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Kongsberg Gruppen posts profit of MNOK 485

Kongsberg Gruppen reports an EBITA of MNOK 485 in 2002, up from MNOK 437 in 2001. Revenues were up 13 per cent, climbing from MNOK 6 176 to MNOK 6 980. The EBT came to MNOK 291, an increase of MNOK 100 from 2001. The profit per share was NOK 7.21, compared with NOK 4.18 last year. "This is one of the best consolidated results the Group has ever posted. It also marks an important step in the direction of the profitability we believe KONGSBERG ought to have. Our goal is 10 per cent", comments CEO Jan Erik Korssjøen.

"Our operating revenues climbed by 13 per cent from 2001. For the most part, this is a result of organic growth at the international as well as the national level. KONGSBERG earns some 72 per cent of its operating revenues outside Norway, and consolidated operating revenues have increased from NOK 2 billion in 1995 to nearly NOK 7 billion this year. To put this growth in perspective, I would add that the EBITA has expanded from MNOK 81 to MNOK 485 during the same period", continues the CEO.

"We had a strong growth spurt last year, as evidenced by the fact that the Q4 EBITA of MNOK 142 was the best ever achieved in the history of Kongsberg Gruppen. We saw clear improvement in the results reported by almost all business units in Maritime and Defence. As a whole, KONGSBERG reached its profitability goals despite the constant uncertainty observed in the international economy and some of our markets".

"KONGSBERG improved its strategic market position in a number of areas and experienced international breakthroughs for several of its products. Moreover, it is worth mentioning that the Group spent a total of about MNOK 700 on research and development in 2002. Relatively substantial cost-cutting measures in the maritime sector and a considerable reduction in overall interest-bearing debt have ensured the Group a good point of departure for 2003. On the whole, this year is expected to be a good one, concludes CEO Jan Erik Korssjøen.

For further information, please contact: Chief Executive Officer Jan Erik Korssjøen Telephone: ( 47) 322-89510 - ( 47) 920-60000 Chief Financial Officer Arne Solberg Telephone: ( 47) 322-89575 - ( 47) 920-60011

Relevant links: Press release (Word document)