Walter Qvam, CEO Kongsberg Gruppen.
KONGSBERG continued growing in Q1, with an EBITA of MNOK 260 (MNOK 195) on operating
revenues of MNOK 3 330 (MNOK 2 353). The backlog at end-quarter was valued at MNOK
16 508, i.e. about the same level as at year end. "We're pleased with the Q1 results",
says CEO Walter Qvam.
Operating revenues and the operating profit improved by 42 and 33 per cent, respectively,
in Q1 2009, compared with Q1 2008. The operating margin declined somewhat, from
8.3 per cent in Q1 2008 to 7.8 per cent in Q1 2009. Earnings per share came to NOK
4.80 (NOK 4.17).
1st quarter 2009
Kongsberg Maritime saw a strong influx of orders in a market coloured by uncertainty
and a dry up in the flow of orders to shipyards. Kongsberg Defence Systems* and
Kongsberg Protech Systems* also had a satisfactory influx of orders. New orders
for the Group totalled MNOK 3 395 (MNOK 3 954) in Q1. At 31 March, the backlog totalled
MNOK 16 508 (MNOK 14 247), compared with MNOK 16 692 at year end.
"KONGSBERG has strong market positions, even though parts of the market are turbulent
due to the international financial crisis. It is still hard to tell how the Group's
markets will develop in the latter half of 2009, so we are following the
situation closely. We have implemented several cost-cutting measures, in addition
to an efficiency improvement programme throughout the Group. We consider the need
for adjustments continuously", comments Qvam.
Consolidated equity was MNOK 2 651 at the end of Q1. This corresponds to an equity
ratio of 21.1 per cent, up from 15.2 per cent at year end. The increase is primarily
due to an increase since year-end 2008 of MNOK 633 (after tax) in the value of the
forward foreign exchange contracts used to hedge future orders. This increase has
been recognised directly to equity. At 31 March 2009, the Group had net interest-bearing
debt of MNOK 1 281, down MNOK 158 from 31 December 2008.
In Q1, the Group issued a new bond loan for MNOK 500 with a five-year term to
maturity. This loan will be used to pay down a current bond loan for MNOK 400 that
falls due in June 2009. KONGSBERG also has an undrawn credit facility of MNOK 800
that extends until December 2010.
At 31 March, KONGSBERG had 5 284 employees, an increase of 41 individuals during
* KONGSBERG will be reporting on three business areas as from Q1 2009:
Kongsberg Maritime, Kongsberg Defence Systems and Kongsberg Protech Systems.
See the quarterly report for more details.
This press release is also posted on www.kongsberg.com
For further information, please contact:
- CEO Walter Qvam - telephone: ( 47) 322 89510 - ( 47) 905 25 226
- CFO Arne Solberg - telephone: ( 47) 322 89575 - ( 47) 920 60 011