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Stable activity and profitability in Q2

CEO, Geir Håøy
26. August 2016

KONGSBERG had operating revenues of MNOK 4,125 and an EBITDA of MNOK 515 in Q2, resulting in a margin of 12.5 per cent. New orders during the quarter totalled MNOK 3,491, and the backlog at the end of the quarter amounted to MNOK 18,069.

"Despite demanding markets for some parts of KONGSBERG, we are reporting a good Q2. As expected, the situation in the offshore market affects us, calling for the organisation to adapt further. Meanwhile, we see that our strategy of extending the scope of deliveries made by our offshore-related and maritime operations is successful. The defence areas are delivering according to plan, and we see great opportunities for the future. Patria's development is satisfactory", comments Geir Håøy, CEO of KONGSBERG.

CEO Geir Håøy comments on his first quarter in charge of KONGSBERG. CFO Hans-Jørgen Wibstad also comments on the figures.

Further adaptations within offshore

Kongsberg Maritime reports operating revenues of MNOK 2,360 and an EBITDA margin of 10.0 per cent. New orders aggregated MNOK 2,030 in Q2.

"Kongsberg Maritime continues its diversification strategy and we see that it is having an impact. The level of activity and new orders in the merchant marine segment and the non-offshore-related parts of Subsea are good. As regards offshore, oil and gas we will continue to follow the market closely, and further cost level adjustments are considered on an ongoing basis in light of the market situation", continues Håøy.

Strong results for Patria

Patria has been consolidated into the results for Kongsberg Defence Systems since 24 May, contributing MNOK 60 to profits in Q2. Kongsberg Defence Systems had operating revenues of MNOK 1,089 and an EBITDA margin of 19.9 per cent, including Patria, during the quarter.

"Kongsberg Defence Systems had a good quarter, featuring high and growing activity in both the Aerostructures and the Space segment. The major delivery projects are on plan and we are continuing to work with significant market opportunities in several segments. Patria provided a significant contribution to the results during the quarter as a result of very strong June", says Håøy.

The Group's other defence area, Kongsberg Protech Systems, had operating revenues of MNOK 472 and an EBITDA margin of 4.2 per cent. The low margin level is as expected due to the planned marketing and development activities associated with the medium calibre campaign in particular.

Kongsberg Digital fully operational from 1 July

The subsidiary Kongsberg Digital was established on 1 July with a core portfolio and revenues from advanced data, software and simulation products.

"Kongsberg Digital has been established to intensify our focus on digital solutions and services. The company experiences significant interest in its core competencies in several segments, both existing and new", says Håøy.

Further information

For further information, please contact:

  • Ronny Lie, Chief Communication Officer
    Mob: +47 916 10 798
  • Jan Erik Hoff, Vice President, Investor Relations & Reporting
    Mob: +47 991 11 916