the general decline in the US economy.

- The Q2 highlight for Defence & Aerospace was the contract worth MNOK 360 that is part of a framework valued at roughly NOK 2 billion for weapons control systems for the US. The contract opportunities worth NOK 1 to 1.5 billion in connection with the new Norwegian missile torpedo boats are also important", says the CEO.

According to Korssjøen, performance is expected to continue improving throughout the rest of the year.

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