Aker Yards ASA reported a record high EBITDA of NOK 382 million for the second quarter of 2006, an increase of 59 percent compared with the second quarter of 2005. Order intake in the second quarter was NOK 4 669 million. In addition NOK 14 billion was added from the acquisition in France at closing. The total order backlog was NOK 60 607 million at the end of the quarter, comprising 126 vessels. Major strategic acquisitions were concluded and announced in the quarter, giving Aker Yards a unique position in key segments for highly specialized vessels. Aker Yards now comprises 17 shipyards in seven countries with approximately 20 000 employees.
Aker Yards had revenues of NOK 6 144 million in the second quarter of 2006, an increase of 52 percent compared with NOK 4 053 million in the corresponding period of 2005. High activity in all three business areas and the acquisition of two yards in France contributed to the positive development.
The order reserve increased by NOK 12 739 million from the previous quarter, of which order intake in the second quarter was NOK 4 669 million. The acquisition in France contributed with NOK 14 billion to the order book. Offshore & Specialized Vessels contributed the major part of the order intake, with orders for 15 new vessels. The order backlog at the close of the second quarter was NOK 60 607 million, compared with NOK 36 305 million at the end of the second quarter 2005.
Aker Yards achieved an EBITDA result of NOK 382 million in the second quarter of 2006, compared with NOK 240 million in the corresponding quarter of 2005. The EBITDA margin for the second quarter of 2006 was 6.2 percent. The group's revenues will increase significantly as a result of acquisitions in France, Ukraine and Norway, whereas margin improvement will not come to full effect until the necessary integration synergies have been effectuated. The EBITDA margin target of seven percent, over the business cycle, across the business areas, remains firm.
Please find enclosed the full version of the second quarter 2006 report.
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Aker Yards ASA
P.O.Box 1523 Vika
Tel: + 47 24 13 00 00
SVP Corp. Communications and Investor Relations
Tel: + 47 24 13 01 30
Mob: + 47 90 77 78 41
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