Strong performance improvement for KONGSBERG
Kongsberg Gruppen (KONGSBERG) continues the strong trend from earlier this year, with improvements in operating revenues, the EBITA and the operating margin. KONGSBERG's year to date (YTD) operating revenues aggregated MNOK 6 091 (MNOK 4 652), while the EBITA came to MNOK 576 (MNOK 332). "We are improving in all areas; this is KONGSBERG's best result so far, both per quarter and YTD", states Chief Executive Officer Jan Erik Korssjøen.
"The most important event in Q3 was the framework contract valued at NOK 8 billion to supply remote weapon systems for the US Army's CROWS programme. The first order, valued at NOK 1.7 billion, was booked when the contract was signed. There has otherwise been a healthy influx of orders for all units, bringing the total YTD value of new orders to MNOK 12 430 (MNOK 5 210). The backlog of orders continues to rise in both business areas. It totalled MNOK 13 071 (MNOK 5 989) at end-quarter. Our point of departure for operations has never been better", continues Korssjøen.
The Group posted Q3 operating revenues of MNOK 1 967 (MNOK 1 402), up 40.3 per cent compared with Q3 2006. The operating profit (EBITA) came to MNOK 225 (MNOK 137).
Offshore & Merchant Marine reported YTD operating revenues of MNOK 3 539 (MNOK 2 566), while the EBITA came to MNOK 377 (MNOK 244). Q3 operating revenues totalled MNOK 1 174 (MNOK 839) and the EBITA came to MNOK 136 (MNOK 93). New orders aggregated MNOK 1 918 (MNOK 1 085). At 30 September 2007, the backlog of orders came to MNOK 5 469 (MNOK 2 933). This marks the 11th consecutive quarter of growth in Offshore & Merchant Marine's backlog of orders.
"KONGSBERG's maritime markets remain buoyant. Sales orders have been good, especially orders for offshore supply vessels. We expect a continued strong influx of new orders from these markets," comments Korssjøen.
Defence & Aerospace posted YTD operating revenues of MNOK 2 446 (MNOK 1 962), while the EBITA came to MNOK 192 (MNOK 112). Q3 operating revenues totalled MNOK 762 (MNOK 532) and the EBITA came to MNOK 85 (MNOK 57). New orders added up to MNOK 2 193 (MNOK 693), and the backlog of orders at end-quarter came to MNOK 7 603 (MNOK 2 908).
"The NOK 8 billion framework contract for remote weapon systems for the US Army's CROWS programme consolidates KONGSBERG's leading position in the market for remote weapon systems. The strong influx of new orders for remote weapon systems is expected to continue, and several new countries are expected to sign contracts. Defence & Aerospace has seen an increase in new orders in 2007, and the NSM production contract ensures efficient utilisation of production capacity in the Missiles segment, continues Korssjøen.
"We expect a strong influx of new orders and continued good results for the Group as a whole once again in Q4. Our large backlog of orders will provide a sound platform for continued growth in 2008, states Chief Executive Officer 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