In the third quarter this year, profits continued to grow, confirming Aker Kvaerner's steady course towards its stated targets. EBITDA in the first nine months this year was 55 per cent higher than in the corresponding nine-month period last year. Main markets developed positively, and several large orders were secured by the group, resulting in a record high order reserve.
15 Nov 04
Good progress on several large projects resulted in a relatively strong third quarter and first nine months this year.
Profits increased in the three-month period, taking EBITDA for the first nine months of the year to NOK 1,023 million, up from NOK 660 million in the same period last year.
Order intake was NOK 12.6 billion, and the order reserve at the end of September was a record high NOK 35.6 billion. Generally, main markets have developed favourably this year. Early phase study work has picked up and bidding activity is high.
Cash flow from operating activities for the first nine months this year was negative NOK 105 million, reflecting a NOK 0.9 billion increase in net current operating assets. Cash and bank deposits at the end of September remained at a comfortable NOK 2.9 billion after a NOK 200 million down-payment of bank debt in the quarter.
This positive development is the result of a general market improvement in addition to a strong focus on improving operational efficiency, project execution, and of various change programmes which have been implemented throughout the Aker Kvaerner group. Competitiveness has been strengthened resulting in a healthy and well-balanced order reserve. The overall predictability and robustness of the group are improving.
Aker Kvaerner continues on its steady course towards its stated financial targets: An EBITDA in the first part of 2005 of approximately NOK 1.5 billion on an annualised basis, and 2006-EBITDA of NOK 1.75 billion.
ENDS
For further information, please contact:
Media:
Torbjørn Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542
Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 30 39, Mob: +47 911 37 194
AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries.
The Aker Kvaerner group consists of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA.
Printable version