Strong anniversary year with strong order intake

For 2014, KONGSBERG has growth in operating revenues, a strong net cash flow from operations and a record influx of new orders valued at more than NOK 22 billion. The Board suggests a record-high dividend of NOK 9.25 per share.

The preliminary financial statements for 2014 show operating revenues of MNOK 16 613 (MNOK 16 323), EBITDA of MNOK 2 060 (MNOK 2 142), new orders worth MNOK 22 097 (MNOK 15 043) and a cash flow from operations of MNOK 2 315 (MNOK 1 983). The preliminary profit for the year after tax is MNOK 880 (MNOK 1 225).

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"2014 was in total yet another good year for KONGSBERG. Our two defence segments added to their order books significantly in 2014, embarking on 2015 with a strong foundation and strengthened prospects. Kongsberg Maritime has had a very high level of activity, with 17.4 per cent growth in operating revenues and new orders worth more than NOK 10 billion. For the Group’s smallest business area, Kongsberg Oil & Gas Technologies, 2014 has been a disappointing year in a challenging market, and we have reduced the capacity and expectations. KONGSBERG has an excellent backlog and we see good prospects for the future for our defence and civilian segments alike", comments CEO Walter Qvam.

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The Board proposes a dividend for fiscal 2014 of NOK 4.25 per share (NOK 4.25), and an extraordinary anniversary dividend of NOK 5.00 (1.00) per share.

- Satisfactory fourth quarter, but variable underlying picture

In Q4 2014, operating revenues came to MNOK 4 418 (MNOK 4 745) and EBITDA was MNOK 545 (MNOK 611), resulting in an EBITA margin of 12.3 per cent (12.9 per cent). The Group booked new orders valued at MNOK 4 541 (MNOK 3 697) in Q4.

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"Kongsberg Defence Systems reports a strong quarter with an EBITDA margin of 13.7 per cent, and a strong influx of new orders, including an agreement valued at NOK 1.3 billion with the Polish Ministry of Defence. Kongsberg Maritime reports high operating revenues, while the EBITDA margin declined somewhat from earlier in 2014, partly due to some one-off effects in Q4. Kongsberg Protech Systems saw a good influx of orders, and a higher dissolution of provisions resulted in a high EBITDA. All in all, the final quarter of the year was good, but the underlying picture was more variable than what we are used to", concludes Qvam.

For further information, please contact:
Ronny Lie, Vice President Corporate Communications, +47 916 10 798.
Jan Erik Hoff, Vice President, Investor Relations & Reporting, +47 991 11916.