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2ND QUARTER 2004 - OPERATIONS ACCORDING TO PLAN, INCREASING MARKET ACTIVITY
26.8.2004

Aker Yards ASA reported an EBITA of NOK 148 million in the second quarter, which corresponds to an EBITA-margin of 4.5 percent. The margin so far this year is 5.2 percent. Operations are developing according to plan, and the guidance for this year is maintained.

Aker Yards had operating revenues of NOK 3 317 million in the second quarter of 2004, compared to NOK 4 309 million in the corresponding period in 2003. The Group saw revenues of NOK 5 962 million in the first half of the year, which is according to the plan for the year.
 
The order intake in the second quarter was NOK 1 117 million compared to NOK 947 million in the second quarter in 2003. The order reserve at the end of the second quarter was NOK 16 458 million compared to NOK 11 549 million in the same period last year. In the Offshore Service Vessels business area order intake continues to improve. The increased activity in Cruise & Ferries is not yet materializing in new orders. 
 
In the first six months of 2004 the EBITA was NOK 310 million, whereas the result in the corresponding period in 2003 was NOK 737 million. Aker Yards achieved an EBITA of NOK 148 million in the second quarter of 2004,
relative to NOK 449 million in the corresponding quarter last year. The EBITA margin for the second quarter in 2004 was 4.5 percent.
 
Aker Yards maintains its guidance for the year 2004, and estimates operating revenues for the group of NOK 11 - 12 billion for 2004 and expects to achieve an EBITA margin above 3 percent for the full year (excluding non-recurring items.)
 
Aker Yards was listed at the Oslo Stock Exchange on 1 June 2004 with the ticker AKY.
 
The combination of the shipbuilding activities in Aker and Kvaerner has been accounted for from 1 April 2004. Historical figures in this report are proforma figures based on the results of the Aker Yards Group and the shipbuilding activities in Kvaerner.
 
The full quarterly report is enclosed in this press release.
 
ENDS
 
For further information:
 
Tore Langballe,
SVP Corp. Communications and Investor Relations
Tel: + 47 24 13 01 30
Mob: + 47 90 77 78 41
 
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.

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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