A very positive year for KONGSBERG
"2007 was a very positive year for KONGSBERG. The Group posted ordinary operating revenues of MNOK 8 306 (MNOK 6 720) and an operating profit, excluding non-recurring items, of MNOK 796 (MNOK 464). We have also recognised MNOK 253 from the sale of property in December. In addition, we changed the Group's pension plan and the transition entailed a one-off effect of MNOK 341. This means the Group is reporting total operating revenues of MNOK 8 559, and an EBITA of MNOK 1 390", states Chief Executive Officer Jan Erik Korssjøen.
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New orders for the Group as a whole had an aggregate value of MNOK 14 338 in 2007, compared with MNOK 7 672 in 2006. The backlog of orders came to MNOK 12 646 at 31 December 2007, up from MNOK 6 472 at year-end 2006. "This provides a sound platform for future operations", Korssjøen points out.
Consolidated equity came to MNOK 2 758 (29.9 per cent) at year end, compared with MNOK 1 684 (22.9 per cent) at 31 December 2006. The Group reported net cash reserves of MNOK 242 at year-end 2007, an increase of MNOK 536 on the year.
The Board of Directors will propose a 2007 dividend of NOK 5.00 per share to the Annual General Meeting (AGM). This corresponds to some 30 per cent of net profit for the year, excluding non-recurring items. KONGSBERG had 4 205 employees at year end, a net increase of 555 individuals in 2007. This breaks down into 2 510 new employees at Kongsberg Maritime and 1 595 at Kongsberg Defence & Aerospace.
The Group posted Q4 operating revenues, excluding non-recurring items, of MNOK 2 215 (MNOK 2 068), up 7.1 per cent compared with Q4 2006. The EBITA came to MNOK 220 (MNOK 132).
Offshore & Merchant Marine posted operating revenues of MNOK 4 850 (MNOK 3 553) and an EBITA of MNOK 506 (MNOK 329) in 2007. New orders were good in 2007, totalling MNOK 7 218 at year end, up 63.7 per cent. The backlog of orders climbed by MNOK 2 279 (74.6 per cent) to MNOK 5 333 at year end. The business area has a high delivery rate in all segments. The largest single contract in 2007 was an order from India for subsea systems valued at some MNOK 350.
"KONGSBERG's maritime markets remain buoyant. The efforts aimed at the offshore market will continue in 2008. In the market for commercial vessels, we expect a somewhat slower pace of contracting new vessels at the shipyards, but we expect to see an increase in after-sales and customer support", comments Korssjøen.
Defence & Aerospace reported 2007 operating revenues of MNOK 3 338 (MNOK 2 997) and an EBITA of MNOK 273 (MNOK 182). New orders in 2007 totalled MNOK 7 085, up 130 per cent from 2006. The NSM production contract with the Norwegian Armed Forces and the first part of NOK 8 billion framework contract with the US Army for the delivery of weapon control systems for the CROWS programme contributed a total of NOK 4.4 billion in new orders.
At 31 December 2007, Defence & Aerospace's backlog of orders added up to MNOK 7 232, an increase of MNOK 3 979 since year-end 2006.
"Defence & Aerospace expects a strong influx of new orders again in 2008, and the good order situation for weapon control systems is expected to continue. Besides possibilities in new countries, there are also significant opportunities in countries that have already signed contracts for the system", explains Korssjøen.
"Operating revenues and the profit, excluding non-recurring items, are expected to be better in 2008 than in 2007. We expect a good influx of new orders, at the same time as the large backlog of orders gives us a sound platform for continued growth in 2008", concludes Chief Executive Officer Jan Erik Korssjøen.
The quarterly report is published at www.kongsberg.com
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