At Kongsberg, 1.5bn NOK now does what 3.7bn used to
VIDEO | Growth from 14 to 32 bn NOK in revenue over five years have contributed to a fragmented structure when it comes to the financial systems of the Kongsberg group. In Malmö on Thursday, Cash Manager Morten Kristiansen described how his team was challenged by the board with supporting a reduction of its need for cash.
With two centuries of technology innovation under its belt, Norway’s Kongsberg went through one of its largest transitions ever as it acquired the commercial marine activities of Rolls-Royce in 2018–19. At that time, the combined business was using 3.7 billion NOK in cash to run its activities.
Consolidating it core banks brought it down to 2.5 billion, then the implementation of a global multi-currency notional pool helped it come down to 1.5 billion.
In the PostTrade 360° conference in Malmö on Thursday, Morten Kristiansen, Cash Manager, Kongsberg, was joined on stage by Johan Fagerström, Head of Payments Nordics, J.P.Morgan.
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