Increased revenues for KONGSBERG in 2015
KONGSBERG has revenues of MNOK 4,567 in Q4, 3.4 percent higher than the same quarter in 2014. The EBITDA margin is 10.8 percent.
Read the full Q4-report here - For KONGSBERG, 2015 was a year of both good development and challenges. One of the highlights in Q4 was the selection of our medium calibre turret solution for General Dynamics’ Stryker vehicles. We enter 2016 with great opportunities for the Group, as well as challenging market conditions. The Group has a good order backlog and robust positions in all our core markets, says Walter Qvam, CEO of KONGSBERG.
Establishes Kongsberg Digital
During the first half of 2016 Kongsberg Digital will be established as a new subsidiary of KONGSBERG to be led by Executive Vice President Hege Skryseth. Kongsberg Digital will consist of about 450 employees from existing software and simulation environments in Kongsberg Oil & Gas Technologies and Kongsberg Maritime. Kongsberg Digital will from the start have a significant portfolio and revenues from advanced data, software and simulation products. In addition Kongsberg Digital will have a group responsibility for developing new digital solutions and related technology alliances. - We see significant opportunities for us in the technology shift that is happening, both in Norway and internationally. Kongsberg Digital will be a leader for digital products and solutions, and a key driver for the Group's digital offering. In addition, the company will develop new solutions and gradually establish positions in new markets. This will ensure that our customers also in the future will have access to the best technology, says Qvam.
Good operations and promising outlook within defense
The Group’s second largest business area, Kongsberg Defence Systems, has had a good 2015 with revenues of MNOK 4,419 and EBITDA of MNOK 695, which gives a margin of 16.8 percent. In the quarter the business area has revenues of MNOK 1,083 and EBITDA of MNOK 283. Kongsberg Protech Systems increased its revenues in 2015 by 13 percent, and the revenues in the quarter were the highest since fourth quarter 2013. - Kongsberg Defence Systems delivers a strong quarter and has had a positive development throughout the year. Kongsberg Protech Systems has had a year with increasing activity, and at the end of the year secured the very important breakthrough for MCRWS. The outlook for the Group’s defense activities are good, summarizes Qvam.
Continued growth and good order backlog in Kongsberg Maritime
Kongsberg Maritime’s revenues increased by 7.6 percent compared to 2014, an increase that is within all divisions. EBITDA for 2015 is MNOK 1,116, while the order intake is MNOK 9,756 for the year. The activity level in the fourth quarter was high with revenues of MNOK 2,777 and EBITDA of MNOK 235. - Kongsberg Maritime has a year of good growth and enters 2016 with a solid order backlog. The operating margins are influenced by intensified product development, non-recurring effects and a changed project mix, says Qvam.
Restructuring and consolidating the group’s oil and gas related businesses
Kongsberg Oil & Gas Technologies’ revenues decreased by 24 percent from 2014 to 2015 and throughout the year cost-saving measures such as relocations and capacity reductions have been implemented. The Board has decided to write down goodwill and intangible assets by MNOK 300 in Q4. The Group’s oil and gas related engineering services will be consolidated and strengthened with other oil and gas services in Kongsberg Maritime. Kongsberg Oil & Gas Technologies’ largest business unit, Software & Services, will be incorporated as an important part of Kongsberg Digital. As a result of this, Kongsberg Oil & Gas Technologies will no longer be a separate business area from 2016. The results will be presented at Vika Atrium in Oslo from 8:15 AM, and will be webcast live. To follow the webcast and read the complete report for the fourth quarter and the preliminary annual results please visit: www.kongsberg.com/ir. For further information, please contact: Jan Erik Hoff, Group Vice President Investor Relations, KONGSBERG, Tel: +47 991 11 916 Ronny Lie, Chief Communications Officer, KONGSBERG, Tel: +47 916 10 798