Financial results - revenues and profits

During the first six months of 2009 Ekornes generated gross operating
revenues of NOK 1,263.1 million, NOK 40.8 million or 3.1 per cent
less than in the corresponding period in 2008. At fixed exchange
rates the underlying fall in revenues totals 9.3 per cent.

In the year to 30 June 2009 the Group made an operating profit of NOK
187.7 million (14.9 per cent), compared with NOK 206.7 million (15.9
per cent) in the same period in 2008. This represents a fall of 9.2
per cent.

Profit before tax totalled NOK 171.3 million (13.6 per cent),
compared with NOK 201.8 million (15.5 per cent) in 2008. This
represents a fall of 15.1 per cent. Profit was negatively affected by
a NOK 15.4 million reduction in the recognised value of assets in the
balance sheet following the strengthening of the NOK since the start
of the year. In comparison, the value of such assets was reduced by
NOK 6.9 million in the corresponding period in 2008. Profit after tax
totalled NOK 119.1 million in the first half of 2009, compared with
NOK 140.3 million in the same period in 2008. This corresponds to
earnings per share of NOK 3.23, compared with NOK 3.81 in 2008.

In the second quarter 2009 the Group generated gross operating
revenues of NOK 567.8 million compared with NOK 627.4 million in the
same quarter in 2008. This represents a fall of 9.5 per cent, or 13.9
per cent if measured at fixed exchange rates. Operating profit in the
second quarter 2009 totalled NOK 79.7 million (14 per cent), compared
with NOK 105.7 million (16.8 per cent) in the same period last year.
Profit before tax came to NOK 84.0 million (14.8 per cent), compared
with NOK 100.7 million (16.1 per cent) in the second quarter 2008.
Profits for the second quarter were positively affected by a NOK 5.1
million increase in the recognised value of assets in the balance
sheet following the weakening of the NOK since the end of the first
quarter. In comparison, the value of such assets was reduced by NOK
5.9 million in the corresponding period in 2008.


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