Locations
Contacts

Endre Lunde

Senior Vice President, Communications

MAIL P.O. Box 142, NO-2831 Raufoss, Norway
VISIT Enggata 37, 2830 Raufoss, Norway
EMAIL endre.lunde@nammo.com
TEL +4790853270

Norway

Nammo AS

MAIL P.O. Box 142, NO-2831 Raufoss, Norway
VISIT Enggata 37, NO-2830 Raufoss, Norway
EMAIL info@nammo.com
TEL +47 61 15 36 00

Finance

Key figures and annual reports for the Nammo Group

About our results

The results presented here are for Nammo AS, corporate HQ and holding company for the Nammo Group. Nammo AS is a public limited company (Aksjeselskap) incorporated in Norway. The financial statements for Nammo AS have been prepared in accordance with the Norwegian Accounting Act and the Norwegian General Accepted Accounting Principles.

Nammo 2019 Key Figures

Click to enlarge

Contact

Endre Lunde

Senior Vice President, Communications

MAIL P.O. Box 142, NO-2831 Raufoss, Norway
EMAIL endre.lunde@nammo.com
TEL +4790853270

About our results

The results presented here are for Nammo AS, corporate HQ and holding company for the Nammo Group. Nammo AS is a public limited company (Aksjeselskap) incorporated in Norway. The financial statements for Nammo AS have been prepared in accordance with the Norwegian Accounting Act and the Norwegian General Accepted Accounting Principles.

Nammo 2019 Key Figures

Click to enlarge

Contact

Endre Lunde

Senior Vice President, Communications

MAIL P.O. Box 142, NO-2831 Raufoss, Norway
EMAIL endre.lunde@nammo.com
TEL +4790853270
  • 2019 Revenue (NOK) 5073 million
  • 2019 EBIT (NOK) 352 million
  • 2019 Order Stock (NOK) 7443 million

Nammo’s revenues and order intakes reached all-time high levels in 2019, though profitability was behind both expectations and future needs. Nammo therefore remains committed to continuing its efforts to improve long-term profitability.

Nammo reported revenues of NOK 5 073 million in 2019, 3.1 % higher than 2018. The largest single market for Nammo remained the US, which represented 42 % of total Nammo revenues in 2019 vs. 39% in 2018. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) ended at NOK 617 million (545 in 2018). The accounts for 2019 include NOK 108 million in operating losses related to loss contracts, as well as write-down for impairment in inventory and fixed assets of NOK 31 million. Net financial expenses were NOK 47 million in 2019 (31 in 2018) and 2019 profit for the year was NOK 192 million in 2019.

During 2019 Nammo saw substantial one-off costs 2019 which had a heavy impact on the results. These were caused by a multitude of factors, including delayed deliveries, manufacturing errors, contractual issues and additional internal restructuring costs. Given Nammo’s market position, with large, highly regulated government contracts and very strict performance requirements, these kinds of losses are not unheard of, and are in many ways inherent to the company’s overall risk environment. However, with a magnitude of more than NOK 100 million, the total one-off costs incurred in 2019 is highly unusual. A significant part of the one-off losses were related to operational issues, and steps have already been taken to address these.

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