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4TH QUARTER 2007 - A CHALLENGING QUARTER
3.3.2008

Aker Yards ASA reported an EBITDA result of NOK -500 million for the fourth quarter of 2007. The EBITDA result for 2007 was NOK -16 million, down from NOK 1 443 in 2006. Earnings per share (EPS) were NOK -2.81 for the quarter, and NOK 0.95 for the full year 2007. Fast growth in the very heated environment has, as previously announced, resulted in operational challenges in the quarter, and affected the 2007 results negatively. Loss provisions have been made for several projects. The loading in ferries will gradually come down to a more normalized level by the end of 2008. The guidance for 2008 is maintained at an EBITDA margin level of around 4 percent.

Order intake in the fourth quarter was NOK 5 449 million, giving an order backlog of NOK 78 960 million at the end of the quarter, comprising 140 vessels. Aker Yards had revenues of NOK 9 683 million in the fourth quarter of 2007, an increase of 23.9 percent compared with NOK 7 815 million in the corresponding period of 2006. Aker Yards had an EBITDA result of NOK -500 million in the fourth quarter of 2007, compared with NOK 401 million in the corresponding quarter of 2006. The EBITDA margin for the fourth quarter of 2007 was -5.2 percent. A loss provision of around NOK 600 million has been made related to the Finnish operations in the fourth quarter. A further loss provision in Florø of NOK 150 million has also been made in the quarter.
 
Earnings per share (EPS) were NOK -2.81 for the quarter, compared with NOK 4.35 in the same period in 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. The operations in Finland are still suffering from high pressure on subcontractors. A stretched suppliers market causes delays, and a number of deliveries from suppliers are still suffering from unacceptable quality. These challenges have been addressed through specific improvement measures, which are gradually taking effect. The loading in ferry construction is gradually coming down towards a more normalized level.
 
In October, the Korean shipbuilding group STX acquired a 39.2 percent ownership stake in Aker Yards. The EU competition authorities are currently evaluating the acquisition of the shares. The Board of Directors proposes not to pay any dividend for 2007.
 
Please find enclosed the full version of the fourth 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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