Aker Kvaerner Releases First Quarter Results

Tuesday, April 26, 2005
Aker Kvaerner experienced a positive first quarter with an EBITDA of NOK 376 million, reflecting an increase by 20 percent compared to the corresponding quarter last year. The previously stated target of an annualised EBITDA of NOK 1.5 billion in the first half of 2005, was achieved in the first quarter. Few major contracts were announced in the first quarter, but a steady stream of orders resulted in a satisfactory order intake and brought the order backlog to a record-high level of NOK 37.7 billion at the end of the period. Main markets are developing positively, and several important contracts have been booked early in the second quarter. Profits in the three-month period developed as expected, taking EBITDA for the first quarter to NOK 376 million, which is an increase by 20 percent from NOK 314 million in the first quarter 2004. Order intake in the first quarter was a comfortable NOK 9.7 billion, bringing the order backlog at the end of March to a record-high NOK 37.7 billion. Aker Kvaerner's main markets developed favourably and early-phase study work and bidding activity was high. Cash flow from operating activities in the first quarter was negative NOK 886 million, which is in line with expectations. This reflects a NOK 1 228 million increase in net current operating assets from year-end 2004. The liquidity buffer, including undrawn credit facilities of NOK 1.6 billion, was at the end of March a comfortable NOK 4.0 billion. Repayment of debt over the last 12 months amounts to NOK 900 million, whereof NOK 300 million in the first quarter of 2005. One of the main focus areas of Aker Kvaerner is to continuously improve operational efficiency. Various change programmes have been implemented throughout the group. Competitiveness has been strengthened resulting in a healthy and well-balanced order backlog. The overall predictability and robustness of the group are steadily improving. The accounts of Aker Kvaerner are as from 1 January 2005 presented in accordance with International Financial Reporting Standards (IFRS). The most important consequences of the transition from Norwegian GAAP are described on page 4 in the report and in the enclosure "Restatement of Aker Kvaerner's accounts for 2004 on the basis of IFRS".
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

S.Korea Ferry Boss's Driver Turns Self In

The driver of a South Korean businessman wanted over the sinking of a ferry that killed 304 people turned himself in on Tuesday, potentially unlocking the mystery

U.S. Marshalls Ordered to Seize Kurdish Oil Cargo off Texas

Acting on a request from the central government in Iraq, a U.S. judge has signed an order telling the U.S. Marshals Service to seize a cargo of oil from Iraqi Kurdistan

Finance

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1816 sec (6 req/sec)