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Operational growth and performance progress

Kongsberg Gruppen earned Q1 operating revenues of MNOK 1 494 (MNOK 1 101) and an operating profit before goodwill (EBITA) of MNOK 102. After depreciation for goodwill and provisions, the profit came to MNOK 51 (MNOK 67). The backlog of orders was valued at MNOK 6 347, compared with MNOK 6 610 at year-end 2000.

"In terms of operations, the first quarter brought growth and improved performance in Maritime and Defence alike, and an EBITA of MNOK 102. This denotes an increase of 38 per cent from 2000. Owing to the acquisition of Navia, depreciation for goodwill climbed to MNOK 18, compared with MNOK 7 last year. Due to a provision of MNOK 33 to cover damages awarded by the Court of Appeals, operating revenues were reduced to MNOK 51, compared with MNOK 67 in Q1 2000", states CEO Jan Erik Korssjøen.

"The most momentous single event in Q1 was the framework contract for approximately MNOK 2000 that Kongsberg Protech signed in connection with a weapons control system for US Army's new armoured personnel carriers. It is expected that the first production contract will soon be ready for signing.

The maritime sector continues to see a positive trend in automation systems for purpose-built LNG carriers. The same applies to dynamic positioning for the offshore market and cable-laying vessels. Yachting and Fishery sales are also on the rise, despite a slight dip in the US market. Synergies generated by the merger of Navia and Kongsberg Maritime are boosting sales and profits for Ship Systems", continues Korssjøen.

Defence activities are running smoothly and on schedule. During Q1, Kongsberg Defence & Aerospace acquired Geco Defence AS, reinforcing the company's strategy regarding marine mine clearance.

Davis AS has successfully introduced a new projector, while the process of selling the company continues.