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Good quarter and good first half for KONGSBERG

14. August 2008
Walter Qvam, CEO Kongsberg Gruppen

KONGSBERG demonstrated good progress in Q2 as well as for the first six months as a whole. The EBITA came to MNOK 472 for the early half of 2008, an increase of MNOK 121 from 30 June 2007. Operating revenues totalled MNOK 5 105, up MNOK 981 from last year. The Group booked new orders worth NOK 7.7 billion during the first half of 2008, increasing the value of the backlog to NOK 15.3 billion at 30 June.


"Both our business areas, Kongsberg Maritime and Kongsberg Defence & Aerospace, made progress in their performances and margins compared with last year. The influx of new orders was strong in the first half, and both business areas have reported record-high backlogs. The Group has shown a good market trend both in Norway and abroad. This, combined with the robust backlog of orders, gives us a sound platform for further growth", states CEO Walter Qvam.

KONGSBERG earned a Q2 EBITA of MNOK 277 (MNOK 196), based on operating revenues of MNOK 2 752 (MNOK 2 271). The EBITA margin was 10.1 per cent during the quarter. The Group booked new orders worth NOK 3.8 billion in Q2.

Kongsberg Maritime had a Q2 EBITA of MNOK 196 (MNOK 130), based on operating revenues of MNOK 1 663 (MNOK 1 338). New orders were valued at MNOK 2 014 (MNOK 2 330), and the backlog of orders was worth MNOK 6 597 at mid-year 2008, compared with MNOK 4 686 a year earlier.

During the early half of the year, Kongsberg Maritime took an important step into the market for integrated operations when the American oil service company Baker Hughes began using the Group's solutions. Integrated operations have been a special target area in recent years.

All parts of Kongsberg Maritime have a rapid pace of delivery. Activities have picked up in the subsea segment and orders from the market for commercial vessels remain at a stable high level. In Q2, Kongsberg Maritime concluded the acquisition of assets and business of the US company Hydroid LLC, an enterprise that manufactures and delivers autonomous underwater vehicles for military and civilian customers alike.

Kongsberg Defence & Aerospace reported a Q2 EBITA of MNOK 85 (MNOK 64), based on operating revenues of MNOK 1 040 (MNOK 891). New orders were valued at MNOK 1 794 (MNOK 3 264), and the backlog of orders came to MNOK 8 675 compared with MNOK 6 252 at 30 June 2007.

In Q2, three new countries signed contracts for the Protector Remote Weapon Station (RWS), bringing the current total to 14 countries that have opted for this product. Several orders were also received under the CROWS Framework Agreement valued at approx. NOK 8 billion and signed with the US Army in August 2007. Contracts were also signed for integrated control systems for Norwegian submarines and mine clearance vessels.

In early July, a contract valued at about NOK 1 billion was signed with Lockheed Martin for the production of titanium and composite components for the JSF (F-35) fighter craft. The contract is not contingent on Norway's upcoming choice of fighter craft.

At 30 June 2008, KONGSBERG had 4 651 employees, a net increase of 446 since New Year's.

For more detailed information about Q2 - have a look at financial reports on our Investor Relations pages.