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Strong mid-year result for Kongsberg Gruppen

Kongsberg Gruppen reported a consolidated EBITA of MNOK 238 (MNOK 229) on operating revenues of MNOK 3 723 (MNOK 2 931) at mid-year. "This is Kongsberg Gruppen's best mid-year operating profit ever", comments CEO Jan Erik Korssjøen.

The EBT (earnings before tax) came to MNOK 156 at mid-year, compared with MNOK 101 during the same months last year. The profit per share was NOK 3.55, as opposed to NOK 1.02 last year.

"It is gratifying to see that we have improved our results in both Maritime and Defence alike. We have also further improved our strategic position in several fields. Examples include our agreement to purchase ABB's dynamic positioning unit and a project collaboration agreement with the same enterprise. We have also increased our stake in Hyundai Kongsberg Maritime in South Korea. The latter further enhances our close relations with the Korean shipbuilding industry", continues Korssjøen.

"As far as defence activities are concerned, we have received a strong influx of international orders. Mention can be made of an international breakthrough for our mine-hunting weapon, the "Minesniper", when a contract was signed with Spain. Moreover, co-operation with Boeing has grown closer owing to a contract for further deliveries of software to NATO's AWACS surveillance aircraft".

"Lately, considerable attention has been directed towards the strengthening of the Norwegian krone (NOK) against other countries' currencies. We have taken the measures necessary to avoid being affected by the strong value of the NOK in the years immediately ahead. Despite unrest in the international economy, we are still confident that we will reach our profitability target for 2002", concludes CEO Jan Erik Korssjøen.