Aker Yard Announces 2Q Results

Friday, August 24, 2007
Aker Yards ASA reported an EBITDA result of NOK -153 million for the second quarter of 2007. The EBITDA result for 2007 is estimated to be about NOK 900 million, and the net profit estimated about NOK 700 million. The guidance for 2008 is maintained at 5-6 percent EBITDA margin, and the long term target of 7 percent remains. A thorough review has been carried out for the Finnish yards, confirming the view issued in the July press release. The remaining portfolio has also been reviewed. A one off charge of approximately NOK 500 million has been taken in the business areas Merchant Vessels and Cruise & Ferries. The newly appointed President & CEO, Yrjö Julin said "We have been growing very fast in a heated environment, resulting in operational challenges. However, we will come back with improved results already next year."

Aker Yards had an EBITDA result of NOK -153 million in the second quarter of 2007, compared with NOK 382 million in the corresponding quarter of 2006. The EBITDA margin for the second quarter of 2007 was -2.0 percent.

Earnings per share (EPS) were NOK 1.80 for the quarter, compared with NOK 1.86 in the same period in 2006. Since issuing the guidance in July this year, Aker Yards has carried out a thorough investigation of the yards in Finland, based on the findings in June. This review confirmed the view taken in July, and did not reveal further negative implications for the business area Cruise & Ferries, and the expected EBITDA margin for 2007 in the business area is maintained at 2.5-3 percent. A one-off loss provision mainly related to ferries of approximately NOK 400 million was taken in the quarter.

The remaining portfolio has also been reviewed. This resulted in a one-off charge in Florø, which belongs to the Merchant Vessels business area, of approximately NOK 100 million. Further, there was a negative result impact of development on projects to be delivered from Brevik, which belongs to the business area Offshore & Specialized Vessels.

Order intake in the second quarter was NOK 7 322 million, giving an order backlog of NOK 85 382 million at the end of the quarter, comprising 143 vessels. During the quarter, Yrjö Julin was appointed President & CEO of Aker Yards.

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