Aker Solutions ASA: Fourth-Quarter Results 2014
(Thomson Reuters ONE) -
February 13, 2015
Financial Highlights
* Sales of NOK 9.2 billion 4Q 2014 vs NOK 7.5 billion 4Q 2013
* Earnings before interest, taxes, depreciation and amortization (EBITDA) of
NOK 786 million vs NOK 661 million a year earlier
* Earnings before interest and taxes (EBIT) of NOK 557 million vs NOK 486
million a year earlier
* EBIT margin of 6.1% vs 6.4% a year earlier
* EBIT margin ex. one-off items of 6.8% versus 6.4% a year earlier
* Earnings per share (EPS) of NOK 1.30 vs NOK 1.25 a year earlier
* Order intake of NOK 6.2 billion vs NOK 9.2 billion a year earlier
* Order backlog of NOK 48.3 billion vs NOK 41.2 billion a year earlier
* Board proposes 2014 dividend of NOK 1.45 per share
Aker Solutions revenue rose 21 percent to NOK 9.2 billion in the fourth quarter
of 2014 from a year earlier, helped by strong progress on major projects across
the global business. Earnings before interest and taxes (EBIT) climbed to NOK
557 million in the quarter from NOK 486 million a year earlier.
The EBIT margin narrowed to 6.1 percent from 6.4 percent amid a slowdown in the
Norwegian maintenance, modifications and operations (MMO) market and as some
major subsea projects are still in a start-up phase. This was partly offset by
strong project execution at the U.S. umbilicals plant, improved capacity
utilization in the engineering area and reduced overhead costs in MMO. The EBIT
margin, excluding one-off items, was 6.8 percent.
The company secured NOK 6.2 billion in orders in the quarter, including a hook-
up and commissioning contract from DSME for Statoil's UK Mariner project. This
increased the backlog to a near-record NOK 48.3 billion kroner from NOK 41.2
billion. About two-thirds of the backlog stemmed from projects to be delivered
outside Norway.
"Our robust order backlog puts us in a strong position as we face market
uncertainty caused by the recent oil price drop," said Luis Araujo, Aker
Solutions' chief executive officer. "We made good progress in the quarter on
major subsea and engineering projects and also benefited from improvement
programs across the business."
The company's board proposes paying 1.45 kroner a share in a cash dividend to
shareholders, equal to 30 percent of net income.
After the split in September, Aker Solutions now has two reporting segments:
Subsea, consisting of the subsea and umbilicals businesses, and Field Design,
comprising the engineering and maintenance, modifications and operations (MMO)
units. The subsea EBIT margin widened to 7.6 percent in the quarter from 6.6
percent a year earlier, boosted by operational improvements and high activity at
the U.S. umbilicals plant. Field Design's margin narrowed to 6 percent in the
same period from 6.8 percent as improved engineering margins were tempered by
challenges in the Norwegian MMO market.
Aker Solutions in the quarter adjusted capacity in its MMO workforce in Norway
to counter the slowdown in the Norwegian market for offshore maintenance and
modifications.
"We will continue to be vigilant about capacity in all parts of the
organization, while also seeking to create value for our shareholders and
customers through reduced complexity and a ceaseless focus on operational
excellence, cost control and financial performance," Araujo said.
Underlying factors that support a positive long-term outlook for offshore and
deepwater oil and gas developments remain in place. The company will benefit in
the long term from a shift toward more complex offshore resources. Aker
Solutions maintains a medium-term guidance to grow with its key markets and at
least maintain market share in its core subsea, engineering and MMO businesses.
In subsea, the aim is to gradually move toward peer-group margin levels. Margins
in engineering are expected to remain robust and they are anticipated to
gradually recover in MMO.
ENDS
For further information, please contact:
Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel:
+47 67 59 42 71, Mob: +47 480 27 575, E-mail: bunny.nooryani(at)akersolutions.com
Anne Cecilie Lund-Andersen, Media Relations Manager, Aker Solutions. Tel:
+47 22 94 74 52, Mob: +47 99 62 12 13, E-mail: anne.cecilie.lund-
andersen(at)akersolutions.com
Investor relations:
David Phillips, Head of Industry & Investor Relations, Aker Solutions. Tel:
+44 208 811 7111, Mob: +44 7788 338 887, E-mail:
david.phillips(at)akersolutions.com
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39,
Mob: +47 911 37 194, E-mail: lasse.torkildsen(at)akersolutions.com
Career opportunities:
Visit http://www.akersolutions.com/careers
Aker Solutions is a global provider of products, systems and services to the oil
and gas industry. Its engineering, design and technology bring discoveries into
production and maximize recovery. The company employs approximately 17,000
people in about 20 countries. Go to www.akersolutions.com for more information
on our business, people and values.
This press release may include forward-looking information or statements and is
subject to our disclaimer, see www.akersolutions.com.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
4Q 2014 Report:
http://hugin.info/163509/R/1894351/671564.pdf
4Q 2014 Presentation:
http://hugin.info/163509/R/1894351/671563.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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: Aker Solutions ASA via GlobeNewswire
[HUG#1894351]
Unternehmensinformation / Kurzprofil:
Datum: 13.02.2015 - 07:02 Uhr
Sprache: Deutsch
News-ID 371466
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contact information:
Town:
Fornebu
Kategorie:
Business News
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