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KOGT Hits Kongsberg Profit

February 10, 2015 by  
Filed under Top Stories

Norway’s Kongsberg has reported a profit after tax of NOK 32 million in Q4 2014, down from 375 million in the same period last year.

The company has also posted a preliminary profit for the year after tax of MNOK 880, compared to last year’s MNOK 1 225.

Namely, Kongsberg Oil & Gas Technologies KOGT has been influenced by a generally weaker oil and gas market which led to its negative EBITA of NOK 122 million for the 2014.



Kongsberg CEO Walter Qvam

For the Group’s smallest business area, Kongsberg Oil & Gas Technologies, 2014 it has been a disappointing year in a challenging market, and we have reduced the capacity and expectations, comments CEO Walter Qvam.

However, Kongsberg has reported a growth in operating revenues, of MNOK 16 613, versus MNOK 16 323 in 2013, a strong net cash flow from operations and a record influx of new orders valued at more than NOK 22 billion.

Furthermore, the Board has proposed a dividend for fiscal 2014 of NOK 4.25 per share (NOK 4.25), and an extraordinary anniversary dividend of NOK 5.00 (1.00) per share.

In Q4 2014, operating revenues came to MNOK 4 418 (MNOK 4 745) and EBITDA was MNOK 545 (MNOK 611), resulting in an EBITA margin of 12.3 per cent (12.9 per cent). The Group booked new orders valued at MNOK 4 541 (MNOK 3 697) in Q4.

“2014 ended as yet another good year for KONGSBERG, even though the last quarter showed a somewhat variable underlying picture. Our two defence segments added to their order books significantly in 2014, and are embarking on 2015 with a strong foundation. KDS’ margin is still improving and has now passed the 10 per cent EBITA mark. KM has a very high level of activity as well as a good influx of new orders in a more demanding market. At KOGT, among others, the declining level of activity for oil companies presented challenges in Q4 as well. Altogether, KONGSBERG has a very strong order backlog and we see good opportunities for the future of our defence and civilian areas alike,” concludes CEO Walter Qvam.

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