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KONGSBERG achieves strong results and a record-high order intake in 2021

The Kongsberg Group (KONGSBERG) delivered strong results, good operations, and a record-high order intake in 2021. 

The Board will propose to the General Meeting that a total dividend of BNOK 2.7 is to be paid, NOK 15.30 per share, and that shares worth MNOK 500 are to be repurchased for cancelation. 

2021:

  • The order intake was BNOK 41.0, equal to a book-to-bill ratio of 1.5
  • The operating revenues were BNOK 27.4 compared to BNOK 25.61 in 2020, an increase of 7.2%
  • The EBITDA was BNOK 4.1, up from BNOK 3.3 in 2020, an increase of 25.7%
  • The EBITDA margin was 14.9% compared to 12.7% in 2020

4th quarter:

  • The order intake was BNOK 12.5 compared to BNOK 11.4 in Q4 2020, an increase of 9.6%
  • The operating revenues were BNOK 8.1 compared to BNOK 7.1 in Q4 2020, an increase of 13.4%
  • The EBITDA was BNOK 1.2 compared to BNOK 0.9 in Q4 2020, an increase of 21.9%
  • The EBITDA margin was 14.3% compared to 13.3% in Q4 2020

“We have behind us a solid year and are doing well at the start of 2022, with an order backlog of almost NOK 50 billion. That makes us optimistic and gives us predictability and a sound platform for further, sustainable growth,” says Geir Håøy, the President and CEO of KONGSBERG, adding:

“We also had a strong fourth quarter and increased our operating revenues by more than 13 per cent compared to the same quarter in 2020. All business areas are experiencing growth.”

Based on the year’s solid performance and the Group’s strong balance sheet, the Board proposes a total remuneration to the company’s shareholders of NOK 3.2 billion.

The Board will propose a dividend of NOK 15.30 per share, a total of BNOK 2.7, to the annual general meeting on 11 May 2022. In addition, a share buy-back programme for up to MNOK 500 of shares for deletion will be proposed. The total shareholder remuneration will thus be around BNOK 3.2, which equals 18.10 per share.

Sustainable innovation

KONGSBERG committed to the “Science Based Targets Initiatives” in 2021 as part of its efforts to reduce the company’s climate footprint. We will also continue cooperating with our suppliers as they establish internal climate targets in their own value chain.

The company has high ambitions and a sound foundation when it comes to developing new, more sustainable solutions too.

“We use our innovative power to drive these developments forward. Among other things and as the first player in the world, we have demonstrated and verified a system that uses hydrogen as an energy carrier to run for example ferries, through HySeas, an EU supported project,” says Håøy, who adds:

“This is one example of how we are contributing to the green shift. Where we can really make a difference is when we look at the entire value chain, from subcontractors to customers. In 2022, we will continue to develop products and systems that help our customers and partners to achieve their climate ambitions.”

Increased maritime order intake

In the quarter Kongsberg Maritime (KM) increased its order intake by 25 per cent and its revenues by 13 per cent compared to Q4 2020.

“Our activity level relating to both new-buildings and the after-sales market improved in the fourth quarter. KM’s diversified market exposure makes us a relevant supplier for most maritime market segments. In Q4 and the whole of 2021, the offshore wind power and tugboat markets, among others, have been important contributors to our order intake,” says Håøy.

Defence continues to grow

Kongsberg Defence & Aerospace (KDA) increased its revenue by 15 per cent in the fourth quarter compared to Q4 2020. This business area already has an order backlog planned for delivery in 2022 that exceeds the operating revenues in 2021. The project execution and a favourable mix of projects resulted in an EBITDA margin of 23.5 per cent compared to 19.6 per cent in Q4 2020.

The order intake during the quarter was driven by two contracts with the Norwegian Defence Materiel Agency for the delivery and maintenance of Naval Strike Missiles (NSM), and a significant contract for the delivery of Joint Strike Missiles (JSM) to the Norwegian F-35 fleet.

“Our defence operations increased their order backlog by NOK 12.2 billion in 2021 and are starting 2022 with an order backlog of NOK 35.6 billion. The sale of missiles to the Norwegian Armed Forces is a result of long-term, dedicated and targeted efforts over many years,” says Håøy, adding:

“The strong growth we’ve seen in our order backlog over the past few years means we are now continuing to increase our capacity significantly.”

Digital investments

Kongsberg Digital (KDI) is continuing to roll out both Vessel Insight and Kognitwin, as well as intensifying our efforts to develop and expand the application portfolio.

“KDI has become established as a leading player in its digital areas. The growth and opportunities we see ahead of us in, for instance, the maritime and energy sectors, mean we will continue to expand our capacity in the future,” says Håøy.

In Q4, this business area entered into an agreement with The Metals Company, a sea minerals enterprise, to develop and deliver a digital twin for subsea operations.

“This is an example of the fact that digital twins are relevant to a wide range of markets,” says Håøy.

Webcast of the presentation is streamed at www.kongsberg.com kl. 0815, Friday 11 February.

Outlook

“We are starting 2022 with a high energy level an d are hasing new opportunities. KONGSBERG’s sound order book gives us predictability and grounds for optimism going forward. This makes me confident that the company will continue to develop positively, and we expect growth in 2022 as well,” concludes Håøy.

CONTACT:

Jan Erik Hoff

Group Vice President Investor Relations

Kongsberg Gruppen ASA

(+47) 99 11 19 16

jan.erik.hoff@kog.kongsberg.com

kongsberg.com

Ronny Lie

Chief Communication Officer

Kongsberg Gruppen ASA

(+47) 91 61 07 98

ronny.lie@kog.kongsberg.com

kongsberg.com

 

This information is subject of the disclosure requirements acc. to section 5-12 of the Securities Trading Act.

KONGSBERG (OSE-ticker: KOG) is a leading global technology corporation delivering mission-critical systems and solutions with extreme performance for customers that operate under extremely challenging conditions. We work with nations, businesses and research environments to push the boundaries of technology development in industries such as space, offshore and energy, merchant marine, defence and aerospace, and more. KONGSBERG has about 11,000 employees located in more than 40 countries, creating a total revenue of NOK 25.6bn in 2020.

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