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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Winch
rss | archive | history | articles | privacy | 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: 0.1790 sec (6 req/sec)