KvÃ¦rner ASA : Fourth quarter and preliminary annual results 2012
13 February 2012 - Kvaerner reported operating revenues of NOK 2 930 million in
the fourth quarter 2012. Earnings before interest, taxes, depreciation and
amortisation (EBITDA) amounted to NOKÂ 119 million, resulting in an EBITDA margin
of 4.1 percent. The order backlog amounted to NOK 21 262 million.
"The record high order backlog provides a good foundation for the activity level
over the next years. Furthermore, it provides us with a strong basis to optimise
our execution and improve our competitiveness", says Jan Arve Haugan, President
& CEO of Kvaerner.
Operating revenues in the fourth quarter 2012 amounted to NOK 2 930 million,
compared with NOK 3 004 million for the fourth quarter 2011. Full year operating
revenues totalled NOK 10 748 million, compared with NOK 13Â 295 for the full year
2011. The reduction from last year is mainly due to significant decrease in
operating revenue from the International business area and the Downstream &
EBITDA for the fourth quarter 2012 ended at NOK 119 million, down from 249
million in the same quarter last year, which was positively influenced by
release of contingencies. The EBITDA margin for the fourth quarter was 4.1
percent. EBITDA in the quarter reflects a project portfolio with a relatively
wide margin range with limited contribution from projects awarded early in the
market cycle, some projects not yet recognising margin i.e. not yet reached 20
percent completion, while others passed 20 percent completion in the quarter.
Â Full year EBITDA ended at NOK 473 million compared with NOK 1 073 million in
The Board of Directors has in accordance with the dividend policy proposed to
pay a semi-annual dividend of NOK 0.55 per share. Subject to approval by the
Annual General Meeting, the dividend payment will take place on or about 24
April 2013. The shares will be traded exclusive dividend from and including 11
The order intake in the fourth quarter totalled NOK 2 444 million compared to
NOK 1 136 million in the fourth quarter 2011. At 31 December 2012, the order
backlog amounted to NOK 21 262 million, which is a doubling from year end 2011.
Cash and bank deposits at the end of fourth quarter amounted to NOK 1 069
million. Undrawn committed long-term credit facilities amounted to NOK 2.5
billion, giving access to liquidity totalling to NOK 3.6 billion.
With reference to the recent contract awards on the Norwegian Continental Shelf
to competitors, Haugan says: "Our Project Execution Model is an assurance that
that the EPC projects will be delivered on time, with specified quality and to a
predictable price. Now, we are determined to deliver our on-going projects and
simultaneously continue to adapt our delivery models to an increasingly
The full report and presentation can be downloaded from www.kvaerner.com and the
For further information, please contact:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob:
+47 95 03 83 64
Mariken Holter, SVP Corporate Communications, Kvaerner, Tel: +47 67 52 74 35,
Mob: +47 91 78 73 58
With more than 3 000 HSE-focused and experienced employees, Kvaerner is a
specialised provider of engineering, procurement and construction (EPC) services
for offshore platforms and onshore plants. KvÃ¦rner 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 2012, the Kvaerner group had consolidated annual revenues of close to NOK 11
billion and the company had an order backlog at 31 December 2012 of more than
NOK 21 billion. Kvaerner was publicly listed with the ticker "KVAER" at the Oslo
Stock Exchange on 8 July 2011. For further information, please visit
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Source: KvÃ¦rner ASA via Thomson Reuters ONE