The Group exited 2022 with a solid order backlog of over MNOK 63 000 and strong market positions. Internationally, the year has been characterised by changes in national security, an unstable energy market, inflation, and increased attention to climate change. The security situation in Europe has strengthened the focus on nations' defence capabilities and the security needs that must be met.
“Over 12 000 employees in 39 countries work together with customers and partners every single day to develop technology and solutions that contribute to nations' security and defence, reduction of GHG emissions, development of sustainable energy sources and digitalisation. Our technology, expertise and solutions are in significant demand, and at the start of 2023, the order backlog is record-high," says Geir Håøy, CEO of KONGSBERG.
“With the challenges the world is facing, technology is crucial to bringing about the change we know is necessary. As a technology company, we are dedicated to making a difference and work actively to contribute to good solutions," says Håøy.
Financial results and operations
In 2022, KONGSBERG had operating revenues of MNOK 31 803 million, an increase of 16 per cent compared to 2021. The earning after tax was MNOK 2 809 million, compared to MNOK 2 290 million in the previous year, corresponding to NOK 15.64 per share (NOK 12.06).
Based on the results and a strong balance sheet, the board of directors propose a dividend for the financial year 2022 to the General Meeting of NOK 12 per share, of which NOK 8.40 per share is in addition to the group's ordinary dividend policy.
All business areas delivered growth in 2022:
- Kongsberg Defence & Aerospace had operating revenue of MNOK 11 860, which was MNOK 1 782 higher than in 2021. The order backlog increased from MNOK 35 632 at the end of 2021, to MNOK 43 540 at the end of 2022. The major driver for incoming orders in the business area in the last two years has been the missile division. Here, significant orders have been entered into for both Naval Strike Missile and Joint Strike Missile, and the Group now has an order backlog worth over MNOK 20 for missiles alone.
- Kongsberg Maritime had operating reveue of MNOK 18 978, up from MNOK 16 507 in 2021. Kongsberg Maritime supplies equipment and solutions to most maritime vessel segments, such as traditional transport vessels, offshore, fisheries, research, passenger ships, as well as marine robotics. The order backlog was MNOK 18 641, an increase of MNOK 5 681 from 2021. Kongsberg Maritime, through the Sensors & Robotics division, has a portfolio of sensors and sensor solutions that are central to mapping, monitoring and understanding the ocean space. This contributes to a safe and reliable control of operations both on and below the sea surface. The division had over MNOK 4 100 in order intake in 2022, up MNOK 1 050 from the previous year. From 1 January 2023, the division became a separate business area in KONGSBERG.
- Kongsberg Digital had operating revenue of MNOK 989. Since its establishment, the business area has with the product Kognitwin taken a leading market position for dynamic digital twins in the energy sector. At the end of the year, Kongsberg Digital had 18 digital twins in operation distributed among four customers, with more than 8 000 users.
In 2022, the company Kongsberg Renewables Technologies was established to strengthen KONGSBERG's position in the offshore renewables market. This new initiative is particularly aimed at solutions for the production of renewable energy at sea, but also associated energy chains and energy management to enable significant scaling up and phasing in of renewable energy.
Sustainability and climate are integrated into KONGSBERG's strategy and goals
KONGSBERG's Annual Report for 2022 is an integrated report that includes the group's sustainability report and climate and environment accounts. In 2022, KONGSBERG's total emissions for its own activities (scope 1 and 2) were reduced by 3 per cent from the previous year. This corresponded to a reduction of 16.3 per cent measured relative to operating income. KONGSBERG's ambition is net zero emissions by 2050.
“Our purpose - to protect people and planet by innovating technology today, for a better tomorrow - characterises much of what we have achieved together with our customers and partners in 2022, and sets the direction for what we will do in 2023 and beyond. Integrating sustainability and climate into our strategy and the way we work makes us more robust and secures the long-term interests of both our owners and other stakeholders, such as customers and employees,” says Håøy.
KONGSBERG's greatest contribution lies in developing technological solutions that facilitate safe societies, sustainable management of marine areas, and the green shift. The Group is well positioned to seize climate-related opportunities in established and new markets and has the ambition to be a leading partner in the decarbonisation of the maritime industry.
In addition to offering competitive and sustainable technology and innovation, KONGSBERG has committed to supporting the climate goals of the Paris Agreement.
“We have set science-based climate targets to contribute to the Paris Agreement's goal of net zero emissions in 2050. We must reduce emissions in our own operations and in the value chain, and we work with our suppliers and partners to succeed. In 2022, we submitted our targets for approval to the 'Science Based Targets initiative',” concludes Håøy.
