Kværner ASA: First quarter results 2015
(Thomson Reuters ONE) -
8 May 2015 - High revenues continued in spite of challenging markets. Kvaerner
continued the high activity also in the first quarter of 2015 and revenues ended
at NOK 3 525 million. The order intake was good in spite of the challenging
markets, which enabled Kvaerner to maintain the order backlog level from year-
end. In addition to focusing on predictable execution of ongoing projects,
Kvaerner also continues to prioritise measures to reduce costs and improve
competitiveness for upcoming projects.
Operating revenues were to NOK 3 525 million in the first quarter 2015 compared
to NOK 3 489 million for the first quarter 2014. While the Edvard Grieg platform
project got closer to the final phases during the quarter, the large Nyhamna
onshore plant project climbed to a peaking activity level.
As indicated in fourth quarter, Earnings before Interest, Taxes, Depreciation
and Amortisation (EBITDA) and EBITDA margins has decreased in first quarter
2015 compared to previous periods. EBITDA for the quarter were NOK 101 million,
compared to NOK 170 million in the same period last year. EBITDA margin for
first quarter 2015 was 2.9 percent, a reduction from 4.9 percent in
corresponding period in 2014. As previously announced, the reduction in EBITDA
and -margin reflects projects with a relatively wide margin range, including
continued challenging cost developments.
Net current operating assets (NCOA) were negative NOK 541 million at quarter
end, compared to negative NOK 922 million at year-end. The equity ratio was
strengthened, and was at 31 March 33.6 percent, up from 31.5 percent at 31
December 2014.
The order intake in the first quarter totalled NOK 3 610 million, including
scope of work of jointly controlled entities, compared to NOK 1 283 million in
the same quarter last year. The order backlog at the end of the quarter,
including scope of work of jointly controlled entities, amounted to NOK 15 840
million. This continues the solid order backlog and visibility from the end of
2014, when the order book was NOK 16 451 million.
- The margins we deliver this quarter are not up to our ambitions, but we will
use it as an inspiration for further cost improvements. Our first priority is to
execute on-going projects safely and predictably. Even if there is much
uncertainty with respect to how the markets will develop over the next 12 to 24
months, Kvaerner see a long term fundamental market demand for our core
expertise and solutions. We continue to drive our cost and productivity
improvements in close cooperation with the oil companies, and we are positioned
in segments where there will be key contract awards in 2015, says Jan Arve
Haugan, President & CEO of Kvaerner.
The full report and presentation can be downloaded below and at
www.kvaerner.com.
ENDS
For further information, please contact:
Investor Relations:
Ingrid Aarsnes, SVP Investor Relations & Communications, Kvaerner,
Tel: +47 67 59 50 46, Mob: +47 950 38 364, email: ir(at)kvaerner.com
Media:
Torbjørn Andersen, VP Communications, Kvaerner, Mob: +47 928 85 542,
email: torbjorn.andersen(at)kvaerner.com
About Kvaerner:
Kvaerner is a leading provider of engineering, procurement and construction
(EPC) services, and delivers offshore installations and onshore plants for
upstream oil and gas production around the world. Kværner ASA, through its
subsidiaries and affiliates ("Kvaerner"), is an international contractor and
preferred partner for oil and gas operators and other engineering and
fabrication contractors. Kvaerner and its approximately 3 000 HSSE-focused and
experienced employees are recognized for delivering some of the world's most
amazing and demanding projects.
In 2014, the Kvaerner group had consolidated annual revenues of close to NOK 14
billion and the company reported an order backlog at 31 March of NOK 15.8
billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock
Exchange. For further information, please visit www.kvaerner.com.
To subscribe or unsubscribe to our press releases, please see our web page:
http://www.kvaerner.com/en/toolsmenu/Media/Subscribe-to-releases/
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
1st quarter results 2015 presentation:
http://hugin.info/134981/R/1920012/687711.pdf
1st quarter results 2015 report:
http://hugin.info/134981/R/1920012/687710.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: Kværner ASA via GlobeNewswire
[HUG#1920012]
Unternehmensinformation / Kurzprofil:
Datum: 08.05.2015 - 06:58 Uhr
Sprache: Deutsch
News-ID 391843
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