• Incoming orders exceed last year’s Q3 order intake by 17% and Q3 2009 order intake by 72%.
• Operating revenues increased by 21% from Q3 2010 to Q3 2011.
• Financial recovery continues with an EBITDA of EUR -2.4 Mill which is the second best Q3 during the last 10 years.
• After the successful start on the 1st of March, the new assembly plant in Daqing/China received new orders to fully utilize capacities.
• Business Area After Sales finalized a reorganization project and achieved an on-time delivery rate above 95%.
• Following Q3, an OEM agreement with CNH for the North American market was agreed.Under this agreement and starting from October on, Kverneland Group will supply CNH in their brand with selected products such as rakes and Butterfly Mower conditioners.

Key Issues year-to-date 2011

• EBITDA ended at EUR 21.4 Mill vs. EUR 6.6 Mill last year despite unfavourable currency exchange rates.
• Revenues increased by 16%.
• Gross Margin improved further up to 34.7% vs. 33.0% in 2010 (and 30.7% in 2009).
• Balance sheet strengthened with an increased equity ratio of 33% compared to a corresponding figure of 31% at the beginning of the year.
• Net working capital grew from Q3 2010 to Q3 2011 by 10% whereas the annualized net sales rose by 16%.
• Order book totals EUR 52.6 Mill by the end of Q3 2011, exceeding last year’s order book by 50%.

 2. November 2011