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2004: DELIVERING ACCORDING TO PLAN
16.2.2005

Aker Yards ASA reported an EBITDA of NOK 182 million for the fourth quarter, which corresponds to an EBITDA margin of 4.7 percent. The EBITDA margin for the full year is 6.4 percent. Operations are developing according to plan, and the order intake in the fourth quarter was NOK 6.4 billion, giving a total order backlog of NOK 23.4 billion. For 2005, Aker Yards foresees a growth in revenues, compared with 2004, and aims to have an EBITDA result somewhat above the level of 2004. Despite the increased order backlog Aker Yards is still not at full capacity utilization. The Board of Directors proposes to pay a dividend for 2004 of NOK 5.75 per share, a total of NOK 118 million.

Aker Yards had revenues of NOK 3 850 million in the fourth quarter of 2004, compared with NOK 3 513 million in the corresponding period of 2003. The increase is primarily a result of activity growth in Offshore and Specialized Vessels, and in Merchant Vessels. The Aker Yards Group had revenues of NOK 12 514 million for the full year, which is above the upward-adjusted guidance given in the fourth quarter of 2004.
 
Order intake in the fourth quarter was NOK 6 378 million. The order backlog at the close of the fourth quarter was NOK 23 366 million, compared with NOK 18 246 million at year-end 2003. The order backlog in Cruise & Ferries is now NOK 10.2 billion. In the Offshore and Specialized Vessels business area, and in Merchant Vessels, the order intake continues to improve.
 
For the full year 2004, EBITDA was NOK 802 million, whereas the EBITDA for 2003 was NOK 1 610 million. Aker Yards achieved an EBITDA of NOK 182 million in the fourth quarter of 2004, compared with NOK 285 million in the corresponding quarter of 2003. The EBITDA margin for the fourth quarter of 2004 was 4.7 percent.
 
For 2005, Aker Yards foresees a growth in revenues, compared with 2004, and aims to have an EBITDA result somewhat above the level of 2004. First-quarter 2005 results will suffer from low order intake in 2003.
 
The Board of Directors proposes to pay a dividend for 2004 of NOK 5.75 per share.
 
Please find enclosed the full version of the fourth quarter report.
 
 
ENDS
 
 
 
Investor relations:
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, 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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