Ladies and gentlemen, watching on our webcast. Excuse me. Welcome to Kitron's fourth quarter 2015 and full year webcast. With me today is Cathrin Nylander, CFO. My name is Peter Nilsson, CEO of Kitron. Later today, we will have a host day, Capital Markets Day at 12:00 P.M. here today in Oslo. The Capital Markets Day will also be webcast. You're welcome to join us for the webcast or the Capital Markets Day. Looking into the fourth quarter of last year, we continued our journey on double-digit growth despite the continued decline in the oil sector. Our revenues for the quarter reached NOK 524.6 million. Our EBIT, NOK 33.6, an increase of close to 135% compared to last year.
We finished with an order backlog, securing our future of close to NOK 976 million. That's the highest in five years. I'm happy to say that as we start off now in the first quarter, our backlog continues to grow. Our cash flow in the fourth quarter, NOK 87.8. Very, very strong cash flow. Our Net Working Capital continues to decline according to plan. Looking into the full year, we ended revenues at just over NOK 1,950 million, generating NOK 102.7 in profits. Our operating cash flow for the full year is close to NOK 205 million. For the full year again, our Net Working Capital is down by 10%.
Defense continues to drive the strong growth in the near term, but also as we look forward into the long term, we see that sector continuing to perform. The strongest growth, however, comes from our industry sector. We're happy as we look forward into this year of continued growth of industry with 3 or 4 major programs either starting, started or starting in this year. When we look at what important orders we were able to announce, many of the orders we take and many of the customers we work with, are, you know, we're not able to announce what we're doing. We did sign a major agreement with a U.S. global energy company. We started to ship on this order in the fourth quarter.
I think we shipped about 30 or so prototypes. We're looking forward to doing over 100 new products for this company in 2016. Following the strengthening of Kitron's business, with improved profitability, our successful generation of cash, the board has decided to adjust our dividend policy. Our adjusted dividend policy is to pay out an annual dividend of between 30% and 60% of the company's ordinary profit after tax. Of course, when deciding on the annual payout, the company will evaluate our cash requirements and financial flexibility required. The board also proposed at the Annual General Meeting later in April, approve a dividend per share of 0.21 NOK. Some highlights for last year and for the fourth quarter.
It's really starting back in 2014, we did a complete upgrade and extension of our facility in Lithuania with investments in electronic capacity. We've done the same now in 2015 for the Arendal facility in Norway, securing, you know, the future when it comes to further volumes and cost reductions. In Q4, we decided on a similar setup for our Swedish operations with a new factory being built in Torsvik, just south of Jönköping, increasing the available footprint by more than 30%, whilst at the same time reducing the facility cost by 50%. The one-off costs for the move for this facility, which will occur late Q4 this year, was NOK 1.4 million and were charged in the fourth quarter of last year.
In addition to the investing in the facility, which will be a leased facility, by the way, we will spend about NOK eight and a half million in investments to customize for EMS the facility. The relocation of our Norwegian facility from Arendal or Hisøy to Kilsund is proceeding according to plan and budget. Most of the operations have been moved. There are some final assembly, high-level assembly operations remaining for another month, but that's according to plan. The start-up went smoothly. The customer approvals went smoothly in January, and we're now at full speed, basically at the facility.
Thank you, Peter. I will talk about the financial statements for the full year and Q4 2015. First, looking at the revenue for Q4. We had a strong growth in other sector, which offsets the decline in the Offshore/Marine. The quarter ended at NOK 525 million, up NOK 49 million from last year and an increase about 10.1%. Also, in the fourth quarter, we are affected positively by currency effects. Adjusted for that, the underlying growth is about 3.7%. Breaking down the revenue into sectors, we see strong growth with one exception, which is Offshore/Marine. Their share of the revenue is now down to about 7%, and it starts to affect the totality less and less.
Apart from that, we see a very strong quarter for the Energy and Telecoms, which is up 28.3% compared to last year. Revenue for the full year, strong growth and robust mix of industries. The year ended at NOK 1,952 million, which is up NOK 200 million from last year and 11.4%. Again, we have currency effects, and adjusted for those, the growth is 5.7%, about half of the total growth. Again, looking at the sector volume, we see a decline in the year of Offshore/Marine, about 44%. It's actually about NOK 170 million. In spite of this decline, we're managing a growth of 11%. It's partly compensated, or most of it actually, by Defense Aerospace, which actually had the same improvement as the reduction Offshore/Marine.
All in all, we think we have actually performed quite well during this year. If we look on the revenue by country for the full year, Norway, well you can say that Norway absorbs the Offshore decline part quite well because most of it is happening there. They ended at NOK 859 million, NOK 1 million or NOK 2 million up from last year, and are now at a share of the revenue about 40%. Sweden at 10.9% increase. They ended up NOK 483 million. It's up about NOK 47 million. Lithuania ended at NOK 472 million, up 12.6%. The others, which comprise of China and U.S., they have an increase of 61.7%. A solid growth during the year, which we're quite happy about.
Quarterly EBIT. We're really proud to say that seventh consecutive quarter of improved profitability. We ended up at NOK 33.6 and a EBIT margin about 6.4%, which is higher than the average during the year, which shows the continued improvement that we managed. It's due to a stable sales quarter-on-quarter and improved operational efficiency, as well as a strong contribution from services, both from development and engineering. We might also comment that in the fourth quarter, we took NOK 1.4 million on costs related to Sweden, and similarly in the fourth quarter last year, we took NOK 6.9 million, so slightly less. There is a difference there of NOK 5 million. We look at the EBIT by country for the full year, and we see a strong improvement also here.
Remembering, we should start with Norway, that the revenue level is about the same as last year. They have an improvement in results of NOK 46 million, so they're coming from a negative EBIT margin of 1.2% to positive 4.3%, and ends at NOK 36.7 million. It is due to the cost reductions that they have run for the last two years and the efficiency improvements that they've made, and several other actions to improve this. For Sweden, ended up at NOK 26.5 million, up NOK 12 million, and now at 5.5% in EBIT margin from 3.3% last year. It's significantly improved margins and the revenue growth that is driving this improvement. For Lithuania, we see the same tendency we've seen all year.
They have a slight reduction compared to last year, they have revenue margin about, or EBIT margin at 5%, it's due to slightly higher indirect cost that we've had adding to them because of the expansion and the pressure on margins, which is high. For the other, China and US, we ended up at NOK 32.7 million. It's a NOK 26 million increase, they're now at 8.4% EBIT margin, a substantial increase compared to last year. All in all, we're really happy about how things are going in all of our sites, actually. Balance sheet. Cash flow. Significantly improved cash flow. The Q4 ended at NOK 87.8 million compared to NOK 12.9 million last year.
Year-to-date cash flow is NOK 204 million, compared to minus NOK 4.8 million last year. I have to add also that our Operational Free Cash Flow, that is if we deduct the investments that we made this year, we have an Operational Free Cash Flow of NOK 128 million. All that is also quite positive. It's due to the improved profitability and our reduced working capital. Whilst on the theme, the working capital for the month is NOK 508 million, compared to NOK 565 million last year, a reduction of 10%, and also a reduction compared to last quarter. We are having many different actions and the changing the way we work with working capital, and now we start to see the effects that we have been waiting for.
It's quite a lot of hard work behind these figures. As a conclusion also, the cash conversion cycle is 90 compared to 105 at the same time last year. All in all, I would say it's quite good. We have improved almost all our metrics.
Taking a peek at the expectations for this year. Well, we started by the presentation by looking at our order backlog, which grew year-on-year by over 12%. NOK 976 was the order backlog in December, ending December last year. We have to go very far back to see an order backlog that exceeds that. In the past five years, this is the highest it's been. Again, looking now into the start of the first quarter and looking at the numbers in January and the beginning of February, we see a continued growth of our order backlog. Right now growing most is industry. You can see the order backlog is up 52%.
When you look at the full year numbers for industry, we see a tremendous growth of our industry products.
Mm.
The backlog for Defense is up 17%. We see about that growth for the full year. Medical is very strong in this quarter, up 10%, close to 10%. The continuing decline of Offshore/Marine here with only NOK 23 million in backlog. I think they, you know, again, looking back to the growth of last year, yes, we grew about NOK 200 million overall, but we have to remember that we also grew the drop of NOK 170 million.
Mm.
In Offshore/Marine. Regardless of translational effects and every and things like that, I think there's been a tremendous job done by the team. For our outlook then for 2016, we expect revenues of between NOK 2,050 million and NOK 2,250 million, and an EBIT margin of between 5.3% and 6.3%. We have many new programs launching this year. We have programs that launched last year that continue to ramp this year and next year. Many of our defense contracts that we signed last year start to yield revenues this year and really exceed what our expectations for next year. Again, the growth is driven by very strong demand in our industry sector and the continued growth of Defense and Aerospace sectors.
The profitability increase we expect is driven by cost reduction activities and improved efficiencies. These are many activities. We'll be talking a lot more about them at our Capital Markets Day later today. Please join us for our Capital Markets Day. We'll start the webcast at 12:00 P.M. today. With that, we thank the audience watching us for the presentation of Kitron's fourth quarter results.
Thank you.