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3RD QUARTER 2007 - RESULTS AS ANTICIPATED IN A HEATED ENVIRONMENT
7.11.2007

Aker Yards ASA reported an EBITDA result of NOK 200 million for the third quarter of 2007. The fast growth in the heated environment has, as previously announced, resulted in operational challenges. Significant operational improvement measures are under implementation. The very high loading will continue until next summer, and will gradually be taken down to a more normalized level. Both revenues and profit are expected to increase in the fourth quarter, mainly as a result of normal seasonal fluctuations between the quarters.

Aker Yards had revenues of NOK 7 508 million in the third quarter of 2007, an increase of 15.4 percent compared with NOK 6 505 million in the corresponding period of 2006.
 
The operational environment in the entire shipbuilding industry is still very heated. Access to qualified personnel is a key focus area in most of the countries in which Aker Yards operates. As announced in the second quarter, the operations in Finland are suffering from high pressure on subcontractors, and demand a careful follow up in order to reduce delays on projects and cost overruns. In Florø, operations are still challenging, with a tight delivery program in a heated environment. A stretched suppliers market causes delays, and a number of deliveries from suppliers are still suffering from unacceptable quality. The challenges are as described in earlier quarters, and no new major operational challenges have surfaced during the quarter.
 
Aker Yards had an EBITDA result of NOK 200 million in the third quarter of 2007, compared with NOK 304 million in the corresponding quarter of 2006. The EBITDA margin for the third quarter of 2007 was 2.7 percent.
 
Earnings per share (EPS) were NOK 0.16 for the quarter, compared with NOK 1.02 in the same period in 2006.
 
Order intake in the third quarter was NOK 4 459 million, giving an order backlog of NOK 80 821 million at the end of the quarter, comprising 138 vessels.
 
The result for the fourth quarter is anticipated to be higher, and revenues will increase as a result of normal fluctuations between the quarters.
 
After the end of the third quarter, the STX Group of Korea announced it had acquired a 39.2 percent stake in Aker Yards.
 
Please find enclosed the full version of the third 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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