Aker Yards ASA reported an EBITDA of NOK 304 million for the third quarter of 2006, an increase of 7.8 percent compared with the third quarter of 2005. Challenges on three ro-ro container vessels gave a negative result effect in the quarter of approximately NOK 60 million for the business area Merchant Vessels. Additionally, capacity costs related to low capacity utilization in France resulted in a negative effect of NOK 90 million in the quarter, slightly more than anticipated. Order intake in the third quarter was NOK 19 995 million, giving an order backlog of NOK 77 519 million at the end of the quarter, comprising 150 vessels.
Aker Yards had revenues of NOK 6 505 million in the third quarter of 2006, an increase of 54 percent compared with NOK 4 219 million in the corresponding period of 2005. High activity in all three business areas and the acquisition of new yards contributed to the development.
The order backlog increased by NOK 16 912 million from the previous quarter, and order intake in the third quarter was NOK 19 995 million. Further, currency fluctuations resulted in an upward adjustment of the backlog. Cruise & Ferries contributed a significant part of the order intake, with the order for two post panama cruise vessels for NCL representing approximately NOK 12 billion. The order backlog at the close of the third quarter was NOK 77 519 million, compared with NOK 35 457 million at the end of the third quarter 2005.
Aker Yards achieved an EBITDA result of NOK 304 million in the third quarter of 2006, compared with NOK 282 million in the corresponding quarter of 2005. The EBITDA margin for the third quarter of 2006 was 4.7 percent. Challenges on three ro-ro container vessels gave a negative result effect in the quarter of approximately NOK 60 million. Additionally, capacity costs related to low utilization in France gave a negative effect of NOK 90 million in the quarter.
Please find enclosed the full version of the third quarter 2006 report.
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Aker Yards ASA
P.O.Box 1523 Vika
Tel: + 47 24 13 00 00
SVP Corp. Communications and Investor Relations
Tel: + 47 24 13 01 30
Mob: + 47 90 77 78 41
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.
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