Kværner ASA : Third quarter results 2011
(Thomson Reuters ONE) -
1 November 2011 - Kvaerner had operating revenues of NOK 2 623 million in the
third quarter. Earnings before interest, tax, depreciation and amortisation
(EBITDA) amounted to NOK 169 million, resulting in an EBITDA margin of 6.2
percent.
"The third quarter has been a solid operational quarter, with financial results
in line with the company's anticipated activity level, " says Jan Arve Haugan,
President & CEO of Kvaerner.
Operating revenues in the third quarter amounted to NOK 2 623 million, compared
with NOK 3 237 million for the third quarter 2010, a decrease of 19 percent. The
decrease is a result of lower activity in most business areas during the
quarter. The anticipated activity drop is a consequence of the current project
portfolio and the phasing of projects.
In the third quarter three important projects were completed according to plan;
the Gulf LNG re-gasification terminal project, the Skarv FPSO in-shore work and
the offshore work on the Kashagan hook-up project.
EBITDA for the third quarter 2011 ended at NOK 169 million, an increase of NOK
72 million compared to NOK 97 million in the corresponding quarter last year. As
a result the EBITDA margin for the third quarter 2011 was 6.4 percent compared
to 3.0 percent in the same quarter in 2010. The EBITDA for the quarter is mainly
a result of contributions from projects in the North Sea and International
business areas that have been winding down during the summer. These projects are
not expected to contribute significantly to the EBITDA going forward.
The order intake in the third quarter totaled NOK 1 105 compared to NOK 4 237
million in the third quarter 2010. At 30 September 2011, the order backlog
amounted to NOK 11 855 million, a decrease of NOK 1 441 million from 30 June
2011. Net cash amounted to NOK 1 678 million compared to 1 773 million at the
end of second quarter. Together with loan facilities, this provides Kvaerner
access to liquidity totaling NOK 4.6 billion at the end of the quarter.
"Our current project portfolio implies that only a few projects will be running
through 2012. Short term, this means that we expect lower results until new
projects are won and start contributing to the results. However, our current
project portfolio also leaves both room and capacity to take part in the
exceptionally strong market we see ahead of us", Haugan concludes.
ENDS
For further information, please contact:
Investor relations:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob:
+47 950 38 364
Media:
Mariken Holter, SVP Communications, Kvaerner, Tel: +47 67 52 74 35, Mob:
+47 91 78 73 58
About Kvaerner:
With more than 3 500 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 2010, the Kvaerner group had aggregated annual revenues of more than NOK
13.3 billion and the company had an order backlog at 30 September 2011 of close
to NOK 12 billion. 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.
The full report and presentation can be downloaded from www.kvaerner.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
3rd quarter results 2011 report:
http://hugin.info/134981/R/1559684/482381.pdf
3rd quarter results 2011 presentation:
http://hugin.info/134981/R/1559684/482382.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#1559684]
Unternehmensinformation / Kurzprofil:
Datum: 01.11.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 82684
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Fornebu
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