Smooth operations for Kongsberg Gruppen

Kongsberg Gruppen earned operating revenues of MNOK 6 176 in 2001, an increase of MNOK 880 on the year. The EBITA (earnings before interest, tax and the amortisation of goodwill) came to MNOK 437, up 52 per cent, while the EBT (earnings before tax) was MNOK 191. The profit per share was NOK 4.18 (-1.86 in 2000). Net interest-bearing debt was cut from MNOK 1 029 to MNOK 776 in 2001.

"This is a favourable development trend. We're still growing at a rapid pace and we've further improved operations. That means our employees are doing an even better job. Given today's jumpy market, it is reassuring to see that we have reduced our debt. Kongsberg Gruppen enjoyed a strong influx of new orders throughout 2001, giving us a good point of departure for continued progress in 2002", states CEO Jan Erik Korssjøen.

"Kongsberg Gruppen has continued to grow, and improved performance in both main business areas. We have enjoyed an excellent influx of new orders and good profitability, especially in Defence & Aerospace and Offshore & Subsea. Merchant Marine (formerly Ship Systems) has shown satisfactory progress in profits and new orders alike. The trend in Yachting & Fishery dipped slightly due to the situation in the US market", he observes.

"We are still focusing on measures to enhance productivity and profitability within the Group. At the same time, it is clear that the global economic situation has an impact on several of the Group's markets. On the whole, we expect improved performance for Kongsberg Gruppen in 2002", concludes Korssjøen.