Kværner ASA : Second quarter results 2012
(Thomson Reuters ONE) -
10 August 2012 - Kvaerner had operating revenues of NOK 3 billion in the second
quarter 2012. Earnings before interest, tax, depreciation and amortisation
(EBITDA) amounted to NOK 85 million, resulting in an EBITDA margin of 2.8
percent. The order backlog amounted to 23 billion, an increase of 12 billion
since last quarter.
"The strong order intake of NOK 15.2 billion this quarter gives us a record high
order backlog and provides us with a solid foundation for growth the next
years", says Jan Arve Haugan, President & CEO of Kvaerner.
Operating revenues in the second quarter 2012 amounted to NOK 3 billion,
compared to NOK 3.9 billion for the second quarter 2011. The reduction from last
year's comparative period is due to a significant decrease in operating revenues
from Kvaerner's international business. However, the revenues increased by 612
million compared to the first quarter as a result of higher activity in both the
Upstream and the Downstream segments.
EBITDA for the second quarter 2012 ended at NOK 85 million, down from NOK 192
million in the same quarter last year. The EBITDA for the quarter was influenced
by the phasing of projects, as some projects are in the process of closing down
while others are in an early phase prior to recognition of margin. The EBITDA
margin for the second quarter 2012 was 2.8 percent compared to 4.9 percent in
the corresponding period in 2011.
Kvaerner still expects the activity level for 2012 to be on the low side of what
has been seen historically and there are no changes in the company's EBITDA
expectations for the remainder of 2012.
"This quarter's results reflect our previous comments about the uncertainty of
our financial results for 2012. In order to give a predictable dividend growth
for our shareholders and balancing out the volatility of our earnings, the Board
of Directors has approved a new dividend policy with payment of semi-annual
dividends. A dividend of NOK 0.53 is proposed to be paid in October 2012 with an
ambition to increase by 10 percent annually", Haugan says.
Kvaerner has introduced a share purchase programme and 19 per cent of the
eligible employees and managers have taken long-term active ownership in the
company.
Operationally, a substantial milestone was reached in June with the delivery and
installation of the Sakhalin - 1 gravity-based structure (GBS) at the field
offshore Northeast Sakhalin.
Kvaerner views the market as very strong in its target regions.
" In order to take advantage of this market and at the same time ensure that we
meet our clients' expectations, we have a selective market approach and we work
on increasing our own capacity and improve our performance", Haugan concludes.
The full report and presentation can be downloaded from www.kvaerner.com and the
links below.
ENDS
For further information, please contact:
Media: Mariken Holter, SVP Corporate Communications, Kvaerner, Tel:
+47 67 52 74 35, Mob: +47 917 87 358.
Investor relations: Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel:
+47 67 59 50 46, Mob: +47 950 38 364
About Kvaerner:
With more than 3 200 HSE-focused and experienced employees, Kvaerner is a
specialised provider of engineering, procurement and construction (EPC) services
for offshore platforms and onshore plants. Kværner ASA, through its subsidiaries
and affiliates ("Kvaerner"), is an international contractor that plans and
realises some of the world's most demanding projects as a preferred partner for
upstream and downstream oil and gas operators, industrial companies and other
engineering and fabrication contractors.
In 2011, the Kvaerner group had aggregated annual revenues of more than NOK 13
billion and the company had an order backlog of more than NOK 23 billion on 30
June 2012. Kvaerner was publicly listed with the ticker "KVAER" at the Oslo
Stock Exchange on 8 July 2011. For further information, please visit
www.kvaerner.com.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2nd quarter and half year 2012 Report:
http://hugin.info/134981/R/1633185/524030.pdf
2nd quarter results 2012 Presentation:
http://hugin.info/134981/R/1633185/524027.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kværner ASA via Thomson Reuters ONE
[HUG#1633185]
Unternehmensinformation / Kurzprofil:
Datum: 10.08.2012 - 07:02 Uhr
Sprache: Deutsch
News-ID 173523
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contact information:
Town:
Fornebu
Kategorie:
Business News
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