Kværner ASA: 1st quarter results 2016 - Increased margin and stable result
(Thomson Reuters ONE) -
3 May 2016 - Increased margin and stable result. Kvaerner increased the adjusted
EBITDA profit margin, from 2.9 percent in first quarter 2015 up to 4.8 percent
in first quarter this year. The adjusted EBITDA results remain stable, at NOK
106 million in first quarter 2016, compared to NOK 101 million one year ago. -
We strengthen our financial position in spite of a challenging market and we
maintain our predictable performance in 2016, says Kvaerner's President & CEO
Jan Arve Haugan.
Revenues in the first quarter were NOK 2 228 million, versus NOK 2 577 million
in fourth quarter 2015, and NOK 3 525 million in the corresponding quarter last
year. Kvaerner continued to strengthen its financial platform also in the last
quarter. The company is debt free, and has more than NOK 2.1 billion in net
cash. A strong balance sheet and cash position is important to maintain the
resilience through a challenging cycle. In addition, the solid financial
position provides flexibility to selectively follow up opportunities in
connection with the ongoing market shift.
"We noticed the signs of a challenging market cycle early. The results we have
now illustrate that the Kvaerner organisation have implemented improvements with
full efforts over the last years. We are confident that we can make even further
improvements to cost and productivity if we can coordinate the initiatives
between oil companies, contractors and sub-suppliers across the value chain",
says Jan Arve Haugan.
The order backlog was NOK 12.1 billion at the end of first quarter, compared to
NOK 14.3 billion at year-end 2015. The order book gives Kvaerner a solid
starting point for the challenging market in 2017 and 2018.
"In Kvaerner's segments, which include offshore platforms and onshore
facilities, there has been a reasonable activity both in 2014 and 2015. In the
markets we compete, we have over the past two years won a share of the contracts
which have been out for bid. We have proven that Kvaerner can offer attractive
solutions when we can compete on the best total price and delivery on time. We
are currently using this competitive power to pursue several selected prospects,
and we expect to see the outcome of further contract awards both through 2016
and 2017", says Haugan.
The full report and presentation can be downloaded below and at
www.kvaerner.com.
ENDS
For further information, please contact:
Investor Relations:
Ingrid Aarsnes, VP Investor Relations & Communications, Kvaerner, Tel:
+47 67 59 50 46, Mob: +47 950 38 364, email: ir(at)kvaerner.com
Media:
Torbjørn Andersen, Head of 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 2 800 HSSE-focused and
experienced employees are recognized for delivering some of the world's most
amazing and demanding projects.
In 2015, the Kvaerner group had consolidated annual revenues of NOK 12 billion
and the company reported an order backlog at 31 March 2016 of NOK 12.1 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:
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 2016 presentation:
http://hugin.info/134981/R/2009129/743439.pdf
1st quarter results 2016 report :
http://hugin.info/134981/R/2009129/743437.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#2009129]
Unternehmensinformation / Kurzprofil:
Datum: 03.05.2016 - 07:02 Uhr
Sprache: Deutsch
News-ID 468065
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contact information:
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Kategorie:
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