Solid cash-flow and reduction of net, interest-bearing debt
(Thomson Reuters ONE) - Bjørge ASA posted an operating income of 329.2 million NOK in 3rdquarter 2009, compared to 396.4 million NOK in 3rd quarter 2008. TheEBITDA result for the 3rd quarter this year ended at 26.5 millionNOK, while EBITDA margin was 8.0 percent, compared to 26.4 millionNOK and a 6.7 percent margin in the 3rd quarterlast year.Cash-flow from operations for the quarter is at 50.1 million NOK.This has provided thebasis for reducing net, interest-bearing by 48.6 million NOK for thesame period. End thirdquarter the group had net, free funds at 202.2 million NOK, anincrease from 73.4 millionNOK at the same time last year.In the third quarter, 280.2 million NOK of total incoming ordersworth 300.2 million NOK, isrelated to service and maintenance activities. Activities thissegment continue to represent amajor strategic advantage in a highly demanding market.The difficult market situation for newbuildings has led to thepostponement or a deferral intime of a number of projects. This means that the company will see areduction in salescompared to 2008. Owing to the reduction in sales it will be achallenging task for the groupto attain an EBITDA margin on the same level as in 2008, consequentlyleading to a reducedEBITDA compared to 2008.Highlights* Improved margins and EBITDA on same level as third quarter 2008* Implemented cost cuts and capacity adjustments are giving gradual effects* Good liquidity development* No personnel injuries during the quarter* Market conditions are still demanding, in particular within newbuildings* Continued positive trend within operation and maintenance, which gradually represents a larger part of activities* Intention of making a voluntary offer to purchase all shares in Bjørge was announced 28 September.Total operating income posted as of the 3rd quarter is 1 115.7million NOK, compared to 1 239.6 million NOK for the same period in2008. Operating income in 3rd quarter 2009 was 329.2 million NOKcompared to 396.4 million NOK for the same period in 2008.Operating income generated by the operation and maintenance marketrepresented a total of 226.3 million NOK for the quarter compared to203 million NOK for the same period in 2008. As of the 3rd quarterincome from the operation and maintenance market constitutes 65.2percent of the group s overall operating income.The group s EBITDA margin for the 3rd quarter was 8.0 percentcompared to 6.7 percent for the same period in 2008. The boost inmargin is a result of the fact that cost reductions cover thedisappearance of contribution margin corrected for foreign exchangegains.Overall this mans that EBITDA margin for the quarter was 26.5million NOK, which is on the same level as 3rd quarter 2008. EBITDAas of 3rd quarter is 69.1 million compared to 86.4 million NOK forthe same period in 2008.Depreciation and amortization in 3rd quarter 2009 were posted at 10.7million NOK, whichis equivalent to the same period last year.Overall, this gives an impaired operating result (EBIT) for the groupat the end of the 3rd quarter, from 58.6 million NOK in 2008 to 36.9million NOK in 2009. Operating profits of 15.8 million NOK comparedto 15.7 million NOK for the same period in 2008 were posted for thequarter.Net financial items for the quarter were 1.4 million NOK compared to- 3.3 million NOK for the same period in 2008. Group interest costsare linked to the development in 3-month NIBOR. The reduction infinancing costs primarily reflects higher net interest bearingliabilities.Pre-tax profit was 14.5 million NOK for the 3rd quarter 2009 comparedto 12.4 million NOK for the same period in 2008. As of the 3rdquarter pre-tax profit was 31.8 million NOK compared to 56.1 millionNOK for the same period in 2008.Earnings per share, both basic and diluted, were 0.23 NOK compared to0.21 NOK for the same period in 2008 for the quarter. Earnings pershare, both basic and diluted, end 3rd quarter were 0.52 NOK comparedto 0.93 for the same period in 2008.The complete quarterly financial report and presentation will bepublished at www.ose.no, www.newsweb.no and www.bjorge.no. Thequarterly financial results will be presented at Felix conferencecentre, Aker Brygge, Bryggetorget 3, Oslo, Norway today at 09:00 -10:00 am CET by CEO Stig Feyling and CFO Frode Wathne.For further information after 10 am CET, please contact:- Stig Feyling, CEO, Bjørge ASA. Mobile phone: +47 91757131- Frode Wathne, CFO, Bjørge ASA. Mobile phone: +47 97551556Bjørge delivers process and safety-critical equipment and systems aswell as a complete range of services to care for these deliveries ina life-cycle perspective. This focuses attention on optimum operationand reduced life-cycle costs. Bjørge has long experience as asupplier to the oil and gas sector in Norway and in selected marketsinternationally, and represents some of the world?s leadingsuppliers. It also makes a substantial commitment to its owntechnology and system integration. Bjørge has 550 employees.http://hugin.info/134012/R/1350612/325972.pdfhttp://hugin.info/134012/R/1350612/325973.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 7499
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