Improved Performance Continuous in Nammo AS

Nammo AS is a leading developer and manufacturer of ammunition systems and missile & space products, as well as a world leader within demilitarisation technology.

Nammo AS is a leading developer and manufacturer of ammunition systems and missile & space products, as well as a world leader within demilitarisation technology. Nammo is a group with subsidiaries in Finland, Germany, Norway, Sweden and USA. Nammo's operational structure is divided into five business areas: Small Calibre Division, Medium Calibre Division, Large Calibre Division, Missile Products Division and Demil Division.

2003 added to the previous years with positive development for the company. In an overall declining market, especially in the Nordic region, we increased our turnover from last year's 1379 million NOK to 1529 million NOK, and at the same time the operating profit increased from 92 million NOK to 125 million NOK. The Board proposed a dividend of 20 million NOK.

The number of man-years was reduced from average 1297 in year 2002 to 1243 in year 2003 reflecting an organisation better adjusted to the order structure of the company.

The increased profit reflects the continuous focus on key markets and the company's broad product range. High technology products, such as rocket motors for missile systems and a well proven and a further developed conventional ammunition program with high performance, were the major contributors. New technologies i.e. the smart programmable airburst ammunition and other special purpose ammunition like the hydro ballistic mine-clearance ammunition are also of great importance to Nammo.

The demilitarisation division has also contributed with an improved performance in 2003. With a change in the world's environmental attitude, Nammo foresee that the armed forces within NATO and EU will have large demands for environmental friendly demilitarisation methods for their old and obsolete defence products.

One of the keys to Nammo's success in many of the international markets is the network of partners, either with the local suppliers in specific countries or with strategic partners with complementary technology, products or a strong market position.

The outlook is good for an overall continued positive development of the Nammo Group in the coming year.

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