Continued positive performance trend
Kongsberg Gruppen (KONGSBERG) posted operating revenues of MNOK 1 375 (MNOK 1 428), and earnings before interest and tax (EBIT) of MNOK 126 (MNOK 149). "We have improved performance relative both to earlier quarters this year and to the overall result in 2005, even though, in isolation, this year's Q3 operating revenues and EBIT were somewhat lower than last year's", comments Chief Executive Officer Jan Erik Korssjøen.
"The Group had a higher influx of new orders than operating revenues, meaning we are continuing to increase our backlog of orders. This bodes well for the level of activity in future. It is especially gratifying that the same applies to both Offshore & Merchant Marine and Defence & Aerospace", says Korssjøen.
KONGSBERG's YTD operating revenues were MNOK 4 578 (MNOK 4 257), while its EBIT came to MNOK 314 (MNOK 239). New orders thus far this year total MNOK 5 136, compared with MNOK 4 378 at 30 September 2005. The backlog of orders at 30 September was MNOK 5 989, as against MNOK 5 551 at the same date in 2005. The Group now has 3 588 employees.
Offshore & Merchant Marine continued to post good results and saw a strong influx of new orders in Q3. Operating revenues totalled MNOK 839, up 13.2 per cent. The EBIT came to MNOK 92 (MNOK 82). "The BA's total backlog of orders added up to MNOK 2 933 at end-quarter, compared with MNOK 2 107 in 2005. This is the 7th consecutive quarter in which Offshore & Merchant Marine has seen a rise in the backlog of orders. We've never had a higher backlog in this BA," reports Korssjøen. KONGSBERG expects a continued strong influx of new orders in 2006 in the offshore market as well as in the market for merchant vessels. Many of the new orders booked in 2006 are for delivery in 2007 and 2008.
Defence & Aerospace earned Q3 operating revenues of MNOK 505 (MNOK 664). The EBIT came to MNOK 47 (MNOK 70). The decline in operating revenues and the EBIT compared with Q3 2005 is ascribable to periodic fluctuations in the projects. "YTD operating revenues are at the same level as in 2005, but the EBIT is MNOK 95 % - 70 per cent higher than at the same date last year. The BA had a strong influx of new orders during the quarter and its backlog is expanding. New orders in Q3 aggregated MNOK 666 (MNOK 396). "Several of the BA's divisions have signed significant contracts during the quarter: Remote weapons systems MNOK 216, Communications MNOK 330 and MNOK 35 in KONGSBERG's new target area, Surveillance. Defence & Aerospace is exploring numerous market opportunities and a good influx of new orders is expected once again in Q4.
"All in all, we expect our operating revenues and margin to be slightly ahead of last year", concludes Chief Executive Officer Jan Erik Korssjøen.