Kværner ASA : Q4 & Preliminary 2012 Results

Wednesday, February 13, 2013

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent.

The order backlog amounted to NOK 21 262 million.

"The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our competitiveness", says Jan Arve Haugan, President & CEO of Kvaerner.

Operating revenues in the fourth quarter 2012 amounted to NOK 2 930 million, compared with NOK 3 004 million for the fourth quarter 2011. Full year operating revenues totalled NOK 10 748 million, compared with NOK 13 295 for the full year 2011. The reduction from last year is mainly due to significant decrease in operating revenue from the International business area and the Downstream & Industrials segment.

EBITDA for the fourth quarter 2012 ended at NOK 119 million, down from 249 million in the same quarter last year, which was positively influenced by release of contingencies. The EBITDA margin for the fourth quarter was 4.1 percent. EBITDA in the quarter reflects a project portfolio with a relatively wide margin range with limited contribution from projects awarded early in the market cycle, some projects not yet recognising margin i.e. not yet reached 20 percent completion, while others passed 20 percent completion in the quarter.  Full year EBITDA ended at NOK 473 million compared with NOK 1 073 million in 2011.

The Board of Directors has in accordance with the dividend policy proposed to pay a semi-annual dividend of NOK 0.55 per share. Subject to approval by the Annual General Meeting, the dividend payment will take place on or about 24 April 2013. The shares will be traded exclusive dividend from and including 11 April 2013.
The order intake in the fourth quarter totalled NOK 2 444 million compared to NOK 1 136 million in the fourth quarter 2011. At 31 December 2012, the order backlog amounted to NOK 21 262 million, which is a doubling from year end 2011. Cash and bank deposits at the end of fourth quarter amounted to NOK 1 069 million. Undrawn committed long-term credit facilities amounted to NOK 2.5 billion, giving access to liquidity totalling to NOK 3.6 billion.

With reference to the recent contract awards on the Norwegian Continental Shelf to competitors, Haugan says: "Our Project Execution Model is an assurance that that the EPC projects will be delivered on time, with specified quality and to a predictable price. Now, we are determined to deliver our on-going projects and simultaneously continue to adapt our delivery models to an increasingly competitive market".



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