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25
July
2012

Kitron: Strong development in Offshore segment

Kitron's order intake was NOK 443.2 million and the order backlog was NOK 823.7 million, an increase of 12.2 per cent and 5.4 per cent respectively.
The revenue amounted to NOK 416.4 million in the second quarter of 2012, a 3.3 per cent decrease compared with the same period last year. EBIT was NOK 10.6 million (NOK 13.8 million). The profit before tax and discontinued operations was NOK 6.1 million (NOK 8.3 million). Cash flow from operations was NOK -16.1 million (NOK 32.4 million).

Jørgen Bredesen, CEO at Kitron, comments: "The Offshore Segment was really driving the top line."
Key items second quarter 2012 / Figures in brackets refer to the second quarter of 2011 unless otherwise stated.
  • Positive order intake trend: The order intake increased by 12.2 per cent to NOK 443.2 million (NOK 394.9 million). The order backlog at the end of the second quarter was NOK 823.7 million (NOK 781.4 million), 5.4 per cent higher than last year.
  • Revenue somewhat lower: Revenue decreased by 3.3 per cent to NOK 416.4 million (NOK 430.7 million).
  • Profitability somewhat lower: EBITDA and EBIT were NOK 19.3 million (NOK 22.5 million) and NOK 10.6 million (NOK 13.8 million) respectively.
  • Profit before tax: Profit before tax and discontinued operations amounted to NOK 6.1 million (NOK 8.3 million) which reflects a margin of 1.5 per cent (1.9 per cent).
  • Increase in working capital: Cash flow from operations in the second quarter was negative by NOK 16.1 million (NOK 32.4 million) due to increased working capital.
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