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2ND QUARTER 2007 - HIGH LOADING AFFECTING 2007 RESULTS - OUTLOOK FOR 2008 MAINTAINED
24.8.2007

Aker Yards ASA reported an EBITDA result of NOK -153 million for the second quarter of 2007. The EBITDA result for 2007 is estimated to be about NOK 900 million, and the net profit estimated about NOK 700 million. The guidance for 2008 is maintained at 5-6 percent EBITDA margin, and the long term target of 7 percent remains. A thorough review has been carried out for the Finnish yards, confirming the view issued in the July press release. The remaining portfolio has also been reviewed. A one off charge of approximately NOK 500 million has been taken in the business areas Merchant Vessels and Cruise & Ferries. The newly appointed President & CEO, Yrjö Julin states in a comment: "We have been growing very fast in a heated environment, resulting in operational challenges. However, we will come back with improved results already next year."

Aker Yards had an EBITDA result of NOK -153 million in the second quarter of 2007, compared with NOK 382 million in the corresponding quarter of 2006. The EBITDA margin for the second quarter of 2007 was -2.0 percent.
 
Earnings per share (EPS) were NOK 1.80 for the quarter, compared with NOK 1.86 in the same period in 2006.
 
Since issuing the guidance in July this year, Aker Yards has carried out a thorough investigation of the yards in Finland, based on the findings in June. This review confirmed the view taken in July, and did not reveal further negative implications for the business area Cruise & Ferries, and the expected EBITDA margin for 2007 in the business area is maintained at 2.5-3 percent. A one-off loss provision mainly related to ferries of approximately NOK 400 million was taken in the quarter.
 
The remaining portfolio has also been reviewed. This resulted in a one-off charge in Florø, which belongs to the Merchant Vessels business area, of approximately NOK 100 million.  Further, there was a negative result impact of development on projects to be delivered from Brevik, which belongs to the business area Offshore & Specialized Vessels.
 
Order intake in the second quarter was NOK 7 322 million, giving an order backlog of NOK 85 382 million at the end of the quarter, comprising 143 vessels. During the quarter, Yrjö Julin was appointed President & CEO of Aker Yards.
 
Please find enclosed the full version of the second quarter 2007 report.
 
 
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Contact information:
Aker Yards ASA
Hoffsveien 70B
0377 Oslo, Norway
Tel: + 47 21 02 15 00
 
Investor relations:
Tore Langballe
SVP Corp. Communications and IR
Tel: + 47 21 02 15 30
Mob: + 47 90 77 78 41
 
 
Elise Heidenreich
Investor Relations Manager & Analyst
Tel: +47 21 02 15 19
Mob: +47 95 14 11 47
 
 
Disclaimer
This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Yards ASA and its subsidiaries and affiliates (the "Aker Yards Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Aker Yards Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Aker Yards ASA believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Press release. Neither Aker Yards ASA nor any other company within the Aker Yards Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither Aker Yards ASA, any other company within the Aker Yards Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.
 
Aker Yards ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release, other than what is required by law.
 
The Aker Yards Group consists of many legally independent entities, constituting their own separate identities. Aker Yards is used as the common brand or trade mark for most of these entities. In this press release we may sometimes use "Aker Yards," "Group, "we," or "us," when we refer to Aker Yards companies in general or where no useful purpose is served by identifying any particular Aker Yards company.

 
   
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