Continued growth and improved margins
KONGSBERG is continuing to grow, posting an EBITA of MNOK 563 (MNOK 371) in Q3.
Operating revenues totalled MNOK 3 786, up 13 per cent from Q3 2009. This resulted in an EBITA margin of 14.9 per cent (11.1 per cent). YTD 2010 operating revenues totals MNOK 11 483 (MNOK 9 935) and EBITA totals MNOK 1 472 (MNOK 903). Earnings before tax (EBT) came to MNOK 522 (MNOK 310). New orders totalled MNOK 3 339 in Q3 (MNOK 5 065). At 30 September, the Group had a backlog valued at MNOK 18 279. Earnings per share (EPS) came to NOK 3.03 (NOK 1.80) in Q3. The YTD earnings per share were NOK 8.01 (NOK 4.25) at 30 September.
"KONGSBERG saw a strong quarter, with a high level of activity and improved profit margins. The Group has maintained or improved its positions in most areas and its delivery programmes are on schedule. The Group continues to give high priority to product development. YTD development costs add up to nearly NOK 1 billion, provided by a number of customer- and equity-financed programmes," says CEO Walter Qvam.
""The Group's business areas (BA) have made headway, reporting a higher EBITA and improved margins. Kongsberg Maritime and Kongsberg Protech Systems both reported EBITA margins of nearly 17 per cent during the quarter, driven by high after-sales and spare parts sales, as well as efficient operations. Kongsberg Defence Systems has seen a positive trend in its margin profile, i.e. a 7.5 per cent EBITA margin, up from 5.6 per cent in Q3 2009. For the first time since Q1 2009, the backlog of orders is increasing at Kongsberg Maritime. The influx of orders in the defence segments is developing as expected," says CEO Walter Qvam.
At the end of Q3 2010, the Group had net cash reserves of MNOK 693, up MNOK 59 since year-end 2009. At Q3, KONGSBERG had an equity ratio of 33.4 per cent, compared with 30.1 per cent at year end.
The quarterly report is published at www.kongsberg.com and www.newsweb.no
For further information, please contact:
VP Investor Relations Jan Erik Hoff, tel: +47 322 88 330, mob: +47 991 11 916.
This information is subject to disclosure requirements pursuant to §5-12 of the Norwegian Securities Trading Act.