Kongsberg Automotive Holding had higher operating revenues in the second quarter of 2006 - 723 NOK mill - compared with the same period in 2005 - 651 NOK mill (+11,1 %). The acquisition of Milan Seat Systems early June 2005 explains 63 NOK mill of the growth. The market for passenger cars has been rather stable while there has been an increase in sale of commodity vehicles.
The company got this month a huge order for air brake couplings from a global manufacturer of trucks and buses. Start of production will be in 2008, it is a ten years contract and the total revenues are expected to be about 2 NOK bill.
The operating profit in 2nd quarter 2006 was 73 NOK mill against 82 in the same period 2005. Year to date the operating profit is 162 NOK mill versus 157 in first half year 2005. The net profit for the quarter is 55 NOK mill (51) and for the first six months of 2006 102 (86). The operations in the 2nd quarter of 2006 have been good, but he price increases for raw materials have contributed negatively with 16 mill compared to 2nd quarter 2005. The agreed price increases will compensate a significant portion of the costs as from the 3rd quarter.
For more details please see the attached material.
Kongsberg 17.07.2006 The Board of Directors of Kongsberg Automotive Holding ASA
For more information please contact CEO Olav Volldal, tlf +47 982 14 014 CFO Trond Stabekk, tlf +47 982 14 054
Attachment: Interim report